Impactos do Gerenciamento de Resultados em Instabilidade Política: Evidências em Empresas Brasileiras

• Sobrinho, Erica Juvercina ^[1] ; Penedo, Antonio Sergio Torres ^[1] ; Pereira, Vinicius Silva ^[1]
  1. [1] Universidade Federal de Uberlândia

     Universidade Federal de Uberlândia

     Brasil

     
• Localización: Revista de Administração IMED, ISSN-e 2237-7956, Vol. 11, Nº. 1, 2021 (Ejemplar dedicado a: Janeiro-Junho), págs. 69-91
• Idioma: portugués
• DOI: 10.18256/2237-7956.2020.v10i2.3853
• Títulos paralelos:
  • Impacts of Results Management on Political Instability: Evidence in Brazilian Companies
• Enlaces
  • Texto completo (pdf)
• Resumen
  • English

    Many studies for developed markets have concluded that companies report gains inflated by accruals (manipulation of gains through the exploitation of accounting criteria) or real activities. Such practices appear to be especially significant around important political events. This study aims to verify the influence of earnings management, through discretionary accruals, on the abnormal return on financial assets of companies listed on the B3 in a period of political instability (impeachment). Parametric and non-parametric tests were used in the 2014-2018 period. To verify if earnings management tends to increase profit more intensely in the first year prior to the event (H1b), the T test does not confirm whether this management occurs before or after instability (H1a), but it points to earnings management with a downward trend in the year of impeachment. When applying panel data, it is not made clear whether companies involved in earnings management in periods of political instability have abnormally poor returns (H2).The results show that political instability was quickly understood by the financial market in order to practically cancel the informational asymmetry that could generate high levels of management.

  • português

    Muitos estudos para mercados desenvolvidos concluíram que empresas relatam ganhos inflacionados por accruals (manipulação de ganhos por meio da exploração do critério contábil) ou atividades reais. Tais práticas parecem ser especialmente em torno de eventos políticos importantes. Este estudo objetiva verificar a influência do gerenciamento de resultados, por meio dos accruals discricionários, no retorno anormal dos ativos financeiros de empresas listadas na B3 em período de instabilidade política (impeachment). Utilizaram-se testes paramétrico e não paramétrico no período entre 2014 e 2018. Para verificar se o gerenciamento de resultados tende a aumentar o lucro com maior intensidade no primeiro ano anterior ao evento (H1b), o teste T não confirma se esse gerenciamento ocorre antes ou depois da instabilidade (H1a), porém aponta o gerenciamento de resultados com tendência de redução no ano do impeachment. Ao aplicar dados em painel, não é explicitado se as empresas envolvidas no gerenciamento de resultados em períodos de instabilidade política apresentam retorno anormal ruim (H2). Os resultados mostram que a instabilidade política foi rapidamente compreendida pelo mercado financeiro de forma a praticamente anular a assimetria informacional que poderia gerar elevados níveis de gerenciamento.

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