Value relevance da contabilidade e das previsões dos analistas: o ambiente de informação do país emergente é importante?

Autores

DOI:

https://doi.org/10.5007/2175-8069.2021.e79630

Resumo

Este estudo analisa o value relevance das informações contábeis e da qualidade das previsões dos analistas em diferentes ambientes de informação dos países emergentes. Analisamos 7.024 empresas não financeiras em 21 países no período de 2000 a 2016. As qualidades das previsões dos analistas (AFQ) e do ambiente de informação dos países (CIEI) são capturadas por meio de índices construídos por Análise de Componentes Principais. A value relevance da AFQ é analisada usando o modelo proposto por Collins, Maydew e Weiss (1997). Nossos resultados sugerem que a AFQ é value relevant em mercados emergentes, ajudando a explicar o preço das ações das empresas. Ainda, as evidências apontam que a AFQ agrega relevância às informações contábeis, com destaque para as informações sobre o patrimônio líquido. Descobrimos que as informações contábeis e a AFQ são value relevant independentemente de o CIEI ser alto ou baixo. Mais do que isso, nos diferenciamos de estudos anteriores por agrupar de forma original alguns indicadores de qualidade das previsões dos analistas e do ambiente de informação, constatando que tanto a informação contábil quanto a AFQ se tornam mais relevantes quando o ambiente de informação do país é melhor.

Biografia do Autor

Emanuelle Priscila de Almeida Peixoto, Universidade Federal da Paraíba (UFPB)

Mestre em Contabilidade (UFPB)

Orleans Silva Martins, Universidade Federal da Paraíba (UFPB)

Referências

Ali, A., & Hwang, L. S. (2000). Country-Specific factors related to financial reporting and the value relevance of accounting data. Journal of Accounting Research, 38(1), 1-21.

Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(2), 159-178.

World Bank. (2020). The Worldwide Governance Indicators (WGI) Project. Access on 2 Jan. 2020. Disponible at: http://info.worldbank.org/governance/wgi/index.aspx#doc

Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). The relevance of the value relevance literature for financial accounting standard setting: another view. Journal of Accounting & Economics, v. 31, p. 77-104. https://doi.org/10.1016/S0165-4101(01)00029-5

Bartov, E., Givoly, D., & Hayn, C. (2002). The rewards to meeting or beating earnings expectations. Journal of Accounting and Economics, v. 33, p. 173-204. https://doi.org/10.1016/S0165-4101(02)00045-9

Beaver, W. H. (1968). The Information Content of Earnings Announcements. Journal of Accounting Research, v. 6, p. 67-92, 1968.

Bhattacharya, U., Daouk, H., & Welker, M. (2003). The World Price of Earnings Opacity. The Accounting Review, v. 78, n. 3, p. 641-678.

Bhattacharya, N., Desai, H., & Venkataraman, K. (2013). Does Earnings Quality Affect Information Asymmetry: Evidence from Trading Costs. Contemporary Accounting Research, 30(2), 482-516. https://doi.org/10.1111/j.1911-3846.2012.01161.x

Brave, S., & Butters, R. A. (2011). Monitoring financial stability: A financial conditions index approach. Economic Perspectives, 35(1), 22-43.

Brown, S., Lo, K., & Lys, T. (1999). Use of R2 in accounting research: measuring changes in value relevance over the last four decades. Journal of Accounting and Economics, 28(2), 83-115. https://doi.org/10.1016/S0165-4101(99)00023-3

Caban-Garcia, M. T., Choi, H., & Kim, M. (2020). The effects of operating cash flow disclosure on earnings comparability, analysts' forecasts, and firms’ investment decisions during the Pre-IFRS era. The British Accounting Review, 52(4), 100883. https://doi.org/10.1016/j.bar.2020.100883

Cahan, S. F.; Emanuel, D., & Sun, J. (2009). The effect of earnings quality and country-level institutions on the value relevance of earnings. Review of Quantitative Finance and Accounting, v. 33, n. 4, p. 371-391. https://doi.org/10.1007/s11156-009-0117-z

Chen, S., Miao, B., & Shevlin, T. (2015). A new measure of disclosure quality: The level of disaggregation of accounting data in annual reports. Journal of Accounting Research, v. 53, n. 5, p. 1017-1054. https://doi.org/10.1111/1475-679X.12094

Chen, T., Xie, L., & Zhang, Y. (2017). How does analysts’ forecast quality relate to corporate investment efficiency? Journal of Corporate Finance, v. 43, p. 217–240. https://doi.org/10.1016/j.jcorpfin.2016.12.010

Chung, K. H., & Jo, H. (1996). The impact of security analysts' monitoring and marketing functions on the market value of firms. Journal of Financial and Quantitative Analysis, v. 31, n. 4, p. 493-512.

