Elionor Farah Jreige Weffort

EARNINGS MANAGEMENT AND ECONOMIC CRISES IN THE BRAZILIAN CAPITAL MARKET

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.La crisis economica de 2008 ha desafiado a la contabilidad, exigiendo criterios de reconocimiento y evaluacion apropiadamente ajustados a ese escenario, o incluso cuestionando su capacidad de informar adecuadamente sobre la situacion economico-financiera de las entidades antes del comienzo de la crisis. Nuestro objetivo ha sido comprobar si durante las crisis economicas las empresas que cotizan en el mercado de capitales brasileno se inclinan a adoptar practicas de gestion de resultados (GR). La muestra esta formada por 3.772 observaciones por empresa/ano, durante 13 anos (de 1997 a 2009). Desarrollamos modelos de regresion, considerando los ajustes discrecionales (discretionary accruals) como proxy de GR (variable dependiente), la crisis como un factor macroeconomico (variable de interes), ROA, market-to-book, tamano, impulso, inversion extranjera directa y sector como variables de control. Al contrario de los estudios anteriores sobre gestion de resultados, se han utilizado dos enfoques en los modelos de regresion de datos en panel y se observaron distintos escenarios de crisis simultaneamente. Las pruebas estadisticas revelaron, en ambos enfoques utilizados, una relacion significativa entre la crisis y las practicas de GR en las companias presentes en Brasil.

Gestión de resultados y crisis económica en lo mercado de capitales brasileño

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.La crisis economica de 2008 ha desafiado a la contabilidad, exigiendo criterios de reconocimiento y evaluacion apropiadamente ajustados a ese escenario, o incluso cuestionando su capacidad de informar adecuadamente sobre la situacion economico-financiera de las entidades antes del comienzo de la crisis. Nuestro objetivo ha sido comprobar si durante las crisis economicas las empresas que cotizan en el mercado de capitales brasileno se inclinan a adoptar practicas de gestion de resultados (GR). La muestra esta formada por 3.772 observaciones por empresa/ano, durante 13 anos (de 1997 a 2009). Desarrollamos modelos de regresion, considerando los ajustes discrecionales (discretionary accruals) como proxy de GR (variable dependiente), la crisis como un factor macroeconomico (variable de interes), ROA, market-to-book, tamano, impulso, inversion extranjera directa y sector como variables de control. Al contrario de los estudios anteriores sobre gestion de resultados, se han utilizado dos enfoques en los modelos de regresion de datos en panel y se observaron distintos escenarios de crisis simultaneamente. Las pruebas estadisticas revelaron, en ambos enfoques utilizados, una relacion significativa entre la crisis y las practicas de GR en las companias presentes en Brasil.

Gerenciamento de resultados e crises econômicas no mercado de capitais brasileiro

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.La crisis economica de 2008 ha desafiado a la contabilidad, exigiendo criterios de reconocimiento y evaluacion apropiadamente ajustados a ese escenario, o incluso cuestionando su capacidad de informar adecuadamente sobre la situacion economico-financiera de las entidades antes del comienzo de la crisis. Nuestro objetivo ha sido comprobar si durante las crisis economicas las empresas que cotizan en el mercado de capitales brasileno se inclinan a adoptar practicas de gestion de resultados (GR). La muestra esta formada por 3.772 observaciones por empresa/ano, durante 13 anos (de 1997 a 2009). Desarrollamos modelos de regresion, considerando los ajustes discrecionales (discretionary accruals) como proxy de GR (variable dependiente), la crisis como un factor macroeconomico (variable de interes), ROA, market-to-book, tamano, impulso, inversion extranjera directa y sector como variables de control. Al contrario de los estudios anteriores sobre gestion de resultados, se han utilizado dos enfoques en los modelos de regresion de datos en panel y se observaron distintos escenarios de crisis simultaneamente. Las pruebas estadisticas revelaron, en ambos enfoques utilizados, una relacion significativa entre la crisis y las practicas de GR en las companias presentes en Brasil.

Percepção dos gestores sobre o processo de institucionalização do Balanced Scorecard de uma empresa de saneamento

Abstract The Balanced Scorecard (BSC) methodology is one of the management artifacts most widely used by large companies, but many organizations have difficulty with its implementation and use. This research sought to identify the factors that contributed to the institutionalization and/or the deinstitutionalization of BSC in a large basic sanitation company. The research was conducted by means of questionnaires with managers through which it was possible to identify, in the light of institutional theory, and more precisely from new institutional sociology, sociological motivations that contributed to the institutionalization and/or deinstitutionalization of BSC in the organization. The conclusion was that the combined effects of different agents that acted for their own interests, the lack of an institutionalized technical environment and, at a certain moment in time, the lack of conditions that supported and maintained the technical environment (the main leadership left) were the main causes that contributed to the deinstitutionalization process of BSC.