EMPIRICAL VERIFICATION OF THE VALUE RELEVANCE IN ADOPTION OF INTERNATIONAL ACCOUNTING STANDARDS FOR BRAZILIAN CAPITAL MARKETS
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Data de Publicação: | 2013 |
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Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | ConTexto |
Texto Completo: | https://seer.ufrgs.br/index.php/ConTexto/article/view/36450 |
Resumo: | The way the financial statements are prepared on the basis of their principles and standards has been submitted to critical issues about their informational capability by the diverse users, is not to meet all the needs of disclosure or the shape measurement. The book value, in most cases, differs from the market value, for example, in company’s businesses and sale actions. It seems to be less important when it makes a decision. The term value relevance has been used, in this context, in order to represent the magnitude of the importance that some accounting information produces on the value of the company in the market, which is represented by stock exchange prices. Brazil has been gradually adjusting its accounting standards with international accounting standards. After the publication of Law 11.638/07 and 11.941/08, there have been significant changes in our accounting standards to adhere to international standards. The main goal of this work is to verify if the adoption of international accounting standards in Brazil has become more relevant to financial statements in accordance with informative for the capital market, considering the changes imposed by these laws. We have used the Collins, Maydew e Weis (1997) model, which is based on the equation for the evaluation by residual profits, proposed by Ohlson (1995). The sample consists of listed companies of São Paulo’s Stock Exchange (BM&FBOVESPA), from March 2004 to March 2012. The total data is 13,143 of 579 analyzed companies with quarterly data from. The outcomes show an increase in the relevance of accounting information in the company’s value, which converges to international standards. This work contributes to the understanding of the studies related to value relevance. |
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EMPIRICAL VERIFICATION OF THE VALUE RELEVANCE IN ADOPTION OF INTERNATIONAL ACCOUNTING STANDARDS FOR BRAZILIAN CAPITAL MARKETSVERIFICAÇÃO EMPÍRICA DA VALUE RELEVANCE NA ADOÇÃO DAS NORMAS INTERNACIONAIS DE CONTABILIDADE PARA O MERCADO DE CAPITAIS BRASILEIROConservadorismoValue relevanceIFRSConservatismValue relevanceIFRSThe way the financial statements are prepared on the basis of their principles and standards has been submitted to critical issues about their informational capability by the diverse users, is not to meet all the needs of disclosure or the shape measurement. The book value, in most cases, differs from the market value, for example, in company’s businesses and sale actions. It seems to be less important when it makes a decision. The term value relevance has been used, in this context, in order to represent the magnitude of the importance that some accounting information produces on the value of the company in the market, which is represented by stock exchange prices. Brazil has been gradually adjusting its accounting standards with international accounting standards. After the publication of Law 11.638/07 and 11.941/08, there have been significant changes in our accounting standards to adhere to international standards. The main goal of this work is to verify if the adoption of international accounting standards in Brazil has become more relevant to financial statements in accordance with informative for the capital market, considering the changes imposed by these laws. We have used the Collins, Maydew e Weis (1997) model, which is based on the equation for the evaluation by residual profits, proposed by Ohlson (1995). The sample consists of listed companies of São Paulo’s Stock Exchange (BM&FBOVESPA), from March 2004 to March 2012. The total data is 13,143 of 579 analyzed companies with quarterly data from. The outcomes show an increase in the relevance of accounting information in the company’s value, which converges to international standards. This work contributes to the understanding of the studies related to value relevance.A maneira como são elaboradas as demonstrações contábeis, com base em seus princípios e normas, sofre questionamentos sobre a capacidade informacional para seus diversos usuários, seja por não atender a todas as necessidades de evidenciação, seja pela sua forma de mensuração. A forma de elaboração evidencia um valor contábil que, em parte das situações, acaba diferindo muito do valor de mercado, como, por exemplo, em negociações de ações ou de empresas, gerando a impressão de possuir menor importância na tomada de decisões. Cunhou-se, na academia, a expressão em inglês value relevance, ou relevância para o valor, para representar a magnitude da importância que uma determinada informação contábil produz no valor da empresa no mercado, representado pelo preço das ações. O Brasil vem ajustando progressivamente seus padrões contábeis às normas internacionais de contabilidade. Com a publicação das Leis 11.638/07 e 11.941/08 houve significativas mudanças em nossas normas contábeis, aderindo às normas internacionais. O objetivo deste estudo é verificar se a adoção das normas internacionais de contabilidade no Brasil tornaram-se demonstrações financeiras mais relevantes, em termos informativos, para o mercado de capitais, considerando as modificações impostas pelas referidas leis. Para a mensuração da value relevance, utilizou-se o modelo empregado por Collins, Maydew e Weis (1997), derivado do modelo de avaliação pelo lucro residual, reatualizado por Ohlson (1995). A amostra é composta das empresas listadas na Bolsa de Valores de São Paulo (BM&FBOVESPA) que possuem divulgadas suas informações no período de março de 2004 até março de 2012. Totalizaram 13.143 dados de 579 empresas analisadas, com