Relação do risco de continuidade operacional e o valor das ações listadas na B3
DOI:
https://doi.org/10.4270/ruc.2022107Palavras-chave:
Parecer de auditoria, Assimetria de informações, Delta do ativoResumo
Este estudo buscou identificar se a existência de menção de risco de continuidade da empresa com patrimônio líquido negativo (PLN), no relatório de auditoria, provoca alteração no valor de mercado desse ativo, em relação ao índice do mercado na data da divulgação das demonstrações contábeis. A população deste estudo foi composta por empresas listadas na Brasil Bolsa e Balcão (B3) que estiveram ativas, com PLN em, pelo menos um ano no período de 2010 a 2020. De um total de 412 empresas ativas em 2020, 73 apresentaram PLN no período do estudo (17,7%). Das 73 empresas, 17 foram excluídas por não possuírem dados de suas cotações no mercado financeiro no período, constituindo-se assim a amostra final em 56 empresas (ativas). Utilizou-se da estatística descritiva, teste estatístico (t), e de modelo de regressão utilizando a técnica de dados em painel para analisar as relações das variáveis na forma cross-section, bem como na sua dinâmica time-series. Os resultados demonstram que a diferença entre a variação (delta) do índice do mercado e a variação (delta) da ação para empresas que tem menção de risco de continuidade em seu parecer de auditoria sugerem que é diferente em relação as demais empresas, e que para o mercado brasileiro, a ocorrência de menção de risco de continuidade no parecer de auditoria pode provocar alteração no valor desta ação. Além disso, para empresas que reportaram prejuízos no período esse delta é maior, indicando que o mercado penaliza empresas com resultados adversos, talvez por acreditar que seu potencial de valorização futuro é menor, o que afeta a rentabilidade do papel em relação ao mercado.
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Iaasb - International Auditing and Assurance Standards Board (2022). Standards & Pronouncements. https://www.iaasb.org/standards-pronouncements.
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Bertomeu, J., & Magee, R.P. (2015). Mandatory disclosure and assimetry in financial reporting. Journal of Accounting and Economics, 59, 284–299. https://doi.org/10.1016/j.jacceco.2014.08.007
Bharath, S. T., Pasquariello, P., & WU, G. (2008). Does asymmetric information drive capital structure decisions? The Review of Financial Studies, 22(8), 3211-3243. https://doi.org/10.1093/rfs/hhn076
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Colares, A. C. V., Alves, K. C., & Pinheiro, L. E. T. (2020). Efeitos da divulgação dos principais assuntos de auditoria no retorno das ações no mercado de capitais brasileiro. Revista de Contabilidade do Mestrado em Ciências Contábeis da UERJ, 24(1), 3-19. http://www.atena.org.br/revista/ojs-2.2.3-08/index.php/UERJ/article/view/3435/2670
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Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of Management Review, 14(1), 57–74.
Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance, 25(2), 383-417. https://doi.org/10.2307/2325486
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 36(2), 301–325.
Fama, E. F. (1991). Efficient capital markets: II. The Journal of Finance, 46(5), 1575-1617.
https://doi.org/10.1111/j.1540-6261.1991.tb04636.x
Fang, V. W., Noe, T. H., & Tice, S. (2009). Stock market liquidity and firm value. Journal of Financial Economics, 94(1), 150–169. https://doi.org/10.1016/j.jfineco.2008.08.007
Francis, J., & Philbrick, D. (1993). Analysts' decisions as products of a multi-task environment. Journal of Accounting Research, 31(2), 216. https://doi.org/10.2307/2491271
Gramling A., Rittemberg, L., & Johnstone K. (2011). Auditoria. São Paulo. Ed. Cengage Learning.
Gujarati, D. N., & Porter, D. C. (2011). Econometria básica. ed. Porto Alegre: AMGH.
Han, B., & Kumar, A. (2013). Speculative retail trading and asset prices. Journal of Financial and Quantitative Analysis, 48(2), 377-404. https://doi.org/10.1017/S0022109013000100
Hayn, C. (1995). The information content of losses. Journal of Accounting and Economics, 20(2), 125-153.
