Influência da tenure da auditoria no gerenciamento de resultados em empresas abertas do mercado brasileiro
Palavras-chave:
Auditoria; Gerenciamento de resultados por accruals; Gerenciamento de resultados por atividades operacionais reais.
Resumo
Este trabalho analisa o efeito da tenure da firma e sócio de auditoria no gerenciamento de resultados por accruals e por atividades operacionais reais das empresas abertas do mercado brasileiro. Compuseram a amostra 147 empresas, totalizando 1.138 observações para o período 2011-2019. O gerenciamento de resultados utiliza modelos por accruals discricionários e por atividades operacionais reais que constam nos trabalhos de Dechow, Sloan e Sweeny (1995) e Dechow, Kothari e Watts (1998), respectivamente. As regressões em painel por efeito fixo revelam que a tenure da firma de auditoria influência positivamente o gerenciamento de resultados por accruals discricionários. Já no nível da pessoa física, o resultado foi diferente, uma vez que a tenure do sócio de auditoria não se mostrou relacionada com o gerenciamento de resultados por accruals. Os achados também indicam que a tenure da firma e sócio de auditoria não estão relacionadas com o gerenciamento de resultados por atividades operacionais reais. Os resultados contribuem no âmbito prático, especialmente, em discussões dos órgãos reguladores, pois revelam evidências sobre o efeito da tenure do auditor em propiciar o aumento de ações oportunistas dos gestores.
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Referências
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ALZOUBI, E. S. S. Audit quality, debt financing, and earnings management: Evidence from Jordan. Journal of International Accounting, Auditing and Taxation, v. 30, p. 69-84, 2018.
AZAR, A. A.; SAROKOLAIE, M. A. The effect of corporate ownership on the relationship between audits quality and real earnings management. International Journal of Applied Business and Economic Research, v. 13, n. 6, p. 4161-4173, 2015.
BAKER, T.; COLLINS, D.; REITENGA, A. Stock option compensation and earnings management incentives. Journal of Accounting, Auditing & Finance, v. 18, n. 4, p. 557-582, 2003.
BELL, T. B.; CAUSHOLLI, M.; KNECHEL, W. Robert. Audit firm tenure, non‐audit services, and internal assessments of audit quality. Journal of Accounting Research, v. 53, n. 3, p. 461-509, 2015.
CARDOSO, R. L.; SOUZA, F. S. R. N.; DANTAS, M. M. Impactos da Adoção do IFRS na Acumulação Discricionária e na Pesquisa em Gerenciamento de Resultados no Brasil. Revista Universo Contábil, v. 11, n. 2, p. 65-84, 2015.
CAREY, P.; SIMNETT, R. Audit partner tenure and audit quality. The accounting review, v. 81, n. 3, p. 653-676, 2006.
CAUSHOLLI, M. Evidence of organizational learning and organizational forgetting from financial statement audits. Auditing: A Journal of Practice & Theory, v. 35, n. 2, p. 53-72, 2016.
CHEN, C.; LIN, C.; LIN, Y. Audit partner tenure, audit firm tenure, and discretionary accruals: Does long auditor tenure impair earnings quality?. Contemporary accounting research, v. 25, n. 2, p. 415-445, 2008.
CHENG, Q.; WARFIELD, T. D. Equity incentives and earnings management. The accounting review, v. 80, n. 2, p. 441-476, 2005.
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DOGUI, K.; BOIRAL, O.; HERAS‐SAIZARBITORIA, I. Audit fees and auditor independence: The case of ISO 14001 certification. International Journal of Auditing, v. 18, n. 1, p. 14-26, 2014.
DOPUCH, N.; DRAKE, D. F. The effect of alternative accounting rules for nonsubsidiary investments. Journal of Accounting Research, p. 192-219, 1966.
DOYLE, J.; GE, W.; MCVAY, S. Determinants of weaknesses in internal control over financial reporting. Journal of accounting and Economics, v. 44, n. 1-2, p. 193-223, 2007.
EILIFSEN, A.; KNIVSFLA, K. The role of audit firm size, non‐audit services, and knowledge spillovers in mitigating earnings management during large equity issues. International Journal of Auditing, v. 20, n. 3, p. 239-254, 2016.
EISENHARDT, K. M. Agency theory: An assessment and review. Academy of management review, v. 14, n. 1, p. 57-74, 1989.
ELLIOTT, J. A.; SHAW, W. H. Write-offs as accounting procedures to manage perceptions. Journal of accounting research, p. 91-119, 1988.
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FRANCIS, J.; HANNA, J. D.; VINCENT, L. Causes and effects of discretionary asset write-offs. Journal of Accounting Research, v. 34, p. 117-134, 1996.
FRANCIS, J. R.; PINNUCK, M. L.; WATANABE, O. Auditor style and financial statement comparability. The Accounting Review, v. 89, n. 2, p. 605-633, 2014.
