Corporate governance and capital markets' reaction to financial statement disclosure
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Data de Publicação: | 2006 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Contabilidade & Finanças (Online) |
Texto Completo: | https://www.revistas.usp.br/rcf/article/view/34203 |
Resumo: | This study investigates whether disclosure of companies' financial statements influences the market pricing of their stocks by employing an event study in the Brazilian stock market. Also, it examines whether market reaction to the information contained in the financial statements is different for firms which signal good corporate governance practices in comparison with firms in general. The study comprises 3,682 observations of 255 firms over an 8-year period (1995-2002), representing the most liquid stocks listed in the Sao Paulo Stock Exchange (Bovespa). Eight subsamples are segmented from the "Total" sample, with the purpose of investigating investors' reaction to different types of firms. Empirical results indicate that investors react differently to firms that show some signs of good corporate governance practices. Significant abnormal returns are found for only two sub-samples (firms with timely financial statement disclosure and privately-owned firms) in relation to their peers (firms that delayed disclosure of their financial statements and state-owned firms). |
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Corporate governance and capital markets' reaction to financial statement disclosure Governança corporativa e a reação do mercado de capitais à divulgação das informações contábeis EvidenciaçãoEficiência de MercadoGovernança CorporativaEstudo de EventoMercados EmergentesDisclosureMarket EfficiencyCorporate GovernanceEvent StudyEmerging Markets This study investigates whether disclosure of companies' financial statements influences the market pricing of their stocks by employing an event study in the Brazilian stock market. Also, it examines whether market reaction to the information contained in the financial statements is different for firms which signal good corporate governance practices in comparison with firms in general. The study comprises 3,682 observations of 255 firms over an 8-year period (1995-2002), representing the most liquid stocks listed in the Sao Paulo Stock Exchange (Bovespa). Eight subsamples are segmented from the "Total" sample, with the purpose of investigating investors' reaction to different types of firms. Empirical results indicate that investors react differently to firms that show some signs of good corporate governance practices. Significant abnormal returns are found for only two sub-samples (firms with timely financial statement disclosure and privately-owned firms) in relation to their peers (firms that delayed disclosure of their financial statements and state-owned firms). Este artigo investiga, através de um estudo de eventos, se a divulgação das informações contidas nas demonstrações financeiras, anuais e trimestrais, das empresas de capital aberto com ações negociadas na Bolsa de Valores de São Paulo (Bovespa) afeta igualmente as empresas em geral e aquelas com sinalizadores diferenciados de boas práticas de governança corporativa. Foram analisadas 3.682 observações coletadas durante o período 1995-2002, representando as empresas com maior liquidez na Bovespa. Oito subamostras foram extraídas da amostra total, com a finalidade de verificar a reação dos investidores em relação à divulgação das demonstrações financeiras desses diferentes segmentos de empresas. Os resultados empíricos revelam que os investidores reagem de forma diferenciada a alguns sinalizadores de boas práticas de governança corporativa das empresas. Foi possível perceber retornos anormais significativos apenas em duas subamostras (empresas pontuais na divulgação das suas demonstrações financeiras e empresas privadas) em relação aos seus pares (empresas que atrasaram a divulgação das suas demonstrações financeiras e empresas estatais). Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária2006-12-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/rcf/article/view/3420310.1590/S1519-70772006000300004Revista Contabilidade & Finanças; v. 17 n. 42 (2006); 35-49 Revista Contabilidade & Finanças; Vol. 17 No. 42 (2006); 35-49 Revista Contabilidade & Finanças; Vol. 17 Núm. 42 (2006); 35-49 1808-057X1519-7077reponame:Revista Contabilidade & Finanças (Online)instname:Universidade de São Paulo (USP)instacron:USPporhttps://www.revistas.usp.br/rcf/article/view/34203/36935Copyright (c) 2018 Revista Contabilidade & Finançasinfo:eu-repo/semantics/openAccessTerra, Paulo Renato SoaresLima, João Batista Nast de2012-07-21T18:17:22Zoai:revistas.usp.br:article/34203Revistahttp://www.revistas.usp.br/rcf/indexPUBhttps://old.scielo.br/oai/scielo-oai.phprecont@usp.br||recont@usp.br1808-057X1519-7077opendoar:2012-07-21T18:17:22Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
Corporate governance and capital markets' reaction to financial statement disclosure Governança corporativa e a reação do mercado de capitais à divulgação das informações contábeis |
title |
Corporate governance and capital markets' reaction to financial statement disclosure |
spellingShingle |
Corporate governance and capital markets' reaction to financial statement disclosure Terra, Paulo Renato Soares Evidenciação Eficiência de Mercado Governança Corporativa Estudo de Evento Mercados Emergentes Disclosure Market Efficiency Corporate Governance Event Study Emerging Markets |
title_short |
Corporate governance and capital markets' reaction to financial statement disclosure |
title_full |
Corporate governance and capital markets' reaction to financial statement disclosure |
title_fullStr |
Corporate governance and capital markets' reaction to financial statement disclosure |
title_full_unstemmed |
Corporate governance and capital markets' reaction to financial statement disclosure |
title_sort |
Corporate governance and capital markets' reaction to financial statement disclosure |
author |
Terra, Paulo Renato Soares |
author_facet |
Terra, Paulo Renato Soares Lima, João Batista Nast de |
author_role |
author |
author2 |
Lima, João Batista Nast de |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Terra, Paulo Renato Soares Lima, João Batista Nast de |
dc.subject.por.fl_str_mv |
Evidenciação Eficiência de Mercado Governança Corporativa Estudo de Evento Mercados Emergentes Disclosure Market Efficiency Corporate Governance Event Study Emerging Markets |
topic |
Evidenciação Eficiência de Mercado Governança Corporativa Estudo de Evento Mercados Emergentes Disclosure Market Efficiency Corporate Governance Event Study Emerging Markets |
description |
This study investigates whether disclosure of companies' financial statements influences the market pricing of their stocks by employing an event study in the Brazilian stock market. Also, it examines whether market reaction to the information contained in the financial statements is different for firms which signal good corporate governance practices in comparison with firms in general. The study comprises 3,682 observations of 255 firms over an 8-year period (1995-2002), representing the most liquid stocks listed in the Sao Paulo Stock Exchange (Bovespa). Eight subsamples are segmented from the "Total" sample, with the purpose of investigating investors' reaction to different types of firms. Empirical results indicate that investors react differently to firms that show some signs of good corporate governance practices. Significant abnormal returns are found for only two sub-samples (firms with timely financial statement disclosure and privately-owned firms) in relation to their peers (firms that delayed disclosure of their financial statements and state-owned firms). |
publishDate |
2006 |
dc.date.none.fl_str_mv |
2006-12-01 |
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://www.revistas.usp.br/rcf/article/view/34203 10.1590/S1519-70772006000300004 |
url |
https://www.revistas.usp.br/rcf/article/view/34203 |
identifier_str_mv |
10.1590/S1519-70772006000300004 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/34203/36935 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
dc.source.none.fl_str_mv |
Revista Contabilidade & Finanças; v. 17 n. 42 (2006); 35-49 Revista Contabilidade & Finanças; Vol. 17 No. 42 (2006); 35-49 Revista Contabilidade & Finanças; Vol. 17 Núm. 42 (2006); 35-49 1808-057X 1519-7077 reponame:Revista Contabilidade & Finanças (Online) instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Revista Contabilidade & Finanças (Online) |
collection |
Revista Contabilidade & Finanças (Online) |
repository.name.fl_str_mv |
Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
recont@usp.br||recont@usp.br |
_version_ |
1787713775884828672 |