Value relevance da contabilidade e das previsões dos analistas: o ambiente de informação do país emergente é importante?
| Autor | Emanuelle Priscila de Almeida Peixoto, Orleans Silva Martins |
| Cargo | Mestre em Contabilidade (UFPB) / Doutor em Contabilidade pelo Programa Multiinstitucional (UnB/UFPB/UFRN) Professor Adjunto do Departamento de Finanças e Contabilidade (UFPB), João Pessoa/PB - Brasil |
| Páginas | 162-177 |
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Artigo
Original
Original
Paper
Revista Contemporânea de Contabilidade, Florianópolis, v. 18, n. 49, p. 162-177, out./dez., 2021.
Universidade Federal de Santa Catarina. ISSN 2175-8069. DOI: https://doi.org/10.5007/2175-8069.2021. e79630
Value relevance da co ntabilidade e das p revisões dos analistas: o amb iente de informação do país
emergente é importante?
Value relevance de la contabilidad y de la s previsiones de los analistas: ¿importa el entorno de
información del país emergente?
Emanuelle Priscila de Almeida Peixoto
Mestre em Contab ilidade (UFPB), João Pessoa/P B, Brasil
emanuellepeixoto@live.com
https://orcid.org/0000-0002-2734-9283
Orleans Silva Martins
*
Doutor em Contabilidade pelo
Programa Multiinstitucional (UnB/UFPB/UFRN)
Professor Adjunto do Departamento de Finanças e
Contabilidade (UFPB), João Pessoa/PB - Bras il
orleansmartins@yahoo.com.br
https://orcid.org/0000-0002-4966-0347
Primary contact address for correspondence *
UFPB, Campus I, CCSA/PPGCC, Cidade Universitária , CEP: 58051-900, João Pessoa/PB, B rasil
Abstra ct
This study analyzes the value relevance of accounting information and the quality of analysts’ forecasts in
different information environments of emerging countries. We analyze 7,024 n on-financial companies in 21
countries in the period from 2000 to 2016. The qualit ies of t he analysts’ forecasts (AFQ) and t he information
environment ( CIEI) of the countries are captured using indexes built by Pri ncipal Component Analysis. The
value relevance of the AFQ is an alyzed using the model proposed by Collins , Maydew, and Weiss (1997).
Our results suggest that AFQ is value relevant in emerging markets, helping to explain the firms’ stock price.
Still, the evidence points out that the AFQ a dds relevance to the accounting information, with emphasis on
the inform ation about shareholders’ equity. We found that accounting and AFQ are value relevant,
regardless of whether CIEI is high or low. More than that, we differentiate ourselves from previous studies by
grouping in an original way some quality indicators of the analysts’ forecasts, and the information
environment, noting that both account ing information and AFQ become mor e relevant when the country’s
information enviro nment is better.
Keywords: Analysts’ Forecast; Accounting inform ation; Country Info rmational Env ironment
Resumo
Este estudo analis a o value relevance das informações contábeis e da qualidade das previsões dos
analistas em diferentes ambientes de inf ormação dos países emergentes. Analisamos 7.024 empresas não
financeiras em 21 países no período de 2000 a 2016. As qualidades das previsões dos analistas (AFQ) e do
ambiente de informação dos países (CIEI) são capturadas por m eio de índices construídos por Análise de
Componentes Principais. A value relevance da AFQ é analisada usando o modelo proposto por Collins,
Maydew e Weiss (1997). Nossos res ultados sugerem que a AFQ é value relevant em mercados
emergentes, ajudando a explicar o preço das ações das empresas. Ainda, as evidências apontam que a
AFQ agrega relevância às informações contábeis, com destaque para as informações sobre o patrimônio
líquido. Descobrimos que as infor mações contábeis e a AFQ são value relevant independentemente de o
CIEI ser alto ou baixo. Mais do que isso, nos diferenciamos de estudos anteriores por agrupar de forma
original alguns indicadores de qualida de das previsões dos analistas e do ambiente de informação,
constatando que tanto a informação contábil quanto a AFQ se tornam mais relevantes quando o ambiente
de informação do país é melhor.
Palavras-chave: Previsão dos An alistas; Informações Contábeis; Ambient e de Informaçã o do País
Emanuelle Priscila de Almeida Peixoto, Orleans Silva Martins
163
Revista Contemporânea de Contabilidade, Florianópolis, v. 18, n. 49, p. 162-177, out./dez., 2021.
