The quality of information on Brazilian Listed Companies and the decision between buying or leasing assets

Resumo

O objetivo desta pesquisa é identificar a associação entre a qualidade da informação contábil e a propensão em arrendar em vez de comprar ativos. A amostra do estudo contempla 80 empresas, não financeiras, de capital aberto, listadas na bolsa de valores brasileira, Brasil, Bolsa e Balcão (B3), como recorte temporal os dados se referem ao período de 2010 a 2019. Este estudo estende pesquisas anteriores sobre a relação entre a qualidade da informação e a propensão entre arrendar e comprar ativos em um ambiente com fracas proteções legais. O pressuposto da pesquisa, com base na literatura, é que empresas que apresentam informações contábeis com pior qualidade da informação contábil, ao obterem financiamentos, podem optar por arrendar devido as restrições de financiamento. Adicionalmente, foi verificado a associação entre a mudança de prática de reconhecimento de arrendamento operacional advinda da IFRS16 e a propensão das empresas por arrendar em vez de comprar ativos. Evidenciou-se com a aplicação deste estudo, que a qualidade da informação contábil não afeta de forma significativa a propensão de arrendar. Entretanto, as empresas apresentaram relações negativas e significativas entre arrendamentos e as variáveis que medem restrições de financiamento, assim, indicando que empresas com restrições financeiras podem optar por arrendar como uma fonte alternativa de financiamento. Ainda é possível auferir que, mesmo após as mudanças no reconhecimento de arrendamentos instituídas pela IFRS 16, arrendamentos continuam relacionados de forma negativa e significativa a restrição de financiamento.

Palavras-chave: Qualidade da informação contábil, restrição de financiamento, arrendamentos.

Abstract

The objective of this research is to identify the association between the quality of accounting information and the propensity between leasing rather than buying assets. The study sample includes publicly traded by non-financial firms listed on the Bolsa Brasil Balcão (B3) exchange. This study extends previous research on the relationship between information quality and the choice between leasing and buying assets, in an environment with weak legal protections. The research assumption, based on the literature, is that companies that present accounting information with worse quality of accounting information, when obtaining financing, may choose to lease due to financing restrictions. Additionally, the association between the change in the practice of recognizing operating leases arising from IFRS16 and the companies’ choice to lease rather than buy assets was verified. With the application of this study, it was evidenced that the quality of accounting information does not significantly affect the choice of leases. However, it presented negative and significant relationships between leases and the variables that measure financing constraints, thus indicating that companies with financial constraints may choose to lease as an alternative source of financing. Furthermore, it is possible to infer that even after the changes in the recognition of leases introduced by IFRS 16, leases continue to be negatively and significantly related to the financing constraint.

Keywords: Accounting quality, debt restriction, leases.

Referências

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