Metodologia de estudo de eventos como aferição do impacto do parecer do revisor fiscal no mercado acionário colombiano em 2009-2016
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Dec 5, 2018
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Belky Esperanza Gutiérrez Castañeda
http://orcid.org/0000-0002-9578-5968
Carlos Andrés Barrera Montoya
http://orcid.org/0000-0002-2235-1843
http://orcid.org/0000-0002-9578-5968
Carlos Andrés Barrera Montoya
http://orcid.org/0000-0002-2235-1843
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Resumo
O fortalecimento de um mercado acionário está relacionado diretamente à transparência e a confiabilidade das informações disponíveis para os usuários nesses mercados. Com esse fim, o auditor exerce uma de suas funções, que é a de divulgar a situação administrativa e financeira da empresa através do relatório do auditor, virando este relatório um fiador da realidade econômica das empresas ao verificar a ausência de erros e fraudes nas informações financeiras que esses usuários recebem. Embora a importância
social dos auditores no contexto colombiano, ainda não tem-se quantificado o verdadeiro impacto do seu trabalho no mercado acionário, representado pela Bolsa de Valores da Colômbia (BVC); como resposta à falta dessa medição na Colômbia, da importância e impacto que o relatório do auditor pode exercer no contexto empresarial e nos investidores, foi que esta pesquisa foi feita, na qual quer-se avaliar, através da metodologia de estudo de eventos, o efeito que o relatório emitido pelo auditor exerce
em relação com o parecer das demonstrações financeiras e sua influência no comportamento do preço de 127 empresas durante o período 2009-2016, negociadas na BVC. Os resultados mostram que o relatório de auditoria, juntamente com algumas variáveis das demonstrações financeiras, não gera efeitos significativos nos retornos esperados das empresas listadas na BVC, ao realizar análise de forma geral e por setores econômicos. Em conclusão, demonstra-se, por meio de dados estatísticos, que não existe relação
significativa entre emissão e divulgação do relatório do auditor e a volatilidade ou retorno anormal que inuencia a dinâmica do mercado acionário.
Keywords
statutory auditor, professional opinion, stock market, market return, CAMP, ARCHrevisor fiscal, dictamen, retorno de mercado, CAMP, mercado accionario, ARCHauditor, parecer, mercado acionário, retorno de mercado, CAMP, ARCH
References
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Ameen et al. (1994). Information Content of Qualied Audit Opinions for Over-the-Counter Firms. Journal of Business Finance and Accounting, 21, 997-1011.
Ashley, J. W. (1962). Stock Prices and Changes in Earnings and Dividends: Some Empirical Results. J. Polit. Econ, 70(1), 82-85.
Ball, R. y Brown, P. (1968). An Empirical Evaluation of Accounting Income Numbers. J. Acc. Res. , Autumn, 6(2), 159-78.
Barker, C. A. (1956). Effective Stock Splits. Harvard Business Review, Vol. 34, No. 1 ( January-February, 1956), 101-106.
Barker, C. A. (1957). Stock Splits in a Bull Market. Harvard Business Review, Vol. 35, No. 3 (May-June, 1957), 72-79.
Barker, C. A. (1958). Evaluation of Stock Dividends. Harvard Business Review, Vol. 36, No. 4 ( July-August, 1958), 99-113.
Berggrun, L. (2006). La fusión de Bancolombia, Conavi y Cornsura: una aplicación de la metodología de estudio de eventos. Estudios Gerenciales, 22 (100), 83-102. Retrieved from: https://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/201/html
Bernard, V. L. y omas, J. K. (1990). Evidence that Stock Prices do not Fully Reect the Implications of Current Earnings for Future Earnings. Journal of Accounting and Economics, 13(4), 305-340. https://doi.org/10.1016/0165-4101(90)90008-R
Black, F. y Scholes, M. (1974). e Effects of Dividend Yields and Dividend Policy on Common Stock Prices and Returns. Journal of Financial Economic, 1, 1-22.
Blanco, M. S. (2003). Auditoría 2005. Bogotá: Ecoe Ediciones. Bollerslev, T. (1986). Generalized Autoregressive Conditional Heteroscedasticity. Journal of Econometrics,
Amsterdam, Holanda.
Bromwich, M. (1992). Financial Reporting, Information and Capital Markets. London: Pitman Publishing.
Chen, C. J. P., Su, X. y Zhao, R. (2000). An Emerging Market’s Reaction to Initial Modied Audit Opinions: Evidence from the Shanghai Stock Exchange. Contemporary Accounting Research, 17(3), 429-455. https://doi.org/10.1506/GCJP-5599-QUWB-G86D
Chiang, T. C. y Doong, S. (2001). Empirical Analysis of Stock Returns and Volatility: Evidence from Seven Asian Stock Markets Based on TAR-GARCH Model. Review of Quantitative Finance and Accounting, Amsterdam, NE, 17, nov. 2001, 301-318.
