Relevância do conteúdo informacional das book-tax differences : evidências de países membros da América Latina

Abstract

This present research aims at investigating whether the types of book-tax differences are useful to future income prediction and to stock returns of joint-stock companies from five countries in Latin America. This is possible, once, these differences bring information about transitory components of income and future cash flow of companies, which can be used by investors for future income prediction and for decisions related to stock prices returns. However, there\'s little knowledge about the relation between fiscal variables and companies\' returns. The sample is compounded by 580 joint-stock companies of five countries (Argentina, Brazil, Chile, Mexico, and Peru) members of Latin America with available data in Economática® data base in the period of 2002 to 2013. In methodological terms, regressions are employed in order to seek an association among the types (total, permanent, temporary and the negative and positive variations) of BTD with actual and future profits per share and stock prices returns of companies, besides some control variables suggested by previous literature. The model\'s coefficients were estimated through data panel techniques: fixed effects, random effects and pooled. The obtained results suggest that the apprehended information in the types of book-tax differences (total, permanent, temporary, positive and negative variations) are relevant to future income prediction. Total, permanent and temporary differences contribute to uncertainties in future income prediction, whereas, the returns are more transitory and less persistent in years which present higher book-tax differences. The positive and negative variation, on the opposite, indicate higher future income in following years of deeper variations in book-tax differences, representing higher opportune of returns and reduction in financing out of the joint-stock companies\' balance sheets from the alluded countries. For stocks returns, it\'s suggested that the searched types of BTD affect the stock prices returns of joint-stock companies which compose this research. Thus, these results are consonant with previous research (HANLON, 2005, TANG, 2006; AYRES; LAPLANTE; MCGUIRE, 2010), that the types of BTD contribute to uncertainties in future income prediction and negative variations in BTD to lower stock stocks returns. And contrary to these researches, since, the higher magnitude of the BTD types (total, permanent, temporary and positive variation) results in higher stocks returns