Hou, K., Zhang, Y., & Zhuang, Z. (2015). Understanding the variation in the information content of earnings: A return decomposition analysis. Fisher College of Business Working Paper, (2015-03), 01. https://dx.doi.org/10.2139/ssrn.2548688
Hu, D. (2015). Audit Quality and measurement: Towards a comprehensive understanding. Academy of Accounting and Financial Studies Journal, 19(1), 209.
Healy, P., & Palepu, K. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical literature. Journal of Accounting & Economics, 31, 405-441. https://doi.org/10.1016/S0165-4101(01)00018-0
Ianniello, G., & Galloppo, G. (2015). Stock market reaction to auditor opinions–Italian evidence. Managerial Auditing Journal, 30(6/7), 610-632. https://doi.org/10.1108/MAJ-06-2014-1045
Iaasb - International Auditing and Assurance Standards Board (2022). Standards & Pronouncements. https://www.iaasb.org/standards-pronouncements.
Jan, C. L., & Ou, J. A. (2012). Negative-book-value firms and their valuation. Accounting Horizons, 26(1), 91-110. https://doi.org/10.2308/acch-50094
Janda, S., Polthier, A., & Kuester, S. (2021). Do they see the signs? Organizational response behavior to customer complaint messages. Journal of Business Research, 137, 116–127. https://doi.org/10.1016/j.jbusres.2021.08.017
Jegadeesh, N. (1992). Does market risk really explain the size effect?. Journal of Financial and Quantitative Analysis, 27(3), 337-351. https://doi.org/10.2307/2331323
Jegadeesh, N., & Kim, W. (2006). Value of analyst recommendations: International evidence. Journal of Financial Markets, 9(3), 274–309. https://doi.org/10.1016/j.finmar.2006.05.001
Jensen, M., & Mecling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of the Financial Economics. https://doi.org/10.1016/0304-405X(76)90026-X
Jensen, M. C. (1978). Some anomalous evidence regarding market efficiency. Journal of Financial Economics, 6(2/3), 95-101. https://dx.doi.org/10.2139/ssrn.244159
Kudlawicz, F. C., Bach, T., & Silva, E. (2016). Assimetria de informação e desempenho. Um estudo em empresas de capital aberto no Brasil. Revista Portuguesa e Brasileira de Gestão, 15(2), 24-39. https://www.redalyc.org/pdf/3885/388548518003.pdf
KPMG. A Lei Sarbanes-Oxley-2003. http://www.kpmg.com.br/images/Sarbanes_Oxley.pdf.
Lennox, C. S., Schmidt, J., & Thompson, A. (2017). Is the expanded model of audit reporting informative to investors. Evidence from the UK. SSRN Working Paper. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2619785.
Liguori, E. W., Bendickson, J. S., & McDowell, W. C. (2018). Revisiting entrepreneurial intentions: A social cognitive career theory approach. International Entrepreneurship and Management Journal, 14(1), 67–78. https://doi.org/10.1007/s11365-017-0462-7
Mahto, R. V., & McDowell, W. C. (2018). Entrepreneurial motivation: A non-entrepreneur’s journey to become an entrepreneur. International Entrepreneurship and Management Journal, 14(3), 513–526. https://doi.org/10.1007/s11365-018-0513-8
Malkiel, B. G. (2003). The Efficient Market Hypothesis and Its Critics. Journal of Economic Perspectives, 17(1), 59–82. https://doi.org/10.1257/089533003321164958
Maloumian, N. (2022). Unaccounted forms of complexity: A path away from the efficient market hypothesis paradigm. Social Sciences & Humanities Open, 5(1), 100244. https://doi.org/10.1016/j.ssaho.2021.100244
Martins, O. S., & Barros, L. A. B. d. C. (2020). Firm Informativeness, information environment, and accounting quality in emerging countries. The International Journal of Accounting, 2150004. https://doi.org/10.1142/s1094406021500049.
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2023-04-26
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Cescon, J. A., Gallina, A. S., Lima, N. C., Silva, J. L. R. da, & Ferreira, J. C. (2023). Relação do risco de continuidade operacional e o valor das ações listadas na B3. Revista Universo Contábil, 18, e2022107. https://doi.org/10.4270/ruc.2022107
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