Divulgação voluntária da demonstração dos fluxos de caixa no mercado de capitais Brasileiro

Salotti, Bruno Meirelles; Yamamoto, Marina Mitiyo

doi:10.1590/s1519-70772008000300004

Cited by 33 publications

(37 citation statements)

References 11 publications

(14 reference statements)

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“…Ao longo dos anos, diversas pesquisas abordaram a temática da evidenciação ambiental e desempenho das empresas, em especial, no contexto das empresas potencialmente poluidoras (Verrecchia, 2001, Salotti& Yamamoto, 2008, Clarkson et al, 2008, Rover et al, 2009, Sousa et al, 2014, Nagaro et al, 2013,Andrade, Bressan, Iquiapaza& Moreira, 2013Rufino & Monte, 2014, Lucena & Pereira, 2016, Santos, Araújo & Leite Filho, 2016.…”

Section: Estudos Anterioresunclassified

Análise da relação entre valor de mercado e divulgação do relatório de sustentabilidade: um estudo nas empresas de alto potencial poluidor listadas na B3

Alves

Araújo²,

Santos

2019

R.G.Secr.,GESEC

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Esta pesquisa teve como objetivo analisar a relação entre valor de mercado das empresas de alto potencial poluidor listadas na B3 e a divulgação voluntária do relatório de sustentabilidade. A amostra da pesquisa é formada por 37 companhias de capital aberto com ações negociadas na B3, e pertencentes aos setores de alto potencial poluidor, segundo a Lei nº 10.165/2000. Para alcançar o objetivo desta pesquisa, utilizou-se a análise de conteúdo para examinar a divulgação voluntária do relatório de sustentabilidade (DIVRS), no período de 2012 a 2016, bem como a aplicação de regressão múltipla. O resultado não apresentou significância estatística entre a variável independente (DIVRS) e o valor de mercado das empresas, bem como um sinal negativo do coeficiente, ou seja, apresentou relação indireta entre essas variáveis. Sendo assim, houve a rejeição da hipótese de pesquisa (H1: O valor de mercado das empresas de alto potencial poluidor listadas na B3 esta positivamente relacionada com a divulgação voluntária do relatório de sustentabilidade.). Tal resultado contraria a premissa que o fato da empresa divulgar o relatório de sustentabilidade exerceria influência positiva no valor de mercado das empresas. No tocante às demais variáveis (ENDIV, RENT, CRES), elas foram significantes, sendo o endividamento (ENDIV) refletido de forma positiva, enquanto que a rentabilidade (RENT) e crescimento da empresa (CRES), refletidas de forma negativa sobre o valor de mercado; a variável tamanho (TAM) não apresentou significância estatística; e a variável ISE foram omitidas do modelo econométrico por se tratarem de dummies fixas ao longo do painel.

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Section: Estudos Anterioresunclassified

Análise da relação entre valor de mercado e divulgação do relatório de sustentabilidade: um estudo nas empresas de alto potencial poluidor listadas na B3

Alves

Araújo²,

Santos

2019

R.G.Secr.,GESEC

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“…Salotti and Yamamoto (2008), in turn, investigated accounting information disclosure from the viewpoint of the second research line proposed by Verrecchia (2001), i.e. the motives or incentives that influenced certain companies to disclose their respective cash flow statements (CFS) were addressed.…”

Section: Tablementioning

confidence: 99%

“…The purpose of this research is studying the phenomenon of disclosure according to the line investigated by Lima (2009), but it also considers aspects of the Disclosure Theory through discretion, addressed by Salotti and Yamamoto (2008), with regard to players' behavior when they lack information (adverse selection), differing from the scope of SMEs. Several financial institutions classify their credit areas by the borrowers' size, because the so--called Middle Market, name assigned to a credit bureau focusing on SMEs, has risks peculiarities of its own.…”

Section: Tablementioning

confidence: 99%

Adoção do Padrão Contábil Internacional nas Pequenas e Médias Empresas e seus Efeitos na Concessão de Crédito

Riva

Salotti

2015

Rev. contab. finanç.

