Uma análise dos impactos da assimetria informacional na avaliação de empresas do IBOVESPA

Abstract

This research aimed to investigate the impact of information asymmetry on the market value of companies listed in the Ibovespa index. The research used fundamentals such as the efficient markets hypothesis and the Ohlson model (1995). The sample consisted of 57 companies Of Brazil, Bolsa, Balcão (B3) with data from the year 2019, collected by the Economatica database. To analyze and interpret the data collected, the Multiple Linear Regression Model (MRLM) was used, with cross-section data, calculated using the R programming language. To assess the relationship between market value and informational asymmetry, the variables were used proposals within the model of Ohlson (1995), using the informational asymmetry proxy within the increment of other information. Therefore, the variables used are market value, equity, residual income, and bid-ask spread (BAS). The adjusted R2 was 78% representative for the model, but the informational asymmetry proxy did not show statistical significance in the suggested regression. However, to investigate the significance and relationship of the other variables, two more regressions were performed, one with only the market value and the variables that make up the Ohlson model (1995), and another excluding only the PL because it presented a high correlation with the market value, and it was observed that the PL has high significance in relation to the market value, while the Residual profit has marginal significance at 10%. In view of the observed results, in general, the bid-ask spread within the proposed regression model does not interfere with the market value, not explaining the “market value” of the analyzed companies.