Resumo
Objetivo – Poucos estudos analisaram como os gerentes das empresas manipulam as atividades comerciais para atingir os limites de lucros das empresas brasileiras listadas em bolsa. Este estudo investiga se as empresas brasileiras listadas em bolsa manipulam suas atividades comerciais para atingir seus limites de lucros.
Referencial teórico – Este estudo verifica se as empresas brasileiras listadas em bolsa manipulam as atividades comerciais para atingir seus limites de lucros e se esse comportamento é consistente com a teoria da sinalização.
Metodologia – Empregamos o modelo de Deng (2018) e analisamos como as empresas manipulam seus lucros usando ganhos ou perdas com a disposição de bens e se elas tentam atingir seus limites de lucros evitando perdas e reduções de lucros. Um modelo de regressão é então usado para verificar se a manipulação afeta o desempenho no período seguinte (ou seja, a sinalização). São examinadas 314 amostras de 49 empresas brasileiras listadas em bolsa no período de 2011 a 2018.
Resultados – A maioria das empresas brasileiras listadas em bolsa não manipula seus ganhos ou perdas com a disposição de bens para evitar perdas ou reduções de lucros, e a manipulação não afeta o desempenho no período seguinte. Portanto, a sinalização não reflete expectativas futuras, rejeitando a teoria da sinalização.
Implicações praticais e sociais da investigação – Os gerentes de empresas podem controlar cuidadosamente as atividades operacionais. Os credores podem monitorar as transações comerciais. Os contadores devem prestar atenção ao monitoramento de seus ganhos reais, buscando alinhar o exercício do julgamento do gerente com práticas que melhorem a qualidade das informações contábeis. O conselho de administração pode fortalecer seu controle sobre o comportamento de disposição de bens dos gerentes da empresa.
Contribuições – Este estudo é o primeiro a verificar o comportamento de manipulação de resultados das empresas brasileiras usando a teoria da sinalização. Também analisamos a manipulação de ganhos ou perdas com a disposição de bens para abordar a lacuna na literatura.
Palavras-chave – limites de lucros, Brasil, evitando ganhos abaixo de zero, evitando reduções de ganhos, manipulação da disposição de bens
Referências
Alhaddad, L. M., Whittington, M., & Gerged, A. M. (2022). Abnormal real activities, meeting earnings targets and firms’ future operating performance: Evidence from an emerging economy. Journal of Accounting in Emerging Economies, 12(2), 213-237. http://dx.doi.org/10.1108/JAEE-07-2020-0161.
Aljughaiman, A. A., Nguyen, T. H., Trinh, V. Q., & Du, A. Q. (2023). The Covid-19 outbreak, corporate financial distress and earnings management. International Review of Financial Analysis, 88, 102675. http://dx.doi.org/10.1016/j.irfa.2023.102675. PMid:37144179.
Al-Shattarat, B., Hussainey, K., & Al-Shattarat, W. (2022). The impact of abnormal real earnings management to meet earnings benchmarks on future operating performance. International Review of Financial Analysis, 81, 101264. http://dx.doi.org/10.1016/j.irfa.2018.10.001.
Anagnostopoulou, S. C., Gounopoulos, D., Malikov, K., & Pham, H. (2021). Earnings management by classification shifting and IPO survival. Journal of Corporate Finance, 66, 101796. http://dx.doi.org/10.1016/j.jcorpfin.2020.101796.
Bartov, E., Givoly, D., & Hayn, C. (2002). The rewards to meeting or beating earnings expectations. Journal of Accounting and Economics, 33(2), 173-204. http://dx.doi.org/10.1016/S0165-4101(02)00045-9.
Beardsley, E. L., Robinson, J. R., & Wong, P. A. (2021). What’s my target? Individual analyst forecasts and last chance earnings management. Journal of Accounting and Economics, 72(1), 101423. http://dx.doi.org/10.1016/j.jacceco.2021.101423.
Bergh, D. D., Connelly, B. L., Ketchen Jr., D. J., & Shannon, L. M. (2014). Signalling theory and equilibrium in strategic management research: An assessment and a research agenda. Journal of Management Studies, 51(8), 1334-1360. http://dx.doi.org/10.1111/joms.12097.
Beyer, B. D., Nabar, S. M., & Rapley, E. T. (2018). Real earnings management by benchmark-beating firms: Implications for future profitability. Accounting Horizons, 32(4), 59-84. http://dx.doi.org/10.2308/acch-52167.
