Increase in Leverage Driven by International Financial Reporting Standards Adoption
Open Data
Main Article Content
Pâmela Amado Tristão
Igor Bernardi Sonza
Abstract
Context: adoption of International Financial Reporting Standards (IFRS) in Brazil has improved corporate governance practices and information available to investors, providing greater transparency. Despite its mandatory effect, companies listed in B3 tiers (Novo Mercado and Level 2) were already accustomed to using it, allowing a comparison with firms affected by the law. Objective: analyze the influence of IFRS adoption on the capital structure of publicly traded Brazilian companies by comparing firms that only began to adhere to it by the new law (Regular and Level 1) with firms that adopted IFRS before it went into effect (Novo Mercado and Level 2). Method: we performed a quasi-experimental design via difference-in-difference (DID) estimator to compare leverage levels of firms segmented in treatment and control groups before and after IFRS. Conclusions: we found that the treatment group companies had higher market leverage after IFRS adoption, influenced by the greater information disclosure and, consequently, reduction of investors’ perception of risk. In addition, the differences between groups in DID analysis were influenced by the greater effect on market leverage for treated companies and on net indebtedness for the control ones. Furthermore, we confirmed the pecking order theory assumptions for most of the covariates.
Downloads
Download data is not yet available.
Download data is not yet available.
Article Details
How to Cite
Tristão, P. A., & Sonza, I. B. (2021). Increase in Leverage Driven by International Financial Reporting Standards Adoption. Journal of Contemporary Administration, 25(4), e200157. https://doi.org/10.1590/1982-7849rac2021200157.en
Section
Articles
This work is licensed under a Creative Commons Attribution 4.0 International License.
Since mid-February of 2023, the authors retain the copyright relating to their article and grant the journal RAC, from ANPAD, the right of first publication, with the work simultaneously licensed under the Creative Commons Attribution 4.0 International license (CC BY 4.0), as stated in the article’s PDF document. This license provides that the article published can be shared (allows you to copy and redistribute the material in any medium or format) and adapted (allows you to remix, transform, and create from the material for any purpose, even commercial) by anyone.
After article acceptance, the authors must sign a Term of Authorization for Publication, which is sent to the authors by e-mail for electronic signature before publication.
References
Akerlof, G. A. (1970). The market for “lemons”: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3) 488-500. https://doi.org/10.2307/1879431
Arping, S., & Sautner, Z. (2010). Corporate governance and leverage: Evidence from a natural experiment. Finance Research Letters, 7(2), 127-134. https://doi.org/10.1016/j.frl.2010.02.003
Axelson, U., Jenkinson, T., Strömberg, P., & Weisbach, M. S. (2013). Borrow cheap, buy high? The determinants of leverage and pricing in buyouts. The Journal of Finance, 68(6), 2223-2267. https://doi.org/10.1111/jofi.12082
Barth, M. E., Konchitchki, Y., & Landsman, W. R. (2013). Cost of capital and financial statement transparency. Journal of Accounting and Economics, 55(2-3), 206-224. https://doi.org/10.1016/j.jacceco.2013.01.004
Braga, R. N. (2017). Effects of IFRS adoption on tax avoidance. Revista Contabilidade & Finanças, 28(75), 407-424. https://doi.org/10.1590/1808-057x201704680
Brüggemann, U., Hitz, J.-M., & Sellhorn, T. (2013). Intended and unintended consequences of mandatory IFRS adoption: A review of extant evidence and suggestions for future research. European Accounting Review, 22(1), 1-37. https://doi.org/10.1080/09638180.2012.718487
Campos, A. L. S., & Nakamura, W. T. (2015). Rebalanceamento da estrutura de capital: Endividamento setorial e folga financeira. Revista de Administração Contemporânea, 19(spe), 20-37. https://doi.org/10.1590/1982-7849rac20151789
Catapan, A., & Colauto, R. D. (2015). Governança corporativa: Uma análise de sua relação com o desempenho econômico-financeiro de empresas cotadas no Brasil nos anos de 2010-2012. Contaduría y Administración, 59(3), 137-164. https://doi.org/10.1016/S0186-1042(14)71268-9
Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin’s Q. Financial Management, 23(3), 70-74. https://doi.org/10.2307/3665623
Colombo, J. A., & Caldeira, J. F. (2018). The role of taxes and the interdependence among corporate financial policies: Evidence from a natural experiment. Journal of Corporate Finance, 50, 402–423. https://doi.org/10.1016/j.jcorpfin.2017.09.007
Correia, T. de S., Costa, I. L. de S., & Lucena, W. G. L. (2017). O impacto da governança corporativa: Conselho de administração, estrutura de propriedade e controle e as informações socioambientais nas companhias abertas. Teoria e Prática em Administração, 7(2) 156-182. https://doi.org/10.21714/2238-104X2017v7i2-33171
Cova, C. J. G. (2008). A adoção das IFRS no Brasil e o fortalecimento das boas práticas de governança. Revista Pensar Contábil, 10(42), 22-30. Retrieved from http://www.atena.org.br/revista/ojs-2.2.3-08/index.php/pensarcontabil/article/view/89
Daske, H., Hail, L., Leuz, C., & Verdi, R. (2013). Adopting a label: Heterogeneity in the economic consequences around IAS/IFRS adoptions. Journal of Accounting Research, 51(3), 495-547. https://doi.org/10.1111/1475-679X.12005
DeAngelo, H., & Roll, R. (2015). How stable are corporate capital structures? The Journal of Finance, 70(1), 373–418. https://doi.org/10.1111/jofi.12163
Devos, E., Rahman, S., & Tsang, D. (2017). Debt covenants and the speed of capital structure adjustment. Journal of Corporate Finance, 45, 1–18. https://doi.org/10.1016/j.jcorpfin.2017.04.008
Figlioli, B., Lemes, S., & Lima, F. G. (2017). IFRS, synchronicity, and financial crisis: The dynamics of accounting information for the Brazilian capital market. Revista Contabilidade e Finanças, 28(75), 326-343. https://doi.org/10.1590/1808-057x201704450
Florou, A., & Kosi, U. (2015). Does mandatory IFRS adoption facilitate debt financing? Review of Accounting Studies, 20(4), 1407-1456. Retrieved from https://www.springerprofessional.de/en/does-mandatory-ifrs-adoption-facilitate-debt-financing/10878178
Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1–37. https://doi.org/10.1111/j.1755-053X.2009.01026.x
Funchal, B., & Monte-Mor, D. S. (2016). Corporate governance and credit access in Brazil: The Sarbanes-Oxley act as a natural experiment. Corporate Governance: An International Review, 24(5), 528-547. https://doi.org/10.1111/corg.12151
Gatsios, R. C., Silva, J. M., Ambrozini, M. A., Assaf Neto, A., & Lima, F. G. (2016). Impact of adopting IFRS standard on the equity cost of Brazilian open capital companies. RAM. Revista de Administração da Mackenzie, 17(4), 85-108. https://doi.org/10.1590/1678-69712016/administracao.v17n4p84-107
George, E. T. D., Li, X., & Shivakumar, L. (2016). A review of the IFRS adoption literature. Review of Accounting Studies, 21(3), 898-1004. https://doi.org/10.1007/s11142-016-9363-1
Gertler, P. J., Martinez, S., Premand, P., Rawlings, L. B., & Vermeersch, C. M. (2016). Impact evaluation in practice. Washington, D.C.: The World Bank.
Ghio, A., & Verona, R. (2015). Accounting harmonization in the BRIC countries: A common path? Accounting Forum, 39(2),121-139. https://doi.org/10.1016/j.accfor.2015.02.001
Graham, J. R., Leary, M. T., & Roberts, M. R. (2015). A century of capital structure: The leveraging of corporate America. Journal of Financial Economics, 118(3), 658–683. https://doi.org/10.1016/j.jfineco.2014.08.005
Kieschnick, R., & Moussawi, R. (2018). Firm age, corporate governance, and capital structure choices. Journal of Corporate Finance, 48, 597–614. https://doi.org/10.1016/j.jcorpfin.2017.12.011
Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911–922. https://doi.org/10.1111/j.1540-6261.1973.tb01415.x
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517. https://doi.org/10.1111/0022-1082.00115
Lee, E., Walker, M. & Christensen, H. B. (2010). Mandating IFRS: Its impact on the cost of equity capital in Europe [ACCA Research Report No. 105]. London: Certified Accountants Educational Trust.
Lemmon, M. L., Roberts, M. R., & Zender, J. F. (2008). Back to the beginning: Persistence and the cross-section of corporate capital structure. The Journal of Finance, 63(4), 1575–1608. https://doi.org/10.1111/j.1540-6261.2008.01369.x
Leuven, E., & Sianesi, B. (2014). PSMATCH2: Stata module to perform full Mahalanobis and propensity score matching, common support graphing, and covariate imbalance testing. Boston, MA: Statistical Software Components, Boston College Department of Economics.
