Relevância da informação contábil: uma análise de relatórios financeiros trimestrais e anuais

Abstract

Standardization by countries regarding the periodicity of disclosure of financial reports may interfere with the market's reaction and the relevance attributed by users of this information. In this direction, this study aims to analyze the relevance of accounting information in Brazilian companies' annual and quarterly financial reports based on the value relevance model of Cormier and Magnan (2016). In methodological terms, the multiple linear regression technique was applied to a final sample of 141 non-financial companies listed on Brasil, Bolsa e Balcão (B3) from 2010 to 2018, totaling 3,807 quarterly observations and 1,269 annual observations. The results indicate a higher level of relevance of accounting information disclosed in quarterly financial reports than in yearly reports. Furthermore, it was found that in the quarterly financial statements, there is an increase in the explanatory capacity under the value relevance model over the quarters. The study contributes to the scientific debate on the relevance and impact of quarterly financial reporting and its use by investors and regulators.

Keywords: value relevance; quarterly financial reports; annual financial reports; quality of accounting information.