Análise do comportamento discricionário do gestor sob a ótica da teoria do prospecto e do excesso de confiança
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Tipo de documento: | Tese |
Idioma: | por |
Título da fonte: | Biblioteca Digital de Teses e Dissertações da UFPB |
Texto Completo: | https://repositorio.ufpb.br/jspui/handle/123456789/18430 |
Resumo: | The work aims to verify the behavior of earnings management in terms of behavioral finance, specifically the Prospect Theory and overconfidence - in order to identify the tendency to opportunistic manipulation. Through discretionary accruals and operational decisions, the levels - moderate and aggressive - of manipulating accounting results were verified. The sample is composed of firms listed in the Brazilian and North American capital markets, in the period from 2010 to 2018. As a metric of earnings management, Dechow et. al (2012), the manipulation of operational decisions was identified according to Roychowdhury (2006). These three metrics of earnings management by actual activities have been combined into a single aggregate metric that corresponds to the sum of abnormal levels of cash flow, discretionary expenses and production costs. The gains and losses on the return of the shares and the manager's predisposition to risk were used to analyze the perspective of the Prospect Theory, which establishes an asymmetric relationship between the behavior of individuals in relation to gains and losses in risk situations. The predisposition of the manager to risk - to manage accounting results - was analyzed through the indicators of global governance, since these indicators reflect the people’s perception and tend to lead actions in relation to the public and private initiative. On the other hand, managers' overconfidence was verified, which can redirect what the Prospectus Theory advocates. The metric used for this was the exercise of stock options by managers, according to Malmendier and Tate (2005). Through the techniques of multiple and quantile regression, the effect of these measures on the various levels of earnings management was verified. In general, the results indicate that, in the Brazilian environment, the behavior of the manager in earnings management is consistent with what the Prospectus Theory advocates, since in the face of gains, managers manipulate the results in a moderate way and in the face of losses, aggressively. Managers demonstrate a risk predisposition as regulatory quality positively influences the more aggressive levels of discretionary accruals. In the North American environment, earnings management by accruals was moderately influenced by gains in share returns and losses did not influence the aggressive levels of discretionary accruals. On the other hand, manipulation by real activities is aggressive when managers face losses in the financial market. When they experience gains, they prefer to manipulate operating activities, in a moderate way, through cash flows and production costs. Above all, the asymmetric relationship, foreseen in the theory of prospects, for the manipulation of operating activities through cash flows and production costs is undone, demonstrating that the managers' overconfidence can lead the manager to earnings management in a opportunistic in this modality. From the perspective of the Prospect Theory, emphasis is placed on the opposition of the economic concepts that individuals must risk while gaining and must be opposed when they experience losses, in order to identify the tendency to opportunistic earnings management. |
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Análise do comportamento discricionário do gestor sob a ótica da teoria do prospecto e do excesso de confiançaAccruals discricionáriosGerenciamento de resultados por atividades reaisTeoria do prospectoÍndices de governança mundialExcesso de confiança do gestorDiscretionary accrualsReal earning managementProspect theoryWolrdwide governance indicatorsManager overconfidenceCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEISThe work aims to verify the behavior of earnings management in terms of behavioral finance, specifically the Prospect Theory and overconfidence - in order to identify the tendency to opportunistic manipulation. Through discretionary accruals and operational decisions, the levels - moderate and aggressive - of manipulating accounting results were verified. The sample is composed of firms listed in the Brazilian and North American capital markets, in the period from 2010 to 2018. As a metric of earnings management, Dechow et. al (2012), the manipulation of operational decisions was identified according to Roychowdhury (2006). These three metrics of earnings management by actual