Medidas de desempeño no financieras en contratos de remuneracion y la gestion de ganancias
Resumo
Objetivo: El objetivo de esta investigación es analizar la relación entre el uso de medidas de desempeño no financieras en contratos de remuneración gerencial y la gestión de las ganancias.
Método: Explorando una muestra no probabilistica de 128 empresas no financieras que negociaron en la bolsa de valores brasileña [B]3, con datos desde el año 2012 hasta 2019 y análisis econométrico basado en mínimos cuadrados ordinarios. Originalidad / Relevancia: Esta investigación avanza al evaluar la relación entre MDNF y la gestión de ganancias basada en factores contextuales que rodean a la empresa en una economía emergente.
Resultados: Los resultados evidenciaron las empresas que usaron los dos tipos de medidas redujeron sus gastos discrecionales para aumentar las ganancias. Asimismo, los accruals discrecionales fueron menores en los entornos con mayor propensión de uso de medidas no financieras, con todo, la gestión de ganancias a través de la disminución de gastos discrecionales fue usada en todos los contextos independientemente del grado de propensión de uso de tales medidas. Aportes teóricos/metodológicos/prácticos: Las evidencias permiten suponer la posibilidad que los gerentes de las empresas que usan MDNF en contratos de remuneración estén haciendo un trade-off entre la gestión contable y la manipulación de actividades reales.
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Referências
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Almeida, J. E. F.; Sarlo Neto, A.; Bastianello, R. F. & Moneque, E. Z. (2012). Effects of income smoothing practices on the conservatism of public companies listed on the BM&FBOVESPA. Revista Contabilidade & Finanças, 23(58), 65–75. https://doi.org/10.1590/S1519-70772012000100005
Banker, R. D., & Mashruwala, R. (2007). The moderating role of competition in the relationship between nonfinancial measures and future financial performance. Contemporary Accounting Research, 24(3), 763-793. https://doi.org/10.1506/car.24.3.4
Banker, R. D., Potter, G., & Srinivasan, D. (2000). An empirical investigation of an incentive plan that includes nonfinancial performance measures. The accounting review, 75(1), 65-92. https://doi.org/10.2308/accr.2000.75.1.65
Bartov, E. (1993). The timing of asset sales and earnings manipulation. Accounting Review, 840-855.
Bebchuk, L. A., & Fried, J. M. (2003). Executive compensation as an agency problem. Journal of economic perspectives, 17(3), 71-92. https://doi.org/10.1257/089533003769204362
Brandão, I. D. F., Vasconcelos, A. C. D., Luca, M. M. M. D. & Crisóstomo, V. L. (2019). Composição do conselho de administração e sensibilidade da remuneração executiva ao desempenho de mercado. Revista Contabilidade & Finanças, 30(79), 28-41. https://doi.org/10.1590/1808-057x201806610
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DeFond, M. L. (2010). Earnings quality research: Advances, challenges and future research. Journal of Accounting and Economics, 50(2-3), 402–409. https://doi.org/10.1016/j.jacceco.2010.10.004
Farooqi, J., Harris, O., & Ngo, T. (2014). Corporate diversification, real activities manipulation, and firm value. Journal of Multinational Financial Management, 27, 130-151. https://doi.org/10.1016/j.mulfin.2014.06.010
Feltham, G. A., & Xie, J. (1994). Performance measure congruity and diversity in multi-task principal/agent relations. Accounting review, 429-453.
Fields, T. D., Lys, T. Z., & Vincent, L. (2001). Empirical research on accounting choice. Journal of accounting and economics, 31(1-3), 255-307. https://doi.org/10.1016/S0165-4101(01)00028-3
Freitas, M. R. D. O., Pereira, G., Vasconcelos, A. C. D., & Luca, M. (2020). Concentração acionária, conselho de administração e remuneração de executivos. Revista de Administração de Empresas, 60(5), 322-335. https://doi.org/10.1590/S0034-759020200503
Gan, H., Park, M. S., & Suh, S. (2020). Non-financial performance measures, CEO compensation, and firms’ future value. Journal of Business Research, 110, 213-227. https://doi.org/10.1016/j.jbusres.2020.01.002
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Gunny, K. A. (2010). The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks. Contemporary accounting research, 27(3), 855-888. https://doi.org/10.1111/j.1911-3846.2010.01029.x
HassabElnaby, H.R., Mohammad, E. & Said, A.A. (2010). Nonfinancial performance measures and earnings management. Epstein, M.J. and Lee, J.Y. (Ed.) Advances in Management Accounting (Advances in Management Accounting, Vol. 18), Emerald Group Publishing Limited, Bingley, pp. 55-79. https://doi.org/10.1108/S1474-7871(2010)0000018006
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Hemmer, T. (1996). On the design and choice of “modern” management accounting measures. Journal of Management Accounting Research, 8, 87.
