Earnings Management and Quarterly Discretionary Accruals Level in the Brazilian Stock Market

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Title Earnings Management and Quarterly Discretionary Accruals Level in the Brazilian Stock Market
Gerenciamento de Resultados e Nível dos Accruals Discricionários Trimestrais no Mercado Acionário Brasileiro
 
Creator Rodrigues, Rodolfo Maia Rosado Cascudo
Melo, Clayton Levy Lima de
Paulo, Edilson
 
Subject Discretionary accruals
Earnings management
Quarterly statements
Accruals discricionários
Gerenciamento de resultados
Demonstrações trimestrais
 
Description This study aims to investigate the behavior of the quarterly earnings management level of Brazilian public companies. For this purpose, a sample of 107 companies listed on the B3 Brasil Bolsa Balcão S.A. was selected and the quarterly discretionary accruals among 2012 and 2017 were estimated using Paulo’s (2007) model as a proxy for earnings management. Next, a second regression with the quarterly discretionary accruals and dummy variables representative of each quarter was used. The results indicate that the magnitude average of discretionary accruals are higher in the fourth and last quarter, and discretionary accruals for the first quarter were significantly different from the second and third quarter. These findings suggest that managers adjust the firm’s performance report more strongly at the end of the year as it becomes the last opportunity to use discretion over accounting numbers with the intent to achieve annual goals.
Este estudo tem por objetivo investigar o comportamento do nível de gerenciamento de resultados trimestrais das companhias abertas brasileiras. Para isso, selecionou-se uma amostra de 107 empresas listadas na B3 S/A Brasil Bolsa Balcão e estimaram-se os accruals discricionários trimestrais entre 2012 e 2017 através do modelo Paulo (2007) como proxy para o gerenciamento de resultados contábeis. Em seguida, utilizou-se uma segunda regressão com os accruals discricionários trimestrais e variáveis dummies representativas de cada trimestre. Os resultados indicam que, em média, a magnitude dos accruals discricionários são maiores no quarto e último trimestre do ano, bem como o nível de accruals anormais no primeiro trimestre se mostrou significantemente diferente dos segundo e terceiro trimestre, devido à reversão dos accruals do quarto trimestre do exercício anterior. Esses achados sugerem que os gestores ajustam mais fortemente o reporte do desempenho das firmas ao final do exercício, pois torna-se a última oportunidade para utilizarem a discricionariedade sobre os números contábeis com a intenção de atingir metas e expectativas de resultados anuais.
 
Publisher FUCAPE Business Shool
 
Date 2019-05-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
Artigo revisado pelos pares
 
Format application/pdf
application/pdf
 
Identifier http://bbronline.com.br/index.php/bbr/article/view/526
10.15728/bbr.2019.16.3.6
 
Source Brazilian Business Review; Vol. 16 No. 3 (2019): May to June 2019; 297-314
Brazilian Business Review; v. 16 n. 3 (2019): Maio a Junho de 2019; 297-314
1808-2386
1807-734X
 
Language eng
por
 
Relation http://bbronline.com.br/index.php/bbr/article/view/526/800
http://bbronline.com.br/index.php/bbr/article/view/526/801
 
Rights Copyright (c) 2019 Brazilian Business Review
 

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