A multidimensionalidade da competição no mercado de produtos e o gerenciamento de resultados

• Autor(a) principal: Rampazzo, Rodrigo de Souza
• Data de Publicação: 2019
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Institucional da Universidade Federal do Espírito Santo (riUfes)
• Texto Completo: http://repositorio.ufes.br/handle/10/13726
• topic: Ciências Contábeis; Gerenciamento de resultados; Multidimensionalidade da competição no mercado de produtos; Accruals discricionários; Atividades reais; Earnings management; Multidimensionality of the product-market competition; Discretionary accruals; Real activities; subject.br-rjbn

The present dissertation aims to investigate the effect of the multidimensionality of the product-market competition on the earnings management through the manipulation of accruals and real activities in the Brazilian companies listed in B3. The existing literature provides a dichotomous prediction about the association of the product market competition and the earnings management. On the one hand, the product market competition could generate incentives for managers to manipulate accounting information (HERMALIN; WEISBACH; HAAS, 2007; ROTEMBERG; SCHARFSTEIN, 1990). On the other hand, the product-market competition discipline managers to act in the best interests of shareholders (BAGGS; DE BETTIGNIES, 2006; HART, 1983; HOLMSTROM, 1982; SCHMIDT, 1997). In order to test the relationship between product market competition and earnings management, we used Ordinary Least Squares (OLS) regressions with two-dimensional clusters (firm and year), according to the methods proposed by Cameron, Gelbach and Miller (2011) and Thompson (2011).The results obtained in this study support this latter view, suggesting that there is a negative relationship between the multidimensionality of product-market competition and the practices of manipulation of results. In addition, when analyzing EM specifically for real activities, the data suggested that firms in more competitive environments tend to manage results through manipulation of production or discretionary expenditures. Another relevant finding of this research is that different dimensions of the product-market competition presented different behaviors (opposite signs) in the same econometric model. The presence of this behavior suggests that the competition should not be captured unidimensional, since other characteristics of the competition (dimensions) may present opposite behaviors.