Avaliação do value relevance das informações sobre a hierarquia do valor justo das empresas brasileiras

Abstract

The aim of this study was to evaluate whether the value relevance of fair value Level 1 and 2 is greater than the value relevance of Level 3. This is a descriptive research, quantitative character and data analysis was developed based on the linear regressionmethod. Thesample consists of 50 companies listed in the Index IBrx-100 BM&FBOVESPAthat presentedinformation on the fair value hierarchy.The data collection was conduced in the quarterly financial statementsand explanatory notesfromthe first quarter of 2013to the fourth quarterof 2014. The results for assets at fair value showed that the only variable AVJ3(1,05)have value relevance,positive and statistically significantcoefficient. For liability, PVJ12 (7,64) and PVJ3 (6,92) had relevance value, but the different coefficient of the theoretically expected negative. Responding to the main researchobjective, it is possible to affirm that the value relevance of Levels 1 and 2 is greater than value relevance of Level 3for liabilities. From the results it can also be inferred that investors interpreted the liability amounts to fair valuewrongly, as had already been observed in studies of Gaynor, McDaniel and Yohn (2009) andLachmann, Wöhrmann and Wömpener (2011).