Comparabilidade contábil e o custo de capital próprio: uma análise no mercado de capitais brasileiro
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Tipo de documento: | Tese |
Idioma: | por |
Título da fonte: | Biblioteca Digital de Teses e Dissertações da UFPB |
Texto Completo: | https://repositorio.ufpb.br/jspui/handle/123456789/18216 |
Resumo: | This thesis investigates the influence of accounting comparability on the cost of equity of Brazilian companies. The literature points out that greater accounting comparability results in more accurate assessments of the individual performance of companies, since it reduces the cost of collecting and analyzing information between a given company over a period and, also, between peer companies. In addition, comparable information helps investors to identify and understand economic similarities and differences between firms and thus make more efficient investment decisions. Given this context, investors are likely to demand lower expected returns when faced with more comparable accounting information, resulting in a lower cost of equity. For the execution of this study, a sample was used based on data from the companies listed in Brasil, Bolsa, Balcão (B3), in the period from 2001 to 2018. To measure accounting comparability, the accounting function similarity model developed by DeFranco, Kothari and Verdi (2011) was used as the main metric, and to measure the implicit cost of equity, the Easton model (2004) was used. The results showed that the level of accounting comparability between companies in the same sector increased after the adoption of International Financial Reporting Standards (IFRS). There was a negative and statistically significant relationship between the cost of equity and accounting comparability between companies in the same sector. In addition, this relationship is more pronounced for companies located in more competitive sectors, indicating that market competitiveness acts as an effective external governance mechanism (market competitiveness was calculated using the Herfindahl index). In general, the results of this thesis suggest that accounting comparability plays an important role in reducing investment risks, contributing to the efficient allocation of investors’ capital. Finally, this work contributes to the national and international literature by demonstrating the economic benefits of accounting comparability. |
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Comparabilidade contábil e o custo de capital próprio: uma análise no mercado de capitais brasileiroComparabilidade contábilCusto de capital próprioCompetitividade de mercadoAdoção das IFRSAccounting comparabilityCost of equityMarket competitivenessAdoption of IFRSCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEISThis thesis investigates the influence of accounting comparability on the cost of equity of Brazilian companies. The literature points out that greater accounting comparability results in more accurate assessments of the individual performance of companies, since it reduces the cost of collecting and analyzing information between a given company over a period and, also, between peer companies. In addition, comparable information helps investors to identify and understand economic similarities and differences between firms and thus make more efficient investment decisions. Given this context, investors are likely to demand lower expected returns when faced with more comparable accounting information, resulting in a lower cost of equity. For the execution of this study, a sample was used based on data from the companies listed in Brasil, Bolsa, Balcão (B3), in the period from 2001 to 2018. To measure accounting comparability, the accounting function similarity model developed by DeFranco, Kothari and Verdi (2011) was used as the main metric, and to measure the implicit cost of equity, the Easton model (2004) was used. The results showed that the level of accounting comparability between companies in the same sector increased after the adoption of International Financial Reporting Standards (IFRS). There was a negative and statistically significant relationship between the cost of equity and accounting comparability between companies in the same sector. In addition, this relationship is more pronounced for companies located in more competitive sectors, indicating that market competitiveness acts as an effective external governance mechanism (market competitiveness was calculated using the Herfindahl index). In general, the results of this thesis suggest that accounting comparability plays an important role in reducing investment risks, contributing to the efficient allocation of investors’ capital. Finally, this work contributes to the national and international literature by demonstrating the economic benefits of accounting comparability.NenhumaEsta tese investigou a influência da comparabilidade contábil no custo de capital próprio de empresas brasileiras. A literatura aponta que uma maior comparabilidade contábil resulta em avaliações mais precisas do desempenho individual das empresas, já que diminui o custo de coleta e análise de informações entre determinada empresa ao longo de um período e, também, entre empresas pares. Além disso, informações comparáveis ajudam os investidores a identificar e entender semelhanças e diferenças econômicas entre as firmas e, assim, tomarem decisões de investimento mais eficientes. Diante desse contexto, é provável que os investidores exijam menores retornos esperados ao se depararem com informações contábeis mais comparáveis, resultando em menor custo de capital próprio. Para a execução deste estudo, utilizou-se uma amostra com base nos dados das companhias listadas na Brasil, Bolsa, Balcão (B3), no período de 2001 a 2018. Para medir a comparabilidade contábil, utilizou-se como métrica principal o modelo de similaridade da função contábil desenvolvido por DeFranco, Kothari e Verdi (2011), e para medir o custo de capital próprio implícito, utilizou-se o modelo de Easton (2004). Os resultados mostraram que o nível de comparabilidade contábil entre empresas do mesmo setor aumentou após a adoção das Normas Internacionais de Contabilidade (IFRS). Verificou-se relação negativa e estatisticamente significativa entre o custo de capital próprio e a comparabilidade contábil entre empresas do mesmo setor. Além disso, essa relação mais se pronuncia para empresas situadas em setores mais competitivos, indicando que a competitividade de mercado atua como um mecanismo eficaz de governança externa (calculou-se competitividade de mercado mediante o índice de Herfindahl). Em geral, os resultados desta tese sugerem que a comparabilidade contábil desempenha papel importante na redução dos riscos de investimentos, contribuindo