Gerenciamento de resultados: uma análise do nível de accruals discricionários das empresas brasileiras

Abstract

This article aims to analyze the level of earnings management of Brazilian publicly traded companies. The study sample consists of all non-financial companies listed on the Brazilian Stock Exchange (B3), from 2011 to 2022. The metrics used to measure earnings management were the Modified Jones model (1995) and the Kang and Sivaramakrishnan model (1995). Data were estimated using ordinary least squares (OLS) with Newey-West heteroscedasticity- and autocorrelation-robust standard errors. The results showed little divergence between the two metrics. In both, earnings management of Brazilian companies oscillated initially; however, from 2019 to 2021, there was a significant increase in this level, possibly due to the COVID 19 pandemic. In this period of severe economic crisis, marked by disruptions in the production chain across several sectors and credit shortage, it is believed that managers possibly resorted to earnings management practices in order to mask unfavorable results of the organization. When segregating earnings management into positive and negative, little divergence of results was also observed. According to both measurements, positive earnings management was higher than negative throughout almost the entire period analyzed. The growth of positive management during the COVID-19 pandemic was also notable, which demonstrates the possible attempt by managers to convey a more favorable image of the organization in times of crisis. It is expected that this study may assist economic agents in their decision-making.