O Gerenciamento De Resultado Através Do Income Smoothing E a Relação Com O Risco Das Ações: Estudo Empírico Com Empresas Do Ibovespa

Abstract

Nota: este artigo foi aceito pelo Editor Jorge Eduardo Scarpin e passou por uma avaliação double blind review A reprodução dos artigos, total ou parcial, pode ser feita desde que citada a fonte. BRUNO RODRIGUES FARIA RESUMOO lucro descrito nas demonstrações contábeis constitui um indicador relevante para o processo de avaliação das empresas. Com a flexibilização das normas após a adoção da IFRS existe um debate na literatura sobre as possibilidades de gerenciamento desse resultado e suas conseqüências para o mercado. Este estudo busca analisar se empresas brasileiras listadas no Ibovespa praticam esse gerenciamento na forma de alisamento de lucros e se isso gera reflexos no risco das respectivas ações. Assim, apresentam-se testes baseados na mensuração dos accruals que reforçam a hipótese de que essas companhias podem estar manipulando os lucros, objetivando reduzir sua variabilidade ao longo do tempo. No entanto, verifica-se que o efeito do alisamento não é percebido na mensuração do risco, reafirmando a posições de estudos anteriores no mercado brasileiro quando inseridas variáveis de mercado. , v. 7, n.1, p. 25-42, jan./abr. 2015. 26 Palavras ABSTRACTThe profit disclosed in the financial statements is relevant for the evaluation process of the companies. With the flexibility of the accounting standards after the adoption of IFRS there is a debate in the literature about the management possibilities of this profit and its consequences for the financial market. This study aims to examine whether brazilian companies listed on the Bovespa Index practice this type of management in the form of income smoothing and if this generates any impact on the risk of their shares. Therefore, we present some tests based on the measurement of accruals that reinforce the hypothesis that these companies may be manipulating profits to reduce its variability over time. However, it shows that the effect of smoothing is not realized in the measurement of risk, reaffirming the positions of previous studies in the brazilian companies when market variables are inserted.

Influence of ownership structure on earnings smoothing in companies listed on B3

“…In this context, even using accounting principles and standards correctly, there will always be room for the exercise of judgment of the preparers of the financial statements and the realization of estimates and forecasts by managers (Dantas et al, 2018). The desired benefits when practicing income management can be diverse, such as attracting new investors, favoring the contracting of loans at lower costs or improving the organization's image in the capital market (Faria & Amaral, 2015).…”

“…Among the types of income management, income smoothing has been used to reduce the variability of accounting results (Paulo, 2007). The practice of income smoothing has the purpose of keeping profits disclosed at the same level and generating short-term benefits (Faria & Amaral, 2015), with the main characteristic of reducing profit variability (Ribeiro & Colauto, 2016). Generally, smoothing creates obscurity that can help companies avoid the scrutiny of third parties (including the government) and facilitate the expropriation of wealth by managers (Leuz et al, 2003).…”

“…The model establishes that cash flow is equal to net income minus accruals. Thus, accruals is the difference between net income and cash flow, involving all amounts that are considered in the calculation of the accounting result (profit), but that do not generate effective movement of resources (Faria & Amaral, 2015). Martínez-Jerez (2008) argues that accruals are constituted by the integral values of the income accounts that entered into the profit calculation, but which do not imply a necessary movement of financial resources.…”

“…Martínez-Jerez (2008) argues that accruals are constituted by the integral values of the income accounts that entered into the profit calculation, but which do not imply a necessary movement of financial resources. Thus, profit is a measure of economic character and accruals impact the difference of this result to the financial value (Faria & Amaral, 2015). Gaio (2010) explains that the Leuz et al (2003) model measures profit smoothing as the ratio between the standard deviation of operating profit at the company level and the standard deviation of operating cash flow, with variables scaled by total assets at the beginning of the period.…”

O Complexo de Vira-Lata no Discurso Acadêmico Brasileiro sobre as IFRS

“…São artigos que analisam especificamente cenários de outros países (BEUREN; HEIN; KLANN, 2008;CALVI;GALDI, 2014;CARNEIRO;SHERRIS, 2008;FÁVERO;DISTADIO, 2016), ou então os processos de consulta do IASB na elaboração de normas (CARMO; RIBEIRO; CARVALHO, 2011;RIBEIRO et al, 2016;VIEIRA;BORBA, 2015), ou que, mesmo analisando o cenário brasileiro, prescindem de tais comparações (CARDOSO et al, 2009;FARIA;AMARAL, 2015;OLIVEIRA;LEMES, 2011).…”