Holthausen R.W., Larcker D.F., Sloan R.G. (1995). Annual bonus schemes and the manipulation of earnings. Journal of Accounting Economics 19, 29-74. https://doi.org/10.1016/0165-4101(94)00376-G
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Ittner, C. D., Larcker, D. F. & Randall, T. (2003). Performance implications of strategic performance measurement in financial services firms. Accounting, organizations and society, 28(7-8), 715-741. https://doi.org/10.1016/S0361-3682(03)00033-3
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Lippert, R. L., & Porter, G. (1997). Understanding CEO pay: A test of two pay-to-performance sensitivity measures with alternative measures of alignment and influence. Journal of Business research, 40(2), 127-138. https://doi.org/10.1016/S0148-2963(96)00283-4
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Martinez, A. L. (2013). Gerenciamento de resultados no Brasil: um survey da literatura. Brazilian Business Review 10(4), 1-31
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Reis, E. M. D.; Lamounier, W. M. & Bressan, V. G. F. (2015). Evitar divulgar perdas: um estudo empírico do gerenciamento de resultados por meio de decisões operacionais. Revista Contabilidade & Finanças, 26(69), 247-260. https://doi.org/10.1590/1808-057x201501070
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of accounting and economics, 42(3), 335-370. https://doi.org/10.1016/j.jacceco.2006.01.002
Said, A. A., HassabElnaby, H. R., & Wier, B. (2003). An empirical investigation of the performance consequences of nonfinancial measures. Journal of management accounting research, 15(1), 193-223. https://doi.org/10.2308/jmar.2003.15.1.193
Schiehll, E. & Bellavance, F. (2009). Boards of directors, CEO ownership, and the use of nonfinancial performance measures in the CEO bonus plan. Corporate Governance: An International Review, 17(1), 90-106. https://doi.org/10.1111/j.1467-8683.2008.00723.x
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Agbeye, S. J. (2018). Diverse Performance Measurements and Earnings Management in Quoted Manufacturing Companies in Nigeria. Asian Journal of Economics, Business and Accounting, 1-24. https://doi.org/10.9734/AJEBA/201 8/46578
Almeida, J. E. F. D., & Almeida, J. C. G. D. (2009). Auditoria e earnings management: estudo empírico nas empresas abertas auditadas pelas big four e demais firmas de auditoria. Revista Contabilidade & Finanças, 20(50), 62-74. https://doi.org/10.1590/S1519-70772009000200005
Almeida, J. E. F.; Sarlo Neto, A.; Bastianello, R. F. & Moneque, E. Z. (2012). Effects of income smoothing practices on the conservatism of public companies listed on the BM&FBOVESPA. Revista Contabilidade & Finanças, 23(58), 65–75. https://doi.org/10.1590/S1519-70772012000100005
Banker, R. D., & Mashruwala, R. (2007). The moderating role of competition in the relationship between nonfinancial measures and future financial performance. Contemporary Accounting Research, 24(3), 763-793. https://doi.org/10.1506/car.24.3.4
Banker, R. D., Potter, G., & Srinivasan, D. (2000). An empirical investigation of an incentive plan that includes nonfinancial performance measures. The accounting review, 75(1), 65-92. https://doi.org/10.2308/accr.2000.75.1.65
Bartov, E. (1993). The timing of asset sales and earnings manipulation. Accounting Review, 840-855.
