Características dos CFO e gerenciamento de resultados em companhias brasileiras

Autores

Resumo

Apesar de a Teoria do Alto Escalão sustentar que os gestores da alta administração se pautam em suas características pessoais para interpretar as situações, formar opiniões e tomar as suas decisões, as pesquisas no Brasil investigam, predominantemente, como os aspectos contratuais, econômicos e institucionais afetam as escolhas organizacionais. Assim, este estudo teve o objetivo de preencher esta lacuna e identificar as características dos Chief Financial Officer (CFO) que estão associadas com a adoção de práticas de gerenciamento de resultados nas entidades. Para tanto, realizou-se uma pesquisa quantitativa, efetuada por meio do levantamento das informações referentes às companhias abertas brasileiras. Identificou-se que a idade e o nível educacional dos CFO apresentam associação negativa com as práticas de gerenciamento de resultados. Os achados sugerem que, assim como as características contratuais, econômicas e institucionais afetam o gerenciamento de resultados das entidades, as características observáveis dos CFO também são determinantes nesse processo.

Biografia do Autor

Neirilaine Silva Almeida, Universidade Federal de Uberlândia

É graduada em Ciências Contábeis na Universidade Federal de Uberlândia, especialista em Controladoria e Finanças, mestre em Administração e doutora em Contabilidade na Universidade Federal de Uberlândia. 

Sirlei Lemes, Universidade Federal de Uberlândia (UFU)

Professora do Programa de Pós-Graduação em Ciências Contábeis (UFU)

Referências

Ali, A., & Zhang, W. (2015). CEO tenure and earnings management. Journal of Accounting and Economics, 59(1), 60-79. https://doi.org/10.1016/j.jacceco.2014.11.004

Ali, M. J., & Ahmed, K. (2017). Determinants of accounting policy choices under International Accounting Standards: evidence from South Asia. Accounting Research Journal, 30(4), 430-446. https://doi.org/10.1108/ARJ-02-2015-0020

Bamber, L. S., Jiang, J., & Wang, I. Y. (2010). What’s my style? The influence of top managers on voluntary corporate financial disclosure. The Accounting Review, 85(4), 1131-1162. https://doi.org/10.2308/accr.2010.85.4.1131

Becker, C. L., Defond, M. L., Jiambalvo, J., & Subramanyam, K. R. (1998). The Effect of Audit Quality on Earnings Management. Contemporary Accounting Research, 15(1), 1-24. https://doi.org/10.1111/j.1911-3846.1998.tb00547.x

Benmelech, E., & Frydman, C. (2015). Military CEOs. Journal of Financial Economics, 117, 43-59. https://doi.org/10.1016/j.jfineco.2014.04.009

Carpenter, M. A., Sanders, W. G., & Gregersen, H. B. (2001). Bundling human capital with organizational context: The impact of international assignment experience on multinational firm performance and CEO pay. Academy of Management Journal, 44(3), 493-511. http://dx.doi.org/10.2307/3069366

Cheng, Q., & Warfield, T. D. (2005). Equity Incentives and Earnings Management. The Accounting Review, 80(2), 441-476. https://doi.org/10.2308/accr.2005.80.2.441

Cole, V., Branson, J., & Breesch, D. (2011). Determinants Influencing the de Facto comparability of European IFRS Listed Companies. Working Paper. http://dx.doi.org/10.2139/ssrn.1967001

Collin, S. O. Y., Tagesson. T., Andersson. A., Cato, J., & Hansson. K. (2009). Explaining the choice of accounting standards in municipal corporations: Positive accounting theory and institutional theory as competitive or concurrent theories. Critical Perspectives on Accounting, 20(2), 141-174. https://doi.org/10.1016/j.cpa.2008.09.003

Dauth, T., Pronobis, P., & Schmid, S. (2017). Exploring the link between internationalization of top management and accounting quality: The CFO’s international experience matters. International Business Review, 26(1), 71-88. https://doi.org/10.1016/j.ibusrev.2016.05.007

DeAngelo, L. (1986). Accounting numbers as market valuation substitutes: a study of management buy outs of public stockholders. Accounting Review, 61, 400-420. https://www.jstor.org/stable/247149

