Ownership and Control Struture, Corporate Governance and Income Smoothing in Brazil
Autor(a) principal: | |
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Data de Publicação: | 2010 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional da UFBA |
Texto Completo: | http://repositorio.ufba.br/ri/handle/ri/25307 |
Resumo: | Income smoothing is a longstanding practice under the more general category of earnings management. As the name suggests, it consists of smoothing out the fluctuations of the income series. This article examines the association between the ownership and control structure, level of corporate governance and origin of capital (foreign or domestic) of Brazilian companies on their propensity to smooth income. Using a sample of nonfinancial firms with shares traded on the São Paulo Stock Exchange (Bovespa) at the end of 2007, we performed covariance analysis based on data from the preceding ten years, where the dependent variable was the index proposed by Eckel, an empirical proxy for smoothing. The results indicate that the more concentrated the shareholding and control structures of Brazilian firms are, both according to overall capital and voting capital, the more intensely they tend to smooth earnings to favor the interests of the majority shareholder. The results also show that this effect is less pronounced for firms with enhanced corporate governance levels and those with foreign capital. |
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Torres, DamianaBruni, Adriano LealMartinez, Antonio LopoRivera-Castro, Miguel AngelTorres, DamianaBruni, Adriano LealMartinez, Antonio LopoRivera-Castro, Miguel Angel2018-02-06T19:11:51Z2018-02-06T19:11:51Z2010http://repositorio.ufba.br/ri/handle/ri/25307v. 8, p. 180-192Income smoothing is a longstanding practice under the more general category of earnings management. As the name suggests, it consists of smoothing out the fluctuations of the income series. This article examines the association between the ownership and control structure, level of corporate governance and origin of capital (foreign or domestic) of Brazilian companies on their propensity to smooth income. Using a sample of nonfinancial firms with shares traded on the São Paulo Stock Exchange (Bovespa) at the end of 2007, we performed covariance analysis based on data from the preceding ten years, where the dependent variable was the index proposed by Eckel, an empirical proxy for smoothing. The results indicate that the more concentrated the shareholding and control structures of Brazilian firms are, both according to overall capital and voting capital, the more intensely they tend to smooth earnings to favor the interests of the majority shareholder. The results also show that this effect is less pronounced for firms with enhanced corporate governance levels and those with foreign capital.Submitted by Núcleo de Pós-Graduação Administração (npgadm@ufba.br) on 2018-02-01T20:37:17Z No. of bitstreams: 1 Ownership and Control Struture, Corporate Governance and Income Smoothing in Brazil.pdf: 614176 bytes, checksum: 6f7372c2aac379e73a5668dd024e4807 (MD5)Approved for entry into archive by Maria Angela Dortas (dortas@ufba.br) on 2018-02-06T19:11:51Z (GMT) No. of bitstreams: 1 Ownership and Control Struture, Corporate Governance and Income Smoothing in Brazil.pdf: 614176 bytes, checksum: 6f7372c2aac379e73a5668dd024e4807 (MD5)Made available in DSpace on 2018-02-06T19:11:51Z (GMT). No. of bitstreams: 1 Ownership and Control Struture, Corporate Governance and Income Smoothing in Brazil.pdf: 614176 bytes, checksum: 6f7372c2aac379e73a5668dd024e4807 (MD5) Previous issue date: 2011Corporate Ownership & Controlhttp://dx.doi.org/10.2139/ssrn.1651991reponame:Repositório Institucional da UFBAinstname:Universidade Federal da Bahia (UFBA)instacron:UFBAOwnership and control structurecorporate governanceincome smoothingOwnership and Control Struture, Corporate Governance and Income Smoothing in Brazilinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleinfo:eu-repo/semantics/openAccessengLICENSElicense.txtlicense.txttext/plain1345https://repositorio.ufba.br/bitstream/ri/25307/2/license.txtff6eaa8b858ea317fded99f125f5fcd0MD52ORIGINALOwnership and Control Struture, Corporate Governance and Income Smoothing in Brazil.pdfOwnership and Control Struture, Corporate Governance and Income Smoothing in Brazil.pdfapplication/pdf614176https://repositorio.ufba.br/bitstream/ri/25307/1/Ownership%20and%20Control%20Struture%2c%20Corporate%20Governance%20and%20Income%20Smoothing%20in%20Brazil.pdf6f7372c2aac379e73a5668dd024e4807MD51TEXTOwnership