O impacto das restrições financeiras na prática do conservadorismo contábil

Demonier, Gladyson Brommonschenkel; Almeida, José Elias Feres de; Bortolon, Patricia Maria

doi:10.7819/rbgn.v17i57.2326

RESUMO

Objetivo:

Este estudo investiga os efeitos das restrições financeiras na prática do conservadorismo em empresas brasileiras.

Método:

Uma amostra totalizando 1.086 observações de empresas brasileiras listadas na BM&FBovespa foi desenvolvida no período de 2000 a 2012. Na amostra, 106 observações foram classificadas em condição de restrições financeiras de acordo com os critérios relacionados a redução de distribuição de dividendos, alto volume de saldo de caixa e equivalentes de caixa e investimentos (redução de ativos imobilizados). Para investigar a relação entre restrições financeiras e o conservadorismo contábil foram utilizados os modelos de Basu (1997) e Ball e Shivakumar (2005).

Fundamentação teórica:

Para Whited (1992) e Kaplan e Zingales (1997) restrições financeiras ocorrem quando as empresas encontram dificuldades em obter recursos financeiros de fontes externas e o custo de captação de recursos aumenta. Kothari, Shu e Wysocki (2009) afirmam que o conservadorismo contábil contribui no monitoramento e na governança das empresas contribuindo para a redução do custo dos recursos tomados com terceiros.

Resultados:

Os resultados mostram que empresas com restrições financeiras adotam menos a prática do conservadorismo condicional em seus números contábeis. Em outras palavras, essas empresas evitam divulgar perdas na tentativa de acessar mais recursos externos, todavia aumentando a assimetria de informações.

Contribuições:

As evidências podem ser usadas por credores e reguladores para dar suporte a novas políticas de financiamento e monitoramento do risco das firmas por meio das demonstrações financeiras. Os resultados mostram que o conservadorismo condicional é afetado em empresas que estão em condição de restrições financeiras.

Palavras-chave:
Restrições financeiras; Conservadorismo condicional; Assimetria de informações; Finanças

ABSTRACT

Objective:

This study investigates the effects of financial constraints on the conservatism practices of Brazilian firms.

Design/methodology/approach:

A sample totaling 1,086 observations of Brazilian publicly traded companies listed on BM&FBovespa was developed from 2000 to 2012. In the sample 106 observations were classified in condition of financially constrained according to the criteria related to lower dividends payout, large amount of cash and equivalents available and investment or capital expenditures (property, plant and equipment). We use Basu (1997) and Ball and Shivakumar (2005) models to investigate the relationship between financial constraints and accounting conservatism.

Findings:

The results show financially constrained firms adopt less conditional conservatism practices on their accounting figures. In other words, those firms avoid to disclose losses trying to access more external funds, however, increasing information asymmetry.

Practical implications:

The evidence of this study could be used by creditors and regulators to support new financing policies and risk monitoring through firms’ financial statements.

Originality/value:

We empirically show that conditional conservatism practices are affected by financial constraints. Also, we develop an alternative way to classify companies in terms of financial constraints from a combination of three proxies traditionally applied in the literature such as cash and cash-equivalent, capital expenditure (property, plant and equipment) and dividends payout.

Keywords:
Financial constraints; Conditional Conservatism; Information asymmetry; Finance

Texto completo disponível apenas em PDF.

Full text available only in PDF format.

