COMPARABILIDADE DOS RELATÓRIOS FINANCEIROS:
EFEITOS NA TRANSFERÊNCIA DE INFORMAÇÃO DAS COMPANHIAS BRASILEIRAS
DOI:
https://doi.org/10.22561/cvr.v34i1.6917Keywords:
Comparabilidade dos Relatórios Financeiros., Eficiência da Transferência de Informação, Anúncio de Resultados, Externalidade das InformaçõesAbstract
The comparability of financial reports can be used as a predictor for monitoring disclosure standards, since it is associated with the efficiency of information transfer. The general objective of this research is to evaluate the association between the comparability of financial reports and the efficiency in the transfer of information, considering the effects of the externalities of the information around the announcements of results of the companies. The comparability of financial reports was measured using the similarity model of accounting functions; the transfer of information was obtained through the abnormal trading volume of the companies, using the event study technique; and the association of comparability in information transfer was tested by regression analysis with panel data, from 2012 to 2018, in 122 Brazilian companies. As a result, the research showed that: (i) the transport equipment factory sector had the highest levels of average comparability, while that of public utilities was the one with the highest abnormal trading volume; (ii) comparability is positively associated with the market's reaction to the abnormal trading volume, confirming that the companies' results announcements generate externalities of the information, affecting the reaction of investors due to the time of disclosure of the information; and, (iii) the comparability of financial reports is associated with the efficiency of information transfer when the company is an industry leader, suggesting that comparability can minimize the negative effects of the externalities of earnings announcements.
References
Alves, P., Pope, P.F., & Young, S. (2011). Cross-border information tranfers: evidence from profit warnings issued by europen firms. Accounting and Business Research, 39(5), 449-474. https://doi.org/10.1080/00014788.2009.9663378
Baginski, S. P. (1987). Intraindustry Information Transfer Associated with Management Forecast of Earnings. Journal of Accounting Research, 25(2), 196-216. https://doi.org/10.2307/2491015
Bamber, L., Barron, O., & Stevens, D. (2011). Trading volume around earnings announcements and other financial reports: Theory, research design, empirical evidence, and directions for future research. Contemporary Accounting Research, 28, 431–471. https://doi.org/10.1111/j.1911-3846.2010.01061.x
Byard, D., Mashruwala, S., & Suh, J. (2017). Does the 20-F reconcoliation affect investors´ perception of comparability between foreigh private issuers (FPIs) and U. S. firms? Accounting Horizons, 31(2), 1-23. https://doi.org/10.2308/acch-51635
Chen, C., Young, D., & Zhuang, Z. (2013). Externalities of Mandatory IFRS Adoption: Evidence from Cross-Border Spillover Effects of Financial Information on Investment Efficiency. The Accounting Review, 88(3), 881–914. https://doi.org/10.2308/accr-50384
De Franco, G., Kothari, S., & Verdi, R. S. (2011). The benefits of financial statement comparability. Journal of Accounting Research, 49(4), 895-931. https://doi.org/10.1111/j.1475-679X.2011.00415.x
Desir, R. (2012). How do managers of non-announcing firms respond to intra-industry information transfers? Journal of Business Finance & Accounting, 39(9-10), 1180-1213. https://doi.org/10.1111/j.1468-5957.2012.02306.x
De Franco, G., Hou, Y., & Ma, M. (2019). Do firm mimic their neighbors “accounting”? Industry peer headquarters co-location and financial statement comparability. SSRN. Disponível em: https://ssrn.com/abstract=3310219. Acesso em: 09 mar. 2021. https://doi.org/10.2139/ssrn.3310219
Francis, J., Pinnuck, M., & Watanabe, O. (2014). Auditor style and financial statement comparability. The Accounting Review, 89(2), 605–633. https://doi.org/10.2308/accr-50642
Freeman, R., & Tse, S. (1992). An earnings prediction approach to examining intercompany information transfers. Journal of Accounting and Economics, 15, 509-523. https://doi.org/10.1016/0165-4101(92)90004-L
Firth, M. (1996). The transmission of corporate financial information across borders and equity market linkages. Review of Accounting Studies, 1, 309-227. https://doi.org/10.1007/BF00570835
Folster, A. (2018). Impacto da Evidenciação de Guidance: um Estudo de Evento no Mercado Brasileiro. Revista de Contabilidade da UFBA, 12(2), 183-200. http://dx.doi.org/10.9771/rc-ufba.v12i2.21465
Foster, G. (1981). Intra-industry information transfers associated with earnings releases. Journal of Accounting and Economics, 3, 201-232. https://doi.org/10.1016/0165-4101(81)90003-3
Gao, R., & Sidhu, B. K. (2016). Convergence of accounting standards and financial reporting externality: evidence from mandatory IFRS adoption. Accounting & Finacial, 58, 817-848. https://doi.org/10.1111/acfi.12236
Gross, C., & Perotti, P. (2017). Output-based measurement of accounting comparability: a survey of empirical proxies. Journal of Accounting Literature, 39, 1-22. https://doi.org/10.1016/j.acclit.2017.09.002
