Determinants of Restatements in Financial Statements of Brazilian Publicly Traded Companies
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | Contabilidade, Gestão e Governança |
Texto Completo: | https://revistacgg.org/index.php/contabil/article/view/2081 |
Resumo: | Objective: Under the context of the importance accounting information quality for its users, this study aimed to point out possible determinants for the Standardized Financial Statements (SFS) restatement of Brazilian publicly traded companies.Method: From 2010 to 2016, we used correlation test, mean difference test and logistic regression with panel data.Originality/Relevance: The study opportunity considered the existence of contradictory results in national and international studies, which present not recent temporal analysis, observation of too few determinants concomitantly, and methods of descriptive character for analysis.Results: The results showed that the main determinants of the restatement of SFS are: being audit by Big Four; companies with debt; audit rotation; industry; size and tenure. It was also found that older companies have lower chances of restatement. There are indications of a negative relationship between restatement and the issuance of ADRs, but positive with the listing at the differentiated levels of corporate governance.Theoretical/Methodological contributions: In general, it was observed that the possible controls that might be adopted by companies to reduce conflicts of interest, information asymmetry and agency costs are not presented as able of preventing the restatement of SFS. These findings help in the indication of variables that can be included in valuation, so that the market can incorporate in its estimates factors that indicate companies more likely to restatement, therefore with uncertainty in the reliability of their results disclosed, and also assist in monitoring policies by regulatory bodies regarding the restatement of SFS. |
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Determinants of Restatements in Financial Statements of Brazilian Publicly Traded CompaniesDeterminantes das Republicações das Demonstrações Contábeis das Empresas Brasileiras de Capital AbertoAccounting Information QualityTimelinessSFS RestatementQualidade da Informação ContábilTempestividadeRepublicação das DFPsObjective: Under the context of the importance accounting information quality for its users, this study aimed to point out possible determinants for the Standardized Financial Statements (SFS) restatement of Brazilian publicly traded companies.Method: From 2010 to 2016, we used correlation test, mean difference test and logistic regression with panel data.Originality/Relevance: The study opportunity considered the existence of contradictory results in national and international studies, which present not recent temporal analysis, observation of too few determinants concomitantly, and methods of descriptive character for analysis.Results: The results showed that the main determinants of the restatement of SFS are: being audit by Big Four; companies with debt; audit rotation; industry; size and tenure. It was also found that older companies have lower chances of restatement. There are indications of a negative relationship between restatement and the issuance of ADRs, but positive with the listing at the differentiated levels of corporate governance.Theoretical/Methodological contributions: In general, it was observed that the possible controls that might be adopted by companies to reduce conflicts of interest, information asymmetry and agency costs are not presented as able of preventing the restatement of SFS. These findings help in the indication of variables that can be included in valuation, so that the market can incorporate in its estimates factors that indicate companies more likely to restatement, therefore with uncertainty in the reliability of their results disclosed, and also assist in monitoring policies by regulatory bodies regarding the restatement of SFS.Objetivo: sob o contexto da qualidade da informação contábil para seus usuários, este estudo teve como objetivo apontar possíveis determinantes para a republicação das demonstrações financeiras padronizadas (DFPs) das empresas brasileiras de capital aberto.Método: considerando-se o período de 2010 a 2016, foram utilizados testes de correlação, de diferença de média e de regressão logit com dados em painel.Originalidade/Relevância: a oportunidade de pesquisa considerou a existência de resultados contraditórios nas pesquisas nacionais e internacionais, as quais apresentam análise temporal não recente, observação de poucos determinantes concomitantemente e uso de métodos de caráter descritivo para análise.Resultados: os resultados apontaram que os principais determinantes da republicação das DFPs são: auditoria por Big Four, endividamento, rodízio de auditoria, setor, tamanho e tempo de auditoria. Verificou-se, ainda, que empresas mais antigas apresentam menores chances de republicação. Há indícios de relação negativa entre a republicação e a emissão de ADR, mas positiva com a listagem nos níveis diferenciados de governança corporativa.Contribuições teóricas/metodológicas: no geral, foi observado que os possíveis controles que as empresas podem adotar para reduzir conflitos de interesse, assimetria de informação e custos de agência não são capazes de prevenir a republicação das DFPs. Os achados auxiliam na indicação de variáveis que podem ser incluídas em processo de valuation, para que o mercado possa incorporar, em suas estimativas, fatores que indicam empresas mais propensas a republicarem, portanto com incerteza na confiabilidade de seus resultados divulgados, e, ainda, auxiliar nas políticas de monitoramento por órgãos reguladores quanto à