Relevancia de valor del ingreso neto, otros ingresos comprensivos y el ingreso integral en Brasil
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dic 19, 2020
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Este artículo utiliza el modelo de Ohlson para analizar si existe una relevancia del valor de mercado y el rendimiento de las acciones sobre la información del Ingreso Neto (NI), Otros Ingresos Comprensivos (OCI) y el Ingreso Integral (IC) de empresas brasileñas cotizadas en la BM&FBOVESPA. Para maximizar la solidez de los resultados, incluimos las siguientes variables de control para cada uno de los modelos: Patrimonio por acción, Tamaño, Industria, EBITDA por acción, Ingresos por acción y Liquidez. Estas variables de control fueron especialmente significativas para los tres modelos relacionados con la rentabilidad de las acciones, excepto la de industria y la liquidez. Obtuvimos significación estadística de nuestras variables esenciales (IN, OCI e IC) en cinco de los seis modelos de regresión con análisis de datos en panel con efectos fijos y errores estándar robustos. Sin embargo, solo las variables NI y CI fueron consideradas como relevantes en la dirección esperada. Esto permite afirmar que dichas variables ofrecen una contribución positiva en la explicación del valor de la compañía.
Keywords
Valor de relevancia, devolución de stock, ingresos netos, ingreso integral, Otros ingresos integralesMarket Value, Stock Return, Net Income, Comprehensive Income, Other Comprehensive IncomeValor de mercado, retorno das ações, lucro líquido, resultado abrangente, outros resultados abrangentes
References
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Alali, F. A., & Foote, P. S. (2012). The Value Relevance of International Financial Reporting Standards: Empirical Evidence in an Emerging Market. The International Journal of Accounting, 47(1), 85-108. https://doi.org/10.1016/j.intacc.2011.12.005
Amihud, Y. (2002). Illiquidity and stock returns: cross-section and time-series effects. Journal of Financial Markets, 5(1), 31-56. https://doi.org/10.1016/S1386-4181(01)00024-6
Anandarajan, A., & Hasan, I. (2010). Value relevance of earnings: Evidence from Middle Eastern and North African Countries. Advances in Accounting, 26(2), 270-279. https://doi.org/10.1016/j.adiac.2010.08.007
Barth, M. E., Beaver, W. H., & Landsman, W. R. (2000). The Relevance of Value Relevance Research. Journal of Accounting and Economics, (650), 1-41. https://dx.doi.org/10.2139/ssrn.246861
Beisland, L. A. (2009). A Review of the Value Relevance Literature. The Open Business Journal, 2(1), 7-27. https://doi.org/10.2174/1874915100902010007
Biddle, G. C., & Choi, J.-H. (2006). Is Comprehensive Income Useful? Journal of Contemporary Accounting, & Economics, 2(1), 1-32. https://doi.org/10.1016/S1815-5669(10)70015-1
Black, B. S., Carvalho, A. G., & Sampaio, J. O. (2014). The evolution of corporate govenance in Brazil. Emerging Markets Review, 20, 17-195. https://doi.org/10.1016/j.ememar.2014.04.004
Clarkson, P., Hanna, J. D., Richardson, G. D., & Thompson, R. (2011). The impact of IFRS adoption on the value relevance of book value earnings. Journal of Contemporary Accounting, & Economics, 7(1), 1-17. https://doi.org/10.1016/j.jcae.2011.03.001
Da Costa, F. M., & Freitas, K. C. (2015). Escolhas contábeis na adoção inicial das normas internacionais de contabilidade no Brasil: direcionadores da aplicação do custo atribuído para ativos imobilizados. Revista Contabilidade Vista, & Revista, 25(3), 38-56. https://revistas.face.ufmg.br/index.php/contabilidadevistaerevista/article/view/2391
De Farias, J. B., Ponte, V. M. R., Oliveira, M. C., & De Luca, M. M. M. (2014). Impactos da adoção do IFRS nas demonstrações consolidadas dos bancos listados na BM&FBovespa. Revista Universo Contábil, 10(2), 63-83. https://doi.org/10.4270/RUC.2014212
