THE USE OF FAIR VALUE IN BALANCE SHEET FINANCIALIZATION: THE SHIFT IN INVESTMENT ACCUMULATION IN NON-FINANCIAL COMPANIES

A mudança de acumulação de investimentos em empresas não financeiras

Authors

  • Ednei Morais Pereira Universidade Federal do Rio de Janeiro/ Universidade Federal de Goiás
  • Fernanda Filgueiras Sauerbronn Universidade Federal do Rio de Janeiro
  • Odilanei Morais dos Santos Universidade Federal do Rio de Janeiro
  • Monize Ramos do Nascimento Universidade Federal de Goiás

DOI:

https://doi.org/10.12712/rpca.v.201.70126

Abstract

This study aims to assess the impact of fair value accounting on the financialization of non-financial Brazilian firms listed on B3 from 2010 to 2023. From the perspective of political economy and critical accounting studies, we investigated whether fair value measurement (particularly IFRS 13) as a financialization technology indicates a shift in the accumulation regime, diverting focus from productive investment to financial activities. Methodologically, we used a quantitative approach through panel data regression to analyze a sample of 330 companies. The results reveal a significant negative relationship between fair-valued financial assets and fixed assets, confirming a strategic trade-off in which financial liquidity competes with productive expansion. However, unlike the international literature focused on core economies, we observed a positive correlation between dividend payments/financial income and productive investment. We conclude that in Brazil, financialization operates in a hybrid manner, where speculative logic advances in balance sheets but still coexists with dependence on operational profitability and bank/state financing.

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Published

2026-07-09

Issue

Vol. 20 No. 1 (2026)

Section

Artigos/Papers

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