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.
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Referências
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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
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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.
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