Value relevance da contabilidade e das previsões dos analistas: o ambiente de informação do país emergente é importante?
DOI:
https://doi.org/10.5007/2175-8069.2021.e79630Resumo
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.
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