Submitted by Patricia Barros (patricia.barros@ufes.br) on 2017-04-03T12:54:53Z No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) tese_10493_Dissertação Estephanye Paganotti da Cunha (última versão).pdf: 1510497 bytes, checksum: d4029ffe4242bd9daedad477688d323e (MD5) / Approved for entry into archive by Patricia Barros (patricia.barros@ufes.br) on 2017-04-10T15:13:40Z (GMT) No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) tese_10493_Dissertação Estephanye Paganotti da Cunha (última versão).pdf: 1510497 bytes, checksum: d4029ffe4242bd9daedad477688d323e (MD5) / Made available in DSpace on 2017-04-10T15:13:40Z (GMT). No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) tese_10493_Dissertação Estephanye Paganotti da Cunha (última versão).pdf: 1510497 bytes, checksum: d4029ffe4242bd9daedad477688d323e (MD5) / Capes / O objetivo desta dissertação é analisar a relação entre gerenciamento de resultados mediante decisões operacionais e fatores de sustentabilidade corporativa das companhias não financeiras listadas na BM&FBOVESPA. A detecção de gerenciamento de resultados por decisões operacionais se dá por meio dos resíduos (erros) da regressão e representam um nível anormal das atividades reais da empresa, sendo, assim, uma proxy para essa forma de gerenciamento (PAULO, 2007). Em revisão da literatura nessa temática, constatou-se que existe uma lacuna na investigação sobre gerenciamento de resultados no contexto de sustentabilidade corporativa, haja vista que são poucos os estudos que abordam o tema e os resultados encontrados são divergentes. Assim, para a realização deste estudo, utilizou-se uma amostra totalizando 1445 observações no período de 2005 a 2015, coletadas por meio do sistema Comdinheiro. Para a operacionalização da pesquisa, fez uso da análise de regressão pelo modelo Pooled Ordinary Least Squares (POLS) em painel, com erros-padrão robustos clusterizados pelo setor e ano. Os resultados obtidos, sugerem não existir relação entre a prática de gerenciamento de resultados mediante decisões operacionais e o ingresso de companhias na carteira ISE, entretanto, entre as variáveis referentes a fatores de sustentabilidade corporativa, foi verificado relação positiva nos três modelos de manipulações operacionais utilizados entre a evidenciação de fatores de sustentabilidade corporativa com base na GRI e gerenciamento de resultados mediante decisões operacionais. Conclui-se que, a entrada de companhias na carteira ISE não as influencia em manipularem seus resultados operacionais, e esse achado corrobora ao estudo de Silva (2014). Entretanto, os dados indicam que as companhias utilizam a sustentabilidade corporativa a fim de praticarem gerenciamento de resultados mediante decisões operacionais, assim como identifica-se nas pesquisas de Prior, Surroca e Tribó (2008); Salewski e Zülch (2014); Heltzer (2011) e Beuren e Rodrigues Junior (2014). / The objective of this dissertation is to analyze the relationship between earnings management through operational decisions and factors of corporate sustainability of non-financial companies listed on BM&FBOVESPA. The detection of earnings management for operational decisions is by means of the waste (errors) of the regression and represent an abnormal level of real activities of the company, so they are a proxy for this form of management (Paulo, 2007). In a review of the literature on this theme, it was found that there is a gap in research on earnings management in the context of Corporate Sustainability, given that there are few studies that address the theme and the results are divergent. Thus, in this study, we used a sample totaling 1445 observations in the period from 2005 to 2015, collected by system Comdinheiro. For the operationalization of the research, made use of the regression analysis by the model Pooled Ordinary Least Squares (POLS) panel, with standard errors robust cluster by sector and year. The results obtained, suggest there is no relationship between the practice of earnings management through operational decisions and the entry of companies in the ISE portfolio analysis, however, between the variables related to factors of corporate sustainability, it was verified positive relationship in the three models of operational manipulations used between the disclosure of corporate sustainability based on the GRI and results management through operational decisions. It is concluded that the entry of companies in the ISE portfolio does the influences in manipulate their operating results, and this finding corroborates the study by Silva (2014). However, the data indicate that the companies use corporate sustainability in order to practice earnings management through operational decisions, as well as identifies himself in the research of Prior, Port and Tribó (2008); Salewski and Zülch (2014); Heltzer (2011) and Beuren and Rodrigues Junior (2014). / The objective of this dissertation is to analyze the relationship between earnings management through operational decisions and factors of corporate sustainability of non-financial companies listed on BM&FBOVESPA. The detection of earnings