ANALYSIS OF THE IMPACT OF GOODWILL ON PROFIT FORECAST BY FINANCIAL ANALYSTS:
A COMPARATIVE STUDY BETWEEN BRAZIL AND THE USA
DOI:
https://doi.org/10.22561/cvr.v33i3.7450Keywords:
Goodwill, Analyst Accuracy, Profit ForecastAbstract
The financial analyst is able to reduce the asymmetry of information between companies and investors when issuing forecasts of results, contributing to the functioning of the capital market, an important part for the growth and financing of companies. In this context, no studies were found that directly related the existence of goodwill in Brazilian companies with the accuracy of financial analysts. Therefore, the aim of the study was to analyze the relationship between goodwill and the accuracy of earnings forecasts by financial analysts. The focus was on publicly traded Brazilian and North American companies, in the quarterly period from 2010 to 2019, using panel data regression as a method. The results indicated that, in Brazil, the existence of goodwill has a negative impact on the accuracy of analysts' forecasts, but a positive impact on the North American market. Confirmation tests were applied considering the intangible asset group, whose results corroborated those found for goodwill. Thus, the study shows that the use of goodwill can have a different impact on the accuracy of analysts in different markets, specifically regarding legal origin, capital market development, enforcement power, among other factors. This must be taken into account in investment decisions by financial institutions and capital market participants. It also contributes to the literature in the line of research, by signaling that the subjectivity present in goodwill can influence analysts' accuracy in a different way, a fact that must be controlled in their forecasting models.
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