Made available in DSpace on 2015-12-03T18:35:24Z (GMT). No. of bitstreams: 1 Eduardo_da_Silva_Flores.pdf: 1676087 bytes, checksum: 69a44df31ec0269d4d7845ee791ea65e (MD5) Previous issue date: 2012-05-03 / This dissertation investigated earnings management (EM) by means of discretionary accruals (DA) in companies listed in Brazilian and US capital markets in periods of economic crises. Taking into account that accounting practices both affect and are affected by the environment in which they are found, more specifically by cultural, legal, political and economic factors, it was expected that, based on a conducted review of the literature, that at times characterized as economic distortions companies would identify proper occasions for obtaining private gains by means of EM practices. In order to achieve that purpose, two samplings were composed, one by companies listed in the S??o Paulo Stock Exchange (BM&F Bovespa) with quarterly data for the period from 1999 to 2009, amounting to 8,600 observations, and another of companies listed in Nyse and Nasdaq, with 99,931 observations, for the period from 1999 to 2010. It should be mentioned that the non-inclusion of 2010 for Brazilian companies occurred due to the convergence of the International Financial Reporting System (IFRS) in that year, which might lead to the creation of undesired biases in the research results. The approach used was that of Aggregate Discretionary Accruals (ADA) with regression based on the panel data technique, and initially obtaining the discretionary accruals by estimation in the Modified Jones Model (1995) adapted with the variables Return on Assets (ROA) and quarter. Subsequently, the DA were regressed against the variable of interest to the study, the dummy crisis variable, together with the other control terms: sectors, Book-to-Market ratio, provision for income and social contribution taxes, and tax burden, the last two ones applicable only to the Brazilian data sample. The statistical tests showed that in both equity markets significant relationships were evidenced between the crisis variable and the discretionary accruals, indicating that, at such times, companies manage their earnings more than in other periods. More specifically, the estimated coefficients had negative values, which shows that the companies have reduced their DA on those dates, possibly aiming at maintaining their profitability standards, which typically characterizes the practice of target earnings. Also regarding the identification of variables that might complement the aggregate accrual models, and improving the explanatory capacity of such tools in the search for discretionary accruals as proxies for earnings management, one can verify that items such as (i) sectors, (ii) taxation, (iii) market values compared to book values and (iv) quarters, representing the adjustment of temporary trends that escape the study's purpose have shown to be extremely important for the gauging of estimators that could reduce regression biases / Esta disserta????o investigou o gerenciamento de resultados (GR) por meio dos accruals discricion??rios (ADs) em empresas listadas nos mercados de capitais do Brasil e dos Estados Unidos da Am??rica nos per??odos de crises econ??micas. Considerando que as pr??ticas cont??beis afetam e s??o afetadas pelo ambiente no qual est??o inseridas, mais especificamente por fatores culturais, legais, pol??ticos e econ??micos, era esperado, com base na revis??o da literatura realizada, que em momentos caracterizados como de distor????es econ??micas, fossem vislumbradas pelas empresas ocasi??es prop??cias ?? obten????o de ganhos privados por meio das pr??ticas de GR. Para a realiza????o de tal prop??sito, foram compostas duas amostras, sendo uma de empresas listadas na BM&FBovespa com dados trimestrais do per??odo de 1999 a 2009, perfazendo um total de 8.600 observa????es, e outra de empresas listadas nas bolsas de valores Nyse e Nasdaq com 99.931 observa????es para o per??odo de 1999 a 2010. Cabe mencionar que a n??o inclus??o do ano de 2010, para empresas brasileiras, ocorreu em fun????o da converg??ncia ao padr??o internacional de normas cont??beis (IFRS) nessa data, o que poderia promover a cria????o de vieses indesejados nos resultados da pesquisa. Foi empregada a abordagem de agregados de acumula????es discricion??rias (AD) regredidos com base na t??cnica de dados em painel, obtendo-se inicialmente os AD por meio da estima????o do Modelo de Jones Modificado (1995) adaptado com as vari??veis ROA (Return of Assets) e trimestre. Posteriormente os AD foram regredidos contra a vari??vel de interesse do estudo a dummy crise, junto dos demais termos de controle: setores, BTM (Book to Market), provis??o IRCS e carga tribut??ria, sendo esses dois ??ltimos itens aplic??veis somente ?? amostra de dados brasileira. Os testes estat??sticos revelaram que em ambos os mercados acion??rios foram comprovadas rela????es significativas entre a vari??vel crise e os accruals discricion??rios, indicando que nessas ocasi??es as empresas gerenciaram mais seus resultados do que em outros per??odos. Mais especificamente os coeficientes estimados indicaram valores negativos, o que demonstra que as companhias reduziram seus ADs nessas datas, possivelmente em busca da manuten????o de padr??es de lucratividade, o que caracteriza tipicamente a pr??tica do lucro-alvo (Target Earnings). Ainda no que se trata da identifica????o de vari??veis que pudessem complementar os modelos de agregados de acumula????es, melhorando a capacidade explicativa destas ferramentas na busca por acumula????es discricion??rias como proxy do gerenciamento de resultados, pode-se verificar que itens tais como: (i) setores, (ii) tributa????o, (iii) valores de mercado comparados aos cont??beis e (iv) trimestres, representando o ajustamento de tend??ncias temporais que fogem ao objeto de estudo, mostraram-se extremamente importantes para o aferimento de estimadores que reduzissem os vieses da regress??o