Sentimento do investidor e gerenciamento de resultados no Brasil

Detalhes bibliográficos
Autor(a) principal: Santana, Caio Vinicius Santos
Data de Publicação: 2020
Outros Autores: Santos, Luis Paulo Guimarães dos, Carvalho Júnior, César Valentim de Oliveira, Martinez, Antonio Lopo
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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spelling 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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