A influência da cobertura das empresas de Rating sobre o gerenciamento de resultados das companhias abertas brasileiras

Abstract

Previous studies show empirical evidences of the influence of financial analysts activities about opportunistic behavior of the managers in relation to accounting numbers. However, none of these studies had researched the influence of rating companies about accounting information. Facing the relevance of these information mediators in financial market, the problem of this research is: is managing accounting results of Brazilian Companies affected by rating companies' cover? The main objective of this work was to analyze the relation between discretionary managers' behavior and the cover of rating companies. This study is an exploratory work, and also uses bibliographical and empirical research. The study sample is formed by a set of Brazilian open companies from 1996 to 2006. Jones and KS operational models used to measure discretionary accruals are estimated through pooling of independent cross section approach. The results evidence that there is no significant relation between discretionary accruals and rating companies cover, what suggests that results management is not affected by rating companies cover in Brazilian market.

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