activities have been combined into a single aggregate metric that corresponds to the sum of abnormal levels of cash flow, discretionary expenses and production costs. The gains and losses on the return of the shares and the manager's predisposition to risk were used to analyze the perspective of the Prospect Theory, which establishes an asymmetric relationship between the behavior of individuals in relation to gains and losses in risk situations. The predisposition of the manager to risk - to manage accounting results - was analyzed through the indicators of global governance, since these indicators reflect the people’s perception and tend to lead actions in relation to the public and private initiative. On the other hand, managers' overconfidence was verified, which can redirect what the Prospectus Theory advocates. The metric used for this was the exercise of stock options by managers, according to Malmendier and Tate (2005). Through the techniques of multiple and quantile regression, the effect of these measures on the various levels of earnings management was verified. In general, the results indicate that, in the Brazilian environment, the behavior of the manager in earnings management is consistent with what the Prospectus Theory advocates, since in the face of gains, managers manipulate the results in a moderate way and in the face of losses, aggressively. Managers demonstrate a risk predisposition as regulatory quality positively influences the more aggressive levels of discretionary accruals. In the North American environment, earnings management by accruals was moderately influenced by gains in share returns and losses did not influence the aggressive levels of discretionary accruals. On the other hand, manipulation by real activities is aggressive when managers face losses in the financial market. When they experience gains, they prefer to manipulate operating activities, in a moderate way, through cash flows and production costs. Above all, the asymmetric relationship, foreseen in the theory of prospects, for the manipulation of operating activities through cash flows and production costs is undone, demonstrating that the managers' overconfidence can lead the manager to earnings management in a opportunistic in this modality. From the perspective of the Prospect Theory, emphasis is placed on the opposition of the economic concepts that individuals must risk while gaining and must be opposed when they experience losses, in order to identify the tendency to opportunistic earnings management.NenhumaO objetivo dessa pesquisa foi verificar o comportamento do gerenciamento de resultados sob aspecto das finanças comportamentais, especificamente a Teoria do Prospecto e o excesso de confiança - com vistas a identificar a tendência à manipulacão oportunista. Por meio dos accruals discricionários e das decisões operacionais, foram verificados os níveis – moderados e agressivos - de manipulação de resultados contábeis. A amostra é composta por firmas listadas nos mercados de capitais brasileiro e norte-americano, no período de 2010 a 2018. Como métrica do gerenciamento de resultados contábeis, utilizou-se Dechow et. al (2012), já a manipulação das decisões operacionais foi identificada conforme Roychowdhury (2006). Essas três métricas de gerenciamento de resultados por atividades reais foram combinadas em uma única métrica agregada que corresponde à soma dos níveis anormais de fluxo de caixa, de despesas discricionárias e de custos de produção. Os ganhos e as perdas no retorno das ações e a predisposiçao do gestor ao risco foram utilizadas para analisar a ótica da Teoria do Prospecto, que estabelece relação assimétrica entre o comportamento dos indivíduos frente a ganhos e perdas em situações de risco. A predisposição do gestor ao risco – para gerenciar resultados contábeis - foi analisada por meio dos indicadores de governança mundial, uma vez que tais indicadores refletem a percepção das pessoas e tendem a conduzir ações em relação à iniciativa público e privada. Por outro lado, foi verificado o excesso de confiança dos gestores que pode redirecionar o que propugna a Teoria do Prospecto. A métrica utilizada para tanto, foi o exercício de opções de ações dos gestores, conforme Malmendier e Tate (2005). Por meio das técnicas de regressão múltipla e quantílica, foi verificado o efeito dessas medidas nos vários níveis de gerenciamento de resultados. Em geral, os resultados indicam que, no ambiente brasileiro, o comportamento do gestor no gerenciamento de resultados é condizente com o que propugna a Teoria do Prospecto, uma vez que diante dos ganhos, gestores manipulam os resultados de forma moderada e diante de perdas, de forma agressiva. Os gestores demonstram ter predisposição ao