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Previous issue date: 2018-02-26 === Este estudo tem por objetivo investigar se as poison pills exercem influ?ncia no n?vel de
gerenciamento de resultados das companhias listadas na B3. Para isso, foram coletados dados
referentes ? presen?a desse dispositivo anti-takeover bem como de cl?usulas acess?rias
?p?treas? associadas ?s poison pills nos estatutos sociais de 225 companhias n?o-financeiras.
As informa??es necess?rias para estima??o dos accruals discricion?rios pelo modelo proposto
por Dechow, Sloan e Sweeney (1995), assim como as vari?veis de controle inseridas no
modelo econom?trico, foram obtidas por meio da base de dados Bloomberg?,
compreendendo o per?odo 2010-2016. Com base nos resultados, verificou-se que a ado??o das
poison pills n?o exerce influ?ncia significativa no n?vel de gerenciamento de resultados.
Entretanto, a inexist?ncia dessa rela??o n?o sinaliza que essas companhias n?o est?o
envolvidas em pr?ticas de gerenciamento de resultados, uma vez que a dummy Poisonpill n?o
se apresenta estatisticamente distinta do grupo base, composto por companhias que n?o
adotam poison pills e que apresentam rela??o negativa e significativa com os accruals
discricion?rios. Por fim, no contexto nacional, foram encontradas evid?ncias de que as
cl?usulas ?p?treas? podem ser inseridas nos estatutos sociais visando exacerbar o n?vel de
gerenciamento de resultados, visto que os achados demonstram que as poison pills com
cl?usulas ?p?treas? efetivamente se diferenciam das poison pills, apresentando rela??o
positiva e estatisticamente significativa com os accruals discricion?rios. === This study aims to investigate if the poison pills influences on the earnings management level
of the companies listed in B3. For this, data were collected regarding the presence of this antitakeover
device as well as of ?eternity? accessory clauses associated with the poison pills in
the bylaws of 225 non-financial companies. The informations that are necessary to estimate
the accruals discretionary by the model proposed by Dechow, Sloan and Sweeney (1995), as
well as the control variables inserted in the econometric model, were obtained through the
Bloomberg? database, comprising the period 2010-2016. Based on the results, it was verified
that the the adoption of the poison pills doesn?t have a significant influence on the earnings
management level. However, the non-existence of this relationship doesn?t indicate that these
companies are not involved in earnings management practices, since the Poisonpill dummy is
not statistically distinct from the base group, which is composed by companies that do not
adopt poison pills and that present negative and significant relation with the discretionary
accruals. Finally, in the national context, evidence has been found that "eternity" clauses can
be inserted into the bylaws to exacerbate the level of earnings management, since the findings
demonstrate that poison pills with "etenity" clauses effectively differentiate themselves of the
poison pills, presenting a positive and statistically significant relation with discretionary
accruals.
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