Habib, A., Hasan, M. M., & Al-Hadi, A. (2017). Financial statement comparability and corporate cash holdings. Journal of Contemporary Accounting & Economics, 13(3), 304-321. https://doi.org/10.1016/j.jcae.2017.10.001
Hoitash, R., Hoitash, U., Kurt, A. C., & Verdi, R. S. (2018). An input-based measure of financial statement comparability. SSRN. Disponível em: http://dx.doi.org/10.2139/ssrn.3208928. Acesso em: 09 mar. 2021. https://doi.org/10.2139/ssrn.3208928
Yip, R. W., & Young, D. (2012). Does Mandatory IFRS Adoption Improve Information Comparability? The Accounting Review, 87(5), 1767-1789. https://doi.org/10.2308/accr-50192
Young, S., & Zeng, Y. (2015). Accounting comparability and the accuracy of peer-based valuation models. The Accounting Review, 90(6), 2571-2601. https://doi.org/10.2308/accr-51053
Kim, S., Kraft, P., & Ryan, S. G. (2013). Financial statement comparability and credit risk. Review of Accounting Studies, 18(3), 783-823. https://doi.org/10.1007/s11142-013-9233-z
Kim, J., Verdi, R. S., & Yost, B. (2020). Do Firms Strategically Internalize Disclosure Spillovers? Evidence from Cash-Financed M&As. Journal of Accounting Research, 58(5), 1249-1297. https://doi.org/10.1111/1475-679X.12337
Koo, D. S., Wu, J. J., & Yeung, P. E. (2017). Earnings attribution and information transfers. Contemporary Accounting Research, 34(3), 1547-1579. https://doi.org/10.1111/1911-3846.12308
Li, Q., & Lumeng, W. (2018). Financial statement comparability and corporate tax avoidance. China Journal of Accounting Studies, 6(4), 448-473. https://doi.org/10.1080/21697213.2019.1612187
Mackinlay, A. C. (1997). Association Event Studies in Economics and Finance. Journal of Economic Literature, 35(1), 13-39. http://www.jstor.org/stable/2729691
Mellaci, M., Petrokas, L. A., & Fama, R. (2012). Análise do impacto do investimento de patrocínio esportivo pelo Banco Panamericano: estudo de evento. Brazilian Business Review, 9, 106-124. http://dx.doi.org/10.15728/bbrconf.2012.4
Pandit, S., Wasley, C. E., & Zach, T. (2011). Information Externalities along the Supply Chain: The Economic Determinants of Suppliers’ Stock Price Reaction to Their Customers’ Earnings Announcements. Contemporary Accounting Research, 28(4), 1304–1343. https://doi.org/10.1111/j.1911-3846.2011.01092.x
Reina, D. R. M., Carvalho, L. N. G., Reina, D., & Lemes, S. (2019). Comparabilidade dos relatórios financeiros e informatividade dos preços das ações no Brasil. Revista Contemporânea de Contabilidade, 16(39), 177-198. https://doi.org/10.5007/2175-8069.2019v16n39p177
Reina, D., Silva, W. A. M., Lemes, S., & Reina, D. R. M. (2020). Efeito da Comparabilidade dos Relatórios Financeiros em Torno do Anúncio dos Lucros. XX USP International Conference in Accounting, São Paulo.
Ribeiro, A. M., Carmo, C. H. S., Fávero, L. P. L., & Carvalho, L. N. G. (2016). Poder discricionário do gestor e comparabilidade dos relatórios financeiros: Uma análise do processo de transição regulatória da contabilidade brasileira. Revista Contabilidade e Finanças, 27(70), 12-28. https://doi.org/10.1590/1808-057x201601900
Roychowdhury, S., Shroff, N., & Verdi, R. S. (2019). The effects of financial reporting and disclosure on corporate investment: A review. SSRN, 2019. Disponível em: https://ssrn.com/abstract=3429337. Acesso em: 09 mar. 2021. https://doi.org/10.2139/ssrn.3364582
Schoderbek, M. P. (1995). Theory of the Dominant Firm: A Capital Market Test. Review of Quantitative Finance and Accounting, 5, 253-270. https://doi.org/10.1007/BF01074841
Shroff, N., Verdi, R. S., & Yost, B. P. (2017). When does the peer information environment matter? Journal of Accounting and Economics, 64(2-3), 183-214. https://doi.org/10.1016/j.jacceco.2017.03.005
Thomas, J., & Zhang, F. (2008). Overreaction to intra-industry information transfers? Journal of Accounting Research, 46(4), 909-940. https://doi.org/10.1111/j.1475-679X.2008.00294.x
Wang, C. (2014). Accounting Standars Harmonization and Financial Statement Comparability: Evidence from Transnational Information Transfer. Journal of Accounting Research, 52(4), 955-992. https://doi.org/10.1111/1475-679X.12055
Weichao, L., Daoguang, Y., & Siyi, L. (2018). Accounting information comparability, demand differences and cross-firm information transfer. China Journal of Accounting Studies, 6(3), 321-361. https://doi.org/10.1080/21697213.2018.1567113
Downloads
Published
How to Cite
Issue
Section
License
A submissão do texto para avaliação implica no compromisso de que o material não seja submetido a um outro periódico nacional ou internacional e autoriza, caso aprovado, a sua publicação.
Os artigos publicados são de responsabilidade dos autores não traduzindo, necessariamente, a opinião da revista. A reprodução dos artigos, total ou parcial, pode ser feita desde que citada esta fonte.
Considerando que o(s) autor(es) do texto concorda(m) com a sua publicação, caso o mesmo seja aprovado pela revista, sem que disso lhe seja devido qualquer remuneração, reembolso ou compensação de qualquer natureza, a Revista Contabilidade Vista & Revista através do Departamento de Ciências Contábeis da Faculdade de Ciências Econômicas da Universidade Federal de Minas Gerais, detém todos os direitos autorais dos textos publicados, conforme a legislação brasileira vigente.
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.