The analysis of the gathered data and their relationships enables it to be evaluated whether there are incentives for the CFO to be affected through the choice of classification of interest and dividends.
The values of total assets, CFO, return on assets, and indebtedness, as well as the Corporate Taxpayers’ Registration (Cadastro Nacional da Pessoa Juridica – CNPJ) of the companies chosen, were obtained from the Economatica ® database. These financial and accounting data considered consolidated values from the 12-month period ending on December 31 st . The CFSs were extracted from the Full Annual Financial Statements (annual FSs), held on the website of the CVM (the regulatory body for the Brazilian capital market), after searching by CNPJ.
This difference is the result of annual FSs that were not disclosed, due to the company only having disclosed financial statements in some of the years
Only cases with an explicit indication in the CFS of interest and dividends, whether paid or received, were included in the database, independently of the motive for not presenting this information, whether it was not applicable or because it did not feature. “The motives for adopting a particular accounting practice and changing them is the object of positive accounting research”の続きを読む