Gerenciamento de Resultado Contábil e Ruptura dos Covenants: Um Estudo Empírico no Brasil
DOI:
https://doi.org/10.17524/repec.v14i3.2445Keywords:
Covenants; Ebitda; Gerenciamento de resultado; Accruals Discricionários.Abstract
Objetivo: Este trabalho discute a relação entre gerenciamento de resultado e a proximidade da ruptura dos índices estabelecidos nos covenants nas empresas brasileiras listadas na B3.
Método: Para identificar o grupo de empresas suspeitas (próximas da ruptura) foram coletados índices de ruptura dos covenants nas notas explicativas e posteriormente confrontados com os índices de desempenho gerados através de dados do Economatica. A análise foi realizada através de testes Econométricos utilizando-se da Regressão Linear Múltipla estimas por OLS e teste de média realizada através do Test t Student.
Resultados: Os resultados apontam robustas evidências de que as empresas brasileiras suspeitas (próximas da ruptura) atuam de modo a melhorar seu resultado possivelmente para evitar a ruptura dos covenants.
Contribuição: Este estudo espera contribuir com a literatura na discussão sobre Teoria da Agência e Assimetria Informacional fornecendo novo resultado, assim como aos agentes de mercado acerca da eficácia dos índices financeiros presentes nos covenants.
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Martinez, A. L. (2013). Earnings management in Brazil: a survey of the literature. Brazilian Business Review, 10(4), 1-29.
Nardi, P. C. C., & Nakao, S. H. (2009). Gerenciamento de resultados e a relação com o custo da dívida das empresas brasileiras abertas. Revista Contabilidade & Finanças, 20(51), 77-100. DOI: http://dx.doi.org/10.1590/S1519-70772009000300006
Nikolaev, V. V. (2010). Debt covenants and accounting conservatism. Journal of Accounting Research, 48(1), 137-176.
Pae, J. (2005). Expected accrual models: the impact of operating cash flows and reversals of accruals. Review of Quantitative Finance and Accounting, 24(1), 5-22.
Reis, E. M., Lamounier, W. M., & Bressan, V. G. F. (2015). Evitar Divulgar Perdas: Um Estudo Empírico do Gerenciamento de Resultados por Meio de Decisões Operacionais. Revista Contabilidade & Finanças, 26(69), 247-260. DOI: http://dx.doi.org/10.1590/1808-057x201501070
Reisel, N. (2014). On the value of restrictive covenants: Empirical investigation of public bond issues. Journal of Corporate Finance, 27, 251-268. DOI: https://doi.org/10.1016/j.jcorpfin.2014.05.011
Santos, A. D., & Paulo, E. (2006). Diferimento das perdas cambiais como instrumento de gerenciamento de resultados. BBR-Brazilian Business Review, 3(1). DOI: http://dx.doi.org/10.15728/bbr.2006.3.1.2
Silva, A. H. C. (2008). Escolha de práticas contábeis no Brasil: uma análise sob a ótica da hipótese dos covenants contratuais. Tese (Doutorado) – USP, São Paulo.
Watts, R. L., & Zimmerman, J. L. (1990). Positive accounting theory: a ten year perspective. Accounting review, 131-156.
Yang, Z., & Zhang, H. (2013). Optimal capital structure with an equity-for-guarantee swap. Economics Letters, 118(2), 355-359.
Zhang, Z. (2016). Bank interventions and trade credit: evidence from debt covenant violations. SSRN Electronic Journal.
Beiruth, A. X., & Fávero, L. P. L. (2016). Um ensaio sobre a adoção das international financial reporting standards em covenants contratuais. Revista de Finanças Aplicadas, 7(1), 1-22.
Benham, L. (2004). Licit and illicit responses to regulation. Working paper. Washington University at Saint Louis.
Callen, J. L., Chen, F., Dou, Y., & Xin, B. (2010). Information asymmetry and the debt contracting demand for accounting conservatism. working paper, University of Toronto.
Christensen, H. B., & Nikolaev, V. V. (2012). Capital versus performance covenants in debt contracts. Journal of Accounting Research, 50(1), 75-116. DOI: https://doi.org/10.1111/j.1475-679X.2011.00432.x
DeAngelo, L. E. (1986). Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders. The accounting review, 61(3), 400.
Dechow, P. M., & Dichev, I. D. (2002). The quality of accruals and earnings: The role of accrual estimation errors. The accounting review, 77(s-1), 35-59.
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1996). Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary accounting research, 13(1), 1-36.
Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of accounting and economics, 50(2-3), 344-401. DOI: https://doi.org/10.1016/j.jacceco.2010.09.001
Demerjian, P. R. (2011). Accounting standards and debt covenants: Has the “balance sheet approach” led to a decline in the use of balance sheet covenants?. Journal of Accounting and Economics, 52(2-3), 178-202. DOI: https://doi.org/10.1016/j.jacceco.2011.08.004
Demerjian, P. R., & Owens, E. L. (2016). Measuring the probability of financial covenant violation in private debt contracts. Journal of Accounting and Economics, 61(2-3), 433-447. DOI: https://doi.org/10.1016/j.jacceco.2015.11.001
Dyreng, S. D., Vashishtha, R., & Weber, J. (2014). Direct evidence on the informational properties of earnings in loan contracts. Working paper, Duke University and MIT.
