A QUALIDADE DA GOVERNANÇA CORPORATIVA E A DIVULGAÇÃO ENVIRONMENTAL, SOCIAL AND GOVERNANCE INFLUENCIAM A RELEVÂNCIA DAS INFORMAÇÕES CONTÁBEIS?
DOI:
https://doi.org/10.4270/ruc.2022113Palavras-chave:
Governança Corporativa;, ESG, Relevância das Informações ContábeisResumo
A presente pesquisa busca analisar a influência da qualidade da governança corporativa e da divulgação Environmental, Social and Governance (ESG) na relevância das informações contábeis de empresas brasileiras. A metodologia caracteriza-se como descritiva, quantitativa e documental, com a análise de um período de cinco anos (2016 a 2020) das empresas brasileiras pertencentes ao índice Brasil 100 (IBrX-100) da Brasil, Bolsa e Balcão (B3). Para o tratamento dos dados foi realizada uma regressão de dados em painel para as três equações propostas. Os resultados indicaram que a variação de lucros (ΔEARN) e o índice de governança corporativa (IQGC) se relacionaram positivamente e significativamente com o retorno das ações (RET). Por outro lado, o efeito da divulgação ESG (geral) no retorno das ações não foi confirmado, pois não houve relação estatística significativa. No entanto, na análise individual dos fatores ESG (ambiental, social e governança) foi confirmada uma relação positiva e significativa somente da divulgação social (SOC) no RET, constituindo-se como potencial oportunidade de investimento para as organizações. Esses resultados sugerem que o conjunto de práticas que denotam a qualidade da governança corporativa e a divulgação social são relevantes para se alcançar maiores níveis de retorno de ações. Esta pesquisa contribui no sentido de impulsionar incentivos para que as organizações contemplem em sua estrutura de governança mecanismos eficazes e invistam em ações e estratégias ESG, visto os efeitos positivos encontrados no value relevance.
Downloads
Não há dados estatísticos.
Referências
Abdeljawad, I., Oweidat, G. A., & Saleh, N. M. (2020). Audit committee versus other governance mechanisms and the effect of investment opportunities: evidence from Palestine. Corporate Governance, 20(3), 527-544. https://doi.org/10.1108/CG-06-2019-0185
Achim, M.-V., & Borlea, S. N. (2014). The assessment of corporate governance system quality in the Romanian sectors. Procedia Economics and Finance, 15, 617–625. https://doi.org/10.1016/S2212-5671(14)00530-9
Aktan, B., Turen, S., Tvaronavičienė, M., Celik, S., & Alsadeh, H. A. (2018). Corporate governance and performance of the financial firms in Bahrain. Polish Journal of Management Studies, 17(1), 39-58. https://bibliotekanauki.pl/articles/406241
Ali, S., Liu, B., & Su, J. J. (2018). Does corporate governance quality affect default risk? The role of growth opportunities and stock liquidity. International Review of Economics & Finance, 58, 422-448. https://doi.org/10.1016/j.iref.2018.05.003
Almujamed, H. I., & Alfraih, M. M. (2020). Corporate governance and value relevance of accounting information. International Journal of Ethics and Systems, 36(2), 249-262. https://doi.org/10.1108/IJOES-08-2019-0140
Aman, H., & Nguyen, P. (2008). Do stock prices reflect the corporate governance quality of Japanese firms?. Journal of the Japanese and International Economies, 22(4), 647-662. https://doi.org/10.1016/j.jjie.2008.05.001
Ahmed, S. U., Abdullah, M., & Ahmed, S. P. (2017). Linkage between corporate social performance and stock return: an evidence from financial sector of Bangladesh. The Journal of Developing Areas, 51(2), 287-299.