na alocação eficiente de capital dos investidores. Por fim, este trabalho contribui para a literatura nacional e internacional ao demonstrar os benefícios econômicos da comparabilidade contábil.Universidade Federal da ParaíbaBrasilFinanças e ContabilidadePrograma de Pós-Graduação em Ciências ContábeisUFPBMachado, Márcia Reishttp://lattes.cnpq.br/1222647729134493Silva Filho, Augusto Cezar da Cunha e2020-10-19T20:57:59Z2020-03-302020-10-19T20:57:59Z2020-02-28info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesishttps://repositorio.ufpb.br/jspui/handle/123456789/18216porhttp://creativecommons.org/licenses/by-nd/3.0/br/info:eu-repo/semantics/openAccessreponame:Biblioteca Digital de Teses e Dissertações da UFPBinstname:Universidade Federal da Paraíba (UFPB)instacron:UFPB2021-09-17T23:01:40Zoai:repositorio.ufpb.br:123456789/18216Biblioteca Digital de Teses e Dissertaçõeshttps://repositorio.ufpb.br/PUBhttp://tede.biblioteca.ufpb.br:8080/oai/requestdiretoria@ufpb.br|| diretoria@ufpb.bropendoar:2021-09-17T23:01:40Biblioteca Digital de Teses e Dissertações da UFPB - Universidade Federal da Paraíba (UFPB)false |
dc.title.none.fl_str_mv |
Comparabilidade contábil e o custo de capital próprio: uma análise no mercado de capitais brasileiro |
title |
Comparabilidade contábil e o custo de capital próprio: uma análise no mercado de capitais brasileiro |
spellingShingle |
Comparabilidade contábil e o custo de capital próprio: uma análise no mercado de capitais brasileiro Silva Filho, Augusto Cezar da Cunha e Comparabilidade contábil Custo de capital próprio Competitividade de mercado Adoção das IFRS Accounting comparability Cost of equity Market competitiveness Adoption of IFRS CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
title_short |
Comparabilidade contábil e o custo de capital próprio: uma análise no mercado de capitais brasileiro |
title_full |
Comparabilidade contábil e o custo de capital próprio: uma análise no mercado de capitais brasileiro |
title_fullStr |
Comparabilidade contábil e o custo de capital próprio: uma análise no mercado de capitais brasileiro |
title_full_unstemmed |
Comparabilidade contábil e o custo de capital próprio: uma análise no mercado de capitais brasileiro |
title_sort |
Comparabilidade contábil e o custo de capital próprio: uma análise no mercado de capitais brasileiro |
author |
Silva Filho, Augusto Cezar da Cunha e |
author_facet |
Silva Filho, Augusto Cezar da Cunha e |
author_role |
author |
dc.contributor.none.fl_str_mv |
Machado, Márcia Reis http://lattes.cnpq.br/1222647729134493 |
dc.contributor.author.fl_str_mv |
Silva Filho, Augusto Cezar da Cunha e |
dc.subject.por.fl_str_mv |
Comparabilidade contábil Custo de capital próprio Competitividade de mercado Adoção das IFRS Accounting comparability Cost of equity Market competitiveness Adoption of IFRS CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
topic |
Comparabilidade contábil Custo de capital próprio Competitividade de mercado Adoção das IFRS Accounting comparability Cost of equity Market competitiveness Adoption of IFRS CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
description |
This thesis investigates the influence of accounting comparability on the cost of equity of Brazilian companies. The literature points out that greater accounting comparability results in more accurate assessments of the individual performance of companies, since it reduces the cost of collecting and analyzing information between a given company over a period and, also, between peer companies. In addition, comparable information helps investors to identify and understand economic similarities and differences between firms and thus make more efficient investment decisions. Given this context, investors are likely to demand lower expected returns when faced with more comparable accounting information, resulting in a lower cost of equity. For the execution of this study, a sample was used based on data from the companies listed in Brasil, Bolsa, Balcão (B3), in the period from 2001 to 2018. To measure accounting comparability, the accounting function similarity model developed by DeFranco, Kothari and Verdi (2011) was used as the main metric, and to measure the implicit cost of equity, the Easton model (2004) was used. The results showed that the level of accounting comparability between companies in the same sector increased after the adoption of International Financial Reporting Standards (IFRS). There was a negative and statistically significant relationship between the cost of equity and accounting comparability between companies in the same sector. In addition, this relationship is more pronounced for companies located in more competitive sectors, indicating that market competitiveness acts as an effective external governance mechanism (market competitiveness was calculated using the Herfindahl index). In general, the results of this thesis suggest that accounting comparability plays an important role in reducing investment risks, contributing to the efficient allocation of investors’ capital. Finally, this work contributes to the national and international literature by demonstrating the economic benefits of accounting comparability. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-10-19T20:57:59Z 2020-03-30 2020-10-19T20:57:59Z 2020-02-28 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/doctoralThesis |
format |
doctoralThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://repositorio.ufpb.br/jspui/handle/123456789/18216 |
url |
https://repositorio.ufpb.br/jspui/handle/123456789/18216 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
http://creativecommons.org/licenses/by-nd/3.0/br/ info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
http://creativecommons.org/licenses/by-nd/3.0/br/ |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Universidade Federal da Paraíba Brasil Finanças e Contabilidade Programa de Pós-Graduação em Ciências Contábeis UFPB |
publisher.none.fl_str_mv |
Universidade Federal da Paraíba Brasil Finanças e Contabilidade Programa de Pós-Graduação em Ciências Contábeis UFPB |
dc.source.none.fl_str_mv |
reponame:Biblioteca Digital de Teses e Dissertações da UFPB instname:Universidade Federal da Paraíba (UFPB) instacron:UFPB |
instname_str |
Universidade Federal da Paraíba (UFPB) |
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UFPB |
institution |
UFPB |
reponame_str |
Biblioteca Digital de Teses e Dissertações da UFPB |
collection |
Biblioteca Digital de Teses e Dissertações da UFPB |
repository.name.fl_str_mv |
Biblioteca Digital de Teses e Dissertações da UFPB - Universidade Federal da Paraíba (UFPB) |
repository.mail.fl_str_mv |
diretoria@ufpb.br|| diretoria@ufpb.br |
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1801842960363421696 |