This paper aims to analyze the relationship between the shareholder return and the quality of accruals of Brazilian publicly traded companies. For that, the survey counted on a sample of 353 companies, with information obtained in the annual financial statements of 2010 up to 2015, panel data. A research hypothesis was elaborated pertinent to the literature with respect to the quality of accruals. Being confirmed the hypothesis that the quality of the accruals has a positive and significant relation with the stock return. It is concluded that the results of the research corroborate in most of the previous literature
PDF (Português (Brasil))


Allen, E. J., Larson, C. R., & Sloan, R. G. (2013). Accrual reversals, earnings and stock returns. Journal of Accounting and Economics, 56(1), 113–129. http://doi.org/10.1016/j.jacceco.2013.05.002

An, Y. H. (2009). The Effect of Corporate Governance on Earnings Quality: Evidence from Korea’s Corporate Governance Reform. RMIT University.

Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277. http://doi.org/10.2307/2297968

Arruda, M. P. de, Vieira, C. A. M., Paulo, E., & Lucena, W. G. L. (2015). Análise do Conservadorismo e Persistência dos Resultados Contábeis das Instituições Financeiras Brasileiras. Sociedade, Contabilidade E Gestão, 10(2), 23–35.

Ball, R., & Shivakumar, L. (2005). Earnings quality in UK private firms: Comparative loss recognition timeliness. Journal of Accounting and Economics, 39(1), 83–128. http://doi.org/10.1016/j.jacceco.2004.04.001

Bandyopadhyay, S. P., Huang, A. G., Sun, K. J., & Wirjanto, T. S. (2015). The return premiums to accruals quality. Review of Quantitative Finance and Accounting, 1–33. http://doi.org/10.1007/s11156-015-0543-z

Bandyopadhyay, S. P., Huang, A. G., Sun, K. J., & Wirjanto, T. S. (2017). The return premiums to accruals quality. Review of Quantitative Finance and Accounting, 48(1), 83–115. http://doi.org/10.1007/s11156-015-0543-z

Banz, R. W. (1981). The relationship between return and market value of common stocks. Journal of Financial Economics, 9(1), 3–18. http://doi.org/10.1016/0304-405X(81)90018-0

Bar-Yosef, S., & Prencipe, A. (2013). The Impact of Corporate Governance and Earnings Management on Stock Market Liquidity in a Highly Concentrated Ownership Capital Market. Journal of Accounting, Auditing & Finance, 28(3), 292–316. http://doi.org/10.1177/0148558X13492591

Biddle, G. C., & Hilary, G. (2006). Accounting Quality and Firm-Level Capital Investment. The Accounting Review, 81(5), 963–982.

Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2–3), 112–131. http://doi.org/10.1016/j.jacceco.2009.09.001

Brown, K., Chen, V. Y. S., & Kim, M. (2015). Earnings management through real activities choices of firms near the investment-speculative grade borderline. Journal of Accounting and Public Policy, 34(1), 74–94. http://doi.org/10.1016/j.jaccpubpol.2014.09.002

Bushman, R. M., & Smith, A. J. (2001). Financial Accounting Information and Corporate Governance. Journal of Accounting & Economics, 23, 1–115. http://doi.org/10.1016/s0165-4101(97)00004-9

Chan, K., Chan, L. K., Jegadeesh, N., & Lakonishok, J. (2001). Earnings quality and stock returns. National Bureau of Economic Research, 3, 1–23. Retrieved from http://www.nber.org/papers/w8308

Chen, F., Hope, O. K., Li, Q., & Wang, X. (2011). Financial reporting quality and investment efficiency of private firms in emerging markets. The Accounting Review, 86(4), 1255–1288. http://doi.org/10.2308/accr-10040

Chen, S., Gul, F. A., & Zhou, J. J. (2013). Electronic copy available at: http://ssrn.com/abstract=2719810, (October), 1–41. http://doi.org/10.1007/s10551-015-2769-z.For

Chih-Ying, C., Chan-Jane, L., & Yu-Chen, L. (2008). Audit Partner Tenure, Audit Firm Tenure, and Discretionary Accruals: Does Long Auditor Tenure Impair Earnings Quality? Contemporary Accounting Research, 25(2), 415–445. http://doi.org/10.1506/car.25.2.5

