O Papel do ESG no Value Relevance e Gerenciamento de Resultados em Companhias Latino-Americanas
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Tipo de documento: | Tese |
Idioma: | por |
Título da fonte: | Repositório Institucional da UFU |
Texto Completo: | https://repositorio.ufu.br/handle/123456789/37928 http://doi.org/10.14393/ufu.te.2023.251 |
Resumo: | This thesis aims to analyze the relationship between environmental, social, and corporate governance (ESG) with earnings management and value relevance. The sample consists of 1,419 observations of Latin American companies for the time period from 2010 to 2021. Data were collected from the Refinitiv Eikon® platform and processed using an unbalanced panel and Wilcoxon test. The results revealed that companies with a higher level of ESG exhibit a higher level of earnings management, suggesting that they seek to maintain their reputation by disclosing more ESG information. The results also showed that entities with higher ESG have a lower stock price. This result can be explained by organizations disclosing ESG practices to create a good reputation in the market (positive relationship between ESG and earnings management) and due to ESG being still recent in this region, where users prefer to consider financial metrics, which have been the most relevant for years. Companies with a higher level of earnings management were those that had a lower level of stock price, meaning that when the information is of lower quality, there is a tendency for a reduction in the price of their shares. The interaction of ESG and earnings management showed only one significant relationship, which was negative, meaning that when the organization presents higher ESG in the presence of higher earnings management, it tends to have a lower stock price. The analyses were also performed considering the period with and without the pandemic. It was found that before the pandemic, a negative relationship between ESG and earnings management occurred, and after the start, the relationship was positive. This may indicate that managers took advantage of the moment of greater turbulence to disclose more ESG practices with the purpose of hiding information with higher levels of discretionary practices (according to the Wilcoxon test). Earnings management showed a positive and significant relationship with stock price in the Jones (1991) model after the start of the pandemic. The relationship between ESG and stock price and the interaction between ESG and earnings management were not significant. The thesis can contribute to investors by indicating whether the increase in ESG information is linked to lower quality of accounting information. Thus, investors have indications that the increase in ESG practices in this region, on average, indicates that managers are disclosing information with more earnings management practices and that higher ESG values also reduce the stock price. In the academic realm, the study differs from others, as the antecedents analyze the relationship between ESG and earnings management and ESG and stock price separately, while this thesis performed the interaction to verify if ESG is capable of reducing earnings management and thus increasing the stock price, seeking to deepen the understanding of the Stakeholder Theory. Therefore, the proposed thesis was partially accepted, as ESG increased earnings management in two models, earnings management reduced stock price in all models, and the interaction between ESG and earnings management reduced stock price in only one model. |
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O Papel do ESG no Value Relevance e Gerenciamento de Resultados em Companhias Latino-AmericanasThe Role of ESG in Value Relevance and Earnings Management in Latin American CompaniesQualidade da informação contábilAccounting information qualityGerenciamento de resultadosEarnings managementValue relevanceValue relevanceESGESGResponsabilidade Social Corporativa (RSC)Corporate Social Responsability (CSR)ContabilidadeAccountingCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEISThis thesis aims to analyze the relationship between environmental, social, and corporate governance (ESG) with earnings management and value relevance. The sample consists of 1,419 observations of Latin American companies for the time period from 2010 to 2021. Data were collected from the Refinitiv Eikon® platform and processed using an unbalanced panel and Wilcoxon test. The results revealed that companies with a higher level of ESG exhibit a higher level of earnings management, suggesting that they seek to maintain their reputation by disclosing more ESG information. The results also showed that entities with higher ESG have a lower stock price. This result can be explained by