Influência do gerenciamento de resultados no custo de capital de debêntures no Brasil

• Ano de defesa: 2012
• Autor(a) principal: Crippa, Mauricio
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Debêntures; Custos do capital; Finanças
• Link de acesso: http://www.repositorio.ufc.br/handle/riufc/16398

Verifies the influence of earnings management on cost of capital of bonds issued in Brazil, established this cost of capital as the effective remuneration yield of the debenture. Research hypothesis is, in Brazil, earnings management does not impact the cost of capital of debentures issued. This hypothesis is based on assumption that, due to the way remuneration yield is defined in Brazil, investors and mandatory bank act as insider traders, with privileged information from issuing company, obtained during the road show, due diligence and bookbuilding processes. To achieve research objectives, linear regressions were applied to identify the level of earnings management, based on model proposed by Kang and Sivaramakrishnan (1995), obtaining one index per company and a second per company for each year sampled. Sample was taken from 1998 to 2010 and 1.067 observations were considered. To verify the association among earnings management and cost of capital, 236 debentures issued were analyzed during the previously mentioned period, considering debentures with fixed remuneration and those indexed to DI (financial market activity) and IGP-M (inflation index) rates. Within this regression, other control variables were considered related to the debenture itself, as yield-tomature; to the company’s financial position, as sales growth, return on equities and bank debt; and to the company structure, as size, source of capital, open or close market negotiation and corporate governance practices. Results obtained allow the acceptance of proposed research hypothesis, since no statistically significant association among earnings management and cost of capital of issued Brazilian debentures were identified. This result, as the absence of statistical significance of control variables related to financial position, can be said is in according with hypothesis assumption that, at the initial offers investors would have privileged information, reducing, therefore, the relevance of accounting information.