Accounting information quality and systematic risk on the brazilian stock market
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | por eng |
Título da fonte: | Revista Catarinense da Ciência Contábil (Online) |
Texto Completo: | https://revista.crcsc.org.br/index.php/CRCSC/article/view/3357 |
Resumo: | This study evaluated the association between accounting information quality and systematic risk on the Brazilian stock market based on a sample of 208 firms traded on B3 S/A Brasil, Bolsa, Balcão (1,675 observations) from 2010-2019. The systematic risk was measured with the beta coefficient, while accounting information quality was proxied by revenue predictability and earnings management by discretionary accruals. The data were analyzed with descriptive statistics and least ordinary squares multiple regressions on panel data and quantile regressions. The results showed earnings management by discretionary accruals and low revenue predictability were positively associated with systematic risk. In other words, there is evidence that the lower the accounting information quality in Brazilian firms, the greater the market risk. Our findings not only enrich the debate on the role of accounting information quality in emerging markets such as Brazil, but may subsidize investors in their decision-making by showing how accounting information quality impacts corporate risk and point to how managers can reduce systematic risk and equity costs. |
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Accounting information quality and systematic risk on the brazilian stock marketQualidade das informações contábeis e risco sistemático no mercado acionário brasileiroAccounting information qualitySystematic riskEarnings predictabilityEarnings managementQualidade das informações contábeisRisco sistemáticoPrevisibilidade dos lucrosGerenciamento de resultadosThis study evaluated the association between accounting information quality and systematic risk on the Brazilian stock market based on a sample of 208 firms traded on B3 S/A Brasil, Bolsa, Balcão (1,675 observations) from 2010-2019. The systematic risk was measured with the beta coefficient, while accounting information quality was proxied by revenue predictability and earnings management by discretionary accruals. The data were analyzed with descriptive statistics and least ordinary squares multiple regressions on panel data and quantile regressions. The results showed earnings management by discretionary accruals and low revenue predictability were positively associated with systematic risk. In other words, there is evidence that the lower the accounting information quality in Brazilian firms, the greater the market risk. Our findings not only enrich the debate on the role of accounting information quality in emerging markets such as Brazil, but may subsidize investors in their decision-making by showing how accounting information quality impacts corporate risk and point to how managers can reduce systematic risk and equity costs.Investiga-se a relação entre a qualidade das informações contábeis e o risco sistemático no mercado acionário brasileiro. Para tanto, foram selecionadas 208 empresas listadas na B3 S/A Brasil, Bolsa, Balcão, totalizando 1.675 observações referentes ao período 2010-2019. O risco sistemático foi mensurado pelo coeficiente beta, e, como proxies de qualidade das informações, foram utilizados a previsibilidade dos lucros e o gerenciamento de resultados por accruals discricionários. Para a análise dos dados, foram aplicadas técnicas de estatística descritiva e regressões múltiplas com dados em painel por mínimos quadrados ordinários e regressões quantílicas. Os resultados revelaram que a baixa previsibilidade dos lucros e o nível de gerenciamento de resultados por accruals discricionários influenciam positivamente o risco sistemático. Portanto, há indícios de que quanto mais baixa for a qualidade das informações contábeis nas companhias brasileiras, maior é o seu risco de mercado. A pesquisa contribui para subsidiar as discussões acerca do papel da qualidade das informações contábeis em mercados emergentes, como o Brasil. Além disso, os resultados fornecem informações importantes para investidores, apresentando evidências de que a qualidade das informações contábeis pode contribuir para melhorar a avaliação de riscos e as decisões de investimento; e para gestores, quanto a medidas para reduzir o risco sistemático e o custo de capital próprio.Conselho Regional de Contabilidade de Santa Catarina2023-06-02info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfapplication/ziptext/xmlhttps://revista.crcsc.org.br/index.php/CRCSC/article/view/335710.16930/2237-766220233357Revista Catarinense da Ciência Contábil; Vol. 22 (2023): RCCC; e3357Revista Catarinense da Ciência Contábil; v. 22 (2023): RCCC; e33572237-76621808-378110.16930/2237-76622023reponame:Revista Catarinense da Ciência Contábil (Online)instname:Conselho Regional de Contabilidade de Santa Catarina (CRCSC)instacron:CRCSCporenghttps://revista.crcsc.org.br/index.php/CRCSC/article/view/3357/2529https://revista.crcsc.org.br/index.php/CRCSC/article/view/3357/2530https://revista.crcsc.org.br/index.php/CRCSC/article/view/3357/2531https://revista.crcsc.org.br/index.php/CRCSC/article/view/3357/253210.16930/2237-766220233357110.16930/2237-7662202333572Copyright (c) 2023 Revista Catarinense da Ciência Contábilhttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessMenezes Teodósio, Igor RodrigoTrindade Medeiros, JisleneVasconcelos, Alessandra Carvalho deDe Luca, Márcia Martins Mendes2023-12-08T12:03:20Zoai:ojs.pkp.sfu.ca:article/3357Revistahttp://www.atena.org.br/revista/ojs-2.2.3-06/index.php/crcscPRIhttp://revista.crcsc.org.br/revista/ojs-2.2.3-06/index.php/CRCSC/oai||revista@crcsc.org.br2237-76621808-3781opendoar:2023-12-08T12:03:20Revista Catarinense da Ciência Contábil (Online) - Conselho Regional de Contabilidade de Santa Catarina (CRCSC)false |
