A adoção das IFRS e o custo da dívida: um estudo com empresas privadas do setor sucroenergético brasileiro

Much of the effort on the economic consequences of adopting the IFRS (International Financial Reporting Standards) is concentrated on public companies and in developed markets. This study expands the literature when analyzing whether the IFRS adoption provided a reduction on the cost of debt in private firms from the Brazilian sugarcane industry. For that, Fixed-Effects regressions was used through a unique, hand-collected, database of 31 private firms from 1998 to 2015. The results obtained, after robustness checks and control for firm financial characteristics, indicates that after the IFRS adoption, the cost of debt increased significantly, contradicting therefore the theoretical assumptions indicated previously by studies with listed companies. Thus, the evidence suggests that the effects of adopting the international standards may be more restricted to public companies, as well as in countries with greater enforcement. Therefore, this article contributes to the literature by providing a detailed investigation of the IFRS adoption for private firms in an agroindustry sector.