Value relevance: effects of accounting specificities of brazilian companies in the civil construction and real estate development segment
DOI:
https://doi.org/10.21680/2176-9036.2021v13n1ID19894Keywords:
value relevance, accounting information, civil construction, real estate development.Abstract
Purpose: Analyze whether the relevance of accounting information, in relation to market value, has different characteristics in companies in the construction and real estate development segment compared to entities in other segments.
Methodology: The time window of the survey covered the period from 2011 to 2017, with the final sample consisting of 182 companies listed on the Bovespa, of which 20 are from the civil construction and real estate development sector. Regression was estimated with data in a fixed effects panel based on the econometric model developed by Barth, Clinch and Israeli (2016).
Results: The results show that, in relation to companies that are not in the civil construction segment, the market attributes relevance to all accounting variables present in the model. Regarding companies in the civil construction and real estate development sector, the results provide statistical evidence that, in relation to market value, the accounting numbers of entities in the civil construction and real estate development sector have different informational relevance than Brazilian entities from the others. segments. The results also indicate that the specific revenue recognition methods adopted by the civil construction and development sector reflect the relevance of their accounting numbers in relation to the companies' market value.
Contributions of the Study: The study contributes to the current literature by analyzing the informational power of financial reporting in a specific sector. The results contribute to the professionals who prepare the financial statements because it signals the need to improve information quality. It also signals to the standardizing agents that the standards aimed specifically at these sectors, may be reducing the information quality of the financial statements.
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