Relación del riesgo de empresa en funcionamiento y el valor de las acciones cotizadas en B3
DOI:
https://doi.org/10.4270/ruc.2022107Palabras clave:
Informe de auditoría, Asimetría de la información, Propagación de activosResumen
Este estudio buscó identificar si la existencia de mención de riesgo de continuidad de la empresa con patrimonio negativo (PLN), en el informe de auditoría, provoca un cambio en el valor de mercado de este activo, en relación al índice de mercado, a la fecha de divulgación de la contabilidad de los estados financieros. La población de este estudio estuvo compuesta por empresas listadas en Brasil Bolsa e Balcão (B3) que estaban activas, con PLN en al menos un año en el período de 2010 a 2020, de un total de 412 empresas activas en 2020, 73 presentaron PLN en el período de estudio (17,7%). De las 73 empresas, 17 fueron excluidas por no tener datos de sus cotizaciones en el mercado financiero en el período, constituyendo así la muestra final de 56 empresas (activas). Se utilizó estadística descriptiva, prueba estadística (t) y un modelo de regresión mediante la técnica de datos de panel para analizar las relaciones de las variables en forma de corte transversal, así como en su serie de tiempo dinámica. Los resultados demuestran que la diferencia entre la variación (delta) del índice de mercado y la variación (delta) de lo activo para las empresas que mencionan el riesgo de continuidad en su informe de auditoría sugieren que es diferente en relación a otras empresas, y que para el mercado brasileño, la mención del riesgo de continuidad en el informe de auditoría puede modificar el valor de este activo. Además, para las empresas que reportaron pérdidas en el período, esta delta es mayor, indicando que el mercado penaliza a las empresas con adversos resultados, quizás porque cree que su potencial de apreciación futura es menor, lo que afecta la rentabilidad de lo activo en relación con el mercado.
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Fama, E. F. (1991). Efficient capital markets: II. The Journal of Finance, 46(5), 1575-1617.
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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.
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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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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
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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). Relación del riesgo de empresa en funcionamiento y el valor de las acciones cotizadas en B3. Revista Universo Contábil, 18, e2022107. https://doi.org/10.4270/ruc.2022107
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