Bjornsen, M., Brockbank, B. G., & Prentice, J. D. (2023). The effect of analyst conservatism on meeting the consensus via earnings management. Accounting Horizons, 37(2), 1-17. http://dx.doi.org/10.2308/HORIZONS-2020-107.
Boone, J. P., Khurana, I. K., & Raman, K. K. (2012). Audit market concentration and auditor tolerance for earnings management. Contemporary Accounting Research, 29(4), 1171-1203. http://dx.doi.org/10.1111/j.1911-3846.2011.01144.x.
Brown, L. D., & Caylor, M. K. (2005). A temporal analysis of quarterly earnings thresholds: Propensities and valuation consequences. The Accounting Review, 80(2), 423-440. http://dx.doi.org/10.2308/accr.2005.80.2.423.
Burgstahler, D., & Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics, 24(1), 99-126. http://dx.doi.org/10.1016/S0165-4101(97)00017-7.
Byun, S. H., & Roland, K. C. (2022). Quarterly earnings thresholds: Making the case for prior quarter earnings. Journal of Business Finance & Accounting, 49(5-6), 690-716. http://dx.doi.org/10.1111/jbfa.12580.
Canace, T. G., Jackson, S. B., & Ma, T. (2018). R&D investments, capital expenditures, and earnings thresholds. Review of Accounting Studies, 23(1), 265-295. http://dx.doi.org/10.1007/s11142-017-9428-9.
Carvajal, M., Coulton, J. J., & Jackson, A. B. (2017). Earnings benchmark hierarchy. Accounting and Finance, 57(1), 87-111. http://dx.doi.org/10.1111/acfi.12132.
Chen, C. C., & Lee, H. (2019). Rigidity of selling, general, and administrative costs and managerial incentives to meet earnings thresholds: Evidence from conglomerates. Revue d’Economie Financiere, 15, 46-56.
Christensen, T. E., Huffman, A., Lewis-Western, M. F., & Valentine, K. (2023). A simple approach to better distinguish real earnings manipulation from strategy changes. Contemporary Accounting Research, 40(1), 406- 450. http://dx.doi.org/10.1111/1911 3846.12830.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39-67. http://dx.doi.org/10.1177/0149206310388419.
De La Rosa, L. E., & Lambertsen, N. N. (2022). Loss aversion and financial reporting: A possible explanation for the prevalence of discontinuities in reported earnings. Journal of Accounting and Public Policy, 41(6), 106992. http://dx.doi.org/10.1016/j.jaccpubpol.2022.106992.
Deng, X. Y., & Ong, S. E. (2018). Real earnings management, liquidity risk and REITs SEO dynamics. The Journal of Real Estate Finance and Economics, 56(3), 410-442. http://dx.doi.org/10.1007/s11146-017-9649-5.
Doukas, J. A., & Zhang, R. Y. (2020). Corporate managerial ability, earnings smoothing, and acquisitions. Journal of Corporate Finance, 65, 101756. http://dx.doi.org/10.1016/j.jcorpfin.2020.101756.
Ferreira, F. R., Martinez, A. L., Costa, F. M., & Passamani, R. R. (2012). Book-tax differences and earnings management: Evidence in the Brazilian equity market. Revista de Administração de Empresas, 52(5), 488-501. http://dx.doi.org/10.1590/S0034-75902012000500002.
Fogel-Yaari, H., & Ronen, J. (2020). Earnings management strategies for meeting or beating expectations. Journal of Accounting and Public Policy, 39(1), 106714. http://dx.doi.org/10.1016/j.jaccpubpol.2019.106714.
Gandhi, K. (2020). Real earnings management practices for meeting earnings benchmarks: Indian evidence.
Decision, 47(3), 265-291.
Gastón, S. C., & Jarne, J. I. (2021). An international comparison of incentives for earnings management in order to meet analysts’ forecasts. Spanish Accounting Review, 24(1), 75-89.
Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1-3), 3-73. http://dx.doi.org/10.1016/j.jacceco.2005.01.002.
Gunny, K. (2010). The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks. Contemporary Accounting Research, 27(3), 855-888. http://dx.doi.org/10.1111/j.1911-3846.2010.01029.x.
