Gerenciamento de resultados, custo da dívida e trade off entre as estratégias de gerenciamento: evidências do mercado brasileiro

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Universidade Federal de Goiás


The 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.



ALMEIDA, G. Q. Gerenciamento de resultados, custo da dívida e trade off entre as estratégias de gerenciamento: evidências do mercado brasileiro. 2020. 124 f. Dissertação (Mestrado em Ciências Contábeis) - Universidade Federal de Goiás, Goiânia, 2020.