Estratégias de gerenciamento de resultados e value relevance nos estágios do ciclo de vida das firmas
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Biblioteca Digital de Teses e Dissertações da UFPB |
Texto Completo: | https://repositorio.ufpb.br/jspui/handle/123456789/22514 |
Resumo: | This study investigates how the relationship between the use of earnings management strategies and the value-relevance of accounting information is associated with the stages of a firm's life cycle. A sample of non-financial companies listed on B3 S/A - Brazil, Bolsa, Balcão for the 2010-2018 period was analyzed, with data collected from Refinitiv®. The GRA and GRDO proxies were estimated, respectively, using the Model of Pae (2005) and Roychowdhury (2006). In addition, an adaptation of the value-relevance model proposed by Ohlson (1995) was used, as well as the Park and Chen (2006) model, which was used to classify the stages of the life cycle. Regarding the analysis methods, multiple linear regression and quantile regression models were used. The results show that, compared to Maturity companies, Growing companies are associated with higher levels of negative discretionary accruals and smaller cuts in discretionary expenses, while Declining companies are more likely to use accounting choices to increase profits as well as cutting discretionary expenses. The analysis of value-relevance models indicates that the value-relevance of earnings is negatively affected when GRA is used to increase earnings and when GRDO decreases current earnings. As for the life cycle reflections in this relationship, it is highlighted that, for Growing companies, a high level of GRA was associated with an increase in the value-relevance of earnings, whereas for companies in Decline, the use of GRDO to increase the results are associated with a significant loss in the value-relevance of earnings. Thus, the study contributes with evidence that investors attribute lower value relevance to company profits as a greater probability of engaging in earnings management strategies only in certain settings, which may suggest that this is not being perceived by investors in all of the contexts. Others who will possibly benefit from the study's findings are auditors and financial analysts, who can use insights into the tendency to adopt certain earnings management strategies given the firm's life cycle stage when analyzing the companies' accounting information. |
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Estratégias de gerenciamento de resultados e value relevance nos estágios do ciclo de vida das firmasGerenciamento de resultadosEstratégia de gerenciamento de resultadosValue relevanceCiclo de vida da firmaEarnings managementEarnings management strategyValue-relevanceFirm life cycleCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEISThis study investigates how the relationship between the use of earnings management strategies and the value-relevance of accounting information is associated with the stages of a firm's life cycle. A sample of non-financial companies listed on B3 S/A - Brazil, Bolsa, Balcão for the 2010-2018 period was analyzed, with data collected from Refinitiv®. The GRA and GRDO proxies were estimated, respectively, using the Model of Pae (2005) and Roychowdhury (2006). In addition, an adaptation of the value-relevance model proposed by Ohlson (1995) was used, as well as the Park and Chen (2006) model, which was used to classify the stages of the life cycle. Regarding the analysis methods, multiple linear regression and quantile regression models were used. The results show that, compared to Maturity companies, Growing companies are associated with higher levels of negative discretionary accruals and smaller cuts in discretionary expenses, while Declining companies are more likely to use accounting choices to increase profits as well as cutting discretionary expenses. The analysis of value-relevance models indicates that the value-relevance of earnings is negatively affected when GRA is used to increase earnings and when GRDO decreases current earnings. As for the life cycle reflections in this relationship, it is highlighted that, for Growing companies, a high level of GRA was associated with an increase in the value-relevance of earnings, whereas for companies in Decline, the use of GRDO to increase the results are associated with a significant loss in the value-relevance of earnings. Thus, the study contributes with evidence that investors attribute lower value relevance to company profits as a greater probability of engaging in earnings management strategies only in certain settings, which may suggest that this is not being perceived by investors in all of the contexts. Others who will possibly benefit from the study's findings are auditors and financial analysts, who can use insights into the tendency to adopt certain earnings management strategies given the firm's life cycle stage when analyzing the companies' accounting information.Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPESEste estudo investiga como a relação entre o uso de estratégias de gerenciamento de resultados e a value relevance das informações contábeis está associada aos estágios do ciclo de vida da firma. Analisou-se uma amostra de empresas não financeiras listadas na B3 S/A - Brasil, Bolsa, Balcão para o período de 2010 a 2018, com dados coletados na Refinitiv®. As proxies de GRA e GRDO foram estimadas, respectivamente, por meio do Modelo de Pae (2005) e Roychowdhury (2006). Além disso, utilizou-se uma adaptação do modelo de value relevance proposto por Ohlson (1995), bem como o modelo de Park e Chen (2006), para classificação dos estágios do ciclo de vida. No que concerne aos métodos de análise, utilizou-se de modelos de regressão linear múltipla e regressão quantílica. Os resultados evidenciam que, em comparação às empresas em Maturidade, as empresas em Crescimento estão associadas a níveis mais elevados de accruals discricionários negativos e menores cortes nas despesas discricionárias, ao passo que as empresas em Declínio são mais propensas a usarem das escolhas contábeis para aumentar os lucros, bem como ao corte de despesas discricionárias. A análise dos modelos de value relevance indicam uma associação negativa com a value relevance dos lucros quando GRA é empregado com propósito de aumentar os lucros e quando o GRDO diminui os resultados correntes. Quanto aos reflexos do ciclo de vida nessa relação, destaca-se que, para as empresas em Crescimento um alto nível de GRA demonstrou-se associado a um aumento na value relevance