Aras, G., Tezcan, N., & Kutlu Furtuna, O. (2018). The value relevance of banking sector multidimensional corporate sustainability performance. Corporate Social Responsibility and Environmental Management, 25(6), 1062-1073. https://doi.org/10.1002/csr.1520
Aureli, S., Gigli, S., Medei, R., & Supino, E. (2020). The value relevance of environmental, social, and governance disclosure: Evidence from Dow Jones Sustainability World Index listed companies. Corporate Social Responsibility and Environmental Management, 27(1), 43-52. https://doi.org/10.1002/csr.1772
Baboukardos, D., & Rimmel, G. (2016). Value relevance of accounting information under an integrated reporting approach. Journal of Accounting and Public Policy, 35(4), 437–452. https://doi.org/10.1016/j.jaccpubpol.2016.04.004
Badu, B., & Appiah, K. O. (2018). Value relevance of accounting information: An emerging country perspective. Journal of Accounting & Organizational Change, 14(4), 473-491. https://doi.org/10.1108/JAOC-07-2017-0064
Baioco, V. G., & Almeida, J. E. F. D. (2017). Efeitos do comitê de auditoria e do conselho fiscal na qualidade da informação contábil no Brasil. Revista Contabilidade & Finanças, 28, 229-248. https://doi.org/10.1590/1808-057x201703250
Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). The relevance of value relevance literature for financial accounting standard setting. Journal of Accounting and Economics, 31(1-2), 77-104. https://doi.org/10.1016/S0165-4101(01)00019-2
Beisland, L. A., & Hamberg, M. (2013). Earnings sustainability, economic conditions and the value relevance of accounting information. Journal of Management, 29(3), 314-324. https://doi.org/10.1016/j.scaman.2013.02.001
Beuren, I. M., Nass, S., Theiss, V., & Cunha, P. R. Da. (2013). Caracterización propuesta para el comité de auditoría en el código de gobernanza corporativa del Brasil y de otros países. Revista de Educação e Pesquisa em Contabilidade, 7(4), 409-425.
Bokpin, G. A. (2013). Determinants and value relevance of corporate disclosure: Evidence from the emerging capital market of Ghana. Journal of Applied Accounting Research, 14(2), 127-146. https://doi.org/10.1108/09675421311291883
Bushman, R., Chen, Q., Engel, E., & Smith, A. (2004). Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting and Economics, 37(2), 167-201. https://doi.org/10.1016/j.jacceco.2003.09.005
Cahan, S. F., De Villiers, C., Jeter, D. C., Naiker, V., & Van Staden, C. J. (2015). Are CSR disclosures value relevant? European Accounting Review, 25(3), 579–611. https://doi.org/10.1080/09638180.2015.1064009
Cek, K., & Eyupoglu, S. (2020). Does environmental, social and governance performance influence economic performance? Journal of Business Economics and Management, 21(4), 1165-1184. https://doi.org/10.3846/jbem.2020.12725
Collins, D. W., Maydew, E. L., & Weiss, I. S. (1997). Changes in the value-relevance of earnings and book values over the past forty years. Journal of Accounting and Economics, 24(1), 39-67. https://doi.org/10.1016/S0165-4101(97)00015-3
Cordazzo, M., Bini, L., & Marzo, G. (2020). Does the EU Directive on non‐financial information influence the value relevance of ESG disclosure? Business Strategy and the Environment, 29(8), 3470-3483. https://doi.org/10.1002/bse.2589
Correa-García, J. A., García-Benau, M. A., & García-Meca, E. (2020). Corporate governance and its implications for sustainability reporting quality in Latin American business groups. Journal of Cleaner Production, 260(1), 121-142. https://doi.org/10.1016/j.jclepro.2020.121142
Correia, L. F., Amaral, H. F. & Louvet, P. (2011). Um índice de avaliação da qualidade da governança corporativa no Brasil. Revista Contabilidade & Finanças, 22(55), 45-63. https://doi.org/10.1590/S1519-70772011000100004
Crisóstomo, V. L., Brandão, I. de F., & López-Iturriaga, F. J. (2020). Large shareholders’ power and the quality of corporate governance: An analysis of Brazilian firms. Research in International Business and Finance, 51, 101076. https://doi.org/10.1016/j.ribaf.2019.101076
Davis-Friday, P. Y., Eng, L. L., & Liu, C. S. (2006). The effects of the Asian crisis, corporate governance and accounting system on the valuation of book value and earnings. International Journal of Accounting, 41(1), 22-40. https://doi.org/10.1016/j.intacc.2005.12.002
De Klerk, M.; de Villiers, C.; van Staden, C. (2015). The influence of corporate social responsibility disclosure on share prices. Evidence from the United Kingdom. Pacific Accounting Review, 27(2), 208–228.