Chuang, M. W. M. L. J. (2016). Relations among audit committee establishment , information transparency and earnings quality : evidence from simultaneous equation models. Quality & Quantity, 50(6), 2417–2431. http://doi.org/10.1007/s11135-015-0269-y

Crutchley, C. E., Jensen, M. R. H., & Marshall, B. B. (2007). Climate for scandal: corporate environments that contribute to accounting fraud. Financial Review, 42(1), 53–73. http://doi.org/10.1111/j.1540-6288.2007.00161.x

Darjezi, J. I. Z., Khansalar, E., & Holt, A. (2015). The Role of Working Capital Accruals on Earnings Quality and Stock Return. International Journal of Economic and Finance, 7(9), 1–14. http://doi.org/10.5539/ijef.v7n9p1

Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics, 50(2–3), 344–401. http://doi.org/10.1016/j.jacceco.2010.09.001

Dechow, P. M., & Dichev, I. D. (2002). The Qualityof Accruals and Earnings : The Role of Accruals Estimation Errors. The Accounting Review, 77, 35–59. http://doi.org/10.2308/accr.2002.77.s-1.61

Dechow, P. M., & Schrand, C. M. (2004). Earnings quality. Research Foundation of CFA Institute, 1–160. Retrieved from http://scholar.google.com/scholar?hl=en&btnG=Search&q=intitle:Earnings+quality#2

Deng, L., & Li, S. (2017). Dividends and earnings quality : Evidence from China. International Review of Economics and Finance, 48(November 2016), 255–268. http://doi.org/10.1016/j.iref.2016.12.011

Dichev, I. D., Graham, J. R., Harvey, C. R., & Rajgopal, S. (2013). Earnings quality: Evidence from the field. Journal of Accounting and Economics, 56(2–3), 1–33. http://doi.org/10.1016/j.jacceco.2013.05.004

Durnev, A., Morck, R., Yeung, B., & Zarowin, P. (2003). Does Greater Firm-Specific Return Variation Mean More or Less Informed Stock Pricing? Journal of Accounting Research, 41(5), 797–836.

Edelen, R. M., Evans, R. B., & Kadlec, G. B. (2011). Disclosure and agency conflict: Evidence from mutual fund commission bundling. Journal of Financial Economics, 103(2), 308–326. http://doi.org/10.1016/j.jfineco.2011.09.007

Ferreira, M. A., & Laux, P. A. (2007). Corporate Governance, Idiosyncratic Risk, and Information Flow. The Journal of Finance, 62(2), 951–989.

Francis, J., LaFond, R., Olsson, P. M., & Schipper, K. (2004). Costs of equity and earnings attributes. The Accounting Review, 79(4), 967–1010. http://doi.org/10.2308/accr.2004.79.4.967

Francis, J., LaFond, R., Olsson, P., & Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39(2), 295–327. http://doi.org/10.1016/j.jacceco.2004.06.003

Francis, J., Nanda, D., & Olsson, P. (2008). Voluntary disclosure, earnings quality, and cost of capital. Journal of Accounting Research, 46(1), 53–99. http://doi.org/10.1111/j.1475-679X.2008.00267.x

Francis, J., Olsson, P., & Schipper, K. (2006). Earnings Quality. Journal of Chemical Information and Modeling, 4(vol. 1), 259–340. http://doi.org/10.1017/CBO9781107415324.004

Gallizo, J. L., & Salvador, M. (2006). Share prices and accounting variables: a hierarchical Bayesian analysis. Review of Accounting and Finance, 5(3), 268–278. http://doi.org/10.1108/14757700610686813

Ganguli, S. K., & Deb, S. G. (2017). Negotiated Bank Finance, Earning Quality and Firm Characteristics : Indian Evidence.

Gujarati, D. N., & Porter, D. C. (2011). Econometria Básica. Amgh Editora. http://doi.org/10.1126/science.1186874

Healy, P. M. ., & Palepu, K. G. (2001). A Review of the Empirical Disclosure Literature. Journal of Chemical Information and Modeling, 53(December), 160. http://doi.org/10.1017/CBO9781107415324.004

Hohenfels, D. (2016). Auditor Tenure and Perceived Earnings Quality. International Journal of Auditing, 238, 224–238. http://doi.org/10.1111/ijau.12069

Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009). Opaque financial reports, R2, and crash risk. Journal of Financial Economics, 94(1), 67–86. http://doi.org/10.1016/j.jfineco.2008.10.003

Idris, I., & Bala, H. (2015). Firms’ Specific Characteristics and Stock Market Returns (Evidence from Listed Food and beverages Firms in Nigeria). Research Journal of Finance and Accounting, 6(16), 188–201.