Choi, J. D. (1992). e Effects of Qualied Audit Opinion on Earnings Response Coefficients. Journal of Accounting and Economics, 15 (2), 229-248.
Chow, C. W. y Rice, S. J. (1982). Qualied Audit Opinions and Share Prices: an Investigation. Auditing: A Journal of Practice and eory, 57, 35-53.
Defond, M. y Wong, T. J. (2000). e Impact of Improved Auditor Independence on Audit Market Concentration in China. Journal of Accounting and Economics, v. 28, 269-305.
Dodd et al. (1984). Qualied Audit Opinions and Stock Prices: Information Content, Announcement Dates, and Concurrent Disclosures. Journal of Accounting and Economics, 6, 3-38.
Dolley, J. C. (1993). Characteristics and Procedure of Common Stock Split-Ups. Harvard Bus. Rev., Apr. 1933, 11, 316-26.
Elliot, J. (1982). Subject to; Audit Opinions and Abnormal Security Returns Outcomes and Ambiguities. Journal of Accounting Research, 20, 617-638.
Engle, R. F. y Nelson, D. B. (1993). University of California, San Diego, Department of Economics By and Discussion Paper 93-49, (november).
Fama, E. F. (1991). Efficient Capital Markets: Journal of Finance, 46 (5), 383-417. https://doi.org/10.2307/2328565
Fama et al. (1969). e Adjustment Of Stock Prices To New Information. International Economic Review, 10 (1), 1-21. https://doi.org/10.2307/2525569
Firth, M. A. (1978). Qualied Audit Reports: eir Impact on Investment Decisions. Accounting Review, Vol. 53, 642-650.
García, M. A., Ruiz, E. y Vico, A. (2000). Factores que condicionan la elección y el cambio de auditor en la empresa española. Revista de Contabilidad, 3 (6): 49-80.
Gómez, C. (2009). Validación de la hipótesis de los mercados ecientes en su nivel semifuerte aplicada al mercado accionario colombiano. Retrieved from http://www.bdigital.unal.edu.co/2458/1/43983962.2009.pdf
Gutiérrez, B. (2011). A Auditoria e o Mercado Acionário Latino-Americano: Casos Brasil, Argentina e Colômbia. Tesis de doctorado. São Paulo, Universidade de São Paulo, Brasil N.° 177.
Haw, I. M., Qi, D. y Wu, W. (2000). Timeliness of Annual Report Releases and Market Reaction to Earnings Announcement in an Emerging Capital Market: e Case of China. Journal of International Financial and Accounting, v. 11, 108-131.
Jegadeesh, N. y Livnat, J. (2006). Post-Earnings-Announcement Dri: e Role of Revenue Surprises. Financial Analysts Journal, 62 (2), 22-34.
Jones, F. L. (1996). e Information Content of the Auditor’s Going Concern Evaluation. Journal of Accounting and Public Policy, 15, 1-27.
Knechel, R. W. y Sharma, D. S. (2012). Auditor-Provided Nonaudit Services and Audit Effectiveness and Efficiency: Evidence from Pre-and Post-SOX Audit Report Lags. Auditing: A Journal of Practice and eory, 31 (4), 85-14.
Krishnamurthy et al. (2006). Auditor Reputation, Auditor Independence, and the Stock-Market Impact of Andersen’s Indictment on its Client Firms, Contempora, 465-90.
Lin, Z.J., Tang Q. y Xiao J. (2003). An Experimental Study of Users’ Responses to Qualied Audit Reports in China. Journal of International Accounting, Auditing and Taxation. v. 12, 1-22.
Loudder et al. (1992). e Information Content of Audit Qualication. Auditing: A Journal of Practice and eory, 11, 69-82.
MacKinlay, C. (1997). Event Studies in Economics and Finance. Journal of Economic Literature, 35(1), 13-39.
Mantilla, S. A. (2004). Auditoría. Bogotá: Ecoe.
Martínez et al. (2004). Reactions of the Spanish Capital Market to Qualied Audit Reports. European Accounting Review, 13 (4), 689-711. ttps://doi.org/10.1080/0963818042000216848
Melumad, N. y Ziv, A. (1997). A eoretical Examination of the Market Reaction to Auditor's Qualications. Revista de Investigación Contable, 35(2), 239-256.
Myers et al. (1948). Inuence of Stock Split-Ups on Market Price. Harvard Bus. Rev, 251-55.