De Nicolò, G., Laeven, L., & Ueda, K. (2008). Corporate governance quality: Trends and real effects. Journal of Financial Intermediation, 17(2), 198–228. https://doi.org/10.1016/j.jfi.2007.10.002
Degenhart, L., Mazzuco, M. S. A., & Klann, R. C. (2017). Relevância das informações contábeis e a responsabilidade social corporativa de empresas brasileiras. Revista de Administração e Contabilidade da Unisinos, 14(3), 157-168. https://doi.org/0.4013/base.2017.143.01
Elshandidy, T. (2014). Value relevance of accounting information: Evidence from an emerging market. Advances in Accounting, 30(1), 176–186. https://doi.org/10.1016/j.adiac.2014.03.007
Elshandidy, T., & Zheng, C. (2021). The value relevance of risk-related disclosure: Does the tone of disclosure matter?. Borsa Istanbul Review. https://doi.org/10.1016/j.bir.2021.06.014
Elzahaby, M. A. (2021). How firms' performance mediates the relationship between corporate governance quality and earnings quality? Journal of Accounting in Emerging Economies, 11(2), 278-311. https://doi.org/10.1108/JAEE-09-2018-0100
Francis, J. & Schipper, K. (1999). Have financial statements lost their relevance? Journal of Accounting Research, 37(1), 319-352. https://doi.org/10.2307/2491412
Francis, J., Lafond, R., Olsson, P. M., Schipper, K. (2004). Costs of equity and earnings attributes. The Accounting Review, 79(4), 967-1010. https://doi.org/10.2308/accr.2004.79.4.967
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 1-16. https://doi.org/10.1016/j.jcorpfin.2021.101889
Gondrige, E. O., Clemente, A., & Espejo, M. M. S. B. (2012). Estrutura do conselho de administração e valor das companhias brasileiras. Brazilian Business Review, 9(3), 72–95.
Holtz, L., & Sarlo, A. (2014). Efeitos das características do conselho de administração sobre a qualidade da informação contábil no Brasil. Revista Contabilidade & Finanças, 25, 255-266. https://doi.org/10.1590/1808-057x201412010
Hussain, N., Rigoni, U., & Orij, R. P. (2018). Corporate governance and sustainability performance: Analysis of triple bottom line performance. Journal of Business Ethics, 149(2), 411-432. 10.1007/s10551-016-3099-5
Jadoon, I. A., Ali, A., Ayub, U., Tahir, M., & Mumtaz, R. (2021). The impact of sustainability reporting quality on the value relevance of corporate sustainability performance. Sustainable Development, 29(1), 155-175.
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behaviour, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jensen, M. C. (1994). Self‐interest, altruism, incentives, and agency theory. Journal of Applied Corporate Finance, 7(2), 40-45. https://doi.org/10.1111/j.1745-6622.1994.tb00404.x
Jiraporn, P., Kim, J.-C., Kim, Y. S., & Kitsabunnarat, P. (2012). Capital structure and corporate governance quality: Evidence from the Institutional Shareholder Services. International Review of Economics & Finance, 22(1), 208–221. https://doi.org/10.1016/j.iref.2011.10.014
Kalantonis, P., Delegkos, A. E., Sotirchou, E., & Papagrigoriou, A. (2021). Modern business development and financial reporting: Exploring the effect of corporate governance on the value relevance of accounting information. Operational Research, 1-19. 10.1007/s12351-021-00637-2
Katmon, N., Mohamad, Z. Z., Norwani, N. M., & Al Farooque, O. (2019). Comprehensive board diversity and quality of corporate social responsibility disclosure: Evidence from an emerging market. Journal of Business Ethics, 157(2), 447-481. 10.1007/s10551-017-3672-6
Khalid, F., Sun, J., Huang, G., & Su, C. Y. (2021). Environmental, social and governance performance of Chinese multinationals: A comparison of state-and non-state-owned enterprises. Sustainability, 13(7), 4020. https://doi.org/10.3390/su13074020
Khidmat, W., Wang, M., & Awan, S. (2018). Corporate governance, earnings management and the value-relevance of accounting information: Evidence from Pakistan. International Journal of Financial Engineering, 5(3), 1850025. https://doi.org/10.1142/S2424786318500251
Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13. https://doi.org/10.1016/j.jbankfin.2014.02.013
Koroleva, E., Baggieri, M., & Nalwanga, S. (2020). Company performance: Are environmental, social, and governance factors important. International Journal of Technology, 11(8), 1468-1477. https://doi.org/10.14716/ijtech.v11i8.4527
Lee, G., & Masulis, R. W. (2009). Seasoned equity offerings: Quality of accounting information and expected flotation costs. Journal of Financial Economics, 92(3), 443-469. https://doi.org/10.1016/j.jfineco.2008.04.010
Liu, X., & Zhang, C. (2017). Corporate governance, social responsibility information disclosure, and enterprise value in China. Journal of Cleaner Production, 142, 1075–1084. https://doi.org/10.1016/j.jclepro.2016.09.102
Lu, J., & Wang, J. (2021). Corporate governance, law, culture, environmental performance and CSR disclosure: A global perspective. Journal of International Financial Markets, 70, 101264. https://doi.org/10.1016/j.intfin.2020.101264
Machdar, N. M. (2017). Corporate financial performance, corporate environmental performance, corporate social performance and stock return. Journal of Management and Entrepreneurship, 19(2), 118-124. https://doi.org/10.9744/jmk.19.2.118-124
Marin, S., Tešić, R., & Šušić, M. (2021). Quality of corporate governance: Contribuition to improving companies performance in Bosnia and Herzegovina. Journal of Process Management, 9(2), 19-33. https://doi.org/10.5937/jouproman9-31794
Mechelli, A., & Cimini, R. (2019). Corporate governance, legal systems and value relevance of fair value estimates. Spanish Journal of Finance and Accounting, 48(2), 203-223. https://doi.org/10.1080/02102412.2018.1471309
Miralles-Quirós, M. M., Miralles-Quirós, J. L., & Valente Gonçalves, L. M. (2018). The value relevance of environmental, social and governance performance: The Brazilian case. Sustainability, 10(3), 574. https://doi.org/10.3390/su10030574
Najamuddin, Y., Laraswati, L., Arifin, J., Meidawati, N., & Kholid, M. N. (2022). Corporate governance mechanism and profitability: A special assessment on the board of commissioners and audit committee. International Journal of Research in Business and Social Science, 11(4), 239-245.
Nekhili, M., Nagati, H., Chtioui, T., & Rebolledo, C. (2017). Corporate social responsibility disclosure and market value: Family versus nonfamily firms. Journal of Business Research, 77, 41–52. https://doi.org/10.1016/j.jbusres.2017.04.001
Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 11(2), 661-687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
Puni, A., & Anlesinya, A. (2020). Corporate governance mechanisms and firm performance in a developing country. International Journal of Law and Management, 62(2), 147-169. https://doi.org/10.1108/IJLMA-03-2019-0076
Rahman, M. M., & Khatun, N. (2017). Quality of corporate governance: A review from the literature. Journal of Asian Finance, Economics and Business, 4(1), 59-66. https://doi.org/10.13106/jafeb.2017.vol4.no1.59
Refinitiv. Pontuações de ESG. [s. d]. https://www.refinitiv.com/pt/sustainable-finance/esg-scores#methodology.
Sami, H., & Zhou, H. (2004). A comparison of value relevance of accounting information in different segments of the Chinese stock market. International Journal of Accounting, 39(4), 403–427. https://doi.org/10.1016/j.intacc.2004.08.001
Setyahuni, S. W., & Handayani, R. S. (2020). On the value relevance of information on environmental, social and governance (ESG): An evidence from Indonesia. Journal of Critical Reviews, 7(12), 50-58. http://dx.doi.org/10.31838/jcr.07.12.09
Shan, Y. G. (2015). Value relevance, earnings management and corporate governance in China. Emerging Markets Review, 23, 186-207. https://doi.org/10.1016/j.ememar.2015.04.009
Taliento, M., Favino, C., & Netti, A. (2019). Impact of environmental, social, and governance information on economic performance: Evidence of a corporate “Sustainability Advantage” from Europe. Sustainability, 11(6), 1738. https://doi.org/10.3390/su11061738
