公司名稱不僅僅是識別的代號，還具有深切的意義存在，且更名還需花費很大的成本、面對原有客戶流失的風險，故企業更名背後的真正涵義是值得深入探討的。 本研究旨在探討在CRSP有更名紀錄之美國上市公司，是否會透過實質交易或裁決性應計之方式進行盈餘管理。除了比較更名前後盈餘管理程度之差異，同時也以更名公司為實驗組，並選取未更名公司作為對照組，檢測在更名後，更名公司與未更名公司之盈餘管理程度是否有顯著差異。另外，為額外分析不同類型的更名原因，是否會採取不同的盈餘管理方式，依不同標準選取以下二類之更名公司：第一類為因業務範圍改變而更名；第二類為無原因之更名。 實證結果發現，更名公司在更名後，比起更名前及未更名公司，可能有以操縱銷貨來壓低現金流量、透過過量生產以降低銷貨成本的實質交易行為，進行裁決性應計項目之盈餘管理也較為嚴重。額外分析不同原因的更名公司之實證結果則發現，無原因之更名公司在更名後，進行實質交易之情形較業務範圍改變之更名公司嚴重。 / This study investigates the impact of corporate name changes on earnings management. We examine earnings management behavior in the period leading to the passage of name change effective year and in the period following the passage of name change effective year, focusing on both real earnings management and accrual-based earnings management. To make further investigations, we conduct analysis of firms that change name because of broader or narrower focus the firm’s scope of business versus firms that change name with no reason. The empirical results show that name change firms use more accruals and real earnings management after name changes when compared to similar firms. Furthermore, we also find that firms change name with no reason tend to adopt real earnings management when compared to the firms that change name because of broader or narrow focus.

資本適足率（capital adequacy ratio，即實業界所稱之BIS比率）為金融界評估商銀風險之重要指標，在反映資本結構以至於倒閉風險的意義上，相較於財務分析常用的權益值對總資產比率，BIS比率應是一個更精確的指標。本研究先藉資本市場銀行股長天期窗口超額報酬率反映投資人所要求報酬中之風險貼水，探討投資人是否可以引用資本適足率衡量國內商銀的倒閉風險與流動性風險。此外，本研究亦針對壞帳費用與票券買賣損益兩項富裁量空間之科目，分析國內商業銀行策略性操縱帳面盈餘與資本問題。最後，就現行我國資本適足率規定之缺失，作進一步之檢討，並檢測調整部份風險性資產之風險權數後，對資本適足率解釋投資人所要求必要報酬間關係之影響。 實證結果發現，不論是商銀呈報金融主管機關之資本適足率，或是就銀行所發布資料，儘可能比照公訂資本適足率核算辦法所自行設算、不含資產負債表外風險性資產所計算之比值，甚至自行設算、僅考慮自有資本中之第一類資本（Tier 1 Capital）估算值，均與商銀股市超額報酬有顯著之負血關係，顯示資本適足率對投資人而言，屬攸關資訊，能幫助評估銀行倒閉風險，進而決定其所要求之必要報酬率。又國內商銀中，民營銀行股超額報酬對資本適足率之迴歸係數，較公營銀行更具負向關係，而民國八十一年後新成立之銀行對資本適足率之迴歸係數，亦較八十一年前成立之舊銀行更具負向關係，而景氣較蕭條時，資本適足率與報酬間之關係並未較繁榮期敏感。 在盈餘與資本調控部份，或因使用不同調控工具之成本差異，致使商業銀行在帳面資本不足時，傾向于增加提列壞帳費用；另一方面，銀行似乎為了損益平穩化之目的，而以多實現或少實現票券買賣損益作為調控當期盈餘之工具，此兩項潛在之盈餘調控工具，彼此間有著相互替代代，惟因實現票券買賣損益之成本因時而異，國內商業銀行引用此兩項工具相互替補的程度實隨資本市場榮枯而改變。在估算國內商銀壞帳費用不可裁量部份時，本研究發現以上期壞帳、本期逾催收款、應收匯兌承兌款及無擔保放款餘額估計壞帳，比過動國外文獻所採變數組更恰當。 / This thesis empirically examines the explanatory power of capital adequacy ratio (BIS ratio) to Taiwan's commercial bank long-windowed returns minus risk-free rates (hereafter excess return), investigating whether the ratio serves to measure the level of risk of these banks equity securities. Findings indicate the followings: (1) ceteris paribus, long-windowed bank returns negatively correlate with each and every measure of BIS ratio in this study. These results are consistent with the notion that capital adequacy ratio conveys relevant information regarding the bank shareholders risk; (2) required rate of security returns appears to be more (less) sensitive to the BIS ratio for banks founded after (prior to) 1992 and for non-state-owned (state-owned) commercial banks; (3) there is not corroborative evidence that macro-economic variables have incremental explanatory power to the regression coefficient for the BIS ratio. Further, by identifying and examining the potential discretionary components of Taiwan's commercial bank