Ferreira, F. R., Martinez, A. L., Costa, F. M., & Passamani, R. R. (2012). Book-tax differences e gerenciamento de resultados no mercado de ações do Brasil. RAE-Revista de Administração de Empresas, 52(5), 488-501. DOI: http://dx.doi.org/10.1590/S0034-75902012000500002
Fields, T. D., Lys, T. Z., & Vincent, L. (2001). Empirical research on accounting choice. Journal of Accounting and Economics, 31(1-3), 255-307. DOI: https://doi.org/10.1016/S0165-4101(01)00028-3
Francis, J., LaFond, R., Olsson, P., & Schipper, K. (2002). The market pricing of accruals quality. Recuperado em 12 outubro, 2017, de https://papers.ssrn.com/sol3/papers.cfm?abstract_id=414140.
Freudenberg, F., Imbierowicz, B., Saunders, A., & Steffen, S. (2015). Covenant violations and dynamic loan contracting. Unpublished working paper, New York University.
Graham, B., & Dodd, D. L. (1934). Security Analysis: Principles and Techniques. McGraw-Hill.
Gu, Z., Lee, C. W. J., & Rosett, J. G. (2005). What determines the variability of accounting accruals?. Review of Quantitative Finance and Accounting, 24(3), 313-334.
Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of accounting and economics, 7(1-3), 85-107.
Healy, P.M., and Whalen, J.M., 1999. A Review of the Earnings Management Literature and its Implications for Standard Setting, Accounting Horizons, 13:4, 365-383.
Inamura, Y. (2009). The determinants of accounting-based covenants in public debt contracts. Journal of International Business Research, 8, 1.
Iudícibus, S. D., Martins, E., & Carvalho, L. N. (2005). Contabilidade: aspectos relevantes da epopéia de sua evolução. Revista Contabilidade & Finanças, 16(38), 7-19. DOI: http://dx.doi.org/10.1590/S1519-70772005000200002
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228. DOI: 10.2307/2491047
Lopes, A. B., & Martins, E. (2005). Teoria da contabilidade: uma nova abordagem.
Lopes, A.B., & Tukamoto, Y.S. (2007). Contribuição ao estudo do “gerenciamento” de resultados: uma comparação entre as companhias abertas brasileiras emissoras de ADRs e não-emissoras de ADRs. Revista de Administração, São Paulo, 42(1), 86-96.
Martinez, A. L. (2013). Earnings management in Brazil: a survey of the literature. Brazilian Business Review, 10(4), 1-29.
Nardi, P. C. C., & Nakao, S. H. (2009). Gerenciamento de resultados e a relação com o custo da dívida das empresas brasileiras abertas. Revista Contabilidade & Finanças, 20(51), 77-100. DOI: http://dx.doi.org/10.1590/S1519-70772009000300006
Nikolaev, V. V. (2010). Debt covenants and accounting conservatism. Journal of Accounting Research, 48(1), 137-176.
Pae, J. (2005). Expected accrual models: the impact of operating cash flows and reversals of accruals. Review of Quantitative Finance and Accounting, 24(1), 5-22.
Reis, E. M., Lamounier, W. M., & Bressan, V. G. F. (2015). Evitar Divulgar Perdas: Um Estudo Empírico do Gerenciamento de Resultados por Meio de Decisões Operacionais. Revista Contabilidade & Finanças, 26(69), 247-260. DOI: http://dx.doi.org/10.1590/1808-057x201501070
Reisel, N. (2014). On the value of restrictive covenants: Empirical investigation of public bond issues. Journal of Corporate Finance, 27, 251-268. DOI: https://doi.org/10.1016/j.jcorpfin.2014.05.011
Santos, A. D., & Paulo, E. (2006). Diferimento das perdas cambiais como instrumento de gerenciamento de resultados. BBR-Brazilian Business Review, 3(1). DOI: http://dx.doi.org/10.15728/bbr.2006.3.1.2
Silva, A. H. C. (2008). Escolha de práticas contábeis no Brasil: uma análise sob a ótica da hipótese dos covenants contratuais. Tese (Doutorado) – USP, São Paulo.
Watts, R. L., & Zimmerman, J. L. (1990). Positive accounting theory: a ten year perspective. Accounting review, 131-156.
Yang, Z., & Zhang, H. (2013). Optimal capital structure with an equity-for-guarantee swap. Economics Letters, 118(2), 355-359.
Zhang, Z. (2016). Bank interventions and trade credit: evidence from debt covenant violations. SSRN Electronic Journal.
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Published
2020-10-01
How to Cite
Rezende Duarte, E., Galdi, F. C. ., & Damasceno, F. S. . (2020). Gerenciamento de Resultado Contábil e Ruptura dos Covenants: Um Estudo Empírico no Brasil. Journal of Education and Research in Accounting (REPeC), 14(3). https://doi.org/10.17524/repec.v14i3.2445
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