Clement, M. B. (1999). Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter? Journal of Accounting and Economics, v. 27, n. 3, p. 285-303. https://doi.org/10.1016/S0165-4101(99)00013-0

Collins, D. W., Maydew, E. L., & Weiss, I. S. (1997). Changes in the value-relevance of earnings and book values over the past forty years. Journal of Accounting and Economics, v. 24, n. 1, p. 39-67. https://doi.org/10.1016/S0165-4101(97)00015-3

Dalmácio, F. Z. Lopes, A. B., Rezende, A. J., & Sarlo Neto, A. (2013). Uma análise da relação entre governança corporativa e acurácia das previsões dos analistas do mercado brasileiro. RAM - Revista de Administração Mackenzie, v. 14, n. 5, p. 104-139.

Dong, M., & Stettler, A. (2011). Estimating firm-level and country-level effects in cross-sectional analyses: An application of hierarchical modeling in corporate disclosure studies. International Journal of Accounting, 46, 271–303. https://doi.org/10.1016/j.intacc.2011.07.002

Duarte, F. C. L., Girão, L. F. A. P., & Paulo, E. (2017). Avaliando Modelos Lineares de Value Relevance: Eles Captam o que Deveriam Captar? Revista de Administração Contemporânea, 21(Edição Especial FCG), 110-134. http://dx.doi.org/10.1590/1982-7849rac2017160202

Elbakry, A. E., Nwachukwu, J. C., Abdou, H. A., & Elshandidy, T. (2017). Comparative evidence on the value relevance of IFRS-based accounting information in Germany and the UK. Journal of International Accounting, v. 28, p. 10-30. https://doi.org/10.1016/j.intaccaudtax.2016.12.002

Fatma, T., & Abdelwahed, O. (2010). Earnings quality and cost of equity capital: evidence from Tunisia. International Journal of Managerial and Financial Accounting, v. 2, n. 2, p. 161-176.

Francis, J., & Schipper, K. (1999). Have financial statements lost their relevance? Journal of Accounting Research, v. 37, n. 2, p. 319-352. https://doi.org/10.2307/2491412

Gatsios, L., Fabiano G., & Assaf Neto, A. (2016). Viés de previsão das estimativas dos analistas de mercado em um país emergente: impacto da adoção do padrão IFRS no Brasil. Anais do 16º Encontro Brasileiro de Finanças, Rio de Janeiro.

Givoly, D., & Lakonishok, J. (1979). The Information Content of Financial Analysts' Forecasts of Earnings. Journal of Accounting and Economics, p. 165-185. https://doi.org/10.1016/0165-4101(79)90006-5

Ghysels, E., Plazzi, A., & Valkanov, R. (2016). Why Invest in Emerging Markets? The Role of Conditional Return Asymmetry. The Journal of Finance, 71(5), 2145–2192. https://doi.org/10.1111/jofi.12420

Goodman, T. H., Neamtiu, M., Shroff, N., & White, H. D. (2013). Management forecast quality and capital investment decisions. The Accounting Review. v. 89, n. 1, p. 331-365.

Griffin, P. (1976). Competitive Information in the Stock Market: An Empirical Study of Earnings, Dividends and Analysts' Forecasts. Journal of Finance, p. 631-650. https://doi.org/10.1111/j.1540-6261.1976.tb01911.x

Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. Journal of Accounting and Economics, v. 31, p. 405-440. https://doi.org/10.1016/S0165-4101(01)00018-0

Hope, Ole‐Kristian. (2003). Disclosure practices, enforcement of accounting standards, and analysts' forecast accuracy: an international study. Journal of Accounting Research, v. 41, n. 2, p. 235-272. https://doi.org/10.1111/1475-679X.00102

Houqe, M. N., & Monem, R. M. (2016). IFRS adoption, extent of disclosure, and perceived corruption: a cross-country study. The International Journal of Accounting, v. 51, n. 3, p. 363-378. https://doi.org/10.1016/j.intacc.2016.07.002

Huang, W., & Boateng, A. (2016). On the value relevance of analyst opinions and institutional shareholdings in China. International Journal of Accounting and Information Management, v. 24, n. 3, p. 206-225. https://doi.org/10.1108/IJAIM-07-2015-0042

Imhoff, E., & Lobp, G. (1984). Information Content of Analysts' Composite Forecast Revisions." Journal of Accounting Research, p. 541-554.

Karamanou, Irene. (2012). Value relevance of analyst earnings forecasts in emerging markets. Advances in Accounting, v. 28, n. 1, p. 128-137. https://doi.org/10.1016/j.adiac.2012.03.002

La Porta, R., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal Determinants of External Finance. The Journal of Finance, 52(3), 1131.

La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of political economy, 106(6), 1113-1155.

Lin, J. B., Pantzalis, C., & Park, J. C. (2009). Derivatives Use, Information Asymmetry, and MNC Post-Acquisition Performance. Financial Management, 38(3), 631–661. https://doi.org/10.1111/j.1755-053X.2009.01050.x

Langbein, L., & Knack, Stephen. (2010). The worldwide governance indicators: Six, one, or none? Journal of Development Studies, v. 46, n. 2, p. 350–370. https://doi.org/10.1080/00220380902952399

Martinez, A. L. (2004). Analisando os Analistas: estudo empírico das projeções de lucros e das recomendações dos analistas de mercado de capitais para as empresas brasileiras de capital aberto. 2004. Tese (Doutorado em Administração de Empresas) – Escola de Administração de Empresas de São Paulo, Fundação Getúlio Vargas, São Paulo.