loan loss provisions (LLPs) and securities gains and losses (RSGs), this study aims at exploring these banks' accruals management practices. Robust against various sensitivity tests, empirical findings support the notion that commercial banks strategically increase their LLPs to avoid unfavorable capital adequacy ratios. On the other hand, this study finds these banks smooth reported earnings via RSGs. Moreover, our evidence is consistent with the hypothesis that LLPs and RSGs serve as substitutes for each other in commercial bank accruals management. However, the extent these banks exercise discretion via either measure varies with domestic capital market performance. For tests in this study, the specification of simultaneous equations outperforms the competing ordinary least square regression models. This study also provides an innovative design for estimating bank loan loss provisions. As compared with competing designs, our model, which relates commercial bank LLPs to non-performing assets, unsecured loans, accrued acceptances and prior-period loan loss provisions, produce a more efficient predictor for Taiwan's commercial bank LLPs.

本研究以我國1994年至2003年由四大會計師事務所查核簽證之上市上櫃公司為研究對象，探討會計師之產業專精與任期及其交互作用對於查核品質之影響，其中以裁決性應計數作為查核品質之代理變數，並同時採用會計師事務所及合夥會計師在特定產業之市場佔有率，作為產業專家之衡量指標。實證結果發現，產業專家可以限制受查客戶透過裁決性應計數從事盈餘管理，而以合夥會計師為基礎所計算之市場佔有率較會計師事務所為基礎所計算之市場佔有率，更能解釋審計品質的差異。在任期方面，研究結果顯示，會計師任期愈長愈能限制盈餘管理，而任期對於裁決性應計數絕對値之影響係反映於任期較長會計師之查核年資。但進一步檢測會計師對管理當局操弄盈餘向上或向下的態度是否隨著任期之增長而有所不同時，本研究發現，當管理當局操弄盈餘使其降低時，會計師任期增長愈能抑制管理當局向下操弄盈餘以預留未來盈餘空間；而在管理當局操弄盈餘使其增加時，會計師任期增長則沒有理由支持具查核品質。此外，在產業專家與任期之交互作用對查核品質影響方面，實證結果發現，產業專家會計師抑制盈餘管理的能力較非產業專家好，所以較不須要透過任期的增加來提升其偵測盈餘管理的能力。 / This study uses the sample comprised of listed and OTC firms in Taiwan during 1994-2003 and examines the effects of auditor industry specialization, auditor tenure and the interaction on audit quality. I use discretionary accruals as proxies for audit quality and industry specialization is measured in terms of both audit firm market share in an industry and auditor market share in an industry. My empirical results provide evidence that industry specialist auditors can restrict accruals-based earnings management and explain the differentiation of audit quality more than industry specialist audit firms. About auditor tenure, I find that absolute discretionary accruals decline with auditor tenure and tenure traced at the longer auditor tenure is superior to shorter auditor tenure. The results show that longer auditor tenure enhances audit quality. In addition, a further analysis shows that the clients have motivations on income-decreasing earnings management, auditors can limit management’s ability to create reserve to manage future earnings. But the clients have motivations on income-increasing earnings management, the study did not provide sufficient evidences to explain that audit quality is improved with tenure. Besides, the result of empirical analysis support my estimation about the interaction between auditor industry specialization and auditor tenure. The industry specialist auditors mitigate earnings management more than nonspecialist auditors and don’t enhance audit quality through extending auditor tenure.