Knechel, R. W. y Sharma, D. S. (2012). Auditor-Provided Nonaudit Services and Audit Effectiveness and Efficiency: Evidence from Evidence from Pre- and Post-SOX. Audit Report Lags., 31, 85-114.
Pei, D., Opong, K., Hamill, P. An Analysis of the Information Content of Qualied Audit Reports: Evidence from China’s Shenzhen Market. Working Paper, 2004.
Soltani, B. (2000). Some Empirical Evidence to Support the Relationship Between Audit Reports and Stock Prices- e French Case. International Journal of Auditing, 4(3), 269-291. https://doi.org/10.1111/1099-1123.00317
Teweles et al. (1992). El mercado de valores. 6. Aufl. Nueva York, EE.UU.
Velásquez, G. C. (2009). El impacto de anuncio de eventos en el mercado accionario colombiano. Medellín, Colombia: Universidad Eat, Escuela de Administración y Finanzas.
Ameen et al. (1994). Information Content of Qualied Audit Opinions for Over-the-Counter Firms. Journal of Business Finance and Accounting, 21, 997-1011.
Ashley, J. W. (1962). Stock Prices and Changes in Earnings and Dividends: Some Empirical Results. J. Polit. Econ, 70(1), 82-85.
Ball, R. y Brown, P. (1968). An Empirical Evaluation of Accounting Income Numbers. J. Acc. Res. , Autumn, 6(2), 159-78.
Barker, C. A. (1956). Effective Stock Splits. Harvard Business Review, Vol. 34, No. 1 ( January-February, 1956), 101-106.
Barker, C. A. (1957). Stock Splits in a Bull Market. Harvard Business Review, Vol. 35, No. 3 (May-June, 1957), 72-79.
Barker, C. A. (1958). Evaluation of Stock Dividends. Harvard Business Review, Vol. 36, No. 4 ( July-August, 1958), 99-113.
Berggrun, L. (2006). La fusión de Bancolombia, Conavi y Cornsura: una aplicación de la metodología de estudio de eventos. Estudios Gerenciales, 22 (100), 83-102. Retrieved from: https://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/201/html
Bernard, V. L. y omas, J. K. (1990). Evidence that Stock Prices do not Fully Reect the Implications of Current Earnings for Future Earnings. Journal of Accounting and Economics, 13(4), 305-340. https://doi.org/10.1016/0165-4101(90)90008-R
Black, F. y Scholes, M. (1974). e Effects of Dividend Yields and Dividend Policy on Common Stock Prices and Returns. Journal of Financial Economic, 1, 1-22.
Blanco, M. S. (2003). Auditoría 2005. Bogotá: Ecoe Ediciones. Bollerslev, T. (1986). Generalized Autoregressive Conditional Heteroscedasticity. Journal of Econometrics,
Amsterdam, Holanda.
Bromwich, M. (1992). Financial Reporting, Information and Capital Markets. London: Pitman Publishing.
Chen, C. J. P., Su, X. y Zhao, R. (2000). An Emerging Market’s Reaction to Initial Modied Audit Opinions: Evidence from the Shanghai Stock Exchange. Contemporary Accounting Research, 17(3), 429-455. https://doi.org/10.1506/GCJP-5599-QUWB-G86D
Chiang, T. C. y Doong, S. (2001). Empirical Analysis of Stock Returns and Volatility: Evidence from Seven Asian Stock Markets Based on TAR-GARCH Model. Review of Quantitative Finance and Accounting, Amsterdam, NE, 17, nov. 2001, 301-318.
Choi, J. D. (1992). e Effects of Qualied Audit Opinion on Earnings Response Coefficients. Journal of Accounting and Economics, 15 (2), 229-248.
Chow, C. W. y Rice, S. J. (1982). Qualied Audit Opinions and Share Prices: an Investigation. Auditing: A Journal of Practice and eory, 57, 35-53.
Defond, M. y Wong, T. J. (2000). e Impact of Improved Auditor Independence on Audit Market Concentration in China. Journal of Accounting and Economics, v. 28, 269-305.
Dodd et al. (1984). Qualied Audit Opinions and Stock Prices: Information Content, Announcement Dates, and Concurrent Disclosures. Journal of Accounting and Economics, 6, 3-38.
Dolley, J. C. (1993). Characteristics and Procedure of Common Stock Split-Ups. Harvard Bus. Rev., Apr. 1933, 11, 316-26.
Elliot, J. (1982). Subject to; Audit Opinions and Abnormal Security Returns Outcomes and Ambiguities. Journal of Accounting Research, 20, 617-638.
