Qualidade da informação contábil e sustentabilidade nas companhias brasileiras listadas na BM&FBovespa

Abstract

The aim of this paper was to assess whether the entry in the Environmental Sustainability Index (ISE) leads to a reduction in earnings management, or whether this was only an indirect way of gathering already factors directly linked to the quality of accounting information. The study examined whether sustainable companies and participants in the ISE have lower level of earnings management (GR). As proxy sustainability ISE was used, and as a quality proxy we used GR. 797 were carried out observations with data collected on the BM& FBovespa by Economatica tool post IFRS period 2010 to 2012. In the article we used the Jones (1991) model modified by Dechow, Sloan and Sweeny (1995) and the Theory of Communication. The results suggest a negative relationship between discretionary accruals and participation in ISE, indicating that it is not entering the ISE leading companies manage less results, but the criteria established by BM&FBovespa to participate in the index, such as report sustainability, size and level of governance. Thus, participation in the ISE could be used by the market as a signal metric to capture the quality of information, allowing gain in summary and reduction of transaction costs. The results corroborate national and international research, adding the variable sustainability as one of the quality of accounting information proxies, as well as the size of the company variables and attributes of corporate governance.