Redovisningsskandaler runt om i världen har medfört ett ökat intresse från lagstiftare och akademiker för ledares kontroll över finansiell rapportering. För intressenter är det viktigt att den redovisade informationen återspeglar den ekonomiska verkligheten. Tidigare forskning rapporterar att beteendeskillnader existerar mellan kvinnor och män. Studiens syfte är att analysera samband mellan kön och resultatmanipulering, vilket definieras som att en högre (lägre) grad av resultatmanipulering leder till sämre (bättre) grad av överensstämmelse mellan ett bolags resultatredovisning och bolagets ekonomiska verklighet. Tidigare forskning som undersökt detta har producerat inkonsekventa resultat både vad gäller kön hos finansdirektörer och vd:ar och dessas samband med resultatmanipulering. I ett urval om 518 räkenskapsår dragna från Stockholmsbörsens Large Cap mäter vi detta samband med två olikaregressionsmodeller. Modellerna visar inget samband mellan kvinnliga vd:ar ochresultatmanipulering. Enbart en av modellerna visar ett negativt samband mellankvinnliga finansdirektörer och resultatmanipulering. Slutsatsen är att kvinnligafinansdirektörer och vd:ar inte resultatmanipulerar mindre än manliga finansdirektörer och vd:ar på Stockholmsbörsen. / Financial accounting scandals throughout the world have led to an increased interest, among legislators and scholars, for managers’ control over financial reporting. For stakeholders, it is important that the reported financial information reflects the underlying economic reality. Earlier research report differences in behavior between women and men. The purpose of this study is to analyze correlations between gender and earnings management, which we define as: A higher (lower) level of earnings management implies a worse (better) conformity between some firm’s reported earnings and the economic reality of said firm. Earlier research studying this subject have produced inconsistent findings on the impact of CFO and CEO gender on earnings management. We measure this correlation, using two different regression models, in a sample of 518 financial years, drawn from the Large Cap list of the Nasdaq Stockholm stock exchange. These models do not show any correlation between CEO gender and earnings management in this sample. Only one of the models shows a negativecorrelation between female CFOs and earnings management. We conclude that female CFOs and CEOs do not manage earnings any differently than their male counterparts, in firms listed on the Nasdaq Stockholm stock exchange.

O gerenciamento de resultados, conforme definição da Comissão de Valores Mobiliários (CVM), órgão regulador do mercado de capitais brasileiro, é o julgamento arbitrário no processo de reportar as demonstrações financeiras, com o objetivo de influenciar ou manipular os números apresentados, ainda que dentro dos limites prescritos pela legislação contábil e fiscal. Esta tese teve como objetivo principal delinear o perfil das empresas brasileiras com maior propensão ao gerenciamento de resultados. Com este objetivo, foi investigado se existe um padrão de accruals discricionárias (proxy de gerenciamento adotada) entre categorias de variáveis qualitativas e quantitativas que representam os incentivos das empresas a praticar o gerenciamento. As variáveis analisadas incluíram indicadores econômicos, de mercado, medidas de concentração acionária e tamanho, características relacionadas à qualidade da governança, relacionamento com a auditoria, remuneração de executivos, captação de recursos em bolsa estrangeira e sanção do órgão regulador. A amostra analisada abrangeu empresas brasileiras de capital aberto, não financeiras, com ações negociadas na Bolsa de Valores de São Paulo (BOVESPA). O período de estudo foi 1997 a 2006. Os dados foram analisados através de técnicas univariadas e multivariadas. Verificou-se que maiores níveis de accruals podem ser associados a empresas com maior expectativa de crescimento, maior exposição ao risco e menor concentração acionária. Para as variáveis rentabilidade patrimonial, operacional, endividamento