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2023-11-30T15:02:05Z2023-11-30T15:02:05Z2017914766http://dx.doi.org/10.5380/rc&c.v9i1.4794019846266http://hdl.handle.net/1843/61555A utilidade das informações contábeis para fins de tomada de decisão de seus usuários é uma função não somente da natureza e conteúdo da informação, mas, também, do momento no qual ela é comunicada. O presente trabalho buscou avaliar se é possível detectar algum tipo de padrão no momento de divulgação das informações contábeis no mercado brasileiro. Mais especificamente, avaliou-se a hipótese de que as “boas notícias” são antecipadas e as “más notícias” adiadas. Estudos anteriores indicam que gestores enfrentam incentivos para adiar a divulgação de notícias desfavoráveis, o que os permite, por exemplo, dispor de tempo para realizar negociações em termos mais favoráveis, rebaterem críticas ou mesmo reverterem a performance passada antes do anúncio vir a público (Begley & Fischer, 1998). A segunda hipótese avaliada foi a de que as empresas mais tempestivas no reporte das informações contábeis exibiriam retornos anormais acumulados superiores, baseado no pressuposto de que as empresas que divulgam seus resultados mais rapidamente, fornecem informações mais tempestivas aos investidores, tornando-as mais úteis para fins de tomada de decisão. Contrariando os resultados da literatura contábil de referência, ao adotar um nível de significância de 5%, não foram encontrados indícios estatísticos para sustentar a hipótese de divergência de médias de retornos anormais acumulados e de defasagem na divulgação de “boas” e “más notícias”. Por outro lado, ao adotar um nível de significância de 10%, foi possível concluir que existe diferença estatisticamente significativa entre a defasagem na divulgação de “boas” e “más notícias”. Quanto à segunda hipótese, verificou-se que, na amostra analisada, não existe diferença estatisticamente significativa entre a média dos retornos anormais acumulados das companhias mais tempestivas, comparativamente à média dos retornos anormais acumulados das companhias menos tempestivasThe usefulness of accounting information for decision-making of its stakeholders is not only about the kind and content of information, but, also, about the moment in which the information is communicated. This study sought to measure if it is possible to detect some kind of pattern on the moment of disclosure of financial statements in Brazilian market. More specifically, it measured the hypothesis of which the “good news” are anticipated and the “bad news” are postponed. The reason is because the literature indicates that managers face some incentives to postpone the disclosure of unfavorable news that allow them, for example, have time to accomplish negotiations on more favorable terms, to rebut criticism or even to revert the past performance before the announcement go public (Begley & Fischer, 1998). The second measured hypothesis