Bebchuk, L. A., & Fried, J. M. (2003). Executive compensation as an agency problem. Journal of economic perspectives, 17(3), 71-92. https://doi.org/10.1257/089533003769204362
Brandão, I. D. F., Vasconcelos, A. C. D., Luca, M. M. M. D. & Crisóstomo, V. L. (2019). Composição do conselho de administração e sensibilidade da remuneração executiva ao desempenho de mercado. Revista Contabilidade & Finanças, 30(79), 28-41. https://doi.org/10.1590/1808-057x201806610
Brazel, J., Jones, K., Zimbelman, M. (2009). Using nonfinancial measures to assess fraud risk. Journal of Accounting Research 47 (5), 1135–1166. https://doi.org/10.1111/j.1475-679X.2009.00349.x
Bushman, R. M., Indjejikian, R. J., & Smith, A. (1996). CEO compensation: The role of individual performance evaluation. Journal of accounting and economics, 21(2), 161-193. https://doi.org/10.1016/0165-4101(95)00416-5
Charitou, A., Lambertides, N., & Trigeorgis, L. (2011). Distress Risk, Growth and Earnings Quality. Abacus, 47(2), 158–181. https://doi.org/10.1111/j.1467-6281.2011.00337
Cho, M., Ibrahim, S., & Yan, Y. (2019). The use of nonfinancial performance measures in CEO bonus compensation. Corporate Governance: An International Review, 27(4), 301-316. https://doi.org/10.1111/corg.12280
Cohen, D. A. & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics, 50(1), 2-19. https://doi.org/10.1016/j.jacceco.2010.01.002
Cupertino, C. M., Martinez, A. L., & Costa Jr, N. C. A. D. (2016). Consequências para a rentabilidade futura com o gerenciamento de resultados por meio de atividades operacionais reais. Revista Contabilidade & Finanças, 27(71), 232-242. https://doi.org/10.1590/1808-057x201602520
Davila, A., & Venkatachalam, M. (2004). The relevance of non-financial performance measures for CEO compensation: Evidence from the airline industry. Review of Accounting Studies, 443-464. https://doi.org/10.1007/s11142-004-7792-8
Dechow P.M., Dichev I.D. (2002). The quality of accruals and earnings: the role of accrual estimation errors. The Accounting Review 77, 35-59. https://doi.org/10.2308/accr.2002.77.s-1.35
Dechow, P. M., Hutton, A. P., Kim, J. H., & Sloan, R. G. (2012). Detecting earnings management: A new approach. Journal of accounting research, 50(2), 275-334. https://doi.org/10.1111/j.1475-679X.2012.00449.x
Dechow, P. M., & Sloan, R. G. (1991). Executive incentives and the horizon problem: An empirical investigation. Journal of accounting and Economics, 14(1), 51-89. https://doi.org/10.1016/0167-7187(91)90058-S
DeFond, M. L. (2010). Earnings quality research: Advances, challenges and future research. Journal of Accounting and Economics, 50(2-3), 402–409. https://doi.org/10.1016/j.jacceco.2010.10.004
Farooqi, J., Harris, O., & Ngo, T. (2014). Corporate diversification, real activities manipulation, and firm value. Journal of Multinational Financial Management, 27, 130-151. https://doi.org/10.1016/j.mulfin.2014.06.010
Feltham, G. A., & Xie, J. (1994). Performance measure congruity and diversity in multi-task principal/agent relations. Accounting review, 429-453.
Fields, T. D., Lys, T. Z., & Vincent, L. (2001). Empirical research on accounting choice. Journal of accounting and economics, 31(1-3), 255-307. https://doi.org/10.1016/S0165-4101(01)00028-3
Freitas, M. R. D. O., Pereira, G., Vasconcelos, A. C. D., & Luca, M. (2020). Concentração acionária, conselho de administração e remuneração de executivos. Revista de Administração de Empresas, 60(5), 322-335. https://doi.org/10.1590/S0034-759020200503
Gan, H., Park, M. S., & Suh, S. (2020). Non-financial performance measures, CEO compensation, and firms’ future value. Journal of Business Research, 110, 213-227. https://doi.org/10.1016/j.jbusres.2020.01.002
Govindarajan, V., and A. K. Gupta. (1985). Linking control systems to business unit strategy: Impact on performance. Accounting, Organizations and Society 10: 51–66. https://doi.org/10.1007/978-1-4899-7138-8_29
Graham, J. R., Harvey, C. R. & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting & Economics, 40(1-3), 3-73. https://doi.org/10.1016/j.jacceco.2005.01.002
Gunny, K. A. (2010). The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks. Contemporary accounting research, 27(3), 855-888. https://doi.org/10.1111/j.1911-3846.2010.01029.x
HassabElnaby, H.R., Mohammad, E. & Said, A.A. (2010). Nonfinancial performance measures and earnings management. Epstein, M.J. and Lee, J.Y. (Ed.) Advances in Management Accounting (Advances in Management Accounting, Vol. 18), Emerald Group Publishing Limited, Bingley, pp. 55-79. https://doi.org/10.1108/S1474-7871(2010)0000018006
Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of accounting and economics, 7(1-3), 85-107. https://doi.org/10.1016/0165-4101(85)90029-1
Hemmer, T. (1996). On the design and choice of “modern” management accounting measures. Journal of Management Accounting Research, 8, 87.
