Análise da value relevance da demonstração do valor adicionado nos níveis diferenciados de governança corporativa da BM&FBOVESPAr

Abstract

In the current scenario the concern for information that guarantees more transparency and reliability is considered as a factor that influences the investors decision-making. The aim of the study was analyze if the information content of the Value Added Statement is relevant to investors in the stock market in companies belonging to the differentiated levels of corporate governance in the period from 2011 to 2015. In order to reach the objective of the study, of multiple linear regression for companies belonging to the IGCX index of BMF&BOVESPA. The variables used were stock price as dependent, and as independent variables we analyzed the net value added for distribution, equity value per share, earnings per share, total assets, indebtedness and ratio of the amount distributed in compensation of the equity. In addition, the industries listing firms, the year, the corporate governance level and whether or not the company issued shares abroad were used as control variables. The research sample consisted of 155 companies and 714 observations. The results indicate that the variable added value for distribution at the statistical significance level of 5% is relevant to stock market at the differentiated levels of corporate governance, but with low explanatory power, and when control variables are added to the regression, that earnings per share have more explanatory power in relation to net added value. It is concluded that, in general, there is concern about the wealth generated by the entity, and the VAS is presented as a content aimed at greater transparency of the entities, capable of influencing the decision-making of investors, but low in relation to the other analyzed variables.