VALUE RELEVANCE ANALYSIS OF ACCOUNTING INFORMATION IN THE BRAZILIAN ELECTRIC SECTOR IN THE PERIOD FROM 2005 TO 2007: A DISCUSSION FOCUSING ON NP, OCF AND EBITDA VARIABLES

• Autor(a) principal: Silva, Angelino Fernandes
• Data de Publicação: 2012
• Outros Autores: Macedo, Marcelo Alvaro da Silva, Marques, José Augusto Veiga da Costa
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Universo Contábil
• Texto Completo: https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/2181
• topic: Accounting Information Relevance. IFRS. Electric Sector; Relevancia de la información contable. IFRS. Sector eléctrico.; Relevância da Informação Contábil; IFRS; Setor Elétrico.

The goal of this study is to analyze the relevance of the accounting information on LL (Net Profit), EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and FCO (Operating Cash Flow) of Brazilian companies in the electric sector in the period from 2005 to 2007, discussing the informational impact of recent accounting changes in Brazil. For this, regression analysis is used, having stock price as dependent variable and accounting information as independent variables. The results for the period studied and for the sample analyzed show that, when the regression is done with each one of the variables plus PL as a control variable, FCO and LL information are relevant. This indicates not only that EBITDA is not relevant information for the capital market, but also that FCO provides informational content not covered by EBITDA. In a comparison between LL and FCO it is observed that the LL is more relevant information. Based on these evidences it can be said that in this study it was possible to capture FCO informational increase that, from the year 2008 on, became mandatory accounting information, contained in the DFC. However, based on the results there would be no justification for relevance increase of the accounting information for the requirement of DFC publication, since in a period prior to the changes, even FCO being a relevant information for the capital market, LL was a more relevant information.