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IBRAHIM, S.; LLOYD, C. The association between non-financial performance measures in executive compensation contracts and earnings management. Journal of Accounting and Public Policy, v. 30, n. 3, p. 256-274, 2011.
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ALQUHAIF, A. S.; LATIF, R. A.; CHANDREN, S. Employee stock options and real earnings management through accretive share buyback in Malaysia. Journal of Advanced Research in Business and Management Studies, v. 1, n. 1, p. 76-84, 2017.
AL‐THUNEIBAT, A. A.; AL ISSA, R. T. I.; BAKER, R. A. A. Do audit tenure and firm size contribute to audit quality?. Managerial Auditing Journal, v. 26, n.4, p. 317-334 2011.
ALZOUBI, E. S. S. Audit quality, debt financing, and earnings management: Evidence from Jordan. Journal of International Accounting, Auditing and Taxation, v. 30, p. 69-84, 2018.
AZAR, A. A.; SAROKOLAIE, M. A. The effect of corporate ownership on the relationship between audits quality and real earnings management. International Journal of Applied Business and Economic Research, v. 13, n. 6, p. 4161-4173, 2015.
BAKER, T.; COLLINS, D.; REITENGA, A. Stock option compensation and earnings management incentives. Journal of Accounting, Auditing & Finance, v. 18, n. 4, p. 557-582, 2003.
BELL, T. B.; CAUSHOLLI, M.; KNECHEL, W. Robert. Audit firm tenure, non‐audit services, and internal assessments of audit quality. Journal of Accounting Research, v. 53, n. 3, p. 461-509, 2015.
CARDOSO, R. L.; SOUZA, F. S. R. N.; DANTAS, M. M. Impactos da Adoção do IFRS na Acumulação Discricionária e na Pesquisa em Gerenciamento de Resultados no Brasil. Revista Universo Contábil, v. 11, n. 2, p. 65-84, 2015.
CAREY, P.; SIMNETT, R. Audit partner tenure and audit quality. The accounting review, v. 81, n. 3, p. 653-676, 2006.
CAUSHOLLI, M. Evidence of organizational learning and organizational forgetting from financial statement audits. Auditing: A Journal of Practice & Theory, v. 35, n. 2, p. 53-72, 2016.
CHEN, C.; LIN, C.; LIN, Y. Audit partner tenure, audit firm tenure, and discretionary accruals: Does long auditor tenure impair earnings quality?. Contemporary accounting research, v. 25, n. 2, p. 415-445, 2008.
CHENG, Q.; WARFIELD, T. D. Equity incentives and earnings management. The accounting review, v. 80, n. 2, p. 441-476, 2005.
CHI, W.; HUANG, H. Discretionary accruals, audit-firm tenure and audit-partner tenure: Empirical evidence from Taiwan. Journal of Contemporary Accounting & Economics, v. 1, n. 1, p. 65-92, 2005.
CHI, W.; LISIC, L. L.; PEVZNER, M. Is enhanced audit quality associated with greater real earnings management?. Accounting horizons, v. 25, n. 2, p. 315-335, 2011.
COHEN, D. A.; ZAROWIN, P. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of accounting and Economics, v. 50, n. 1, p. 2-19, 2010.
Comissão de Valores Mobiliários (CVM). Instrução CVM nº 308 de 14 de maio de 1999 com as alterações introduzidas pelas instruções CVM nº 509/2011, 545/2014 e 591/2017. Rio de Janeiro, 1999.
CONSONI, S.; COLAUTO, R. D.; LIMA, G. A. S. F. A divulgação voluntária e o gerenciamento de resultados contábeis: evidências no mercado de capitais brasileiro. Revista Contabilidade & Finanças, v. 28, n. 74, p. 249-263, 2017.
CORNETT, M. M.; MCNUTT, J. J.; TEHRANIAN, H. Corporate governance and earnings management at large US bank holding companies. Journal of Corporate finance, v. 15, n. 4, p. 412-430, 2009.
CUPERTINO, C. M.; MARTINEZ, A. L.; COSTA JR, Newton Carneiro Affonso. Consequências para a rentabilidade futura com o gerenciamento de resultados por meio de atividades operacionais reais. Revista Contabilidade & Finanças-USP, v. 27, n. 71, p. 232-242, 2016.
DAVIS, L. R.; SOO, B. S.; TROMPETER, Gregory M. Auditor tenure and the ability to meet or beat earnings forecasts, v. Contemporary Accounting Research, v. 26, n. 2, p. 517-548, 2009.
DECHOW, P. M.; KOTHARI, S. P.; WATTS, R. L. The relation between earnings and cash flows. Journal of accounting and Economics, v. 25, n. 2, p. 133-168, 1998.
DECHOW, P. M.; SLOAN, R. G.; SWEENEY, A. P. Detecting earnings management. The Accounting review, v. 70, n. 2, p. 193-225, 1995.
DEFOND, M. L.; JIAMBALVO, J.. Debt covenant violation and manipulation of accruals. Journal of accounting and economics, v. 17, n. 1-2, p. 145-176, 1994.
