Accrualls and systematic risk in brazilian companies
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Ambiente Contábil |
Texto Completo: | https://periodicos.ufrn.br/ambiente/article/view/28150 |
Resumo: | Purpose: The objective of this study was to investigate whether the systematic risk of companies listed on the Brazilian Stock Exchange (B3) is affected by the quality of accounting information. Additionally, it was verified whether the systematic risk was affected differently after the mandatory adoption of IFRS in Brazil. Methodology: The sample comprised all companies with observations listed on the Brazilian stock exchange (B3) from 2005 to 2021. Empirical research was carried out with descriptive analysis and a quantitative approach. Data were estimated in a panel with fixed effects. The total value of the accruals of Dechow and Dichev (2002) and Jones (1991) were used as measures of the quality of accounting information. The systematic risk measures were estimated using market models and three factors by Fama and French (1993). Results: In general, companies that have higher quality accounting information are able to reduce information asymmetry problems, which increase systematic risk, thus, having higher quality in this information reduces the risk to the investor. Contributions of the Study: The results of this research bring practical contributions to the market and investors, who can feel more secure due to the clarity and confidence in the information. Even with the adoption of IFRS in Brazil, the main conclusion is that it actually contributes to the quality of information being converted into lower risks. |
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Accrualls and systematic risk in brazilian companiesAccrualls y riesgo sistemático en empresas brasileñasAccrualls e risco sistemático nas empresas brasileirasQuality of accounting informationSystematic riskIFRSCalidad de la información contableRiesgo sistemáticoIFRSQualidade da informação contábilRisco sistemáticoIFRSContábilPurpose: The objective of this study was to investigate whether the systematic risk of companies listed on the Brazilian Stock Exchange (B3) is affected by the quality of accounting information. Additionally, it was verified whether the systematic risk was affected differently after the mandatory adoption of IFRS in Brazil. Methodology: The sample comprised all companies with observations listed on the Brazilian stock exchange (B3) from 2005 to 2021. Empirical research was carried out with descriptive analysis and a quantitative approach. Data were estimated in a panel with fixed effects. The total value of the accruals of Dechow and Dichev (2002) and Jones (1991) were used as measures of the quality of accounting information. The systematic risk measures were estimated using market models and three factors by Fama and French (1993). Results: In general, companies that have higher quality accounting information are able to reduce information asymmetry problems, which increase systematic risk, thus, having higher quality in this information reduces the risk to the investor. Contributions of the Study: The results of this research bring practical contributions to the market and investors, who can feel more secure due to the clarity and confidence in the information. Even with the adoption of IFRS in Brazil, the main conclusion is that it actually contributes to the quality of information being converted into lower risks.Objetivo: El objetivo de este estudio fue investigar si el riesgo sistemático de las empresas que cotizan en la Bolsa de Valores de Brasil (B3) se ve afectado por la calidad de la información contable. Adicionalmente, se verificó si el riesgo sistemático se vio afectado de manera diferente luego de la adopción obligatoria de las NIIF en Brasil. Metodología: La muestra estuvo compuesta por todas las empresas con observaciones que cotizan en la bolsa de valores brasileña (B3) de 2005 a 2021. Se realizó investigación empírica, con análisis descriptivo y enfoque cuantitativo. Los datos se estimaron en un panel de efectos fijos. El valor total de las acumulaciones de Dechow y Dichev (2002) y Jones (1991) se utilizaron como medidas de la calidad de la información contable. Las medidas de riesgo sistemáticas se estimaron utilizando los modelos de mercado y de tres factores de Fama y French (1993). Resultados: Se obtuvo evidencia estadística que muestra que un aumento de la calidad implica una reducción del riesgo sistemático. Después de la adopción de las NIIF en Brasil, la relación fue positiva. Contribuciones del Estudio: Los resultados de esta investigación aportan contribuciones prácticas al mercado y a los inversores. En cuanto a las empresas que busquen una mejor calidad de la información, podrán reducir su coste de capital y aumentar la rentabilidad de los inversores.Objetivo: Investigar se o risco sistemático das empresas listadas na Bolsa de valores brasileira (B3) é afetado pela qualidade das informações contábeis. Adicionalmente, verificou-se se o risco sistemático foi afetado de forma diferente após a obrigatoriedade da adoção das IFRS no Brasil. Metodologia: A amostra compreendeu todas as empresas com observações listadas na bolsa de valores brasileira (B3) do período de 2005 a 2021. Foi realizada pesquisa empírica com análise descritiva e enfoque quantitativo. Os dados foram estimados em painel com efeitos fixo. Foram utilizadas como medidas de qualidade da informação contábil o valor total dos accruals de Dechow e Dichev (2002) e de Jones (1991). Já as medidas de risco sistemático foram estimadas por meio dos modelos de mercado e de três fatores de Fama e French (1993). Resultados: De maneira geral, empresas que possuem informações contábeis de maior qualidade são capazes de reduzir problemas de assimetria informacional, que aumentam o risco sistemático, dessa maneira, ter maior qualidade nessas informações reduz o risco perante o investidor. Contribuições do Estudo: Os resultados desta pesquisa trazem contribuições práticas para o mercado e investidores, que podem se sentir mais seguros pela clareza e confiança na informação. Inclusive, com a adoção das IFRS no Brasil, a principal conclusão é que ela de fato contribui para que qualidade da informação se converta em menores riscos.Portal de Periódicos Eletrônicos da