Efeitos do gerenciamento de resultados no desempenho econômico-financeiro e valor de mercado de empresas negociadas na B3

Abstract

The present research aimed to analyze the effect of earnings management on the economicfinancial performance and market value of companies with shares traded on B3, thus contributing to expanding knowledge between the simultaneous relationships and the variables and constructs under study. In this context, the use of structural equation modeling aimed to contribute with new analysis perspectives such as mediation effects, indirect effects, in addition to presenting robust and reliable results. The research presents a managerial contribution by analyzing the practices of managing results through real activities and managing results through accruals. This analysis made it possible to elucidate the characteristics of each type of results management, as a strategic factor in the choices of the agent and the principal. For academia, the research contributes with new theoretical analysis perspectives on earnings management, as well as methodological, mainly with regard to mediation and direct and indirect effects. It contributes to alleviating the lack of studies in the areas of accounting and finance that use stacked balanced panel databases through structural equation modeling (SEM). The sample consisted of 292 companies, the data were collected in the Economática database, in the period covering the year 2011 to 2022, composing a total of 5,000 subsamples (companies/year). To investigate the proposed hypotheses, structural equation modeling was used, implemented in the SmartPLS software. The results found were statistically significant for this sample, indicating the practice of earnings management for companies with shares traded on B3. It also reveals that the practice of managing results through real activities was confirmed with a positive effect on the economic-financial performance and market value of firms. The practice of earnings management through accruals was also confirmed, but with a negative effect.