A relevância informacional dos lucros contábeis quanto a tempestividade da sua distribuição aos acionistas: um estudo de evento

• Autor(a) principal: Simões, João José Ferreira
• Data de Publicação: 2017
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Institucional da Universidade Federal do Espírito Santo (riUfes)
• Texto Completo: http://repositorio.ufes.br/handle/10/6869
• topic: Estudo de Evento; Ciências Contábeis; Dividendos.; Lucros.; Capital (Economia).; 657

In the context of Efficient Markets Hypothesis (HME), information on companies, such as disclosure of accounting earnings, is incorporated and consequently reflected in stock price. Several studies point to the existence of such reflex, however, this research highlights the timing of distributions, in order to observe if the relevance of accounting earnings differs between companies, given the moment the distribution to shareholders occurs: during the current year or after annual report announcement. Applying the methodologies of event study and multiple linear regression in a sample composed by 852 events of companies listed on BM&F Bovespa, which had annual report announced from 2011 to 2016, evidence was found that, the interaction of the timing of distribution with earnings and dividends are more relevant to explain the behavior of stock prices than if analyzed individually. Thus, these findings indicate evidence that the timing of the distribution to shareholders contributes to increase the informativeness of accounting earnings.