Estudo de práticas de earnings management nas empresas portuguesas cotadas em bolsa: Identificação de alisamento de resultados e seus factores explicativos

 

Cláudia Araújo Mendes^*, Lúcia Lima Rodrigues^**

 

cmendes@ipca.pt, lrodrigues@eeg.uminho.pt

 

Resumo. O objectivo da presente investigação consiste, por um lado, em determinar se as opções adoptadas em matéria de políticas contabilísticas se traduzem por um comportamento de alisamento de resultados e, por outro lado, em identificar factores explicativos da incidência de alisamento de resultados, no âmbito de uma amostra de empresas cotadas no Mercado de Cotações Oficiais da actual Euronext Lisboa, ao longo de um período de 5 anos. Os resultados obtidos neste estudo confirmam que as empresas da amostra desenvolvem activamente práticas de alisamento contabilístico dos resultados e que a proporção de juros suportados, a estrutura de propriedade e o sector de actividade são os factores que mais contribuem para explicar este comportamento.

Palavras-chave: earnings management, alisamento de resultados, discricionaridade contabilística

 

Abstract. The purpose of the present investigation is twofold. First, we seek to determine if the existence of alternative options in terms of accounting policies induces income smoothing behavior. Second, we pretend to identify the explanatory factors of the incidence of income smoothing. Our research sample comprises companies listed on the Main Market of the present Euronext Lisbon, over a period of five years. The results of this study confirm that our sample companies are actively engaged in accounting income smoothing practices. Furthermore, among the many variables considered, the proportion of interest borne, the ownership structure, and the activity sector proved to be the factors which have largely contributed to explain such behavior.

Keywords: earnings management, income smoothing, discretionary accounting

 

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^* ESG - Escola Superior de Gestão, Instituto Politécnico do Cávado e do Ave (IPCA)

^** EEG - Escola de Economia e Gestão, Universidade do Minho (UM)