Poison Pills e gerenciamento de resultados: um estudo das Companhias Listadas na B3

• Main Author: Azevedo, Yuri Gomes Paiva
• Other Authors: 22584935287
• Language: Portuguese
• Published: PROGRAMA DE P?S-GRADUA??O EM CI?NCIAS CONT?BEIS 2018
• Subjects: CNPQ::CIENCIAS SOCIAIS APLICADAS: CI?NCIAS CONT?BEIS; Poison Pills; Gerenciamento de resultados; Dispositivos Anti-Takeover
• Online Access: https://repositorio.ufrn.br/jspui/handle/123456789/25042

Submitted by Automa??o e Estat?stica ([e-mail]) on 2018-04-03T15:23:22Z No. of bitstreams: 1 YuriGomesPaivaAzevedo_DISSERT.pdf: 534625 bytes, checksum: f1f04067c2b7559d6f332d54207948a0 (MD5) === Approved for entry into archive by Arlan Eloi Leite Silva ([e-mail]) on 2018-04-10T23:15:49Z (GMT) No. of bitstreams: 1 YuriGomesPaivaAzevedo_DISSERT.pdf: 534625 bytes, checksum: f1f04067c2b7559d6f332d54207948a0 (MD5) === Made available in DSpace on 2018-04-10T23:15:49Z (GMT). No. of bitstreams: 1 YuriGomesPaivaAzevedo_DISSERT.pdf: 534625 bytes, checksum: f1f04067c2b7559d6f332d54207948a0 (MD5) 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.