e rentabilidade do acionista, maiores valores de accruals foram associados tanto a menores como a maiores níveis destas variáveis. Encontrou-se que são mais propensas a praticar o gerenciamento as empresas não listadas nos segmentos especiais da Bovespa, que não apresentam programa de ADR, que têm plano de opções, que apresentam contratação de serviços não relacionados à auditoria junto ao auditor independente, com valor superior a 5% dos serviços de auditoria e que têm parecer de auditoria com ressalva. Adicionalmente, foi investigado o perfil das empresas brasileiras solicitadas a republicar suas demonstrações financeiras (DF) pela CVM. Estas empresas, de acordo com pesquisas em gerenciamento, podem ser tomadas como intencionalmente envolvidas em manipulação. Observou-se que, em relação às empresas não solicitadas a republicar suas DF, as empresas que foram objeto desta solicitação apresentaram maior endividamento, menor liquidez contábil, menor rentabilidade patrimonial, maior (quando medida pela margem de ebitda) e menor (quando medida pelo retorno sobre as vendas) rentabilidade operacional, menor rentabilidade para o acionista, menor exposição ao risco, menor expectativa de crescimento, maior concentração acionária, menor volatilidade dos retornos das ações e menores accruals discricionárias. No exercício para o qual o refazimento foi solicitado, a maioria não era listada nos segmentos especiais da Bovespa, não apresentava programas de ADR, não tinha plano de opções, foi auditada por Big Four e obteve parecer sem ressalva do auditor. / Earnings management, as the brazilian capital market regulator defines, is the arbitrary judgement in the financial statements reporting, with the goal to influence or manipulate the accounting numbers, even if it remains between the limits of tax and accounting legislation. The main goal of this work was to investigate the profile of the brazilian firms with more incentives to practice the earnings management. With this goal, it was investigated if there is a pattern of discretionary accruals between categories of quantitative and qualitative variables that represent the incentives to practice earnings management. It was investigated if there is relation between earnings mangament and levels of accounting and market based measures, ownership concentration and size. Aditionally it was investigated if the governance quality, the relationship with auditors, the executive compensation, the existence of ADR programs and restated financial statements influences the earnings management practice. The sample analised was non-financial brazilian public traded companies, with stocks traded in the São Paulo Stock Exchange (Bovespa). The investigation period was from 1997 to 2006. Univariate and multivariate analysis was applied to the data. It was found that higher accruals levels can be associated to companies with higher growth expectation, higher risk exposure and lower ownership concentration. It was found that companies with both higher and lower levels of operating profitability, equity profitability, stockholder profitability and debt have higher accruals levels. Companies not listed in the governance levels of Bovespa, without ADR programs, with option plans, with non-relating auditing contracts with their auditors and with qualifed opinion have more probability to practice the earnings management. It was also investigated the restated brazilian firms profile. This companies, according to earnings management research, are intentionally involved in manipulation. It was found that this companies, related to the not restated firms, have higher debt levels, lower liquidity, lower equity profitability, higher and lower operating profitability, lower stockholder profitability, lower risk exposure, lower growth expectation, higher ownership concentration and lower discretionary accruals. The most of them wasn´t listed in the Bovespa governance levels, don’t have ADR programs, option plans, was audited by Big Four and had unqualified opinion in the time of the restated.

