A qualidade da informação das companhias abertas brasileiras e a decisão entre comprar ou arrendar ativos

Abstract

The objective of this research is to identify the association between the quality of accounting information and the propensity between leasing rather than buying assets. The study sample includes publicly traded by non-financial firms listed on the Bolsa Brasil Balcão (B3) exchange. This study extends previous research on the relationship between information quality and the choice between leasing and buying assets, in an environment with weak legal protections. The research assumption, based on the literature, is that companies that present accounting information with worse quality of accounting information, when obtaining financing, may choose to lease due to financing restrictions. Additionally, the association between the change in the practice of recognizing operating leases arising from IFRS16 and the companies' choice to lease rather than buy assets was verified. With the application of this study, it was evidenced that the quality of accounting information does not significantly affect the choice of leases. However, it presented negative and significant relationships between leases and the variables that measure financing constraints, thus indicating that companies with financial constraints may choose to lease as an alternative source of financing. Furthermore, it is possible to infer that even after the changes in the recognition of leases introduced by IFRS 16, leases continue to be negatively and significantly related to the financing constraint.