Essa pesquisa possui como objetivo verificar se as diferenças existentes entre os lucros contábil e tributável (BTD) conseguem captar o oportunismo por parte dos gestores (GR) existente nas empresas brasileiras de capital aberto, quando isolada a parcela gerada normalmente pela diferença entre as normas (diferenças de método NBTD), no período de 1999 a 2007. Para testar a questão supracitada, foram utilizados modelos econométricos que isolam o oportunismo, comportamento que altera os lucros empresariais. Para a verificação da presença de gerenciamento de resultados utilizou-se os resultados obtidos pelo modelo proposto por Paulo (2007) (modelo BR), o qual apresentou resultados mais adequados ao Brasil. Para isolar o oportunismo por meio da formação das BTD, foi escolhido o modelo empírico de Tang (2006), o qual é baseado no modelo conceitual da mesma autora e envolve tanto variáveis ligadas ao GR quanto ao planejamento tributário (PT) em sua criação. A literatura internacional aponta que a introdução de variáveis que representam o PT em modelos de GR diminui a parcela de erro de estimação desses modelos, auxiliando na identificação do comportamento oportunista. Embora no Brasil os estudos tenham identificado a presença de GR nas demonstrações das empresas, não é comum a realização de estudos envolvendo o lucro tributável, exceto por aqueles que utilizam contas específicas para a identificação de GR (Ex.: Impostos diferidos). Adicionalmente, este trabalho propõe um modelo de separação das parcelas das BTD por meio de variáveis que explicam a formação da BTD no contexto das normas nacionais, com resultados estatísticos mais relevantes para o contexto brasileiro (BTD_BR) do que o criado por Tang (2006). Os resultados desta pesquisa sugerem que as manipulações para fins de divulgação realizadas no período estudado não estão relacionados a comportamentos considerados anormais apurados pelos modelos de BTD, pois os valores encontrados na análise de correlação são baixos. / This research has as objective to verify if the book-tax differences (BTD) can capture the opportunism of managers (Earnings Management EM) exists in Brazilian open-capital companies when isolated portion normally generated by the difference between the standards (accounting-tax misalignment NBTD), from 1999 to 2007. To test the question above, econometric models were used to isolate the opportunism behavior amending corporate profits. To verify the presence of earnings management the results obtained by the model proposed by Paulo (2007) (BR Model), which showed better results in Brazil, have been used. To isolate the opportunism through the formation of BTD was chosen the Tang (2006) empirical model, which is based on the conceptual framework of the same author and involves both variables linked to EM as to tax planning (TP) in its creation. International literature suggests that the introduction of variables representing TP in GR models reduces the measurement error portion of these models, promoting better identification of opportunistic behavior. Although studies in Brazil have identified the presence of EM in companies reports, studies involving taxable income are not common, except by those who use specific accounts for the identification of EM (e.g. deferred taxes). Additionally, this work proposes a model (BTD_BR) with variables that explain the BTD formation in national standards with statistical results more relevant to the Brazilian context than the model created by Tang (2006). These results suggest that the manipulations performed during the study period were due to behavior considered normal or predicted by the models, since the values found in the correlation analysis are low.

