Uniformity and comparability: an analysis of the relevance for the Brazilian capital market

Q3 Economics, Econometrics and Finance

Revista Contabilidade e Financas Pub Date : 2022-01-21 DOI:10.1590/1808-057x202112890

Emanuelle Frasson Guimarães, Suliani Rover

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引用次数: 1

Abstract

ABSTRACT This research aimed to analyze the relationship between the characteristics of uniformity and comparability and the fundamental qualitative characteristic of relevance of financial reports for the Brazilian capital market, discussing the possibility of a trade-off between comparability and relevance, the importance of considering both comparability and relevance to maximize the utility of financial statements, and the gaps regarding the “effectiveness” of uniformity and achieving comparability to the detriment of relevance. It is important to investigate the “effectiveness” of uniformity in terms of the utility of the decision due to the confusion that exists between the concepts of uniformity and comparability. The results will encourage regulatory bodies to reflect on the confusion that exists between uniformity and comparability and on fulfilling the characteristics of relevance and comparability, indicating what the relationship is between these from the viewpoint of the capital market. Uniformity is identified by means of the earnings covariance measure and comparability via the accounting function similarity measure. The relevance models are assessed using panel data regressions covering the period from 2013 to 2018. The sample includes companies from the B3S.A. - Brasil, Bolsa, Balcão belonging to sectors classified in the Level 2 North American Classification System (NAICS) that comprise at least two companies. The results indicated that uniformity is not relevant for the Brazilian capital market, even when it contributes to comparability. These can be explained by the possible production of superficial comparability. They also revealed that comparability is relevant and positively related to the share price. However, the inclusion of this variable led to a decrease in explanatory power, which may indicate the achievement of comparability to the detriment of relevance. Finally, it is revealed that the Brazilian capital market distinguishes between the concepts of uniformity and comparability when evaluating companies.

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统一性与可比性:对巴西资本市场相关性的分析

本研究旨在分析巴西资本市场财务报告的一致性和可比性特征与相关性的基本定性特征之间的关系，讨论可比性和相关性之间权衡的可能性，同时考虑可比性和相关性对财务报表效用最大化的重要性。以及关于一致性的“有效性”和实现可比性而损害相关性的差距。由于统一性和可比性概念之间存在混淆，因此从决策的效用角度研究统一性的“有效性”是很重要的。研究结果将鼓励监管机构反思统一性和可比性之间存在的混淆，以及如何实现相关性和可比性的特征，从资本市场的角度表明两者之间的关系。统一性通过盈余协方差度量和可比性通过会计函数相似性度量来确定。使用涵盖2013年至2018年期间的面板数据回归评估相关性模型。样本包括来自美国的公司。巴西，Bolsa, balc属于2级北美分类系统(NAICS)的行业，至少包括两家公司。结果表明，统一性与巴西资本市场无关，即使它有助于可比性。这可以用可能产生的表面可比性来解释。他们还发现，可比性与股价呈正相关。然而，纳入这一变量导致解释能力下降，这可能表明实现了可比性而损害了相关性。最后，揭示了巴西资本市场在评估公司时区分了统一性和可比性的概念。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Revista Contabilidade e Financas Economics, Econometrics and Finance-Finance

CiteScore

1.00

自引率

0.00%

发文量

审稿时长

17 weeks

期刊介绍： Revista Contabilidade & Finanças (RC&F) publishes inedited theoretical development papers and theoretical-empirical studies in Accounting, Controllership, Actuarial Sciences and Finance. The journal accepts research papers in different paradigms and using various research methods, provided that they are consistent and relevant for the development of these areas. Besides research papers, its main focus, traditional papers and manuscripts in other formats that can contribute to communicate new knowledge to the community are also published.