This research aimed to identify the influence of accounting conservatism on the level of investments by traded companies due to the Brazilian economic crisis of 2014-2017. The research was based on an empirical analysis through the collection of information on non-financial public firms, listed in Brazil, Bolsa, Balcão (B3 ), during the period of 2010 to 2018. Basu model was adjusted to measure the effect of the Brazilian economic crisis on the conditional conservatism of firms. Then, using that model, the influence of the companies' accounting conservatism level on investments in Property, Plant, and Equipment (PP&E) was verified. The results indicate that in periods of local economic crisis, companies anticipate future losses by increasing the level of conservatism. This behavior, however, was not able to mitigate the effects of the crisis that negatively influenced the level of investments in PP&E made by Brazilian companies. In addition, it has been observed that more conservative companies significantly reduce their investments in crisis times. These findings become relevant to investors as they may consider more conservative behavior in firms' future investments. It is also worth mentioning that the results of the research can help government policies in the sense that public managers seek actions that enable companies to invest, minimizing the negative effects of the crisis and allowing faster economic growth.
This research aimed to identify the influence of accounting conservatism on the level of investments by traded companies due to the Brazilian economic crisis of 2014-2017. The research was based on an empirical analysis through the collection of information on non-financial public firms, listed in Brazil, Bolsa, Balcão (B3), during the period of 2010 to 2018. Basu model was adjusted to measure the effect of the Brazilian economic crisis on the conditional conservatism of firms. Then, using that model, the influence of the companies' accounting conservatism level on investments in Property, Plant, and Equipment (PP&E) was verified. The results indicate that in periods of local economic crisis, companies anticipate future losses by increasing the level of conservatism. This behavior, however, was not able to mitigate the effects of the crisis that negatively influenced the level of investments in PP&E made by Brazilian companies. In addition, it has been observed that more conservative companies significantly reduce their investments in crisis times. These findings become relevant to investors as they may consider more conservative behavior in firms' future investments. It is also worth mentioning that the results of the research can help government policies in the sense that public managers seek actions that enable companies to invest, minimizing the negative effects of the crisis and allowing faster economic growth. ; A pesquisa teve como objetivo identificar a influência do conservadorismo sobre o nível de investimento das companhias abertas em razão da crise econômica brasileira de 2014-2017. A pesquisa foi pautada em uma análise empírica por intermédio de coleta de informações relativas às empresas não financeiras de capital aberto, listadas no Brasil, Bolsa, Balcão (B3), durante o período que compreendeu os exercícios de 2010 a 2018. Foi utilizado o modelo de Basu, ajustado para a mensuração do efeito da crise econômica brasileira no conservadorismo condicional das empresas. Em seguida, verificou-se a influência do nível de conservadorismo contábil destas, captado pelo modelo de Basu, nos investimentos em bens de capital das empresas. Os resultados indicam que, em períodos de crise econômica local, as empresas antecipam as futuras perdas aumentando o nível de conservadorismo. Esse comportamento conservador, entretanto, não foi capaz de mitigar os efeitos da crise, que influenciou negativamente o nível de investimentos de capital realizados pelas empresas brasileiras. Adicionalmente, observou-se que as empresas mais conservadoras reduzem significativamente seus investimentos em períodos de crise. Esses achados são relevantes para os investidores, pois estes podem considerar um comportamento conservador mais acentuado nos investimentos futuros das firmas. Cabe ressaltar também que os resultados da pesquisa podem auxiliar as políticas governamentais, no âmbito de que os gestores públicos busquem ações que viabilizem investimentos das empresas, minimizando os efeitos negativos da crise e permitindo um crescimento econômico mais rápido.