Dechow, P. M., Ge, W., Larson. C. R., & Sloan, R. G. (2011). Predicting Material Accounting Misstatements. Contemporary Accounting Research, 28, 17-82. https://doi.org/10.1111/j.1911-3846.2010.01041.x

Dechow, P. M., Richardson, S. A., & Tuna, I. (2003). Why are earnings kinky? An examination of the earnings management explanation. Review of Accounting Studies, 8(2-3), 355-384. https://doi.org/10.1023/A:1024481916719

Dechow, P. M., & Sloan, R. G. (1991). Executive incentives and the horizon problem. Journal of Accounting and Economics, 14, 51-89. https://doi.org/10.1016/0167-7187(91)90058-S

Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting Review, 70(2), 193-225. https://doi.org/10.1111/j.1911-3846.1996.tb00489.x

Defond, M. L., & Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics, 17, 145-176. https://doi.org/10.1016/0165-4101(94)90008-6

Dichev, I. D., Graham, J., Campbell, R. H., & Rajgopal, S. (2013). Earnings quality: Evidence from the field. Journal of Accounting and Economics, 56, 1-33. https://doi.org/10.1016/j.jacceco.2013.05.004

Dichev, I. D., & Skinner, D. J. (2002). Large-Sample Evidence on the Debt Covenant Hypothesis. Journal of Accounting Research, 40, 1091-1123. https://doi.org/10.1111/1475-679X.00083

Fields, T., Lyz, T., & Vincent, L. (2001). Empirical research on accounting choice. Journal of Accounting and Economics, 31, 255-308. https://doi.org/10.1016/S0165-4101(01)00028-3

Ge, W., Matsumoto, D., & Zhang, J. L. (2011). Do CFOs have style? An empirical investigation of the effect of individual CFOs on accounting practices. Contemporary Accounting Research, 28(4), 1141-1179. https://doi.org/10.1111/j.1911- 3846.2011.01097.x

González, J. S., & García-Meca, E. (2014). Does corporate governance influence earnings management in Latin American markets? Journal of Business Ethics, 121(3), 419-440. https://doi.org/10.1007/s10551-013-1700-8

Gounopoulos, D., & Pham, H. (2018). Financial Expert CEOs and Earnings Management Around Initial Public Offerings. International Journal of Accounting, 53(2), 102-117. https://doi.org/10.1016/j.intacc.2018.04.002

Gujarati, D. N., & Porter, D. C. (2011). Econometria básica. Tradução Denise Durante, Mônica Rosemberg, Maria Lúcia G. L. Rosa. Porto Alegre, AMGH, 5. ed.

Hambrick, D. C. (2007). Upper e echelons theory: An Update. Academy of Management Review, 32(2), 334-343. : https://doi.org/10.5465/amr.2007.24345254

Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: the organization as a reflection of top managers. Academy of Management Review, 9, 193-206. https://dx.doi.org/10.5465/AMBPP.1982.4976402

Healy, P. (1985). The impact of bonus schemes on the selection of accounting principles. Journal of Accounting and Economics, 7, 85-107. https://doi.org/10.1016/0165-4101(85)90029-1

Hitt, M. A., & Tyler, B. B. (1991). Strategic Decision Models: Integrating Different Perspectives. Strategic Management Journal, 12, 5, 327-351. https://doi.org/10.1002/smj.4250120502

Hoff, J., & Vicente, E. F. R. (2016). Gerenciamento de resultados e a remuneração variável dos executivos das companhias brasileiras listadas na BM&FBOVESPA. Revista Contabilidade Ufba, 10(2), 64-81. http://dx.doi.org/10.9771/rc-ufba.v10i2.17027

Hooghiemstra, R., Hermes, N., Oxelheim, L., & Randoy, T. (2019). Strangers on the board: The impact of board internationalization on earnings management of Nordic firms. International Business Review, 28(1), 119-134. https://doi.org/10.1016/j.ibusrev.2018.08.007

Huang, H. W., Rose-Green, E., & Lee, C. C. (2012). CEO Age and Financial Reporting Quality. Accounting Horizons, 26(4), 725-740. https://doi.org/10.2308/acch-50268