dos lucros, já para as empresas em Declínio o uso de GRDO para aumentar os resultados está associado a uma perda significativa na value relevance dos lucros. Assim, o estudo contribui com evidências de que os investidores atribuem menor value relevance aos lucros de empresas como uma maior probabilidade de engajamento em estratégias de gerenciamento de resultados apenas em certos contextos, o que pode sugerir que este não está sendo percebido pelos investidores em todos os contextos. Outros possíveis beneficiados pelos achados do estudo são os auditores e analistas financeiros, que podem se utilizar dos insights acerca da propensão a determinadas estratégias de gerenciamento de resultados dado o estágio de ciclo de vida da firma ao realizarem a análise das informações contábeis das empresas.Universidade Federal da ParaíbaBrasilFinanças e ContabilidadePrograma de Pós-Graduação em Ciências ContábeisUFPBPaulo, Edilsonhttp://lattes.cnpq.br/9774701633759808Ribeiro, João Paulo Machado2022-03-24T19:39:34Z2022-02-022022-03-24T19:39:34Z2021-12-09info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesishttps://repositorio.ufpb.br/jspui/handle/123456789/22514porAttribution-NoDerivs 3.0 Brazilhttp://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:UFPB2022-04-05T17:39:36Zoai:repositorio.ufpb.br:123456789/22514Biblioteca Digital de Teses e Dissertaçõeshttps://repositorio.ufpb.br/PUBhttp://tede.biblioteca.ufpb.br:8080/oai/requestdiretoria@ufpb.br|| diretoria@ufpb.bropendoar:2022-04-05T17:39:36Biblioteca Digital de Teses e Dissertações da UFPB - Universidade Federal da Paraíba (UFPB)false |
dc.title.none.fl_str_mv |
Estratégias de gerenciamento de resultados e value relevance nos estágios do ciclo de vida das firmas |
title |
Estratégias de gerenciamento de resultados e value relevance nos estágios do ciclo de vida das firmas |
spellingShingle |
Estratégias de gerenciamento de resultados e value relevance nos estágios do ciclo de vida das firmas Ribeiro, João Paulo Machado Gerenciamento de resultados Estratégia de gerenciamento de resultados Value relevance Ciclo de vida da firma Earnings management Earnings management strategy Value-relevance Firm life cycle CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
title_short |
Estratégias de gerenciamento de resultados e value relevance nos estágios do ciclo de vida das firmas |
title_full |
Estratégias de gerenciamento de resultados e value relevance nos estágios do ciclo de vida das firmas |
title_fullStr |
Estratégias de gerenciamento de resultados e value relevance nos estágios do ciclo de vida das firmas |
title_full_unstemmed |
Estratégias de gerenciamento de resultados e value relevance nos estágios do ciclo de vida das firmas |
title_sort |
Estratégias de gerenciamento de resultados e value relevance nos estágios do ciclo de vida das firmas |
author |
Ribeiro, João Paulo Machado |
author_facet |
Ribeiro, João Paulo Machado |
author_role |
author |
dc.contributor.none.fl_str_mv |
Paulo, Edilson http://lattes.cnpq.br/9774701633759808 |
dc.contributor.author.fl_str_mv |
Ribeiro, João Paulo Machado |
dc.subject.por.fl_str_mv |
Gerenciamento de resultados Estratégia de gerenciamento de resultados Value relevance Ciclo de vida da firma Earnings management Earnings management strategy Value-relevance Firm life cycle CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
topic |
Gerenciamento de resultados Estratégia de gerenciamento de resultados Value relevance Ciclo de vida da firma Earnings management Earnings management strategy Value-relevance Firm life cycle CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
description |
This study investigates how the relationship between the use of earnings management strategies and the value-relevance of accounting information is associated with the stages of a firm's life cycle. A sample of non-financial companies listed on B3 S/A - Brazil, Bolsa, Balcão for the 2010-2018 period was analyzed, with data collected from Refinitiv®. The GRA and GRDO proxies were estimated, respectively, using the Model of Pae (2005) and Roychowdhury (2006). In addition, an adaptation of the value-relevance model proposed by Ohlson (1995) was used, as well as the Park and Chen (2006) model, which was used to classify the stages of the life cycle. Regarding the analysis methods, multiple linear regression and quantile regression models were used. The results show that, compared to Maturity companies, Growing companies are associated with higher levels of negative discretionary accruals and smaller cuts in discretionary expenses, while Declining companies are more likely to use accounting choices to increase profits as well as cutting discretionary expenses. The analysis of value-relevance models indicates that the value-relevance of earnings is negatively affected when GRA is used to increase earnings and when GRDO decreases current earnings. As for the life cycle reflections in this relationship, it is highlighted that, for Growing companies, a high level of GRA was associated with an increase in the value-relevance of earnings, whereas for companies in Decline, the use of GRDO to increase the results are associated with a significant loss in the value-relevance of earnings. Thus, the study contributes with evidence that investors attribute lower value relevance to company profits as a greater probability of engaging in earnings management strategies only in certain settings, which may suggest that this is not being perceived by investors in all of the contexts. Others who will possibly benefit from the study's findings are auditors and financial analysts, who can use insights into the tendency to adopt certain earnings management strategies given the firm's life cycle stage when analyzing the companies' accounting information. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-12-09 2022-03-24T19:39:34Z 2022-02-02 2022-03-24T19:39:34Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://repositorio.ufpb.br/jspui/handle/123456789/22514 |
url |
https://repositorio.ufpb.br/jspui/handle/123456789/22514 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
Attribution-NoDerivs 3.0 Brazil http://creativecommons.org/licenses/by-nd/3.0/br/ info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Attribution-NoDerivs 3.0 Brazil 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) |
instacron_str |
UFPB |
institution |
UFPB |
reponame_str |
Biblioteca Digital de Teses e Dissertações da UFPB |
collection |
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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1801842990797291520 |