Gerenciamento de resultados contábeis em oferta pública de ações

Domingos, Sylvia Rejane Magalhães; Ponte, Vera Maria Rodrigues; Paulo, Edílson; Alencar, Roberta Carvalho de

doi:10.5007/2175-8069.2017v14n31p89

Cited by 8 publications

(17 citation statements)

References 29 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…Our findings are suggestive of earnings management in preparation for IPO. The improved market performance shortly before IPO, followed by a post-IPO drop in ROA and ROE, is also in agreement with the results published by Domingos (2014).…”

Section: Tablesupporting

confidence: 91%

See 1 more Smart Citation

Ownership Concentration and Corporate Performance of Brazilian Firms before and after Initial Public Offerings

Viana¹,

Morais²,

Luca³

et al. 2020

CGG

View full text Add to dashboard Cite

Objective: To evaluate the influence of ownership concentration on variation in corporate performance before and after initial public offerings (IPO) in firms launched on B3. Methods: Economic and financial information was obtained from the reference forms of 55 firms. Variation in performance was proxied by ROA and ROE two years before vs. two years after IPO. Ownership concentration was proxied by the proportion of shares with voting rights belonging to the single-largest, two largest, three largest, four largest or five largest shareholders. Originality/relevance: In addition to contributing to the literature, this is the first Brazilian study on the topic to analyze variation in performance before and after IPO, in light of the potential impact of IPO on firms. Results: Our results suggest that performance proxied by mean ROA and ROE tends to decrease in the post-IPO period. However, in our sample, ownership concentration did not significantly influence variation in corporate performance before and after IPO. Theoretical/methodological contribution: Based on our sample and the control variables used in the proposed econometric model, the presence of large controlling shareholders at the time IPO does not seem to influence the level of corporate performance following IPO, suggesting other factors are responsible for the observed behavior.

show abstract

Section: Tablesupporting

confidence: 91%

“…For example, the empirical findings of Biral (2010), Kutsuna et al (2002) and Wang (2005) are compatible with our data. The most likely explanation for the observed variation in performance is that many executives engage in earnings management prior to IPO in order to drive up share prices (Bruton et al, 2010;Domingos, 2014).…”

Section: Discussionmentioning

confidence: 99%

Ownership Concentration and Corporate Performance of Brazilian Firms before and after Initial Public Offerings

Viana¹,

Morais²,

Luca³

et al. 2020

CGG

View full text Add to dashboard Cite

show abstract

“…It is in this discussion that we observe a robust group of national (Domingos, Ponte, Paulo, & Alencar, 2017;Viana Junior, Domingos, & Ponte, 2017) and international studies (Doukakis, 2014;Rathke, Santana, Lourenço, & Dalmácio, 2016) that use the absolute amount of discretionary accruals to measure earnings management. In line with this literature, this study uses the model by Dechow et al (1995), adapted from Jones (1991) -hence known as the Modified Jones model.…”

Section: Dependent and Independent Variable Measurementmentioning

confidence: 95%

Accounting Information Quality of Latin American Firms: The Influence of The Regulatory Environment

Morais¹,

Amorim²,

Júnior³

et al. 2019

Rev. Evid. Cont. & Fin.

Self Cite

View full text Add to dashboard Cite

Objective: This study aimed to investigate the relationship between the regulatory environment and the quality of the accounting information of Latin American companies, specifically regarding earnings management through accruals. Background: It is believed that the regulatory environment in which firms operate has an influence on the informational quality of disclosed financial reports, since by monitoring information regulatory bodies increase incentives for the elaboration of high quality financial reports (Shima & Gordon, 2011). On the other hand, other authors such as Silva, Galdi and Teixeira (2010) point out that when regulation originates from agencies linked to the state, governments susceptible to popular reaction

show abstract

“…As a robustness test, we also used a model in which there was no control for REM in the estimation of total accruals. In this case, we used the Pae ( 2005) model applied in the Brazilian market in studies such as that of Domingos, Ponte, Paulo, and Alencar (2017).…”

Section: Estimation Of the Abnormal Behavior Of The Rem And Of The Accrualsmentioning

confidence: 99%

Business cycles and earnings management strategies: a study in Brazilian public firms,

Paulo

Mota

2019

Rev. contab. finanç.

Self Cite

View full text Add to dashboard Cite

This study contributes to the literature dealing with the influence of macroeconomic factors on accounting information quality, since it analyzes the earnings management strategies of firms, specifically identifying different discretionary behaviors among economic cycles: 1) different levels of earnings management through accruals between phases of the business cycle, and 2) the trade-off between earnings management through accruals and real earnings management. The results indicate that the accounting information reported should be analyzed with greater caution by its users, especially in periods of great economic oscillations, when managers can increase or reduce opportunistic behavior. The research population comprised non-financial companies with shares traded on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBovespa) and the sample was composed of 247 firms per year, covering the period from 2000 to 2015 and totaling 2,501 observations. The phases of business cycles were used as a proxy for the economic environment and were based on Schumpeter's (1939) study, which divides an business cycle into four distinct phases: expansion, recession, contraction, and recovery. Discretionary accruals were estimated according to the Pae (2005) and Paulo (2007) models. Real earnings management was estimated as described by Roychowdhury (2006), using only the abnormal behavior of production costs and operational decisions. The results of this research show that earnings management strategies, using either accruals or real manipulation, as well as the choice between these strategies, are impacted by the economic environment. The evidence suggests that managers have different opportunistic behavior in each phase of the business cycle. Specifically, they increase the level of discretionary accruals in contractionary phases and reduce it during recoveries, while they manage earnings downwards via real manipulation in recessions and contractions.

show abstract

Gerenciamento de resultados contábeis em oferta pública de ações

Cited by 8 publications

References 29 publications

Ownership Concentration and Corporate Performance of Brazilian Firms before and after Initial Public Offerings

Ownership Concentration and Corporate Performance of Brazilian Firms before and after Initial Public Offerings

Accounting Information Quality of Latin American Firms: The Influence of The Regulatory Environment

Business cycles and earnings management strategies: a study in Brazilian public firms,

Contact Info

Product

Resources

About