Efeitos da comunicação de fatos relevantes de inconsistências contábeis na variação do preço das ações de empresas listadas na B3: um estudo de eventos

Abstract

This study aimed to evaluate the effects of communicating relevant facts of accounting inconsistencies or signs of fraud on the variation in share prices of companies listed on B3 - Brasil, Bolsa, Balcão. Descriptive research was carried out through document analysis and a quantitative data approach. To this end, a study of stock return events of the four companies selected to carry out the research was carried out. The events were defined by the communication of a relevant fact related to inconsistencies and/or signs of accounting fraud, with the estimation window being 252 business days prior to D-3 and the event window given by D-3 and D+3, being D0 the public disclosure of the communication of that information relevant to the accounting inconsistencies in question. The relevant facts were obtained from the CVM website and the share prices in the windows were extracted from the Profit Pro Software. The results obtained revealed that IRB(Re), Americanas and CVC presented a negative abnormal return, while Via (current Grupo Casas Bahia) showed positive abnormal return (AR). Therefore, it cannot be said that in all cases the material fact will immediately have a negative effect on the share price. In this way, it can be inferred that the higher quality of the actions established and the information content reported, tend to positively influence the perception of a certain group of investors regarding the company's future. It was concluded that the communication of relevant facts about accounting inconsistencies has direct and significant effects on the share price of companies listed on B3. These results reveal the importance of analyzing events and their effects on share prices, so that one can better understand the consequences of the communication of relevant facts of accounting inconsistencies on the variation in the price of shares of companies listed on B3. As contributions from this research, it was noticed that the market reacts in some way to relevant facts that indicate fraud. Furthermore, when carrying out a qualitative analysis of the communications, it is clear that the abnormal return was linked to the level of detail of the events that occurred and the measures that were taken, which denotes the relevance of the quality of the informational content reported by the companies. The three companies with negative RA disclosed facts that left uncertainty and possibly brought insecurity to their shareholders. On the other hand, the company with a positive RA brought a more detailed statement and clearly demonstrated the measures that were being taken by its governance, which reinforces the need to qualify the communication established.