Tchuigoua, H. T. (2015). Determinants of the governance quality of microfinance institutions. Quarterly Review of Economics and Finance, 58, 32-43. https://doi.org/10.1016/j.qref.2015.02.011
Trinh, V. Q., Elnahass, M., & Cao, N. D. (2021). The value relevance of bank cash holdings: The moderating effect of board busyness. Journal of International Financial Markets, 73, 101359. https://doi.org/10.1016/j.intfin.2021.101359
Zhou, M., Li, K., & Chen, Z. (2021). Corporate governance quality and financial leverage: Evidence from China. International Review of Financial Analysis, 73, 101652. https://doi.org/10.1016/j.irfa.2020.101652
Achim, M.-V., & Borlea, S. N. (2014). The assessment of corporate governance system quality in the Romanian sectors. Procedia Economics and Finance, 15, 617–625. https://doi.org/10.1016/S2212-5671(14)00530-9
Aktan, B., Turen, S., Tvaronavičienė, M., Celik, S., & Alsadeh, H. A. (2018). Corporate governance and performance of the financial firms in Bahrain. Polish Journal of Management Studies, 17(1), 39-58. https://bibliotekanauki.pl/articles/406241
Ali, S., Liu, B., & Su, J. J. (2018). Does corporate governance quality affect default risk? The role of growth opportunities and stock liquidity. International Review of Economics & Finance, 58, 422-448. https://doi.org/10.1016/j.iref.2018.05.003
Almujamed, H. I., & Alfraih, M. M. (2020). Corporate governance and value relevance of accounting information. International Journal of Ethics and Systems, 36(2), 249-262. https://doi.org/10.1108/IJOES-08-2019-0140
Aman, H., & Nguyen, P. (2008). Do stock prices reflect the corporate governance quality of Japanese firms?. Journal of the Japanese and International Economies, 22(4), 647-662. https://doi.org/10.1016/j.jjie.2008.05.001
Ahmed, S. U., Abdullah, M., & Ahmed, S. P. (2017). Linkage between corporate social performance and stock return: an evidence from financial sector of Bangladesh. The Journal of Developing Areas, 51(2), 287-299.
Aras, G., Tezcan, N., & Kutlu Furtuna, O. (2018). The value relevance of banking sector multidimensional corporate sustainability performance. Corporate Social Responsibility and Environmental Management, 25(6), 1062-1073. https://doi.org/10.1002/csr.1520
Aureli, S., Gigli, S., Medei, R., & Supino, E. (2020). The value relevance of environmental, social, and governance disclosure: Evidence from Dow Jones Sustainability World Index listed companies. Corporate Social Responsibility and Environmental Management, 27(1), 43-52. https://doi.org/10.1002/csr.1772
Baboukardos, D., & Rimmel, G. (2016). Value relevance of accounting information under an integrated reporting approach. Journal of Accounting and Public Policy, 35(4), 437–452. https://doi.org/10.1016/j.jaccpubpol.2016.04.004
Badu, B., & Appiah, K. O. (2018). Value relevance of accounting information: An emerging country perspective. Journal of Accounting & Organizational Change, 14(4), 473-491. https://doi.org/10.1108/JAOC-07-2017-0064
Baioco, V. G., & Almeida, J. E. F. D. (2017). Efeitos do comitê de auditoria e do conselho fiscal na qualidade da informação contábil no Brasil. Revista Contabilidade & Finanças, 28, 229-248. https://doi.org/10.1590/1808-057x201703250
Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). The relevance of value relevance literature for financial accounting standard setting. Journal of Accounting and Economics, 31(1-2), 77-104. https://doi.org/10.1016/S0165-4101(01)00019-2
Beisland, L. A., & Hamberg, M. (2013). Earnings sustainability, economic conditions and the value relevance of accounting information. Journal of Management, 29(3), 314-324. https://doi.org/10.1016/j.scaman.2013.02.001
Beuren, I. M., Nass, S., Theiss, V., & Cunha, P. R. Da. (2013). Caracterización propuesta para el comité de auditoría en el código de gobernanza corporativa del Brasil y de otros países. Revista de Educação e Pesquisa em Contabilidade, 7(4), 409-425.