organizations disclosing ESG practices to create a good reputation in the market (positive relationship between ESG and earnings management) and due to ESG being still recent in this region, where users prefer to consider financial metrics, which have been the most relevant for years. Companies with a higher level of earnings management were those that had a lower level of stock price, meaning that when the information is of lower quality, there is a tendency for a reduction in the price of their shares. The interaction of ESG and earnings management showed only one significant relationship, which was negative, meaning that when the organization presents higher ESG in the presence of higher earnings management, it tends to have a lower stock price. The analyses were also performed considering the period with and without the pandemic. It was found that before the pandemic, a negative relationship between ESG and earnings management occurred, and after the start, the relationship was positive. This may indicate that managers took advantage of the moment of greater turbulence to disclose more ESG practices with the purpose of hiding information with higher levels of discretionary practices (according to the Wilcoxon test). Earnings management showed a positive and significant relationship with stock price in the Jones (1991) model after the start of the pandemic. The relationship between ESG and stock price and the interaction between ESG and earnings management were not significant. The thesis can contribute to investors by indicating whether the increase in ESG information is linked to lower quality of accounting information. Thus, investors have indications that the increase in ESG practices in this region, on average, indicates that managers are disclosing information with more earnings management practices and that higher ESG values also reduce the stock price. In the academic realm, the study differs from others, as the antecedents analyze the relationship between ESG and earnings management and ESG and stock price separately, while this thesis performed the interaction to verify if ESG is capable of reducing earnings management and thus increasing the stock price, seeking to deepen the understanding of the Stakeholder Theory. Therefore, the proposed thesis was partially accepted, as ESG increased earnings management in two models, earnings management reduced stock price in all models, and the interaction between ESG and earnings management reduced stock price in only one model.CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível SuperiorTese (Doutorado)Esta tese visa analisar a relação do environmental, social and corporate governance (ESG) com o gerenciamento de resultado e value relevance. A amostra é composta por 1.419 observações de companhias da América Latina para o lapso temporal de 2010 a 2021. Os dados foram coletados na plataforma Refinitiv Eikon® e tratados mediante painel desbalanceado e teste de Wilcoxon. Os resultados revelaram que as empresas com maior nível de ESG apresentam maior nível de gerenciamento de resultado, sugerindo que elas buscam manter a sua reputação mediante a divulgação de mais informações ESG. Os resultados revelaram também que as entidades com maior ESG apresentam menor preço das ações. Esse resultado pode ser explicado em decorrência de as organizações estarem divulgando melhor desempenho ESG com o propósito de criar uma boa reputação no mercado (relação positiva do ESG e do gerenciamento de resultados), e devido ao ESG ainda ser recente nessa região, no qual os usuários têm preferência em considerar as métricas financeiras, que têm sido as mais relevantes durante anos. As empresas com maior nível de gerenciamento de resultados foram aquelas que apresentaram menor nível de preço das ações, ou seja, quando a informação apresenta menor qualidade, há uma tendência de redução no preço de suas ações. A interação do ESG e gerenciamento de resultados apresentou apenas uma relação significativa, sendo ela negativa, isto é, quando a organização apresenta maior ESG na presença de maior gerenciamento de resultados, ela tende a apresentar menor preço das ações. Também realizou as referidas análises considerando o período com e sem pandemia. Constatou-se que antes do início da pandemia ocorreu relação negativa entre ESG e gerenciamento de resultados e que após o início a relação foi positiva. Isso pode indicar que os gestores aproveitaram o momento de maior turbulência para divulgar melhor desempenho ESG com o propósito de ocultar informações com maiores níveis de práticas discricionárias (conforme teste de Wilcoxon). O gerenciamento de resultado apresentou relação positiva e significativa com o preço das ações no modelo de Jones (1991) após o início da pandemia. A relação do ESG e preço das