Reações do mercado de capitais brasileiro à publicação voluntária dos demonstrativos contábeis em conformidade com os padrões internacionais

Abstract

Brazilian authorities have started to engage in the global convergence of accounting standards, initiating a transition period, which will be completed as companies traded on the BM&FBovespa stock market reports their 2010’ financial statements completely under IFRS standards. However, we have observed that part of those companies have voluntarily adopted the IFRS practices before it become mandatory. This adoption can bring three kinds of impact: I) a positive reaction, if the investors believe that the IFRS adoption can raises financial information’s quality, II) negative, if their perception leads they to believe that the adoption may decrease the information’ reliability, and III) indifference, if the market players link the accounting quality information much more to market forces and institutional factors than to a set of accounting policies. Thus, since it’s a recent subject in Brazil, we have tried to elucidate the following question: How stock’s price and returns react to the IFRS standards voluntary adoption? To get valid answers we have conducted an Event Study research, using a cross-sectional sample with 81 companies that comprise the IBrX index. From a regression analysis, we have found that the IFRS` voluntary adoption cannot be considered a statistically significant variable to explain abnormal returns from analyzed companies. Thus, even considering methodology limitations, we have concluded that the new accounting standard adoption haven`t significantly interfered in investors reaction to financial statements disclosure