Bokpin, G. A. (2013). Determinants and value relevance of corporate disclosure: Evidence from the emerging capital market of Ghana. Journal of Applied Accounting Research, 14(2), 127-146. https://doi.org/10.1108/09675421311291883
Bushman, R., Chen, Q., Engel, E., & Smith, A. (2004). Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting and Economics, 37(2), 167-201. https://doi.org/10.1016/j.jacceco.2003.09.005
Cahan, S. F., De Villiers, C., Jeter, D. C., Naiker, V., & Van Staden, C. J. (2015). Are CSR disclosures value relevant? European Accounting Review, 25(3), 579–611. https://doi.org/10.1080/09638180.2015.1064009
Cek, K., & Eyupoglu, S. (2020). Does environmental, social and governance performance influence economic performance? Journal of Business Economics and Management, 21(4), 1165-1184. https://doi.org/10.3846/jbem.2020.12725
Collins, D. W., Maydew, E. L., & Weiss, I. S. (1997). Changes in the value-relevance of earnings and book values over the past forty years. Journal of Accounting and Economics, 24(1), 39-67. https://doi.org/10.1016/S0165-4101(97)00015-3
Cordazzo, M., Bini, L., & Marzo, G. (2020). Does the EU Directive on non‐financial information influence the value relevance of ESG disclosure? Business Strategy and the Environment, 29(8), 3470-3483. https://doi.org/10.1002/bse.2589
Correa-García, J. A., García-Benau, M. A., & García-Meca, E. (2020). Corporate governance and its implications for sustainability reporting quality in Latin American business groups. Journal of Cleaner Production, 260(1), 121-142. https://doi.org/10.1016/j.jclepro.2020.121142
Correia, L. F., Amaral, H. F. & Louvet, P. (2011). Um índice de avaliação da qualidade da governança corporativa no Brasil. Revista Contabilidade & Finanças, 22(55), 45-63. https://doi.org/10.1590/S1519-70772011000100004
Crisóstomo, V. L., Brandão, I. de F., & López-Iturriaga, F. J. (2020). Large shareholders’ power and the quality of corporate governance: An analysis of Brazilian firms. Research in International Business and Finance, 51, 101076. https://doi.org/10.1016/j.ribaf.2019.101076
Davis-Friday, P. Y., Eng, L. L., & Liu, C. S. (2006). The effects of the Asian crisis, corporate governance and accounting system on the valuation of book value and earnings. International Journal of Accounting, 41(1), 22-40. https://doi.org/10.1016/j.intacc.2005.12.002
De Klerk, M.; de Villiers, C.; van Staden, C. (2015). The influence of corporate social responsibility disclosure on share prices. Evidence from the United Kingdom. Pacific Accounting Review, 27(2), 208–228.
De Nicolò, G., Laeven, L., & Ueda, K. (2008). Corporate governance quality: Trends and real effects. Journal of Financial Intermediation, 17(2), 198–228. https://doi.org/10.1016/j.jfi.2007.10.002
Degenhart, L., Mazzuco, M. S. A., & Klann, R. C. (2017). Relevância das informações contábeis e a responsabilidade social corporativa de empresas brasileiras. Revista de Administração e Contabilidade da Unisinos, 14(3), 157-168. https://doi.org/0.4013/base.2017.143.01
Elshandidy, T. (2014). Value relevance of accounting information: Evidence from an emerging market. Advances in Accounting, 30(1), 176–186. https://doi.org/10.1016/j.adiac.2014.03.007
Elshandidy, T., & Zheng, C. (2021). The value relevance of risk-related disclosure: Does the tone of disclosure matter?. Borsa Istanbul Review. https://doi.org/10.1016/j.bir.2021.06.014
Elzahaby, M. A. (2021). How firms' performance mediates the relationship between corporate governance quality and earnings quality? Journal of Accounting in Emerging Economies, 11(2), 278-311. https://doi.org/10.1108/JAEE-09-2018-0100
Francis, J. & Schipper, K. (1999). Have financial statements lost their relevance? Journal of Accounting Research, 37(1), 319-352. https://doi.org/10.2307/2491412
Francis, J., Lafond, R., Olsson, P. M., Schipper, K. (2004). Costs of equity and earnings attributes. The Accounting Review, 79(4), 967-1010. https://doi.org/10.2308/accr.2004.79.4.967
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 1-16. https://doi.org/10.1016/j.jcorpfin.2021.101889
Gondrige, E. O., Clemente, A., & Espejo, M. M. S. B. (2012). Estrutura do conselho de administração e valor das companhias brasileiras. Brazilian Business Review, 9(3), 72–95.
