ASSOCIAÇÃO ENTRE GERENCIAMENTO DE RESULTADOS E F&A REALIZADAS POR EMPRESAS ADQUIRENTES DA B3
DOI:
https://doi.org/10.22561/cvr.v35i3.8298Keywords:
Results management, Accruals, Mergers and AcquisitionsAbstract
Earnings Management (EG) is a consequence of discretionary actions by managers when manipulating accounting information in order to change the perception of the company's real economic-financial performance. In this way, it becomes relevant to continue research on this topic in order to offer answers that provide additional evidence regarding this corporate phenomenon, especially when it involves scenarios of corporate strategies carried out in Mergers and Acquisitions (M&A) processes, therefore, this research sought to identify evidence of GR prior to M&A in acquiring Brazilian companies listed on B3. Data were collected at Refinitiv Eikon and EG was estimated using discretionary accruals (Pae Model) and operational activities (Roychowdhury Model). For that, multiple linear regressions operationalized in Stata® were used. The main results pointed to evidence that acquiring companies raised the level of EG by accruals and reduced the EG by real activities one year before the announcement of the M&A. There was an association between changes in stock prices in the period prior to the announcement of the M&A, a crucial point for M&A operators and investors, both in terms of influence on changes in stock prices in the capital market, and in the informational asymmetry of decisions and consequences involved in the process. That said, there was evidence of conflicts of interest between managers and business objectives present in M&A. In this sense, these results help educators and standard setters by highlighting part of the opportunistic behavior of managers in the face of M&A.
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