REFERÊNCIAS

Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of fash. Journal of Finance, 59(4), 1777-1804.
Ball, R., & Shivakuar, L. (2005). Earnings quality in UK private firms: Comparative loss recognition timeliness. Journal of Accounting & Economics, 39(1), 83-128.
Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics, 24(1), 3-37.
Biddle, G. C., Ma, M. L., & Song, F. M. (2012). Accounting conservatism and bankruptcy risk. Social Science Research Network
Chen, Y., Huang, Y., & Chen, C. (2009). Financing constraints, ownership control, and cross- border m&as: evidence from nine east asian economies. Corporate Governance: An International Review, 17(6), 665-680.
Cleary, S. (1999). The relationship between firm investment and financial status. The Journal of Finance, 54(2), 234-270.
Costa, C. M., Paz, L. S., & Funchal, B. (2008). Fluxo de caixa, ADRs e restrições de crédito no Brasil. Revista Brazilian Business Review, 5(2), 144-151.
Dechow,P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics, 50(2/3), 344-401.
Devereux, M., & Schiantarelli, F. (1990). Investment, financial factors and cash flow: evidence from UK panel data [Working Paper Nº 3116]. The National Bureau of Economic Research. Chicago.
Fazzari, S., Hurbard, R. G., & Peterson, B. (1988). Financing constraints and corporate investment. Brooking Papers on Economic Activity, 1(2387), 141-195.
Gigler, F., Kanodia, C., Sapra, H., & Venugopalan, R. (2009). Accounting conservatism and the efficiency of debt contracts. Journal of Accounting Research, 47(3), 767-797.
Gilchrist, S., & Himmelberg, C. (1998). Investment, fundamentals and finance. National Bureau of Economic Research, 12(3), 221-242.
Holthausen, R. W., & Watts, R. L. (2001). The relevance of the value -relevance literature for financial accounting standard setting. Journal of Accounting & Economics, 31, 3-75.
Iudicibus, S. (2010). Teoria da contabilidade (10a ed.). São Paulo: Atlas.
Kaplan, S., & Zingales, L. (1997). Do financing constraints explain why investments is correlated with cash flow? Quarterly Journal of Economics, 112(1), 169-215.
Kothari, S. P., Shu, S., & Wysocki, P. (2009). Do managers withhold bad news? Journal of Accounting Research, 47(1), 241-276.
Lamont, O., Polk, C., & Saá-Requejo, J. (2001). Financial constraints and stock returns. The Review of Financial Studies, 14(2), 529-554.
Lee, K. B. J. (2010). The role of accounting conservatism in firms’ financial decisions. Research Science Research Network. Simgapore
Li, X. (2015). Accounting Conservatism and the Cost of Capital: International Analysis. Journal of Business Finance & Accounting. 42(5/6), 555-582.
Lopes, A. B. (2004). A informação contábil e o mercado de capitais. São Paulo: Thomson.
Myers, S. C.; Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
Paulo, E. (2007). Manipulação das informações contábeis: Uma análise teórica e empírica sobre os modelos operacionais de detecção de gerenciamento de resultados (Tese de doutorado). Universidade de São Paulo, São Paulo, SP, Brasil.
Pellicani, A. D., & Kalatzis, A. E. G. (2009). Ownership structure on overinvestment and underinvestment: Evidence from a panel of Brazilian firms. Anais do Encontro Brasileiro de Finanças, São Paulo, SP, Brasil, 12.
Sunder, S. (1997). Theory of accounting and control. South-Western Publishing, 8(4), 212-230.
Watts, R. L. (2003). Conservatism in accounting part 1: Explanations and implications. Accounting Horizons, 7(3), 207-221.
Watts, R. L., & Zimmerman, J. L. (1990). Positive accounting theory: A ten year perspective. The Accounting Review, 65(1), 131-156.
Whited, T. (1992). Debt, liquidity constraints, and corporate investment: Evidence from panel data. Journal of Finance, 47(4), 1425-1460.

2
Processo de avaliação: Double Blind Review

Datas de Publicação

Publicação nesta coleção
Jul-Sep 2015

Histórico

Recebido
20 Jan 2015
Aceito
25 Nov 2015

Este é um artigo publicado em acesso aberto sob uma licença Creative Commons

[1] Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of fash. Journal of Finance, 59(4), 1777-1804.

[2] Ball, R., & Shivakuar, L. (2005). Earnings quality in UK private firms: Comparative loss recognition timeliness. Journal of Accounting & Economics, 39(1), 83-128.

