Custo de capital e qualidade das informações contábeis de empresas brasileiras

Felipe Miguel Oliveira Novais; Flavio Leonel Carvalho

doi:10.5020/2318-0722.2024.30.e14334

Autores

Felipe Miguel Oliveira Novais Universidade Federal de São Carlos, Sorocaba, São Paulo, Brasil https://orcid.org/0009-0005-3978-4492
Flavio Leonel Carvalho Universidade Federal de São Carlos, Sorocaba, São Paulo, Brasil https://orcid.org/0000-0002-8488-9382

DOI:

https://doi.org/10.5020/2318-0722.2024.30.e14334

Palavras-chave:

custo de capital , dados em painel, qualidade dos accruals

Resumo

Este estudo tem como objetivo analisar o impacto da qualidade das informações contábeis no custo de capital das empresas brasileiras de capital aberto. Para isso, foram coletados dados das demonstrações financeiras de 325 empresas no período de 2010 a 2020, totalizando 2.293 observações. Utilizando um modelo de regressão com dados em painel, foi possível identificar que a qualidade das informações contábeis exerce influência significativa no custo de capital das empresas brasileiras. Os resultados indicam uma relação entre o gerenciamento de resultados e a redução do custo de capital de terceiros, enquanto a piora na qualidade dos lucros está positivamente relacionada ao aumento do custo de capital próprio. Além disso, o estudo apresenta indícios de que fatores como endividamento e tamanho das empresas influenciam positivamente o custo de capital, enquanto a tangibilidade e a rentabilidade sobre ativos e patrimônio estão negativamente relacionados ao custo de capital.

Downloads

Não há dados estatísticos.

Biografia do Autor

Felipe Miguel Oliveira Novais, Universidade Federal de São Carlos, Sorocaba, São Paulo, Brasil

Especialista em Auditoria e Finanças, Bacharel em Administração pela Universidade Federal de São Carlos (UFSCar). Participa de grupos de pesquisa do Departamento de Administração do Centro de Ciências em
Gestão e Tecnologia da Universidade Federal de São Carlos (CCGT/UFSCar).

Flavio Leonel Carvalho, Universidade Federal de São Carlos, Sorocaba, São Paulo, Brasil

Doutor em Engenharia de Produção, Mestre em Contabilidade e Bacharel em Ciências Contábeis pela Universidade de São Paulo (USP). Professor Associado do Departamento de Administração do Centro de Ciências em Gestão e Tecnologia da Universidade Federal de São Carlos (CCGT/UFSCar).

Referências

Ahmed, A. H., Tahat, Y., Eliwa, Y., & Burton, B. (2021). Earnings quality and the cost of equity capital: Evidence on the impact of legal background. International Journal of Accounting & Information Management, 29(4), 631-650. https://doi.org/10.1108/ijaim-05-2021-0092

Albanez, T., Valle, M. R. do, & Corrar, L. J. (2012). Fatores institucionais e assimetria informacional: Influência na estrutura de capital de empresas brasileiras. RAM. Revista de Administração Mackenzie, 13(2), 76-105.

https://doi.org/10.1590/S1678-69712012000200004

Amiran, M., Asadi, A., & Oladi, M. (2022). Presentation of Novel Multiple Regression Model for Accounting Information Quality, Corporate Investment, and Moderating Role of Ownership Structure in Companies. Discrete Dynamics in Nature and Society, 2022(1), 1-10. https://doi.org/10.1155/2022/2125487

Assaf, A., Neto, Lima, F. G., & Araújo, A. M. P. de. (2008). Uma proposta metodológica para o cálculo do custo de capital no Brasil. Revista de Administração, 43(1), 72-83. https://doi.org/10.1590/S0080-21072008000100006

Bacha, S., Ajina, A., & Saad, S. (2020). CSR performance and the cost of debt: Does audit quality matter? Corporate Governance, 21(1), 137-158. https://doi.org/10.1108/CG-11-2019-0335

Baxter, P., & Cotter, J. (2009). Audit committees and earnings quality. Accounting and Finance, 49(2), 267-290. https://doi.org/10.1111/j.1467-629X.2008.00290.x