Submitted by Maicon Juliano Schmidt (maicons) on 2015-08-05T14:36:18Z No. of bitstreams: 1 Jean Carlos Oliveira Seidler.pdf: 860848 bytes, checksum: 82f554c11bb4f3893cd7b7f66e1c5222 (MD5) / Made available in DSpace on 2015-08-05T14:36:18Z (GMT). No. of bitstreams: 1 Jean Carlos Oliveira Seidler.pdf: 860848 bytes, checksum: 82f554c11bb4f3893cd7b7f66e1c5222 (MD5) Previous issue date: 2015-03-16 / Nenhuma / Diante da importância do lucro como indicador de desempenho financeiro das empresas e os questionamentos sobre a qualidade destas informações, o presente estudo objetivou classificar a qualidade de lucros (Earnings Quality) das empresas listadas no mercado de capitais no Brasil por meio de um índice de qualidade doslucros (IQL). A amostra utilizada foi composta por sociedades anônimas de capital aberto, listadas na BM&FBovespa, que negociaram ações entre os anos de 2003 a 2012. A base de dados foi extraída do software Economática® e obteve um total de 1746 observações. Foram apresentados os resultados dos modelos de persistência de Dechow e Schrand (2004), conservadorismo de Ball e Shivakumar (2005) e gerenciamento de resultados de Kang e Sivaramakrishnan (1995). Os resultados obtidos nestes modelos possibilitaram a elaboração do Índice de Qualidade dos Lucros (IQL), mediante a aplicação da técnica de análise de componentes principais (PCA). A análise proporcionou identificar as empresas Elekeiroz, Ambev, Energias BR, Tegma e Tecnisa como as companhias com maiores scores de IQL de toda a amostra. Já em relação ao segmento de mercado, destacaram-se o setor da Construção civil, com 6 empresas entre o Ranking dos 30 maiores IQL’s. O menor nível dequalidade dos lucros foi para empresa Eletrobras que ficou em último lugar no Ranking de IQL. Em relação aos piores índices por segmento de mercado, destacou-se o setor da têxtil, com 6 empresas entre o Ranking dos 30 menores IQL’s. Importante salientar que o setor de energia elétrica apareceu de forma expressiva tanto no segmento com melhores índices de IQL, como também, nos menores índices de IQL. Dessa forma, sugere-se estudo especifico com a finalidade de se verificar a influência da qualidade dos lucros em setores altamente regulados, como por, exemplo o setor de energia elétrica. / Given the importance of income as a financial performance indicator of the companies, and the questions about the quality of this information, this study aimed to classify the Earnings Quality of listed companies in the capital market in Brazil through a quality index of profits (IQL). The sample was composed of corporations publicly traded, listed on the BM&FBovespa, that negotiated actions between the years 2003 to 2012. The database was extracted from Economática® software and a total of 1746 observations were obtained. Were presented the results of the models the persistence of Dechow and Schrand (2004), conservatism Ball and Shivakumar (2005) and earnings management of Kang and Sivaramakrishnan (1995) . The results obtained in these models allowed the preparation of the Profit Quality Index (IQL), by applying the principal component analysis (PCA). The analysis provided identify Elekeiroz companies, Ambev, BR Energy, Tegma and Tecnisa as companies with higher scores IQL of the entire sample. In relation to the market segment, the highlights were the civil construction sector, with 6 companies among the Top 30 largest IQL's. The lowest level of quality of earnings was to Eletrobras company that ranked last in the IQL Ranking. Regarding the worst rates by market segment, the highlight was the textile sector, with 6 companies among the Top 30 smaller IQL's. Noteworthy that the electricity sector appeared significantly both in the segment with better rates of IQL, but also in lower rates of IQL. Thus, it is suggested specific study in order to investigate the influence of the quality of profits in highly regulated industries, such as, eg the electricity sector.

Cette thèse constituée de trois essais s’intéresse aux déterminants de la maturité de la dette des sociétés. Le premier essai examine le lien entre la structure de l’actionnariat et la maturité de la dette à partir d’un échantillon de sociétés françaises. Nos résultats montrent que le contrôle par la dette à court terme peut, dans une certaine mesure, se substituer aux mécanismes traditionnels de gouvernance tels que la structure de l’actionnariat. Le second essai étudie la relation entre la qualité de l’information financière et la maturité de la dette à partir d’un échantillon de sociétés européennes. Nous étudions particulièrement l’effet de la gestion des résultats sur la maturité de la dette. Nous montrons alors que la gestion des résultats a un effet négatif sur la dette à long terme dans la structure de dette des firmes. En outre, nous observons que le lien négatif entre la gestion des résultats et la dette à long terme ne tient que dans les pays de droit civil. Enfin, le troisième essai analyse dans le contexte français du co-commissariat aux comptes, si la présence d’auditeurs réputés dans le collège de commissaires aux comptes est associée à la maturité de la dette. Il ressort de cette étude que la présence des auditeurs du Big 4 est associée positivement à la dette à long terme. / This thesis consists of three essays aims to examine the determinants of corporate debt maturity. The first essay examines the link between ownership structure and debt maturity using a sample of French companies. Our results show that the monitoring by short-term debt can, to a certain extent, to be a substitute for traditional governance mechanisms such as ownership structure. The second essay examines the relation between financial reporting quality and debt maturity using a sample of European companies. We study specifically the effect of earnings management on debt maturity. We find that firms with high earnings management activities are associated with less long-term debt. In additional analysis, we observe that the negative link between earnings management and long-term debt holds only in code law countries. Finally, the third essay analyzes in the French context of joint audit, whether the presence of reputable auditors is associated with debt maturity. The study shows that appointing Big 4 auditors is positively associated with long term debt.

