Purpose
This study aims to examine the listing of firms at the highest corporate governance level of the Brazilian stock exchange (B3) as a means of legitimation and its relationship with risk and return on investment.
Design/methodology/approach
This paper analyzes 205 companies from 2010 to 2019, in which firms listed at the Novo Mercado level were compared with groups composed of other firms traded on B3.
Findings
The main results demonstrate that a listing at the supposedly higher level of corporate governance in Brazil does not indicate lower risk, a higher return or even a better risk-return ratio.
Research limitations/implications
The findings are restricted to this sample, representing the association identified between the analyzed phenomena and not a cause-effect relationship.
Practical implications
The highest level of corporate governance in Brazil brings together firms that present a higher risk (at least systematic) and lower returns (at least financial) because they seek to legitimize themselves in the market as firms committed to better management practices.
Social implications
These findings are useful to investors, the stock exchange, regulatory agents and the companies themselves to reflect on the purpose and usefulness of different levels of corporate governance in Brazil.
Originality/value
This study differs from the others that relate corporate governance to risk or return because it does not deal individually with corporate governance practices, but rather the phenomenon that is listed in a special governance level, created by the stock exchange, serving as a kind of seal legitimation.
Este estudo teve por objetivo investigar o efeito isolado dos accruals discricionários no erro de previsão do fluxo de caixa operacional das companhias brasileiras de capital aberto. A metodologia utilizada no desenvolvimento da pesquisa obedeceu a três etapas: a) mensuração do erro de previsão do fluxo de caixa operacional por meio da série temporal autorregressiva em um período (AR1); b) mensuração dos accruals discricionários pelo modelo de Pae (2005); c) estimação dos efeitos das acumulações discricionárias e dos incentivos ao gerenciamento de resultado no erro de previsão do fluxo de caixa operacional. A amostra foi formada por 363 empresas brasileiras de capital aberto que possuíam dados disponíveis na base de dados do Economática entre o período de 2008 a 2015. Os resultados revelaram que os accruals discricionários oportunos têm influência positiva sobre o erro de previsão do fluxo de caixa operacional, sugerindo, que práticas oportunistas dos gestores podem prejudicar a capacidade informacional de parte dos accruals. Esse achado sugere que os usuários da informação contábil, especialmente, os analistas de mercado que emitem previsões de fluxo de caixa, devem levar em consideração o efeito isolado dos accruals discricionários frente às acumulações totais na margem de erro da previsão do fluxo de caixa.
disclosure of OCI leads to a greater perception of risk by investors in relation to companies that do not have such information, and that this perception is related to the to OCI volatility.
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