A Relação entre Gerenciamento de Resultados e Market Timing



Artigo principal Conteúdo

Matheus da Costa Gomes
João Paulo Augusto Eça
Marcelo Botelho da Costa Moraes
Maurício Ribeiro do Valle

Resumo

Objetivo: verificar se as empresas que praticam equity market timing apresentam níveis mais elevados de gerenciamento de resultados ao redor do período de emissão de ações. Método: a amostra compreende 68 ofertas sazonais de ações realizadas no Brasil, entre 2004 e 2015. Classificam-se as empresas entre timers e non-timers quanto à decisão de emissão de ações e estimam-se os níveis de gerenciamento de resultados de cada empresa por meio dos modelos Jones Modificado e Jones Modificado com ROA. A proposição de pesquisa é testada utilizando um modelo de regressão linear. Resultados: as empresas que praticam equity market timing gerenciam mais seus resultados, de modo a aumentar o lucro contábil, em relação às empresas que não fazem uso dessa prática. Portanto, os gestores, para explorar janelas de oportunidade, podem aumentar o lucro contábil por meio de accruals e, assim, influenciar a capacidade do mercado de precificar corretamente as ações. Conclusão: as empresas praticam o gerenciamento de resultados como uma forma de explorar janelas de oportunidades no mercado de ações brasileiro. Isso reforça a necessidade de uma análise mais cuidadosa dos lucros da empresa por investidores, analistas, auditores e reguladores, ao passo que exige esforços para evitar essas práticas por meio de compliance, governança e regulamentação.



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Gomes, M. da C., Eça, J. P. A., Moraes, M. B. da C., & Valle, M. R. do. (2021). A Relação entre Gerenciamento de Resultados e Market Timing. Revista De Administração Contemporânea, 25(6), e200289. https://doi.org/10.1590/1982-7849rac2021200289.en
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