Earnings management via discretionary accruals: would profits be reliable measures for investors?
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Ambiente Contábil |
Texto Completo: | https://periodicos.ufrn.br/ambiente/article/view/20159 |
Resumo: | Purpose: The aim of this study was to analyze the relevance of profits in determining the market value of publicly traded companies in Brazil considering the effects of earnings management via discretionary accruals. Methodology: The research sample was composed of 211 different non-financial companies from [B] ³ between 2013 and 2018. The data were analyzed initially from regressions with panel data and, additionally, as a measure of sensitivity analysis, through regressions estimated by minimum absolute deviations. Results: Unlike what was expected a priori in the survey, it was noticed that the economic results reported by companies, when segregated from the earnings management proxy, showed less informational power in predicting companies' market value than economic results in their entirety. This outcome is apparently in line with some recent national surveys (Martins, Paulo & Monte, 2016; Marçal & Macedo, 2019) that highlight the non-opportunistic aspect of earnings management, and there may be signs of a nuance of the Brazilian market in contemporaneity in this regard. Contributions of the Study: The results contribute in a practical way by making available to external users the effects of earnings management in the evaluation process of companies (specifically by demystifying the unanimous view of intent on the part of managers in the earnings management process). Nevertheless, a theoretical gap similar to that reported by Martins et al. (2016) is now partially supplied with these new findings. |
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Earnings management via discretionary accruals: would profits be reliable measures for investors?Gestión de resultados mediante devengos discrecionales: ¿serían las ganancias medidas confiables para los inversionistas?Gerenciamento de resultados via accruals discricionários: seriam os lucros medidas confiáveis para os investidores?Earnings Management. Discretionary Accruals. Relevance of Accounting Information.Gestión de resultados. Devengos discrecionales. Relevancia de la información contable.Gerenciamento de ResultadosAccruals DiscricionáriosRelevância da Informação ContábilGerenciamento de ResultadosValue RelevancePurpose: The aim of this study was to analyze the relevance of profits in determining the market value of publicly traded companies in Brazil considering the effects of earnings management via discretionary accruals. Methodology: The research sample was composed of 211 different non-financial companies from [B] ³ between 2013 and 2018. The data were analyzed initially from regressions with panel data and, additionally, as a measure of sensitivity analysis, through regressions estimated by minimum absolute deviations. Results: Unlike what was expected a priori in the survey, it was noticed that the economic results reported by companies, when segregated from the earnings management proxy, showed less informational power in predicting companies' market value than economic results in their entirety. This outcome is apparently in line with some recent national surveys (Martins, Paulo & Monte, 2016; Marçal & Macedo, 2019) that highlight the non-opportunistic aspect of earnings management, and there may be signs of a nuance of the Brazilian market in contemporaneity in this regard. Contributions of the Study: The results contribute in a practical way by making available to external users the effects of earnings management in the evaluation process of companies (specifically by demystifying the unanimous view of intent on the part of managers in the earnings management process). Nevertheless, a theoretical gap similar to that reported by Martins et al. (2016) is now partially supplied with these new findings.Objetivo: El objetivo de este estudio fue analizar la relevancia de las ganancias para determinar el valor de mercado de las empresas que cotizan en bolsa en Brasil considerando los efectos de la gestión de resultados a través de devengos discrecionales. Metodología: La muestra de investigación estuvo compuesta por 211 diferentes compañías no financieras de [B]³ entre 2013 y 2018. Los datos se analizaron inicialmente a partir de regresiones con datos de panel y, adicionalmente, como una medida de análisis de sensibilidad, a través de regresiones estimadas por desviaciones absolutas mínimas. Resultados: A diferencia de lo que se esperaba a priori en la encuesta, se observó que los resultados económicos informados por las empresas, cuando se separaban del poder de gestión de resultados, mostraban