本研究觀察臺灣新上市公司的盈餘管理行為是否傾向於下半年或第四 季。且不同季別盈餘管理的舉措是否與股價操縱有關？如果答案為肯定， 則我國股市的資源與財富分配效效果，需進一步探討，並提出改良的方法 。 為驗證上述兩者之關聯性，本研究以民國 80 年至民國 83 年所有上市公司之年度財 務資訊與季資訊為樣本，用市場模式衡量 異常報酬，並比較年度間各類之淨應計項目，以 探討盈餘有用性、盈餘 管理之季節效應，及其與資訊內涵的關係。其實證結果顯示： (一)年度盈餘及季盈餘具資訊內涵，且季盈餘資訊內涵間具差異性。 (二)公司管理當局之年度間盈餘管理行為並未如預期地傾向於第四季或 下半年。 (三)公司管理當局年度間盈餘管理在好壞消息的樣本間是具差異性的，且在好消息 樣本間較顯著。 (四)公司管理當 局會利用季盈餘管理之結果來操縱股價。 綜合上述實證結果，由於盈餘資訊內涵的存在，對一般投資者而言，盈餘是有用的資訊，而公司當理當局會在年度中各季間從事盈餘管理行為來達成其預定目標。與本研究的 預期不同，公司管理當局不會在第四季或下半年特別作盈餘管理。由於我國股市投機風氣較盛，管理當局可能利用財務預測資訊或其他資訊來操縱股價，遠比盈餘管理有效。然原因如何尚待進一步探討。

本研究觀察台灣新上市公司上市後業績衰退的特殊現象，並參酌有關國內股票上市的規定，及股市相配合之資訊與競爭環境，由求實性會計理論之推衍，以探討公司於上市後經營績效之惡化，是否係因公司若於上市前進行盈餘管理以利於上市申請之審查過程，然損益操縱有其限度、且上市後應計項目迴轉的結果。 　　為驗証上市後業績衰退與上市前盈餘管理之關聯，本研究以民國73年至民國81年於台灣証券交易所初次上市，而於上市後業績呈衰退之新上市公司，比較其上市前後之應計項目、與營業有關之應計項目及營業外損益之差異尺度是否顯著，以偵測衡量業績衰退之新上市公司於上市前是否進行盈餘管理，及其所使用之盈餘管理工具。實証結果顯示： 　　(1)業績衰退之新上市公司，上市前後總應計項目並未呈顯著差異。 　　(2)就與營業有關之應計項目，上市後業績衰退之公司，其上市前顯著大於上市後之平均水準；就上市前各年而言，上市前二年及上市前三年之與營業有關之應計項目顯著大於上市後。 　　(3)而營業外損益，業績衰退之樣本公司則有上市後顯著大於上市前的現象。 　　綜合上述實証結果，業績衰退之新上市公司應計項目，上市前後並無顯著差異，可能係公司進行損益平穩化的結果；進一步分析探討，與營業有關之應計項目及營業外損益，於上市前後呈相反方向之變動，且上市前後呈顯著之差異。由於與營業有關之應計項目，與營業外損益，於財務報表之揭露及使用者的分析方式上，皆具有不同的特性及意義。故而結論，公司於面臨不同的外在經濟環境壓力下，進行之損益操縱策略時，將會審慎考慮該經濟環境壓力之因素，俾達其預定目標。

Samtliga företag ska varje år upprätta en årsredovisning. Syftet med årsredovisningen är att tillgodose investerare och till viss del långivare med information. För att attrahera kapital från dessa aktörer åligger det incitament för företag att anpassa sin årsredovisning med syfte att framställa dess finansiella ställning i bättre dager än den i själva verket är. Majoriteten av de metoder företag kan använda för att manipulera dess resultat går under begreppet Earnings Management eller Designad redovisning, där Big Bath Accounting ingår. Big Bath Accounting skildrar de åtgärder ledningen vidtar för att väsentligt minska en periods vinst för att öka nästkommande periods vinst. Tidigare forskning har inte kunnat demonstrera en koppling mellan Big Bath Accounting och förändringar i företagens aktiekurs eller vinst. Trots detta förekommer fall där företag påstås använda sig av redovisning liknande Big Bath Accounting. Det föreligger därmed intresse att undersöka huruvida det går att statistiskt påvisa fenomenets existens.