Jiang, F., Zhu, B., & Huang, J. (2013). CEO’s financial experience and earnings management. Journal of Multinational Financial Management, 23(3), 134-145. https://doi.org/10.1016/j.mulfin.2013.03.005

Jiang, J., Petroni, K. R., & Wang, I. Y. (2010). CFOs and CEOs: Who have the most influence on earnings management? Journal of Financial Economics, 96, (3), 513-526. https://doi.org/10.1016/j.jfineco.2010.02.007

Jones, J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2),193-228. https://doi.org/10.2307/2491047

Kang, S., & Sivaramakrishnan, K. (1995). Issues in testing earnings management and an instrumental variable approach. Journal of Accounting Research, 33(2), 353-367. https://doi.org/10.2307/2491492

Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163-197. https://doi.org/10.1016/j.jacceco.2004.11.002

Lassoued, N., Attia, M. B. R., & Sassi, H. (2017). Earnings management and ownership structure in emerging market: Evidence from banking industry. Managerial Finance, 43(10), 1117-1136. https://doi.org/10.1108/MF-11-2015-0312

Leuz, C. (2010). Different approaches to corporate reporting regulation: How jurisdictions differ and why. Accounting and Business Research, 40(3), 226-256. https://doi.org/10.1080/00014788.2010.9663398

Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics, 89, 20-43. https://doi.org/10.1016/j.jfineco.2007.07.002

Martinez, A. L. (2001). Gerenciamento dos resultados contábeis: estudo empírico das companhias abertas brasileiras. Tese de doutorado, Faculdade de Economia, Administração e Contabilidade, Universidade de São Paulo, São Paulo, Brasil.

Martinez, A. L. (2010). Quando o conselho de administração e a auditoria evitam o gerenciamento de resultados? Evidências empíricas para empresas brasileiras. Revista de Informação Contábil, 4(1), 76-93. https://doi.org/10.34629/ric.v4i1.76-93

Martins, V. G., Paulo, E., & Monte, A. (2016). O gerenciamento de resultados contábeis exerce influência na acurácia da previsão dos analistas no Brasil? Revista Universo Contábil, 12(3), 73-90. https://doi.org/10.4270/RUC.2016322

Mazzioni, S., Prigol, V., Moura, G. D., & Klann, R. C. (2015). A influência da governança corporativa e da estrutura de capital no gerenciamento de resultados. Revista Contemporânea de Contabilidade, 12(27), 61-86. https://doi.org/10.5007/2175-8069.2015v12n27p61

Missonier-Piera, F. (2004). Economic determinants of multiple accounting method choices in a Swiss context. Journal of International Financial Management and Accounting, 15(2), 118-144. https://doi.org/10.1111/j.1467-646X.2004.00104.x

Nelson, S. P., & Devi, S. (2013). Audit committee experts and earnings quality. Corporate Governance: The international journal of business in society,13(4), 335-351. https://doi.org/10.1108/CG-02-2011-0009

Nobes, C. The continued survival of international differences under IFRS. Accounting and Business Research, v. 43, n. 2, pp. 83-111, 2013. https://doi.org/10.1080/00014788.2006.9730023

Nobes, C., & Perramon, J. (2013). Firm Size and National Profiles of IFRS Policy Choice. Australian Accounting Review, 23(3), 208-215. https://doi.org/10.1111/j.1835-2561.2012.00203.x

Ntim, C. G., & Soobaroyen, T. (2013). Black Economic Empowerment Disclosures by South African Listed Corporations: The Influence of Ownership and Board Characteristics. Journal of Business Ethics, 116(1), 121-138. https://doi.org/10.1007/s10551-012-1446-8

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. https://doi.org/10.1007/s11156-005-5324-7

Park, Y. W., & Shin, H. H. (2004). Board composition and earnings management in Canada. Journal of Corporate Finance, 10, 431-457. https://doi.org/10.1016/S0929-1199(03)00025-7

