O Value Relevance é Relevante?

Abstract

In view of the adoption of IFRS, it is relevant to evaluate whether these standards have improved the quality of accounting information through their effect on stock prices. In this sense, the objective of this research is to identify the impact of the adoption of IFRS on the value relevance of net income (LL) and shareholders' equity (PL). For this purpose a meta-analysis of the published studies on the subject was carried out, examining separately the price and return models proposed by Ohlson (1995). The sample consisted of 26 articles that analyzed Brazilian companies in the period from 1997 to 2014, totaling 18,562 observations for the period pre-IFRS and 17,381 observations for post IFRS. The results evidenced a fall in the value relevance of the PL after the adoption of IFRS. For LL, a gain in the relevance of information was identified after the introduction of IFRS. As an additional analysis we investigated the occurrence of differences in results for sub-samples with periods of partial or total adoption of IFRS. The price model showed that in the periods of partial and total adoption there was a reduction in the value relevance of the PL. In relation to LL, price model, there was an increase in the period of partial adoption and reduction in the period of total adoption. It was also tested whether the quality of the studies that compose the meta-analysis influenced the results. There was no difference for the subgroups tested, except when the quality was evaluated by the number of citations of the articles. In general, the results pointed out that the adoption of IFRS improved the value relevance of LL, but did not improve PL.