Análise da Influência da Presença da Suavização de Resultados sobre a Persistência dos Lucros no Mercado Brasileiro

Abstract

This study addresses the influence of income smoothing on earnings persistence in the Brazilian market. We argue that accounting choices made by firms in order to report stability can affect the informational level of performance reported to the market, and thus affect its usefulness, particularly for company valuations and fund allocating decisions. The sample was set based on open companies listed on the BM&FBOVESPA between 2004 and 2013. The firms in the sample were separated into two groups with regards to the presence of income smoothing, based on the EM1 and EM2 metrics from Leuz, Nanda, and Wysocki (2003). We then inserted a multiplicative dummy variable into the basic persistence model, to assess the effect of smoothing on persistence. The results show increased transience in the time series, caused by the presence of income smoothing, which denotes that reported stability, conveyed via a series of smooth earnings, decreased the sustainability of reported performance, captured by persistence of the series. Additional controls show a negative influence of smoothing on persistence for small firms and when incurring losses, and a positive one for operations in sectors with accounting regulation. We conclude that, at least for the firms in the sample, reporting of constant performance resulted in a loss in the sustainability of income as a form of information on which investors, fund providers, and administrators base their decisions.

The Relation between Income Smoothing, Earnings Persistence and IFRS Adoption

“…Yet, both groups present significant persistence (p-values of β1 in C and C1 < 0.001), with lower value for the group with income smoothing presence. Such evidences align to Kolozsvari and Macedo (2016), and we highlight that smoothing, for the total period in this research, reduced the persistence, but not destroying it.…”

“…We also observed a negative influence of smoothing on persistence, for 2003-2014 period (Kolozsvari & Macedo, 2016). However, under different accounting environments, we evidenced changes in the role of income smoothing for persistence, throughout the IFRS adoption process.…”

“…A direct approach shows a decrease of persistence by income smoothing, in Brazilian market, for 2004-2013 period as a whole (Kolozsvari and Macedo, 2016). Given that, we intend to clarify this relation, considering the different accounting environments due IFRS, in Brazil.…”

A suavização do lucro líquido e a persistência das contas de resultado nas empresas brasileiras de capital aberto

“…Esta suavização é um tipo de gerenciamento que tem impacto direto sobre a persistência do lucro. (Tucker & Zarowin, 2006;Dechow;Ge & Schrand, 2010;Kolozsvari & Da Silva Macedo, 2016). Sendo que, segundo a literatura, a persistência do lucro é uma das possíveis proxies para investigar a qualidade da informação contábil.…”

Análise Da Persistência Do Lucro Diante Dos Accruals Discricionários: Um Estudo Com Base No Impacto Da Adoção Das Ifrs

“…Assim, se o lucro é uma informação importante para a análise feita por investidores, é natural que a manutenção e a consistência desse lucro sejam benéficas para esses usuários para fins de avaliação do valor de mercado da entidade (KOLOZSVARI;MACEDO, 2016).Quando lucros defasados permitem estimar os lucros correntes de uma empresa, dá-se o nome de persistência dos lucros para tal característica, conformeDechow, Ge e Schrand (2010). Essa característica, segundo as autoras, seria uma qualidade da informação reportada aos usuários baseada na assunção de que isso melhora a capacidade de avaliação das firmas.Corroborando tal afirmação, Paulo, Cavalcante e Melo(2012)explicam que o interesse pela persistência dos lucros reside na sua capacidade de previsão dos futuros resultados e, consequentemente, na sua utilização como ferramenta de avaliação dos ativos.…”