Bian, W. (2023). Analysis of the Influence of Accounting Information Disclosure on Investors' Decision-Making in Corporate Social Responsibility Report. Transactions on Economics, Business and Management Research, 3, 1-6. https://doi.org/10.62051/axdjap82

Biddle, G., & Hilary, G. (2006). Accounting Quality and Firm-Level Capital Investment. The Accounting Review, 81(5), 963-982. https://doi.org/10.2308/accr.2006.81.5.963

Cahan, S. F., Emanuel, D., & Sun, J. (2009). The effect of earnings quality and country-level institutions on the value relevance of earnings. Review of Quantitative Finance and Accounting, 33(4), 371-391. https://doi.org/10.1007/s11156-009-0117-z

Cai, C. W. (2023). A real effect across time: Disclosure quality, cost of capital and profitability. Journal of Accounting Literature, 45(1), 154-189. https://doi.org/10.1108/JAL-08-2022-0084

Camargo, A. R. de, & Carvalho, F. L. de. (2021). Impacto do gerenciamento de resultados e da restrição financeira na estrutura de capital de empresas brasileiras. Revista Universo Contábil, 17(2), 77-98.

Carmo, C., Moreira, J., & Miranda, M. (2016). Earnings quality and cost of debt: Evidence from Portuguese private companies. Journal of Financial Reporting and Accounting, 14(2), 178-197. https://doi.org/10.1108/JFRA-08-2014-0065

Carvalho, F. L. de, & Kalatzis, A. E. G. (2018). Qualidade dos lucros, decisões de investimentos e restrição financeira. Revista Brasileira de Gestão de Negócios, 20(4), 573-598. https://doi.org/10.7819/rbgn.v0i0.3067

Catapan, A., Catapan, E. A., & Catapan, D. (2010). Cálculo do custo de capital: Uma abordagem teórica. Revista Economia & Tecnologia, 23(6), 175-184. https://doi.org/10.5380/ret.v6i4.26926

Chan, K., Chan, L. K. C., Jegadeesh, N., & Lakonishok, J. (2001). Earnings quality and stock returns. NBER Working Papers Series, 79(3), 1041-1082. https://doi.org/10.3386/w8308

Cohen, S., & Kaimenaki, E. (2011). Cost accounting systems structure and information quality properties: an empirical analysis. Journal of Applied Accounting Research, 12(1), 5-25. https://doi.org/10.1108/09675421111130586

Costa, C. M., & Soares, J. M. M. V. (2022). Standard Jones and Modified Jones: An Earnings Management Tutorial. Revista de Administração Contemporânea, 26(2), 1-13. https://doi.org/10.1590/1982-7849rac2022200305.en

Cuadrado-Ballesteros, B., García‐Sánchez, I., & Ferrero, J. (2016). How are corporate disclosures related to the cost of capital? The fundamental role of information asymmetry. Management Decision, 54(7), 1669-1701. https://doi.org/10.1108/MD-10-2015-0454

Cupertino, C. M., & Martinez, A. L. (2009). Qualidade da Auditoria e Earnings Management: Risk Assessment Através do Nível dos Accruals Discricionários. Contabilidade Vista & Revista, 19(3), 69–93.

https://revistas.face.ufmg.br/index.php/contabilidadevistaerevista/article/view/361

Damodaran, A. (2022, janeiro). Betas by Sector (US). https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Betas.html

Dang, H. N., Nguyen, T. T. C., & Tran, D. M. (2020). The impact of earnings quality on firm value: The case of Vietnam. Journal of Asian Finance, Economics and Business, 7(3), 63-72. https://doi.org/10.13106/jafeb.2020.vol7.no3.63

Dechow, P. M., & Dichev, I. D. (2002). The quality of accruals and earnings: The role of accrual estimation errors. Accounting Review, 77(1), 35-59. https://doi.org/10.2308/accr.2002.77.s-1.35

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. https://doi.org/10.1016/j.jacceco.2010.09.001

Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting Earnings Management. Accounting Review, 70(2), 193-225. https://www.jstor.org/stable/248303