O gerenciamento de resultados, conforme definição da Comissão de Valores Mobiliários (CVM), órgão regulador do mercado de capitais brasileiro, é o julgamento arbitrário no processo de reportar as demonstrações financeiras, com o objetivo de influenciar ou manipular os números apresentados, ainda que dentro dos limites prescritos pela legislação contábil e fiscal. Esta tese teve como objetivo principal delinear o perfil das empresas brasileiras com maior propensão ao gerenciamento de resultados. Com este objetivo, foi investigado se existe um padrão de accruals discricionárias (proxy de gerenciamento adotada) entre categorias de variáveis qualitativas e quantitativas que representam os incentivos das empresas a praticar o gerenciamento. As variáveis analisadas incluíram indicadores econômicos, de mercado, medidas de concentração acionária e tamanho, características relacionadas à qualidade da governança, relacionamento com a auditoria, remuneração de executivos, captação de recursos em bolsa estrangeira e sanção do órgão regulador. A amostra analisada abrangeu empresas brasileiras de capital aberto, não financeiras, com ações negociadas na Bolsa de Valores de São Paulo (BOVESPA). O período de estudo foi 1997 a 2006. Os dados foram analisados através de técnicas univariadas e multivariadas. Verificou-se que maiores níveis de accruals podem ser associados a empresas com maior expectativa de crescimento, maior exposição ao risco e menor concentração acionária. Para as variáveis rentabilidade patrimonial, operacional, endividamento e rentabilidade do acionista, maiores valores de accruals foram associados tanto a menores como a maiores níveis destas variáveis. Encontrou-se que são mais propensas a praticar o gerenciamento as empresas não listadas nos segmentos especiais da Bovespa, que não apresentam programa de ADR, que têm plano de opções, que apresentam contratação de serviços não relacionados à auditoria junto ao auditor independente, com valor superior a 5% dos serviços de auditoria e que têm parecer de auditoria com ressalva. Adicionalmente, foi investigado o perfil das empresas brasileiras solicitadas a republicar suas demonstrações financeiras (DF) pela CVM. Estas empresas, de acordo com pesquisas em gerenciamento, podem ser tomadas como intencionalmente envolvidas em manipulação. Observou-se que, em relação às empresas não solicitadas a republicar suas DF, as empresas que foram objeto desta solicitação apresentaram maior endividamento, menor liquidez contábil, menor rentabilidade patrimonial, maior (quando medida pela margem de ebitda) e menor (quando medida pelo retorno sobre as vendas) rentabilidade operacional, menor rentabilidade para o acionista, menor exposição ao risco, menor expectativa de crescimento, maior concentração acionária, menor volatilidade dos retornos das ações e menores accruals discricionárias. No exercício para o qual o refazimento foi solicitado, a maioria não era listada nos segmentos especiais da Bovespa, não apresentava programas de ADR, não tinha plano de opções, foi auditada por Big Four e obteve parecer sem ressalva do auditor. / Earnings management, as the brazilian capital market regulator defines, is the arbitrary judgement in the financial statements reporting, with the goal to influence or manipulate the accounting numbers, even if it remains between the limits of tax and accounting legislation. The main goal of this work was to investigate the profile of the brazilian firms with more incentives to practice the earnings management. With this goal, it was investigated if there is a pattern of discretionary accruals between categories of quantitative and qualitative variables that represent the incentives to practice earnings management. It was investigated if there is relation between earnings mangament and levels of accounting and market based measures, ownership concentration and size. Aditionally it was investigated if the governance quality, the relationship with auditors, the executive compensation, the existence of ADR programs and restated financial statements influences the earnings management practice. The sample analised was non-financial brazilian public traded companies, with stocks traded in the São Paulo Stock Exchange (Bovespa). The investigation period was from 1997 to 2006. Univariate and multivariate analysis was applied to the data. It was found that higher accruals levels can be associated to companies with higher growth expectation, higher risk exposure and lower ownership concentration. It was found that companies with both higher and lower levels of operating profitability, equity profitability, stockholder profitability and debt have higher accruals levels. Companies not listed in the governance levels of Bovespa, without ADR programs, with option plans, with non-relating auditing contracts with their auditors and with qualifed opinion have more probability to practice the earnings management. It was also investigated the restated brazilian firms profile. This companies, according to earnings management research, are intentionally involved in manipulation. It was found that this companies, related to the not restated firms, have higher debt levels, lower liquidity, lower equity profitability, higher and lower operating profitability, lower stockholder profitability, lower risk exposure, lower growth expectation, higher ownership concentration and lower discretionary accruals. The most of them wasn´t listed in the Bovespa governance levels, don’t have ADR programs, option plans, was audited by Big Four and had unqualified opinion in the time of the restated.

