EXPLANATORY POWER OF ACCOUNTING INFORMATION ON THE STOCK PRICE OF ELECTRIC SECTOR COMPANIES ON IFRS ADOPTION ENVIRONMENT

This article aims to comparatively analyze the explanatory capacity of components of accounting information under IFRS and BR GAAP, more specifically Earnings per Share (LPA) and Equity per Share (PLPA), of 24 electric sector companies, in the years 2009 and 2010, on the stock price in the BM& FBOVESPA. The choice of companies operating in the brazilian electric sector, for this research, was motivated by the following factors: economic importance of the sector and that the accounting of this sector has been suffering with the IFRS adoption in Brazil, particularly the adoption of ICPC 01 (IFRIC 12). For this, it was applied the multiple regression analysis for: comparison of Adjusted R Squared, comparison of informational criteria of Akaike and Schwarz and analysis of standardized coefficients. The regression results showed that the accounting variables LPA and PLPA have greater combined explanatory power with the IFRS adoption. Moreover, the PLPA now have greater explanatory power, while the LPA had its explanatory power reduced with the adoption of IFRS. These differences show that the stock price has to be better explained with the adjustments arising from the ICPC 01 (IFRIC 12), primarily in PL.