Diyanty, V., Savitrah, R., & Anggraheni, D. (2018, January 17-19). Accounting Information Quality, Board Narrative Disclosure, and the Cost of Debt. [Conference presentation abstract]. Proceedings of the Asia Pacific Business and Economics Conference (APBEC 2018), Jakarta, Indonesia. https://doi.org/10.2991/apbec-18.2019.36

Easley, D., & O'Hara, M. (2004). Information and the cost of capital. Journal of finance, 59(4), 1553-1583. https://doi.org/10.1111/j.1540-6261.2004.00672.x

Eliwa, Y., Gregoriou, A., & Paterson, A. (2019). Accruals quality and the cost of debt: The European evidence. International Journal of Accounting & Information Management, 27(2), 333-351. https://doi.org/10.1108/IJAIM-01-2018-0008

Endri, E. (2020). The Factors Influencing Earnings Management and Implications for the Cost of Equity Capital. International Journal of Innovation, Creativity and Change, 13(8), 391- 409. https://ssrn.com/abstract=3683885

Fallah, R. (2021). Study of the effect of institutional ownership on accounting quality and cost of capital. Propósitos y Representaciones, 9(2), 1-15. https://doi.org/10.20511/pyr2021.v9nSPE2.1053

Fangyuan, W., & Ying, L. (2020). Quality of Accounting Information Disclosure and Debt Financing Cost: Literature Review. Journal of Accounting and Finance, 5(4), 191-194. https://doi.org/10.11648/j.ijafrm.20200504.13

Fávero, L. P. L. (2013). Dados em painel em contabilidade e finanças: Teoria e aplicação. Brazilian Business Review, 10(1), 131-156. http://bbronline.com.br/public/edicoes/10_1/artigos/gaekarfcoo142013163120.pdf

Francis, J., Lafond, R., Olsson, P. M., & Schipper, K. (2004). Costs of equity and earnings attributes. Accounting Review, 79(4), 967-1010. https://doi.org/10.2308/accr.2004.79.4.967

Francis, J., Lafond, R., Olsson, P., & Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39(2), 295-327. https://doi.org/10.1016/j.jacceco.2004.06.003

Francis, J., Nanda, D., & Olsson, P. (2008). Voluntary Disclosure, Earnings Quality, and Cost of Capital. Journal of Accounting Research, 46(1), 53-99. https://doi.org/10.1111/j.1475-679X.2008.00267.x

Gao, P. (2019). Idiosyncratic Information, Moral Hazard, and the Cost of Capital. Contemporary Accounting Research, 36(4), 1929-2694. https://doi.org/10.1111/1911-3846.12498

Gray, P., Koh, P. S., & Tong, Y. H. (2009). Accruals quality, information risk and cost of capital: Evidence from Australia. Journal of Business Finance and Accounting, 36(1-2), 51-72. https://doi.org/10.1111/j.1468-5957.2008.02118.x

Houcine, A., & Houcine, W. (2020). Does earnings quality affect the cost of debt in a banking system? Evidence from French listed companies. Journal of General Management, 45(4), 183-191. https://doi.org/10.1177/0306307020916296

Hsieh, T., Shiu, Y., & Lin, C. (2022). Asymmetric Market Risk, Accounting Quality and the Cost of Capital: Evidence from Taiwan Capital Market. Journal of Applied Finance & Banking, 13(1), 13-28. https://doi.org/10.47260/jafb/1312

Hutagaol-Martowidjojo, Y., Valentincic, A., & Warganegara, D. L. (2019). Earnings Quality and Market Values of Indonesian Listed Firms. Australian Accounting Review, 29(1), 95-111. https://doi.org/10.1111/auar.12234

Ioan, N., Ciupac-Ulici, M., & Liana, S. (2010). Impact of financial crisis on construction firm's cost of capital. Annals of Faculty of Economics, 1(2), 616-622. https://www.researchgate.net/publication/227351048_IMPACT_OF_FINANCIAL_CRISIS_ON_CONSTRUCTION_FIRMS_COST_OF_CAPITAL

