Gerenciamento de resultados por meio de decisões operacionais: estudo empírico nas empresas componentes do IBRX – Índice Brasil da BM&amp;FBovespa

Reis, Elizio Marcos dos; Cunha, Jacqueline Veneroso Alves da; Ribeiro, Denise Maria

doi:10.14392/asaa.2014070202

Cited by 8 publications

(13 citation statements)

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“…In short, there was an increase in earnings management by operational choices and a decrease in management by accruals. Reis, Cunha and Ribeiro (2014) showed that, among the main management practices by real operating decisions, the companies listed on the IBrX did not use volume of sales and production levels to increase or decrease book outcomes. Moreover, manipulation of accounting accruals may have been preferred over operational decisions, since it is usually not reflected on cash flows and does not influence the firms' operational structure.…”

Section: Real Activities Managementmentioning

confidence: 99%

Consequences for Future Return with Earnings Management through Real Operating Activities

Cupertino

Martinez

Costa

2016

Rev. contab. finanç.

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This article analyzes earnings management through real operating activities by firms in the Brazilian capital market. This way of manipulating outcomes takes place when managers make suboptimal decisions in terms of timing and volume of operating activities. This study tests the hypothesis that firms engaged in earnings management through real operating activities might have a negative impact on future returns. Our analysis is restricted to nonfinancial firms listed on the Brazilian Securities, Commodities, and Futures Exchange (BM&FBOVESPA) with annual data made available by the Economatica® for the years from 1989 to 2012. Empirical tests involving regression on panel data and estimation of future firm returns and outcomes indicate a negative impact on return on assets (ROA) related to manipulation through real operating activities. This finding is useful for several stakeholders. It demonstrates that manipulation through real operating activities takes place in the Brazilian capital market, suggesting that earnings management extends beyond discretionary accounting choices in this country. The main contribution is demonstrating a negative relation between earnings management by using real operating activities and future returns. This finding is relevant for investors, particularly for the purposes of comparison and valuation of securities.

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Section: Real Activities Managementmentioning

confidence: 99%

Consequences for Future Return with Earnings Management through Real Operating Activities

Cupertino

Martinez

Costa

2016

Rev. contab. finanç.

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“…As práticas de gerenciamento de resultados derivam da discricionariedade dos gestores no que se refere as escolhas contábeis, (MACEDO; KELLY, 2016) ou por meio de decisões operacionais (REIS; CUNHA; RIBEIRO, 2014), onde estas escolhas podem melhorar a qualidade dos lucros reportados ou distorcer a realidade econômica da empresa em um dado período.…”

Section: Introductionunclassified

The Accounting Earnings Management Exerts Influence on the Forecast Accuracy of Analysts for Brazil?

Martins¹,

Paulo²,

Monte³

2016

ruc

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“…As Matinez (2009) notes, although this issue is widley discussed in international literature, there are still only a limited number of studies (Martinez & Cardoso, 2009;Verhagem, Santos, & Bezerra, 2011;Rey, 2012;Cupertino, 2013;Reis, Cunha, & Ribeiro, 2014) that have been conducted in order to understand the specific circumstances that could motivate Brazilian companies to manipulate financial results by way of operating decisions. "The majority of scientific studies still concentrate on the management of results via accruals, whereas research into the use of operating decisions as a way of managing results is weak" (Martinez, 2013, p. 5).…”

Section: Introductionmentioning

confidence: 99%

Evitar Divulgar Perdas: Um Estudo Empírico do Gerenciamento de Resultados por Meio de Decisões Operacionais

Reis

Lamounier

Bressan

2015

Rev. contab. finanç.

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The aim of this paper is to verify whether Brazilian companies listed on the BM&FBOVESPA used earnings management via operating decisions, when faced with reporting unfavourable results, in order to avoid disclosing losses. Using panel data covering years from 2008 to 2013 in estimated regression models, the paper focuses on three ways of manipulating financial results through operational decisions: by manipulating sales; by reducing selling, general and administrative expenses (SG&A); and by increasing production to report lower costs of goods sold. The results show that the companies did use SG&A to avoid reporting losses, but did not manipulate sales or levels of production for such purposes. The evidence presented suggests that in Brazil managers are only able to manipulate operational activities by reducing operating expenses (SG&A), probably due a lack of flexibility in the production process and the cash flow constraints faced by Brazilian companies. From a users' perspective, this paper finds that companies do use earnings management via operating decisions to avoid disclosing losses to capital markets, which is consistent with the Prospect Theory.

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Gerenciamento de resultados por meio de decisões operacionais: estudo empírico nas empresas componentes do IBRX – Índice Brasil da BM&FBovespa

Cited by 8 publications

References 0 publications

Consequences for Future Return with Earnings Management through Real Operating Activities

Consequences for Future Return with Earnings Management through Real Operating Activities

The Accounting Earnings Management Exerts Influence on the Forecast Accuracy of Analysts for Brazil?

Evitar Divulgar Perdas: Um Estudo Empírico do Gerenciamento de Resultados por Meio de Decisões Operacionais

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