Li, S. (2010). Does mandatory adoption of international financial reporting standards in the European Union reduce the cost of equity capital? Accounting Review, 85(2), 607–636. https://doi.org/10.2308/accr.2010.85.2.607
Locan, T. R., & Caldeira, J. F. (2014). Estrutura de capital, liquidez de caixa e valor da empresa: Estudo de empresas brasileiras cotadas em bolsa. Revista Contabilidade & Finanças-USP, 25(64), 46-59. https://doi.org/10.1590/S1519-70772014000100005
Lourenço, I. C., & Branco, M. C. (2015). A governança corporativa e o efeito da adoção das IFRS: O caso brasileiro. Revista Universo Contábil, 11(1), 157-172. https://doi.org/10.4270/ruc.2015108
Marques, M. T., Nakao, S. H., & Costa, P. S. (2017). Book-tax differences and capital structure. RAM - Revista de Administração da Mackenzie, 18(6), 177-200. https://doi.org/10.1590/1678-69712017/administracao.v18n6p177-200
Meyer, B. D. (1995). Natural and quasi-experiments in economics. Journal of Business & Economics Statistics, 13(2), 151-161. https://doi.org/10.1080/07350015.1995.10524589
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporate finance and the theory of investment. The American Economic Review, 48(3) 261–297. Retrieved from https://www.jstor.org/stable/1809766
Moscariello, N., Skerratt, L., & Pizzo, M. (2014). Mandatory IFRS adoption and the cost of debt in Italy and UK. Accounting and Business Research, 44(1), 63-82. https://doi.org/10.1080/00014788.2013.867402
Moura, A. A. F. de., & Coelho, A. C. D. (2016). Impact of changes in accounting standards in debt ratios of firms: Evidence in Brazil. Brazilian Business Review, 13(5), 27-50. https://doi.org/10.15728/bbr.2016.13.5.2
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574–592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Nakao, S. H., & Gray, S. J. (2018). The impact of IFRS in Brazil: The legacy of mandatory book-tax conformity. Australian Accounting Review, 28(4), 482-495. https://doi.org/10.1111/auar.12223
Nnadi, M., & Soobaroyen, T. (2015). International financial reporting standard and foreign direct investment: The case of Africa. Advances in Accounting, 31(2), 228-238. https://doi.org/10.1016/j.adiac.2015.09.007
Naranjo, P., Saavedra, D., & Verdi, R.S. (2014). Financial reporting regulation and financing decisions. Social Sciences Research Network. https://doi.org/10.2139/ssrn.2147838
Pires, C. O., & Decourt, R. F. (2015). The impacts of the final phase of transition to IFRS in Brazil. Revista Brasileira de Gestão de Negócios, 17(54), 736-750. https://doi.org/10.7819/rbgn.v17i54.1475
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421-1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x
Roberts, M. R., & Whited, T. M. (2013). Endogeneity in empirical corporate finance. In G.M. Constantinides, M. Harris, R. M. Stulz (Eds.), Handbook of the economics of finance (Vol. 2, pp. 493-572). Amsterdam: North Holland.
Sampaio, J., Gallucci, H., Silva, V. A. B., & Schiozer R. (2020). Mandatory IFRS adoption, corporate governance, and firm value. Revista de Administração de Empresas, 60(4), 284-298. https://doi.org/10.1590/S0034-759020200405
Santos, M. A., Fávero, L. P. L., & Distadio, L. F. (2016). Adoption of the international financial reporting standards (IFRS) on companies’ financing structure in emerging economies. Finance Research Letters, 16, 179-189. https://doi.org/10.1016/j.frl.2015.11.002
Scholtz, H. D. (2014). Is systematic risk diversifiable? Presentation of a portfolio model that eliminates systematic risk. Social Science Research Network. https://doi.org/10.2139/ssrn.2533943
Silva, R. L. M., & Nardi, P. C. C. (2014, August). A adoção completa das IFRS no Brasil reduz o custo de capital próprio? Anais da Associação Nacional dos Programas de Pós-Graduação em Ciências Contábeis, Rio de Janeiro, RJ, Brazil, 8. Retrieved from http://anpcont.org.br/pdf/2014/CUE343.pdf
Silva, R. L. M., & Nardi, P. C. C. (2017). Full adoption of IFRS in Brazil: Earnings quality and the cost of equity capital. Research in International Business and Finance, 42, 1057-1073. https://doi.org/10.1016/j.ribaf.2017.07.041
Sonza, I. B., & Kloeckner, G. O. (2014). Governança em estruturas proprietárias concentradas: Novas evidências para o Brasil. Revista de Administração, 49(2), 322-338. https://doi.org/10.5700/rausp1149
Tarantin, W. T., Junior, & Valle, M. R. (2015). Estrutura de capital: O papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam. Revista Contabilidade & Finança, 26(69), 331–344. https://doi.org/10.1590/1808-057x201512130
Vancin D., Kirch, G., Perlin, M. & Mastella, M. (2019, July). The Impact of Board Gender-Diversity in Brazilian Firms Performance and Risk. In: Encontro Brasileiro de Finanças, Rio de Janeiro, RJ, Brasil, 19.