Denna studie fokuserar på effekten av IFRS/IAS på earnings management. Huvudsyftet är att identifiera earnings management före och efter införandet av IFRS/IAS för att klargöra om de internationella redovisningsstandarderna har påverkat förekomsten av resultatmanipulering inom svenska börsbolag. Perioden som studeras är åren 2002-2008. För att identifiera earnings management används den modifierade Jones-modellen som går ut på att detektera förekomsten av godtyckliga periodiseringar som ett mått på resultatmanipulering. Vi kontrollerar även för om variablerna storlek och bransch kan förklara förekomsten av företeelsen före och efter införandet av IFRS/IAS. Urvalet är de 144 företag som var listade på Small-Cap, Mid-Cap och Large-Cap på stockholmsbörsen november 2011. Resultaten visar att IFRS/IAS inte har påverkat earnings management då förekomsten av godtyckliga periodiseringar förhåller sig relativt konstant under tidsperioden. Slutligen kunde vi finna resultat som visar att förekomsten av earnings management förekommer i större utsträckning bland företagen på Small-Cap och i IT- & Telekombranschen. / This study focuses on the effect of IFRS/IAS on earnings management. The main purpose is to identify earnings management before and after the adoption of IFRS/IAS to clarify if the international accounting standards have had any effect on the presence of earnings management in Swedish listed companies. The studied period is the years between 2002 and 2008. In order to identify earnings management we use the modified Jones-model which detects the presence of discretionary accruals as a measure of earnings management. Other variables such as firm-size and industry are also examined to see whether these firm specific features may explain the amount of discretionary accruals before and after implementation of IFRS/IAS. We consider a sample of 144 firms listed on Small-Cap, Mid-Cap and Large-Cap on the Swedish stock market in November 2011. The results show that IFRS/IAS has had no effect on earnings management, as discretionary accruals have remained relatively constant during the period before and after the adoption. Finally, the results indicate that firms listed on Small-Cap tend to manage earnings in a larger proportion than firms listed on Mid-Cap and Large-Cap. Also, there seems to occur significant more earnings management in firms of the Information Technology & Telecom Industry.

To consider the international trend and enhance the global competitiveness of Taiwan enterprises, the Government committed to convert the domestic accounting standards to International Financial Reporting Standard (IFRS). Taiwan Statement of Financial Accounting Standards (SFAS) No.10, ¡§Inventories¡¨, was revised to adopt IFRS and effective on January 1, 2009 under this background. New SFAS No.10 has different rules on inventory evaluation and has significant impacts on inventory decision-making and operating profits, which may cause much high pressure on companies¡¦ operating performance. Based on this assumption, this research would like to know whether adopting the new SFAS No.10 can affect earnings management behavior by studying the relations between inventories related financial factors and accrual-based earnings management. This research takes the absolute value of discretionary accruals (ADA) from the Modified Jones Model as a measuring indicator of earnings management; and selects six sequential quarterly financial statements of listed companies in Taiwan Stock Exchange Market before and after adopting new SFAS No.10. The total sampling periods are twelve quarters from the third quarter of 2007 to the second quarter of 2010. The empirical results of this study are summarized as follows: 1.After adopting New SFAS No.10, the levels of using discretionary accruals for earnings management are significantly reduced. 2.Gross Profit Margin and Inventory Turnover Rate both have significant correlations with using discretionary accruals for earnings management. 3.Companies have shorter product life cycles are more evident in using discretionary accruals for earnings management. 4.Fixed Assets to Total Assets Rate and Provision of Inventory Loss both have no significant correlations with using the discretionary accruals for earnings management.

