Avaliação do risco regulatório em pesquisa &amp; desenvolvimento no setor elétrico brasileiro

Brittes, José Luiz Pereira; Salles-Filho, Sergio; Pfitzner, Mariana Savedra

doi:10.1590/1982-7849rac20151171

Cited by 2 publications

(3 citation statements)

References 16 publications

(15 reference statements)

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“…Thus, it is shown that the different types of risk generate different expectations in the valuation, suggesting that the type of risk may be a determinant for the attribution of value and for decision making. This supports the studies by Miller (2002), Beretta and Bozzolan (2004), Cardoso et al (2004), Linsley and Shrives (2006), Zonatto and Beuren (2009), Fernandes et al (2010), Beuren et al (2011), Alves and Graça (2013), and Brittes et al (2015). These studies suggest that the type of disclosure about risk has informative value.…”

Section: Based Onsupporting

confidence: 86%

“…Fernandes et al (2010) and Brittes, Salles-Filho, and Pfitzner (2015) studied the risks of the sectors and of the regulation, respectively, in the electrical energy sector. Brittes et al (2015) found that regulatory imperatives can expose companies to risks that must be combated based on the adequacy of the management of the sources of uncertainty. Corroborating previous studies, Fernandes et al (2010) concluded that the disclosure of risks is unsatisfactory for decision making, but in relation to public offerings of securities in the capital market.…”

Section: Theoretical Framework and Development Of The Hypothesesmentioning

confidence: 99%

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Value-relevance of disclosure: risk factors and risk management in Brazilian firms

Santos

Coelho

2018

Rev. contab. finanç.

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This study investigated whether the disclosure in accounting reports of information on risk and its management affects, at the margin, firm valuations in the Brazilian capital market. It questioned the existence of value relevance in the disclosure of information related to risk factors and risk management structures. The importance of the topic arises from the documentation that disclosure on risk factors plays a statistically significant role in valuing firms in a context marked by economic and political uncertainty, as is the case of the Brazilian market. The findings confirmed that information about risk shows informational relevance for firm valuations. Information on risk management in a firm, in turn, was not shown to be significant in terms of affecting company share valuations. The investigation of detailed reports with different risk factors indicated that individualized information shows different degrees of relevance for company valuations. It is inferred that the disclosure of risk factors affects the perception of investors, who also base their estimates of return on the availability and detail of such information. It is also observed that information on risk management structure was not shown to be value relevant; moreover, few firms published information on the establishment of this type of entity in their management structures. The residual income valuation (RIV) model (Ohlson, 1995) was applied using regressions with panel data estimation related to the three years covering 2012 to 2014. The sample, which was randomly delimited, was formed of 100 companies. The data on disclosure of risk and disclosure of risk management were collected from the companies’ Reference Forms, available from the website of the São Paulo Stock, Commodities, and Futures Exchange (BM&FBOVESPA). As an impact on the area of knowledge, broader discussions are expected regarding the utility of disclosure on the topic related to risk factors and the existence of a specific body responsible for risk management in firms, according to investors’ perceptions. It also contributes by providing evidence about the quality of disclosure related to risk (factors and management) and the perception of the capital market regarding the informativeness and relevance of such elements.

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Section: Based Onsupporting

confidence: 86%

Section: Theoretical Framework and Development Of The Hypothesesmentioning

confidence: 99%

Value-relevance of disclosure: risk factors and risk management in Brazilian firms

Santos

Coelho

2018

Rev. contab. finanç.

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“…The search for market leadership, based on investments in innovative practices, is increasingly recurrent in the organizational context, due to the high degree of competitiveness present in the various segments of industry (BRITTES, SALLES-FILHO & PFITZNER, 2015;STAL, 2010).…”

Section: Introductionmentioning

confidence: 99%

Metodologia de avaliação do risco em investimentos de inovação

2019

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The aim of this research is to analyze a theoretical method for measuring the business risk of investments in innovation proposed by Basso and Kimura (2010). The bases of the conceptual model relate the risk of investments in innovation at the firm level to the risk of the sector. In an analogous way, this study measures the sectorial risk of the different Brazilian industries with the added risk of investments in innovation, and then shows the risks of the companies listed on B3 (the São Paulo Stock Exchange) that exhibited all the necessary information for the model. This is an exploratory study with a quantitative approach, based on descriptive statistical methods and the proposed empirical model. The materials that support the research were taken from the five available editions of the Technological Innovation Survey – PINTEC (2000, 2003, 2005, 2008 and 2011) and from the standardized financial statements of the selected companies. The results of the research confirmed the possibility of using the proposed methodology, with the use of weighted factors that – in this study – were guided by the Brazil Innovation Index. Thus, it was possible to measure the level of risk of each sector of Brazilian industry and of 85 companies.

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Avaliação do risco regulatório em pesquisa & desenvolvimento no setor elétrico brasileiro

Cited by 2 publications

References 16 publications

Value-relevance of disclosure: risk factors and risk management in Brazilian firms

Value-relevance of disclosure: risk factors and risk management in Brazilian firms

Metodologia de avaliação do risco em investimentos de inovação

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