Relationship between the structure of ownership and computing the accounting profits in the Brazilian market / Relação entre a estrutura de propriedade e a informatividade dos lucros contábeis no mercado brasileiro

AUTOR(ES)
DATA DE PUBLICAÇÃO

2009

RESUMO

This present study consists on examining the effects of the ownership structure over the informativeness of the accounting earnings which are disclosed by traded companies in the Brazilian stock market. Informativeness is about measuring how intense is the relation between accounting earnings and stock prices considering the angular coefficient of the probable straight line between these two variables. The research focus on the specific influence of two ownership structure´s characteristics: the concentration of the vote rights and the divergence between the rights of the shares (vote versus cash flow) on the accounting earnings informativeness. Analyzing the Brazilian market, this study considerate the use of the different practices of corporative governance to reduce the influence of the concentration of vote rights and the divergence between rights on the accounting earnings informativeness. It also approaches the difference of the informativeness between accounting earnings and dividends, caused by the divergence between the rights of the shares (vote versus cash flow). The relevance of this study, in the Brazilian reality, meets in the fact that the Brazilian market, different from other developed markets, is the typical concentration of the vote rights at the hands of a few shareholders, plus the deviation between the rights to vote and cash flow through emission of preferential shares. The relation between the informativeness of the accounting earnings and the concentration of votes and the divergence among rights was based on the entrenchment and the alignment effects. Its methodology was based on the studies made by Fan and Wong (2002) and Francis et. al. (2005) in Asian southwestern market and the American market. The definition of the largest ultimate owner was used. The sample used in the research was formed by the no-financial companies listed in the São Paulo Stock Exchange (Bovespa) during the years of 2000 the 2006. There were three approaches: pooled, fixed effect and random effect. The results show that the concentration of the vote rights has a negative influence on the accounting earnings informativeness. Concerning the divergence between rights, the negative influence was confirmed partially. However, as an unexpected result, the divergence between rights has positive influence on the accounting earnings informativeness. When the divergence between rights is taken into consideration within the excess of votes, it becomes clear its negative influence over the accounting earnings informativeness. This evidence suggests that the divergence among rights can influence negatively the informativeness only when the largest ultimate owner has the majority (>50%) of the vote rights. The most negative impact on the accounting earnings informativeness was observed when the combination of the concentration of votes with the divergence between rights occurs. Concerning the different practices of corporative governance as the reducing element of the influence of the concentration of votes and the divergence between rights over the accounting earnings informativeness, it was not confirmed. At last, comparing informativeness of accounting earnings and dividends, evidences emerged: (i) when the divergence for rights were conditioned, there was a difference in statistics between informativeness of accounting earnings and dividends, and (ii) whereas, unexpectedally, under the influence of the divergence within rights, accounting earnings informativeness increased and informativeness dividends decreased.

ASSUNTO(S)

shareholder lucro profit divulgação de informações financeiras disclosure of financial information demonstração financeira demonstration funding tion acionista majoritário

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