risco à medida que a qualidade regulatória influencia positivamente os níveis mais agressivos dos accruals discricionários. No ambiente norte americano, o gerenciamento de resultados por accruals apresentou-se influenciado de forma moderada pelos ganhos no retorno das ações e as perdas não exerceram influência nos níveis agressivos de accruals discricionários. Por outro lado, a manipulação por atividades reais, é agressiva quando os gestores enfrentam perdas no mercado financeiro. Quando experimentam ganhos, preferem a manipulação das atividades operacionais, de forma moderada, por meio dos fluxos de caixa e dos custos de produção. Desfaz-se, sobretudo, a relação assimétrica, prevista na Teoria do Prospecto, para a manipulação das atividades operacionais por meio dos fluxos de caixa e custos de produção, demonstrando que o excesso de confiança dos gestores pode conduzir o gestor ao gerenciamento de resultados de forma oportunista nessa modalidade. Sob a ótica da Teoria do Prospecto, dá-se destaque à contraposição dos conceitos econcômicos que indivíduos devem arriscar enquanto ganho e devem ser contrários quando experimentam perdas, com vistas a identificar a tedência ao gerenciamento de resultados oportunista.Universidade Federal da ParaíbaBrasilFinanças e ContabilidadePrograma de Pós-Graduação em Ciências ContábeisUFPBPaulo, Edilsonhttp://lattes.cnpq.br/9774701633759808Nascimento, Ariane Firmeza Mota2020-11-12T22:16:55Z2020-07-012020-11-12T22:16:55Z2020-06-08info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesishttps://repositorio.ufpb.br/jspui/handle/123456789/18430porhttp://creativecommons.org/licenses/by-nd/3.0/br/info:eu-repo/semantics/openAccessreponame:Biblioteca Digital de Teses e Dissertações da UFPBinstname:Universidade Federal da Paraíba (UFPB)instacron:UFPB2021-09-13T19:51:31Zoai:repositorio.ufpb.br:123456789/18430Biblioteca Digital de Teses e Dissertaçõeshttps://repositorio.ufpb.br/PUBhttp://tede.biblioteca.ufpb.br:8080/oai/requestdiretoria@ufpb.br|| diretoria@ufpb.bropendoar:2021-09-13T19:51:31Biblioteca Digital de Teses e Dissertações da UFPB - Universidade Federal da Paraíba (UFPB)false |
dc.title.none.fl_str_mv |
Análise do comportamento discricionário do gestor sob a ótica da teoria do prospecto e do excesso de confiança |
title |
Análise do comportamento discricionário do gestor sob a ótica da teoria do prospecto e do excesso de confiança |
spellingShingle |
Análise do comportamento discricionário do gestor sob a ótica da teoria do prospecto e do excesso de confiança Nascimento, Ariane Firmeza Mota Accruals discricionários Gerenciamento de resultados por atividades reais Teoria do prospecto Índices de governança mundial Excesso de confiança do gestor Discretionary accruals Real earning management Prospect theory Wolrdwide governance indicators Manager overconfidence CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
title_short |
Análise do comportamento discricionário do gestor sob a ótica da teoria do prospecto e do excesso de confiança |
title_full |
Análise do comportamento discricionário do gestor sob a ótica da teoria do prospecto e do excesso de confiança |
title_fullStr |
Análise do comportamento discricionário do gestor sob a ótica da teoria do prospecto e do excesso de confiança |
title_full_unstemmed |
Análise do comportamento discricionário do gestor sob a ótica da teoria do prospecto e do excesso de confiança |
title_sort |
Análise do comportamento discricionário do gestor sob a ótica da teoria do prospecto e do excesso de confiança |
author |
Nascimento, Ariane Firmeza Mota |
author_facet |
Nascimento, Ariane Firmeza Mota |
author_role |
author |
dc.contributor.none.fl_str_mv |
Paulo, Edilson http://lattes.cnpq.br/9774701633759808 |
dc.contributor.author.fl_str_mv |
Nascimento, Ariane Firmeza Mota |
dc.subject.por.fl_str_mv |
Accruals discricionários Gerenciamento de resultados por atividades reais Teoria do prospecto Índices de governança mundial Excesso de confiança do gestor Discretionary accruals Real earning management Prospect theory Wolrdwide governance indicators Manager overconfidence CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
topic |
Accruals discricionários Gerenciamento de resultados por atividades reais Teoria do prospecto Índices de governança mundial Excesso de confiança do gestor Discretionary accruals Real earning management Prospect theory Wolrdwide governance indicators Manager overconfidence CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
description |
