LA EVALUACIÓN DE LA VALUE RELEVANCE DE LAS INFORMACIONES ACERCA LA JERARQUÍA DEL VALOR RAZONABLE DE LAS COMPAÑÍAS BRASILEÑAS
DOI:
https://doi.org/10.21680/2176-9036.2017v9n1ID7238Resumen
El objetivo de este estudio fue evaluar si la value relevance del valor razonable de nivel 1 y 2 es mayor que el value relevance de Nivel 3. Se trata de un estudio descriptivo de carácter cuantitativo y fue desarrollado sobre la base del método de regresión lineal. La muestra se compone de 50 compañías listadas en IBRX-100 BM&FBOVESPA que presentan información sobre la jerarquía del valor razonable. Los datos utilizados para el análisis de este estudio fueron recogidos en los estados financieros trimestrales y notas de las empresas analizadas y se refieren al período comprendido entre el primer trimestre de 2013 al cuarto trimestre de 2014. Los resultados mostraron que para los activos un valor razonable, sólo la variable AVJ3 (1,05) tenía value relevance, coeficiente positivo y estadísticamente significativo. Para pasivo, PVJ12 (7,64) y PVJ3 (6,92) tenían value relevance, pero con diferente coeficiente de lo negativo esperado teóricamente. En respuesta al objetivo general de la investigación, solamente se puede decir que la value relevance de los niveles 1 y 2 es mayor que el value relevance de Nivel 3 para los pasivos. Por otra parte, a partir de los resultados se puede inferir que los inversores interpretaron los importes de los pasivos a valor razonable en contra de la manera esperada, como ya se había observado en estudios de Gaynor, McDaniel y Yohn (2009) y Lachmann, Wöhrmann y Wömpener (2011).
Palabras clave:Valor razonable. Jerarquía de valor justo. CPC 46. Value relevance.
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