Effects of the exchange rate on the adoption of hedge accounting: evidence from Brasil
Autor(a) principal: | |
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Data de Publicação: | 2018 |
Tipo de documento: | Tese |
Idioma: | eng |
Título da fonte: | Biblioteca Digital de Teses e Dissertações da USP |
Texto Completo: | http://www.teses.usp.br/teses/disponiveis/96/96133/tde-12122018-155403/ |
Resumo: | Under Accounting Statement CPC 38, from 2010 on Brazilian companies started adopting accounting standards correspondent to IAS 39 regarding hedge accounting, whose disclosure is optional and, in cash flow hedge operations, may avoid losses disclosure in the income statements due to deferred values in other comprehensive income (OCI), promoting better earnings disclosure. In this scenario, by means of statistical models we investigate whether firm\'s financial exposure to currency risk and the high exchange rate depreciation environment promote the deferral of losses on firm\'s OCI and, in addition to the tax deferral on exchange gains and losses, the hedge accounting choice for 379 Brazilian listed companies between 2010- 2017. Our results show that firms\' high leverage in foreign currency, the high exchange rate variation on country level and the tax deferral choice influence positively the hedge accounting choice and, consequently, reduce the disclosure of losses on income statements, evidencing potential earnings management activity, since OCI\'s balances are not entirely understood by analysts and investors (even the most sophisticated). Our paper contributes to the disclosure, accounting choice and earnings management theories, highlighting the claim for enhancement of financial instruments accounting standards on uniformity and comparability. |
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Effects of the exchange rate on the adoption of hedge accounting: evidence from BrasilEfeitos da variação cambial na adoção do hedge accounting no Brasilaccounting choicecontabilidade de hedgeearnings managementescolha contábilgerenciamento de resultadoshedge accountingUnder Accounting Statement CPC 38, from 2010 on Brazilian companies started adopting accounting standards correspondent to IAS 39 regarding hedge accounting, whose disclosure is optional and, in cash flow hedge operations, may avoid losses disclosure in the income statements due to deferred values in other comprehensive income (OCI), promoting better earnings disclosure. In this scenario, by means of statistical models we investigate whether firm\'s financial exposure to currency risk and the high exchange rate depreciation environment promote the deferral of losses on firm\'s OCI and, in addition to the tax deferral on exchange gains and losses, the hedge accounting choice for 379 Brazilian listed companies between 2010- 2017. Our results show that firms\' high leverage in foreign currency, the high exchange rate variation on country level and the tax deferral choice influence positively the hedge accounting choice and, consequently, reduce the disclosure of losses on income statements, evidencing potential earnings management activity, since OCI\'s balances are not entirely understood by analysts and investors (even the most sophisticated). Our paper contributes to the disclosure, accounting choice and earnings management theories, highlighting the claim for enhancement of financial instruments accounting standards on uniformity and comparability.Com o CPC 38, a partir de 2010 as companhias brasileiras passaram a adotar as normas contábeis correspondentes ao IAS 39 no tocante à contabilidade de hedge, cuja divulgação é facultativa e, especificamente em relação ao hedge de fluxo de caixa, pode diferir a divulgação de perdas cambiais em outros resultados abrangentes (ORA) e, consequentemente, promover o disclosure de melhores resultados. Nesse cenário, por meio de modelos estatísticos o estudo investiga se a alta exposição à variação cambial em um ambiente de alta depreciação da taxa de câmbio resulta em diferimento de perdas em ORA e, em conjunto com o diferimento da tributação da variação cambial, promove a escolha da contabilidade de hedge para 379 companhias abertas brasileiras no período de 2010 a 2017. Os resultados evidenciam que a alta alavancagem em moeda estrangeira, a alta depreciação do câmbio e o diferimento da tributação impactam positivamente a escolha pela contabilidade de hedge e, consequentemente, reduzem a divulgação de perdas cambiais no resultado, apontando a existência de gerenciamento de resultados, já que os saldos em ORA não são corretamente interpretados pelos analistas e investidores, mesmo os mais sofisticados. O estudo contribui para as teorias de disclosure, de escolha contábil e de gerenciamento de resultados, e aponta para a necessidade de aprimoramento das normas contábeis relativas a instrumentos financeiros em termos de uniformidade e comparabilidade.Biblioteca Digitais de Teses e Dissertações