was that companies that report timely their accounting information presented high-accrued abnormal returns, based on the assumption that companies that disclose their results faster provide more timely information to investors, becoming the information more useful for decision-making. Contradicting the results from accounting literature used by reference, when adopting a 5% significance level were not found statistical evidences to support the hypothesis of average divergence of accrued abnormal returns and lag on the disclose of “good” and “bad” news. Otherwise, adopting a 10% significance level, it was possible to conclude there is statistically difference between the lag on the disclose of “good” and “bad” news. About the second hypothesis, it was found, in the sample, there is not statistically difference between the average of accrued abnormal returns of the companies with disclose more timely, compared to the average of accrued abnormal returns of the companies with disclosure less timely.porUniversidade Federal de Minas GeraisUFMGBrasilFCE - DEPARTAMENTO DE CIÊNCIAS CONTÁBEISRC& C - Revista Contabilidade e ControladoriaContabilidadeQualidade da informação contábilDefasagemRetornos anormaisEstudo de eventosDeterminantes do momento de divulgação das demonstrações contábeis de empresas que Compõem o índice da bolsa de valores de São Paulo (IBOVESPA)Determinatives of the moment of disclosure of financial statement of companies that compose São Paulo stock exchange (IBOVESPA)info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://www.spell.org.br/documentos/ver/69647/determinantes-do-momento-de-divulgacao-das-demonstracoes-contabeis-de-empresas-que-compoem-o-indice-da-bolsa-de-valores-de-sao-paulo--ibovespa-Lílian Menezes Diniz PaixãoBruna Camargos AvelinoRenata Turola Takamatsuinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da UFMGinstname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGLICENSELicense.txtLicense.txttext/plain; charset=utf-82042https://repositorio.ufmg.br/bitstream/1843/61555/1/License.txtfa505098d172de0bc8864fc1287ffe22MD51ORIGINALDeterminantes do momento de divulgação das demonstrações contábeis de empresas que compõem o índice da bolsa de valores de são paulo.pdfDeterminantes do momento de divulgação das demonstrações contábeis de empresas que compõem o índice da bolsa de valores de são paulo.pdfapplication/pdf358754https://repositorio.ufmg.br/bitstream/1843/61555/2/Determinantes%20do%20momento%20de%20divulga%c3%a7%c3%a3o%20das%20demonstra%c3%a7%c3%b5es%20cont%c3%a1beis%20de%20empresas%20que%20comp%c3%b5em%20o%20%c3%adndice%20da%20bolsa%20de%20valores%20de%20s%c3%a3o%20paulo.pdf3028650578fef1c4a012e04b602c37ffMD521843/615552023-11-30 