management for operational decisions is by means of the waste (errors) of the regression and represent an abnormal level of real activities of the company, so they are a proxy for this form of management (Paulo, 2007). In a review of the literature on this theme, it was found that there is a gap in research on earnings management in the context of Corporate Sustainability, given that there are few studies that address the theme and the results are divergent. Thus, in this study, we used a sample totaling 1445 observations in the period from 2005 to 2015, collected by system Comdinheiro. For the operationalization of the research, made use of the regression analysis by the model Pooled Ordinary Least Squares (POLS) panel, with standard errors robust cluster by sector and year. The results obtained, suggest there is no relationship between the practice of earnings management through operational decisions and the entry of companies in the ISE portfolio analysis, however, between the variables related to factors of corporate sustainability, it was verified positive relationship in the three models of operational manipulations used between the disclosure of corporate sustainability based on the GRI and results management through operational decisions. It is concluded that the entry of companies in the ISE portfolio does the influences in manipulate their operating results, and this finding corroborates the study by Silva (2014). However, the data indicate that the companies use corporate sustainability in order to practice earnings management through operational decisions, as well as identifies himself in the research of Prior, Port and Tribó (2008); Salewski and Zülch (2014); Heltzer (2011) and Beuren and Rodrigues Junior (2014)

Submitted by Patricia Barros (patricia.barros@ufes.br) on 2017-04-03T12:54:53Z No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) tese_10493_Dissertação Estephanye Paganotti da Cunha (última versão).pdf: 1510497 bytes, checksum: d4029ffe4242bd9daedad477688d323e (MD5) / Approved for entry into archive by Patricia Barros (patricia.barros@ufes.br) on 2017-04-10T15:13:40Z (GMT) No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) tese_10493_Dissertação Estephanye Paganotti da Cunha (última versão).pdf: 1510497 bytes, checksum: d4029ffe4242bd9daedad477688d323e (MD5) / Made available in DSpace on 2017-04-10T15:13:40Z (GMT). No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) tese_10493_Dissertação Estephanye Paganotti da Cunha (última versão).pdf: 1510497 bytes, checksum: d4029ffe4242bd9daedad477688d323e (MD5) / CAPES / O objetivo desta dissertação é analisar a relação entre gerenciamento de resultados mediante decisões operacionais e fatores de sustentabilidade corporativa das companhias não financeiras listadas na BM&FBOVESPA. A detecção de gerenciamento de resultados por decisões operacionais se dá por meio dos resíduos (erros) da regressão e representam um nível anormal das atividades reais da empresa, sendo, assim, uma proxy para essa forma de gerenciamento (PAULO, 2007). Em revisão da literatura nessa temática, constatou-se que existe uma lacuna na investigação sobre gerenciamento de resultados no contexto de sustentabilidade corporativa, haja vista que são poucos os estudos que abordam o tema e os resultados encontrados são divergentes. Assim, para a realização deste estudo, utilizou-se uma amostra totalizando 1445 observações no período de 2005 a 2015, coletadas por meio do sistema Comdinheiro. Para a operacionalização da pesquisa, fez uso da análise de regressão pelo modelo Pooled Ordinary Least Squares (POLS) em painel, com erros-padrão robustos clusterizados pelo setor e ano. Os resultados obtidos, sugerem não existir relação entre a prática de gerenciamento de resultados mediante decisões operacionais e o ingresso de companhias na carteira ISE, entretanto, entre as variáveis referentes a fatores de sustentabilidade corporativa, foi verificado relação positiva nos três modelos de manipulações operacionais utilizados entre a evidenciação de fatores de sustentabilidade corporativa com base na GRI e gerenciamento de resultados mediante decisões operacionais. Conclui-se que, a entrada de companhias na carteira ISE não as influencia em manipularem seus resultados operacionais, e esse achado corrobora ao estudo de Silva (2014). Entretanto, os dados indicam que as companhias utilizam a sustentabilidade corporativa a fim de praticarem gerenciamento de resultados mediante decisões operacionais, assim como identifica-se nas pesquisas de Prior, Surroca e Tribó (2008); Salewski e Zülch (2014); Heltzer (2011) e Beuren e Rodrigues Junior (2014). / The objective of this dissertation is to analyze the relationship between earnings management through operational decisions and factors of corporate sustainability of non-financial companies listed on BM&FBOVESPA. The detection of earnings management for operational decisions is by means of the waste (errors) of the regression and represent an abnormal level of real activities of the company, so they are a proxy for this form of management (Paulo, 2007). In a review of the