da USPNakao, Sílvio HiroshiSticca, Ralph Melles2018-12-04info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisapplication/pdfhttp://www.teses.usp.br/teses/disponiveis/96/96133/tde-12122018-155403/reponame:Biblioteca Digital de Teses e Dissertações da USPinstname:Universidade de São Paulo (USP)instacron:USPLiberar o conteúdo para acesso público.info:eu-repo/semantics/openAccesseng2019-04-09T23:21:59Zoai:teses.usp.br:tde-12122018-155403Biblioteca Digital de Teses e Dissertaçõeshttp://www.teses.usp.br/PUBhttp://www.teses.usp.br/cgi-bin/mtd2br.plvirginia@if.usp.br|| atendimento@aguia.usp.br||virginia@if.usp.bropendoar:27212019-04-09T23:21:59Biblioteca Digital de Teses e Dissertações da USP - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
Effects of the exchange rate on the adoption of hedge accounting: evidence from Brasil Efeitos da variação cambial na adoção do hedge accounting no Brasil |
title |
Effects of the exchange rate on the adoption of hedge accounting: evidence from Brasil |
spellingShingle |
Effects of the exchange rate on the adoption of hedge accounting: evidence from Brasil Sticca, Ralph Melles accounting choice contabilidade de hedge earnings management escolha contábil gerenciamento de resultados hedge accounting |
title_short |
Effects of the exchange rate on the adoption of hedge accounting: evidence from Brasil |
title_full |
Effects of the exchange rate on the adoption of hedge accounting: evidence from Brasil |
title_fullStr |
Effects of the exchange rate on the adoption of hedge accounting: evidence from Brasil |
title_full_unstemmed |
Effects of the exchange rate on the adoption of hedge accounting: evidence from Brasil |
title_sort |
Effects of the exchange rate on the adoption of hedge accounting: evidence from Brasil |
author |
Sticca, Ralph Melles |
author_facet |
Sticca, Ralph Melles |
author_role |
author |
dc.contributor.none.fl_str_mv |
Nakao, Sílvio Hiroshi |
dc.contributor.author.fl_str_mv |
Sticca, Ralph Melles |
dc.subject.por.fl_str_mv |
accounting choice contabilidade de hedge earnings management escolha contábil gerenciamento de resultados hedge accounting |
topic |
accounting choice contabilidade de hedge earnings management escolha contábil gerenciamento de resultados hedge accounting |
description |
Under Accounting Statement CPC 38, from 2010 on Brazilian companies started adopting accounting standards correspondent to IAS 39 regarding hedge accounting, whose disclosure is optional and, in cash flow hedge operations, may avoid losses disclosure in the income statements due to deferred values in other comprehensive income (OCI), promoting better earnings disclosure. In this scenario, by means of statistical models we investigate whether firm\'s financial exposure to currency risk and the high exchange rate depreciation environment promote the deferral of losses on firm\'s OCI and, in addition to the tax deferral on exchange gains and losses, the hedge accounting choice for 379 Brazilian listed companies between 2010- 2017. Our results show that firms\' high leverage in foreign currency, the high exchange rate variation on country level and the tax deferral choice influence positively the hedge accounting choice and, consequently, reduce the disclosure of losses on income statements, evidencing potential earnings management activity, since OCI\'s balances are not entirely understood by analysts and investors (even the most sophisticated). Our paper contributes to the disclosure, accounting choice and earnings management theories, highlighting the claim for enhancement of financial instruments accounting standards on uniformity and comparability. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018-12-04 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/doctoralThesis |
format |
doctoralThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://www.teses.usp.br/teses/disponiveis/96/96133/tde-12122018-155403/ |
url |
http://www.teses.usp.br/teses/disponiveis/96/96133/tde-12122018-155403/ |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
|
dc.rights.driver.fl_str_mv |
Liberar o conteúdo para acesso público. info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Liberar o conteúdo para acesso público. |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.coverage.none.fl_str_mv |
|
dc.publisher.none.fl_str_mv |
Biblioteca Digitais de Teses e Dissertações da USP |
publisher.none.fl_str_mv |
Biblioteca Digitais de Teses e Dissertações da USP |
dc.source.none.fl_str_mv |
reponame:Biblioteca Digital de Teses e Dissertações da USP instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Biblioteca Digital de Teses e Dissertações da USP |
collection |
Biblioteca Digital de Teses e Dissertações da USP |
repository.name.fl_str_mv |
Biblioteca Digital de Teses e Dissertações da USP - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
virginia@if.usp.br|| atendimento@aguia.usp.br||virginia@if.usp.br |
_version_ |
1815256997989187584 |