FACE - Faculdade de Administração, Ciências Contábeis e Ciências Econômicas
URI Permanente desta comunidade
Navegar
Navegando FACE - Faculdade de Administração, Ciências Contábeis e Ciências Econômicas por Por Orientador "Carmo, Carlos Henrique Silva do"
Agora exibindo 1 - 5 de 5
Resultados por página
Opções de Ordenação
Item Gerenciamento de resultados, custo da dívida e trade off entre as estratégias de gerenciamento: evidências do mercado brasileiro(Universidade Federal de Goiás, 2020-03-18) Almeida, Gabriel Queiroz de; Diaz, Mario Ernesto Piscoya; http://lattes.cnpq.br/8921949936090276; Carmo, Carlos Henrique Silva do; http://lattes.cnpq.br/1859940699823861; Carmo, Carlos Henrique Silva do; Diaz, Mario Ernesto Piscoya; Zanolla, Ercilio; Paulo, EdilsonThe objective of this study was to investigate the relationship between Earnings Management by Real Earnings Management (REM) and by Accruals Earnings Management (AEM) in the cost of debt of Brazilian publicly traded companies, as well as to investigate how debt could impact the trade-off between these same strategies. Searching indications of how the characteristics of each strategy and the ability of creditors to perceive earnings management would impact the cost of debt and how the manager would direct earnings management as a whole, in light of the cost of debt. Hypotheses 1 and 2 were based on the assumption that creditors would perceive the informational asymmetry and the potential risks of the two earnings management strategies, thus there would be a positive association between the strategies and the cost of debt. Hypothesis 3, was developed taking into account the characteristics of each earnings management strategy, the manager would adjust the way in which they are used if pressured by the cost of debt. The study was conducted in a set of Brazilian non-financial publicly traded entities in the period from 2010 to 2018. The management strategies were estimated using the Roychowdhury (2006) models for Real Earnings Management and the Pae (2005) and Jones (1991) models for Accrual Earnings Management. The analysis was performed through the implementation of statistical techniques (univariate, bivariate and multivariate), such as quantile regressions, logit, panel data and GLS. The results indicated for hypotheses 1 and 2 that management trough REM is not perceived in a satisfactory manner and misinterpreted in the case of REM by discretionary expenditures, indicated by the negative association found, which can be explained by a certain lack of sophistication of the brazilian market in perceiving REM, after all, it is considered more difficult to perceive. About the accruals, the sign found was the same found in the literature and according to the established hypothesis, creditors are able to perceive the abnormal movement of accruals and include it in the required compensation. The results of hypothesis 3 indicated that the cost of debt is capable of impacting how managers use earnings management strategies, with a reduction in REM and an increase in AEM the higher the cost of debt is. Estimation through 2SLS was also carried out to resolve any inconsistency related to endogeneity (simultaneity), the results indicated that it is the perception of creditors that drives the association, therefore the manager is not so concerned with debt issues when applying earnings management techniques, thus tending to manage in search of issues related to compensation and the stock market. The results contribute to the research in earnings management and indicates the inability of the corporate debt market to perceive and incorporate REM into debt costs efficiently.Item Efeitos da adoção da IFRS 15 no gerenciamento de receitas: uma análise dos países do BRICS(Universidade Federal de Goiás, 2020-03-11) Braga, Paula Graciely da Silva; Carmo, Carlos Henrique Silva do; http://lattes.cnpq.br/1859940699823861; Carmo, Carlos Henrique Silva do; Machado, Lúcio de Souza; Marques, Vagner AntônioInternational accounting standards are guided by principles, offering managers greater judgment and discretion in the preparation of financial statements. In this environment of accounting standards, as of January 2018, the new revenue recognition standard, entitled IFRS 15, is inserted, having as scope more possibilities of choices and judgments on the part of managers. Such discretion offers the possibility to more accurately portray the economic particularities of each company and, on the other hand, it can facilitate the manipulation of discretionary revenues. In view of this, the present research aimed to analyze whether the adoption of IFRS 15 influenced the practice of earnings management through specific accruals of revenues. As specific objectives, we sought to verify whether this influence differs in each country and in each sector. 1116 companies from countries belonging to the acronym BRICS were analyzed, classified in the sectors of telecommunications, software, engineering, construction and real estate, and the automobile sector, covering a time period from 2016 to 2018. To test the research hypotheses, discretionary revenues were estimated through the model developed by Caylor (2010), and later used as a proxy for revenue management. Multivariate regressions were performed with panel data with robust random effects. The results demonstrate that the effectiveness of IFRS 15 positively influenced the practice of revenue management, in other words, from the adoption of the new revenue recognition standard, there was an increase in management levels by revenue accruals. It was also found that the effects of IFRS 15 differ according to the country and the sector, with a significant difference in China in the engineering, construction and real estate sector.Item Análise da relação entre a divulgação de gestão de riscos corporativos e o gerenciamento de resultados em empresas brasileiras(Universidade Federal de Goiás, 2022-04-05) Duarte, Jheneffer Silva Santos; Carmo, Carlos Henrique Silva do; http://lattes.cnpq.br/1859940699823861; Carmo, Carlos Henrique Silva do; Rech, Ilírio José; Pereira, Antonio GualbertoThe risk management disclosure is a way for companies to disclose to the stock market the risks to which they are exposed and how they manage these risks to bring better decision-making capacity to both their managers and their stakeholders. The objective of this study is to analyze the relationship between risk management disclosure and earnings management in Brazilian companies. The risk management disclosure can indicate better quality of financial reports and companies with better quality of financial reports, in turn, can have a negative influence on their accruals-based management and a positive influence on real earnings management. In addition, it can impact the trade-off between these earnings management. The sample consists of 182 companies listed on B3 between 2012 and 2020. To analyze earnings management, the Pae (2005) model was used to calculate accruals-based management and the Roychowdhury (2006) model for the calculation of real earnings management. To calculate