O Efeito no Custo de Capital das principais empresas colombianas listadas no Índice da Bolsa de Valores COLCAP, após a adoção das Normas Internacionais de Informação Financeira
DOI:
https://doi.org/10.17533/udea.rc.n74a07Palavras-chave:
custo de capital, estrutura financeira, CAPM, dados painel, FGLS, PCSEResumo
Entende-se o Custo de Capital como a rentabilidade esperada sobre a inversão realizada na empresa por parte dos inversionistas (Besley, Brigham y Gomez, 2001), este indicador pode-se ver alterado pela mudança de padrões contábeis. É por isso que o objetivo desta pesquisa é identificar o efeito no Custo de Capital das principais empresas colombianas listadas no Índice da Bolsa de Valores COLCAP, após a adoção das Normas Internacionais de Informação Financeira (IFRS), mediante a análise de diversas empresas entre o ano 2009 e o ano 2017, através dos Métodos de Mínimos Quadrados Generalizados Factíveis (FGLS) e com o Desvio Padrão Corrigido no Painel (PCSE), pegando informação calculada sob o padrão contábil local e o internacional. Evidencia-se que a implementação das IFRS, não ocasiona um efeito significativo no Custo de Capital, diferentemente das variáveis como o endividamento, margem operacional, o ROE e o crescimento das empresas. Assim também se conclui que no geral, a normativa contábil inicial e a posterior são indiferentes para o cálculo do Custo de Capital; porém, a um nível particular esta implementação fez que algumas variáveis específicas tivessem efeito.
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