Holtz, L., & Sarlo, A. (2014). Efeitos das características do conselho de administração sobre a qualidade da informação contábil no Brasil. Revista Contabilidade & Finanças, 25, 255-266. https://doi.org/10.1590/1808-057x201412010
Hussain, N., Rigoni, U., & Orij, R. P. (2018). Corporate governance and sustainability performance: Analysis of triple bottom line performance. Journal of Business Ethics, 149(2), 411-432. 10.1007/s10551-016-3099-5
Jadoon, I. A., Ali, A., Ayub, U., Tahir, M., & Mumtaz, R. (2021). The impact of sustainability reporting quality on the value relevance of corporate sustainability performance. Sustainable Development, 29(1), 155-175.
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behaviour, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jensen, M. C. (1994). Self‐interest, altruism, incentives, and agency theory. Journal of Applied Corporate Finance, 7(2), 40-45. https://doi.org/10.1111/j.1745-6622.1994.tb00404.x
Jiraporn, P., Kim, J.-C., Kim, Y. S., & Kitsabunnarat, P. (2012). Capital structure and corporate governance quality: Evidence from the Institutional Shareholder Services. International Review of Economics & Finance, 22(1), 208–221. https://doi.org/10.1016/j.iref.2011.10.014
Kalantonis, P., Delegkos, A. E., Sotirchou, E., & Papagrigoriou, A. (2021). Modern business development and financial reporting: Exploring the effect of corporate governance on the value relevance of accounting information. Operational Research, 1-19. 10.1007/s12351-021-00637-2
Katmon, N., Mohamad, Z. Z., Norwani, N. M., & Al Farooque, O. (2019). Comprehensive board diversity and quality of corporate social responsibility disclosure: Evidence from an emerging market. Journal of Business Ethics, 157(2), 447-481. 10.1007/s10551-017-3672-6
Khalid, F., Sun, J., Huang, G., & Su, C. Y. (2021). Environmental, social and governance performance of Chinese multinationals: A comparison of state-and non-state-owned enterprises. Sustainability, 13(7), 4020. https://doi.org/10.3390/su13074020
Khidmat, W., Wang, M., & Awan, S. (2018). Corporate governance, earnings management and the value-relevance of accounting information: Evidence from Pakistan. International Journal of Financial Engineering, 5(3), 1850025. https://doi.org/10.1142/S2424786318500251
Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13. https://doi.org/10.1016/j.jbankfin.2014.02.013
Koroleva, E., Baggieri, M., & Nalwanga, S. (2020). Company performance: Are environmental, social, and governance factors important. International Journal of Technology, 11(8), 1468-1477. https://doi.org/10.14716/ijtech.v11i8.4527
Lee, G., & Masulis, R. W. (2009). Seasoned equity offerings: Quality of accounting information and expected flotation costs. Journal of Financial Economics, 92(3), 443-469. https://doi.org/10.1016/j.jfineco.2008.04.010
Liu, X., & Zhang, C. (2017). Corporate governance, social responsibility information disclosure, and enterprise value in China. Journal of Cleaner Production, 142, 1075–1084. https://doi.org/10.1016/j.jclepro.2016.09.102
Lu, J., & Wang, J. (2021). Corporate governance, law, culture, environmental performance and CSR disclosure: A global perspective. Journal of International Financial Markets, 70, 101264. https://doi.org/10.1016/j.intfin.2020.101264
Machdar, N. M. (2017). Corporate financial performance, corporate environmental performance, corporate social performance and stock return. Journal of Management and Entrepreneurship, 19(2), 118-124. https://doi.org/10.9744/jmk.19.2.118-124
Marin, S., Tešić, R., & Šušić, M. (2021). Quality of corporate governance: Contribuition to improving companies performance in Bosnia and Herzegovina. Journal of Process Management, 9(2), 19-33. https://doi.org/10.5937/jouproman9-31794
Mechelli, A., & Cimini, R. (2019). Corporate governance, legal systems and value relevance of fair value estimates. Spanish Journal of Finance and Accounting, 48(2), 203-223. https://doi.org/10.1080/02102412.2018.1471309
Miralles-Quirós, M. M., Miralles-Quirós, J. L., & Valente Gonçalves, L. M. (2018). The value relevance of environmental, social and governance performance: The Brazilian case. Sustainability, 10(3), 574. https://doi.org/10.3390/su10030574
Najamuddin, Y., Laraswati, L., Arifin, J., Meidawati, N., & Kholid, M. N. (2022). Corporate governance mechanism and profitability: A special assessment on the board of commissioners and audit committee. International Journal of Research in Business and Social Science, 11(4), 239-245.