dc.title.none.fl_str_mv |
Accounting information quality and systematic risk on the brazilian stock market Qualidade das informações contábeis e risco sistemático no mercado acionário brasileiro |
title |
Accounting information quality and systematic risk on the brazilian stock market |
spellingShingle |
Accounting information quality and systematic risk on the brazilian stock market Menezes Teodósio, Igor Rodrigo Accounting information quality Systematic risk Earnings predictability Earnings management Qualidade das informações contábeis Risco sistemático Previsibilidade dos lucros Gerenciamento de resultados |
title_short |
Accounting information quality and systematic risk on the brazilian stock market |
title_full |
Accounting information quality and systematic risk on the brazilian stock market |
title_fullStr |
Accounting information quality and systematic risk on the brazilian stock market |
title_full_unstemmed |
Accounting information quality and systematic risk on the brazilian stock market |
title_sort |
Accounting information quality and systematic risk on the brazilian stock market |
author |
Menezes Teodósio, Igor Rodrigo |
author_facet |
Menezes Teodósio, Igor Rodrigo Trindade Medeiros, Jislene Vasconcelos, Alessandra Carvalho de De Luca, Márcia Martins Mendes |
author_role |
author |
author2 |
Trindade Medeiros, Jislene Vasconcelos, Alessandra Carvalho de De Luca, Márcia Martins Mendes |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Menezes Teodósio, Igor Rodrigo Trindade Medeiros, Jislene Vasconcelos, Alessandra Carvalho de De Luca, Márcia Martins Mendes |
dc.subject.por.fl_str_mv |
Accounting information quality Systematic risk Earnings predictability Earnings management Qualidade das informações contábeis Risco sistemático Previsibilidade dos lucros Gerenciamento de resultados |
topic |
Accounting information quality Systematic risk Earnings predictability Earnings management Qualidade das informações contábeis Risco sistemático Previsibilidade dos lucros Gerenciamento de resultados |
description |
This study evaluated the association between accounting information quality and systematic risk on the Brazilian stock market based on a sample of 208 firms traded on B3 S/A Brasil, Bolsa, Balcão (1,675 observations) from 2010-2019. The systematic risk was measured with the beta coefficient, while accounting information quality was proxied by revenue predictability and earnings management by discretionary accruals. The data were analyzed with descriptive statistics and least ordinary squares multiple regressions on panel data and quantile regressions. The results showed earnings management by discretionary accruals and low revenue predictability were positively associated with systematic risk. In other words, there is evidence that the lower the accounting information quality in Brazilian firms, the greater the market risk. Our findings not only enrich the debate on the role of accounting information quality in emerging markets such as Brazil, but may subsidize investors in their decision-making by showing how accounting information quality impacts corporate risk and point to how managers can reduce systematic risk and equity costs. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-06-02 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://revista.crcsc.org.br/index.php/CRCSC/article/view/3357 10.16930/2237-766220233357 |
url |
https://revista.crcsc.org.br/index.php/CRCSC/article/view/3357 |
identifier_str_mv |
10.16930/2237-766220233357 |
dc.language.iso.fl_str_mv |
por eng |
language |
por eng |
dc.relation.none.fl_str_mv |
https://revista.crcsc.org.br/index.php/CRCSC/article/view/3357/2529 https://revista.crcsc.org.br/index.php/CRCSC/article/view/3357/2530 https://revista.crcsc.org.br/index.php/CRCSC/article/view/3357/2531 https://revista.crcsc.org.br/index.php/CRCSC/article/view/3357/2532 10.16930/2237-7662202333571 10.16930/2237-7662202333572 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2023 Revista Catarinense da Ciência Contábil https://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2023 Revista Catarinense da Ciência Contábil https://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf application/zip text/xml |
dc.publisher.none.fl_str_mv |
Conselho Regional de Contabilidade de Santa Catarina |
publisher.none.fl_str_mv |
Conselho Regional de Contabilidade de Santa Catarina |
dc.source.none.fl_str_mv |
Revista Catarinense da Ciência Contábil; Vol. 22 (2023): RCCC; e3357 Revista Catarinense da Ciência Contábil; v. 22 (2023): RCCC; e3357 2237-7662 1808-3781 10.16930/2237-76622023 reponame:Revista Catarinense da Ciência Contábil (Online) instname:Conselho Regional de Contabilidade de Santa Catarina (CRCSC) instacron:CRCSC |
instname_str |
Conselho Regional de Contabilidade de Santa Catarina (CRCSC) |
instacron_str |
CRCSC |
institution |
CRCSC |
reponame_str |
Revista Catarinense da Ciência Contábil (Online) |
collection |
Revista Catarinense da Ciência Contábil (Online) |
repository.name.fl_str_mv |
Revista Catarinense da Ciência Contábil (Online) - Conselho Regional de Contabilidade de Santa Catarina (CRCSC) |
repository.mail.fl_str_mv |
||revista@crcsc.org.br |
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