risk management disclosure, two indices were measured, one called rigorous and the other, tolerant, applying a checklist in the companies' Reference Form as required by CVM Instruction no. 480/2009 as amended by CVM Instruction n. 586/2017. The trade-off between manipulation by accruals and by real activities was also used to identify whether the risk management disclosure impacts the exchange of these two types of earnings management. As control variables, the study adopted profitability, size, growth and sector. Through the GLS regression, the results allow us to say that the high risk management disclosure, both in its rigorous and tolerant criteria, decreases the use of accruals-based management. On the other hand, the high risk management disclosure doesn’t increase the use of real earnings management. The results also showed that, through the risk management disclosure, the two types of earnings management used for the analysis of the study can be treated as complementary. These results mainly contribute to the decision-making of stakeholders regarding investments in companies and expand the national studies that until now were concentrated on only one of the tools that is part of the risk management disclosure, the internal control.Item Transações com partes relacionadas: evidências de comparabilidade e honorários de auditoria em empresas abertas do mercado brasileiro(Universidade Federal de Goiás, 2022-02-24) Lima, Ana Claudia Santo; Carmo, Carlos Henrique Silva do; http://lattes.cnpq.br/1859940699823861; Carmo, Carlos Henrique Silva do; Ribeiro, Alex Mussoi; Machado, Lúcio de SouzaThis research has aims to identify the influence of related party transactions (RPTs) on the comparability of financial statements and audit fees of publicly traded companies in the Brazilian market. Two opposing argument have been consolidate in the literature in relation to RPTs: the first one maintains that related transactions can be used by a group of companies with the aim of reducing costs, sharing resources and even obtaining gain; the second argument, supported by the agency theory emphasizes that these transactions can be used opportunistically to expropriate resources from entites based on the assumption that RPTs can have effect on the quality of accounting information. To this end, the premise was adopted that RPTs can reduce the comparability of financial reports and subsequently increase auditors fees, as comparability helps to improve audit efficiency and accuracy. The cauculation of the comparability measure was performed using the method of similarity of the accounting function by DeFranco et al. (2021), audit fees were collected from the reference form and measured using the natural logarithm, in agreement with the research by Habib et al. (2015) and Al-Dhamari et al. (2018). Regarding transactions with related parties, asset weighted RPTs were adopted (Hasnan et al., 2016; Shin et al., 2019; Jalan et al., 2020) to investigate the relationship with comparability. On the other hand, we chose to use RPTs in their logarithm form (Habib et al., 2015; Pratama, 2018; Ali et al., 2021) to verify the relationship with audit fees. Regard to data analysis, to establish the relationship between RPTs and comparability, the multivariate analysis of quantile regression was adopted, using quantiles 0.25,0, 0.50 and 0.75, in which the lowest, medium and highest levels of comparability are analyzed; in terms of RPTs and audit fees, they were estimated using panel data. The results found suggest that purchase and total RPTs negatively impact the quality of information, as they reduce the comparability of companies that have medium and maximum levels of comparability; moreover, the related sales, purchases and totals transactions are complex and increase the risk of material misstatement, resulting in higher fees. This research contributes to the expansion of the literature, by adding evidence of the relationship between RPTs and the quality of accounting information in the Brazilian context. In addition to bringing complications for investors, analysts and auditors, by indicating that comparability is reduced for companies have average and maximum comparability, harming the decision making process and that sales, purchases and totals RPTs are a risk to the audit process, so they need to be analyzed more accurately. Finally, the findings also provide a warning to standard setters regarding the protection of minority shareholders, as related transactions can be used to obscure accounting information.Item Os efeitos da concentração de propriedade e da estrutura do conselho de administração nos covenants de debêntures emitidas pelas empresas listadas na bolsa brasileira(Universidade Federal de Goiás, 2018-04-16) Palhares, Cláudia Margareth Gomes; Carmo, Carlos Henrique Silva do; http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4177319U9; Carmo, Carlos Henrique Silva do; Beiruth, Aziz Xavier; Silva, Júlio Orestes daUsing a database of 110 issues of debentures, conducted between 2011 and 2017 by companies listed on the Brazilian stock exchange, it was sought to identify factors of corporate governance of borrowers that affect the amount of financial covenants present in the debenture agreement and the restriction arising from the financial covenant "Net Financial Debt / EBITDA". For the model referring to the number of financial covenants, a regression was estimated by the Ordinary Least Squares method. The results indicate that the companies with greater concentration of ownership by the controlling shareholder, with a larger board of directors, companies belonging to sectors of economic activity of metallic minerals and information technology issued debentures with fewer financial covenants. On the other hand, debentures issued by larger companies, belonging to the leasing of vehicles and equipment and telecommunications and which issued debentures in 2011, presented a greater number of financial covenants. The second model was estimated through logistic regression and the results suggest that companies with greater concentration of ownership, greater size of the board of directors, greater independence of the board of directors, largercompanies, more leveraged and belonging to the public utility sector, were more likely to have a covenant that allows a higher level of indebtedness. The longer maturity of the debt seems to lead companies to issue debentures with a covenant "Net financial debt / EBITDA" that tolerates a lower level of indebtedness. The research provides support to the literature that internal governance mechanisms such as concentration of ownership, size and independence of the board of directors affect the amount of financial covenants and the constraint imposed by the covenant of indebtedness on contracts of debentures of companies that deal in the stock exchange Brazilian As a practical contribution, this study shows that companies issuing debentures may seek substitute mechanisms for the use and restriction of financial covenants and thus avoid the restrictions arising from these contractual clauses.