Gerenciamento de resultados em fechamento de capital

Resumo

This study investigates the dynamics of earnings management of Brazilian companies previously to their going private operations in the period of 1999 from 2009. Three main issues are investigated: the type of operation (LBO or Acquisition), the periods in which occur significant manipulation and the legislation change in 2001, which main goal was to cohibit the abusive rebuying of shares by the companies that wanted to go private prior to the going-private operation. The sample is composed of 132 companies that went private from 1999 to 2009 and the data were quarterly collected ranging five years. We found evidence that the sample firms manipulated their earnings approximately two years before going private. Also, some results show that there are differences in the direction of earnings management depending on the type of public-to-private operation: LBOs firms tended to manage their earnings up, as well as the companies that were acquired by their controlling firms, while the other acquisitions showed signs of downward manipulations. Finally, we found evidence that the legislation change in 2001 not only might have changed the pattern of firm´s manipulation but has also increased earnings management right after its effective date.

Ficha do documento

Tipo

Dissertação

Ano

2010

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Não informado

Identificador

oai:repositorio.fgv.br:10438/8135

Palavras-chave

Public-to-privateGoing privateEarnings managementLeverage buyout (LBO)AcquisitionDiscretionary current accrualsFechamento de capitalManipulação contábilGerenciamento de resultadosOferta pública de ações (OPA)AquisiçãoAcumulações discricionárias correntesAdministração de empresasSociedades por ações - BrasilOferta pública inicial de títulos (Finanças)Sociedades por ações - AvaliaçãoSociedades comerciais - Finanças