Moderating Effect of Internationalization on the Relationship between Corporate Governance and the Republishing of Financial Statements

• Autor(a) principal: Freire, Maria Maciléya Azevedo
• Data de Publicação: 2022
• Outros Autores: Albuquerque Filho, Antonio Rodrigues, Vasconcelos, Alessandra Carvalho de, Fernandes, Jardênia de Souza
• Tipo de documento: Artigo
• Idioma: eng; por
• Título da fonte: Contabilidade, Gestão e Governança
• Texto Completo: https://revistacgg.org/index.php/contabil/article/view/2623
• topic: Governança corporativa; Republicação; Internacionalização; Economia dos Custos de Transação.

Objective: To evaluate the moderating effect of internationalization on the relationship between corporate governance and the republishing of financial statements in a sample of top Brazilian public firms. Method: Information covering the years 2015, 2016 and 2017 was obtained for 97 of the 100 largest Brazilian public firms (according to the market value ranking of ‘Exame Maiores e Melhores’, 2018) and submitted to content analysis, correspondence analysis, logistic regression analysis and testing of differences between means. Originality/Relevance: In addition to identifying the main reasons for the republishing of financial statements, the study innovates by using Transaction Cost Theory (TCT) to interpret the moderating effect of internationalization on the relationship between corporate governance and republishing. Results: Firms with higher levels of governance were found to be less likely to republish financial statements, especially when operating in foreign markets. As predicted by TCT, good governance was associated with lower transaction risks and costs, leading to greater informational transparency and boosting confidence in financial disclosures. Theoretical/Methodological contributions: The study represents valuable input on the relationship between internationalization, corporate governance and the republishing of financial statements by Brazilian firms a hitherto neglected topic. Moreover, knowledge of the reasons for voluntary republishing may subsidize the development of strategies for reducing republishing needs, with positive impacts on external users’ assessments and interpretations.