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This article aims to verify the influence of political uncertainty, accounting elements, and the macroeconomic environment on the (in)efficiency of securities traded by Brazilian public companies. Between 2000 and 2019, we used 275 non-financial companies with shares traded in B3. We performed regression tests with panel data for two samples, one balanced and one unbalanced, totaling two models. For each model, we performed an additional analysis using the Stepwise method. The dependent variable comprises the inefficiency of daily stock data. The independent variables comprise political-economic uncertainty, the companies' accounting indicators, gross domestic product per capita, and interest rate. We used controls related to the size, liquidity of the shares, and sectors of the companies. According to the selected sample, the results show that higher rentability companies tend to increase efficiency while liquidity positively or negatively affects efficiency. In periods where interest rates are high, there is less efficiency in predicting securities. These results aim to contribute to the literature on adaptive markets by providing evidence on defining aspects of Brazilian securities' efficiency variability. ; Este artigo objetiva verificar a influência da incerteza política, elementos contábeis e ambiente macroeconômico na (in)eficiência dos títulos negociados pelas companhias abertas brasileiras. Foram utilizadas 275 companhias não financeiras entre 2000 e 2019 com ações negociadas na B3. Realizaram-se testes de regressão com dados em painel para duas amostras, uma balanceada e outra desbalanceada, totalizando dois modelos. Para cada modelo, foram feitas análises adicionais por meio do método Stepwise. A variável dependente compreende a ineficiência sobre dados diários das ações. As variáveis independentes compreendem: incerteza político-econômica, indicadores contábeis das empresas, produto interno bruto per capita e taxa básica de juros. Foram utilizados controles relacionados ao tamanho, liquidez das ações ...

Introduction / objective: In organisations, conflicts of interest give rise to agency costs aimed at mitigating agent opportunism. High-quality accounting information reduces these conflicts by minimising information asymmetry. Consequently, this study aims to investigate the relationship between agency costs and conditional conservatism in Brazilian electric power industry companies listed on the B3. Methodology: Data from 21 Brazilian electric power industry companies for the period 2012 to 2020 were utilised. Twenty-four attributes associated with agency costs were analysed, and Ball and Shivakumar's (2005) conditional conservatism model was employed as a measure of accounting information quality. Panel data regression models were used to obtain the results. Results: According to the central conditional conservatism model, companies tend to exhibit optimism rather than conservatism, anticipating gains instead of losses. Results, assessed across five dimensions, revealed that factors such as board composition, variable compensation, and agreements with shareholders reduce optimism, while qualified audits, longer tenures, and the presence of a permanent audit committee increase optimism. Therefore, attributes that influence optimism, accounting information neutrality, and consequently, financial reporting quality, are identified. Conclusions: This study benefits various users of accounting information. Investors can pinpoint governance policies that align interests, regulators can enhance oversight, and organisation members can adopt policies that encourage the alignment of interests between principals and agents.