EMPIRICAL VERIFICATION OF THE VALUE RELEVANCE IN ADOPTION OF INTERNATIONAL ACCOUNTING STANDARDS FOR BRAZILIAN CAPITAL MARKETS

Detalhes bibliográficos
Autor(a) principal: Ramos, Dionísio Adárcio
Data de Publicação: 2013
Outros Autores: Lustosa, Paulo Roberto Barbosa
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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spelling 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
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dc.publisher.none.fl_str_mv UFRGS
publisher.none.fl_str_mv UFRGS
dc.source.none.fl_str_mv ConTexto - Contabilidade em Texto; v. 13 n. 25 (2013): Set./Dez. 2013
2175-8751
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