Vig, V. (2013). Access to collateral and corporate debt structure: Evidence from a natural experiment. The Journal of Finance, 68(3), 881-928. https://doi.org/10.1111/jofi.12020
Villa, J. M. (2016). Diff: Simplifying the estimation of difference-in-differences treatment effects. The Stata Journal, 16(1), 52-71. https://doi.org/10.1177/1536867X1601600108
Arping, S., & Sautner, Z. (2010). Corporate governance and leverage: Evidence from a natural experiment. Finance Research Letters, 7(2), 127-134. https://doi.org/10.1016/j.frl.2010.02.003
Axelson, U., Jenkinson, T., Strömberg, P., & Weisbach, M. S. (2013). Borrow cheap, buy high? The determinants of leverage and pricing in buyouts. The Journal of Finance, 68(6), 2223-2267. https://doi.org/10.1111/jofi.12082
Barth, M. E., Konchitchki, Y., & Landsman, W. R. (2013). Cost of capital and financial statement transparency. Journal of Accounting and Economics, 55(2-3), 206-224. https://doi.org/10.1016/j.jacceco.2013.01.004
Braga, R. N. (2017). Effects of IFRS adoption on tax avoidance. Revista Contabilidade & Finanças, 28(75), 407-424. https://doi.org/10.1590/1808-057x201704680
Brüggemann, U., Hitz, J.-M., & Sellhorn, T. (2013). Intended and unintended consequences of mandatory IFRS adoption: A review of extant evidence and suggestions for future research. European Accounting Review, 22(1), 1-37. https://doi.org/10.1080/09638180.2012.718487
Campos, A. L. S., & Nakamura, W. T. (2015). Rebalanceamento da estrutura de capital: Endividamento setorial e folga financeira. Revista de Administração Contemporânea, 19(spe), 20-37. https://doi.org/10.1590/1982-7849rac20151789
Catapan, A., & Colauto, R. D. (2015). Governança corporativa: Uma análise de sua relação com o desempenho econômico-financeiro de empresas cotadas no Brasil nos anos de 2010-2012. Contaduría y Administración, 59(3), 137-164. https://doi.org/10.1016/S0186-1042(14)71268-9
Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin’s Q. Financial Management, 23(3), 70-74. https://doi.org/10.2307/3665623
Colombo, J. A., & Caldeira, J. F. (2018). The role of taxes and the interdependence among corporate financial policies: Evidence from a natural experiment. Journal of Corporate Finance, 50, 402–423. https://doi.org/10.1016/j.jcorpfin.2017.09.007
Correia, T. de S., Costa, I. L. de S., & Lucena, W. G. L. (2017). O impacto da governança corporativa: Conselho de administração, estrutura de propriedade e controle e as informações socioambientais nas companhias abertas. Teoria e Prática em Administração, 7(2) 156-182. https://doi.org/10.21714/2238-104X2017v7i2-33171
Cova, C. J. G. (2008). A adoção das IFRS no Brasil e o fortalecimento das boas práticas de governança. Revista Pensar Contábil, 10(42), 22-30. Retrieved from http://www.atena.org.br/revista/ojs-2.2.3-08/index.php/pensarcontabil/article/view/89
Daske, H., Hail, L., Leuz, C., & Verdi, R. (2013). Adopting a label: Heterogeneity in the economic consequences around IAS/IFRS adoptions. Journal of Accounting Research, 51(3), 495-547. https://doi.org/10.1111/1475-679X.12005
DeAngelo, H., & Roll, R. (2015). How stable are corporate capital structures? The Journal of Finance, 70(1), 373–418. https://doi.org/10.1111/jofi.12163
