Tom otimista do MD&A e a relação com a redução das receitas de vendas em períodos de crises
DOI:
https://doi.org/10.5007/2175-8069.2024.e100257Palavras-chave:
MD&A, Otimismo, Análise de texto, CrisesResumo
Diante de crises, empresas podem querer manter a atratividade induzindo os usuários da informação contábil por meio do tom dos relatórios financeiros. Nesse contexto, o estudo verificou se as empresas não financeiras dos EUA utilizam um tom otimista no Management's Discussion and Analysis (MD&A) quando enfrentam redução das receitas de vendas em anos de crises. Considerando um período de 2005 a 2022, os resultados da regressão Dif-in-Dif com dados em painel indicaram que, na crise, as empresas com redução nas receitas tendem a adotar um tom otimista no MD&A, sugerindo que esse tom pode ser uma resposta estratégica às quedas de receita. Esse resultado é corroborado ao considerar duas amostras distintas: para médias empresas dos EUA e para o Brasil. A pesquisa ressalta a importância de analistas e investidores acompanharem os dados financeiros, além das análises do MD&A, principalmente em períodos de crise, de modo a reduzirem as incertezas nas decisões de investimento. Além disso, ratifica-se a discussão de reguladores quanto à necessidade de normativas que promovam melhorias no MD&A, bem como se evidencia a necessidade de controle de períodos de crise em determinantes dos tons dos relatórios financeiros divulgados pelas empresas.
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