Qualidade da Informação das Empresas Listadas no Índice Small Cap da B3
DOI:
https://doi.org/10.12979/rcmccuerj.v27i1.55797Palavras-chave:
Coeficiente de Resposta do Lucro. Persistência do Lucro. Qualidade da Informação. Suavização de Resultados.Resumo
Essa pesquisa tem como objetivo evidenciar a qualidade da informação (QI) das companhias listadas no índice Small Cap da [B]3. Considerando que essas companhias são detentoras de maiores oportunidades de crescimento, e, portanto, maiores riscos, elaborou-se a hipótese, em que destaca-se a existência de uma relação significante e negativa entre “Qualidade da Informação e Small Cap” das empresas listadas na [B]3. Foram utilizadas três métricas de QI: persistência do lucro; suavização de resultados e o coeficiente de resposta do lucro (CRL). Os resultados apontaram menor QI das Small Cap em relação as demais empresas com as métricas persistência e suavização de resultados. As Small Cap apresentam maior volatilidade nos lucros, considerando a existência de maiores oportunidades de crescimento e, por consequência, possuem menor previsibilidade dos lucros futuros. Por outro lado, os resultados evidenciaram maior qualidade da informação com a utilização do CRL. As possíveis causas desses achados, sobretudo a divergência entre as métricas, se devem, em primeiro lugar, à segregação dos componentes do lucro em FC e accruals, considerando que os FCs são mais persistentes quando comparados com os accruals.
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