Esta tese tem o objetivo principal de demonstrar empiricamente que as companhias abertas brasileiras "gerenciam" os seus resultados contábeis como resposta a estímulos do mercado de capitais. Inicialmente, é elucidado o significado de alguns conceitos, tais como "gerenciamento" dos resultados contábeis e acumulações discricionárias. Discute-se o perfil do mercado de capitais brasileiro e as circunstâncias ambientais nas quais são gerados os relatórios contábeis financeiros das companhias abertas brasileiras, enfatizando-se o papel dos órgãos reguladores e da legislação comercial e tributária. A seguir, depois da revisão da literatura brasileira e estrangeira na área de "gerenciamento" dos resultados contábeis, documentaram-se evidências para as companhias abertas brasileiras do "gerenciamento" dos resultados contábeis para: a) Evitar reportar perdas, b) Sustentar o desempenho recente e c) Reduzir a variabilidade dos resultados. O período de estudo foi os anos entre 1995 e 1999, tendo como base de dados principal a Economática. Empiricamente, foi implementado um modelo de regressão múltipla para estimar as Acumulações Discricionárias, que são proxy do valor discricionariamente alterado dos resultados contábeis. Com base na pesquisa, verificou-se que as empresas brasileiras com resultados muito ruins os manejam de maneira a piorá-los ainda mais, visando melhores resultados no futuro. Em termos de desempenho no mercado, constatou-se que empresas que manejam "artificialmente" os resultados conseguem no curto prazo seduzir os investidores; entretanto, no longo prazo, o mercado identifica o procedimento e essas ações são penalizadas com os piores desempenhos acumulados. Nos apêndices, é estudada a influência da Governança Corporativa e da Auditoria Independente na propensão à prática do "gerenciamento" dos resultados contábeis, bem como é estimado o coeficiente de resposta dos retornos das companhias abertas brasileiras aos resultados contábeis. / This thesis has the main purpose to present empirical evidence that Brazilian public companies practice earnings management as a response to capital market incentives. Initially, some important concepts are elucidated, such as earnings management and discretionary accruals. In addition, specific aspects of Brazilian capital market, as well as its financial reporting environment are briefly discussed. After a literature review in this area of Earnings management, it will be documented evidences that Brazilian public companies manage their earnings to: a) Avoid reporting losses; b) Sustain recent performance and c) Income smoothing. The study period of the empirical analysis is between 1995 and 1999, and the most important source of information is Economática. As part of the research, It was implemented a multiple regression model to estimate discretionary accruals, that are used as proxies for the amount of earnings management. Among several observations, it was verified that Brazilian companies practice big bath accounting, so in case of bad results, the companies manage their earnings to report even worse losses, in order to have better future earnings. In terms of performance in the stock market, it was documented that companies that artificially manage their results, towards income decreasing or income increasing, can fool the market in the short run, but in the long run the investors realize the procedure, and their stocks will underperform the market. In the appendixes of this thesis some factors that can reduce earnings management are discussed, such as Corporate Governance and Independent Auditing. Other short analysis is the estimation of the earnings response coefficient for Brazilian public companies.