ações e da interação ESG e gerenciamento de resultados não foram significativas. A tese pode contribuir com investidores indicando se o aumento das informações ESG estão ligadas a menor qualidade da informação contábil. Com isso, os investidores têm indícios de que o aumento do desempenho ESG nessa região, em média, indica que os gestores estão divulgando informações com mais práticas de gerenciamento de resultados e que maiores valores de ESG também reduz o preço das ações. No âmbito acadêmico, o estudo se diferencia dos demais, visto que os antecedentes analisam isoladamente a relação ESG e gerenciamento de resultados e ESG e o preço das ações, sendo que nesta tese realizou a interação para verificar se o ESG é capaz de reduzir o gerenciamento de resultados e assim aumentar o preço das ações buscando aprofundar o entendimento acerca da Teoria dos Stakeholders. Portanto, a tese proposta foi aceita parcialmente, uma vez que o ESG aumentou o gerenciamento de resultados em dois modelos, o gerenciamento de resultados reduziu o preço das ações em todos os modelos e a interação ESG e gerenciamento de resultados reduziu o preço das ações em apenas um modelo.Universidade Federal de UberlândiaBrasilPrograma de Pós-graduação em Ciências ContábeisTavares, Marcelohttp://lattes.cnpq.br/4142478901587907Almeida, Neirilaine Silva dehttp://lattes.cnpq.br/9223797601220723Silva, Denise Mendeshttp://lattes.cnpq.br/7299311437340135Pimenta, Daiana Paulahttp://lattes.cnpq.br/9039708494014835Reina, Donizetihttp://lattes.cnpq.br/6775492728267435Santos, Geovane Camilo dos2023-05-30T12:44:24Z2023-05-30T12:44:24Z2023-05-04info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisapplication/pdfSANTOS, Geovane Camilo dos. O papel do ESG no Value Relevance e Gerenciamento de Resultados em companhias Latino-americanas. 2023. 108 f. Tese (doutorado) - Universidade Federal de Uberlândia, Faculdade de Ciências Contábeis, 2023. http://doi.org/10.14393/ufu.te.2023.251https://repositorio.ufu.br/handle/123456789/37928http://doi.org/10.14393/ufu.te.2023.251porinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da UFUinstname:Universidade Federal de Uberlândia (UFU)instacron:UFU2023-05-31T06:17:05Zoai:repositorio.ufu.br:123456789/37928Repositório InstitucionalONGhttp://repositorio.ufu.br/oai/requestdiinf@dirbi.ufu.bropendoar:2023-05-31T06:17:05Repositório Institucional da UFU - Universidade Federal de Uberlândia (UFU)false |
dc.title.none.fl_str_mv |
O Papel do ESG no Value Relevance e Gerenciamento de Resultados em Companhias Latino-Americanas The Role of ESG in Value Relevance and Earnings Management in Latin American Companies |
title |
O Papel do ESG no Value Relevance e Gerenciamento de Resultados em Companhias Latino-Americanas |
spellingShingle |
O Papel do ESG no Value Relevance e Gerenciamento de Resultados em Companhias Latino-Americanas Santos, Geovane Camilo dos Qualidade da informação contábil Accounting information quality Gerenciamento de resultados Earnings management Value relevance Value relevance ESG ESG Responsabilidade Social Corporativa (RSC) Corporate Social Responsability (CSR) Contabilidade Accounting CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
title_short |
O Papel do ESG no Value Relevance e Gerenciamento de Resultados em Companhias Latino-Americanas |
title_full |
O Papel do ESG no Value Relevance e Gerenciamento de Resultados em Companhias Latino-Americanas |
title_fullStr |
O Papel do ESG no Value Relevance e Gerenciamento de Resultados em Companhias Latino-Americanas |
title_full_unstemmed |
O Papel do ESG no Value Relevance e Gerenciamento de Resultados em Companhias Latino-Americanas |
title_sort |
O Papel do ESG no Value Relevance e Gerenciamento de Resultados em Companhias Latino-Americanas |
author |
Santos, Geovane Camilo dos |
author_facet |
Santos, Geovane Camilo dos |
author_role |
author |
dc.contributor.none.fl_str_mv |
Tavares, Marcelo http://lattes.cnpq.br/4142478901587907 Almeida, Neirilaine Silva de http://lattes.cnpq.br/9223797601220723 Silva, Denise Mendes http://lattes.cnpq.br/7299311437340135 Pimenta, Daiana Paula http://lattes.cnpq.br/9039708494014835 Reina, Donizeti http://lattes.cnpq.br/6775492728267435 |
dc.contributor.author.fl_str_mv |
Santos, Geovane Camilo dos |
dc.subject.por.fl_str_mv |
Qualidade da informação contábil Accounting information quality Gerenciamento de resultados Earnings management Value relevance Value relevance ESG ESG Responsabilidade Social Corporativa (RSC) Corporate Social Responsability (CSR) Contabilidade Accounting CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
topic |
Qualidade da informação contábil Accounting information quality Gerenciamento de resultados Earnings management Value relevance Value relevance ESG ESG Responsabilidade Social Corporativa (RSC) Corporate Social Responsability (CSR) Contabilidade Accounting CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
