MANDATORY IFRS ADOPTION, CORPORATE GOVERNANCE, AND FIRM VALUE

ABSTRACT We study whether financial and accounting disclosure affect firm value by focusing on the full adoption of International Financial Reporting Standards (IFRS) in Brazil in 2010. We compare firms with ex-ante lower accounting quality (firms in the Regular and Level 1 tiers of corporate governance) with otherwise similar firms that had already complied with higher-quality accounting standards (firms in the Level 2 and Novo Mercado tiers). IFRS adoption has a positive impact of approximately 30 percentage points on Tobin´s Q and 26 percentage points on market-to-book ratios for firms in the lower governance tiers, and substantially reduces the valuation gap between firms in the higher and lower tiers of corporate governance. This reduction in the valuation gap after IFRS adoption is explained by the relative increase in foreign ownership and stock liquidity of firms in the lower governance tiers.

摘要：本研究探讨财务与会计披露对企业价值的影响，聚焦于巴西在2010年全面实施国际财务报告准则（IFRS）。我们对比了那些在事前会计质量较低（即公司治理的常规层级和一级层级）的企业与在类似条件下已遵守更高质量会计标准（即公司治理的二级层级和诺沃市场层级）的企业。IFRS的实施对处于较低治理层级的企业的Tobin's Q值产生了约30个百分点的正面影响，对市场对账面价值比率产生了约26个百分点的正面影响，并显著缩小了处于公司治理较高层级与较低层级企业之间的估值差距。这种在IFRS实施后估值差距的缩小，可归因于较低治理层级企业外国所有权和股票流动性的相对增加。