Jenkins, D. S., & Velury, U. K. (2012). Auditor tenure and the pricing of discretionary accruals in the post-SOX era. Accounting and the Public Interest, 12(1), 1-15. https://doi.org/10.2308/apin-10204

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X

Johnson, V. E., Khurana, I. K., & Reynolds, J. K. (2002). Audit-Firm Tenure and the Quality of Financial Reports. Contemporary Accounting Research, 19(4), 637-660. https://doi.org/10.1506/LLTH-JXQV-8CEW-8MXD

Johnstone, D. (2014). The Effect of Information on Uncertainty and the Cost of Capital. Contemporary Accounting Research, 33(2), 752-774. https://doi.org/10.2139/ssrn.2474950

Jones, J. J. (1991). Earnings Management During Import Relief Investigations. Journal of Accounting Research, 29(2), 193-228. https://doi.org/10.2307/2491047

Khan, S., Anuar, M. A., & Malik. (2014). Review of Short Term and Long Term Performance of Initial Public Offering, Sains Humanika, 2(3), 113-116. https://doi.org/10.11113/sh.v2n3.444

Khoufi, N. (2020). Accounting information quality and investment decisions in the emerging markets. Frontiers in Management and Business, 1(1), 16-23. https://doi.org/10.25082/FMB.2020.01.004

Lambert, R., Leuz, C., & Verrecchia, R. (2006). Accounting Information, Disclosure, and the Cost of Capital. Journal of Accounting Research, 45(2), 385-420. https://doi.org/10.1111/j.1475-679X.2007.00238.x

Le, B., & Moore, P. H. (2021). The impact of audit quality on earnings management and cost of equity capital: Evidence from a developing market. Journal of Financial Reporting and Accounting, 21(3), 695-728. https://doi.org/10.1108/JFRA-09-2021-0284

Leuz, C., & Verrecchia, R. (2005). Firms' Capital Allocation Choices, Information Quality, and the Cost of Capital. Capital Markets: Asset Pricing & Valuation, 1-26.

https://doi.org/10.2139/ssrn.495363

Li, N., Lou, Y., Otto, C., & Wittenberg-Moerman, R. (2016). Accounting Quality and Debt Concentration. Singapore Management University Lee Kong Chian School of Business Research Paper Series, 28(1), 1-52.https://doi.org/10.2139/ssrn.2532386

Lourenço, L. M. G., & Francisco, J. R. de S. (2016, 31 de outubro). Análise da qualidade da informação contábil das empresas brasileiras na BM&FBOVESPA. [Apresentação de trabalho]. 13° Simpósio de Excelência em Gestão e Tecnologia, Resende, Rio de Janeiro.

Martinez, A. L. (2008). Detectando Earnings Management no Brasil: Estimando os accruals discricionários. Revista de Contabilidade e Finanças, 19(46), 7-17. https://doi.org/10.1590/S1519-70772008000100002

Mcnichols, M. F. (2002). Discussion of the quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review, 77(1), 61-69. https://doi.org/10.2308/accr.2002.77.s-1.61

Moridu, I. (2023). The Impact of Financial Statement Quality on Investment Decision Making: A descriptive study of the Banking Sector in West Java. The ES Accounting And Finance, 1(3), 169-175. https://doi.org/10.58812/esaf.v1i03.109

Muttakin, M., Mihret, D., Lemma, T., & Khan, A. (2020). Integrated reporting, financial reporting quality and cost of debt. International Journal of Accounting and Information Management, 28(3), 517-534. https://doi.org/10.1108/IJAIM-10-2019-0124

Nadanamoorthy, N., & Dhachanamoorthy, S. (2015). Impact of value of the company due to the changes in debt-equity mix (selected company). International journal of scientific research, 4(12), 351-354. chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.worldwidejournals.com/international-journal-of-scientific-research-(IJSR)/recent_issues_pdf/2015/December/December_2015_1448972901__107.pdf

Nardi, P. C., & Nakao, S. H. (2009). Gerenciamento de resultados e a relação com o custo da dívida das empresas brasileiras abertas. Revista Contabilidade & Finanças, 20(51), 77-100. https://doi.org/10.1590/S1519-70772009000300006

