دانلود رایگان مقاله انگلیسی تأثیر پذیرش IFRS در بازار اعتباری: شواهد از برزیل - الزویر 2018

ABSTRACT

Based on a sample of approximately 6500 credit ratings and 137,000 loan contracts, this paper analyzes the effects of mandatory IFRS adoption on the Brazilian credit market. We find that the IFRS adoption effects were limited to firms displaying improved accounting information quality at the time of transition, lending support to the notion that economic benefits do not necessarily flow from the publication of financial reports in IFRS but, rather, depend on how earnestly firms adopt the recommended disclosure practices.

5. Conclusion

In this study, we investigate the effects, at various levels, of mandatory IFRS adoption on the Brazilian credit market. Whereas much has been published on the impact of IFRS adoption on capital markets, the present study is, to our knowledge, the most comprehensive to date to evaluate the impact of IFRS adoption on (a) credit risk, (b) financial and non-financial loan contract terms, and (c) access of Brazilian firms to international credit markets. Earlier studies on the potential consequences of IFRS adoption for credit markets have yielded inconsistent results. Thus, we conducted an empirical analysis of a very large sample of credit operations (bank loans, debentures, and contracts abroad) and corporate credit ratings in a single country, while controlling for the influence of country-level and firm-level incentives on accounting information.

The results of the first part of our analysis suggest that the ability of accounting information to explain corporate credit ratings increased after mandatory IFRS adoption. The evidence was the same regardless of whether the corporate credit ratings were assigned by financial institutions or risk assessment agencies (Fitch, Standard & Poor's, and Moody's). In other words, banks and risk assessment agencies are sensitive to IFRS adoption; this is not surprising since they are among the most sophisticated users of accounting information (Armstrong et al., 2010). Consistent evidence shows that dispersion in credit ratings assigned by lenders was reduced for firms with improved accounting information quality after the time of transition. The results of the second part of our analysis suggest that mandatory IFRS adoption may have positive or negative consequences for firms on the credit market depending on the presence of incentives. In both credit scenarios (bank loans and debentures), firms with incentives to improve earnings quality display (a) reduced cost of debt, (b) longer maturity, (c) greater loans, and (d) less demand for collateral after the transition. In addition, for such firms, the effects (a–d) tended to be stronger on the debenture market than on the bank credit market, supporting the notion that the weaker the alternative mechanisms of mitigating agency costs (e.g., access to proprietary information, such as managerial reports, budgets, and forecasts), the greater the reliance on accounting information (Bhattacharya et al., 2003; Diamond, 1991; Fama, 1985; Yosha, 1995).