The impact of corporate governance on the information content of earnings and cash flows: Evidence from Brazil

Jose Miranda-Lopez and Isho Tama-Sweet

International Review of Financial Analysis, 2024, vol. 93, issue C

Abstract: We use the unique capital market structure that Brazil established in 2000 to investigate how different governance listing segments impact the relative and incremental information content of earnings and cash flows. Brazilian firms are classified into different listing segments on the stock market depending of their voluntary compliance with corporate governance regulations. We find that earnings provide greater relative information in the market as a whole, and this result is driven by the segments with enhanced governance regulations. For the market as a whole and for the enhanced governance segments, both earnings and cash flows provide incremental information.

Keywords: Information content; Corporate governance; Cash flows; Earnings; Brazil (search for similar items in EconPapers)
JEL-codes: G34 M41 O54 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1057521924001017
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:93:y:2024:i:c:s1057521924001017

DOI: 10.1016/j.irfa.2024.103169

Access Statistics for this article

International Review of Financial Analysis is currently edited by B.M. Lucey

More articles in International Review of Financial Analysis from Elsevier
Bibliographic data for series maintained by Catherine Liu ().