Gerenciamento de resultados em empresas listadas no Brasil: análise dos mecanismos internos e externos de governança corporativa

Abstract

Brazil developed its capital markets in the last decade, although still present a high level of perceived corruption and bureaucracy, risk factors inhibitors of internal and external investments in the capital markets. This study is motivated by this perspective. The aim is to analyze the motivational factors for the practice of earnings management in Brazilian listed companies. For this, a survey was conducted with data from listed companies in the capital markets in Brazil. The sample consisted of 1,209 company-year in the period 2007-2012. A factor analysis was performed in order to better explain the motivational factors and also analysis using multiple regression models. The results of the statistical tests showed, in general, that the better the corporate governance mechanisms adopted by companies, the less motivation to practice earnings management. Among the internal mechanisms stood out in a positive way to inhibit the practice of earnings management, the independence and competence of the board, and externally the actions of regulatory agencies. Contrary to previous literature, the results indicated that the concentration of control inhibit the practice of earnings management, while more rights to investors motivate this practice, which may be explained by characteristics of the sample of Brazilian firms as family or state control, weak reliance on the stock market, among others