Dividendos e accruals discricionários: um estudo sobre a relação entre a política de distribuição de dividendos e a qualidade dos lucros

Sobrinho, William Brasil Rodrigues; Rodrigues, Herbert; Neto, Alfredo Sarlo

doi:10.5007/2175-8069.2014v11n24p3

Cited by 9 publications

(8 citation statements)

References 51 publications

(38 reference statements)

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“…For Daniel et al (2008), managers treat the level of expected dividends as a threshold for earnings management. Thus, Rodrigues Sobrinho et al (2014) found in Brazil that firms with a higher dividend payout also managed earnings at higher levels and that firms that pay dividends more frequently also showed more earnings management. In this sense, Srikanth and Durga Prasad (2015) assert that dividend-paying firms in India tend to maintain a constant record of the distribution of profits, and for this reason, they attempt to avoid large swings in these payments.…”

Section: Hypotheses Developmentmentioning

confidence: 96%

Dividend persistence and earnings management in emerging markets

Martins

Sousa

Girão³

2022

Rev. contab. finanç.

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We investigate the relationship between dividend persistence and earnings management, considering the levels of economic performance and risk in emerging countries. Earnings are important for valuation models and dividends have evidence that suggests greater persistence, however, there is no evidence on the effect of earnings management on dividend persistence in emerging countries. Despite the substantial growth of emerging markets in the last decades, the degree of informational efficiency and the legal protection for investors is inferior to developed countries, and this is a potential risk for investors who prefer to receive dividends as a way of avoiding expropriation by managers who can manage the firms’ earnings. We show that the reduction in macroeconomic volatility and the uncertainties concerning a country’s performance and risk improve dividend persistence. Thus, even in the face of earnings manipulations, dividends are better inputs for valuation models. Using the persistence models of Dechow and Schrand (2004) and Lintner (1956), we interact the dividend persistence with firms’ earnings management and some indicators of a country’s economic performance and risk for 7,536 publicly traded firms from 20 countries, included in the Morgan Stanley Capital International (MSCI) Emerging Markets Index from 2000 to 2016. We find that in emerging countries dividends are more persistent than earnings. If a company pays United States dollars (USD) 1.00 in dividends, then, on average, US$ 0.89 will persist into next year’s dividends (for earnings, only US$ 0.76 persists). We find that, in addition to the past dividends and current earnings presented by Lintner (1956), current dividends are a function of earnings management volume because this event reduces dividend persistence.

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Section: Hypotheses Developmentmentioning

confidence: 96%

Dividend persistence and earnings management in emerging markets

Martins

Sousa

Girão³

2022

Rev. contab. finanç.

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“…Estudos recentes examinam empiricamente se as políticas de dividendos influenciam as práticas de gerenciamento de resultados (Deng et al, 2017;He et al, 2017;Lawson & Wang, 2015;Pathak & Ranajee, 2018;Rampershad & Villiers, 2019Rodrigues et al, 2014Sirait & Siregar, 2014;Smith & Pennathur, 2019;Tong & Miao, 2011;Welker, Ye, & Zhang, 2017). Os resultados gerais mostram que os dividendos estão negativamente associados aos accruals discricionários, em linha com a visão de que os pagadores de dividendos têm menos caixa disponível para gerenciar os accruals, o que leva a ganhos sustentáveis e não artificiais para suportar pagamentos consistentes de dividendos (Rampershad & Villiers, 2019).…”

Section: Base Teórica E Desenvolvimento Da Hipóteseunclassified

“…Também foram incluídas variáveis de controle que potencialmente podem influenciar as práticas de gerenciamento de resultados: tamanho (size), alavancagem (Lev), lucratividade (ROA), tangibilidade (Tang), oportunidades de crescimento (Growth), fluxo de caixa operacional (OPCF), perdas (Loss), concentração acionária (Conc) e quatro grandes firmas de auditoria -Big Four (Big). Essas variáveis são baseadas em estudos anteriores (por exemplo, Deng et al, 2017;He et al, 2017;Lawson & Wang, 2015;Pathak & Ranajee, 2018;Rampershad & Villiers, 2019;Rodrigues et al, 2014;Sirait & Siregar, 2014;Smith & Pennathur, 2019;Tong & Miao, 2011;Welker et al, 2017).…”

Section: Definição Das Variáveisunclassified

Can Dividend Payments Mitigate the Influence of Covid-19 Crisis on Earnings Management?

