Análise da relação entre o endividamento e a qualidade da informação contábil no Brasil

Abstract

The quality of accounting information is essential, for example, to assist its users in decision -making and allocation recursos company. When users are able to change this information, they may lose their quality, thus bringing uncertainty for users and increasing information asymmetry and moral hazard. Regarding debt, it has as one of its benefits, organizations become more efficient and help reduce agency costs, such as the agency cost of free cash flow by reducing cash available. In this context, this research aim to analyze the relationship between the quality of accounting information and indebtedness. To achieve its objective, the study used the following models : Ball and Shivakumar, to verify the degree of conservatism of the companies analyzed, the model of Pae (2005), to examine the earnings management and ANOVA (analysis of variance) for investigate the differences in levels of management outcome between the groups. The sample of this study included the indebted company, their information was extracted from the database of the financial tool Economática ® comprising the years 2010 to 2012 (after the implementation of IFRS). The results show that firms with more debt, according to an analysis that companies are less conservative (aggressive), are also the companies that manage results, ie, have a low quality of accounting information. Consequently, companies with less debt are the least manage results. It is emphasized that the results are limited to firms in the sample in the years analyzed .