Análise da prática do alisamento de resultados sobre o endividamento das empresas abertas após o processo de convergência às IFRS

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Pereira, Ana Cristina
Nakamura, Wilson Toshiro
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Formigoni, Henrique
Kayo, Eduardo Kazuo
Jucá, Michele Nascimento
Parisi, Claudio
Administração de Empresas
The aim of this study was to examine whether managers practice income smoothing, when exercising the power to judge and choose the accounting practices aimed a particular debt. It is an empirical-analytic study, with descriptive longitudinal nature. The population consists of all open Brazilian non-financial companies listed on the BM&FBOVESPA. Company data were collected in the database of Economática. The sample comprised 273 companies in the period between 2008 and 2013 for the independent variables Smoothing Results and Debt, lagged values were used as the starting point was the assumption that each period, managers adjust the capital structure to the desired goal - target debt. Initially straightening companies and non-smoothers have been identified, according to the methodology proposed by Eckel (1981). Then the degree of smoothing trowels companies was calculated according to the model of Leuz, Nanda and Wisocky (2003). Finally we proceeded to the regression model with unbalanced panel data with fixed effects after the Hausman test. There was no evidence that income smoothing after IFRS adoption were found. Also the results were not statistically significant for claiming that income smoothing affects the debt. Finally, it was found that the current debt is influenced by past debt, ie, firms adjust their capital structure.
estrutura de capital , gerenciamento de resultados , alisamento de resultados , IFRS , capital structure , earnings management , income smoothing , IFRS