A influência das características dos gestores no reconhecimento do valor do Goodwill em empresas da B3

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Universidade Federal de Goiás


The measurement of transaction values in merger and acquisition processes, as well as the recognition of the value paid for future profitability expectations - goodwill, affect the financial position and public perception of the company (Detzen et al, 2012). Studying the factors that affect the formation of goodwill is relevant due to the possible impact of recognizing its value on the company's balance sheet structure. In this sense, the objective of this research is to investigate the influence of manager characteristics on the recognized value of goodwill in publicly traded companies on the B3 exchange, which have undergone M&A processes. To achieve the proposed objective, publicly traded companies with shares traded on the Brazilian stock exchange, called B3 (Brasil Bolsa Balcão), were selected. To compose the database with the analyzed variables, information from the balance sheet reports of all companies on the B3 exchange between the periods of 2010 and 2021 was collected to verify and catalog companies that recognized values as goodwill. After defining which statements have these records, the explanatory notes in financial reports were analyzed to collect transaction values in M&A operations. Additionally, other relevant information was validated and manually collected. Managerial information was obtained from non-financial reports and/or through manual search on various websites. The final sample of the research comprises 281 companies. Multivariate regression was used to estimate the impact of financial incentive and personal characteristics of managers on the recognized value of goodwill. The results confirmed the positive association of the variable of received bonuses and the negative association of the variable of age with the recognized value of goodwill. The findings of the research contribute to the discussion of the subject from the perspective of cognitive, empirical, and personal values, as it relates to the dynamics of decision-making based on managerial characteristics.



MIRANDA FILHO, S. S. A influência das características dos gestores no reconhecimento do valor do Goodwill em empresas da B3. 2023. 81 f. Dissertação (Mestrado em Ciências Contábeis) - Universidade Federal de Goiás, Goiânia, 2023.