Empresas familiares versus empresas não familiares: uma análise comparativa sobre o nível de representação fidedigna de suas demonstrações contábeis

Abstract

Reliable accounting representation is presented as an example of a recognition mechanism that directly impacts accounting numbers (Pereira, 2013). For Basu (1997), the reliable representation can be understood as the practice of recognizing expenses (reduction of assets or increase of liabilities) more easily than revenues (increase of assets or reduction of liabilities). For Chen et al. (2010), family-type companies are an example of organizations where the conflict between majority and minority shareholders tends to be more present. In family businesses, the controlling shareholder tends to be closer to the figure of the manager and, therefore, there is less information asymmetry between these agents. In this context, the present study seeks to fill a gap in the literature, since the research results will enable a greater understanding of the specificities of family organizations. The research sample was formed by the companies listed on B3 that are part of the Brasil Amplo Index (IBrA). This index is composed of 120 organizations and aims to offer a broad view of the stock market, measuring the behavior of the shares of all companies listed on B3 that meet their inclusion criteria. The component shares are selected for their liquidity and weighted in the portfolios by the market value of the shares available for trading. The data of the companies to be used for the variables of the econometric model were extracted from the Consolidated Financial Statements and Management Reports for the annual financial years 2010 to 2014, through the website of the Brazilian Securities and Exchange Commission (CVM) and the Economática database ®. To analyze the level of reliable representation, the model developed by Ball and Shivakumar (2005) was modified, through the inclusion of a dummy variable, which captures the different behavior of the reliable representation of family firms. It was concluded that, through statistical analysis, it is not possible to confirm the research hypothesis formulated, thus suggesting that the reliable representation of family businesses is not different from non-family businesses. As a limitation of the research, the sample selection criteria, such as size and period analyzed. For future research, analyze whether state-owned companies have more conservative accounting numbers than non-state-owned companies.