O'Hara, M., & Easley, D. (2001). Information and the Cost of Capital. Corporate Finance: Valuation, 1-44. https://doi.org/10.2139/ssrn.300715

Pan, L., & Zili, D. (2013, January 16-17). The Disclosure of Accounting Information Quality and Capital Allocation Efficiency -- A Study Based on the Perspective of Investment-Cash Flow Sensitivity. [Conference presentation abstract]. 2013 Fifth International Conference on Measuring Technology and Mechatronics Automation, Hong Kong, China. https://doi.org/10.1109/ICMTMA.2013.287

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]. Biblioteca Digital de Teses e Dissertações da USP. https://doi.org/10.11606/T.12.2007.tde-28012008-113439

Persakis, A., & Iatridis, G. (2017). The joint effect of investor protection, IFRS and earnings quality on cost of capital: An international study. Journal of International Financial Markets, Institutions and Money, 46, 1-29. https://doi.org/10.1016/j.intfin.2016.10.001

Safrida, E., Riswanto., & Surianti, M. (2020). Effect of Quality of Accounting Information and Asymmetric Information on the Cost of Capital (Case Study on the Indonesia Stock Exchange). European Journal of Business and Management, 12(3), 1-7.

https://doi.org/10.7176/EJBM/12-3-18

Saleh, I., Afifa, M., Al-hawatmah, Z., & Albakkar, O. (2022). Earnings Management, Earnings Quality, Board Gender Diversity and Cost of Equity Capital: Evidence from an Emerging Market. Global Business Review, Ahead of Print, 1-23. https://doi.org/10.1177/09721509221133513

Sebai, S., Messai, M., & Jouini, F. (2015). Earnings attributes and the cost of equity capital: The case of Tunisian companies. Afro-Asian Journal of Finance and Accounting, 5(3), 216-230. https://doi.org/10.1504/AAJFA.2015.070287

Shakespeare, C. (2020). Reporting matters: The real effects of financial reporting on investing and financing decisions. Accounting and Business Research, 50(5), 425-442. https://doi.org/10.1080/00014788.2020.1770928

Siladjaja, M. (2020). The accruals quality and the estimated future performance. Management Research Studies Journal, 1(1), 1-21. https://doi.org/10.56174/mrsj.v1i1.343

Spiceland, C., Yang, L., & Zhang, J. (2016). Accounting quality, debt covenant design, and the cost of debt. Review of Quantitative Finance and Accounting, 47, 1271-1302. https://doi.org/10.1007/s11156-015-0538-9

Sunarta, I., & Astuti, P. (2023). The Influence Quality Accounting Information Systems, Quality Accounting Information, and Decision-Making Success. Journal of Economics, Finance and Management Studies, 6(1), 358-366.

https://doi.org/10.47191/jefms/v6-i1-40

Vacari, S. S., Eckert, A., Leites, E. T., Fontana, F. B., & Mecca, M. S. (2023). A Contabilidade como Ferramenta de Gestão e Incremento da Competitividade para Micro e Pequenas Empresas. Revista Conhecimento Contábil, 13(2), 71-92.

https://doi.org/10.31864/2447-2921.2023.5302

Vitolla, F., Salvi, A., Raimo, N., Petruzzella, F., & Rubino, M. (2019). The impact on the cost of equity capital in the effects of integrated reporting quality. Business Strategy and the Environment, 29(2), 519-529. https://doi.org/10.1002/bse.2384

Xing, X., & Yan, S. (2018). Accounting information quality and systematic risk. Review of Quantitative Finance and Accounting, 52, 85-103. https://doi.org/10.2139/ssrn.3121577

Xu, X., & Liu, Z. (2022). Research on the impact and path of economic policy uncertainty on the cost of equity capital. In L. R. Yin (Org.). Proceedings of the 2022 13th International Conference on E-business, Management and Economics. Association for Computing Machinery. https://doi.org/10.1145/3556089.3556127

Zhai, J., & Wang, Y. (2016). Accounting information quality, governance efficiency and capital investment choice. China Journal of Accounting Research, 9(4), 251-266. https://doi.org/10.1016/J.CJAR.2016.08.001