Martinez, A. L., & Dumer, M. C. R. (2013). Adoção das IFRS e as propriedades das previsões de lucros dos analistas: Caso brasileiro. Revista Mineira de Contabilidade, vol. 4, n. 52, p. 53-62.

Martins, O. S., & Barros, L. A. B. de C. (2021). Firm Informativeness, Information Environment, and Accounting Quality in Emerging Countries. The International Journal of Accounting, 56(1), 1-50. http://dx.doi.org/10.1142/S1094406021500049

Mccarthy, D. J., & Puffer, S. M. (2008). Interpreting the ethicality of corporate governance decisions in Russia: Utilizing integrative social contracts theory to evaluate the relevance of agency theory norms. Academy of Management Review, 33(1), 11-31. https://doi.org/10.2307/20159374

Mcewen, R. A., & Hunton, J. E. (1999). Is Analyst Forecast Accuracy Associated with Accounting Information Use? Accounting Horizons, v. 13, n. 1, p. 1-16.

Miranda, K. F., Melo, J. R. A., & Martins, O. S. (2021), Firms’ legitimation through corporate governance and its association with risk and return in Brazil. RAUSP Management Journal, 56(1), 55-70. http://dx.doi.org/10.1108/RAUSP-05-2020-0087

Morey, M., Gottesman, A., Baker, E., & Godridge, B. (2009). Does better corporate governance result in higher valuations in emerging markets? Another examination using a new data set. Journal of Banking & Finance, v. 33, n. 2, p. 254-262. https://doi.org/10.1016/j.jbankfin.2008.07.017

Moshirian, F., Ng, D., & Wu, E. (2009). The value of stock analysts' recommendations: Evidence from emerging markets. International Review of Financial Analysis, v. 18, n. 1-2, p. 74-83.

Morris, R. D. (1987). Signaling, Agency Theory and Accounting Policy Choice. Accounting and Business Research, v. 18, n. 69, p. 47-56. https://doi.org/10.1080/00014788.1987.9729347

Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary accounting research, v. 11, n. 2, p. 661-687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x

Ohlson, J. A. (2001). Earnings, book values, and dividends in equity valuation: an empirical perspective. Contemporary Accounting Research, v. 18, n. 1, p. 107-120. https://doi.org/10.1506/7TPJ-RXQN-TQC7-FFAE

Pathiranage, N. P. W., & Jubb, C. A. (2018). Does IFRS make analysts more efficient in using fundamental information included in financial statements? Journal of Contemporary Accounting & Economics, 14(3), 373-385. https://doi.org/10.1016/j.jcae.2018.10.004

Peterson, K., Schmardebeck, R., & Wilks, T. J. (2015). The earnings quality and information processing effects of accounting consistency. The Accounting Review, v. 90, n. 6, p. 2483-2514.

Piotroski, J. D., & Roulstone, D. T. (2004). The influence of analysts, institutional investors and insiders on the incorporation of market, industry, and firm-specific information into stock prices. The Accounting Review, v. 79, n. 4, p. 1119-1151.

Ramnath, S., Rock, S., & Shane, P. (2008). The financial analyst forecasting literature: A taxonomy with suggestions for further research. International Journal of Forecasting, v. 24, n. 1, p. 34-75. https://doi.org/10.1016/j.ijforecast.2007.12.006

Saito, R., Villalobos, S. J. S., & Benetti, C. (2008). The quality of sell-side analyst’ earnings forecast: empirical evidence from the Brazilian market. Revista de Administração, v. 43, n. 4, p. 356-369.

Soderstrom, N. S., & Sun, K. J. (2007). IFRS adoption and accounting quality: a review. European Accounting Review, v. 16, n. 4, p. 675-702. https://doi.org/10.1080/09638180701706732

Spence, M. (1973). Job Market signaling. The Quarterly Journal of Economics. v. 87, n 3, p. 355-374.

Takamatsu, R. T., & Fávero, L. P. L. (2017). Opacity of financial information, adoption of international standards and legal origins. Revista Brasileira de Gestão de Negócios, v. 19, n. 66, p. 594-612.

Tan, H., Wang, S., & Welker, M. (2011). Analyst following and forecast accuracy after mandated IFRS adoptions. Journal of Accounting Research, v. 49, n. 5, p. 1307-1357. https://doi.org/10.1111/j.1475-679X.2011.00422.x

Yu, M. (2011). Analyst recommendations and corporate governance in emerging markets. International Journal of Accounting & Information Management, v. 19, n. 1, p. 34-52. https://doi.org/10.1108/18347641111105926

Downloads

Publicado

2021-12-15

Edição

Seção

Artigos