Earnings management and economic crises in the brazilian capital market

Revista de Administração de Empresas

Aldy Fernandes Da Silva²  Elionor Farah Jreige Weffort²  Eduardo Da Silva Flores¹  Glauco Peres Da Silva¹ 

[1] ,Fundação Escola de Comércio Álvares Penteado Ciências Contábeis São Paulo SP ,Brazil

关键词: Earnings management;    macroeconomic factors;    economic crises;    emerging capital markets;    Brazil;    Gerenciamento de resultados;    fatores macroeconômicos;    crises econômicas;    mercado de capitais emergente;    Brasil;    Gestión de resultados;    condiciones macroeconómicas;    crisis económicas;    mercados de capital emergentes;    Brasil;   

DOI  :  10.1590/S0034-759020140303

来源: SciELO

【 摘 要 】

The 2008 economic crisis challenged accounting, either demanding recognition and measurement criteria well adjusted to this scenario or even questioning its ability to inform appropriately entities' financial situation before the crisis occurred. So, our purpose was to verify if during economic crises listed companies in the Brazilian capital market tended to adopt earnings management (EM) practices. Our sample consisted in 3,772 firm-years observations, in 13 years - 1997 to 2009. We developed regression models considering discretionary accruals as EM proxy (dependent variable), crisis as a macroeconomic factor (dummy variable of interest), ROA, market-to-book, size, leverage, foreign direct investment (FDI) and sector as control variables. Different for previous EM studies two approaches were used in data panel regression models and multiple crises were observed simultaneously. Statistics tests revealed a significant relation between economic crisis and EM practices concerning listed companies in Brazil in both approaches used.

【 授权许可】

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