Demir, E., & Ersan, O. (2017). Economic Policy uncertainty and cash holdings: Evidence from BRIC countries. Emerging Markets Review, 33, 189-200. https://doi.org/10.1016/j.ememar.2017.08.001
Devalle, A., & Magarini, R. (2012). Assessing the value relevance of total comprehensive income under IFRS: an empirical evidence from European stock exchanges. International Journal of Accounting, Auditing and Performance Evaluation, 8(1), 43-68. https://doi.org/10.1504/IJAAPE.2012.043965
Dhaliwal, D., Subramanyam, K. R., & Trezevant, R. (1999). Is comprehensive income superior to net income as a measure of firm performance? Journal of Accounting and Economics, 26(1-3), 43-67. https://doi.org/10.1016/S0165-4101(98)00033-0
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
Filipin, R., Teixeira, S. A., Bezerra, F. A., & Da Cunha, P. R. (2012). Análise do nível de conservadorismo condicional das empresas brasileiras listadas na BM&FBOVESPA após a adoção do IFRS. Contabilidade e Controladoria, 4(2), 24-36. http://dx.doi.org/10.5380/rcc.v4i2.28041
Franzen, L., & Radhakrishnan, S. (2009). The value relevance of R&D across profit and loss firms. Journal Accounting and Public Policy, 28(1), 16-32. https://doi.org/10.1016/j.jaccpubpol.2008.11.006
Goncharov, I., & Hodgson, A. (2011). Measuring and Reporting Income in Europe. Journal of International Accounting Research, 10(1), 27-59. https://doi.org/10.2308/jiar.2011.10.1.27
Hair Jr, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate Data Analysis, 6º ed. São Paulo: Ed. Pearson.
Hendriksen, E. S., & Van Breda, M. F. (1999). Teoria da contabilidade. São Paulo: Atlas.
Isaksson, L. E., & Woodside, A. G. (2016). Modeling firm heterogeneity in corporate social performance and financial performance. Journal of Business Research, 69(9), 3285-3314. https://doi.org/10.1016/j.jbusres.2016.02.021
Johnson, L. T., Reither C. L., & Swieringa, R. (1995). Toward reporting comprehensive income. American Accounting Association. Accounting Horizons, 9(4), 128-137. http://faculty.etsu.edu/pointer/johnson_1.pdf
Kanagaretnam, K., Mathieu, R., & Shehata, M. (2009). Usefulness of comprehensive income reporting in Canada. Journal of Accounting and Public Policy, 28(4), 349-365. https://doi.org/10.1016/j.jaccpubpol.2009.06.004
Kousenidis, D. V. Ladas, A. C., & Negakis, C. I. (2009). Value relevance of conservative and non-conservative accounting information. The International Journal of Accounting, 44(3), 219-238. https://doi.org/10.1016/j.intacc.2009.06.006
Lischewski, J., & Voronkova, S. (2012). Size, value and liquidity. Do They Really Matter on an Emerging Stock Market? Emerging Markets Review, 13(1), 8-25. https://doi.org/10.1016/j.ememar.2011.09.002
Mironiuc, M., Carp, M., & Chersan, E.-C. (2015). The relevance of financial reporting on the performance of quoted Romanian companies in the context of adopting the IFRS. Procedia Economics and Finance, 20, 404-413. https://doi.org/10.1016/S2212-5671(15)00090-8
Ohlson, J. A. (1995). Earnings, Book Values, and Dividends in Equity Valuation. Contemporary Accounting Research, 11(2), 661-687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
Pamplona, J. B., & Cacciamali, M. C. (2017). O paradoxo da abundância: recursos naturais e desenvolvimento na América Latina. Estudos Avançados, 31(89), 251-270. https://dx.doi.org/10.1590/s0103-40142017.31890020
Rodrigues, L. L., Schmidt, P., & Dos Santos, J. L. (2012). The origins of modern accounting in Brazil: Influences leading to the adoption of IFRS. Research in Accounting Regulation, 24(1), 15-24. https://doi.org/10.1016/j.racreg.2011.12.003
Roggi, O., & Giannozzi, A. (2015). Fair value disclosure, liquidity and stock returns. Journal of Banking, & Finance, 58, 327-342. https://doi.org/10.1016/j.jbankfin.2015.04.011
Salotti, B. M., Murcia, F. D.-R., Carvalho, N., & Flores, E. (2015). IFRS no Brasil - Temas avançados abordados por meio de casos reais, 1º ed. São Paulo: Atlas.