Submitted by Marcello Barreto (mbarreto@cbab.com.br) on 2012-08-02T19:43:46Z No. of bitstreams: 1 Dissertacao Marcello Barreto - Versão Final - 02-08.pdf: 1121539 bytes, checksum: d24a321be480e9de11d37f89b5312e4d (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2012-08-03T18:32:20Z (GMT) No. of bitstreams: 1 Dissertacao Marcello Barreto - Versão Final - 02-08.pdf: 1121539 bytes, checksum: d24a321be480e9de11d37f89b5312e4d (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2012-08-07T20:31:25Z (GMT) No. of bitstreams: 1 Dissertacao Marcello Barreto - Versão Final - 02-08.pdf: 1121539 bytes, checksum: d24a321be480e9de11d37f89b5312e4d (MD5) / Made available in DSpace on 2012-08-07T20:31:33Z (GMT). No. of bitstreams: 1 Dissertacao Marcello Barreto - Versão Final - 02-08.pdf: 1121539 bytes, checksum: d24a321be480e9de11d37f89b5312e4d (MD5) Previous issue date: 2012-06-27 / The main objective of this dissertation is to investigate the impact of accruals on the corporate earnings variability (EVAR) results that influence the practical application of income smoothing in Brazilian capital market firms. Initially, it approaches the importance of financial statements that must be evidenced in compliance with accounting principles generally accepted. Its disclosure should represent the reality of the economic-financial firm to the process of decision-making of shareholders and creditors. But at certain times, managers are motivated to practice the earnings management in an attempt to reduce the variability of profits through the use of accruals. The accruals represent the difference between net income and operating cash flow. In the process for reducing results volatility managers use the practice of income smoothing that represents a smoothing of profits, reducing any distortions in the market price of the firm. In this study, the sample is formed by a group of 163 capital market firms listed on Bovespa and presenting financial information in the period 2000 to 2007, categorized by sector, using data obtained in Economática. The statistical model used for this research was the regression analysis in order to explain the different cross-sectional models. These survey results indicate that accruals are significant to explain the EVAR of Brazilian companies. Our results suggest that the identification of structural model corporate earnings variability (EVAR) in Brazilian companies should be evidenced by non-financial variables that differ from those made by U.S. firms. / Esta dissertação tem como objetivo principal investigar o impacto dos accruals na variabilidade dos resultados corporativos (EVAR) que influenciam a aplicação prática do income smoothing nas firmas brasileiras de capital aberto. Inicialmente, é demonstrada a importância das demonstrações contábeis que devem ser evidenciadas em cumprimento aos princípios contábeis geralmente aceitos. Sua evidenciação deve representar a realidade econômico-financeira da firma para o processo de tomada de decisão dos acionistas e credores. Porém, em determinados momentos, os gestores se sentem motivados a praticar o gerenciamento dos resultados contábeis na tentativa de reduzir a variabilidade dos lucros por meio da utilização dos accruals. Os accruals correspondem à diferença entre o lucro líquido e o fluxo de caixa operacional. Nesse processo de redução da volatilidade dos resultados, os gestores se utilizam da prática do income smoothing procurando reduzir eventuais distorções no preço das ações da firma. A amostra neste estudo é composta por um grupo de 163 firmas de capital aberto listadas na Bovespa e que apresentaram informações financeiras no intervalo de 2000 a 2007, categorizadas por setores através de dados obtidos na Economática. O modelo estatístico utilizado na pesquisa foi a análise de regressão para explicar os diferentes modelos de cross-sectional. Os resultados desta pesquisa indicam que os accruals são significativos para explicar a variabilidade dos resultados corporativos (EVAR) de empresas brasileiras. Além disso, nossos resultados sugerem que o modelo estrutural de identificação do EVAR nas empresas brasileiras deve ser explicado por variáveis não contábeis diferentes das que são apresentadas pelas firmas norte-americanas.

