Made available in DSpace on 2015-12-03T18:35:28Z (GMT). No. of bitstreams: 1 Rodrigo_Marcelli.pdf: 1102111 bytes, checksum: 47b82f8805814148944b78cd504fb0f2 (MD5) Previous issue date: 2013-08-30 / In the last few years, Brazil has undergone a profound change in the way companies are pro-vided with access to capital markets; this has required greater transparency in the preparation of financial statements and disclosure of accounts. Recent scandals in the history of the finan-cial markets that have involved the practice of accounting choices for the purpose of managing results, require users of this information to be increasingly well prepared. This study seeks to analyze the existence of evidence of management practices in the results of financial state-ments of Brazilian construction companies listed in the BM & FBovespa in the period 2000-2012. The approach adopted for the detection of results management was based on the specif-ic accruals used for panel data methods with the development and employment of a particular model that follows the pattern of the Generalized Linear Mixed Model (GLMM). The re-search revealed that the financial statements published by the Brazilian building constructors for the years 2003-2006 and 2009-2010, show signs of results management with the use of the liquid variable for the amount of real estate sold. The results also suggest that large-sized Bra-zilian building constructors tend to manage their results more than small-sized firms. On the basis of the findings of this research, it is clear that information is not being disclosed that allows an assessment of the quality and performance of companies. There is thus a need for a reform of financial disclosure policies with regard to factors linked to revenue recognition and measurement and in particular, the total budgeted costs of work performed (POC) and the scheduled completion percentage / Nos ??ltimos anos o Brasil passou por uma evolu????o no acesso de companhias ao mercado de capitais, exigindo maior transpar??ncia na elabora????o e divulga????o de informa????es cont??beis. Esc??ndalos recentes na hist??ria do mercado financeiro, envolvendo a pr??tica de escolhas cont??beis com objetivo de gerenciar resultados, exige que os usu??rios destas informa????es estejam cada vez mais preparados. Este estudo buscou analisar a exist??ncia de evid??ncias de pr??ticas de gerenciamento de resultados nas demonstra????es financeiras de construtoras brasileiras listadas na BM&FBovespa no per??odo de 2000 ?? 2012. A abordagem adotada para a identifica????o do gerenciamento de resultados foi de acumula????es espec??ficas (specifc accruals), utilizando a t??cnica de dados em painel com o desenvolvimento e aplica????o de modelo especifico seguindo a abordagem dos Modelos Lineares Generalizados Mistos. A pesquisa revelou que as demonstra????es financeiras publicadas pelas construtoras brasileiras nos anos de 2003 ?? 2006, 2009 e 2010 apresentam ind??cios de gerenciamento de resultado com a utiliza????o da vari??vel Receita l??quida de im??veis vendidos. Os resultados tamb??m apontam que as construtoras brasileiras de maior porte tendem a gerenciar seus resultados mais que as construtoras de menor porte. Com as descobertas desta pesquisa percebe-se que informa????es que permitam avaliar a qualidade e o desempenho das companhias n??o s??o divulgadas, necessitando de uma reforma nas pol??ticas de divulga????o das demonstra????es financeiras, principalmente sobre fatores atrelados a mensura????o e reconhecimento de receitas, em especifico, o custo or??ado total de obra e o percentual de obra conclu??da - POC