dados extraídos trimestralmente. Os resultados corroboram a afirmação de um aumento na relevância da informação contábil no valor da empresa com a convergência às normas internacionais. Portanto, este trabalho contribui para o entendimento sobre os estudos relacionados à value relevance.UFRGS2013-12-17info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por Paresapplication/pdfhttps://seer.ufrgs.br/index.php/ConTexto/article/view/36450ConTexto - Contabilidade em Texto; v. 13 n. 25 (2013): Set./Dez. 20132175-87511676-6016reponame:ConTextoinstname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/ConTexto/article/view/36450/pdf_11Ramos, Dionísio AdárcioLustosa, Paulo Roberto Barbosainfo:eu-repo/semantics/openAccess2014-02-04T16:06:48Zoai:seer.ufrgs.br:article/36450Revistahttps://www.seer.ufrgs.br/index.php/ConTexto/indexPUBhttpw://www.seer.ufrgs.br/index.php/ConTexto/oaifernanda.momo@ufrgs.br||contexto@ufrgs.br2175-87511676-6016opendoar:2014-02-04T16:06:48ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS)false |
dc.title.none.fl_str_mv |
EMPIRICAL VERIFICATION OF THE VALUE RELEVANCE IN ADOPTION OF INTERNATIONAL ACCOUNTING STANDARDS FOR BRAZILIAN CAPITAL MARKETS VERIFICAÇÃO EMPÍRICA DA VALUE RELEVANCE NA ADOÇÃO DAS NORMAS INTERNACIONAIS DE CONTABILIDADE PARA O MERCADO DE CAPITAIS BRASILEIRO |
title |
EMPIRICAL VERIFICATION OF THE VALUE RELEVANCE IN ADOPTION OF INTERNATIONAL ACCOUNTING STANDARDS FOR BRAZILIAN CAPITAL MARKETS |
spellingShingle |
EMPIRICAL VERIFICATION OF THE VALUE RELEVANCE IN ADOPTION OF INTERNATIONAL ACCOUNTING STANDARDS FOR BRAZILIAN CAPITAL MARKETS Ramos, Dionísio Adárcio Conservadorismo Value relevance IFRS Conservatism Value relevance IFRS |
title_short |
EMPIRICAL VERIFICATION OF THE VALUE RELEVANCE IN ADOPTION OF INTERNATIONAL ACCOUNTING STANDARDS FOR BRAZILIAN CAPITAL MARKETS |
title_full |
EMPIRICAL VERIFICATION OF THE VALUE RELEVANCE IN ADOPTION OF INTERNATIONAL ACCOUNTING STANDARDS FOR BRAZILIAN CAPITAL MARKETS |
title_fullStr |
EMPIRICAL VERIFICATION OF THE VALUE RELEVANCE IN ADOPTION OF INTERNATIONAL ACCOUNTING STANDARDS FOR BRAZILIAN CAPITAL MARKETS |
title_full_unstemmed |
EMPIRICAL VERIFICATION OF THE VALUE RELEVANCE IN ADOPTION OF INTERNATIONAL ACCOUNTING STANDARDS FOR BRAZILIAN CAPITAL MARKETS |
title_sort |
EMPIRICAL VERIFICATION OF THE VALUE RELEVANCE IN ADOPTION OF INTERNATIONAL ACCOUNTING STANDARDS FOR BRAZILIAN CAPITAL MARKETS |
author |
Ramos, Dionísio Adárcio |
author_facet |
Ramos, Dionísio Adárcio Lustosa, Paulo Roberto Barbosa |
author_role |
author |
author2 |
Lustosa, Paulo Roberto Barbosa |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Ramos, Dionísio Adárcio Lustosa, Paulo Roberto Barbosa |
dc.subject.por.fl_str_mv |
Conservadorismo Value relevance IFRS Conservatism Value relevance IFRS |
topic |
Conservadorismo Value relevance IFRS Conservatism Value relevance IFRS |
description |
The way the financial statements are prepared on the basis of their principles and standards has been submitted to critical issues about their informational capability by the diverse users, is not to meet all the needs of disclosure or the shape measurement. The book value, in most cases, differs from the market value, for example, in company’s businesses and sale actions. It seems to be less important when it makes a decision. The term value relevance has been used, in this context, in order to represent the magnitude of the importance that some accounting information produces on the value of the company in the market, which is represented by stock exchange prices. Brazil has been gradually adjusting its accounting standards with international accounting standards. After the publication of Law 11.638/07 and 11.941/08, there have been significant changes in our accounting standards to adhere to international standards. The main goal of this work is to verify if the adoption of international accounting standards in Brazil has become more relevant to financial statements in accordance with informative for the capital market, considering the changes imposed by these laws. We have used the Collins, Maydew e Weis (1997) model, which is based on the equation for the evaluation by residual profits, proposed by Ohlson (1995). The sample consists of listed companies of São Paulo’s Stock Exchange (BM&FBOVESPA), from March 2004 to March 2012. The total data is 13,143 of 579 analyzed companies with quarterly data from. The outcomes show an increase in the relevance of accounting information in the company’s value, which converges to international standards. This work contributes to the understanding of the studies related to value relevance. |
publishDate |
2013 |
dc.date.none.fl_str_mv |
2013-12-17 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Avaliado por Pares |
format |
article |
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publishedVersion |
dc.identifier.uri.fl_str_mv |
https://seer.ufrgs.br/index.php/ConTexto/article/view/36450 |
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https://seer.ufrgs.br/index.php/ConTexto/article/view/36450 |
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por |
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https://seer.ufrgs.br/index.php/ConTexto/article/view/36450/pdf_11 |
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info:eu-repo/semantics/openAccess |
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openAccess |
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application/pdf |
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UFRGS |
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UFRGS |
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ConTexto - Contabilidade em Texto; v. 13 n. 25 (2013): Set./Dez. 2013 2175-8751 1676-6016 reponame:ConTexto instname:Universidade Federal do Rio Grande do Sul (UFRGS) instacron:UFRGS |
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ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS) |
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