Cost of debt in companies from the segment New Market of Corporate Governance of Bovespa, between 2001 and 2005: a comparison of assessment methods / Custo de capital de terceiros em empresas do segmento Novo Mercado de Governança Corporativa da BOVESPA no período de 2001 a 2005: uma comparação de formas de apuração

AUTOR(ES)

Lísia de Melo Queiroz

DATA DE PUBLICAÇÃO

2008

RESUMO

The aim of this study is to verify whether there is any significant difference between the cost of debt (Ki), which was assessed based on Accounting Statements (AS), and that from the information contained in Explanatory Notes (EN) of the companies in the segment New Market of Corporate Governance (NMGC) of Bovespa, between 2001 and 2005. In addition, it also identifies the factors that determine this difference. Therefore, we are able to compare both methods of assessing Ki, one which is already used and another which is proposed in this study. The segment NMGC was chosen because the companies that constitute it are committed to improving the quality of information given to stakeholders. In the Hypothesis Test carried out, H0 indicates that there are no significant differences between the two assessment methods; on the other hand, H1 indicates that there are significant differences between them. The Wilcoxon Sign Rank Test showed that there is not enough evidence against the null hypothesis, that is, there is no evidence in the sample in order to state that there is any difference between the two ways of assessing (α = 5%). Despite that, the graphic analysis allows us to make some assumptions about the divergences that were brought up: 1 - hermetic revenue entries; 2 - operational values released on financial expenditure with permission from the law; and 3 - the presence of financial instruments which interfere in the total financial expenditures. However, assessing Ki through NE is more satisfactory than through DC, because the deficiencies raised are eliminated, and it offers the users understandable, relevant, reliable, comparable and, above all, useful information for the decision-making process.

ASSUNTO(S)

assessment methods cost of debt custo de capital de terceiros notas explicativas formas de apuração explanatory notes

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