Isidro, H., & Dias, J. G. (2017). Earnings quality and the heterogeneous relation between earnings and stock returns. Review of Quantitative Finance and Accounting, 1–23. http://doi.org/10.1007/s11156-017-0619-z

Iudicibus, S. de, & Lopes, A. B. (2004). Teoria Avançada da Contabilidade. (Atlas, Ed.). São Paulo.

Jiang, W., Lee, P., & Anandarajan, A. (2008). The association between corporate governance and earnings quality: Further evidence using the GOV-Score. Advances in Accounting, 24(2), 191–201. http://doi.org/10.1016/j.adiac.2008.08.011

Jin, L., & Myers, S. C. (2006). R2 around the world: New theory and new tests. Journal of Financial Economics, 79(2), 257–292. http://doi.org/10.1016/j.jfineco.2004.11.003

Jizi, M. I., Salama, A., Dixon, R., & Stratling, R. (2014). Corporate Governance and Corporate Social Responsibility Disclosure : Evidence from the US Banking Sector. Journal of Business Ethics, 125, 601–615. http://doi.org/10.1007/s10551-013-1929-2

Jones, J. J. (1991). Earnings Management During Import Relief Investigations. Journal of Accounting Research, 29(2), 193–228. http://doi.org/10.2307/2491047

Katmon, N., Al, O., & Farooque, O. Al. (2015). Exploring the Impact of Internal Corporate Governance on the Relation Between Disclosure Quality and Earnings Management in the UK Listed Companies disclosure and governance regime in corporate settings to. Journal of Business Ethics. http://doi.org/10.1007/s10551-015-2752-8

Kim, D., & Qi, Y. (2010). Accruals quality, stock returns, and macroeconomic conditions. Accounting Review, 85(3), 937–978. http://doi.org/10.2308/accr.2010.85.3.937

Lakonishok, J., & Shapiro, A. C. (1984). Variance and Returns , Beta , Empirical Analysis An Size : Financial Analysts Journal, 40(36), 36–41.

Lambert, R., Leuz, C., & Verrecchia, R. E. (2007). Accounting Information , Disclosure , and the Cost of Capital. Journal of Accounting Research, 45, 385–420.

Lambert, T. A., Jones, K. L., Brazel, J. F., & Showalter, D. S. (2017). Accounting , Organizations and Society Audit time pressure and earnings quality : An examination of accelerated fi lings. Accounting, Organizations and Society. http://doi.org/10.1016/j.aos.2017.03.003

Lo, K. (2008). Earnings management and earnings quality. Journal of Accounting and Economics, 45(2–3), 350–357. http://doi.org/10.1016/j.jacceco.2007.08.002

Lustosa, P. R. B., Fernandes, J. L. T., Nunes, D. M. S., & De Araujo Junior, J. B. (2010). Estimativas Contábeis e Qualidade do Lucro: Análise Setorial no Brasil. Revista de Educação E Pesquisa Em Contabilidade, 4(2), 43–61.

Mehrani, S., Moradi, M., Eskandar, H., Mehrani, S., Moradi, M., & Eskandar, H. (2016). Institutional Ownership Type and Earnings Quality : Evidence from Iran Institutional Ownership Type and Earnings Quality : Evidence from Iran, 938(August). http://doi.org/10.1080/1540496X.2016.1145114

Mendonça, M. M., Costa, F. M. Da, Galdi, F. C., & Funchal, B. (2010). O impacto da Lei Sarbanes-Oxley (SOX) na qualidade do lucro das empresas brasileiras que emitiram ADRs. Revista de Contabilidade & Finanças, 21(52), 1–24.

Mitra, R. K. (2016). The association between earnings quality and firm-specific return volatility. Review of Accounting and Finance, 15(3), 294–316. http://doi.org/10.1108/RAF-08-2015-0100

Mohebbi, M., & Kamyabi, Y. (2014). Product Market Structure and Earnings Quality : Evidence Tehran Stock Exchange. Asian Economic and Financial Review, 4(8), 1079–1090.

