Análise da value relevance da demonstração do valor adicionado nos níveis diferenciados de governança corporativa da BM&FBOVESPAr

The objective of the present study was identifying whether the informational content of the Value Added Statement (VAS) is relevant for investors. The sample entailed Brazilian companies belonging to the Special Corporate Governance Stock Index (IGCX) of BM&FBovespa, currently known as Brazil, Stock Exchange and Over-the-Counter Market (B3), in the period from 2011 to 2015. In order to achieve the objective, we employed multiple linear regression. 155 companies and 714 observations entailed the survey sample. The results indicate that the variable "net value added for distribution", at the statistical significance level of 5%, is relevant for the stock market at the various levels of corporate governance, however, it displays low explanatory power. Nevertheless, when the control variables are added in the regression, we may observe that earnings per share have more explanatory power in relation to net value added. These results indicated that the total net wealth obtained by the company (built by it and received in transfer from other entities) may be relevant to the users of the accounting information, although earnings per share were the most relevant indicator. We could not that, in general terms, there is concern about the information disclosure on the wealth generated by the entity, indicating that the content of the VAS leads to greater transparency of the entities and, consequently, is capable of influencing the decisions of the investors, but it presents a low coefficient content in relation to the other variables of the study.