Earnings Quality and Investment Efficiency: An Analysis of Electricity Companies Listed in B3 / Qualidade dos Lucros e Eficiência do Investimento: Uma Análise das Empresas de Eletricidade Listadas em B3
Abstract
The present study analyzes the relationship between earnings quality and investment efficiency of electricity companies listed in Brazil, Bolsa, Balcão [B]3. The choice of the electric sector is due to the large number of companies, the volume of resources invested in the sector, and strong regulation as a reducing factor of informational asymmetry. The data analyzed covers the period from 2010 to 2017 through a static panel, and comprises a sample of 57 companies in the electricity sector. We used information contained in the financial statements extracted from the [B]3 database on its website for disclosure purposes. Higher-quality financial reporting should increase investment efficiency. Moreover, reducing adverse selection and moral hazard increases the quality of financial reporting information and allows managers to identify better investment opportunities. With this is mind, the hypothesis of this research is that there is a significant and positive relationship between earnings quality and investment efficiency of electricity companies listed in [B]3. Results indicated a positive relationship between earnings quality and investment efficiency, especially mitigating overinvestment. These results corroborate studies conducted in developed economies. Notwithstanding, higher information quality does not mitigate underinvestment.
Keywords: Investment Efficiency. Information Quality. Electricity Sector.
RESUMO
O presente estudo analisa a relação entre a qualidade dos ganhos e a eficiência do investimento das empresas de eletricidade listadas no Brasil, Bolsa, Balcão [B] 3. A escolha do setor elétrico se deve ao grande número de empresas, ao volume de recursos investidos no setor e à forte regulamentação como fator redutor da assimetria informacional. Os dados analisados cobrem o período de 2010 a 2017 por meio de um painel estático, e abrangem uma amostra de 57 empresas do setor elétrico. Utilizamos as informações contidas nas demonstrações financeiras extraídas do banco de dados [B] 3 de seu website para fins de divulgação. Relatórios financeiros de alta qualidade devem aumentar a eficiência do investimento. Além disso, a redução da seleção adversa e do risco moral aumenta a qualidade das informações dos relatórios financeiros e permite que os gestores identifiquem melhores oportunidades de investimento. Diante disso, a hipótese desta pesquisa é que existe uma relação significativa e positiva entre a qualidade dos ganhos e a eficiência do investimento das empresas de energia elétrica listadas em [B] 3. Os resultados indicaram uma relação positiva entre a qualidade dos lucros e a eficiência do investimento, especialmente mitigando o sobreinvestimento. Esses resultados corroboram estudos realizados em economias desenvolvidas. No entanto, a maior qualidade da informação não atenua o subinvestimento.
Palavras-chave: Eficiência de Investimento. Qualidade da Informação. Setor Elétrico.
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DOI: http://dx.doi.org/10.12819/2021.18.4.3
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