THE VALUE RELEVANCE ASSESSMENT OF INFORMATION ABOUT THE FAIR VALUE HIERARCHY OF BRAZILIAN COMPANIES

Authors

  • Tatiane de Oliveira Marques Universidade Federal de Minas Gerais - UFMG
  • Jorge Katsumi Niyama Universidade de Brasília - UNB
  • Rafael Morais de Souza
  • Charles Albino Schultz

DOI:

https://doi.org/10.21680/2176-9036.2017v9n1ID7238

Abstract

The aim of this study was to evaluate whether the value relevance of fair value Level 1 and 2 is greater than the value relevance of Level 3. This is a descriptive research, quantitative character and data analysis was developed based on the linear regression method. The sample consists of 50 companies listed in the Index IBrx-100 BM&FBOVESPA that presented information on the fair value hierarchy. The data collection was conduced in the quarterly financial statements and explanatory notes from the first quarter of 2013 to the fourth quarter of 2014. The results for assets at fair value showed that the only variable AVJ3 (1,05) have value relevance, positive and statistically significant coefficient. For liability, PVJ12 (7,64) and PVJ3 (6,92) had relevance value, but the different coefficient of the theoretically expected negative. Responding to the main research objective, it is possible to affirm that the value relevance of Levels 1 and 2 is greater than value relevance of Level 3 for liabilities. From the results it can also be inferred that investors interpreted the liability amounts to fair value wrongly, as had already been observed in studies of Gaynor, McDaniel and Yohn (2009) and Lachmann, Wöhrmann and Wömpener (2011).

Keywords: Fair value. Fair value hierarchy. CPC 46. Value relevance.

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Author Biographies

Tatiane de Oliveira Marques, Universidade Federal de Minas Gerais - UFMG

Mestre em Contabilidade pela Universidade Federal de Santa Catarina. Doutoranda do Programa de Pós-Graduação em Contabilidade da Universidade de Brasília.

Professora do Departamento de Ciências Contábeis da Universidade Federal de Minas Gerais.

Jorge Katsumi Niyama, Universidade de Brasília - UNB

Pós-doutorado pela University of Otago. Atualmente é professor titular da Universidade de Brasília - Docente do Programa Multiinstitucional de Pós-Graduação da UnB, UFPB e UFRN - Universidade de Brasília - Faculdade de Economia, Administração e Contabilidade, Departamento de Ciências Contábeis e Atuariais

Rafael Morais de Souza

Doutor em Engenharia Elétrica pela Pontifícia Universidade Católica do Rio de Janeiro

Professor Adjunto do Departamento de Ciências Contábeis da Universidade Federal de Minas Gerais – UFMG - Endereço: Av. Antônio Carlos, 6627 - Pampulha  - Belo Horizonte, MG – Brasil - CEP: 31270-901 – Telefone: (31) 34097276.

Charles Albino Schultz

Mestre em Contabilidade / Doutorando em Wirtschaftswissenschaften - Universidade Federal da Fronteira Sul – UFFS / Technische Universität Chemnitz - UFFS – Campus Chapecó - C.P. 181 - Chapecó - Santa Catarina – Brasil - CEP: 89812-000 – Telefone: 49) 2049-3100.

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Published

02-01-2017

How to Cite

MARQUES, T. de O.; NIYAMA, J. K.; SOUZA, R. M. de; SCHULTZ, C. A. THE VALUE RELEVANCE ASSESSMENT OF INFORMATION ABOUT THE FAIR VALUE HIERARCHY OF BRAZILIAN COMPANIES. REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte, [S. l.], v. 9, n. 1, p. 144–162, 2017. DOI: 10.21680/2176-9036.2017v9n1ID7238. Disponível em: https://periodicos.ufrn.br/ambiente/article/view/7238. Acesso em: 29 jun. 2024.

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Vol. 9 No. 1 (2017): Jan./Jun.

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ARTICLES

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