Adoption of IFRS and the relevance of accounting information using quantile regression

Name: MÁGNO DOS SANTOS NETO

Publication date: 12/09/2017
Advisor:

Namesort descending Role
CLÁUDIO MÁRCIO PEREIRA DA CUNHA Advisor *

Examining board:

Namesort descending Role
ALFREDO SARLO NETO Internal Examiner *
CLÁUDIO MÁRCIO PEREIRA DA CUNHA Advisor *
VALDÉRIO ANSELMO REISEN External Examiner *

Summary: The objective of this research is to analyze how convergence to international standards
(IFRS) in Brazil affects the relevance of the accounting information, evaluated through
the model of Collins, Maydew and Weiss (1997). Two samples were constructed, with
and without treatment of discrepant values and exclusion of negative, non-probabilistic
equity listed on the São Paulo Stock Exchange. The samples were formed by annual data
from 2005 to 2014. The methods adopted were MQO, usually used in the estimation of
the parameters of the linear value relevance models, and quantile regression, considering
the distributions of the variables analyzed, the presence of discrepant values and the
sample size. The results of the quantile regressions indicate that: (i) the adoption of IFRS
in Brazil impacted the associative capacity of accounting profit in relation to the share
price; (ii) the adoption of IFRS in Brazil impacted the associative capacity of shareholders’
equity in relation to the share price; (iii) and it is possible to affirm that the relevance of
the adoption of IFRS varies according to the percentile of company stock prices. Such
findings suggest that treatments for discrepant values and the exclusion of net worth do
not totally eliminate the effects of discrepant values combined with the lack of normality
of the variables influence the estimates of linear models. The quantile regression was more
efficient and less likely to estimate errors than the traditional estimation methods (OLS
and MV).

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