THE RELATIONSHIP BETWEEN ACCOUNTING EARNINGS MANAGEMENT AND BRAZILIAN PUBLIC COMPANIES’ COST OF CAPITALPITAL OF BRAZILAN COMPANIES
Autor(a) principal: | |
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Data de Publicação: | 2009 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Universo Contábil |
Texto Completo: | https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/916 |
Resumo: | The purpose of this study was to investigate the relationship between the accounting earnings management and the cost of capital of Brazilian companies. The data were obtained from Economática® in the period from 2004 to 2006. The models Modified Jones, Teoh and KS were used for calculating the discretionary accrual, proxy for earnings management, which represents the independent variable in this study. The representative measures of cost of capital, or dependent variables were: beta (cost of equity), Ki and Kd (cost of debt). To investigate the relationship between management performance and the borrowing cost for companies, descriptive statistics, Pearson and Spearman’s correlation, and average differences were analyzed through the non-parametric Mann-Whitney test. As result, there was a positive relationship between earnings management and cost of debt. However, it was not possible to find any relations between earnings management and cost of equity. |
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THE RELATIONSHIP BETWEEN ACCOUNTING EARNINGS MANAGEMENT AND BRAZILIAN PUBLIC COMPANIES’ COST OF CAPITALPITAL OF BRAZILAN COMPANIESA RELAÇÃO ENTRE GERENCIAMENTO DE RESULTADOS CONTÁBEIS E O CUSTO DE CAPITAL DAS COMPANHIAS ABERTAS BRASILEIRASEarnings management. Discritionary accruals. Cost of capital.Gerenciamento de ResultadosAccruals DiscricionáriosCusto de CapitalThe purpose of this study was to investigate the relationship between the accounting earnings management and the cost of capital of Brazilian companies. The data were obtained from Economática® in the period from 2004 to 2006. The models Modified Jones, Teoh and KS were used for calculating the discretionary accrual, proxy for earnings management, which represents the independent variable in this study. The representative measures of cost of capital, or dependent variables were: beta (cost of equity), Ki and Kd (cost of debt). To investigate the relationship between management performance and the borrowing cost for companies, descriptive statistics, Pearson and Spearman’s correlation, and average differences were analyzed through the non-parametric Mann-Whitney test. As result, there was a positive relationship between earnings management and cost of debt. However, it was not possible to find any relations between earnings management and cost of equity. O objetivo deste trabalho foi verificar a relação entre o gerenciamento de resultados contábeis e o custo de capital próprio e de terceiros das empresas brasileiras de capital aberto. Os dados foram obtidos do Economática® para o período de 2004 a 2006. Foram utilizados os modelos Jones Modificado, Teoh e KS para cálculo do accrual discricionário, proxy para gerenciamento de resultados, a qual representa a variável independente nesse estudo. As medidas representativas de custo de capital, ou variáveis dependentes, foram: beta (custo de capital próprio), Ki e Kd (custo de capital de terceiros). Para verificar a relação entre gerenciamento de resultados e o custo de captação das empresas foram feitas análises descritivas, de posição, correlação de Pearson e de Spearman e diferença de médias por meio do teste não-paramétrico Mann-Whitney. Como resultado, verificou-se uma relação positiva entre gerenciamento de resultados contábeis e custo da dívida, ou seja, quanto maior o nível de gerenciamento das empresas maior o custo de capital de terceiros. Mas não foi possível verificar qualquer relação entre o gerenciamento de resultados e o custo de capital próprioUniversidade Regional de Blumenau2009-12-08info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/91610.4270/ruc.20095Revista Universo Contábil; v. 5 n. 4 (2009); 06-261809-33371809-3337reponame:Revista Universo Contábilinstname:Universidade Regional de Blumenau (FURB)instacron:FURBporhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/916/1103Copyright (c) 2014 Revista Universo Contábilinfo:eu-repo/semantics/openAccessNardi, Paula Carolina CiampagliaSilva, Ricardo Luiz Menezes daNakao, Sílvio HiroshiValle, Maurício Ribeiro do2011-02-03T11:16:37Zoai:ojs.bu.furb.br:article/916Revistahttps://proxy.furb.br/ojs/index.php/universocontabil/PUBhttps://proxy.furb.br/ojs/index.php/universocontabil/oai||universocontabil@furb.br1809-33371809-3337opendoar:2011-02-03T11:16:37Revista Universo Contábil - Universidade Regional de Blumenau (FURB)false |