Sampaio, R. B. Q., Lima, B. C. C., Cabral, A. C. A., & De Paula, A. L. B. (2014). A governança corporativa e o retorno das ações de empresas de controle familiar e de controle não familiar no Brasil. REGE – Revista de Gestão, 21(2), 219-234. https://doi.org/10.5700/rege527
Schaberl, P. D., & Victoravich, L. M. (2015). Reporting location and the value relevance of accounting information: The case of other comprehensive income. Advances in Accounting, 31(2), 239-246. https://doi.org/10.1016/j.adiac.2015.09.006
Serrat, N. A., Gutierrez, S. M., & Perez, G. R. (2011). Relevancia valorativa del resultado global y sus componentes frente al resultado neto. Revista de Contabilidad - Spanish Accounting Review, 14(2), 145-173. https://doi.org/10.1016/S1138-4891(11)70031-0
Skinner, D. J. (1999). How well does net income measure firm performance? A discussion of two studies. Journal of Accounting and Economics, 26(1-3), 105-111. https://doi.org/10.1016/S0165-4101(99)00005-1
Tsalavoutas, I., André, P., & Evans, L. (2012). The transition to IFRS and the value relevance of financial statements in Greece. The British Accounting Review, 44(4), 262-277. https://doi.org/10.1016/j.bar.2012.09.004
Veloso, G. G., & Malik, A. M. (2010). Análise do desempenho econômico-financeiro de empresas de saúde. RAE - eletrônica, 9(1). https://dx.doi.org/10.1590/S1676-56482010000100003
Yeh, I-C, & Hsu, T-K. (2014). Exploring the dynamics model of the returns from value stocks and growth stocks using time series mining. Expert Systems with Applications, 41(17), 7730-7743. https://dx.doi.org/10.1016/j.eswa.2014.06.036
Wang, Y., Buijink, W., & Eken, R. (2006). The value relevance of dirty surplus accounting flows in The Netherlands. The International Journal of Accounting, 41(4), 387-405. https://doi.org/10.1016/j.intacc.2006.09.005
Alali, F. A., & Foote, P. S. (2012). The Value Relevance of International Financial Reporting Standards: Empirical Evidence in an Emerging Market. The International Journal of Accounting, 47(1), 85-108. https://doi.org/10.1016/j.intacc.2011.12.005
Amihud, Y. (2002). Illiquidity and stock returns: cross-section and time-series effects. Journal of Financial Markets, 5(1), 31-56. https://doi.org/10.1016/S1386-4181(01)00024-6
Anandarajan, A., & Hasan, I. (2010). Value relevance of earnings: Evidence from Middle Eastern and North African Countries. Advances in Accounting, 26(2), 270-279. https://doi.org/10.1016/j.adiac.2010.08.007
Barth, M. E., Beaver, W. H., & Landsman, W. R. (2000). The Relevance of Value Relevance Research. Journal of Accounting and Economics, (650), 1-41. https://dx.doi.org/10.2139/ssrn.246861
Beisland, L. A. (2009). A Review of the Value Relevance Literature. The Open Business Journal, 2(1), 7-27. https://doi.org/10.2174/1874915100902010007
