Relação entre a informatividade do ativo contábil e o risco sistemático das empresas brasileiras
Palavras-chave:
Informatividade do ativo, Capital econômico, Qualidade da informação contábil, Risco sistemático, Custo de CapitalResumo
Objetivo: Este estudo objetiva analisar eventual relação entre a informatividade do ativo contábil e o risco
sistemático das empresas brasileiras. A hipótese de pesquisa parte do pressuposto de que a percepção
de risco dos investidores se reduz com fatores que restringem a sua incerteza, dentre eles, uma melhor
qualidade da informação.
Método: Para alcançar o objetivo, foram estimadas regressões com dados em painel, empregando-se
dados de 186 empresas, de 2010 a 2021. A análise contemplou, além da informatividade global do ativo,
a informatividade resultante de escolhas da empresa (parte discricionária) e a informatividade inferida a
partir de empresas relacionadas do mesmo setor (parte não discricionária).
Resultados: A informatividade do ativo mostrou-se relevante e negativamente associada ao risco
sistemático das empresas brasileiras, sendo que a sua parte não discricionária apresentou efeito mais
intenso sobre o risco sistemático do que a parte discricionária.
Contribuições: O trabalho é relevante para usuários, preparadores e reguladores ao contribuir com a
discussão sobre qualidade da informação contábil evidenciando sua relação com o risco sistemático de
empresas por meio de medida focada no ativo, por sugerir métrica que pode auxiliar nas estimativas de
valor da empresa e por fornecer evidências das consequências econômicas das escolhas contábeis.
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