Morck, R., Yeung, B., & Yu, W. (2000). The information content of stock markets: why do emerging markets have synchronous stock price movements? Journal of Financial Economics, 58(1–2), 215–260. http://doi.org/10.1016/S0304-405X(00)00071-4

Mouselli, S., Jaafar, A., & Goddard, J. (2013). Accruals quality, stock returns and asset pricing: Evidence from the UK. International Review of Financial Analysis, 30, 203–213. http://doi.org/10.1016/j.irfa.2013.08.006

Nallareddy, S., & Ogneva, M. (2017). Accrual quality , skill , and the cross-section of mutual fund returns. Review of Accounting Studies, 22, 503–542. http://doi.org/10.1007/s11142-017-9389-z

Namazi, M., & Rezaei, G. (2016). The Effects of Earnings Quality Criteria on the Agency Costs: (Evidence from Tehran Stock Exchange Market). Procedia - Social and Behavioral Sciences, 230(May), 67–75. http://doi.org/10.1016/j.sbspro.2016.09.009

Niyama, J. K. (2010). Contabilidade Internacional. (Atlas, Ed.) (2nd ed.). São Paulo.

Niyama, J. K., & Silva, C. A. T. (2013). Contabilidade Internacional. (Atlas, Ed.). São Paulo.

Nurul, M., Monem, R. M., Tareq, M., & Zijl, T. Van. (2016). Paci fi c-Basin Finance Journal Secrecy and the impact of mandatory IFRS adoption on earnings quality in Europe. Pacific-Basin Finance Journal, 40, 476–490. http://doi.org/10.1016/j.pacfin.2016.08.002

Pandey, I. M. (2001). The Expected Stock Returns Of Malaysian Firms: A Panel Data Analysis. Social Science Research Network. Retrieved from http://ssrn.com/paper=299913

Penman, S. H., & Zhang, X.-J. (2002). Accounting the Quality Stock of Conservatism, Earnings, Returns and Stock Returns. The Accounting Review, 77(2), 237–264.

Perotti, P., & Wagenhofer, A. (2014). Earnings Quality Measures and Excess Returns. Journal of Business Finance & Accounting, 41(5–6), 545–571. http://doi.org/10.1111/jbfa.12071

Persakis, A., & Emmanuel, G. (2017). Journal of International Financial Markets , Institutions & Money The joint effect of investor protection , IFRS and earnings quality on cost of capital : An international study. Journal of International Financial Markets, Institutions & Money, 46, 1–29. http://doi.org/10.1016/j.intfin.2016.10.001

Quality, E., Kozlov, M., & Petajisto, A. (2013). Global Return Premiums on Earnings Quality, Value and Size, 1–33. http://doi.org/10.2139/ssrn.2179247

Rajgopal, S., & Venkatachalam, M. (2011). Financial reporting quality and idiosyncratic return volatility. Journal of Accounting and Economics, 51(1–2), 1–20. http://doi.org/10.1016/j.jacceco.2010.06.001

Roll, R. (1988). R2. Journal of Finance, 43(3), 541–566.

Schipper, K., & Vincent, L. (2003). Earnings Quality. Accounting Horizons, 85, 97–110. Retrieved from http://apps.isiknowledge.com/full_record.do?product=WOS&search_mode=GeneralSearch&qid=72&SID=4Dj5PAZypwY6Ld6zymh&page=14&doc=135

Yee, K. K. (2006). Earnings Quality and the Equity Risk Premium: A Benchmark Model. Contemporary Accounting Research, 23(3), 833–877. http://doi.org/10.1506/8M44-W1DG-PLG4-8E0M

Zhang, C., & Browne, M. J. (2013). Loss Reserve Errors, Income Smoothing and Firm Risk of Property and Casualty Insurance Companies. Annual Meeting of the American Risk and Insurance Association, Working Pa, 1–55.

Ziemba, W. T., & Schwartz, S. L. (1991). The growth in the Japanese Stock Market, 1949-90 and Prospects for the Future. Managerial and Decision Economics, 12(2), 183–195. http://doi.org/10.1002/mde.4090120211