A Sobre-Reação do Mercado à Informação Intangível

Lauretti, Carlos Marcelo; Kayo, Eduardo Kazuo; Marçal, Emerson Fernandes

doi:10.12660/rbfin.v7n2.2009.1257

Cited by 1 publication

(2 citation statements)

References 7 publications

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“…The findings reinforced the idea that investors not only lack, but use supplementary information to that disclosed by accounting statements (Lauretti et al, 2009) when pricing securities, confirming the contribution of the RIV model proposed by Ohlson (1995). The identification of evidence that suggests the utility of disclosure associated with the risk factors related to a business leads it to be believed that the Brazilian capital market evaluates the broad spectrum of available information, choosing the elements that have informational relevance and are therefore capable of altering decision-making expectations (Ball & Brown, 1968;Beaver, 1968).…”

Section: Discussionsupporting

confidence: 71%

“…Attributing value to firms should not be based solely on current projections of accounting results, but also on flows based on "other information" related to the prospects for growth and future return not captured by the accounting. In summary, information on company assets are needed, besides the information described in the accounting statements, for adequate investment decision making (Lauretti, Kayo & Marçal, 2009). For Solomon et al (2000), Kimura & Pereira (2005), and Silva et al (2015), disclosures regarding risk and its management can fit this condition as they constitute relevant factors for estimating future cash flows.…”

Section: Theoretical Framework and Development Of The Hypothesesmentioning

confidence: 99%

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Value-relevance of disclosure: risk factors and risk management in Brazilian firms

Santos

Coelho

2018

Rev. contab. finanç.

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This study investigated whether the disclosure in accounting reports of information on risk and its management affects, at the margin, firm valuations in the Brazilian capital market. It questioned the existence of value relevance in the disclosure of information related to risk factors and risk management structures. The importance of the topic arises from the documentation that disclosure on risk factors plays a statistically significant role in valuing firms in a context marked by economic and political uncertainty, as is the case of the Brazilian market. The findings confirmed that information about risk shows informational relevance for firm valuations. Information on risk management in a firm, in turn, was not shown to be significant in terms of affecting company share valuations. The investigation of detailed reports with different risk factors indicated that individualized information shows different degrees of relevance for company valuations. It is inferred that the disclosure of risk factors affects the perception of investors, who also base their estimates of return on the availability and detail of such information. It is also observed that information on risk management structure was not shown to be value relevant; moreover, few firms published information on the establishment of this type of entity in their management structures. The residual income valuation (RIV) model (Ohlson, 1995) was applied using regressions with panel data estimation related to the three years covering 2012 to 2014. The sample, which was randomly delimited, was formed of 100 companies. The data on disclosure of risk and disclosure of risk management were collected from the companies’ Reference Forms, available from the website of the São Paulo Stock, Commodities, and Futures Exchange (BM&FBOVESPA). As an impact on the area of knowledge, broader discussions are expected regarding the utility of disclosure on the topic related to risk factors and the existence of a specific body responsible for risk management in firms, according to investors’ perceptions. It also contributes by providing evidence about the quality of disclosure related to risk (factors and management) and the perception of the capital market regarding the informativeness and relevance of such elements.

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