EARNINGS MANAGEMENT AND INSTITUTIONAL INVESTORS PRESENCE IN BRAZILIAN FIRMS

Detalhes bibliográficos
Autor(a) principal: Holanda, Allan Pinheiro
Data de Publicação: 2013
Outros Autores: Rebouças, Sílvia Maria Dias Pedro, Coelho, Antonio Carlos Dias
Tipo de documento: Artigo
Idioma: por
Título da fonte: ConTexto
Texto Completo: https://seer.ufrgs.br/index.php/ConTexto/article/view/32274
Resumo: The research aimed to investigate whether the presence of institutional investors in ownership structure of the companies listed on the BM&FBovespa affects earnings management level disclosed in its financial statements. Additionally it examines whether such a relationship may have been impacted by the relevance of its stake in the firm. Earnings management is measured by metrics used in the study Earnings management and investor protection: an international comparison (2003). The hypothesis that the presence of this class of investors inhibits the practice of earnings management was tested by logistic regression. Institutional investors occurrence in ownership structure of researched sample - 344 firms listed on BM&FBovespa, in the period 2006 to 2010 – wasn’t significant with earnings management measures, leading to hypothesis rejection. Inference that institutional investors in Brazil does not seem to be informational efficient enough to segregate companies practicing earnings management is mandatory, accepting low information quality in accounting reports offered by firms in Brazilian market.
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spelling EARNINGS MANAGEMENT AND INSTITUTIONAL INVESTORS PRESENCE IN BRAZILIAN FIRMSGERENCIAMENTO DE RESULTADOS E PRESENÇA DE INVESTIDORES INSTITUCIONAIS NAS FIRMAS BRASILEIRASInvestidores institucionaisGerenciamento de resultadosGovernança corporativaInstitutional investorsEarnings managementCorporate governanceThe research aimed to investigate whether the presence of institutional investors in ownership structure of the companies listed on the BM&FBovespa affects earnings management level disclosed in its financial statements. Additionally it examines whether such a relationship may have been impacted by the relevance of its stake in the firm. Earnings management is measured by metrics used in the study Earnings management and investor protection: an international comparison (2003). The hypothesis that the presence of this class of investors inhibits the practice of earnings management was tested by logistic regression. Institutional investors occurrence in ownership structure of researched sample - 344 firms listed on BM&FBovespa, in the period 2006 to 2010 – wasn’t significant with earnings management measures, leading to hypothesis rejection. Inference that institutional investors in Brazil does not seem to be informational efficient enough to segregate companies practicing earnings management is mandatory, accepting low information quality in accounting reports offered by firms in Brazilian market.A pesquisa teve por objetivo investigar se a presença de investidores institucionais na estrutura societária das firmas listadas na BM&FBovespa afeta o nível de gerenciamento de resultados divulgados em suas demonstrações contábeis. Adicionalmente, se examina se tal relação pode ter sido impactada pela relevância de sua participação no capital da firma. O gerenciamento de resultados se mensurou pelas métricas utilizadas no estudo Earnings management and investor protection: an international comparison (2003). A hipótese de que a presença dessa classe de investidores inibe a prática do gerenciamento de resultados foi testada por regressão logística. A presença de investidores institucionais na estrutura societária da amostra considerada – 344 firmas listadas na BM&FBovespa, no período de 2006 a 2010 – sequer apresentou significância com as medidas de gerenciamento de resultado, rejeitando-se a hipótese aventada. Inferiu-se que investidores institucionais no Brasil não parecem ser informacionalmente eficientes a ponto de segregar companhias que praticam gerenciamento de resultados, aceitando, assim, baixa qualidade informacional nos relatórios contábeis.UFRGS2013-12-17info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por Paresapplication/pdfhttps://seer.ufrgs.br/index.php/ConTexto/article/view/32274ConTexto - Contabilidade em Texto; v. 13 n. 25 (2013): Set./Dez. 20132175-87511676-6016reponame:ConTextoinstname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/ConTexto/article/view/32274/pdf_7Holanda, Allan PinheiroRebouças, Sílvia Maria Dias PedroCoelho, Antonio Carlos Diasinfo:eu-repo/semantics/openAccess2014-02-04T16:06:47Zoai:seer.ufrgs.br:article/32274Revistahttps://www.seer.ufrgs.br/index.php/ConTexto/indexPUBhttpw://www.seer.ufrgs.br/index.php/ConTexto/oaifernanda.momo@ufrgs.br||contexto@ufrgs.br2175-87511676-6016opendoar:2014-02-04T16:06:47ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv EARNINGS MANAGEMENT AND INSTITUTIONAL INVESTORS PRESENCE IN BRAZILIAN FIRMS
