Qualidade da informação contábil impacta o custo da dívida? Evidências de firmas não financeiras da [B]³

Abstract

This article analyzed the relationship between the quality of information and the cost of debt of Brazilian non-financial companies listed on Brasil, Bolsa, Balcão ([B³]) from 2010 to 2018. This research was descriptive, documental and quantitative. An average sample of 273 Brazilian companies from different sectors was used and the statistical technique of regression analysis with panel data was used. Thus, the cost of debt was measured and its relationship with the quality of the accounting information of the analyzed companies, this was measured through the proxies: earnings management, profit smoothing and Transparency Trophy. Control variables were debt, size, profitability, market value, growth, cash flow and whether the company was audited by one of the Big Four. Statistical significance was verified, based on the results found, for the independent variables earnings management and transparency. The first indicates that financial institutions, when verifying that the accounting information of organizations is of low quality, will charge higher rates of remuneration. The second variable indicates that companies awarded the Transparency Trophy may cause problems of adverse selection and moral hazard by increasing the debt costs associated with the agency conflict. The control variables size, profitability and cash flow were statistically significant in at least one model. When size and profitability variables increase, the cost of debt will be lower. In turn, the greater the free cash flow, the greater the degree of indebtedness to reduce the amount of available resources that managers could revert to their own benefit.