Value Relevance Dos Outros Resultados Abrangentes Nas Companhias Abertas Brasileiras

Madeira, Fabio Lopes; Costa, Jorge Viera da

doi:10.14392/asaa.2015080204

Cited by 6 publications

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“…These statements comprise management reports, financial statements, explanatory notes, board statements, and audit opinions, among others topics. In this sense, it should be noted that the lexical analysis based on the Annual Financial Statements considers the value relevance of the mandatory statements from the perspective of the market agents (Al Jifri & Citron, 2009;Hand, 2005;Madeira & Costa Junior, 2015). In addition, the social and environmental information contained in these reports, a priori, is not mandatory, so that the firm discloses such information because it sees it as relevant.…”

Section: Variables and Modelmentioning

confidence: 99%

The Effects of Voting Ownership Concentration on Social and Environmental Disclosure: Empirical Evidence from Brazil

Viana¹,

Crisóstomo

2019

RBGN

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Purpose-This study aims to analyze the effects of voting ownership concentration on the social and environmental disclosure of Brazilian companies in their Annual Financial Statements. Design/methodology/approach-Econometric models were estimated considering a sample of 1,252 annual observations of 252 companies in the period 2010-2014, and the social and environmental disclosure was measured through a lexical analysis performed by counting 75 words and key expressions related to social and environmental practices. Findings-Our findings suggest that the social and environmental disclosure of Brazilian companies is positively correlated with their voting ownership concentration. In addition, if the company is listed in the Corporate Sustainability Index or if it is in a potentially aggressive industry with respect to the environment, this also positively contributes to a higher degree of social and environmental disclosure. Originality/value-Our study contributes to the literature on social and environmental disclosure and its association with ownership structure by providing evidence in an emerging market characterized by a high concentration of control.

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Section: Variables and Modelmentioning

confidence: 99%

The Effects of Voting Ownership Concentration on Social and Environmental Disclosure: Empirical Evidence from Brazil

Viana¹,

Crisóstomo

2019

RBGN

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“…in which P t is the natural logarithm of the market value of the firms (see Economatica®), NE t is the natural logarithm of net equity (see financial statements), AI t is the abnormal income calculated in accordance with equation 2, scaled by NE t-1 , with the proxy for the risk free interest rate being the Special Settlement and Custody System (Selic) suggested by Lopes et al (2007) and applied in Madeira and Costa (2015), RiskInf t is the index of the volume of disclosure of risk factors, and RiskMan t is the disclosure of the existence of a risk management entity, with a dummy with 1 for its existence and 0 otherwise.…”

Section: Methodological Proceduresmentioning

confidence: 99%

“…The Ohlson model (1995) -RIV -, applied in Brazil by Lopes et al (2007), Coelho and Braga (2008), Coelho, Aguiar, and Lopes (2011), and Madeira and Costa (2015), enables it to be empirically tested whether "other information" derived from relevant events could aggregate future residual incomes and thus affect the current firm valuation (Coelho & Braga, 2008;Lopes et al, 2007;Ohlson, 1995). Ohlson (1995) proposes that the value of the firm depends on (i) the value of net equity, (ii) the future residual income at present value, and (iii) the future cash flows derived from "other information" not yet captured by the accounting process due to conservatism.…”

Section: Theoretical Framework and Development Of The Hypothesesmentioning

confidence: 99%

“…The study from Moumen et al (2015), which is the only one identified in the literature that specifically examines the value relevance of the disclosure of risk [others were highlighted, such as Jorion (2002), Lim and Tan (2007), Lopes et al (2007), Coelho and Braga (2008), Coelho et al (2011), Madeira and Costa (2015), examining the relationship between "other information" and the value of firms, but not for the disclosure of risk and its management], uses the index proposed by Linsley and Shrives (2006), with 32 disclosure items, applied to annual reports of 809 observations, between 2007 and 2009. The authors observed that this type of disclosure is relevant for predicting changes in company results, and that this information is important for investor decision making.…”

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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“…Desse modo, quando as informações financeiras estiverem associadas aos valores de mercado ou aos retornos das ações, isso pode ser um indicativo de que elas têm conteúdo informacional, sendo, assim, relevantes (Madeira & Costa, 2015). O modelo básico descrito pelos mesmos autores inicialmente era retratado com o patrimônio líquido e o lucro líquido explicando o retorno das ações.…”

Section: Value Relevance Na Pesquisa Contábil E Financeiraunclassified

Avaliando Modelos Lineares de Value Relevance: Eles Captam o que Deveriam Captar?

2017

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Resumo Este trabalho teve como objetivo investigar a qualidade e o impacto dos modelos de value relevance das informações financeiras através da regressão quantílica (QR) em comparação com o método de estimação ordinary least squares (OLS). Seguindo os princípios e fundamentos de Ohlson (1995), Feltham e Ohlson (1995) e Ohlson e Kim (2015), foi possível utilizar um parâmetro de comparação entre os modelos de avaliação da relevância da informação contábil. Para tanto, foram aplicados dois testes (A e B), com dois modelos cada, assim como em Ohlson e Kim (2015), um com a variável dependente lucro líquido no período seguinte e, o segundo, com o valor de mercado da firma no período atual. Diante dessa temática, a regressão quantílica se mostra mais eficiente e com menos possibilidades de erros de estimação do que o método OLS, pelo menos sob as condições restritas deste trabalho. Portanto, é recomendável o emprego da estimação por meio de regressão quantílica nos modelos que utilizam informações contábeis e financeiras, uma vez que heterocedasticidade e outliers são comumente encontrados nesses tipos de dados, pois esse método de estimação é menos sensível e mais robusto às tais condições normalmente apresentadas pelos dados deste campo de pesquisa.

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Value Relevance Dos Outros Resultados Abrangentes Nas Companhias Abertas Brasileiras

Cited by 6 publications

References 0 publications

The Effects of Voting Ownership Concentration on Social and Environmental Disclosure: Empirical Evidence from Brazil

The Effects of Voting Ownership Concentration on Social and Environmental Disclosure: Empirical Evidence from Brazil

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

Avaliando Modelos Lineares de Value Relevance: Eles Captam o que Deveriam Captar?

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