O value relevance dos non-gaap earnings e das IFRS
This research has the general objective of investigating the relative and incremental value relevance of the alternative measure non-GAAP earning EBITDA in comparison to the GAAP disclosures (net income), and the value relevance of the adoption of IFRS, of the companies listed in [B]3 – Brazil,...
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Non-GAAP earnings Value relevance EBITDA Adoção das IFRS |
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Non-GAAP earnings Value relevance EBITDA Adoção das IFRS Silva, John Pablo Cândido Dantas O value relevance dos non-gaap earnings e das IFRS |
| description |
This research has the general objective of investigating the relative and incremental value
relevance of the alternative measure non-GAAP earning EBITDA in comparison to the
GAAP disclosures (net income), and the value relevance of the adoption of IFRS, of the
companies listed in [B]3
– Brazil, Bolsa, Balcão, from 2005 to 2018. The metric EBITDA
was chosen, calculated according to CVM Instruction 527/2012, because it was the nonGAAP measure most publicized by Brazilian companies (KPMG, 2016), what made
econometric analysis possible. The survey data were collected through the Bloomberg®
database and the standardized financial statements available on the CVM and companies'
website, the EBITDA variable was collected in the press releases released and filed on
the investor relations website. Companies that make up the financial sector and
companies that did not present the necessary variables for the analysis were excluded
from the study. To achieve the proposed objective, the Generalized Method of Moments
(GMM) method was used in a panel. Based on the results found, it appears that in relation
to the relative value relevance, EBITDA was shown to be value relevant when the stock
price three and six months after the annual balance sheets was the dependent variable.
However, when analyzed individually in relation to net income, non-GAAP measures
could be considered more value relevant than GAAP measures, showing that the market
prefers to evaluate the share price based on EBITDA to the detriment of standard metrics.
Based on a robustness analysis of incremental value relevance, it was ratified in the
findings the relevance of EBITDA, compared to the net income. Finally, from the
measured results, it is concluded that non-GAAP measures are more relevant than GAAP
measures for the analyzed sample. This research, in addition to contributing to the
discussion in the national literature, assists the various users who seek to evaluate stock
prices. In addition, the study subsidizes regulatory and normative bodies providing
evidence, at the national level, in relation to the informational capacity of such companies'
performance measures. |
| author2 |
Lima, Diogo Henrique Silva de |
| author_facet |
Lima, Diogo Henrique Silva de Silva, John Pablo Cândido Dantas |
| format |
masterThesis |
| author |
Silva, John Pablo Cândido Dantas |
| author_sort |
Silva, John Pablo Cândido Dantas |
| title |
O value relevance dos non-gaap earnings e das IFRS |
| title_short |
O value relevance dos non-gaap earnings e das IFRS |
| title_full |
O value relevance dos non-gaap earnings e das IFRS |
| title_fullStr |
O value relevance dos non-gaap earnings e das IFRS |
| title_full_unstemmed |
O value relevance dos non-gaap earnings e das IFRS |
| title_sort |
o value relevance dos non-gaap earnings e das ifrs |
| publisher |
Universidade Federal do Rio Grande do Norte |
| publishDate |
2020 |
| url |
https://repositorio.ufrn.br/handle/123456789/30352 |
| work_keys_str_mv |
AT silvajohnpablocandidodantas ovaluerelevancedosnongaapearningsedasifrs |
| _version_ |
1773966681538822144 |
| spelling |
ri-123456789-303522020-10-11T07:40:08Z O value relevance dos non-gaap earnings e das IFRS Silva, John Pablo Cândido Dantas Lima, Diogo Henrique Silva de Tavares, Adilson de Lima Lima, Gerlando Augusto Sampaio Franco de Non-GAAP earnings Value relevance EBITDA Adoção das IFRS This research has the general objective of investigating the relative and incremental value relevance of the alternative measure non-GAAP earning EBITDA in comparison to the GAAP disclosures (net income), and the value relevance of the adoption of IFRS, of the companies listed in [B]3 – Brazil, Bolsa, Balcão, from 2005 to 2018. The metric EBITDA was chosen, calculated according to CVM Instruction 