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This research examines the relationship between the adoption of the international accounting standard by small and medium-sized entities in Brazil and the cost of credit granted by financial institutions. The literature about this subject discusses accounting regulation as a response to the existence of environments having information asymmetry and the Disclosure Theory studies the phenomenon of accounting disclosure, from the viewpoint of its causes and effects. The International Accounting Standards Board (IASB) suggests that an accounting standard with higher information quality tends to reduce the funding cost for small enterprises and, thus, this paper has as its main aim investigating whether the adoption of the international accounting standard has caused some effect on the cost of banking credit. The investigation was conducted through a theoretical and empirical approach, where the statistical analyses involved a sample of 179 enterprises subject to the Brazilian Technical PronouncementAccounting for Small and Medium-Sized Entities (CPC-SMEs), which underwent descriptive analysis, sample means testing, panel data analysis, and quantile regressions, with data from financial statements for three years (2009 to 2011). Evidence suggests a weak association between measures of the accounting information quality (disclosure and exposure of the adoption of the accounting standard based on the CPC) and the cost of banking credit for these enterprises. However, such evidence did not prove to be consistent over time and, furthermore, through regression analysis, the variables were not significant. So, it is possible to observe only a slight influence of accounting information in the sector under analysis, at least at this very first moment of changes in the accounting standards, on the cost of banking credit. Thus, this study contributes to examine the relationship between accounting information quality and the cost of banking credit among small and medium-sized entities.

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“…The Brazilian literature has many studies addressing information disclosure, such as Costa Jr. (2003), Malacrida and Yamamoto (2006), Salotti and Yamamoto (2008) and Lima (2009). Regarding the disclosure index, we may cite Lopes and Rodrigues (2007), who used a disclosure index based on the information required by the international accounting standards to analyze the determining factors of disclosure for companies listed on the Portuguese stock exchange.…”

Section: Disclosure Indexmentioning

confidence: 99%

Determining Factors of the Level of Disclosure of Information on Business Combinations with the Entry into Force of the Accounting Standard CPC 15

Nakayama

Salotti

2014

Rev. contab. finanç.

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This paper aimed to investigate information disclosure on business combination transactions that took place in Brazil in 2010, when the Accounting Standard CPC 15 entered into force, and evaluate which were the determining factors of the level of disclosure of information related to it. To evaluate the disclosure level, a disclosure index of business combinations (INDCOMB) was prepared, having the disclosure index developed by Shalev (2009) as a basis. We evaluated, in the light of the literature on disclosure and business combinations, whether the following factors influenced on the disclosure level: acquiring company size, recognized percentage of overprice for expected future profitability in relation to the transaction value, dispersion of capital of the acquiring company, audit firm size, and participation of the acquiring company in American Depositary Receipts (ADRs) programs. The control variables used were listing of the acquiring company in the various segments of BM&FBOVESPA, operation sector, origin (state, private company with national capital or private company with foreign capital), and relative acquired company size in relation to the acquiring company. We analyzed business combination transactions that took place in 2010, reported by 40 open capital companies involved in 76 transactions. We conclude that the audit firm size and the relative acquired company size were factors that influenced on the level of disclosure of information regarding business combinations in 2010. The other factors showed no conclusive results.

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Divulgação voluntária da demonstração dos fluxos de caixa no mercado de capitais Brasileiro

Cited by 33 publications

References 11 publications

Análise da relação entre valor de mercado e divulgação do relatório de sustentabilidade: um estudo nas empresas de alto potencial poluidor listadas na B3

Análise da relação entre valor de mercado e divulgação do relatório de sustentabilidade: um estudo nas empresas de alto potencial poluidor listadas na B3

Adoção do Padrão Contábil Internacional nas Pequenas e Médias Empresas e seus Efeitos na Concessão de Crédito

Determining Factors of the Level of Disclosure of Information on Business Combinations with the Entry into Force of the Accounting Standard CPC 15

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