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Financial indicators, informational environment of emerging markets and stock returns
RAUSP Management Journal Pub Date : 2019-07-08 , DOI: 10.1108/rausp-10-2018-0102
Renata Turola Takamatsu , Luiz Paulo Lopes Fávero

The purpose of this paper is to evaluate the influence of the informational environment on the relevance of accounting information in companies traded in stock exchanges of emerging markets.,For this purpose, the authors calculated indicators based on figures derived from the financial statements and variables that sought to capture the influence of the economic and institutional environment. The sample consisted of publicly traded companies from 20 countries classified as emerging by Standard & Poors. Macroeconomic information was obtained through the International Country Risk Guide database. The analysis period ranged from 2004 to 2013, excluding missing data, variables considered as outliers, besides the exclusion of data from companies that presented negative equity.,It was observed that the financial variables presented signs consistent with the literature, except for the price-to-book variable and the asset change variable. The inclusion of variables related to the accounting informational environment offered evidence that the more opaque the accounting environment in the country, the lesser the ability of the profits to portray the variations of stock returns. The variable that captured the adoption of international standards was consistent with expectations, i.e. the adoption of international standards would increase the quality of accounting information, showing a positive signal. Moreover, the variable aggressiveness of the earnings was statistically significant and negative, consistent with the literature.,The variables earnings smoothing and aversion to losses did not show the expected behaviour though, highlighting the possible limitations of these proxies used to capture the opacity of the earnings.,When institutional moderators were included, it was observed that the adoption of the IFRS standards positively affected the relationship, which is more relevant when the accounting figures were under its aegis. Recently, countless nations’ transition to international accounting standards has been justified by the need to use high-quality reporting standards. The research sought to contribute to strengthen this dimension, presenting evidence that the dummy variable included to capture the adoption of international standards had a positive effect on the relationship.

中文翻译:

金融指标、新兴市场信息环境与股票收益

本文的目的是评估信息环境对在新兴市场证券交易所交易的公司会计信息相关性的影响。为此,作者根据财务报表中的数据和变量计算了指标。试图捕捉经济和制度环境的影响。样本包括来自 20 个国家的上市公司,被标准普尔归类为新兴公司。宏观经济信息是通过国际国家风险指南数据库获得的。分析期为 2004 年至 2013 年,不包括缺失数据、被视为异常值的变量,此外还排除了出现负资产的公司的数据。据观察,除市净率变量和资产变动变量外,金融变量呈现出与文献一致的迹象。包含与会计信息环境相关的变量提供了证据,表明该国的会计环境越不透明,利润描述股票回报变化的能力就越小。反映采用国际准则的变量与预期一致,即采用国际准则会提高会计信息的质量,显示出积极信号。此外,收益的变量积极性在统计上是显着的和负的,与文献一致。,变量收益平滑和厌恶损失虽然没有表现出预期的行为,强调用于捕捉收益不透明度的这些代理可能存在局限性。,当包括机构审核员时,观察到采用 IFRS 标准对这种关系产生积极影响,当会计数据受其支持时,这种关系更为相关. 最近,无数国家向国际会计标准的过渡已被证明需要使用高质量的报告标准。该研究试图加强这一维度,并提供证据表明为捕捉国际标准的采用而包含的虚拟变量对这种关系产生了积极影响。据观察,国际财务报告准则的采用对这种关系产生了积极影响,当会计数据在其管辖下时,这种关系更为相关。最近,无数国家向国际会计标准的过渡已被证明需要使用高质量的报告标准。该研究试图加强这一维度,并提供证据表明为捕捉国际标准的采用而包含的虚拟变量对这种关系产生了积极影响。据观察,采用国际财务报告准则对这种关系产生了积极影响,当会计数据由其管理时,这种关系更为相关。最近,无数国家向国际会计标准的过渡已被证明需要使用高质量的报告标准。该研究试图加强这一维度,并提供证据表明为捕捉国际标准的采用而包含的虚拟变量对这种关系产生了积极影响。
更新日期:2019-07-08
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