Submitted by Automa??o e Estat?stica (sst@bczm.ufrn.br) on 2017-08-02T10:58:41Z No. of bitstreams: 1 RodolfoMaiaRosadoCascudoRodrigues_DISSERT.pdf: 1221368 bytes, checksum: 4d8ff8598c075ee77063237af6f16389 (MD5) / Approved for entry into archive by Arlan Eloi Leite Silva (eloihistoriador@yahoo.com.br) on 2017-08-09T15:27:09Z (GMT) No. of bitstreams: 1 RodolfoMaiaRosadoCascudoRodrigues_DISSERT.pdf: 1221368 bytes, checksum: 4d8ff8598c075ee77063237af6f16389 (MD5) / Made available in DSpace on 2017-08-09T15:27:09Z (GMT). No. of bitstreams: 1 RodolfoMaiaRosadoCascudoRodrigues_DISSERT.pdf: 1221368 bytes, checksum: 4d8ff8598c075ee77063237af6f16389 (MD5) Previous issue date: 2017-06-16 / Este estudo tem por objetivo investigar o comportamento do n?vel de gerenciamento de resultados trimestrais das companhias abertas brasileiras. Para isso, selecionou-se uma amostra de 112 empresas listadas na BM&FBovespa e estimou-se os accruals discricion?rios trimestrais entre 2012 e 2015 atrav?s do modelo Paulo como proxy para o gerenciamento. Esses accruals foram ent?o analisados quanto ?s m?dias de todos os trimestres do per?odo analisado, assim como consolidado por cada trimestre (1T, 2T, 3T e 4T). Em seguida, utilizou-se uma segunda regress?o com os accruals discricion?rios trimestrais e vari?veis dummy representativas de cada trimestre. Os resultados indicam que, em m?dia, a magnitude dos accruals discricion?rios s?o maiores no quarto trimestre, seguidos pelo terceiro trimestre, primeiro trimestre e, por ?ltimo, o segundo trimestre. A an?lise de regress?o demonstrou, ainda, que os n?veis dos accruals discricion?rios para o quarto e o primeiro trimestres se mostraram estatisticamente significantes. Esses achados sugerem que o n?vel de gerenciamento de resultados do quarto trimestre ? maior que nos demais trimestres. Al?m disso, o n?vel de gerenciamento de resultados do primeiro trimestre ? estatisticamente diferente dos n?veis do segundo e terceiro, causado, possivelmente, pela revers?o dos accruals do per?odo anterior no per?odo seguinte. O estudo contribui para a literatura ao demonstrar que o gerenciamento de resultados ocorre de maneira diferente ao longo do ano, evidenciando que os incentivos para o gerenciamento de resultados tendem a ser mais fortes nas demonstra??es anuais em rela??o ?s demonstra??es trimestrais, merecendo aten??o de investidores, analistas, reguladores, auditores e demais usu?rios da informa??o cont?bil. / This study aims to investigate the behavior of the quarterly earnings management level of Brazilian public companies. For this, a sample of 112 companies listed on the BM&FBovespa was selected and the quarterly discretionary accruals among 2012 and 2015 were estimated using Paulo model as a proxy for earnings management. These accruals averages were analyzed for all quarters in the period, as well as consolidated for each quarter (1Q, 2Q, 3Q and 4Q). Then, a second regression with the quarterly discretionary accruals and dummy variables representative of each quarter was used. The results indicate that, on average, the magnitude of discretionary accruals are higher in the fourth quarter, followed by the third quarter, first quarter and the second quarter. The regression analysis also showed that discretionary accruals for the fourth and first quarters were statistically significant. These findings suggest that the earnings management level in the fourth quarter is greater than in the other quarters. In addition, the earnings management level in the first quarter is statistically different from the levels of the second and third, possibly caused by the accruals reversal from the previous period in the next period. The study contributes to the literature by demonstrating that earnings management occurs differently throughout the year, as the incentives for earnings management tend to be stronger in the annual financial statements in relation to quarterly statements, deserving attention of investors, analysts, regulators, auditors and other users of accounting information.