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: | |
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Data de Publicação: | 2012 |
Outros Autores: | , |
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 |
Resumo: | 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. |
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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 VARIABLESANÁLISIS DE LA RELEVANCIA DE LA INFORMACIÓN CONTABLE EN EL SECTOR ELÉCTRICO BRASILEÑO EN EL PERÍODO 2005 A 2007: UN DEBATE CENTRADO EN LAS VARIABLES DE LL, FCO Y EBITDAANÁLISE DA RELEVÂNCIA DA INFORMAÇÃO CONTÁBIL NO SETOR BRASILEIRO DE ENERGIA ELÉTRICA NO PERÍODO DE 2005 A 2007: UMA DISCUSSÃO COM FOCO NAS VARIÁVEIS LL, FCO E EBITDAAccounting Information Relevance. IFRS. Electric SectorRelevancia de la información contable. IFRS. Sector eléctrico.Relevância da Informação ContábilIFRSSetor 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. Este estudio tiene como objetivo analizar la pertinencia de la información contable de LL, EBITDA y FCO de las empresas del sector eléctrico brasileño en el período 2005-2007 y discutir el impacto informativo de los cambios recientes en las prácticas contables en Brasil. Para ello, utiliza el análisis de regresión, con el precio de las acciones como la variable dependiente y la información contable como variables independientes. Los resultados para el período estudiado y la muestra analizada muestran que sólo el FCO y la información de LL son relevantes, cuando la regresión es hecha con cada una de las variables más el PL como variable de control. Esto indica que el EBITDA non es una información relevante para el mercado de capitales y que el FCO ofrece contenido informativo no contemplado por el EBITDA. En una comparación entre LL y FCO se observa que el LL es la información más relevante. Con estas pruebas, se puede decir que en este estudio fue posible capturar un incremento de informacional del FCO, que desde el ejercicio 2008 se convirtió en una información contable obligatoria, contenidas en el DFC. Sin embargo, los resultados muestran que no habría ninguna justificación basada en el aumento de la relevancia de la información contable para el requisito de publicación del DFC, porque en un período anterior a los cambios, el LL demostró ser una información más relevante que el FCO, aunque este último es relevante. Este estudo tem como objetivo analisar a relevância das informações contábeis sobre LL, EBITDA e FCO de empresas do setor elétrico brasileiro no período de 2005 a 2007, visando discutir os impactos informacionais das recentes mudanças contábeis no Brasil. Para tanto, utiliza-se da análise de regressão, tendo como variável dependente o preço das ações e como variáveis independentes as informações contábeis. Os resultados para o período estudado e para a amostra analisada revelam que quando a regressão é feita com cada uma destas variáveis mais o PL como variável de controle encontra-se relevância para as informações de LL e FCO. Isso é um indicativo não só de que o EBITDA não se mostra uma informação relevante para o mercado de capitais, mas também que o FCO traz conteúdo informacional não contemplado pelo EBITDA. Numa comparação entre LL e FCO observa-se que o LL é uma informação mais relevante. De posse destas evidências pode-se dizer que no âmbito deste estudo foi possível capturar incremento informacional do FCO, que a partir do exercício de 2008 passou a ser uma informação contábil obrigatória, contida na DFC. Porém, pelos resultados encontrados, não existiria uma justificativa de incremento da relevância das informações contábeis para a exigência de publicação da DFC, já que num período anterior às mudanças, mesmo o FCO sendo uma informação relevante para o mercado de capitais, o LL se mostrou uma informação mais relevante.Universidade Regional de Blumenau2012-04-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/218110.4270/ruc.2012210Revista Universo Contábil; v. 8 n. 2 (2012); 06-241809-33371809-3337reponame:Revista Universo Contábilinstname:Universidade Regional de Blumenau (FURB)instacron:FURBporhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/2181/1942Copyright (c) 2014 Revista Universo Contábilinfo:eu-repo/semantics/openAccessSilva, Angelino FernandesMacedo, Marcelo Alvaro da SilvaMarques, José Augusto Veiga da Costa2018-04-10T16:22:15Zoai:ojs.bu.furb.br:article/2181Revistahttps://proxy.furb.br/ojs/index.php/universocontabil/PUBhttps://proxy.furb.br/ojs/index.php/universocontabil/oai||universocontabil@furb.br1809-33371809-3337opendoar:2018-04-10T16:22:15Revista Universo Contábil - Universidade Regional de Blumenau (FURB)false |
dc.title.none.fl_str_mv |
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 ANÁLISIS DE LA RELEVANCIA DE LA INFORMACIÓN CONTABLE EN EL SECTOR ELÉCTRICO BRASILEÑO EN EL PERÍODO 2005 A 2007: UN DEBATE CENTRADO EN LAS VARIABLES DE LL, FCO Y EBITDA ANÁLISE DA RELEVÂNCIA DA INFORMAÇÃO CONTÁBIL NO SETOR BRASILEIRO DE ENERGIA ELÉTRICA NO PERÍODO DE 2005 A 2007: UMA DISCUSSÃO COM FOCO NAS VARIÁVEIS LL, FCO E EBITDA |
title |
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 |
spellingShingle |
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 Silva, Angelino Fernandes Accounting Information Relevance. IFRS. Electric Sector Relevancia de la información contable. IFRS. Sector eléctrico. Relevância da Informação Contábil IFRS Setor Elétrico. |
title_short |
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 |
title_full |
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 |
title_fullStr |
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 |
title_full_unstemmed |
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 |
title_sort |
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 |
author |
Silva, Angelino Fernandes |
author_facet |
Silva, Angelino Fernandes Macedo, Marcelo Alvaro da Silva Marques, José Augusto Veiga da Costa |
author_role |
author |
author2 |
Macedo, Marcelo Alvaro da Silva Marques, José Augusto Veiga da Costa |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Silva, Angelino Fernandes Macedo, Marcelo Alvaro da Silva Marques, José Augusto Veiga da Costa |
dc.subject.por.fl_str_mv |
Accounting Information Relevance. IFRS. Electric Sector Relevancia de la información contable. IFRS. Sector eléctrico. Relevância da Informação Contábil IFRS Setor Elétrico. |
topic |
Accounting Information Relevance. IFRS. Electric Sector Relevancia de la información contable. IFRS. Sector eléctrico. Relevância da Informação Contábil IFRS Setor Elétrico. |
description |
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. |
publishDate |
2012 |
dc.date.none.fl_str_mv |
2012-04-30 |
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://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/2181 10.4270/ruc.2012210 |
url |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/2181 |
identifier_str_mv |
10.4270/ruc.2012210 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/2181/1942 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2014 Revista Universo Contábil info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2014 Revista Universo Contábil |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Regional de Blumenau |
publisher.none.fl_str_mv |
Universidade Regional de Blumenau |
dc.source.none.fl_str_mv |
Revista Universo Contábil; v. 8 n. 2 (2012); 06-24 1809-3337 1809-3337 reponame:Revista Universo Contábil instname:Universidade Regional de Blumenau (FURB) instacron:FURB |
instname_str |
Universidade Regional de Blumenau (FURB) |
instacron_str |
FURB |
institution |
FURB |
reponame_str |
Revista Universo Contábil |
collection |
Revista Universo Contábil |
repository.name.fl_str_mv |
Revista Universo Contábil - Universidade Regional de Blumenau (FURB) |
repository.mail.fl_str_mv |
||universocontabil@furb.br |
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1798945115849359360 |