Value relevance of information operating lease: a study in brazilian companies

Abstract

This study aimed to examine the value relevance of information regarding operational leasing transactions, taken as off-balance sheet. Therefore, we started with the total companies listed on the BM&FBovespa, where, after meeting the necessary criteria, resulted a sample of 86 observations. Regressions were conducted (pooling), where we used as the dependent variable the stock price. As explanatory variables, we used, initially, the balances of the present value of operating leases per share (SLO) and in the second time, added two control variables: earnings per share (EPS) and equity, dismembered in total assets per share (ATPA) less total liabilities per share (PAPA). Both variables were tested with and without the balances of operating leases for the last quarter of 2010 and first of 2011. The results of the regressions showed that the information regarding operating leases as only explanatory variable was significant, explaining part of the variation in the stock price. It was observed, furthermore, that by adjusting assets and liabilities with the values of leasing operations, they continued significant. However, when comparing the R ² Adjusted of model that considers assets and liabilities without adjusting for leasing transactions, with R ² Adjusted of model with assets and liabilities adjusted by the balance of these transactions, there is virtually no change. Thus, the empirical evidence obtained suggest that there is no evidence that the capitalization of operating lease balances payable improve the explanatory power of assets and total liabilities in determining the value of the shares. This further suggests, that operational leasing transactions are absorbed by the market, regardless of whether or not included in the Balance Sheet.