[3] Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics, 24(1), 3-37.

[4] Biddle, G. C., Ma, M. L., & Song, F. M. (2012). Accounting conservatism and bankruptcy risk. Social Science Research Network

[5] Chen, Y., Huang, Y., & Chen, C. (2009). Financing constraints, ownership control, and cross- border m&as: evidence from nine east asian economies. Corporate Governance: An International Review, 17(6), 665-680.

[6] Cleary, S. (1999). The relationship between firm investment and financial status. The Journal of Finance, 54(2), 234-270.

[7] Costa, C. M., Paz, L. S., & Funchal, B. (2008). Fluxo de caixa, ADRs e restrições de crédito no Brasil. Revista Brazilian Business Review, 5(2), 144-151.

[8] Dechow,P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics, 50(2/3), 344-401.

[9] Devereux, M., & Schiantarelli, F. (1990). Investment, financial factors and cash flow: evidence from UK panel data [Working Paper Nº 3116]. The National Bureau of Economic Research. Chicago.

[10] Fazzari, S., Hurbard, R. G., & Peterson, B. (1988). Financing constraints and corporate investment. Brooking Papers on Economic Activity, 1(2387), 141-195.

[11] Gigler, F., Kanodia, C., Sapra, H., & Venugopalan, R. (2009). Accounting conservatism and the efficiency of debt contracts. Journal of Accounting Research, 47(3), 767-797.

[12] Gilchrist, S., & Himmelberg, C. (1998). Investment, fundamentals and finance. National Bureau of Economic Research, 12(3), 221-242.

[13] Holthausen, R. W., & Watts, R. L. (2001). The relevance of the value -relevance literature for financial accounting standard setting. Journal of Accounting & Economics, 31, 3-75.

[14] Iudicibus, S. (2010). Teoria da contabilidade (10a ed.). São Paulo: Atlas.

[15] Kaplan, S., & Zingales, L. (1997). Do financing constraints explain why investments is correlated with cash flow? Quarterly Journal of Economics, 112(1), 169-215.

[16] Kothari, S. P., Shu, S., & Wysocki, P. (2009). Do managers withhold bad news? Journal of Accounting Research, 47(1), 241-276.

[17] Lamont, O., Polk, C., & Saá-Requejo, J. (2001). Financial constraints and stock returns. The Review of Financial Studies, 14(2), 529-554.

[18] Lee, K. B. J. (2010). The role of accounting conservatism in firms’ financial decisions. Research Science Research Network. Simgapore

[19] Li, X. (2015). Accounting Conservatism and the Cost of Capital: International Analysis. Journal of Business Finance & Accounting. 42(5/6), 555-582.

[20] Lopes, A. B. (2004). A informação contábil e o mercado de capitais. São Paulo: Thomson.

[21] Myers, S. C.; Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.

[22] Paulo, E. (2007). Manipulação das informações contábeis: Uma análise teórica e empírica sobre os modelos operacionais de detecção de gerenciamento de resultados (Tese de doutorado). Universidade de São Paulo, São Paulo, SP, Brasil.

[23] Pellicani, A. D., & Kalatzis, A. E. G. (2009). Ownership structure on overinvestment and underinvestment: Evidence from a panel of Brazilian firms. Anais do Encontro Brasileiro de Finanças, São Paulo, SP, Brasil, 12.

[24] Sunder, S. (1997). Theory of accounting and control. South-Western Publishing, 8(4), 212-230.

[25] Watts, R. L. (2003). Conservatism in accounting part 1: Explanations and implications. Accounting Horizons, 7(3), 207-221.

[26] Watts, R. L., & Zimmerman, J. L. (1990). Positive accounting theory: A ten year perspective. The Accounting Review, 65(1), 131-156.

[27] Whited, T. (1992). Debt, liquidity constraints, and corporate investment: Evidence from panel data. Journal of Finance, 47(4), 1425-1460.

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