Análise da relação entre as informações contábeis e o risco sistemático no mercado brasileiro

Amorim, Ana Luísa Gambi Cavallari; Lima, Iran Siqueira; Murcia, Fernando Dal-Ri

doi:10.1590/s1519-70772012000300005

Cited by 14 publications

(14 citation statements)

References 33 publications

(57 reference statements)

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“…The evidence provided corroborates the affirmation that the accounting information represents an important useful variable for estimating companies' future cash flows (Amorin et al, 2012) and converges with the concept that investors make their decisions to invest resources in firms based on expectations about the materialization of future results (Fisher & Hall, 1969), according to disclosure theory. Firms, represented by their management, need to send out "good signs" to the market.…”

Section: Discussionsupporting

confidence: 77%

“…Thus, considering the informative capacity of the disclosure in financial statements regarding risk and risk management in "other information" for pricing assets (Amorin et al, 2012;Chen et al, 2014;Chung et al, 2015;Cornaggia, 2013;Elshandidy et al, 2013;Fernandes et al, 2010;Kimura & Pereira, 2005;Linsley & Shrives, 2006;Moumen et al, 2015;Ohlson, 1995;Solomon et al, 2000;Silva et al, 2015), the following hypotheses are raised: H 1 : the disclosure of risk factors associated with the business of a firm is value relevant in the perception of investors in the company valuation process in a statistically significant way; H 2 : disclosure regarding the existence of a specific body for risk management in firms is value relevant in the perception of investors in the company valuation process in a statistically significant way.…”

Section: Theoretical Framework and Development Of The Hypothesesmentioning

confidence: 99%

“…Managerially, the results and conclusions of the study can help managers with regards to reporting information that is considered to be critical for maximizing firm value and affecting investor behavior. Amorin, Lima, and Murcia (2012) mention that accounting information represents an important useful variable for estimating companies' future cash flows and even for evaluating their risk. These positions indirectly support the concept that the reporting of information in relation to risk can favor firm valuations, given that the definition of risk covers the inability to predict cash flows.…”

Section: Introductionmentioning

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: Discussionsupporting

confidence: 77%

Section: Theoretical Framework and Development Of The Hypothesesmentioning

confidence: 99%

Section: Introductionmentioning

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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“…Adopting the same trend of thought, Amorim, Lima, & Murcia (2012) point out that the total risk can be understood as the sum between systematic risk (non-diversiable) and company risk (diversiable). e authors also consider the possibility of investors operating in the stock market to diversify their portfolio of investments.…”

Section: Systematic and Idiosyncratic Risksmentioning

confidence: 99%

“…e ndings of this research can also be useful for agencies regulating accounting, since they may help in the elaboration of accounting standards (Amorim, Lima, & Murcia, 2012). e next section of this article presents a theoretical framework on the concepts and previous works addressing tax aggressiveness, risks, and the relationship between the two.…”

Section: Introductionmentioning

confidence: 99%

Tax Aggressiveness, Market and Idiosyncratic Risks in Brazil

Martinez

Martins²

2020

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This study aims to analyze the relationship between tax aggressiveness and the risks associated with the variation of returns in Brazilian companies’ stock. Particularly, the research regards the systematic and idiosyncratic risks. The sample was formed by companies that composed the IBOVESPA index in the period between 2011 to 2016. The measurements of tax aggressiveness were the effective tax rate and the temporary book-tax differences. The results showed a significant relationship between tax aggressiveness and risk, concluding that the higher the tax aggressiveness, the lower the beta, and the higher the idiosyncratic risk. This study is essential because it maps the effect of tax aggressiveness on the financial risks related to Brazilian companies’ shares, as well as being useful to investors, portfolio, and business managers.

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Um estudo de risco das cooperativas de crédito brasileiras com base no beta contábil

Teixeira¹,

Maia²,

Teixeira³

2020

Rev. Cat. Cien. Cont.

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O cooperativismo de crédito é especialmente importante para diversos municípios brasileiros que não dispõem de acesso ao crédito bancário. Torna-se relevante analisar como os indicadores contábeis propostos pelo sistema PEARLS se relacionam com o risco das cooperativas, impactando diretamente o desenvolvimento de áreas carentes. O objetivo desta pesquisa foi investigar se os indicadores contábeis propostos pelo sistema PEARLS apresentam relação com o risco das cooperativas de crédito brasileiras. Caso tal hipótese seja confirmada, pode-se afirmar que as informações contábeis contidas nesses indicadores são úteis para auxiliar seus usuários na tomada de decisões. Para tanto, foi construído um modelo econométrico tendo como variável dependente o beta contábil das cooperativas (risco) explicado pelos indicadores contábeis PEARLS. Os resultados apontaram para uma relação positiva e significativa entre o risco de uma cooperativa e seus depósitos totais, sua provisão para estimativa de créditos de liquidação duvidosa (inadimplência), e suas despesas operacionais. Além disso, todas as variáveis foram relevantes para explicar o risco das cooperativas de crédito. Isso sugere que as informações contábeis presentes nos indicadores PEARLS são úteis para auxiliar seus usuários a tomarem decisões quanto à avaliação de risco dessas entidades. Essa constatação é relevante, pois a eventual insolvência das cooperativas de crédito impacta não somente os cooperados, mas também as localidades onde estão inseridas.

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Análise da relação entre as informações contábeis e o risco sistemático no mercado brasileiro

Cited by 14 publications

References 33 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

Tax Aggressiveness, Market and Idiosyncratic Risks in Brazil

Um estudo de risco das cooperativas de crédito brasileiras com base no beta contábil

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