A divulgação de hedge accounting e o desempenho das empresas brasileiras do setor materiais básicos

Abstract

Hedge accounting operations are an important tool for large companies, they aim to protect companies against risks in the financial market. Given this, this paper seeks to discover whether there is a relationship between the use of hedge accounting and the economic characteristics of companies listed on Brazil, Bolsa, Balcão (B3), in the Basic Materials sector during the period from 2010 to 2020. For this to be accomplished, a survey of the data of these entities was taken from their annual statements and from the Economática platform in order to verify whether these companies disclose the use of hedge accounting and whether those that do are the largest in the sector. A logit regression model with stacked data was used to calculate the results and it was found that even with their average investments in similar assets and their short- and long-term debt at the same level, operational and management efficiencies distinguish them from each other. Furthermore, larger companies in relation to the size of their assets use more hedge, a fact that mitigates the instability of the financial results of the business, similarly, companies with larger debts in the short term have a higher level of hedge accounting disclosure. Long-term debt, however, had a significant inverse relationship with the dependent variable, demonstrating that the chance of companies with long-term debt using hedge accounting decreases with the increase in long-term debt.