Gerenciamento de resultados contábeis e o desempenho das ofertas públicas iniciais de ações de empresas brasileiras

Abstract

To represent the economic and financial performance of the company and meet the users of accounting reports with useful information needed for decision making, managers are likely to manage the results given the incentives and the existing information asymmetry between these agents. National and international studies have researched this type of practice in prior periods to an Initial Public Offering (IPO). In these studies it was found that the periods preceding and mark the IPO there is strong evidence of earnings management involving discretionary accruals, thus contributing to the increase in company profits in these periods. It is estimated that this is a topic of high relevance in the international economic and financial scenario and mainly national, given that there are gaps in these studies to be researched. Therefore, this study aimed to verify if the Brazilian companies that made IPO in 2002-2010 period, positively have managed their results in order to increase profit by improving its results in the coming periods of supply and showing poor performance in the long run, the result of reversals of accruals related to management. Specifically aimed to examine the behavior of economic-financial performance metrics of the companies, the discretionary accruals levels before and after the IPO, the stock returns in the short and long term after the release, in addition to examining what would be the conditions for the practice of earnings management in the context of IPOs. As a research methodology, metrics economic and financial performance were used, econometric models Modified Jones (1995) and Performance-Matching (2005) for the estimation of discretionary accruals and stock returns to examine the performance of the shares of these companies . In addition, we used a panel data model in order to verify what are the determinants of earnings management, ie, what are the variables that explain the level of discretionary accruals made by companies in the periods studied. The survey results showed that, regarding the evaluation of economic-financial performance metrics are no significant evidence to say that there is a greater tendency for companies to present better performance in the years before and mark the IPO, compared with the performance periods after launch . The sample also searched were obtained significant statistical results to prove that the average of discretionary accruals in the years before and mark the release is higher than that presented in the years after launch, where incentives to manage results reduce considerably. Regarding the return of shares (performance of portfolios), it was noted that the IPO companies have weaker performance than the performance presented by the market. It was also found that companies with higher levels of discretionary accruals had underperformed the performance of companies with lower levels of discretionary accruals. Finally, some variables were characterized as conditions for the practice of earnings management in the context of IPOs. Overall, there is evidence that Brazilian companies have managed their results positively in times close to IPO.