Escolha do uso do valor justo para propriedades para investimentos: uma influência das características de empresas listadas na BM&FBOVESPA e na NYSE

Abstract

The research aimed to identify possible explanations for the accounting choices made by managers of public companies listed on the NYSE and the BM&FBOVESPA, in relation to subsequent measurement of investment properties. As a complement, we searched to identify the consequence of those choices for the accounting information user, and by identifying the degree of comparability of financial reports for the year 2013. The proposed hypotheses regarding the incentives of managers\' decisions were based on the Theory the Agency and the positivist approach, assuming that the accounting choices might be explained by the relation between the characteristics of the company and the managers‟ interests. The degree of comparability was calculated using the T index Taplin. The present study identified that, in a more conservative manner, to both stock exchanges increased the use of the method of cost for the sample companies. Comparability among companies listed on the BM&FBOVESPA and NYSE, variables Big Four, size of company, relevance of PPI amount, and the fact that the company belongs to the telecommunications industry, is presented as explanatory variables incentive for decision of the accounting method to be used. The analysis by the capital market for companies listed on the BM&FBOVESPA, the variable which was influential in the decision as to the accounting method used by companies was the leverage ratio. However, the model presented neutral discriminatory power and greater success for probable cases of cost adoption. In contrast, for companies listed on NYSE, the model showed excellent discriminatory power and greater success for probable cases of fair value adoption. The variables that appeared influential in this market, so the decision on the accounting method, were the relevance of the balance of PPI and the degree of profitability. Even with the existence of accounting choices, it is considered that there is comparability between accounting practices in recognition of investment property companies listed on the BM&FBOVESPA and NYSE. However, the degree of comparability was presented low for the international comparability (between stock exchanges), and in the medium, near the lower limit for comparability per stock exchange. A curious fact is that it was presented greater degree of comparability for the companies listed on the BM&FBOVESPA in relation to companies listed on the NYSE, which is a more developed capital market. In the analysis of comparability by sector, it was noticed that among the listed companies, there was medium degree of comparability near the upper limit. It was also inferred that the low degree of comparability identified is strongly linked to the dispersion of measurement methods. In that way, before choosing the accounting permitted for subsequent measurement for PPI, it was identified that the characteristics of the companies are realized as incentive to an accounting method adoption(more specifically the fair value), however, such accounting choices provided a low degree of international comparability and a medium degree of comparability per stock exchange.