The work aims to verify the behavior of earnings management in terms of behavioral finance, specifically the Prospect Theory and overconfidence - in order to identify the tendency to opportunistic manipulation. Through discretionary accruals and operational decisions, the levels - moderate and aggressive - of manipulating accounting results were verified. The sample is composed of firms listed in the Brazilian and North American capital markets, in the period from 2010 to 2018. As a metric of earnings management, Dechow et. al (2012), the manipulation of operational decisions was identified according to Roychowdhury (2006). These three metrics of earnings management by actual activities have been combined into a single aggregate metric that corresponds to the sum of abnormal levels of cash flow, discretionary expenses and production costs. The gains and losses on the return of the shares and the manager's predisposition to risk were used to analyze the perspective of the Prospect Theory, which establishes an asymmetric relationship between the behavior of individuals in relation to gains and losses in risk situations. The predisposition of the manager to risk - to manage accounting results - was analyzed through the indicators of global governance, since these indicators reflect the people’s perception and tend to lead actions in relation to the public and private initiative. On the other hand, managers' overconfidence was verified, which can redirect what the Prospectus Theory advocates. The metric used for this was the exercise of stock options by managers, according to Malmendier and Tate (2005). Through the techniques of multiple and quantile regression, the effect of these measures on the various levels of earnings management was verified. In general, the results indicate that, in the Brazilian environment, the behavior of the manager in earnings management is consistent with what the Prospectus Theory advocates, since in the face of gains, managers manipulate the results in a moderate way and in the face of losses, aggressively. Managers demonstrate a risk predisposition as regulatory quality positively influences the more aggressive levels of discretionary accruals. In the North American environment, earnings management by accruals was moderately influenced by gains in share returns and losses did not influence the aggressive levels of discretionary accruals. On the other hand, manipulation by real activities is aggressive when managers face losses in the financial market. When they experience gains, they prefer to manipulate operating activities, in a moderate way, through cash flows and production costs. Above all, the asymmetric relationship, foreseen in the theory of prospects, for the manipulation of operating activities through cash flows and production costs is undone, demonstrating that the managers' overconfidence can lead the manager to earnings management in a opportunistic in this modality. From the perspective of the Prospect Theory, emphasis is placed on the opposition of the economic concepts that individuals must risk while gaining and must be opposed when they experience losses, in order to identify the tendency to opportunistic earnings management. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-11-12T22:16:55Z 2020-07-01 2020-11-12T22:16:55Z 2020-06-08 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/doctoralThesis |
format |
doctoralThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://repositorio.ufpb.br/jspui/handle/123456789/18430 |
url |
https://repositorio.ufpb.br/jspui/handle/123456789/18430 |
dc.language.iso.fl_str_mv |
por |
language |
por |
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http://creativecommons.org/licenses/by-nd/3.0/br/ info:eu-repo/semantics/openAccess |
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http://creativecommons.org/licenses/by-nd/3.0/br/ |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Universidade Federal da Paraíba Brasil Finanças e Contabilidade Programa de Pós-Graduação em Ciências Contábeis UFPB |
publisher.none.fl_str_mv |
Universidade Federal da Paraíba Brasil Finanças e Contabilidade Programa de Pós-Graduação em Ciências Contábeis UFPB |
dc.source.none.fl_str_mv |
reponame:Biblioteca Digital de Teses e Dissertações da UFPB instname:Universidade Federal da Paraíba (UFPB) instacron:UFPB |
instname_str |
Universidade Federal da Paraíba (UFPB) |
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UFPB |
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UFPB |
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Biblioteca Digital de Teses e Dissertações da UFPB |
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Biblioteca Digital de Teses e Dissertações da UFPB |
repository.name.fl_str_mv |
Biblioteca Digital de Teses e Dissertações da UFPB - Universidade Federal da Paraíba (UFPB) |
repository.mail.fl_str_mv |
diretoria@ufpb.br|| diretoria@ufpb.br |
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1801843016671952896 |