Características econômicas de empresas e uso de hedge accounting: um estudo em empresas do setor de consumo não-cíclico listadasno novo mercado da BM&FBOVESPA

Abstract

Objective: This study aimed to verify the existence of an association between the use of hedge accounting, the fact of being listed in the segment Novo Mercado and economic characteristics of the company, such as size, short and long term debt and performance in the period of 2008-2014in business consumer staples listed on the São Paulo Stock Exchange BM&FBOVESPA. In addition, we attempted to analyze the evolution of hedge accounting disclosure in the same period.Background: The hypothesis tested in this study were based on the Theory of Disclosure.Method:To achieve the objective, a descriptive research with a quantitative approach was carried out by survey the site of the BM&FBOVESPA to verify that the companies in the sample used to hedge accounting. The sample consisted of 34 companies and the data refer to the period from 2008 to 2014. For the regression the logit model was used with stacked data.Results: The results points to a positive and significant relationship between long-term debt and the application of hedge accounting. Company size also influences positively on disclosure (proxy for use) of hedge accounting. Additionally, it can be seen that in the period analyzed, the number of companies that use and disclosed hedge accounting are growing which shows that companies are increasingly seeking protection for their results and showing this to the market.Contributions: This study contributes to the literature on derivatives research, specifically the use of hedge accounting.