dc.title.none.fl_str_mv |
THE RELATIONSHIP BETWEEN ACCOUNTING EARNINGS MANAGEMENT AND BRAZILIAN PUBLIC COMPANIES’ COST OF CAPITALPITAL OF BRAZILAN COMPANIES A RELAÇÃO ENTRE GERENCIAMENTO DE RESULTADOS CONTÁBEIS E O CUSTO DE CAPITAL DAS COMPANHIAS ABERTAS BRASILEIRAS |
title |
THE RELATIONSHIP BETWEEN ACCOUNTING EARNINGS MANAGEMENT AND BRAZILIAN PUBLIC COMPANIES’ COST OF CAPITALPITAL OF BRAZILAN COMPANIES |
spellingShingle |
THE RELATIONSHIP BETWEEN ACCOUNTING EARNINGS MANAGEMENT AND BRAZILIAN PUBLIC COMPANIES’ COST OF CAPITALPITAL OF BRAZILAN COMPANIES Nardi, Paula Carolina Ciampaglia Earnings management. Discritionary accruals. Cost of capital. Gerenciamento de Resultados Accruals Discricionários Custo de Capital |
title_short |
THE RELATIONSHIP BETWEEN ACCOUNTING EARNINGS MANAGEMENT AND BRAZILIAN PUBLIC COMPANIES’ COST OF CAPITALPITAL OF BRAZILAN COMPANIES |
title_full |
THE RELATIONSHIP BETWEEN ACCOUNTING EARNINGS MANAGEMENT AND BRAZILIAN PUBLIC COMPANIES’ COST OF CAPITALPITAL OF BRAZILAN COMPANIES |
title_fullStr |
THE RELATIONSHIP BETWEEN ACCOUNTING EARNINGS MANAGEMENT AND BRAZILIAN PUBLIC COMPANIES’ COST OF CAPITALPITAL OF BRAZILAN COMPANIES |
title_full_unstemmed |
THE RELATIONSHIP BETWEEN ACCOUNTING EARNINGS MANAGEMENT AND BRAZILIAN PUBLIC COMPANIES’ COST OF CAPITALPITAL OF BRAZILAN COMPANIES |
title_sort |
THE RELATIONSHIP BETWEEN ACCOUNTING EARNINGS MANAGEMENT AND BRAZILIAN PUBLIC COMPANIES’ COST OF CAPITALPITAL OF BRAZILAN COMPANIES |
author |
Nardi, Paula Carolina Ciampaglia |
author_facet |
Nardi, Paula Carolina Ciampaglia Silva, Ricardo Luiz Menezes da Nakao, Sílvio Hiroshi Valle, Maurício Ribeiro do |
author_role |
author |
author2 |
Silva, Ricardo Luiz Menezes da Nakao, Sílvio Hiroshi Valle, Maurício Ribeiro do |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Nardi, Paula Carolina Ciampaglia Silva, Ricardo Luiz Menezes da Nakao, Sílvio Hiroshi Valle, Maurício Ribeiro do |
dc.subject.por.fl_str_mv |
Earnings management. Discritionary accruals. Cost of capital. Gerenciamento de Resultados Accruals Discricionários Custo de Capital |
topic |
Earnings management. Discritionary accruals. Cost of capital. Gerenciamento de Resultados Accruals Discricionários Custo de Capital |
description |
The purpose of this study was to investigate the relationship between the accounting earnings management and the cost of capital of Brazilian companies. The data were obtained from Economática® in the period from 2004 to 2006. The models Modified Jones, Teoh and KS were used for calculating the discretionary accrual, proxy for earnings management, which represents the independent variable in this study. The representative measures of cost of capital, or dependent variables were: beta (cost of equity), Ki and Kd (cost of debt). To investigate the relationship between management performance and the borrowing cost for companies, descriptive statistics, Pearson and Spearman’s correlation, and average differences were analyzed through the non-parametric Mann-Whitney test. As result, there was a positive relationship between earnings management and cost of debt. However, it was not possible to find any relations between earnings management and cost of equity. |
publishDate |
2009 |
dc.date.none.fl_str_mv |
2009-12-08 |
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://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/916 10.4270/ruc.20095 |
url |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/916 |
identifier_str_mv |
10.4270/ruc.20095 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/916/1103 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2014 Revista Universo Contábil info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2014 Revista Universo Contábil |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Regional de Blumenau |
publisher.none.fl_str_mv |
Universidade Regional de Blumenau |
dc.source.none.fl_str_mv |
Revista Universo Contábil; v. 5 n. 4 (2009); 06-26 1809-3337 1809-3337 reponame:Revista Universo Contábil instname:Universidade Regional de Blumenau (FURB) instacron:FURB |
instname_str |
Universidade Regional de Blumenau (FURB) |
instacron_str |
FURB |
institution |
FURB |
reponame_str |
Revista Universo Contábil |
collection |
Revista Universo Contábil |
repository.name.fl_str_mv |
Revista Universo Contábil - Universidade Regional de Blumenau (FURB) |
repository.mail.fl_str_mv |
||universocontabil@furb.br |
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1798945114881523712 |