| spelling |
Wagner Moura Lamounierhttp://lattes.cnpq.br/5408615900930130Valéria Gama Fully BressanRobert Aldo Iquiapaza CoaguilaVagner Antônio Marqueshttp://lattes.cnpq.br/7486922533547522Ricardo Carvalho da Silva2021-06-02T16:59:04Z2021-06-02T16:59:04Z2020-02-20http://hdl.handle.net/1843/36258https://orcid.org/0000-0002-1855-4007Esta pesquisa teve como objetivo verificar quais os fatores afetam a prática do income smoothing das empresas brasileiras e americanas, bem como analisar as diferenças e semelhanças dos determinantes desta prática nas empresas entre estes mercados. Para tanto, utilizou-se uma amostra de 56 empresas componentes do índice IBRX 100 listadas na B3 no caso brasileiro e 173 empresas componentes do índice S&P 500 listadas na New York Security Exchange – NYSE. O período de seleção dos dados foi de 2010 a 2018. O modelo Logit foi aplicado para a estimação da probabilidade de incorrer na prática de suavização com utilização de três métricas indicadoras de suavização de resultados. A partir dos resultados, por meio das métricas, concluiu-se que, em média, 54% das empresas brasileiras listadas no índice IBRX100 e 36% das empresas americanas, listadas no índice S&P500 tendem a incorrer em prática de suavização de resultados. Observou-se na amostra estudada que as empresas brasileiras apresentaram maior probabilidade de incorrerem na prática da suavização de resultados. A pesquisa permitiu concluir que a probabilidade de incorrer na suavização, em maior ou menor grau, dar-se-á em função dos seguintes fatores para as empresas brasileiras, no caso do aumento desta prática, a alavancagem, a concentração de propriedade bem como o tipo de acionista majoritário e o fato de ter ações listadas na bolsa de Nova York, por outro lado, a redução é ocasionada pelo tamanho e setor de atuação da empresa; pelo fato de estar segmentada no Novo Mercado da B3; pela contratação de uma das Big Four. Da mesma forma nas empresas americanas, concluiu-se que os determinantes da que aumentam a prática da suavização foram a alavancagem e o setor de atuação, ao passo que a redução foi determinada pelo risco Beta e pela nota atribuída no rating de crédito e pelo tamanho da empresa. Em comum, entre os dois mercados, verificaram-se os seguintes fatores: o tamanho, a alavancagem e o setor de atuação, neste último de forma atuando de forma inversa quanto ao aumento ou redução. O estudo contribui para o avanço das pesquisas sobre a prática de suavização de resultados, apresentando o que aumenta ou reduz esta prática nos mercados brasileiro e americano, assim como suas diferenças e semelhanças.This research aimed to verify which factors affect the income smoothing practice of Brazilian and American companies, as well as to analyze the differences and similarities of the determinants of this practice in companies between these markets. To this end, we used a sample of 56 companies comprising the IBRX 100 index listed on B3 in the Brazilian case and 173 companies comprising the S&P 500 index listed on the New York Security Exchange - NYSE. The data selection period was from 2010 to 2018. The Logit model was applied to estimate the probability of incurring the smoothing practice with the use of three metrics indicating smoothing of results. From the results, through the metrics, it was concluded that, on average, 54% of the Brazilian companies listed in the IBRX100 index and 36% of the American companies, listed in the S & P500 index tend to incur the practice of earnings smoothing. It was observed in the studied sample that Brazilian companies were more likely to incur the practice of earnings smoothing. The research allowed us to conclude that the probability of incurring smoothing, to a greater or lesser degree, will be due to the following factors for Brazilian companies, in the case of an increase in this practice, leverage, concentration of ownership as well as the type of majority shareholder and the fact of having shares listed on the New York Stock Exchange, on the other hand, the reduction is caused by the size and sector in which the company operates; due to the fact that it is segmented on B3's Novo Mercado; by hiring one of the Big Four. In the same way in American companies, it was concluded that the determinants of the increase in the smoothing practice were leverage and the sector in which it operates, whereas the reduction was determined by the Beta risk and the rating given in the credit rating and the size from the company. In common, between the two markets, the following factors were verified: the size, the leverage and the sector of activity, in the latter acting in an inverse way as to the increase or reduction. The study contributes to the advancement of research on the practice of smoothing results, presenting what increases or reduces this practice in the Brazilian and American markets, as well as their differences and similarities.porUniversidade Federal de Minas GeraisPrograma de Pós-graduação em Controladoria e ContabilidadeUFMGBrasilFACE - FACULDADE DE CIENCIAS ECONOMICASEmpresasAvaliaçãoContabilidadeGerenciamento de ResultadosIncome SmoothingDeterminantes de SuavizaçãoDeterminantes da prática de “income smoothing” em cias abertas: uma análise de empresas brasileiras e americanasDeterminants of the practice of "Income Smoothing" in open companies: an analysis of Brazilian and American companies.info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da UFMGinstname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGORIGINALDeterminantes da Prática de Income Smoothing em Cias Abertas - Uma Análise de Empresas Brasileiras e Americanas.pdfDeterminantes da Prática de Income Smoothing em Cias Abertas - Uma Análise de Empresas Brasileiras e Americanas.pdfapplication/pdf2652030https://repositorio.ufmg.br/bitstream/1843/36258/1/Determinantes%20da%20Pr%c3%a1tica%20de%20Income%20Smoothing%20em%20Cias%20Abertas%20-%20Uma%20An%c3%a1lise%20de%20Empresas%20Brasileiras%20e%20Americanas.pdfe03fad181480149ae253386362bbc708MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-82119https://repositorio.ufmg.br/bitstream/1843/36258/2/license.txt34badce4be7e31e3adb4575ae96af679MD521843/362582021-06-02 13:59:04.744oai:repositorio.ufmg.br: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Repositório InstitucionalPUBhttps://repositorio.ufmg.br/oaiopendoar:2021-06-02T16:59:04Repositório Institucional da UFMG - Universidade Federal de Minas Gerais (UFMG)false
|