Parker, P. D., Swanson, N. J., & Dugan, M. T. (2016). Management of pension discount rate and financial health. Journal of Financial Economic Policy, 8(2), 142-162. https://doi.org/10.1108/JFEP-08-2015-0047

Patzelt, H. (2010). CEO human capital, top management teams, and the acquisition of venture capital in new technology ventures: An empirical analysis. Journal of Engineering and Technology Management, 27(3-4), 131-147. https://doi.org/10.1016/j.jengtecman.2010.06.001

Paulo, E. (2007). Manipulação das informações contábeis: uma análise teórica e empírica sobre os modelos operacionais de detecção de gerenciamento de resultados. Tese de doutorado, Faculdade de Economia, Administração e Contabilidade, Universidade de São Paulo, São Paulo, Brasil.

Peasnell, K. V., Pope, P. F., & Young, S. (2000). Detecting earnings management using cross-sectional abnormal accrual models. Accounting and Business Research, 30(4), 313-326. https://doi.org/10.1080/00014788.2000.9728949

Qi, B., & Tian, G. (2012). The Impact of Audit Committees’ Personal Characteristics on Earnings Management: Evidence from China. Journal of Applied Business Research, 28(6), 1331-1344. https://doi.org/10.19030/jabr.v28i6.7347

Quagli, A., & Avallone, F. (2010). Fair Value or Cost Model? Drivers of Choice for IAS 40 in the Real Estate Industry. European Accounting Review, 19(3), 461-493. https://doi.org/10.1080/09638180.2010.496547

Ran, G., Fang, Q., Luo, S., & Chan, K. C. (2015). Supervisory board characteristics and accounting information quality: Evidence from China. International Review of Economics & Finance, 37, 18-32. https://doi.org/10.1016/j.iref.2014.10.011

Scott, W. R. (2009). Financial Accounting Theory. Toronto: Pearson.

Sincerre, B. P., Sampaio, J. O., Famá, R., & Santos, J. O. (2016). Emissão de dívida e gerenciamento de resultados. Revista Contabilidade & Finanças, 27(72), 291-305. https://doi.org/10.1590/1808-057x201601660

Sprenger, K. B., Kronbauer, C. A., & Costa, C. M. (2017). Características do CEO e o Gerenciamento de Resultados em Empresas Listadas na BM&FBovespa. Revista Universo Contábil, 13(3), 120-142. https://doi.org/10.4270/RUC.2017321

Stadler, C., & Nobes, C. W. (2014). The Influence of Country, Industry, and Topic Factors on IFRS Policy Choice, Abacus, 50(4), 386-421. https://doi.org/10.1111/abac.12035

Sweeney, A. P. (1994). Debt-covenant violations and managers accounting responses. Journal of Accounting and Economics, 17, 281-308. https://doi.org/10.1016/0165-4101(94)90030-2

Tendeloo, B. V., & Vanstraelen, A. (2005). Earnings management under German GAAP versus IFRS. European Accounting Review, 14(1), 155-180. https://doi.org/10.1080/0963818042000338988

Troy, C., Smith, K. G., & Domino, M. A. (2011). CEO demographics and accounting fraud: Who is more likely to rationalize illegal acts? Strategic Organization, 9(4), 259-282. https://doi.org/10.1177/1476127011421534

Watts, R. L. (1992). Accounting choice theory and market-based research in accounting. The British Accounting Review, 24(3), 235-267. https://doi.org/10.1016/S0890-8389(05)80023-X

Waweru, N. M., Ntui, P. P., & Wangena, M. (2011). Determinants of different accounting methods choice in Tanzania. Journal of Accounting in Emerging Economies, 1(2), 144-159. https://doi.org/10.1108/20421161111138503

Xiong, J. (2016). Chairman Characteristics and Earnings Management: Evidence from Chinese Listed Firms. Open Journal of Accounting, 5, 82-94. https://dx.doi.org/10.4236/ojacct.2016.54008

Zahra, S. A., Priem, R. L., & Rasheed, A. A. (2007). Understanding the Causes and Effects of Top Management Fraud. Organizational Dynamics, 36(2), 122-139. https://doi.org/10.1108/hrmid.2007.04415gad.001

Publicado

2022-06-30