Análise sobre o value relevance das informações por segmento divulgadas por empresas listadas na B3

Abstract

This study aims to analyze the relevance of segment information disclosed by Brazilian companies included in the IBRX100 index for the pricing of their shares in the Brazilian capital market. The research is justified by the importance of accounting disclosure in investors' decision-making and by the need to evaluate the effectiveness of Technical Pronouncement CPC 22 (2009) – Segment Information, after more than a decade of its adoption in Brazil. The study is descriptive, documentary, and quantitative, based on the analysis of the financial statements and explanatory notes of companies included in the IBrX 100 index for the fiscal years 2023 and 2024. The information was statistically processed using the PSPP software, applying tests of normality, homogeneity, correlation, and comparison of means. The results indicated that there is no statistically significant relationship between the level of segment disclosure and the market value of the companies analyzed. However, it was observed that companies that disclose information by segment showed less negative variation in their market value between the periods evaluated. It is concluded that, in the context of the sample studied, disclosure by segment did not demonstrate a direct impact on stock pricing, but represents a consolidated accounting disclosure practice among Brazilian publicly traded companies.