Devos, E., Rahman, S., & Tsang, D. (2017). Debt covenants and the speed of capital structure adjustment. Journal of Corporate Finance, 45, 1–18. https://doi.org/10.1016/j.jcorpfin.2017.04.008
Figlioli, B., Lemes, S., & Lima, F. G. (2017). IFRS, synchronicity, and financial crisis: The dynamics of accounting information for the Brazilian capital market. Revista Contabilidade e Finanças, 28(75), 326-343. https://doi.org/10.1590/1808-057x201704450
Florou, A., & Kosi, U. (2015). Does mandatory IFRS adoption facilitate debt financing? Review of Accounting Studies, 20(4), 1407-1456. Retrieved from https://www.springerprofessional.de/en/does-mandatory-ifrs-adoption-facilitate-debt-financing/10878178
Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1–37. https://doi.org/10.1111/j.1755-053X.2009.01026.x
Funchal, B., & Monte-Mor, D. S. (2016). Corporate governance and credit access in Brazil: The Sarbanes-Oxley act as a natural experiment. Corporate Governance: An International Review, 24(5), 528-547. https://doi.org/10.1111/corg.12151
Gatsios, R. C., Silva, J. M., Ambrozini, M. A., Assaf Neto, A., & Lima, F. G. (2016). Impact of adopting IFRS standard on the equity cost of Brazilian open capital companies. RAM. Revista de Administração da Mackenzie, 17(4), 85-108. https://doi.org/10.1590/1678-69712016/administracao.v17n4p84-107
George, E. T. D., Li, X., & Shivakumar, L. (2016). A review of the IFRS adoption literature. Review of Accounting Studies, 21(3), 898-1004. https://doi.org/10.1007/s11142-016-9363-1
Gertler, P. J., Martinez, S., Premand, P., Rawlings, L. B., & Vermeersch, C. M. (2016). Impact evaluation in practice. Washington, D.C.: The World Bank.
Ghio, A., & Verona, R. (2015). Accounting harmonization in the BRIC countries: A common path? Accounting Forum, 39(2),121-139. https://doi.org/10.1016/j.accfor.2015.02.001
Graham, J. R., Leary, M. T., & Roberts, M. R. (2015). A century of capital structure: The leveraging of corporate America. Journal of Financial Economics, 118(3), 658–683. https://doi.org/10.1016/j.jfineco.2014.08.005
Kieschnick, R., & Moussawi, R. (2018). Firm age, corporate governance, and capital structure choices. Journal of Corporate Finance, 48, 597–614. https://doi.org/10.1016/j.jcorpfin.2017.12.011
Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911–922. https://doi.org/10.1111/j.1540-6261.1973.tb01415.x
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517. https://doi.org/10.1111/0022-1082.00115
Lee, E., Walker, M. & Christensen, H. B. (2010). Mandating IFRS: Its impact on the cost of equity capital in Europe [ACCA Research Report No. 105]. London: Certified Accountants Educational Trust.
Lemmon, M. L., Roberts, M. R., & Zender, J. F. (2008). Back to the beginning: Persistence and the cross-section of corporate capital structure. The Journal of Finance, 63(4), 1575–1608. https://doi.org/10.1111/j.1540-6261.2008.01369.x
Leuven, E., & Sianesi, B. (2014). PSMATCH2: Stata module to perform full Mahalanobis and propensity score matching, common support graphing, and covariate imbalance testing. Boston, MA: Statistical Software Components, Boston College Department of Economics.
