Gerenciamento de resultados em empresas de capital aberto no Brasil em processo de recuperação judicial

Abstract

Since the promulgation of Law in Brazil No. 11.101/05 insolvent companies had the opportunity to propose judicial recovery plan, which allows renegotiate with its creditors to postpone their payments, allowing the administrative reorganization and recovery of the company. This research aimed to identify earnings management evidence in publicly traded companies in the BMF&Bovespa that petitioned judicial recovery, using as earnings management proxy discretionary accruals. We identified 25 companies in bankruptcy protection from 2000 to 2013, containing full details of accounting and financial information. Discretionary changes in the group of companies in bankruptcy protection were analyzed versus the control group (companies that did not enter into recovery), segmenting by sector. The results indicate that there is difference in discretionary accruals of the companies five years before entered judicial recovery (bankruptcy protection) in the control group. The results also suggest a reversal in the sign of discretionary accruals (from negative to positive) in the five years after the judicial recovery filing. According to the literature, the results suggest the use of earnings management mode "big bath or take a bath."