Accruals Discricionários E Previsões Otimistas Dos Analistas: Incentivos E Consequências

Novaes, Paulo Victor Gomes; Borges, Pedro; Almeida, José Elias Feres de; Bortolon, Patrícia Maria

doi:10.22561/cvr.v29i1.3627

Cited by 6 publications

(6 citation statements)

References 10 publications

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“…However, the analysis of the standard deviation (SD) and of the minimum and maximum numbers suggests that there is earnings management in our sample, both to improve and to worsen the results, which leads to positive and negative numbers, bringing the mean and the median to a number close to 0. Novaes et al (2018), using a sample of 80 companies with accounting data from 2008 to 2013, calculated accrual earnings management using the models Dechow et al (2012), modified Jones' models (Dechow et al, 1995), and Kothari et al (2005), achieving results with attributes similar to ours. The variable FT has a mean of 0.00037, median of 0.00024, and SD of 0.0005.…”

Section: Descriptive Statisticssupporting

confidence: 54%

Workforce and earnings management: Evidence in the Brazilian capital market

Rocha

Pereira

Oliveira

2022

Rev. contab. finanç.

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We aimed to investigate the relationship between workforce [força de trabalho (FT)] and earnings management in the Brazilian capital market and, additionally, identify whether operating activities management is a substitute for management by accruals. Evidence of the effect of the FT on earnings management practice is controversial, sometimes showing an effect on the reduction or smoothing of profit or even no effect. In Brazil, there are no studies that investigate how the intensity of the FT affects the managers’ behavior regarding the manipulation of profit. The research is relevant to the regulatory bodies because it brings empirical evidence of the incentives generated by the pressure of the FT so that the top executives reduce the result of the period, in a substitute way, to the manipulation of the company's operational activities. In addition, it is relevant for users of accounting information, as it demonstrates that the FT influences the recognition of results, affecting the quality of accounting information. The findings may assist regulatory bodies and investors, as it demonstrates that pressure from the FT is an important incentive for decision-making by executives and workers at the operating levels of companies and can support the improvement of labor regulations. Following Pae (2005), we use Jones' modified model (1991) with lagged accruals to detect earnings management. To capture the FT intensity, we employed the proxies presented by Hilary (2006) and a variable calculated from the statement of value added [demonstração do valor adicionado (DVA)]. We analyzed 119 companies listed on the Brazilian stock exchange during the period 2012-2018. It were found that the intensity of the FT negatively influences earnings management by accruals [gerenciamento de resultados por accruals (GRA)], expanding the evidence on the effects of workers' bargaining power on accounting choices.

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Section: Descriptive Statisticssupporting

confidence: 54%

Workforce and earnings management: Evidence in the Brazilian capital market

Rocha

Pereira

Oliveira

2022

Rev. contab. finanç.

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“…For the variable of earnings management, we adopted the modified Jones model (1995), which is used in several works involving earnings management (Martinez, 2008;Novaes et al, 2018;Martins et al, 2016, for example). Discretionary accruals represent earnings management.…”

Section: Results Management (Jones' Model 1995)mentioning

confidence: 99%

“…The study by Novaes et al (2018) examined the existence of incentives between optimistic analyst forecasts and earnings management. This work found no evidence that discretionary accruals increase after analysts err (with optimistic forecasts).…”

Section: Theoretical Backgroundmentioning

confidence: 99%

Influence of tax aggressivity on the forecast of financial analysts

Araujo,

Tardin,

Antônio

2024

RAM, Rev. Adm. Mackenzie

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Purpose: This paper aims to verify whether the management of taxable income through aggressive tax practices negatively impacts the accuracy of market analysts’ forecasts. Originality/value: The central contribution of this study is to relate tax aggressiveness with more significant errors in analysts’ forecasts. Thus, the relevance of this paper is in showing that this practice can lead to a greater perception of companies’ risks and more significant informational asymmetry, in addition to influencing stock prices and resulting in lower analyst accuracy. Design/methodology/approach: This research paper was developed from regression models with panel data with random effects, also using estimators based on instrumental variables with the application of Jensen’s test to verify the validity of the generalized method of moments (GMM) estimation. The data were treated with the winsorization technique at the 1% level. Findings: A sample of companies listed on the B3 between 2010 and 2017 (with a total of 2,805 valid observations) showed that companies with higher tax aggressiveness are subject to a higher analyst forecast error. Thus, it is inferred that, for more aggressive companies, the degree of analyst predictability decreases. With this drop in the quality of analysts’ forecasts, the users of their forecasts and reports are more vulnerable to informational asymmetry.

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“…No contexto das empresas brasileiras de capital aberto, Dani et al (2017) notaram que benefícios concedidos a empregados e riscos fiscais eram usados para provocar efeito de accruals, evidenciando prática de GR, a qual, porém, não se mostrou associada à provisão de riscos fiscais. Novaes et al (2018) maior GR por accruals quando analistas de mercado erravam na previsão. Em estudo com empresas brasileiras, os níveis de accruals foram destacados como métrica para indicar potencial necessidade de auditoria (Cupertino & Martinez, 2008).…”

Section: Gerenciamento De Resultados Por Atividades Reais E Por Accrualsunclassified

Custos Considerados Na Escolha Das Modalidades De Gerenciamento De Resultados: Estudo Empírico Em Empresas Listadas Na B3

Marques

Ramos

2022

Contab. Vista & Rev.

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O estudo verifica quais custos associados influenciam a escolha (trade-off) de uma prática de gerenciamento de resultados (GR), em detrimento de outra, pelas empresas. Para tanto, realizou-se um estudo empírico com as empresas brasileiras de capital aberto listadas na B3 no período 2008-2017, desenvolvido em duas etapas. Na primeira, foram estimados os níveis de custos de produção considerados normais, despesas discricionárias e accruals, seguindo a metodologia proposta por Roychowdhury (2006) e Jones modificado (Dechow et al., 1995). Na segunda etapa, seguindo Zang (2012), os resíduos dos modelos propostos fizeram parte das múltiplas regressões estimadas em painel, para avaliar o efeito dos custos de cada modalidade de gerenciamento. Os dados foram obtidos via plataforma Economática, sendo tratados no software Stata. Os resultados indicam que as empresas auditadas por Big4 tendem a incorrer menos em GR baseado em accruals e que empresas consideradas líderes no segmento em que atuam engajam-se mais em manipulação por atividades reais. Não foi possível confirmar que, em função de seu status pouco competitivo no setor, empresas não líderes usam mais GR por accruals. Por outro lado, condição financeira menos saudável é determinante para gerenciamento por accruals. Além disso, os resultados indicam uma relação substitutiva entre manipulação de atividades reais e GR por accruals. O nível desse último está negativamente relacionado com o valor inesperado do primeiro, realizado no final do exercício social.

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Accruals Discricionários E Previsões Otimistas Dos Analistas: Incentivos E Consequências

Cited by 6 publications

References 10 publications

Workforce and earnings management: Evidence in the Brazilian capital market

Workforce and earnings management: Evidence in the Brazilian capital market

Influence of tax aggressivity on the forecast of financial analysts

Custos Considerados Na Escolha Das Modalidades De Gerenciamento De Resultados: Estudo Empírico Em Empresas Listadas Na B3

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