Características econômicas de empresas e uso de hedge accounting: um estudo em empresas do setor de consumo não cíclico listadas no novo mercado da BM&FBOVESPA

Abstract

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 2008-2014 period in 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. The hypothesis tested in this study were based on the Theory of Disclosure. Thus, to achieve the objective, a descriptive research with a quantitative approach was carried out by a 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. With respect to the results obtained the evidence 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. Thus, the results are consistent with the theory and corroborate the expected relationship. 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.