Custo do capital próprio em empresas brasileiras do setor sucroenergético: um estudo considerando a adoção das normas internacionais de contabilidade

Following the global trend, in 2008Brazilbeganthe gradual process of adopting the International Financial Reporting Standards (IFRS)of the International Accounting Standards Board (IASB). Thus, the present study aims to examine whether the adoption of IFRS provided a reduction of the cost of equity in the mills and distilleries of the Brazilian sugarcane industry, a sector with high ownership concentration and mainly composed of privately held companies. To measure the cost of equity, we used the CAPM (Capital Asset Pricing Model) by benchmark. Data analysis was done through regression method with panel data for the period between 1998-2014. The results indicate that the cost of equity can be explained negatively by the variables “ROE” and “Company Size” and positively by the “Capital Structure”. The variable “IFRS”, on the other hand, was not statistically significant, denoting thus that the adoption of IFRS did not affect the cost of equity of the organizations studied.