Universidade Federal de Santa Catarina. ISSN 2175-8069. DOI: https://doi.org/10.5007/2175-8069.2021. e79630
Resumen
Este estudio analiza la relevancia del valor de la información contable y la c alidad de las previsiones de los
analistas en diferentes entornos de información de países emergentes. Analizamos 7,024 empresas no
financieras en 21 países en el período 2000 a 2016. Las cualidades de las previsiones de los analistas
(AFQ) y el entorno de inform ación (CIEI) de los países se capturan utilizando índices construidos por
Análisis de C omponentes Principales. La re levancia del val or de la AFQ se analiza uti lizando el modelo
propuesto por Collins, Maydew y Weiss (1997). Nuestros resultados sugieren que AFQ es relevante para el
valor en l os mercados emergentes, lo que ayuda a ex plicar el precio de las accio nes de las empresas. Aún,
la evide ncia señ ala qu e la AFQ agrega relevancia a la información contable, con énfasis en la información
sobre el patrimonio de los accionistas. Descubrimos que la contabilidad y la AFQ son relevantes para el
valor, independiente mente de si el CIEI es a lto o bajo. Más que eso, nos diferenciamos de estudios
anteriores agrupando de manera original algunos indicadores de calidad de las previsiones de los analistas
y de l entorno de inf ormación, señalando que tanto la información contable como las AFQ adquieren mayor
relevancia cuando el entorno de información del país es mejor.
Palabras clave: Previsiones de los Analistas; Información Contable; Entorno Informativo del País
1 Introduction
The capital market is an information-driven environment in which analysts play an important role in
the decision-making process of m anagers, and investor s, as inform ation agents, insof ar as they analyze
company data and express their opinions (Griffin, 1 976, Givoly & Lakonishok, 1979, Imhoff & Lobp, 1984,
Clement, 1999). Given this finding, this study aims to analyze the value relevance of accounting information
and analysts’ forecast quality of non- financial companies in emerging countr ies.
The analysts provide information essential to the efficiency of the markets, affecting the reaction to
the disclosure of accounting information by companies since this accounting information can change stock
prices (Ball & Brown, 1968, Beaver, 1968, Ohlson, 1995, C ollins, Maydew, & Weiss, 1997). This
phenomenon is espec ially observed i n emerging mark ets, whose information environments are typically less
developed (La P orta, Lopez-De-Silanes, Shleifer and Vishny, 1997; La Porta, Lopez-De-Silanes, Shleifer
and Vishny, 1998). Despite being classified in the same group as “emerging”, these countries have
information environments of different qualit y (Martins & Barros, 2021). In this co ntext, the motivation for this
study arises, which identifies the difference in information quality among emerging countries and its
relationship with the value relevance of accounting information and analysts’ forecasts of non-financial
companies.
When an information agent has a higher level of information than another in the market, this
information asymm etry can interfer e in the reactions of m arket participants and, consequently, in stock prices
(Martinez & Dumer, 2013). Analysts play an essential role in reducing this inf ormation asymmetry,
contributing to market efficiency. When market participants base their investment decisions on analysts’
forecasts, they create a direct relationship between stock prices and analysts’ forecasts (Martinez, 2004,
Dalmácio et al., 2013). The closer to the real value r eported by the firms are the analysts’ estimates, which is
measured by the analyst forecast accuracy, the stronger is this relationship (Saito, Villalobos & Benetti,
2008, Goodman et al., 2013, Chen, Xi e, & Zhang, 2017).
At the same time, the accounting inform ation quality ca n be linked to their abilit y to influenc e decis ion
making, which can be verified by their value relevance, or relevance in determ ining the firm’s market value
(Barth, Beaver, & Landsman, 2001). From the perspective of the Signaling Theor y, the disclosure of
information by firm s is relevant to th e market because it trans mits signals to investors so that the y can decide
where to allocate their resources (Fatma & Abdelwahed, 2010). However, due to the lack of ability or
knowledge to interpret such information, or the difficulty of accessing that information, many investors base
their decisions on analysts’ forecasts, believing that they have more knowledge to make optimal choices
(Martinez, 2004). This is ratified by Chen, Xie, a nd Zhang (2 017) when they observe the impact of analys ts’
forecasts on the efficiency of investment decisions, especially when the information environment in which
firms are inserted is of higher quality.
Specific fac tors of the countries’ inf ormation en vironment can influence the relevance of information
disclosed by firms, such as ac counting standards, risks, governance, and enforcement of institutions
(Bhattacharya, Daouk, & Welker, 2003, Duarte, Girão, & Paulo, 2017, Takamatsu & Fávero, 2017, Miranda,
Melo, & Mart ins, 2021). These character istics affect the user’s perception of the inform ation and,
consequently, the stock prices. Furthermore, uncertainties in the countries’ information environm ent can also
affect the quality of analysts’ forecasts ( Karamanou, 2012, Goodm an et al., 2013, Dalm ácio et al., 2013,
Martinez & Dumer, 2013). This is reinforced for em erging markets, as the accurac y of analysts’ fo recasts
tends to be strongly associated with the characteristics of the environments of each country (Karamanou,
2012). However, Huang and Boate ng (2016) state that analysts have a better ability to understand the
different accounting choices of f irms, as well as the issues of the countries ’ information environment.
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