12:02:05.936oai:repositorio.ufmg.br:1843/61555TElDRU7vv71BIERFIERJU1RSSUJVSe+/ve+/vU8gTu+/vU8tRVhDTFVTSVZBIERPIFJFUE9TSVTvv71SSU8gSU5TVElUVUNJT05BTCBEQSBVRk1HCiAKCkNvbSBhIGFwcmVzZW50Ye+/ve+/vW8gZGVzdGEgbGljZW7vv71hLCB2b2Pvv70gKG8gYXV0b3IgKGVzKSBvdSBvIHRpdHVsYXIgZG9zIGRpcmVpdG9zIGRlIGF1dG9yKSBjb25jZWRlIGFvIFJlcG9zaXTvv71yaW8gSW5zdGl0dWNpb25hbCBkYSBVRk1HIChSSS1VRk1HKSBvIGRpcmVpdG8gbu+/vW8gZXhjbHVzaXZvIGUgaXJyZXZvZ++/vXZlbCBkZSByZXByb2R1emlyIGUvb3UgZGlzdHJpYnVpciBhIHN1YSBwdWJsaWNh77+977+9byAoaW5jbHVpbmRvIG8gcmVzdW1vKSBwb3IgdG9kbyBvIG11bmRvIG5vIGZvcm1hdG8gaW1wcmVzc28gZSBlbGV0cu+/vW5pY28gZSBlbSBxdWFscXVlciBtZWlvLCBpbmNsdWluZG8gb3MgZm9ybWF0b3Mg77+9dWRpbyBvdSB277+9ZGVvLgoKVm9j77+9IGRlY2xhcmEgcXVlIGNvbmhlY2UgYSBwb2zvv710aWNhIGRlIGNvcHlyaWdodCBkYSBlZGl0b3JhIGRvIHNldSBkb2N1bWVudG8gZSBxdWUgY29uaGVjZSBlIGFjZWl0YSBhcyBEaXJldHJpemVzIGRvIFJJLVVGTUcuCgpWb2Pvv70gY29uY29yZGEgcXVlIG8gUmVwb3NpdO+/vXJpbyBJbnN0aXR1Y2lvbmFsIGRhIFVGTUcgcG9kZSwgc2VtIGFsdGVyYXIgbyBjb250Ze+/vWRvLCB0cmFuc3BvciBhIHN1YSBwdWJsaWNh77+977+9byBwYXJhIHF1YWxxdWVyIG1laW8gb3UgZm9ybWF0byBwYXJhIGZpbnMgZGUgcHJlc2VydmHvv73vv71vLgoKVm9j77+9IHRhbWLvv71tIGNvbmNvcmRhIHF1ZSBvIFJlcG9zaXTvv71yaW8gSW5zdGl0dWNpb25hbCBkYSBVRk1HIHBvZGUgbWFudGVyIG1haXMgZGUgdW1hIGPvv71waWEgZGUgc3VhIHB1YmxpY2Hvv73vv71vIHBhcmEgZmlucyBkZSBzZWd1cmFu77+9YSwgYmFjay11cCBlIHByZXNlcnZh77+977+9by4KClZvY++/vSBkZWNsYXJhIHF1ZSBhIHN1YSBwdWJsaWNh77+977+9byDvv70gb3JpZ2luYWwgZSBxdWUgdm9j77+9IHRlbSBvIHBvZGVyIGRlIGNvbmNlZGVyIG9zIGRpcmVpdG9zIGNvbnRpZG9zIG5lc3RhIGxpY2Vu77+9YS4gVm9j77+9IHRhbWLvv71tIGRlY2xhcmEgcXVlIG8gZGVw77+9c2l0byBkZSBzdWEgcHVibGljYe+/ve+/vW8gbu+/vW8sIHF1ZSBzZWphIGRlIHNldSBjb25oZWNpbWVudG8sIGluZnJpbmdlIGRpcmVpdG9zIGF1dG9yYWlzIGRlIG5pbmd177+9bS4KCkNhc28gYSBzdWEgcHVibGljYe+/ve+/vW8gY29udGVuaGEgbWF0ZXJpYWwgcXVlIHZvY++/vSBu77+9byBwb3NzdWkgYSB0aXR1bGFyaWRhZGUgZG9zIGRpcmVpdG9zIGF1dG9yYWlzLCB2b2Pvv70gZGVjbGFyYSBxdWUgb2J0ZXZlIGEgcGVybWlzc++/vW8gaXJyZXN0cml0YSBkbyBkZXRlbnRvciBkb3MgZGlyZWl0b3MgYXV0b3JhaXMgcGFyYSBjb25jZWRlciBhbyBSZXBvc2l077+9cmlvIEluc3RpdHVjaW9uYWwgZGEgVUZNRyBvcyBkaXJlaXRvcyBhcHJlc2VudGFkb3MgbmVzdGEgbGljZW7vv71hLCBlIHF1ZSBlc3NlIG1hdGVyaWFsIGRlIHByb3ByaWVkYWRlIGRlIHRlcmNlaXJvcyBlc3Tvv70gY2xhcmFtZW50ZSBpZGVudGlmaWNhZG8gZSByZWNvbmhlY2lkbyBubyB0ZXh0byBvdSBubyBjb250Ze+/vWRvIGRhIHB1YmxpY2Hvv73vv71vIG9yYSBkZXBvc2l0YWRhLgoKQ0FTTyBBIFBVQkxJQ0Hvv73vv71PIE9SQSBERVBPU0lUQURBIFRFTkhBIFNJRE8gUkVTVUxUQURPIERFIFVNIFBBVFJPQ++/vU5JTyBPVSBBUE9JTyBERSBVTUEgQUfvv71OQ0lBIERFIEZPTUVOVE8gT1UgT1VUUk8gT1JHQU5JU01PLCBWT0Pvv70gREVDTEFSQSBRVUUgUkVTUEVJVE9VIFRPRE9TIEUgUVVBSVNRVUVSIERJUkVJVE9TIERFIFJFVklT77+9TyBDT01PIFRBTULvv71NIEFTIERFTUFJUyBPQlJJR0Hvv73vv71FUyBFWElHSURBUyBQT1IgQ09OVFJBVE8gT1UgQUNPUkRPLgoKTyBSZXBvc2l077+9cmlvIEluc3RpdHVjaW9uYWwgZGEgVUZNRyBzZSBjb21wcm9tZXRlIGEgaWRlbnRpZmljYXIgY2xhcmFtZW50ZSBvIHNldSBub21lKHMpIG91IG8ocykgbm9tZXMocykgZG8ocykgZGV0ZW50b3IoZXMpIGRvcyBkaXJlaXRvcyBhdXRvcmFpcyBkYSBwdWJsaWNh77+977+9bywgZSBu77+9byBmYXLvv70gcXVhbHF1ZXIgYWx0ZXJh77+977+9bywgYWzvv71tIGRhcXVlbGFzIGNvbmNlZGlkYXMgcG9yIGVzdGEgbGljZW7vv71hLgo=Repositório InstitucionalPUBhttps://repositorio.ufmg.br/oaiopendoar:2023-11-30T15:02:05Repositório Institucional da UFMG - Universidade Federal de Minas Gerais (UFMG)false
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