Denna studie behandlar nedskrivning av goodwill i svenska börsnoterade företag, och beaktar fyra möjliga förklaringar till detta. Relevant regelverk för den finansiella rapporteringen är IFRS. Genom en kvantitativ metod och ett deduktivt angreppssätt uppmärksammar vi problematiken kring att forskningen genererat olika förklaringar till att en nedskrivning äger rum.   Studien omfattar 1260 observationer i form av räkenskapsår, som sträcker sig mellan åren 2006 till 2013. Vårt empiriska material är inhämtat via databaser och omfattar finansiell information för vart och ett av företagen, fördelat på de olika åren. Nedskrivningskostnaden för goodwill är manuellt insamlat från de företag där goodwill som tillgångspost minskat från år t-1 till år t.   Från vårt teoretiska ramverk deduceras hypoteser som tillhandahåller eventuella orsaker till varför en nedskrivning kan ha ägt rum. Studien undersöker inledningsvis om en nedskrivning kan härledas till rådande företagsekonomiska förhållanden, där vedertagna undersökningsmått baserat på nyckeltal beräknade från årsredovisningar används. Vidare undersöks om nedskrivning av goodwill kan kopplas till resultatmanipulerande åtgärder genom stålbad eller vinstutjämning. Dessa kompententer i studien undersöks utifrån befintlig metodik tillhandahållen genom likartad forskning, men som utförts på andra geografiska marknader. Slutligen testas även, baserat på en egenhändigt framtagen operationalisering, finanskrisens inverkan på nedskrivning av goodwill.   Vår studies statistiska moment innehåller binära regressionsanalyser som med ett antal förklarande variabler prövar vad som kan förklara om en nedskrivning äger rum eller inte, samt en multipel regression som söker determinanter för nedskrivningens storlek.   Studiens resultat påvisar ett signifikant negativt samband mellan nedskrivning av goodwill och räntabilitet på totala tillgångar, vilket implicerar att bolag med sämre avkastning mer sannolikt kan komma att utföra en nedskrivning av goodwill. Även bolag med en hög andel goodwill i förhållande till totala tillgångar kan förväntas genomföra en nedskrivning, vilket visas genom ett signifikant positivt samband mellan beroende och förklarande variabel. Samma parameter, andel goodwill, kan även förklara storleken på en nedskrivning.   Vidare kan studien, genom statistisk signifikans, visa att nedskrivning av goodwill sker i samband med den resultatmanipulerande åtgärden stålbad, vilket innebär att bolag med ett redan dåligt resultat försämrar det ytterligare genom en nedskrivning. Att stålbadets motsats, vinstutjämning, förekommer som resultatmanipulerande åtgärd kan inte påvisas. Finanskrisens eventuella inverkan på vår beroende variabel kan inte styrkas.     Sammantaget visar studien att bolag med svag avkastningseffekt tenderar att oftare skriva ned goodwill än andra bolag, vilket eventuellt kan indikera att de följer de rekommendationer som standarden, IFRS, förespråkar. Indikationer på att resultatmanipulering genom stålbad förekommer på stockholmsbörsen kan också identifieras.

Since Sarbanes-Oxley (SOX) is an exogenous shock to the information environment of U.S.-listed firms, those firms might adjust their capital structures to reflect the new information environment. Using univariate and multivariate tests, including differences-in-differences, I examine SOX's effect on the capital structure of U.S.-listed firms relative to Canadian firms listed in Canada, which are treated as control firms since they are not subject to SOX. The results indicate that, after the passage of SOX, U.S.-listed firms raise their long-term debt ratios by two to three percentage points, relative to the control group. U.S. firms listed in the U.S. drive this result, while Canadian firms cross-listed in the U.S. do not alter their long-term leverage ratios after SOX. The higher debt ratios do not occur because of lower rates of growth in equity and short-term debt after SOX for U.S.-listed firms, relative to control firms. In addition, firms that heavily (lightly) manage earnings prior to SOX use less (more) debt after SOX. Previous research argues that the Sarbanes-Oxley Act (SOX) could require managers to reveal bad news about their firms. Bad news may cause market participants, including credit rating agencies, to update their beliefs about those firms and conclude that their outlook is not as profitable as initially thought. In this paper, I examine short- and long-term credit ratings after SOX. The main finding is that, in the SOX era, aggressive earnings management is associated with lower short- and long-term credit rating levels. This result is robust to size and suppliers' outlook on the economy.