and Control Struture, Corporate Governance and Income Smoothing in Brazil.pdf.txtOwnership and Control Struture, Corporate Governance and Income Smoothing in Brazil.pdf.txtExtracted texttext/plain51204https://repositorio.ufba.br/bitstream/ri/25307/3/Ownership%20and%20Control%20Struture%2c%20Corporate%20Governance%20and%20Income%20Smoothing%20in%20Brazil.pdf.txte0aa2d037adc7e22d677e0de30c9f714MD53ri/253072022-11-03 14:51:18.74oai:repositorio.ufba.br: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Repositório InstitucionalPUBhttp://192.188.11.11:8080/oai/requestopendoar:19322022-11-03T17:51:18Repositório Institucional da UFBA - Universidade Federal da Bahia (UFBA)false |
dc.title.pt_BR.fl_str_mv |
Ownership and Control Struture, Corporate Governance and Income Smoothing in Brazil |
title |
Ownership and Control Struture, Corporate Governance and Income Smoothing in Brazil |
spellingShingle |
Ownership and Control Struture, Corporate Governance and Income Smoothing in Brazil Torres, Damiana Ownership and control structure corporate governance income smoothing |
title_short |
Ownership and Control Struture, Corporate Governance and Income Smoothing in Brazil |
title_full |
Ownership and Control Struture, Corporate Governance and Income Smoothing in Brazil |
title_fullStr |
Ownership and Control Struture, Corporate Governance and Income Smoothing in Brazil |
title_full_unstemmed |
Ownership and Control Struture, Corporate Governance and Income Smoothing in Brazil |
title_sort |
Ownership and Control Struture, Corporate Governance and Income Smoothing in Brazil |
author |
Torres, Damiana |
author_facet |
Torres, Damiana Bruni, Adriano Leal Martinez, Antonio Lopo Rivera-Castro, Miguel Angel |
author_role |
author |
author2 |
Bruni, Adriano Leal Martinez, Antonio Lopo Rivera-Castro, Miguel Angel |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Torres, Damiana Bruni, Adriano Leal Martinez, Antonio Lopo Rivera-Castro, Miguel Angel Torres, Damiana Bruni, Adriano Leal Martinez, Antonio Lopo Rivera-Castro, Miguel Angel |
dc.subject.por.fl_str_mv |
Ownership and control structure corporate governance income smoothing |
topic |
Ownership and control structure corporate governance income smoothing |
description |
Income smoothing is a longstanding practice under the more general category of earnings management. As the name suggests, it consists of smoothing out the fluctuations of the income series. This article examines the association between the ownership and control structure, level of corporate governance and origin of capital (foreign or domestic) of Brazilian companies on their propensity to smooth income. Using a sample of nonfinancial firms with shares traded on the São Paulo Stock Exchange (Bovespa) at the end of 2007, we performed covariance analysis based on data from the preceding ten years, where the dependent variable was the index proposed by Eckel, an empirical proxy for smoothing. The results indicate that the more concentrated the shareholding and control structures of Brazilian firms are, both according to overall capital and voting capital, the more intensely they tend to smooth earnings to favor the interests of the majority shareholder. The results also show that this effect is less pronounced for firms with enhanced corporate governance levels and those with foreign capital. |
publishDate |
2010 |
dc.date.issued.fl_str_mv |
2010 |
dc.date.accessioned.fl_str_mv |
2018-02-06T19:11:51Z |
dc.date.available.fl_str_mv |
2018-02-06T19:11:51Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://repositorio.ufba.br/ri/handle/ri/25307 |
dc.identifier.number.pt_BR.fl_str_mv |
v. 8, p. 180-192 |
url |
http://repositorio.ufba.br/ri/handle/ri/25307 |
identifier_str_mv |
v. 8, p. 180-192 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Corporate Ownership & Control |
publisher.none.fl_str_mv |
Corporate Ownership & Control |
dc.source.pt_BR.fl_str_mv |
http://dx.doi.org/10.2139/ssrn.1651991 |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional da UFBA instname:Universidade Federal da Bahia (UFBA) instacron:UFBA |
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Universidade Federal da Bahia (UFBA) |
instacron_str |
UFBA |
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UFBA |
reponame_str |
Repositório Institucional da UFBA |
collection |
Repositório Institucional da UFBA |
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