literature on this theme, it was found that there is a gap in research on earnings management in the context of Corporate Sustainability, given that there are few studies that address the theme and the results are divergent. Thus, in this study, we used a sample totaling 1445 observations in the period from 2005 to 2015, collected by system Comdinheiro. For the operationalization of the research, made use of the regression analysis by the model Pooled Ordinary Least Squares (POLS) panel, with standard errors robust cluster by sector and year. The results obtained, suggest there is no relationship between the practice of earnings management through operational decisions and the entry of companies in the ISE portfolio analysis, however, between the variables related to factors of corporate sustainability, it was verified positive relationship in the three models of operational manipulations used between the disclosure of corporate sustainability based on the GRI and results management through operational decisions. It is concluded that the entry of companies in the ISE portfolio does the influences in manipulate their operating results, and this finding corroborates the study by Silva (2014). However, the data indicate that the companies use corporate sustainability in order to practice earnings management through operational decisions, as well as identifies himself in the research of Prior, Port and Tribó (2008); Salewski and Zülch (2014); Heltzer (2011) and Beuren and Rodrigues Junior (2014). / The objective of this dissertation is to analyze the relationship between earnings management through operational decisions and factors of corporate sustainability of non-financial companies listed on BM&FBOVESPA. The detection of earnings management for operational decisions is by means of the waste (errors) of the regression and represent an abnormal level of real activities of the company, so they are a proxy for this form of management (Paulo, 2007). In a review of the literature on this theme, it was found that there is a gap in research on earnings management in the context of Corporate Sustainability, given that there are few studies that address the theme and the results are divergent. Thus, in this study, we used a sample totaling 1445 observations in the period from 2005 to 2015, collected by system Comdinheiro. For the operationalization of the research, made use of the regression analysis by the model Pooled Ordinary Least Squares (POLS) panel, with standard errors robust cluster by sector and year. The results obtained, suggest there is no relationship between the practice of earnings management through operational decisions and the entry of companies in the ISE portfolio analysis, however, between the variables related to factors of corporate sustainability, it was verified positive relationship in the three models of operational manipulations used between the disclosure of corporate sustainability based on the GRI and results management through operational decisions. It is concluded that the entry of companies in the ISE portfolio does the influences in manipulate their operating results, and this finding corroborates the study by Silva (2014). However, the data indicate that the companies use corporate sustainability in order to practice earnings management through operational decisions, as well as identifies himself in the research of Prior, Port and Tribó (2008); Salewski and Zülch (2014); Heltzer (2011) and Beuren and Rodrigues Junior (2014)

Submitted by Caio Vinicius Santos Santana (caiovinicius@ufba.br) on 2018-07-31T10:27:14Z No. of bitstreams: 1 DISSERTAÇÃO VERSÃO FINAL_Caio Vinicius.pdf: 1406579 bytes, checksum: a47f04ad27bd61bf4bf3671dc949aaac (MD5) / Approved for entry into archive by Marivalda Araujo (masilva@ufba.br) on 2018-07-31T14:39:11Z (GMT) No. of bitstreams: 1 DISSERTAÇÃO VERSÃO FINAL_Caio Vinicius.pdf: 1406579 bytes, checksum: a47f04ad27bd61bf4bf3671dc949aaac (MD5) / Made available in DSpace on 2018-07-31T14:39:11Z (GMT). No. of bitstreams: 1 DISSERTAÇÃO VERSÃO FINAL_Caio Vinicius.pdf: 1406579 bytes, checksum: a47f04ad27bd61bf4bf3671dc949aaac (MD5) / Partindo da premissa de que estudos anteriores documentam a existência de incentivos do mercado de capitais que motivam a manipulação dos resultados, e que o sentimento do investidor (constructo relacionado às expectativas heterogêneas dos investidores sobre os retornos dos ativos) contribui para um ambiente especulativo e propício para ações oportunísticas dos gestores, o objetivo desta pesquisa consiste em analisar em que extensão o sentimento do investidor contribui para a prática do gerenciamento de resultados, em razão das hipóteses de que o gerenciamento de resultados por accruals discricionários está diretamente associado ao nível do sentimento do investidor, e que o gerenciamento de resultados por decisões operacionais está indiretamente associado ao nível de sentimento do investidor. A amostra deste estudo é composta por empresas brasileiras não-financeiras que negociaram ações na Bovespa, de 2010 a 2016. Para tanto, foi utilizada a metodologia proposta por Baker e Wurgler (2007) para a construção de um índice de sentimento do investidor para o mercado acionário brasileiro, os modelos Kang e Sivaramakrishnan (1995) e Kothari et al. (2005) para detecção do gerenciamento de resultados por escolhas contábeis, e os modelos de Roychowdhury (2006) para detectar a manipulação de atividades reais. Os resultados empíricos corroboram uma associação direta entre os accruals discricionários, calculados pelo Modelo KS, e o nível do sentimento do investidor, sugerindo que o otimismo do mercado de capitais, gerado pelo alto sentimento do investidor, cria um ambiente que possibilita que os gestores utilizem accruals discricionários para aumentar os resultados, o que afeta negativamente os relatórios de recomendação dos analistas e compromete o objetivo principal das demonstrações contábeis no fornecimento de informação relevante e fidedigna, capaz de auxiliar seus usuários na melhor tomada de decisão sobre a alocação dos seus recursos, indo na linha dos resultados documentados por Simpson (2013). As evidências empíricas também corroboram uma associação indireta entre o gerenciamento real, calculado através do nível anormal do fluxo de caixa operacional, e o nível do sentimento do investidor, sugerindo que o pessimismo do mercado de capitais, gerado pelo baixo sentimento do investidor, não impede que os gestores utilizem atividades reais para aumentar os resultados mesmo diante do maior escrutínio das informações reportadas nas demonstrações contábeis, além de sugerir que, em determinado momento da economia brasileira, pode haver uma correlação inversa entre o pessimismo do mercado de capitais e a propensão dos consumidores brasileiros para o gasto, contrastando estudos brasileiros que utilizam índices de confiança do consumidor como proxy para o sentimento do investidor. Os resultados encontrados são de suma importância, pois contribuem para que os usuários da informação contábil estejam mais esclarecidos quanto aos riscos inerentes ao mercado de capitais em relação ao gerenciamento de resultados em função do nível do sentimento do investidor, além de contribuir com o aperfeiçoamento dos mecanismos de governança corporativa, auditoria e órgãos reguladores. / Based on the premise that previous studies document the existence of capital market incentives that motivate manipulation earnings, and that investor sentiment (a construct related to investors' heterogeneous expectations about asset returns) contributes to a speculative and propitious environment for the opportunistic actions of managers, the objective of this research is to analyze to what extent investor sentiment contributes to the practice of earnings management, due to the hypothesis that the earnings management by discretionary accruals is directly associated to the level of the sentiment of the investor, and that earnings management by operating decisions is indirectly associated with the level of investor sentiment. The sample of this study is made up of Brazilian non-financial companies that traded shares on Bovespa from 2010 to 2016. Therefore, was used the methodology proposed by Baker and Wurgler (2007) for the construction of an investor sentiment index for the Brazilian stock market, Kang and Sivaramakrishnan (1995) and Kothari et al. (2005) to detect the management of results by accounting choices, and Roychowdhury (2006) models to detect the manipulation of real activities. The empirical results corroborate a direct association between the discretionary accruals, calculated by the KS Model, and the level of investor sentiment, suggesting that capital market optimism, generated by the high investor sentiment, creates an environment that allows managers to use accruals to increase earnings, which negatively affects analysts' recommendation reports and compromises the main goal of the financial statements in providing relevant and reliable information, able to assist its users in better decision making on the allocation of their resources, in line with the results documented by Simpson (2013). Empirical evidence also corroborates an indirect association between real earnings management, calculated through the abnormal level of operating cash flow, and investor sentiment, suggesting that capital market pessimism, generated by the investor's low sentiment, does not prevent managers to use real activities to increase results even in the face of greater scrutiny of the information reported in the financial statements, besides suggesting that, at a certain moment in the Brazilian economy, there may be an inverse correlation between capital market pessimism and the propensity of Brazilian consumers for spending, contrasting Brazilian studies that use consumer confidence indices as a proxy for investor sentiment. The results are extremely important, since they contribute to the clarification of the accounting information users regarding the risks inherent to the capital market in relation to earnings management as a function of the level of investor sentiment, as well as contributing to the improvement of mechanisms corporate governance, auditing and regulatory bodies.