Determinantes do gerenciamento de resultados em ofertas públicas iniciais (IPOs) de ações no mercado de capitais brasileiro

Abstract

An initial public offering (IPO) is a transformation event in the organization. The entry of new members through the market means a paradigm shift in the management and company culture. To go public companies have access to large amounts of resources and provide their private equity investors the opportunity to diversify their investments. 92 recent IPOs in the Brazilian capital markets were evaluated. It was observed that on average discretionary accruals are positive during the period that encompasses the three years around the IPO date (year -1, 0 and +1). As for the determinants for the practice of earnings management (EM), it can be inferred that there is evidence that the variables IPO Stage, Hot Markets, ISE, SEO, GC, Growth, Performance, Working Capital, size and GDP are characterized as management constraints of results in the context of IPOs pointing to higher or lower levels of discretionary accruals made by companies. These conclusions are based on the results of the models based on the analysis of the levels of discretionary accruals assumed by the companies over the periods pre and post IPOs analysed.