Empresas listadas na B3 vs. Processos sancionadores da CVM: Em qual setor você aposta?

Borges, Sabrina Rafaela Pereira; Andrade, Maria Elisabeth Moreira Carvalho

doi:10.21714/2446-9114rmc2019v20n1t05

Cited by 1 publication

(3 citation statements)

References 8 publications

(11 reference statements)

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“…Fusiger, Silva and Carraro (2015), who analyzed the CVM1s audit and PAS; and 2. Borges and Andrade (2019), who analyzed the B3 sectors and CVM's PAS.…”

Section: Theoretical Foundationsmentioning

confidence: 99%

“…The disclosure of irregularities, however, varies from one country to the next. In the United States, for example, the SEC issues the Accounting and Auditing Enforcement Releases (AAER), which presents the lawsuits related to accounting misconduct and its impact on the financial statements (Borges & Andrade, 2019). In China, the Stock Market and Accounting Research Database (CSMAR) presents the lawsuit related to the acquisition of illegal papers, the manipulation of stock prices and fraud in financial statements, among other irregularities.…”

Section: Irregularities: Pas-cvmmentioning

confidence: 99%

“…The second one considers the interaction of irregularity with corporate governance, for example, in studies, such as those by Chen et al (2006) and Borges & Andrade (2019), who analyze said relationship based on the composition of the board (Yang et al 2017), agent remuneration (Zhou et al 2018), and conflict of interest (Fich & Shivdasani, 2007). There is also literature that refers to fraud and irregularities with the company 's performance (Cloninger & Waller, 2000), and still more, such as Janiszewski et al's (2017), which are related to the signaling theory (Spence, 1973).…”

Section: Irregularities Governance (Igc) and Company Valuementioning

confidence: 99%

See 2 more Smart Citations

Irregularities and the Market Value of Companies

Santos

Funchal

Nossa

2020

RAM, Rev. Adm. Mackenzie

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Purpose: To investigate the impact of the irregularities under analysis and/or judged in the sanctioning administrative proceedings of the Securities and Exchange Commission on the market value of Brazilian companies. Thus, we used the signaling theory to analyze how stakeholders interpret situations and where the available information is asymmetric and incomplete among market agents. Originality/value: The study was based on the assumption that the conviction within the scope of the regulatory body can negatively affect the company’s reputation and value. Empirical evidence indicates that irregularities affect market sentiment. On the other hand, the company can present a better market value if an effective and efficient corporate governance is established, aligning the interests of stakeholders and management. Design/methodology/approach: Information was collected with quarterly data covering the period from 2010 to 2018. Two hypotheses were tested by means of regression analysis in OLS with pooled data, panel - fixed effects and 2SLS. Findings: The results indicated that the irregularities, in the analyzed period, did not impact the companies’ market value in the estimation by MQ2E. We suggest to the chief executive officer (CEO) and the chief financial officer (CFO) that they assess the level of corporate governance of their companies and invest in the search for excellence since the best levels of governance bring a positive signal to the market. The CEO is advised to pay attention to the fact that good governance is not enough to keep companies from being irregular.

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“…Fusiger, Silva and Carraro (2015), who analyzed the CVM1s audit and PAS; and 2. Borges and Andrade (2019), who analyzed the B3 sectors and CVM's PAS.…”

Section: Theoretical Foundationsmentioning

confidence: 99%

Section: Irregularities: Pas-cvmmentioning

confidence: 99%