Biddle, G. C., & Choi, J.-H. (2006). Is Comprehensive Income Useful? Journal of Contemporary Accounting, & Economics, 2(1), 1-32. https://doi.org/10.1016/S1815-5669(10)70015-1
Black, B. S., Carvalho, A. G., & Sampaio, J. O. (2014). The evolution of corporate govenance in Brazil. Emerging Markets Review, 20, 17-195. https://doi.org/10.1016/j.ememar.2014.04.004
Clarkson, P., Hanna, J. D., Richardson, G. D., & Thompson, R. (2011). The impact of IFRS adoption on the value relevance of book value earnings. Journal of Contemporary Accounting, & Economics, 7(1), 1-17. https://doi.org/10.1016/j.jcae.2011.03.001
Da Costa, F. M., & Freitas, K. C. (2015). Escolhas contábeis na adoção inicial das normas internacionais de contabilidade no Brasil: direcionadores da aplicação do custo atribuído para ativos imobilizados. Revista Contabilidade Vista, & Revista, 25(3), 38-56. https://revistas.face.ufmg.br/index.php/contabilidadevistaerevista/article/view/2391
De Farias, J. B., Ponte, V. M. R., Oliveira, M. C., & De Luca, M. M. M. (2014). Impactos da adoção do IFRS nas demonstrações consolidadas dos bancos listados na BM&FBovespa. Revista Universo Contábil, 10(2), 63-83. https://doi.org/10.4270/RUC.2014212
Demir, E., & Ersan, O. (2017). Economic Policy uncertainty and cash holdings: Evidence from BRIC countries. Emerging Markets Review, 33, 189-200. https://doi.org/10.1016/j.ememar.2017.08.001
Devalle, A., & Magarini, R. (2012). Assessing the value relevance of total comprehensive income under IFRS: an empirical evidence from European stock exchanges. International Journal of Accounting, Auditing and Performance Evaluation, 8(1), 43-68. https://doi.org/10.1504/IJAAPE.2012.043965
Dhaliwal, D., Subramanyam, K. R., & Trezevant, R. (1999). Is comprehensive income superior to net income as a measure of firm performance? Journal of Accounting and Economics, 26(1-3), 43-67. https://doi.org/10.1016/S0165-4101(98)00033-0
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
Filipin, R., Teixeira, S. A., Bezerra, F. A., & Da Cunha, P. R. (2012). Análise do nível de conservadorismo condicional das empresas brasileiras listadas na BM&FBOVESPA após a adoção do IFRS. Contabilidade e Controladoria, 4(2), 24-36. http://dx.doi.org/10.5380/rcc.v4i2.28041
Franzen, L., & Radhakrishnan, S. (2009). The value relevance of R&D across profit and loss firms. Journal Accounting and Public Policy, 28(1), 16-32. https://doi.org/10.1016/j.jaccpubpol.2008.11.006
Goncharov, I., & Hodgson, A. (2011). Measuring and Reporting Income in Europe. Journal of International Accounting Research, 10(1), 27-59. https://doi.org/10.2308/jiar.2011.10.1.27
Hair Jr, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate Data Analysis, 6º ed. São Paulo: Ed. Pearson.
Hendriksen, E. S., & Van Breda, M. F. (1999). Teoria da contabilidade. São Paulo: Atlas.
