Sílvio Hiroshi Nakao

Gerenciamento de resultados e a relação com o custo da dívida das empresas brasileiras abertas

Sob a teoria de agencia e as premissas de gerenciamento de resultados, o objetivo do trabalho foi estudar a relacao entre o gerenciamento de resultados (GR) e o custo da divida (Ki) das empresas brasileiras abertas, no periodo de 1996 a 2007. Os pressupostos levantados, por meio da literatura existente, sao de que, almejando melhores condicoes contratuais, como o custo da divida, o custo atual ou passado motiva a empresa a gerenciar o resultado corrente para obter melhores condicoes de custo futuro ou corrente. Dessa forma, as empresas, intencionalmente, procurariam gerenciar seus resultados, motivadas pelo custo da divida. Todavia, ha apoio teorico para que a relacao entre essas variaveis seja unidirecional, com o GR influenciando o custo da divida, sustentando a segunda hipotese. Para chegar ao objetivo, o trabalho utilizou, como proxy de GR, o modelo para calculo dos accruals discricionarios proposto por Kang e Sivaramakrishnan (1995). As analises foram baseadas no teste nao-parametrico U de Mann-Whitney, seguidas do teste de especificacao de Hausman para a analise de simultaneidade, finalizando com a regressao com dados dispostos em painel com correcao de Newey-West. Os testes de media apontaram para uma relacao positiva entre GR e Ki, mas o teste de simultaneidade nao indicou haver inter-relacao entre as variaveis. Contudo, os resultados das regressoes em painel indicaram que o Ki nao influencia o GR, mas que ha uma relacao positiva, em que quanto maior o GR, maior o custo da divida, ou seja, este e influenciado por aquele.

A RELAÇÃO ENTRE GERENCIAMENTO DE RESULTADOS CONTÁBEIS E O CUSTO DE CAPITAL DAS COMPANHIAS ABERTAS BRASILEIRAS

The purpose of this study was to investigate the relationship between the accounting earnings management and the cost of capital of Brazilian companies. The data were obtained from Economatica® in the period from 2004 to 2006. The models Modified Jones, Teoh and KS were used for calculating the discretionary accrual, proxy for earnings management, which represents the independent variable in this study. The representative measures of cost of capital, or dependent variables were: beta (cost of equity), Ki and Kd (cost of debt). To investigate the relationship between management performance and the borrowing cost for companies, descriptive statistics, Pearson and Spearman’s correlation, and average differences were analyzed through the non-parametric Mann-Whitney test. As result, there was a positive relationship between earnings management and cost of debt. However, it was not possible to find any relations between earnings management and cost of equity.

Heterogeneidade na qualidade do lucro contábil entre diferentes classes de empresas com a adoção de IFRS: evidências do Brasil

This paper aims to investigate the existence of heterogeneity in earnings quality between different classes of companies after the adoption of the International Financial Reporting Standards (IFRS). IFRS adoption is generally associated with an increase in the quality of financial statements. However, companies within the same country are likely to have different economic incentives regarding the disclosure of information. Thus, treating companies equally, without considering the related economic incentives, could contaminate earnings quality investigations. The case of Brazil is analyzed, which is a country classified as code-law, in which tax laws determined accounting practice and in which IFRS adoption is mandatory. First, Brazilian companies listed on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBOVESPA) were separated into two classes: companies issuing American Depositary Receipts (ADRs) before IFRS adoption and companies that did not issue ADRs until the adoption of IFRS. Then, this second class of companies was grouped, using cluster analysis, into two different subclasses according to economic incentives. Based on the groups identified, the quality of accounting earnings is tested for each class of the companies before and after IFRS adoption. This paper uses timely recognition of economic events, value relevance of net income, and earnings management as proxies for the quality of accounting earnings. The results indicate that a particular class of companies began showing conditional conservatism, value relevance of net income, and lower earnings management after IFRS adoption. On the other hand, these results were not found for the two other classes of companies.

O papel de tributos diferidos no capital regulatório de instituições financeiras brasileiras

This study sought to provide evidence on the role of deferred tax assets and liabilities as an instrument for the attainment and arbitrage of regulatory capital levels by Brazilian financial institutions in the period from 2004 to 2009. Two hypotheses were developed. The managers of Brazilian financial institutions employ deferred taxes to a) comply with required regulatory capital limits and b) do so in a discretionary manner as a method for regulatory capital arbitrage. The present study collected evidence through the analysis of annual accounting information from Brazilian financial institutions. The hypotheses were tested using multiple linear regression and panel data regression data analysis techniques. The results show that Brazilian financial institutions have used deferred taxes to support or attain the minimum capital levels required by the Basel Accord; however, evidence that the volume of regulatory capital directly influences the volume of deferred taxes was also found, contradicting the international literature, which indicates discretion in the use of deferred taxes as a form of regulatory capital arbitrage.