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- Title
O Impacto das Informações por Segmento na Acurácia de Previsão dos Analistas.
- Authors
Pacheco Cosentino, Fábio; Dias Maragno, Lucas Martins; Morais dos Santos, Odilanei
- Abstract
This study analyzed the impact of the level of disclosure of information by segment on the forecast accuracy of analysts between the years 2017 and 2020. For this, information by segment was collected manually following the checklist based on the requirements of CPC 22 and systematized by Nunes et al. (2020). Then, the disclosure level of each company was measured for each year. Regarding the forecast variables of revenues and net profits by the analysts, the collection was carried out in the Refinitiv database. Statistical methods were used, such as: descriptive statistics, correlations and regressions – POLS longitudinal regression models. Descriptive statistics showed that, on average, analysts are less accurate in predicting net profits when compared to revenue forecasts. The results showed a negative relationship between the level of disclosure of information by segment and the revenue forecast error, that is, the amount of information disclosed contributes to greater forecasting accuracy by analysts when they estimate revenues. However, the same cannot be said for the accuracy of earnings forecast. It is worth mentioning that the control variable for the year 2020 showed a positive relationship with the revenue forecast error, which demonstrates that the pandemic reduced analysts’ forecast accuracy. This evidence expands the understanding of the importance of CPC 22 in the quality of financial reports and its impact on reducing revenue forecasting errors, consequently impacting the efficiency of the Brazilian capital market. Thus, it contributes to the capital market, in particular, to regulators, preparers and market analysts.
- Publication
Pensar Contábil, 2023, Vol 25, Issue 88, p15
- ISSN
1519-0412
- Publication type
Article