Isaksson, L. E., & Woodside, A. G. (2016). Modeling firm heterogeneity in corporate social performance and financial performance. Journal of Business Research, 69(9), 3285-3314. https://doi.org/10.1016/j.jbusres.2016.02.021
Johnson, L. T., Reither C. L., & Swieringa, R. (1995). Toward reporting comprehensive income. American Accounting Association. Accounting Horizons, 9(4), 128-137. http://faculty.etsu.edu/pointer/johnson_1.pdf
Kanagaretnam, K., Mathieu, R., & Shehata, M. (2009). Usefulness of comprehensive income reporting in Canada. Journal of Accounting and Public Policy, 28(4), 349-365. https://doi.org/10.1016/j.jaccpubpol.2009.06.004
Kousenidis, D. V. Ladas, A. C., & Negakis, C. I. (2009). Value relevance of conservative and non-conservative accounting information. The International Journal of Accounting, 44(3), 219-238. https://doi.org/10.1016/j.intacc.2009.06.006
Lischewski, J., & Voronkova, S. (2012). Size, value and liquidity. Do They Really Matter on an Emerging Stock Market? Emerging Markets Review, 13(1), 8-25. https://doi.org/10.1016/j.ememar.2011.09.002
Mironiuc, M., Carp, M., & Chersan, E.-C. (2015). The relevance of financial reporting on the performance of quoted Romanian companies in the context of adopting the IFRS. Procedia Economics and Finance, 20, 404-413. https://doi.org/10.1016/S2212-5671(15)00090-8
Ohlson, J. A. (1995). Earnings, Book Values, and Dividends in Equity Valuation. Contemporary Accounting Research, 11(2), 661-687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
Pamplona, J. B., & Cacciamali, M. C. (2017). O paradoxo da abundância: recursos naturais e desenvolvimento na América Latina. Estudos Avançados, 31(89), 251-270. https://dx.doi.org/10.1590/s0103-40142017.31890020
Rodrigues, L. L., Schmidt, P., & Dos Santos, J. L. (2012). The origins of modern accounting in Brazil: Influences leading to the adoption of IFRS. Research in Accounting Regulation, 24(1), 15-24. https://doi.org/10.1016/j.racreg.2011.12.003
Roggi, O., & Giannozzi, A. (2015). Fair value disclosure, liquidity and stock returns. Journal of Banking, & Finance, 58, 327-342. https://doi.org/10.1016/j.jbankfin.2015.04.011
Salotti, B. M., Murcia, F. D.-R., Carvalho, N., & Flores, E. (2015). IFRS no Brasil - Temas avançados abordados por meio de casos reais, 1º ed. São Paulo: Atlas.
Sampaio, R. B. Q., Lima, B. C. C., Cabral, A. C. A., & De Paula, A. L. B. (2014). A governança corporativa e o retorno das ações de empresas de controle familiar e de controle não familiar no Brasil. REGE – Revista de Gestão, 21(2), 219-234. https://doi.org/10.5700/rege527
Schaberl, P. D., & Victoravich, L. M. (2015). Reporting location and the value relevance of accounting information: The case of other comprehensive income. Advances in Accounting, 31(2), 239-246. https://doi.org/10.1016/j.adiac.2015.09.006
Serrat, N. A., Gutierrez, S. M., & Perez, G. R. (2011). Relevancia valorativa del resultado global y sus componentes frente al resultado neto. Revista de Contabilidad - Spanish Accounting Review, 14(2), 145-173. https://doi.org/10.1016/S1138-4891(11)70031-0
Skinner, D. J. (1999). How well does net income measure firm performance? A discussion of two studies. Journal of Accounting and Economics, 26(1-3), 105-111. https://doi.org/10.1016/S0165-4101(99)00005-1
Tsalavoutas, I., André, P., & Evans, L. (2012). The transition to IFRS and the value relevance of financial statements in Greece. The British Accounting Review, 44(4), 262-277. https://doi.org/10.1016/j.bar.2012.09.004
Veloso, G. G., & Malik, A. M. (2010). Análise do desempenho econômico-financeiro de empresas de saúde. RAE - eletrônica, 9(1). https://dx.doi.org/10.1590/S1676-56482010000100003
Yeh, I-C, & Hsu, T-K. (2014). Exploring the dynamics model of the returns from value stocks and growth stocks using time series mining. Expert Systems with Applications, 41(17), 7730-7743. https://dx.doi.org/10.1016/j.eswa.2014.06.036
Wang, Y., Buijink, W., & Eken, R. (2006). The value relevance of dirty surplus accounting flows in The Netherlands. The International Journal of Accounting, 41(4), 387-405. https://doi.org/10.1016/j.intacc.2006.09.005
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Bortoli , C. ., Juaniha , A. M. ., Scarpin, J. E. ., Krespi Musial, N. T. ., & Edwards Barros, C. M. (2020). Relevancia de valor del ingreso neto, otros ingresos comprensivos y el ingreso integral en Brasil. Cuadernos De Contabilidad, 21, 1–22. https://doi.org/10.11144/Javeriana.cc21.vrio
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