Azevedo¹,

Tortoli²,

Stanzani³

et al. 2023

Contab. Vista & Rev.

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This paper examines whether dividend payments mitigate the influence of COVID-19 crisis on earnings management practices in Brazil. For this purpose, we use a sample of 264 Brazilian public firms from 2010 to 2021, applying System Generalized Method of Moments (SYS-GMM) regressions. Our main results indicate that, although firms are more prone to engage in earnings management practices during the COVID-19 period, the dividend payout ratio mitigates this influence on earnings management level. Therefore, we show that dividend payment can act as a substitute corporate governance mechanism in times of crisis, since it can reduce the occurrence of earnings management. Additional analyses also support this view, showing that big levels of dividends play a role in minimizing agency conflicts by reducing the level of earnings management. Hence, we contribute to the literature on dividend policy and earnings management, which calls for research to better understand the influence of dividends on earnings management practices in financial crises periods. Further, we shed light on how firms can use dividend policies as a substitute corporate governance mechanism to maintain or establish its reputation during periods of financial crises, benefiting investors, boards, creditors, financial analysts, and policymakers due the increase on the financial reporting quality.

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“…Para a composição da amostra do estudo, foram selecionadas todas as empresas de capital aberto listadas na B3, no período de 2011 a 2020, excetuando aquelas pertencentes ao setor financeiro e fundos, tendo em vista, além da inviabilidade de utilização da métrica adotada para a estimação dos accruals, possuírem características próprias que prejudicam uma comparação com os demais setores pertencentes à amostra (Rodrigues et al, 2014). O recorte temporal foi motivado pela obrigatoriedade da divulgação da DFC, que ocorreu a partir de 2010, possibilitando a comparabilidade entre as duas abordagens do cálculo dos accruals.…”

Section: Tipologia Amostra E Coleta De Dadosunclassified

Accruals pela Abordagem da Demonstração de Fluxo de Caixa e do Balanço Patrimonial: uma análise comparativa

Reis

Ferreira²,

Nunes³

et al. 2023

REPeC

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Objetivo: Verificar de que forma os accruals calculados pela abordagem do balanço patrimonial e da demonstração dos fluxos de caixa são similares. Método: A pesquisa foi realizada com 348 empresas não financeiras listadas na B3 no período de 2011 a 2020, perfazendo um total de 2.786 observações. Em um primeiro momento, aplicou-se o teste não paramétrico de diferença de médias, a fim de observar a existência de diferenças significativas entre o cálculo dos accruals em ambas as abordagens e, em seguida, foram testadas as duas abordagens em um modelo de predição de fluxos de caixa, visando identificar qual das duas formas de medição era mais adequada. Resultados: Os resultados apontaram uma diferença entre as duas abordagens, indicando que não são estatisticamente semelhantes. Na aplicação no modelo de predição de fluxos de caixa, a abordagem de accruals calculados pela demonstração dos fluxos de caixa se mostrou mais adequada que a abordagem pelo balanço patrimonial. Contribuições: Este trabalho contribui para a academia ao apontar que os accruals calculados pela abordagem do balanço patrimonial e da demonstração dos fluxos de caixa não são similares, sugerindo aos pesquisadores a necessidade de utilizar as duas formas de cálculo nas pesquisas acadêmicas.

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Dividendos e accruals discricionários: um estudo sobre a relação entre a política de distribuição de dividendos e a qualidade dos lucros

Cited by 9 publications

References 51 publications

Dividend persistence and earnings management in emerging markets

Dividend persistence and earnings management in emerging markets

Can Dividend Payments Mitigate the Influence of Covid-19 Crisis on Earnings Management?

Accruals pela Abordagem da Demonstração de Fluxo de Caixa e do Balanço Patrimonial: uma análise comparativa

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