Influência da volatilidade do resultado abrangente sobre a value relevance das informações contábeis reportadas por companhias abertas brasileiras

• Autor(a) principal: Machado, Thalyson Renan Bitencourt
• Data de Publicação: 2016
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Institucional da UFU
• Texto Completo: https://repositorio.ufu.br/handle/123456789/12629; http://doi.org/10.14393/ufu.di.2016.71
• topic: Resultado abrangente; Resultado do exercício; Outros resultados abrangentes; Value relevance; Volatilidade; Contabilidade financeira; Sociedade anonima - Contabilidade; Lucros Contabilidade; Comprehensive income; Income statement; Other comprehensive income; Value relevance; Volatility; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS

The aim of this research was to analyze the influence of comprehensive income volatility on the value relevance of accounting information of listed Brazilian companies. From the non-financial data released by Brazilian companies listed on the BM& FBOVESPA in the period between 2010 and 2014, it compared the volatility degree of comprehensive income (σRA) and income statement (σRE), aside from evaluate the association of market risk of Brazilian companies with the volatility of comprehensive income, income statement and other comprehensive income (σORA). It also verify whether the value relevance of these entities are associated with the volatility of comprehensive income, income statement and other comprehensive income, and/or the volatility of the components of other comprehensive income. In the data analysis, nonparametric statistical tools and models of multiple linear regression were utilized using panel data. The results show that the volatility of comprehensive income is statistically higher than the volatility of income statement. In addition, it was found that the volatility of income statement and comprehensive income exercise a significant and negative influence on the risk associated with the analyzed companies, and there is a significant and negative effect of other comprehensive income volatility on the risk of these entities. Moreover, it was found that there is a significant and positive influence on the volatility of income statement and the volatility of comprehensive income on the value relevance of the information reported by these companies. A likely explanation for these results relates to the brief moment of requirement and consequent dissemination of DRA, mandatory from the accounting year ending in 2010. Another factor relates to the low disclosure of other comprehensive income by Brazilian companies, which can impact on the understanding of the economic and financial situation of these entities. Likewise, it was found that there is a significant and negative influence of other comprehensive income volatility on the value relevance of the information reported by Brazilian companies, and only the variable related to gains/losses from hedging instruments (σHDEGit) had a significant influence and negative on the value relevance, whose results may show that there is a lack of clarity about the ORA components with regard to the measurement and disclosure of performance, suggesting that they may be perceived as mere \"trash\" to controversial issues. The results may be useful to agents of capital markets and accounting standard-setting bodies such as the CPC (Brazilian Accounting Pronouncements Committee) and the IASB, because they demonstrate that each of these measures (comprehensive income and income statement) have different but complementary roles. Demonstrate the influence of the comprehensive income volatility and its components on the risk and on the value relevance of accounting information can contribute to the discussion about the reasonableness of the separate disclosure in two different performance measures.