menos poder informativo para predecir el valor de mercado de las empresas que los resultados económicos en su totalidad. Aparentemente, este resultado está en línea con algunas encuestas nacionales recientes (Martins, Paulo & Monte, 2016; Marçal & Macedo, 2019) que destacan el aspecto no oportunista de la gestión de resultados, y puede haber signos de un matiz en el mercado brasileño en contemporaneidad a este respecto. Contribuciones del Estudio: Los resultados contribuyen de manera práctica al poner a disposición de los usuarios externos los efectos de la gestión de ganancias en el proceso de evaluación de las empresas (específicamente desmitificando la visión unánime de la intención por parte de los gerentes en el proceso de gestión de ganancias). Sin embargo, una brecha teórica similar a la reportada por Martins et al. (2016) ahora se suministra parcialmente con estos nuevos hallazgos.Objetivo: O objetivo deste estudo foi analisar a relevância dos lucros na determinação do valor de mercado das empresas de capital aberto no Brasil considerando os efeitos do gerenciamento de resultado via accruals discricionários. Metodologia: A amostra da pesquisa foi composta por 211 diferentes empresas não-financeiras da [B]³ entre 2013 e 2018. Os dados foram analisados inicialmente a partir de regressões com dados em painel e, adicionalmente, como medida de análise de sensibilidade, por meio de regressões estimadas por mínimos desvios absolutos. Resultados: Diferentemente do que era esperado a priori na pesquisa, foi percebido que os resultados econômicos reportados pelas empresas, quando segregados da proxy de gerenciamento de resultados, denotaram menos poder informacional na predição do valor de mercado das empresas que os resultados econômicos em sua forma integral. Este desfecho está, aparentemente, em consonância com algumas pesquisas nacionais recentes (Martins, Paulo & Monte, 2016; Marçal & Macedo, 2019) que ressaltam a vertente não-oportunística do gerenciamento de resultados, podendo haver indícios de uma nuance do mercado brasileiro na contemporaneidade neste quesito. Contribuições do Estudo: Os resultados contribuem de forma prática ao dispor para os usuários externos os efeitos do gerenciamento de resultados no processo de avaliação das empresas (especificamente ao desmistificar a visão uníssona de caráter doloso por parte dos gestores no processo de gerenciamento de resultados). Não obstante, uma lacuna teórica similar àquela reportada por Martins et al. (2016) passa a ser parcialmente suprida com estes novos achados.Portal de Periódicos Eletrônicos da UFRN2021-01-02info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://periodicos.ufrn.br/ambiente/article/view/2015910.21680/2176-9036.2021v13n1ID20159REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 13 No. 1 (2021): Jan./Jun.; 72-89REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 13 Núm. 1 (2021): Jan./Jun.; 72-89REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte - ISSN 2176-9036; v. 13 n. 1 (2021): Jan./Jun.; 72-892176-903610.21680/2176-9036.2021v13n1reponame:Revista Ambiente Contábilinstname:Universidade Federal do Rio Grande do Norte (UFRN)instacron:UFRNporhttps://periodicos.ufrn.br/ambiente/article/view/20159/13643Copyright (c) 2021 REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte - ISSN 2176-9036http://creativecommons.org/licenses/by-nc-sa/4.0info:eu-repo/semantics/openAccessMarçal, Ronan Reis2023-01-18T20:00:41Zoai:periodicos.ufrn.br:article/20159Revistahttps://periodicos.ufrn.br/ambientePUBhttps://periodicos.ufrn.br/ambiente/oai||prof.mauriciocsilva@gmail.com2176-90362176-9036opendoar:2023-01-18T20:00:41Revista Ambiente Contábil - Universidade Federal do Rio Grande do Norte (UFRN)false |
dc.title.none.fl_str_mv |
Earnings management via discretionary accruals: would profits be reliable measures for investors? Gestión de resultados mediante devengos discrecionales: ¿serían las ganancias medidas confiables para los inversionistas? Gerenciamento de resultados via accruals discricionários: seriam os lucros medidas confiáveis para os investidores? |
title |
Earnings management via discretionary accruals: would profits be reliable measures for investors? |
spellingShingle |
Earnings management via discretionary accruals: would profits be reliable measures for investors? Marçal, Ronan Reis Earnings Management. Discretionary Accruals. Relevance of Accounting Information. Gestión de resultados. Devengos discrecionales. Relevancia de la información contable. Gerenciamento de Resultados Accruals Discricionários Relevância da Informação Contábil Gerenciamento de Resultados Value Relevance |
title_short |
Earnings management via discretionary accruals: would profits be reliable measures for investors? |
title_full |