Gunny, K., & Zhang, T. C. (2014). Do managers use meeting analyst forecasts to signal private information? Evidence from patent citations. Journal of Business Finance & Accounting, 41(7-8), 950-973. http://dx.doi. org/10.1111/jbfa.12082.
Guo, W., Sengul, M., & Yu, T. Y. (2020). Rivals’ negative earnings surprises language signals, and firms’ competitive action. Academy of Management Journal, 63(3), 637-659. http://dx.doi.org/10.5465/amj.2018.0397.
Halaoua, S., Hamdi, B., & Mejri, T. (2017). Earnings management to exceed thresholds in continental andAnglo-Saxon accounting models: The British and French cases. Research in International Business and Finance, 39, 513-529. http://dx.doi.org/10.1016/j.ribaf.2016.09.019.
Hansen, J. C. (2010). The effect of alternative goals on earnings management studies: An earnings benchmark examination. Journal of Accounting and Public Policy, 29(5), 459-480. http://dx.doi.org/10.1016/j.jaccpubpol.2010.06.002.
Herrmann, D., Hope, O. K., Payne, J. L., & Thomas, W. B. (2011). The market’s reaction to unexpected earnings thresholds. Journal of Business Finance & Accounting, 38(1-2), 34-57. http://dx.doi.org/10.1111/j.1468-5957.2010.02230.x.
Hinkel, T. P., & Hoffman, B. W. (2020). Meeting earnings benchmarks via real activities manipulation: Debt market effects. Journal of Accounting, Auditing & Finance, 35(2), 349-378. http://dx.doi.org/10.1177/0148558X17742568.
Iatridis, G. E. (2012). Audit quality in common-law and code-law emerging markets: Evidence on earnings conservatism, agency costs and cost of equity. Emerging Markets Review, 13(2), 101-117. http://dx.doi.org/10.1016/j.ememar.2012.01.001.
Jeong, K. H., & Choi, S. U. (2019). Does real activities management influence earnings quality and stock returns in emerging markets? Evidence from Korea. Emerging Markets Finance & Trade, 55(12), 2834-2850. http://dx.doi.org/10.1080/1540496X.2018.1535970.
Jiang, H., Habib, A., & Wang, S. (2018). Real earnings management, institutional environment, and future operating performance: An international study. The International Journal of Accounting, 53(1), 33-53. http:// dx.doi.org/10.1016/j.intacc.2018.02.004.
Kałdoński, M., & Jewartowski, T. (2020). Do firms using real earnings management care about taxes? Evidence from a high book-tax conformity country. Finance Research Letters, 35, 101351. http://dx.doi.org/10.1016/j.frl.2019.101351.
Kama, I., & Weiss, D. (2013). Do earnings targets and managerial incentives affect sticky costs? Journal of Accounting Research, 51(1), 201-224. http://dx.doi.org/10.1111/j.1475-679X.2012.00471.x.
Karaman, A. S., Kilic, M., & Uyar, A. (2020). Green logistics performance and sustainability reporting practices of the logistics sector: The moderating effect of corporate governance. Journal of Cleaner Production, 258, 120718. http://dx.doi.org/10.1016/j.jclepro.2020.120718.
Kent, R., & Routledge, J. (2017). Use of benchmarks in predicting earnings management. Accounting and Finance 57(1), 239-260. http://dx.doi.org/10.1111/acfi.12130.
Lento, C., & Yeung, W. H. (2017). Earnings benchmarks, earnings management and future stock performance of Chinese listed companies reporting under ASBE-IFRS. Asian Review of Accounting, 25(4), 502-525. http://dx.doi.org/10.1108/ARA-10-2016-0112.
Liu, S. Q., Lin, S., Sun, Z. Y., & Yuan, L. H. (2021). Earnings management and firms’ investment behavior: The threshold effect of ROE. Emerging Markets Review, 47, 100797. http://dx.doi.org/10.1016/j.ememar.2021.100797.
Liu, Z. (2023). Earnings thresholds in South Africa listed enterprises: Manipulating research and developmental expenditures. South African Journal of Economic and Management Sciences, 26(1), a4600. http://dx.doi.org/10.4102/sajems.v26i1.4600.
Martinez, A. L., & Moraes, A. D. (2017). Relationship between auditors’ fees and earnings management. Revista de Administração de Empresas, 57(2), 148-157. http://dx.doi.org/10.1590/s0034-759020170204.