Li, S. (2010). Does mandatory adoption of international financial reporting standards in the European Union reduce the cost of equity capital? Accounting Review, 85(2), 607–636. https://doi.org/10.2308/accr.2010.85.2.607
Locan, T. R., & Caldeira, J. F. (2014). Estrutura de capital, liquidez de caixa e valor da empresa: Estudo de empresas brasileiras cotadas em bolsa. Revista Contabilidade & Finanças-USP, 25(64), 46-59. https://doi.org/10.1590/S1519-70772014000100005
Lourenço, I. C., & Branco, M. C. (2015). A governança corporativa e o efeito da adoção das IFRS: O caso brasileiro. Revista Universo Contábil, 11(1), 157-172. https://doi.org/10.4270/ruc.2015108
Marques, M. T., Nakao, S. H., & Costa, P. S. (2017). Book-tax differences and capital structure. RAM - Revista de Administração da Mackenzie, 18(6), 177-200. https://doi.org/10.1590/1678-69712017/administracao.v18n6p177-200
Meyer, B. D. (1995). Natural and quasi-experiments in economics. Journal of Business & Economics Statistics, 13(2), 151-161. https://doi.org/10.1080/07350015.1995.10524589
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporate finance and the theory of investment. The American Economic Review, 48(3) 261–297. Retrieved from https://www.jstor.org/stable/1809766
Moscariello, N., Skerratt, L., & Pizzo, M. (2014). Mandatory IFRS adoption and the cost of debt in Italy and UK. Accounting and Business Research, 44(1), 63-82. https://doi.org/10.1080/00014788.2013.867402
Moura, A. A. F. de., & Coelho, A. C. D. (2016). Impact of changes in accounting standards in debt ratios of firms: Evidence in Brazil. Brazilian Business Review, 13(5), 27-50. https://doi.org/10.15728/bbr.2016.13.5.2
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574–592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Nakao, S. H., & Gray, S. J. (2018). The impact of IFRS in Brazil: The legacy of mandatory book-tax conformity. Australian Accounting Review, 28(4), 482-495. https://doi.org/10.1111/auar.12223
Nnadi, M., & Soobaroyen, T. (2015). International financial reporting standard and foreign direct investment: The case of Africa. Advances in Accounting, 31(2), 228-238. https://doi.org/10.1016/j.adiac.2015.09.007
Naranjo, P., Saavedra, D., & Verdi, R.S. (2014). Financial reporting regulation and financing decisions. Social Sciences Research Network. https://doi.org/10.2139/ssrn.2147838
Pires, C. O., & Decourt, R. F. (2015). The impacts of the final phase of transition to IFRS in Brazil. Revista Brasileira de Gestão de Negócios, 17(54), 736-750. https://doi.org/10.7819/rbgn.v17i54.1475
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421-1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x
Roberts, M. R., & Whited, T. M. (2013). Endogeneity in empirical corporate finance. In G.M. Constantinides, M. Harris, R. M. Stulz (Eds.), Handbook of the economics of finance (Vol. 2, pp. 493-572). Amsterdam: North Holland.
Sampaio, J., Gallucci, H., Silva, V. A. B., & Schiozer R. (2020). Mandatory IFRS adoption, corporate governance, and firm value. Revista de Administração de Empresas, 60(4), 284-298. https://doi.org/10.1590/S0034-759020200405
Santos, M. A., Fávero, L. P. L., & Distadio, L. F. (2016). Adoption of the international financial reporting standards (IFRS) on companies’ financing structure in emerging economies. Finance Research Letters, 16, 179-189. https://doi.org/10.1016/j.frl.2015.11.002
Scholtz, H. D. (2014). Is systematic risk diversifiable? Presentation of a portfolio model that eliminates systematic risk. Social Science Research Network. https://doi.org/10.2139/ssrn.2533943
Silva, R. L. M., & Nardi, P. C. C. (2014, August). A adoção completa das IFRS no Brasil reduz o custo de capital próprio? Anais da Associação Nacional dos Programas de Pós-Graduação em Ciências Contábeis, Rio de Janeiro, RJ, Brazil, 8. Retrieved from http://anpcont.org.br/pdf/2014/CUE343.pdf
Silva, R. L. M., & Nardi, P. C. C. (2017). Full adoption of IFRS in Brazil: Earnings quality and the cost of equity capital. Research in International Business and Finance, 42, 1057-1073. https://doi.org/10.1016/j.ribaf.2017.07.041
Sonza, I. B., & Kloeckner, G. O. (2014). Governança em estruturas proprietárias concentradas: Novas evidências para o Brasil. Revista de Administração, 49(2), 322-338. https://doi.org/10.5700/rausp1149
Tarantin, W. T., Junior, & Valle, M. R. (2015). Estrutura de capital: O papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam. Revista Contabilidade & Finança, 26(69), 331–344. https://doi.org/10.1590/1808-057x201512130
Vancin D., Kirch, G., Perlin, M. & Mastella, M. (2019, July). The Impact of Board Gender-Diversity in Brazilian Firms Performance and Risk. In: Encontro Brasileiro de Finanças, Rio de Janeiro, RJ, Brasil, 19.
Vig, V. (2013). Access to collateral and corporate debt structure: Evidence from a natural experiment. The Journal of Finance, 68(3), 881-928. https://doi.org/10.1111/jofi.12020
Villa, J. M. (2016). Diff: Simplifying the estimation of difference-in-differences treatment effects. The Stata Journal, 16(1), 52-71. https://doi.org/10.1177/1536867X1601600108