CONTINGENT LIABILITIES IN THE NEW YORK STOCK EXCHANGE: A COMPARATIVE ANALYSIS BETWEEN FOREIGN ENTITIES
DOI:
https://doi.org/10.11606/rco.v9i23.68395Keywords:
Contingent liabilities. Culture characteristics. Legal system. Industry.Abstract
The study raised the contingent liabilities of 102 companies that publish their financial statements under IFRS on the NYSE. It was considered that the following factors could affect the financial significance of contingent liabilities: (i) sector of the company, (ii) the legal system of the country of the company and (iii) the social values of the country of the company, reflected by the theory of Gray (1988). Gray's theory (1988) could be confirmed in the isolated analysis of Latin developed countries (Brazil), Anglo (England) and colonial Asia (China). Contingent liabilities are also distributed differently between continents, whereas in Latin America the predominance is of tax contingent liabilities, civil litigation in Europe and Asia / Pacific financial guarantees. It was found that Brazilian companies tend to show more contingencies than the others and that the majority of its contingent liabilities (67%) are tax related. The environmental contingencies are more relevant in the oil and gas companies
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