Bad (good) news and delay (anticipation) of financial statements’ disclosure
Article Sidebar
Main Article Content
Abstract
Managers have discretion over the timing of accounting information disclosure; existing literature has investigated the potential determinants regarding this choice. Thus, this study aimed to evaluate whether the type of accounting information is a factor that influences the anticipation of its disclosure to external users. The dataset comprises information provided by Brazilian companies listed on the Brasil Bolsa Balcão (B3) between 2010 and 2016. The research employed linear regression and the logistic regression model to evaluate whether type of news is a determinant for the timing of financial disclosures. Empirical evidence indicates that the nature of information (i.e., good or bad news) is related to the time taken (i.e., postponement or anticipation) in disclosing quarterly accounting figures of companies. Overall, our results contribute to the disclosure literature in Brazil and indicate that postponements are associated with the disclosure of negative news.
Downloads
Metrics
Article Details
A RAE compromete-se a contribuir com a proteção dos direitos intelectuais do autor. Nesse sentido:
- adota a licença Creative Commoms BY (CC-BY) em todos os textos que publica, exceto quando houver indicação de específicos detentores dos direitos autorais e patrimoniais;
- adota software de detecção de similaridades;
- adota ações de combate ao plagio e má conduta ética, alinhada às diretrizes do Committee on Publication Ethics (COPE)
References
Bagnoli, M., Kross, W., & Watts, S. G. (2002). The information in management’s expected earnings report date: A day late, a penny short. Journal of Accounting Research, 40(5), 1275-1296. doi: 10.1111/1475-679X.t01-1-00054
Barcellos, L. P., Costa, J. V., Júnior, & Laurence, L. C. (2014). Determinantes do prazo de divulgação das demonstrações contábeis das companhias não financeiras listadas na Bovespa. Revista de Contabilidade e Organizações, 8(20), 84-100. doi: 10.11606/rco.v8i20.69265
Begley, J., & Fischer, P. (1998). Is there information in an earnings announcement delay? Review of Accounting Studies, 3, 347-363. doi: 10.1023/A:1009635117801
Beyer, A., Cohen, D. A., Lys, T. Z., & Walther, B. R. (2010). The financial reporting environment: Review of the recent literature. Journal of Accounting and Economics, 50(2), 296-343. doi: 10.1016/j.jacceco.2010.10.003
Boulland, R. & Dessaint, O. (2017). Announcing the announcement. Journal of Banking & Finance, 82, 59-79. doi: 10.1016/j.jbankfin.2017.05.007
Chen, G., Cheng, L. T. W., & Gao, N. (2005). Information content and timing of earnings announcements. Journal of Business Finance & Accounting, 32(1-2), 65-95. doi: 10.1111/j.0306-686X.2005.00588.x
Dantas, J. A., Zendersky, H. C., Santos, S. C., & Niyama, J. K. (2008). A dualidade entre os benefícios do disclosure e a relutância das organizações em aumentar o grau de evidenciação. Economia & Gestão, 5(11), 56-76. Recuperado de http://periodicos.pucminas.br/index.php/economiaegestao/article/view/40/34
Dye, R. (2001). Na evaluation of “essays on disclosure” and the disclosure literature in accounting. Journal of Accounting & Economics, 32, 181-235. doi: 10.1016/S0165-4101(01)00024-6
Givoly, D., & Palmon, D. (1982). Timeliness of annual earnings announcements: Some empirical evidence. The Accounting Review, 57(3), 486-508. Recuperado de https://www.jstor.org/stable/246875
Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1), 3-73. doi: 10.1016/j.jacceco.2005.01.002
Haw, I. M., Qi, D., & Wu, W. (2000). Timeliness of annual report releases and market reaction to earnings announcements in an emerging capital market: The case of China. Journal of International Financial Management & Accounting, 11(2), 108-131. doi: 10.1111/1467-646X.00058
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1), 405-440. doi: 10.1016/S0165-4101(01)00018-0
Kirch, G., Lima, J. B. N., & Terra, P. R. S. (2012). Determinantes da defasagem na divulgação das demonstrações contábeis das companhias abertas brasileiras. Revista Contabilidade & Finanças, 23(60), 173-186. doi: 10.1590/S1519-70772012000300003
Kross, W., & Schroeder, D. A. (1984). An empirical investigation of the effect of quarterly earnings announcement timing on stock returns. Journal of Accounting Research, 22(1), 153-176. doi: 10.2307/2490706
Moreira, N. C., Ramos, F., Kozak-Rogo, J., & Rogo, R. (2016). Conference calls: An empirical analysis of information content and the type of disclosed news. BBR. Brazilian Business Review, 13(6), 291-315. doi: 10.15728/bbr.2016.13.6.6
Paixão, L. M. D., Avelino, B. C., & Takamatsu, R. T. (2017). Determinantes do momento de divulgação das demonstrações contábeis de empresas que compõem o Índice da Bolsa de Valores de São Paulo (Ibovespa). Revista de Contabilidade & Controladoria, 9(1), 47-66. doi: 10.5380/rcc.v9i1.47940
Sengupta, P. (2004). Disclosure timing: Determinants of quarterly earnings release dates. Journal of Accounting and Public Policy, 23(6), 457-482. doi: 10.1016/j.jaccpubpol.2004.10.001
Trueman, B. (1990). Theories of earnings-announcement timing. Journal of Accounting and Economics, 13(3), 285-301. doi: 10.1016/0165-4101(90)90035-3
Verrecchia, R. (2001). Essays on disclosure. Journal of Accounting & Economics, 32, 97-180. doi: 10.1016/S0165-4101(01)00025-8