UFRN2023-01-02info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://periodicos.ufrn.br/ambiente/article/view/2815010.21680/2176-9036.2023v15n1ID28150REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 15 No. 1 (2023): Jan./Jun.; 112-136REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 15 Núm. 1 (2023): Jan./Jun.; 112-136REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte - ISSN 2176-9036; v. 15 n. 1 (2023): Jan./Jun.; 112-1362176-903610.21680/2176-9036.2023v15n1reponame:Revista Ambiente Contábilinstname:Universidade Federal do Rio Grande do Norte (UFRN)instacron:UFRNporhttps://periodicos.ufrn.br/ambiente/article/view/28150/16598Copyright (c) 2023 REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte - ISSN 2176-9036http://creativecommons.org/licenses/by-nc-sa/4.0info:eu-repo/semantics/openAccessOliveira Júnior, José Luciano de Nossa, Valcemiro Nossa, Silvania Neris Oliveira, Edvan Soares de2023-02-08T21:42:03Zoai:periodicos.ufrn.br:article/28150Revistahttps://periodicos.ufrn.br/ambientePUBhttps://periodicos.ufrn.br/ambiente/oai||prof.mauriciocsilva@gmail.com2176-90362176-9036opendoar:2023-02-08T21:42:03Revista Ambiente Contábil - Universidade Federal do Rio Grande do Norte (UFRN)false |
dc.title.none.fl_str_mv |
Accrualls and systematic risk in brazilian companies Accrualls y riesgo sistemático en empresas brasileñas Accrualls e risco sistemático nas empresas brasileiras |
title |
Accrualls and systematic risk in brazilian companies |
spellingShingle |
Accrualls and systematic risk in brazilian companies Oliveira Júnior, José Luciano de Quality of accounting information Systematic risk IFRS Calidad de la información contable Riesgo sistemático IFRS Qualidade da informação contábil Risco sistemático IFRS Contábil |
title_short |
Accrualls and systematic risk in brazilian companies |
title_full |
Accrualls and systematic risk in brazilian companies |
title_fullStr |
Accrualls and systematic risk in brazilian companies |
title_full_unstemmed |
Accrualls and systematic risk in brazilian companies |
title_sort |
Accrualls and systematic risk in brazilian companies |
author |
Oliveira Júnior, José Luciano de |
author_facet |
Oliveira Júnior, José Luciano de Nossa, Valcemiro Nossa, Silvania Neris Oliveira, Edvan Soares de |
author_role |
author |
author2 |
Nossa, Valcemiro Nossa, Silvania Neris Oliveira, Edvan Soares de |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Oliveira Júnior, José Luciano de Nossa, Valcemiro Nossa, Silvania Neris Oliveira, Edvan Soares de |
dc.subject.por.fl_str_mv |
Quality of accounting information Systematic risk IFRS Calidad de la información contable Riesgo sistemático IFRS Qualidade da informação contábil Risco sistemático IFRS Contábil |
topic |
Quality of accounting information Systematic risk IFRS Calidad de la información contable Riesgo sistemático IFRS Qualidade da informação contábil Risco sistemático IFRS Contábil |
description |
Purpose: The objective of this study was to investigate whether the systematic risk of companies listed on the Brazilian Stock Exchange (B3) is affected by the quality of accounting information. Additionally, it was verified whether the systematic risk was affected differently after the mandatory adoption of IFRS in Brazil. Methodology: The sample comprised all companies with observations listed on the Brazilian stock exchange (B3) from 2005 to 2021. Empirical research was carried out with descriptive analysis and a quantitative approach. Data were estimated in a panel with fixed effects. The total value of the accruals of Dechow and Dichev (2002) and Jones (1991) were used as measures of the quality of accounting information. The systematic risk measures were estimated using market models and three factors by Fama and French (1993). Results: In general, companies that have higher quality accounting information are able to reduce information asymmetry problems, which increase systematic risk, thus, having higher quality in this information reduces the risk to the investor. Contributions of the Study: The results of this research bring practical contributions to the market and investors, who can feel more secure due to the clarity and confidence in the information. Even with the adoption of IFRS in Brazil, the main conclusion is that it actually contributes to the quality of information being converted into lower risks. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-01-02 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://periodicos.ufrn.br/ambiente/article/view/28150 10.21680/2176-9036.2023v15n1ID28150 |
url |
https://periodicos.ufrn.br/ambiente/article/view/28150 |
identifier_str_mv |
10.21680/2176-9036.2023v15n1ID28150 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://periodicos.ufrn.br/ambiente/article/view/28150/16598 |
dc.rights.driver.fl_str_mv |
http://creativecommons.org/licenses/by-nc-sa/4.0 info:eu-repo/semantics/openAccess |
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http://creativecommons.org/licenses/by-nc-sa/4.0 |
eu_rights_str_mv |
openAccess |
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application/pdf |
dc.publisher.none.fl_str_mv |
Portal de Periódicos Eletrônicos da UFRN |
publisher.none.fl_str_mv |
Portal de Periódicos Eletrônicos da UFRN |
dc.source.none.fl_str_mv |
REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 15 No. 1 (2023): Jan./Jun.; 112-136 REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 15 Núm. 1 (2023): Jan./Jun.; 112-136 REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte - ISSN 2176-9036; v. 15 n. 1 (2023): Jan./Jun.; 112-136 2176-9036 10.21680/2176-9036.2023v15n1 reponame:Revista Ambiente Contábil instname:Universidade Federal do Rio Grande do Norte (UFRN) instacron:UFRN |
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Universidade Federal do Rio Grande do Norte (UFRN) |
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UFRN |
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UFRN |
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Revista Ambiente Contábil |
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Revista Ambiente Contábil |
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Revista Ambiente Contábil - Universidade Federal do Rio Grande do Norte (UFRN) |
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||prof.mauriciocsilva@gmail.com |
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