republicação das DFPs.Contabilidade Gestão e Governança2020-07-15info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttps://revistacgg.org/index.php/contabil/article/view/208110.51341/1984-3925_2020v23n2a2Contabilidade Gestão e Governança; v. 23 n. 2 (2020); 159-1781984-39251984-3925reponame:Contabilidade, Gestão e Governançainstname:Universidade de Brasília (UnB)instacron:UNBengporhttps://revistacgg.org/index.php/contabil/article/view/2081/PDF_Enhttps://revistacgg.org/index.php/contabil/article/view/2081/PDF_PtCopyright (c) 2020 Revista Contabilidade, Gestão e Governançainfo:eu-repo/semantics/openAccessHuang, CarolineNardi, Paula Carolina Ciampaglia2021-09-23T10:42:00Zoai:oai.jamg.cloud:article/2081Revistahttp://www.revistacgg.org/index.php/contabilPUBhttps://revistacgg.org/index.php/contabil/oaijamg.cgg@gmail.com1516-70111984-3925opendoar:2021-09-23T10:42Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)false |
dc.title.none.fl_str_mv |
Determinants of Restatements in Financial Statements of Brazilian Publicly Traded Companies Determinantes das Republicações das Demonstrações Contábeis das Empresas Brasileiras de Capital Aberto |
title |
Determinants of Restatements in Financial Statements of Brazilian Publicly Traded Companies |
spellingShingle |
Determinants of Restatements in Financial Statements of Brazilian Publicly Traded Companies Huang, Caroline Accounting Information Quality Timeliness SFS Restatement Qualidade da Informação Contábil Tempestividade Republicação das DFPs |
title_short |
Determinants of Restatements in Financial Statements of Brazilian Publicly Traded Companies |
title_full |
Determinants of Restatements in Financial Statements of Brazilian Publicly Traded Companies |
title_fullStr |
Determinants of Restatements in Financial Statements of Brazilian Publicly Traded Companies |
title_full_unstemmed |
Determinants of Restatements in Financial Statements of Brazilian Publicly Traded Companies |
title_sort |
Determinants of Restatements in Financial Statements of Brazilian Publicly Traded Companies |
author |
Huang, Caroline |
author_facet |
Huang, Caroline Nardi, Paula Carolina Ciampaglia |
author_role |
author |
author2 |
Nardi, Paula Carolina Ciampaglia |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Huang, Caroline Nardi, Paula Carolina Ciampaglia |
dc.subject.por.fl_str_mv |
Accounting Information Quality Timeliness SFS Restatement Qualidade da Informação Contábil Tempestividade Republicação das DFPs |
topic |
Accounting Information Quality Timeliness SFS Restatement Qualidade da Informação Contábil Tempestividade Republicação das DFPs |
description |
Objective: Under the context of the importance accounting information quality for its users, this study aimed to point out possible determinants for the Standardized Financial Statements (SFS) restatement of Brazilian publicly traded companies.Method: From 2010 to 2016, we used correlation test, mean difference test and logistic regression with panel data.Originality/Relevance: The study opportunity considered the existence of contradictory results in national and international studies, which present not recent temporal analysis, observation of too few determinants concomitantly, and methods of descriptive character for analysis.Results: The results showed that the main determinants of the restatement of SFS are: being audit by Big Four; companies with debt; audit rotation; industry; size and tenure. It was also found that older companies have lower chances of restatement. There are indications of a negative relationship between restatement and the issuance of ADRs, but positive with the listing at the differentiated levels of corporate governance.Theoretical/Methodological contributions: In general, it was observed that the possible controls that might be adopted by companies to reduce conflicts of interest, information asymmetry and agency costs are not presented as able of preventing the restatement of SFS. These findings help in the indication of variables that can be included in valuation, so that the market can incorporate in its estimates factors that indicate companies more likely to restatement, therefore with uncertainty in the reliability of their results disclosed, and also assist in monitoring policies by regulatory bodies regarding the restatement of SFS. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-07-15 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://revistacgg.org/index.php/contabil/article/view/2081 10.51341/1984-3925_2020v23n2a2 |
url |
https://revistacgg.org/index.php/contabil/article/view/2081 |
identifier_str_mv |
10.51341/1984-3925_2020v23n2a2 |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
https://revistacgg.org/index.php/contabil/article/view/2081/PDF_En https://revistacgg.org/index.php/contabil/article/view/2081/PDF_Pt |
dc.rights.driver.fl_str_mv |
Copyright (c) 2020 Revista Contabilidade, Gestão e Governança info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2020 Revista Contabilidade, Gestão e Governança |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
Contabilidade Gestão e Governança |
publisher.none.fl_str_mv |
Contabilidade Gestão e Governança |
dc.source.none.fl_str_mv |
Contabilidade Gestão e Governança; v. 23 n. 2 (2020); 159-178 1984-3925 1984-3925 reponame:Contabilidade, Gestão e Governança instname:Universidade de Brasília (UnB) instacron:UNB |
instname_str |
Universidade de Brasília (UnB) |
instacron_str |
UNB |
institution |
UNB |
reponame_str |
Contabilidade, Gestão e Governança |
collection |
Contabilidade, Gestão e Governança |
repository.name.fl_str_mv |
Contabilidade, Gestão e Governança - Universidade de Brasília (UnB) |
repository.mail.fl_str_mv |
jamg.cgg@gmail.com |
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1798315268161667072 |