Holthausen R.W., Larcker D.F., Sloan R.G. (1995). Annual bonus schemes and the manipulation of earnings. Journal of Accounting Economics 19, 29-74. https://doi.org/10.1016/0165-4101(94)00376-G
Ibrahim, S. (2007). The Role of Non-Financial Performance Measures in Compensation Contracts in the Curtailment of Earnings Management. In AAA 2008 MAS Meeting Paper. https://dx.doi.org/10.2139/ssrn.999397
Ibrahim, S. & Lloyd, C. (2011). The association between non-financial performance measures in executive compensation contracts and earnings management. Journal of Accounting and Public Policy, 30(3), 256-274. https://doi.org/10.1016/j.jaccpubpol.2010.10.003
Ikäheimo, S., Kallunki, J. P., Moilanen, S. & Schiehll, E. (2018). Do white-collar employee incentives improve firm profitability?. Journal of Management Accounting Research, 30(3), 95-115. https://doi.org/10.2308/jmar-51902
Ittner, C.D., Larcker, D.F. & Rajan, M.V. (1997). The choice of performance measures in annual bonus contracts. The Accounting Review, 72(2), 231-255.
Ittner, C.D. & Larcker, D. F. (1998). Are non- financial measures leading indicators of financial performance? An analysis of customer satisfaction. Journal of Accounting Research,36,1–35. https://doi.org/10.2307/2491304
Ittner, C. D., Larcker, D. F. & Randall, T. (2003). Performance implications of strategic performance measurement in financial services firms. Accounting, organizations and society, 28(7-8), 715-741. https://doi.org/10.1016/S0361-3682(03)00033-3
Jensen, M. C., Murphy, K. J., & Wruck, E. G. (2004). Where we've been, how we got to here, what are the problems, and how to fix them. Harvard Business School Research Paper, 04-28. https://dx.doi.org/10.2139/ssrn.561305
Lippert, R. L., & Porter, G. (1997). Understanding CEO pay: A test of two pay-to-performance sensitivity measures with alternative measures of alignment and influence. Journal of Business research, 40(2), 127-138. https://doi.org/10.1016/S0148-2963(96)00283-4
Liu, Y., Ning, Y., & Davidson III, W. N. (2010). Earnings management surrounding new debt issues. Financial Review, 45(3), 659-681. https://doi.org/10.1111/j.1540-6288.2010.00265.x
Marquezan, L. H. F., Diehl, C. A., & Alberton, J. R. (2013). Indicadores não financeiros de avaliação de desempenho: análise de conteúdo em relatórios anuais digitais. Contabilidade, Gestão e Governança, 16(2).
Martinez, A. L. (2013). Gerenciamento de resultados no Brasil: um survey da literatura. Brazilian Business Review 10(4), 1-31
Merchant, K. A., & Van der Stede, W. A. (2007). Management control systems: performance measurement, evaluation and incentives. Pearson Education.
Otley, D. T. (1980). The contingency theory of management accounting: achievement and prognosis. In Readings in accounting for management control (pp. 83-106). Springer, Boston, MA. https://doi.org/10.1007/978-1-4899-7138-8_5
Rees, W., & Sutcliffe, C. (1994). Quantitative Non‐Financial Information and Income Measures: The Case Of Long Term Contracts. Journal of Business Finance & Accounting, 21(3), 331-347. https://doi.org/10.1111/j.1468-5957.1994.tb00323.x
Reis, E. M. D.; Lamounier, W. M. & Bressan, V. G. F. (2015). Evitar divulgar perdas: um estudo empírico do gerenciamento de resultados por meio de decisões operacionais. Revista Contabilidade & Finanças, 26(69), 247-260. https://doi.org/10.1590/1808-057x201501070
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of accounting and economics, 42(3), 335-370. https://doi.org/10.1016/j.jacceco.2006.01.002
Said, A. A., HassabElnaby, H. R., & Wier, B. (2003). An empirical investigation of the performance consequences of nonfinancial measures. Journal of management accounting research, 15(1), 193-223. https://doi.org/10.2308/jmar.2003.15.1.193
Schiehll, E. & Bellavance, F. (2009). Boards of directors, CEO ownership, and the use of nonfinancial performance measures in the CEO bonus plan. Corporate Governance: An International Review, 17(1), 90-106. https://doi.org/10.1111/j.1467-8683.2008.00723.x
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Publicado
2025-07-04
Como Citar
Castellanos, M. A. P., & Anjos, L. C. M. dos. (2025). Medidas de desempeño no financieras en contratos de remuneracion y la gestion de ganancias. Enfoque: Reflexão Contábil, 44(2), 1-24. https://doi.org/10.4025/enfoque.v44i2.67354
Seção
Artigos Originais
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