O efeito das reapresentações das demonstrações financeiras sobre o preço das empresas brasileiras listadas na B3

• Autor(a) principal: Santos, Kleyverson Leonardo dos
• Data de Publicação: 2021
• 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/10/14992
• topic: Reapresentação; qualidade das informações; auditoria; indicadores financeiros; subject.br-rjbn; Ciências Contábeis

The purpose of this study was to analyze the effect of restatements of the financial statements on the market value of Brazilian companies listed on B3. To achieve these objectives, descriptive statistics, test of difference between means / medians, correlation matrix and multiple regression, data from a sample of Companies listed on the Brazilian stock exchange and which republished their financial statements for the period were analyzed from 2008 to 2018 due to changes in accounting numbers. Studies in the national literature have already tested whether there is an effect of the restatement on the share price, as well as whether the restatement incurs a change in the ROA, ROE and Total Indebtedness indicators. However, the effect of the restatement on the liquidity indicators, and on the others on indebtedness and profitability has not yet been verified, nor is there a moderating effect of these indicators on the abnormal return of the shares upon resubmission. It was found that the restatement of the financial statements alters the accounting indicators to some extent, since the indicators whose differences showed statistical significance with greater robustness were the General Liquidity, the Debt Level and ROE. Through this event study, he also observed that the restatement negatively affects the stock prices from the second day of the restatement, suggesting the existence of a delay in the incorporation of the information into the prices. Despite the accumulated abnormal returns having been statistically significant and with a negative sign in relation to the resubmission, no difference was observed between the volume of trading when resubmission in relation to the publication. Finally, when the interaction between the independent variables restatement and the difference in the ILG, NivEnd and ROE indicators was tested, there was a moderating effect of these; observing that a potentializing effect on the market reaction, negatively. These results contribute to: (i) supervisory and regulatory Institutes identifying the most recurrent effects / variations in restatements; (ii) for the Companies, showing the market reaction when the statements are re-presented; (iii) for users of accounting information, verifying that the presentation of the statements implies a change in the financial indicators and (iv) for the auditors reaffirming the relevance of their work in obtaining reasonable assurance that statements in accordance with the generally accepted principles in Accounting and faithfully portray the reality of the company.