Determinantes do conservadorismo contábil em clubes de futebol brasileiros: efeitos da alavancagem e da restrição financeira

Abstract

This study investigates the determinants of accounting conservatism in Brazilian football clubs, with a focus on the effects of financial leverage and financial constraints, taking into account the institutional specificities of an environment marked by governance weaknesses, regulatory capture, and the coexistence of member-owned clubs and Football Joint-Stock Companies. Grounded in Agency Theory, Positive Accounting Theory, and Regulatory Capture Theory, the research engages with the international literature on accounting conservatism and financial regulation in sport— particularly evidence from European leagues—while critically examining its applicability to the Brazilian context. The sample comprises 36 clubs that competed in Brazil’s Série A championship between 2010 and 2024, totaling 457 club-year observations. Accounting conservatism is measured using the accruals-based proxy proposed by Givoly and Hayn (2000). The empirical strategy employs panel data regressions with an unbalanced panel and two-way fixed effects, with robust standard errors clustered at the club level. Financial leverage is measured as the ratio of total liabilities to total assets, while financial constraints are captured through financial distress models, notably the G-Score proposed by Grover and Lavin (2001). Robustness tests include alternative performance measures and the substitution of the financial distress model (Zmijewski, 1984). The results indicate that both financial leverage and financial constraints are associated with lower levels of accounting conservatism, contradicting the positive relationship predicted by the classical contracting literature. The analysis of moderation by governance structure, represented by the adoption of the SAF model, does not provide robust evidence of changes in these effects. These findings are consistent with national studies documenting high accounting discretion and institutional limitations in Brazilian football (Nascimento et al., 2015), and contrast with international evidence observed in environments with stronger regulatory enforcement (Pujiono et al., 2023). It is concluded that, in the context of Brazilian football clubs, accounting conservatism does not operate predominantly as an endogenous disciplinary mechanism, but rather is shaped by institutional weaknesses that constrain its informational and contractual roles.