description |
This thesis aims to analyze the relationship between environmental, social, and corporate governance (ESG) with earnings management and value relevance. The sample consists of 1,419 observations of Latin American companies for the time period from 2010 to 2021. Data were collected from the Refinitiv Eikon® platform and processed using an unbalanced panel and Wilcoxon test. The results revealed that companies with a higher level of ESG exhibit a higher level of earnings management, suggesting that they seek to maintain their reputation by disclosing more ESG information. The results also showed that entities with higher ESG have a lower stock price. This result can be explained by organizations disclosing ESG practices to create a good reputation in the market (positive relationship between ESG and earnings management) and due to ESG being still recent in this region, where users prefer to consider financial metrics, which have been the most relevant for years. Companies with a higher level of earnings management were those that had a lower level of stock price, meaning that when the information is of lower quality, there is a tendency for a reduction in the price of their shares. The interaction of ESG and earnings management showed only one significant relationship, which was negative, meaning that when the organization presents higher ESG in the presence of higher earnings management, it tends to have a lower stock price. The analyses were also performed considering the period with and without the pandemic. It was found that before the pandemic, a negative relationship between ESG and earnings management occurred, and after the start, the relationship was positive. This may indicate that managers took advantage of the moment of greater turbulence to disclose more ESG practices with the purpose of hiding information with higher levels of discretionary practices (according to the Wilcoxon test). Earnings management showed a positive and significant relationship with stock price in the Jones (1991) model after the start of the pandemic. The relationship between ESG and stock price and the interaction between ESG and earnings management were not significant. The thesis can contribute to investors by indicating whether the increase in ESG information is linked to lower quality of accounting information. Thus, investors have indications that the increase in ESG practices in this region, on average, indicates that managers are disclosing information with more earnings management practices and that higher ESG values also reduce the stock price. In the academic realm, the study differs from others, as the antecedents analyze the relationship between ESG and earnings management and ESG and stock price separately, while this thesis performed the interaction to verify if ESG is capable of reducing earnings management and thus increasing the stock price, seeking to deepen the understanding of the Stakeholder Theory. Therefore, the proposed thesis was partially accepted, as ESG increased earnings management in two models, earnings management reduced stock price in all models, and the interaction between ESG and earnings management reduced stock price in only one model. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-05-30T12:44:24Z 2023-05-30T12:44:24Z 2023-05-04 |
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 |
SANTOS, Geovane Camilo dos. O papel do ESG no Value Relevance e Gerenciamento de Resultados em companhias Latino-americanas. 2023. 108 f. Tese (doutorado) - Universidade Federal de Uberlândia, Faculdade de Ciências Contábeis, 2023. http://doi.org/10.14393/ufu.te.2023.251 https://repositorio.ufu.br/handle/123456789/37928 http://doi.org/10.14393/ufu.te.2023.251 |
identifier_str_mv |
SANTOS, Geovane Camilo dos. O papel do ESG no Value Relevance e Gerenciamento de Resultados em companhias Latino-americanas. 2023. 108 f. Tese (doutorado) - Universidade Federal de Uberlândia, Faculdade de Ciências Contábeis, 2023. http://doi.org/10.14393/ufu.te.2023.251 |
url |
https://repositorio.ufu.br/handle/123456789/37928 http://doi.org/10.14393/ufu.te.2023.251 |
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Universidade Federal de Uberlândia Brasil Programa de Pós-graduação em Ciências Contábeis |
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Universidade Federal de Uberlândia Brasil Programa de Pós-graduação em Ciências Contábeis |
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Repositório Institucional da UFU - Universidade Federal de Uberlândia (UFU) |
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diinf@dirbi.ufu.br |
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