Regulação contábil e a divulgação de informações de operações com instrumentos financeiros derivativos: análise do impacto da CVM nº 566/08 e da CVM nº 475/08 no disclosure das companhias abertas no Brasil

Abstract

Resumo …………………………………………………………………………………………………………………………………………O objetivo do presente trabalho é analisar o impacto da Deliberação CVM nº. 566/08 e da Instrução CVM nº. 475/08 no disclosure de informações de operações com instrumentos financeiros derivativos das companhias abertas no Brasil. Para isso, elaborou-se uma métrica com bases nessas normas, composta por quatro categorias e 22 subcategorias: informações qualitativas (5), informações quantitativas (6), valores dos derivativos (5) e análise de sensibilidade (6). Por meio da técnica de análise de conteúdo, buscou-se analisar as demonstrações contábeis das empresas no exercício findo em 2007, antes da aprovação das referidas normas, e também no exercício findo em 2008, após a aprovação das mesmas. A idéia subjacente foi justamente comparar o nível de divulgação de informações de operações com instrumentos financeiros derivativos ex ante e ex post. A amostra é composta pelas maiores empresas não-financeiras, listadas na Bolsa de Valores de São Paulo. Dentre os principais resultados da pesquisa destacam-se: (i) dez empresas não fizeram qualquer menção acerca da utilização de derivativos em nota explicativa em 2007; (ii) menos de 50% das empresas divulgaram aos usuários os efeitos da adoção inicial da CVM nº. 566; (iii) o quadro de análise de sensibilidade não foi evidenciado por qualquer empresa em 2007, sendo que em contrapartida, 90% das empresas analisadas o evidenciaram em 2008; (iv) a maioria da empresas divulgou o valor justo dos seus derivativos, mas apenas 33,33% divulgaram os critérios de avaliação e mensuração utilizados para computo desses valores no ano de 2008. Conclui-se que houve uma melhora no disclosure das empresas, mas ressalta-se que as empresas ainda não divulgam integralmente todas as informações exigidas pelas normas.Palavras-chave: regulação contábil; instrumentos financeiros derivativos; divulgação de informações. Abstract …………………………………………………………………………………………………………………………………………The objective of this paper is to analyze the impact of CVM 566/08 Deliberation and CVM 475/08 Instruction on the disclosure of information of operations with derivative financial instruments of open capital Brazilian companies. To do so, a measure based on these rules was elaborated. This measure was composed by four categories and 22 subcategories: qualitative information (5), quantitative information (6), derivatives values (5) and sensitiveness analysis (6). Through the content analysis technique, we seek to analyze the accounting demonstrations from companies on the year 2007, before the approval of the rules, and on 2008, after the approval of the rules. The idea was to compare the level of disclosure of the operational information of derivative financial instruments ex ante and ex post. The sample is composed by the larger non-financial companies listed by BOVESPA -São Paulo Stock Market. Among the main results, it is possible to highlight: (i) tem companies did not mention derivatives on their 2007 Notes; (ii) less than 50% of the companies published to their us...

Hedging Policies to Reduce Agency Costs in Brazil

“…The first year of the period analyzed coincides with the mandatory adoption by listed Brazilian companies of International Financial Reporting Standards (IFRS), i.e., as of 2010, aligned with the study of Antônio et al (2020). According to Murcia and Santos (2009), this obligatory adhesion increased the quality of the information disclosed by companies and also promoted convergence of the accounting information of Brazilian companies and their peers in other countries.…”

“…It should be noted that the aspects considered by Nguyen et al (2010) to propose this inverse relationship were related to complex characteristics, such as accounting standards, time and magnitude of hedge implementation, the possible speculative character of hedging instruments, and the difficulty of determining the level of risk to which firms' operations are exposed. However, studies such as Géczy et al (2007), Murcia and Santos (2009), Fauver and Naranjo (2010), Aretz and Bartram (2010), and Lel (2012) found that these relations established by those authors are softened by mechanisms implemented by the stakeholders of companies. In another line of research, Antônio et al (2020) found that the use of derivatives has not been fully incorporated by the rating agencies in their credit ratings.…”

“…Therefore, mechanisms to reduce agency conflicts also lower the probability that managers will use hedge instruments for speculation. Murcia and Santos (2009) argued that the adoption of international accounting standards tends to increase the quality of the accounting information disclosed by firms. In light of this, more information about the characteristics of firms' hedging policies should be disclosed with the adoption of stricter accounting standards.…”

“…However, in the Brazilian case, according to Murcia and Santos (2009), the adhesion to international accounting standards in 2010 led to an increase in the quality of the information disclosed by companies, especially the information required by IAS 32 and 39 and IFRS 7, referring to the disclosure, recognition, measurement, and presentation of the use of derivative instruments. Hence, it can be noted that the argument of Nguyen et al (2010) regarding the difficulty of observing the use of these instruments can be mitigated by the adoption of international accounting standards.…”