Os impactos da qualidade das informações contábeis na valorização ou desvalorização das ações de empresas da B3

Abstract

The ease of access to information in addition to a more and more fast connection have enabled investors and managers a more precise and assertive decision-making. Those decisions are taken based on data and indicators which convey the financial and corporate managing of a company. The foundation that supports investments’ decisions is composed of financial-economic performance indicators. Numbers’ reliability is very important to sustain resources’ fundraising or investment. Therefore, it is necessary that accounting reports have quality levels measurable and comparable. There is not a unique model that estimates the quality of accounting information. In order to do that, proxies can be combined, or not, to create evaluation metrics of the quality of accounting information. One of those proxies is the quality of accruals of a company. This paper aims to add a new analysis of the quality of accounting information going deep on accruals model. The population of the research is composed of the companies listed in B3 from all economic sectors, excluding those that have a financial-related main activity. First, accruals were modeled considering all financial-economic performance indicators: (i) ROA; (ii) ROE; (iii) ROIC; (iv) Variation of price of the stock exchange; and (v) Profit per stock exchange. Then, only ROIC was taken into account for data modeling. Chow and Breusch-Pagan tests were chosen to prove the null hypothesis of the best model fit. Next, the residuals for the best model were calculated for each row of the dataset in order to obtain the standard deviation of each residual. Thus, the calculation of the quality of accruals was made possible and its analysis as an attribute of the quality of accounting information. Increased values of standard deviation were observed of all economic sectors which have been analyzed, mainly Gas, oil, and biofuel. The analysis of the quality over market capitalization brought a Q inversely proportional relation between company’s value and residuals’ standard deviation. A perception of a trend from greater discretionary accruals was evidenced When linear regression does not show very satisfactory results. Hence, it is possible to imply an increasing influence of results management as far as calculated residuals increase.