Earnings management via discretionary accruals: would profits be reliable measures for investors? |
title_fullStr |
Earnings management via discretionary accruals: would profits be reliable measures for investors? |
title_full_unstemmed |
Earnings management via discretionary accruals: would profits be reliable measures for investors? |
title_sort |
Earnings management via discretionary accruals: would profits be reliable measures for investors? |
author |
Marçal, Ronan Reis |
author_facet |
Marçal, Ronan Reis |
author_role |
author |
dc.contributor.author.fl_str_mv |
Marçal, Ronan Reis |
dc.subject.por.fl_str_mv |
Earnings Management. Discretionary Accruals. Relevance of Accounting Information. Gestión de resultados. Devengos discrecionales. Relevancia de la información contable. Gerenciamento de Resultados Accruals Discricionários Relevância da Informação Contábil Gerenciamento de Resultados Value Relevance |
topic |
Earnings Management. Discretionary Accruals. Relevance of Accounting Information. Gestión de resultados. Devengos discrecionales. Relevancia de la información contable. Gerenciamento de Resultados Accruals Discricionários Relevância da Informação Contábil Gerenciamento de Resultados Value Relevance |
description |
Purpose: The aim of this study was to analyze the relevance of profits in determining the market value of publicly traded companies in Brazil considering the effects of earnings management via discretionary accruals. Methodology: The research sample was composed of 211 different non-financial companies from [B] ³ between 2013 and 2018. The data were analyzed initially from regressions with panel data and, additionally, as a measure of sensitivity analysis, through regressions estimated by minimum absolute deviations. Results: Unlike what was expected a priori in the survey, it was noticed that the economic results reported by companies, when segregated from the earnings management proxy, showed less informational power in predicting companies' market value than economic results in their entirety. This outcome is apparently in line with some recent national surveys (Martins, Paulo & Monte, 2016; Marçal & Macedo, 2019) that highlight the non-opportunistic aspect of earnings management, and there may be signs of a nuance of the Brazilian market in contemporaneity in this regard. Contributions of the Study: The results contribute in a practical way by making available to external users the effects of earnings management in the evaluation process of companies (specifically by demystifying the unanimous view of intent on the part of managers in the earnings management process). Nevertheless, a theoretical gap similar to that reported by Martins et al. (2016) is now partially supplied with these new findings. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-01-02 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://periodicos.ufrn.br/ambiente/article/view/20159 10.21680/2176-9036.2021v13n1ID20159 |
url |
https://periodicos.ufrn.br/ambiente/article/view/20159 |
identifier_str_mv |
10.21680/2176-9036.2021v13n1ID20159 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://periodicos.ufrn.br/ambiente/article/view/20159/13643 |
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http://creativecommons.org/licenses/by-nc-sa/4.0 info:eu-repo/semantics/openAccess |
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http://creativecommons.org/licenses/by-nc-sa/4.0 |
eu_rights_str_mv |
openAccess |
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application/pdf |
dc.publisher.none.fl_str_mv |
Portal de Periódicos Eletrônicos da UFRN |
publisher.none.fl_str_mv |
Portal de Periódicos Eletrônicos da UFRN |
dc.source.none.fl_str_mv |
REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 13 No. 1 (2021): Jan./Jun.; 72-89 REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 13 Núm. 1 (2021): Jan./Jun.; 72-89 REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte - ISSN 2176-9036; v. 13 n. 1 (2021): Jan./Jun.; 72-89 2176-9036 10.21680/2176-9036.2021v13n1 reponame:Revista Ambiente Contábil instname:Universidade Federal do Rio Grande do Norte (UFRN) instacron:UFRN |
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Universidade Federal do Rio Grande do Norte (UFRN) |
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UFRN |
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UFRN |
reponame_str |
Revista Ambiente Contábil |
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Revista Ambiente Contábil |
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Revista Ambiente Contábil - Universidade Federal do Rio Grande do Norte (UFRN) |
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||prof.mauriciocsilva@gmail.com |
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