Relation of the risk of going concern and the value of shares listed on B3
DOI:
https://doi.org/10.4270/ruc.2022107Keywords:
Audit opinion, Information asymmetry, Asset deltaAbstract
This study sought to identify whether the existence of mention of the risk of continuity of the company with negative equity (PLN) in the audit report causes a change in the market value of this asset, in relation to the market index, on the date of disclosure of the financial statements accounting. The population of this study consisted of companies listed on Brasil Bolsa e Balcão (B3) that were active, with PLN in at least one year in the period from 2010 to 2020; out of a total of 412 active companies in 2020, 73 presented PLN in the study period (17.7%). Of the 73 companies, we excluded 17 for not having data on their quotations in the financial market in the period, thus constituting the final sample of 56 companies (active). Descriptive statistics, statistical test (t), and we used a regression model using the panel data technique to analyze the relationships of variables in cross-section form, as well as in their dynamic time series. The results demonstrate that the difference between the variation (delta) of the market index and the variation (delta) of the stock for companies that have mention of continuity risk in their audit report suggest that it is different to other companies and that for the Brazilian market, the mention of continuity risk in the audit report may change the value of this share. In addition, for companies that reported losses in the period, this delta is greater, indicating that the market penalizes companies with adverse results, perhaps because it believes that their potential for future appreciation is lower, which affects the profitability of the stock to the market.
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References
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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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https://doi.org/10.1111/j.1540-6261.1991.tb04636.x
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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.
Masuch, K., Greve, M., Trang, S., & Kolbe, L. M. (2022). Apologize or justify? Examining the impact of data breach response actions on stock value of affected companies? Computers & Security, 112, 102502. https://doi.org/10.1016/j.cose.2021.102502
Moshirian, F., Ng, D., & Wu, E. (2009). The value of stock analysts' recommendations: Evidence from emerging markets. International Review of Financial Analysis, 18(1-2), 74–83. https://doi.org/10.1016/j.irfa.2008.11.001
Mota, R. H. G., Tavares, A.L., & Machado, M. R. (2012). Relatórios de auditoria independente: Um estudo dos parágrafos de ênfase e de outros assuntos das empresas listadas na Bm&Fbovespa. In: XXXVI Encontro da ANPAD. Rio de Janeiro – RJ. Anais eletrônicos. Rio de Janeiro – RJ.
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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). Relation of the risk of going concern and the value of shares listed on B3. Revista Universo Contábil, 18, e2022107. https://doi.org/10.4270/ruc.2022107
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