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The accounting information has an important role to the firms’ valuation process and to the capital market. This study analyzed the relationship between the measure market-to-book, which captures firms ́ growth opportunities and market expectation with earnings components, such as accruals and cash flow. The sample was segregated into two different periods to investigate the association of variables in different periods (t). The data were obtained in the software Economática and consists on 1,089 observations from public companies in a period from 2000 to 2006. Two pooled multiple regressions were used to observe the relationship between variables and firms over time (combined effects). The results show that accruals and cash flow have positive relation with the market-to-book looking for betas (coefficients) of regressions. This study contributes to the scarce research in Brazil that verifies the relationship between earnings components and firm’s value. The Accruals effects when compared to cash flow are no less important in the valuation process or in affecting the firm’s value. However, they provide additional information.

Fluxo de Caixa e Accruals: Objetividade Versus Subjetividade no Índice Market-to-book das Companhias Abertas Brasileiras