GERENCIAMENTO DE RESULTADOS E PRESENÇA DE INVESTIDORES INSTITUCIONAIS NAS FIRMAS BRASILEIRAS
title EARNINGS MANAGEMENT AND INSTITUTIONAL INVESTORS PRESENCE IN BRAZILIAN FIRMS
spellingShingle EARNINGS MANAGEMENT AND INSTITUTIONAL INVESTORS PRESENCE IN BRAZILIAN FIRMS
Holanda, Allan Pinheiro
Investidores institucionais
Gerenciamento de resultados
Governança corporativa
Institutional investors
Earnings management
Corporate governance
title_short EARNINGS MANAGEMENT AND INSTITUTIONAL INVESTORS PRESENCE IN BRAZILIAN FIRMS
title_full EARNINGS MANAGEMENT AND INSTITUTIONAL INVESTORS PRESENCE IN BRAZILIAN FIRMS
title_fullStr EARNINGS MANAGEMENT AND INSTITUTIONAL INVESTORS PRESENCE IN BRAZILIAN FIRMS
title_full_unstemmed EARNINGS MANAGEMENT AND INSTITUTIONAL INVESTORS PRESENCE IN BRAZILIAN FIRMS
title_sort EARNINGS MANAGEMENT AND INSTITUTIONAL INVESTORS PRESENCE IN BRAZILIAN FIRMS
author Holanda, Allan Pinheiro
author_facet Holanda, Allan Pinheiro
Rebouças, Sílvia Maria Dias Pedro
Coelho, Antonio Carlos Dias
author_role author
author2 Rebouças, Sílvia Maria Dias Pedro
Coelho, Antonio Carlos Dias
author2_role author
author
dc.contributor.author.fl_str_mv Holanda, Allan Pinheiro
Rebouças, Sílvia Maria Dias Pedro
Coelho, Antonio Carlos Dias
dc.subject.por.fl_str_mv Investidores institucionais
Gerenciamento de resultados
Governança corporativa
Institutional investors
Earnings management
Corporate governance
topic Investidores institucionais
Gerenciamento de resultados
Governança corporativa
Institutional investors
Earnings management
Corporate governance
description The research aimed to investigate whether the presence of institutional investors in ownership structure of the companies listed on the BM&FBovespa affects earnings management level disclosed in its financial statements. Additionally it examines whether such a relationship may have been impacted by the relevance of its stake in the firm. Earnings management is measured by metrics used in the study Earnings management and investor protection: an international comparison (2003). The hypothesis that the presence of this class of investors inhibits the practice of earnings management was tested by logistic regression. Institutional investors occurrence in ownership structure of researched sample - 344 firms listed on BM&FBovespa, in the period 2006 to 2010 – wasn’t significant with earnings management measures, leading to hypothesis rejection. Inference that institutional investors in Brazil does not seem to be informational efficient enough to segregate companies practicing earnings management is mandatory, accepting low information quality in accounting reports offered by firms in Brazilian market.
publishDate 2013
dc.date.none.fl_str_mv 2013-12-17
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Avaliado por Pares
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://seer.ufrgs.br/index.php/ConTexto/article/view/32274
url https://seer.ufrgs.br/index.php/ConTexto/article/view/32274
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/ConTexto/article/view/32274/pdf_7
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv UFRGS
publisher.none.fl_str_mv UFRGS
dc.source.none.fl_str_mv ConTexto - Contabilidade em Texto; v. 13 n. 25 (2013): Set./Dez. 2013
2175-8751
1676-6016
reponame:ConTexto
instname:Universidade Federal do Rio Grande do Sul (UFRGS)
instacron:UFRGS
instname_str Universidade Federal do Rio Grande do Sul (UFRGS)
instacron_str UFRGS
institution UFRGS
reponame_str ConTexto
collection ConTexto
repository.name.fl_str_mv ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS)
repository.mail.fl_str_mv fernanda.momo@ufrgs.br||contexto@ufrgs.br
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