Submitted by Marcia Bacha (marcia.bacha@fgv.br) on 2013-10-22T18:13:27Z No. of bitstreams: 1 Dissertação_Felipe_Ramos_Ferreira.pdf: 330714 bytes, checksum: d8a4161c827849680a2086bf46f85c3b (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2013-10-22T18:13:42Z (GMT) No. of bitstreams: 1 Dissertação_Felipe_Ramos_Ferreira.pdf: 330714 bytes, checksum: d8a4161c827849680a2086bf46f85c3b (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2013-10-22T18:15:10Z (GMT) No. of bitstreams: 1 Dissertação_Felipe_Ramos_Ferreira.pdf: 330714 bytes, checksum: d8a4161c827849680a2086bf46f85c3b (MD5) / Made available in DSpace on 2013-10-22T18:15:18Z (GMT). No. of bitstreams: 1 Dissertação_Felipe_Ramos_Ferreira.pdf: 330714 bytes, checksum: d8a4161c827849680a2086bf46f85c3b (MD5) Previous issue date: 2009 / A presente pesquisa busca investigar se a auditoria externa (independente) minimiza a propensão à manipulação das informações contábeis - MIC (medidas pelas acumulações discricionárias correntes) por parte das operadoras de plano privado de assistência à saúde, no que tange às informações econômico-financeiras divulgadas à Agência Nacional de Saúde Suplementar. Após revisão bibliográfica sobre qualidade da informação contábil, auditoria e mercado de saúde suplementar, promoveu-se uma pesquisa empírica com informações prestadas à ANS pelas OPS relativas ao período de 2004 a 2006. Para verificar se há diferença significativa no nível de acumulações discricionárias correntes, medidas pelo modelo AWCA e Jones Modificado (1995), entre as informações auditadas (quarto trimestre de cada ano) e as informações nãoauditadas (três primeiros trimestres de cada ano) para as mesmas empresas foi aplicado o teste não-paramétrico de Mann-Whitney. Os resultados indicam que não existem diferenças estatísticas significativas na propensão à manipulação entre as informações contábeis auditadas e não-auditadas, pelo menos no que tange às informações de 2004 a 2006 prestadas pelas OPS à ANS. Adicionalmente, também foram testadas as influências do tipo de modalidade, porte da firma e situação apresentada do patrimônio líquido sobre as acumulações discricionárias correntes. Observou-se que essas três variáveis influenciam em maior ou menor grau na manipulação da informação contábil gerada pelas OPS à ANS. Neste contexto, as seguintes características sobre a maior propensão a MIC foram diagnosticadas: Cooperativa Odontológica e a Medicina de Grupo (Modalidade); Pequeno (Porte da Firma); e Passivo a Descoberto ou PL Próximo de Zero (Situação do Patrimônio Líquido). Ao passo que as características relacionadas à menor propensão de MIC foram: Cooperativa Médica e Filantropia (Modalidade); Médio e Grande (Porte da Firma); Patrimônio Líquido Favorável (Situação do Patrimônio Líquido). / This research aims to investigate whether the external (independent) audit minimizes the propensity for manipulation of accounting information (measured by discretionary current accruals) by health maintenance organizations (OPS), in regard to financial information disclosed to the Brazilian Health Care Agency (ANS). Based on a literature review of external audit, manipulation of accounting information and health care industry we developed an empirical research to information provided by OPS to the ANS for the period 2004 to 2006. To test for significant differences in the level of discretionary current accruals, measured by AWCA model and modified Jones (1995), we compared the quality of audited information (fourth quarter of each year) with the quality of non-audited information (the first three quarters of each year) from the same companies. This difference was investigated by the nonparametric Mann-Whitney test. The results indicate that there are no statistically significant differences in the propensity to manipulation of accounting information between audited and non-audited financial reports, at least in relation to information from 2004 to 2006 provided by OPS to the ANS. In addition, there were also tested the influence of type of procedure, size of firm and the situation presented in shareholders' equity on the discretionary current accruals. It was observed that these three variables influence a greater or lesser degree in the manipulation of accounting information generated by the OPS to the ANS. In this context, the following features on the more likely the MIC were diagnosed: Cooperative Dental and Medical Group (Type of Procedure); Small (Size of Firm); and Negative Equity or close to zero (Situation Presented in Shareholders’ Equity). On the other hand, the main features that are less likely to MIC were: Cooperative Medical and Philanthropy (Type of Procedure); Medium and large (Size of Firm); and Equity Favorable (Situation Presented in Shareholders’ equity).

The diploma thesis is devoted to proposal of activation methods in teaching of accruals at business academies. Firstly there is a theoretical part that deals with the subject of Accounting in general, and researches and articles focusing on activation methods or students' grades. Also, there is an analysis of a textbook that is used in teaching accounting at business academies and a factual analysis and didactic curriculum of accruals. Secondly there is a practical part of the thesis consists of pre-research, which was a base of experimental verification of selected methods in teaching of accruals at a business academy.