Mauler, L. M. (2019). The effect of analysts’ disaggregated forecasts on investors and managers: Evidence using pre-tax forecasts. The Accounting Review, 94(3), 279-302. http://dx.doi.org/10.2308/accr-52268.
Mellado, C., & Saona, P. (2020). Real earnings management and corporate governance: A study of Latin America. Economic Research-Ekonomska Istraživanja, 33(1), 2229- 2268. http://dx.doi.org/10.1080/1331677X.2019.1691930.
Ogilby, S. M., Xie, X. I., Xiong, Y., & Zhang, J. (2020). Do sin firms engage in real activities manipulation to meet earnings benchmarks? International Journal of Accounting & Information Management, 28(3), 535-551. http://dx.doi.org/10.1108/IJAIM-09-2019-0110.
Park, J. I., & Jeon, K. A. (2010). Earnings management to avoid negative earnings surprise. Korean Journal of Accounting Information, 28(1), 135-174.
Pelucio-Grecco, M. C., Geron, C. M. S., Grecco, G. B., & Lima, J. P. C. (2014). The effect of IFRS on earnings management in Brazilian non-financial public companies. Emerging Markets Review, 21, 42-66. http://dx.doi.org/10.1016/j.ememar.2014.07.001.
Phan, H. V., Khieu, H. D., & Golec, J. (2017). Does earnings management relieve the negative effects of mandatory pension contributions? Financial Management, 46(1), 89-128. http://dx.doi.org/10.1111/fima.12139.
Qiu, Z. G., & Zhang, X. D. (2023). Consequences of earnings management triggered by delisting regulation: Evidence in China. Journal of Accounting and Public Policy, 42(3), 107046. http://dx.doi.org/10.1016/j.jaccpubpol.2022.107046.
Rahimipour, A. (2017). Investigating the validity of signaling theory in the Tehran stock exchange: Using real earnings management, accrual-based earnings management and firm growth. International Journal of Economic Perspectives, 11(3), 925-936.
Silva, R. L. M., & Nardi, P. C. C. (2017). Full adoption of IFRSs in Brazil: Earnings quality and the cost of equity capital. Research in International Business and Finance, 42, 1057-1073. http://dx.doi.org/10.1016/j.ribaf.2017.07.041.
Souza, P. V. S., Gonçalves, R. S., & Silva, C. A. T. (2022). Impact of IFRS 15 on the quality of accruals and earnings management of Brazilian publicly held companies. Revista Brasileira de Gestão de Negócios, 24(4), 675-691. http://dx.doi.org/10.7819/rbgn.v24i4.4197.
Suksonghong, K., & Amran, A. (2020). Achieving earnings target through real activities manipulation: Lesson from stock exchange of Thailand. International Journal of Monetary Economics and Finance, 13(3), 260-268. http://dx.doi.org/10.1504/IJMEF.2020.108821.
Sun, E. Y. (2021). The differential role of R&D and SG&A for earnings management and stock price manipulation. Contemporary Accounting Research, 38(1), 242-275. http://dx.doi.org/10.1111/1911-3846.12634.
Taj, S. A. (2016). Application of Signaling Theory in management research: Addressing major gaps in theory. European Management Journal, 34(4), 338-348. http://dx.doi.org/10.1016/j.emj.2016.02.001.
Yeung, W. H., & Lento, C. (2018). Stock price crash risk and unexpected earnings thresholds. Managerial Finance, 44(8), 1012-1030. http://dx.doi.org/10.1108/MF-08-2017-0312.
Em caso de aprovação do artigo para publicação, os direitos de copyright são cedidos pelo(s) autor(es) à Revista Brasileira de Gestão de Negócios – RBGN.
Nestes termos, é OBRIGATÓRIO que os autores enviem para RBGN o formulário de Cessão de Direitos Autorias devidamente preenchido e assinado. Conforme o modelo: [Direitosautorais]
As condições da Cessão de Direitos Autorais indicam que a Revista Brasileira de Gestão de Negócios – RBGN possui a título gratuito e em caráter definitivo os direitos autorais patrimoniais dos artigos por ela publicados. Não obstante a Cessão dos Direitos Autorais, a RBGN faculta aos autores o uso desses direitos sem restrições.
Os textos publicados na RBGN são de inteira responsabilidade de seus autores.
A revista adota o padrão de licença CC-BY Creative Commons Attribution 4.0 permitindo redistribuição e reutilização dos artigos sob a condição de que a autoria seja devidamente creditada.