DIFFERENTIAL LEVELS OF CORPORATE GOVERNANCE AND THE DEGREE OF CONSERVATISM: AN EMPIRICAL-STUDY IN THE BRAZILIAN PUBLICLY TRADED COMPANIES LISTED IN BOVESPA
DOI:
https://doi.org/10.11606/rco.v2i2.34709Keywords:
Levels of corporative governance, Conservatism, Open CompaniesAbstract
This study had the objective to identify if the degree of conservatism used by companies that are part of the differentiated levels of corporate governance is different from the conservatism used by other companies. The model used was that of the Basu (1997) which allows identifying the existence of recognition asymmetry between good and bad news, using the stock market economic return for its purpose. The conservatism is a tool used by accounting with the purpose of making accounting information more reliable and less optimistic. The data obtained was taken between 2000 and 2004 and the results show that the degree of conservatism, used by the companies that have differential levels of corporate governance, (companies listed by Nível 1, Nível 2 or by the Novo Mercado) is higher than that used by other companies listed by Bovespa, which do not have shares listed by such levels. This research made it possible to observe that accounting, using mechanisms as the conservatism, can influence the accounting results and because of that, the results found reaffirm the existence of recognition asymmetry for good and bad news, in the Brazilian market.Downloads
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