Sentimento do investidor e gerenciamento de resultados no Brasil
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | Revista Contabilidade & Finanças (Online) |
Texto Completo: | https://www.revistas.usp.br/rcf/article/view/169649 |
Resumo: | This research analyzes whether there is a temporal association between investor sentiment and earnings management in Brazil. Several studies have investigated the determinants of earnings management, such as factors inside or external to companies and regulatory requirements, but few have considered personal factors, such as investor sentiment in Brazil. With this investigation, it was apparent from the findings that accruals quality is affected by investor sentiment. For participants in the Brazilian capital market, this research reinforces the need for a more careful analysis of the results reported by companies, since managers, in response to investor sentiment, may manage earnings to inflate accounting profit through accruals and influence the market’s ability to price shares correctly. It is evident that accounting choices are much more than just financial decisions and are subject to investor sentiments. The effect of investor sentiment should be considered among the determinants of future earnings management. A sample of non-financial Brazilian companies that traded shares on the Brasil, Bolsa, Balcão (B3) exchange from 2010 to 2016 was used. The investor sentiment index was calculated according to the methodology of Baker and Wurgler (2007). For earnings management, the models of Kang and Sivaramakrishnan (1995), Kothari, Leone, and Wasley (2005), and Dechow, Hutton, Kim, and Sloan (2012) were used. The estimates were carried out through regressions for pooled panel data, fixed, and dynamic effects using the system generalized method of moments (GMM) estimator. Discretionary accruals are positively associated with investor sentiment in the Brazilian capital market, in a similar way to markets with greater informational efficiency and notwithstanding the code-law system. Analyzing low and high sentiment periods separately, the findings suggest that managers increase accruals after high sentiment and reduce them after low sentiment. |
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Sentimento do investidor e gerenciamento de resultados no BrasilInvestor sentiment and earnings management in Brazilbehavioral financeinvestor sentimentearnings managementdiscretionary accrualsoperational decisionsfinanças comportamentaissentimento do investidorgerenciamento de resultadosaccruals discricionáriosdecisões operacionaisThis research analyzes whether there is a temporal association between investor sentiment and earnings management in Brazil. Several studies have investigated the determinants of earnings management, such as factors inside or external to companies and regulatory requirements, but few have considered personal factors, such as investor sentiment in Brazil. With this investigation, it was apparent from the findings that accruals quality is affected by investor sentiment. For participants in the Brazilian capital market, this research reinforces the need for a more careful analysis of the results reported by companies, since managers, in response to investor sentiment, may manage earnings to inflate accounting profit through accruals and influence the market’s ability to price shares correctly. It is evident that accounting choices are much more than just financial decisions and are subject to investor sentiments. The effect of investor sentiment should be considered among the determinants of future earnings management. A sample of non-financial Brazilian companies that traded shares on the Brasil, Bolsa, Balcão (B3) exchange from 2010 to 2016 was used. The investor sentiment index was calculated according to the methodology of Baker and Wurgler (2007). For earnings management, the models of Kang and Sivaramakrishnan (1995), Kothari, Leone, and Wasley (2005), and Dechow, Hutton, Kim, and Sloan (2012) were used. The estimates were carried out through regressions for pooled panel data, fixed, and dynamic effects using the system generalized method of moments (GMM) estimator. Discretionary accruals are positively associated with investor sentiment in the Brazilian capital market, in a similar way to markets with greater informational efficiency and notwithstanding the code-law system. Analyzing low and high sentiment periods separately, the findings suggest that managers increase accruals after high sentiment and reduce them after low sentiment.A pesquisa analisa se existe associação temporal entre o sentimento do investidor e o gerenciamento de resultados no Brasil. Vários estudos investigaram os determinantes do gerenciamento de resultados, fatores externos ou internos das empresas e normativos, mas poucos consideraram fatores pessoais, tal como o sentimento dos investidores no Brasil. Com esta investigação, restou patente, pelos achados, que a qualidade dos accruals é afetada pelo sentimento do investidor. Para os participantes do mercado de capitais brasileiro, esta pesquisa reforça a necessidade da análise mais criteriosa dos resultados reportados pelas empresas, uma vez que os gestores, em resposta ao sentimento do investidor, podem gerenciar resultados para inflar o lucro contábil mediante accruals e influenciar a capacidade de o mercado precificar corretamente as ações. Evidencia-se que, muito mais do que decisões financeiras, as escolhas contábeis estão sujeitas aos sentimentos dos investidores. Deve-se considerar o efeito do sentimento dos investidores entre os determinantes de um futuro gerenciamento de resultados. Utilizou-se amostra composta por empresas brasileiras não financeiras que negociaram ações na Brasil, Bolsa e Balcão (B3) de 2010 a 2016. O índice de sentimento do investidor foi apurado conforme a metodologia de Baker e Wurgler (2007). Para gerenciamento de resultados, utilizaram-se os modelos de Kang e Sivaramakrishnan (1995), Kothari, Leone e Wasley (2005) e Dechow, Hutton, Kim e Sloan (2012). As estimativas foram feitas por meio de regressões para dados em painel pooled, efeito fixo e dinâmico com o GMM system estimator (generalized method of moments). Os accruals discricionários estão positivamente associados com o sentimento do investidor no mercado de capitais brasileiro, semelhante a mercados com maior eficiência informacional e inobstante o sistema code-law. Analisando separadamente os períodos de baixo e alto sentimento, os achados sugerem que os gestores aumentam os accruals após alto sentimento e os reduzem depois de baixo sentimento.Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária2020-05-12info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfapplication/xmlhttps://www.revistas.usp.br/rcf/article/view/16964910.1590/1808-057x201909130Revista Contabilidade & Finanças; v. 31 n. 83 (2020); 283-301Revista Contabilidade & Finanças; Vol. 31 No. 83 (2020); 283-301Revista Contabilidade & Finanças; Vol. 31 Núm. 83 (2020); 283-3011808-057X1519-7077reponame:Revista Contabilidade & Finanças (Online)instname:Universidade de São Paulo (USP)instacron:USPengporhttps://www.revistas.usp.br/rcf/article/view/169649/160621https://www.revistas.usp.br/rcf/article/view/169649/160622https://www.revistas.usp.br/rcf/article/view/169649/160623Copyright (c) 2020 Revista Contabilidade & Finançasinfo:eu-repo/semantics/openAccessSantana, Caio Vinicius SantosSantos, Luis Paulo Guimarães dosCarvalho Júnior, César Valentim de OliveiraMartinez, Antonio Lopo2020-05-12T22:57:00Zoai:revistas.usp.br:article/169649Revistahttp://www.revistas.usp.br/rcf/indexPUBhttps://old.scielo.br/oai/scielo-oai.phprecont@usp.br||recont@usp.br1808-057X1519-7077opendoar:2020-05-12T22:57Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
Sentimento do investidor e gerenciamento de resultados no Brasil Investor sentiment and earnings management in Brazil |
title |
Sentimento do investidor e gerenciamento de resultados no Brasil |
spellingShingle |
Sentimento do investidor e gerenciamento de resultados no Brasil Santana, Caio Vinicius Santos behavioral finance investor sentiment earnings management discretionary accruals operational decisions finanças comportamentais sentimento do investidor gerenciamento de resultados accruals discricionários decisões operacionais |
title_short |
Sentimento do investidor e gerenciamento de resultados no Brasil |
title_full |
Sentimento do investidor e gerenciamento de resultados no Brasil |
title_fullStr |
Sentimento do investidor e gerenciamento de resultados no Brasil |
title_full_unstemmed |
Sentimento do investidor e gerenciamento de resultados no Brasil |
title_sort |
Sentimento do investidor e gerenciamento de resultados no Brasil |
author |
Santana, Caio Vinicius Santos |
author_facet |
Santana, Caio Vinicius Santos Santos, Luis Paulo Guimarães dos Carvalho Júnior, César Valentim de Oliveira Martinez, Antonio Lopo |
author_role |
author |
author2 |
Santos, Luis Paulo Guimarães dos Carvalho Júnior, César Valentim de Oliveira Martinez, Antonio Lopo |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Santana, Caio Vinicius Santos Santos, Luis Paulo Guimarães dos Carvalho Júnior, César Valentim de Oliveira Martinez, Antonio Lopo |
dc.subject.por.fl_str_mv |
behavioral finance investor sentiment earnings management discretionary accruals operational decisions finanças comportamentais sentimento do investidor gerenciamento de resultados accruals discricionários decisões operacionais |
topic |
behavioral finance investor sentiment earnings management discretionary accruals operational decisions finanças comportamentais sentimento do investidor gerenciamento de resultados accruals discricionários decisões operacionais |
description |
This research analyzes whether there is a temporal association between investor sentiment and earnings management in Brazil. Several studies have investigated the determinants of earnings management, such as factors inside or external to companies and regulatory requirements, but few have considered personal factors, such as investor sentiment in Brazil. With this investigation, it was apparent from the findings that accruals quality is affected by investor sentiment. For participants in the Brazilian capital market, this research reinforces the need for a more careful analysis of the results reported by companies, since managers, in response to investor sentiment, may manage earnings to inflate accounting profit through accruals and influence the market’s ability to price shares correctly. It is evident that accounting choices are much more than just financial decisions and are subject to investor sentiments. The effect of investor sentiment should be considered among the determinants of future earnings management. A sample of non-financial Brazilian companies that traded shares on the Brasil, Bolsa, Balcão (B3) exchange from 2010 to 2016 was used. The investor sentiment index was calculated according to the methodology of Baker and Wurgler (2007). For earnings management, the models of Kang and Sivaramakrishnan (1995), Kothari, Leone, and Wasley (2005), and Dechow, Hutton, Kim, and Sloan (2012) were used. The estimates were carried out through regressions for pooled panel data, fixed, and dynamic effects using the system generalized method of moments (GMM) estimator. Discretionary accruals are positively associated with investor sentiment in the Brazilian capital market, in a similar way to markets with greater informational efficiency and notwithstanding the code-law system. Analyzing low and high sentiment periods separately, the findings suggest that managers increase accruals after high sentiment and reduce them after low sentiment. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-05-12 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/169649 10.1590/1808-057x201909130 |
url |
https://www.revistas.usp.br/rcf/article/view/169649 |
identifier_str_mv |
10.1590/1808-057x201909130 |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/169649/160621 https://www.revistas.usp.br/rcf/article/view/169649/160622 https://www.revistas.usp.br/rcf/article/view/169649/160623 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2020 Revista Contabilidade & Finanças info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2020 Revista Contabilidade & Finanças |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf application/xml |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
dc.source.none.fl_str_mv |
Revista Contabilidade & Finanças; v. 31 n. 83 (2020); 283-301 Revista Contabilidade & Finanças; Vol. 31 No. 83 (2020); 283-301 Revista Contabilidade & Finanças; Vol. 31 Núm. 83 (2020); 283-301 1808-057X 1519-7077 reponame:Revista Contabilidade & Finanças (Online) instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Revista Contabilidade & Finanças (Online) |
collection |
Revista Contabilidade & Finanças (Online) |
repository.name.fl_str_mv |
Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
recont@usp.br||recont@usp.br |
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