Engle, R. F. y Nelson, D. B. (1993). University of California, San Diego, Department of Economics By and Discussion Paper 93-49, (november).
Fama, E. F. (1991). Efficient Capital Markets: Journal of Finance, 46 (5), 383-417. https://doi.org/10.2307/2328565
Fama et al. (1969). e Adjustment Of Stock Prices To New Information. International Economic Review, 10 (1), 1-21. https://doi.org/10.2307/2525569
Firth, M. A. (1978). Qualied Audit Reports: eir Impact on Investment Decisions. Accounting Review, Vol. 53, 642-650.
García, M. A., Ruiz, E. y Vico, A. (2000). Factores que condicionan la elección y el cambio de auditor en la empresa española. Revista de Contabilidad, 3 (6): 49-80.
Gómez, C. (2009). Validación de la hipótesis de los mercados ecientes en su nivel semifuerte aplicada al mercado accionario colombiano. Retrieved from http://www.bdigital.unal.edu.co/2458/1/43983962.2009.pdf
Gutiérrez, B. (2011). A Auditoria e o Mercado Acionário Latino-Americano: Casos Brasil, Argentina e Colômbia. Tesis de doctorado. São Paulo, Universidade de São Paulo, Brasil N.° 177.
Haw, I. M., Qi, D. y Wu, W. (2000). Timeliness of Annual Report Releases and Market Reaction to Earnings Announcement in an Emerging Capital Market: e Case of China. Journal of International Financial and Accounting, v. 11, 108-131.
Jegadeesh, N. y Livnat, J. (2006). Post-Earnings-Announcement Dri: e Role of Revenue Surprises. Financial Analysts Journal, 62 (2), 22-34.
Jones, F. L. (1996). e Information Content of the Auditor’s Going Concern Evaluation. Journal of Accounting and Public Policy, 15, 1-27.
Knechel, R. W. y Sharma, D. S. (2012). Auditor-Provided Nonaudit Services and Audit Effectiveness and Efficiency: Evidence from Pre-and Post-SOX Audit Report Lags. Auditing: A Journal of Practice and eory, 31 (4), 85-14.
Krishnamurthy et al. (2006). Auditor Reputation, Auditor Independence, and the Stock-Market Impact of Andersen’s Indictment on its Client Firms, Contempora, 465-90.
Lin, Z.J., Tang Q. y Xiao J. (2003). An Experimental Study of Users’ Responses to Qualied Audit Reports in China. Journal of International Accounting, Auditing and Taxation. v. 12, 1-22.
Loudder et al. (1992). e Information Content of Audit Qualication. Auditing: A Journal of Practice and eory, 11, 69-82.
MacKinlay, C. (1997). Event Studies in Economics and Finance. Journal of Economic Literature, 35(1), 13-39.
Mantilla, S. A. (2004). Auditoría. Bogotá: Ecoe.
Martínez et al. (2004). Reactions of the Spanish Capital Market to Qualied Audit Reports. European Accounting Review, 13 (4), 689-711. ttps://doi.org/10.1080/0963818042000216848
Melumad, N. y Ziv, A. (1997). A eoretical Examination of the Market Reaction to Auditor's Qualications. Revista de Investigación Contable, 35(2), 239-256.
Myers et al. (1948). Inuence of Stock Split-Ups on Market Price. Harvard Bus. Rev, 251-55.
Knechel, R. W. y Sharma, D. S. (2012). Auditor-Provided Nonaudit Services and Audit Effectiveness and Efficiency: Evidence from Evidence from Pre- and Post-SOX. Audit Report Lags., 31, 85-114.
Pei, D., Opong, K., Hamill, P. An Analysis of the Information Content of Qualied Audit Reports: Evidence from China’s Shenzhen Market. Working Paper, 2004.
Soltani, B. (2000). Some Empirical Evidence to Support the Relationship Between Audit Reports and Stock Prices- e French Case. International Journal of Auditing, 4(3), 269-291. https://doi.org/10.1111/1099-1123.00317
Teweles et al. (1992). El mercado de valores. 6. Aufl. Nueva York, EE.UU.
Velásquez, G. C. (2009). El impacto de anuncio de eventos en el mercado accionario colombiano. Medellín, Colombia: Universidad Eat, Escuela de Administración y Finanzas.
Como Citar
Gutiérrez Castañeda, B. E., & Barrera Montoya, C. A. (2018). Metodologia de estudo de eventos como aferição do impacto do parecer do revisor fiscal no mercado acionário colombiano em 2009-2016. Cuadernos De Contabilidad, 19(47), 149–170. https://doi.org/10.11144/Javeriana.cc19-47.meem
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