Palavras-chave
Governança corporativa
qualidade dos resultados
accruals
Como Citar
Resumo
Objetivo – Este estudo investiga a relação entre a qualidade da informação contábil e o valor de mercado de empresas brasileiras de capital aberto, destacando o impacto de relatórios financeiros de alta qualidade na avaliação e na tomada de decisão dos investidores.
Referencial Teórico – Com base em pesquisas internacionais, o estudo examina como a qualidade da informação contábil, o porte da empresa, o crescimento, o endividamento e os dividendos influenciam a avaliação de mercado.
Metodologia – A análise é baseada em um painel não balanceado de 317 empresas não financeiras listadas na Bolsa de Valores Brasileira (B3) no período de 2011 a 2020, totalizando 2.246 observações ano-empresa. Foi utilizada uma regressão de painel curto com efeitos fixos da empresa, dummies de ano e erros padrão robustos agrupados, empregando-se o índice market-to-book como proxy para o valor de mercado.
Resultados – Os resultados indicam uma relação positiva e significativa entre a qualidade da informação contábil e o valor de mercado. O porte da empresa e o crescimento também afetam positivamente esse valor, enquanto o endividamento e o dividend yield apresentam efeitos negativos. Investimentos em ativos fixos e retorno sobre o patrimônio líquido não foram estatisticamente significativos.
Implicações Práticas e Sociais da Pesquisa – Os achados ressaltam a importância de relatórios financeiros transparentes e confiáveis para fomentar a confiança dos investidores e aprimorar a avaliação. O estudo sugere que o aprimoramento da governança corporativa e dos incentivos à qualidade contábil pode fortalecer ainda mais o mercado de capitais brasileiro.
Contribuições – Esta pesquisa contribui para a literatura sobre mercados emergentes ao fornecer evidências empíricas robustas sobre o impacto da qualidade da informação contábil na avaliação de mercado no Brasil, complementando estudos internacionais e evidenciando avanços nas práticas de governança corporativa brasileiras
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