Nekhili, M., Nagati, H., Chtioui, T., & Rebolledo, C. (2017). Corporate social responsibility disclosure and market value: Family versus nonfamily firms. Journal of Business Research, 77, 41–52. https://doi.org/10.1016/j.jbusres.2017.04.001
Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 11(2), 661-687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
Puni, A., & Anlesinya, A. (2020). Corporate governance mechanisms and firm performance in a developing country. International Journal of Law and Management, 62(2), 147-169. https://doi.org/10.1108/IJLMA-03-2019-0076
Rahman, M. M., & Khatun, N. (2017). Quality of corporate governance: A review from the literature. Journal of Asian Finance, Economics and Business, 4(1), 59-66. https://doi.org/10.13106/jafeb.2017.vol4.no1.59
Refinitiv. Pontuações de ESG. [s. d]. https://www.refinitiv.com/pt/sustainable-finance/esg-scores#methodology.
Sami, H., & Zhou, H. (2004). A comparison of value relevance of accounting information in different segments of the Chinese stock market. International Journal of Accounting, 39(4), 403–427. https://doi.org/10.1016/j.intacc.2004.08.001
Setyahuni, S. W., & Handayani, R. S. (2020). On the value relevance of information on environmental, social and governance (ESG): An evidence from Indonesia. Journal of Critical Reviews, 7(12), 50-58. http://dx.doi.org/10.31838/jcr.07.12.09
Shan, Y. G. (2015). Value relevance, earnings management and corporate governance in China. Emerging Markets Review, 23, 186-207. https://doi.org/10.1016/j.ememar.2015.04.009
Taliento, M., Favino, C., & Netti, A. (2019). Impact of environmental, social, and governance information on economic performance: Evidence of a corporate “Sustainability Advantage” from Europe. Sustainability, 11(6), 1738. https://doi.org/10.3390/su11061738
Tchuigoua, H. T. (2015). Determinants of the governance quality of microfinance institutions. Quarterly Review of Economics and Finance, 58, 32-43. https://doi.org/10.1016/j.qref.2015.02.011
Trinh, V. Q., Elnahass, M., & Cao, N. D. (2021). The value relevance of bank cash holdings: The moderating effect of board busyness. Journal of International Financial Markets, 73, 101359. https://doi.org/10.1016/j.intfin.2021.101359
Zhou, M., Li, K., & Chen, Z. (2021). Corporate governance quality and financial leverage: Evidence from China. International Review of Financial Analysis, 73, 101652. https://doi.org/10.1016/j.irfa.2020.101652
Downloads
Publicado
2023-07-07
Como Citar
Meneghel, M. F., Kieling, D. L., & Degenhart, L. (2023). A QUALIDADE DA GOVERNANÇA CORPORATIVA E A DIVULGAÇÃO ENVIRONMENTAL, SOCIAL AND GOVERNANCE INFLUENCIAM A RELEVÂNCIA DAS INFORMAÇÕES CONTÁBEIS?. Revista Universo Contábil, 18. https://doi.org/10.4270/ruc.2022113
Edição
Seção
Seção Nacional
Licença
Os direitos autorais para artigos publicados nesta revista são do autor, com direitos de primeira publicação para a revista. Em virtude de aparecerem nesta revista de acesso público, os artigos são de uso gratuito, com atribuições próprias, em aplicações educacionais e não-comerciais. A revista permitirá o uso dos trabalhos publicados para fins não-comerciais, incluindo direito de enviar o trabalho para bases de dados de acesso público. Os artigos publicados são de total e exclusiva responsabilidade dos autores.
• O(s) autor(es) autoriza(m) a publicação do artigo na revista;
• O(s) autor(es) garante(m) que a contribuição é original e inédita e que não está em processo de avaliação em outra(s) revista(s);
• A revista não se responsabiliza pelas opiniões, ideias e conceitos emitidos nos textos, por serem de inteira responsabilidade de seu(s) autor(es);
• É reservado aos editores o direito de proceder ajustes textuais e de adequação do artigo às normas da publicação;
• O(s) autor(es) declaram que o artigo não possui conflitos de interesse.