527/2012, because it was the nonGAAP measure most publicized by Brazilian companies (KPMG, 2016), what made econometric analysis possible. The survey data were collected through the Bloomberg® database and the standardized financial statements available on the CVM and companies' website, the EBITDA variable was collected in the press releases released and filed on the investor relations website. Companies that make up the financial sector and companies that did not present the necessary variables for the analysis were excluded from the study. To achieve the proposed objective, the Generalized Method of Moments (GMM) method was used in a panel. Based on the results found, it appears that in relation to the relative value relevance, EBITDA was shown to be value relevant when the stock price three and six months after the annual balance sheets was the dependent variable. However, when analyzed individually in relation to net income, non-GAAP measures could be considered more value relevant than GAAP measures, showing that the market prefers to evaluate the share price based on EBITDA to the detriment of standard metrics. Based on a robustness analysis of incremental value relevance, it was ratified in the findings the relevance of EBITDA, compared to the net income. Finally, from the measured results, it is concluded that non-GAAP measures are more relevant than GAAP measures for the analyzed sample. This research, in addition to contributing to the discussion in the national literature, assists the various users who seek to evaluate stock prices. In addition, the study subsidizes regulatory and normative bodies providing evidence, at the national level, in relation to the informational capacity of such companies' performance measures. Esta pesquisa tem como objetivo geral investigar o value relevance relativo e incremental da medida alternativa non-GAAP earning EBITDA em comparação às divulgações GAAP earning (lucro líquido) e o value relevance da adoção das IFRS, das empresas listadas na [B]³ - Brasil, Bolsa, Balcão, no período de 2005 a 2018. Escolheu-se a métrica EBITDA, calculada conforme a Instrução CVM 527/2012, pela ocasião de ter sido a medida non-GAAP mais divulgada pelas empresas brasileiras (KPMG, 2016), o que possibilitou a análise econométrica. Os dados da pesquisa foram coletados através da base de dados Bloomberg® e das demonstrações financeiras padronizadas disponíveis no site da CVM e das empresas. A variável EBITDA foi coletada nos press releases divulgados e arquivados no site de Relações com Investidores. Foram excluídas do estudo as companhias que compõem o setor financeiro e as empresas que não apresentaram as variáveis necessárias para a análise. Para atingir o objetivo proposto, foi utilizado o Método dos Momentos Generalizados (MMG) em painel. Com base nos resultados encontrados, verifica-se que em relação ao value relevance relativo, o EBITDA mostrouse value relevant quando a variável dependente era o preço das ações três e seis meses após os balanços anuais do ano anterior. Quando analisado individualmente em relação ao lucro líquido, as medidas non-GAAP foram consideradas mais value relevants que as medidas GAAP, evidenciando que o mercado prefere avaliar o preço das ações com base nos EBITDA em detrimento às métricas padronizadas. A partir de uma análise de robustez de value relevance incremental, foi ratificada nos achados a relevância do EBITDA, frente o lucro líquido que não se mostrou significante. Por fim, a partir dos resultados mensurados, conclui-se que as medidas non-GAAP são mais relevantes que as medidas GAAP para a amostra analisada. Esta pesquisa, além de contribuir com a discussão na literatura nacional, auxilia os diversos usuários que buscam avaliar os preços das ações. Ademais, o estudo subsidia órgãos reguladores e normativos fornecendo evidências, no âmbito nacional, em relação a capacidade informacional de tais medidas de desempenho das empresas. 2020-10-09T17:52:34Z 2020-10-09T17:52:34Z 2020-07-21 masterThesis SILVA, John Pablo Cândido Dantas. O value relevance dos non-gaap earnings e das IFRS. 2020. 99f. Dissertação (Mestrado em Ciências Contábeis) - Centro de Ciências Sociais Aplicadas, Universidade Federal do Rio Grande do Norte, Natal, 2020. https://repositorio.ufrn.br/handle/123456789/30352 pt_BR Acesso Aberto application/pdf Universidade Federal do Rio Grande do Norte Brasil UFRN PROGRAMA DE PÓS-GRADUAÇÃO EM CIÊNCIAS CONTÁBEIS |