Relação entre a qualidade do lucro e o preço das ações de empresas brasileiras.

Abstract

This study investigated the influence of the quality of accounting information, with a focus on smoothing results, on the market value of non-financial companies involved in B3 from 2018 to 2022. Using Eckel's (1981) smoothing metric, a linear regression was applied panel to evaluate the relationship between variables. The results revealed that share prices are influenced by economic-financial, institutional and temporal factors, with positive correlations observed between share price and variables such as size, market-to-book and asset return. However, there was no evidence of a significant association between earnings smoothing and share price. It is important to mention that the study had limitations, such as the sample restricted to ‘Novo Mercado’ and the analysis period limited to the last five years (2018-2022). These results are evaluated for the literature on the quality of accounting information and market value, showing that the quality of earnings is not a preponderant factor in determining the share price, while economic-financial and institutional factors play relevant roles.