DOGUI, K.; BOIRAL, O.; HERAS‐SAIZARBITORIA, I. Audit fees and auditor independence: The case of ISO 14001 certification. International Journal of Auditing, v. 18, n. 1, p. 14-26, 2014.
DOPUCH, N.; DRAKE, D. F. The effect of alternative accounting rules for nonsubsidiary investments. Journal of Accounting Research, p. 192-219, 1966.
DOYLE, J.; GE, W.; MCVAY, S. Determinants of weaknesses in internal control over financial reporting. Journal of accounting and Economics, v. 44, n. 1-2, p. 193-223, 2007.
EILIFSEN, A.; KNIVSFLA, K. The role of audit firm size, non‐audit services, and knowledge spillovers in mitigating earnings management during large equity issues. International Journal of Auditing, v. 20, n. 3, p. 239-254, 2016.
EISENHARDT, K. M. Agency theory: An assessment and review. Academy of management review, v. 14, n. 1, p. 57-74, 1989.
ELLIOTT, J. A.; SHAW, W. H. Write-offs as accounting procedures to manage perceptions. Journal of accounting research, p. 91-119, 1988.
FÁVERO, L. P.; BELFIORE, P. Manual de análise de dados: estatística e modelagem multivariada com Excel®, SPSS® e Stata®. Elsevier Brasil, 2017.
FITZGERALD, B. C.; OMER, T. C.; THOMPSON, A. M. Audit partner tenure and internal control reporting quality: US evidence from the not‐For‐Profit sector. Contemporary Accounting Research, v. 35, n. 1, p. 334-364, 2018.
FRANCIS, J. R.; WANG, D. The joint effect of investor protection and Big 4 audits on earnings quality around the world. Contemporary accounting research, v. 25, n. 1, p. 157-191, 2008.
FRANCIS, J. R.; YU, M. D. Big 4 office size and audit quality. The accounting review, v. 84, n. 5, p. 1521-1552, 2009.
FRANCIS, J.; HANNA, J. D.; VINCENT, L. Causes and effects of discretionary asset write-offs. Journal of Accounting Research, v. 34, p. 117-134, 1996.
FRANCIS, J. R.; PINNUCK, M. L.; WATANABE, O. Auditor style and financial statement comparability. The Accounting Review, v. 89, n. 2, p. 605-633, 2014.
FRANKEL, R. M.; JOHNSON, M. F.; NELSON, K. K. The relation between auditors' fees for nonaudit services and earnings management. The accounting review, v. 77, n. s-1, p. 71-105, 2002.
GARCIA-BLANDON, J.; ARGILES, J. M. Audit firm tenure and independence: A comprehensive investigation of audit qualifications in Spain. Journal of international accounting, auditing and taxation, v. 24, p. 82-93, 2015.
GARCIA-BLANDON, J.; ARGILES-BOSCH, J. M. The interaction effects of firm and partner tenure on audit quality. Accounting and Business Research, v. 47, n. 7, p. 810-830, 2017.
GE, W. Essays on real earnings management (Doctoral dissertation, McGill University). 2009.
HADI, A. S. Identifying multiple outliers in multivariate data. Journal of the Royal Statistical Society: Series B (Methodological), v. 54, n. 3, p. 761-771, 1992.
HARRIS, K.; WHISENANT, S. Mandatory audit rotation: an international investigation. University of Houston, 2012.
HO, L. J.; LIU, C.; SCHAEFER, T. Audit tenure and earnings surprise management. Review of Accounting and Finance, v.9, n.2, 2010.
HOCHBERG, Y. V. Venture capital and corporate governance in the newly public firm. Review of Finance, v. 16, n. 2, p. 429-480, 2012.
HRIBAR, Paul; COLLINS, Daniel W. Errors in estimating accruals: Implications for empirical research. Journal of Accounting research, v. 40, n. 1, p. 105-134, 2002.
IBRAHIM, S.; LLOYD, C. The association between non-financial performance measures in executive compensation contracts and earnings management. Journal of Accounting and Public Policy, v. 30, n. 3, p. 256-274, 2011.
JENSEN, M. C.; MECKLING, W. H. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, v. 3, n. 4, p. 305-360, 1976.
JOHNSON, V. E.; KHURANA, I. K.; REYNOLDS, J. K. Audit‐firm tenure and the quality of financial reports. Contemporary accounting research, v. 19, n. 4, p. 637-660, 2002.
JONES, J. J. Earnings management during import relief investigations. Journal of accounting research, v. 29, n. 2, p. 193-228, 1991.
KAHN, J. Wirecard shows auditing is broken. Here’s why—and how to fix it. Fortune. 25 de junho de 2020. Disponível em: https://fortune.com/2020/06/25/wirecard-auditing-is-broken-fintech-ey-ernst-and-young/. Acesso em: 28 jun. 2020.
KINDER, T. Decision looms over Big Four consultancy and audit ‘conflict’. Financial Times. 29 de janeiro de 2020. Disponível em: https://www.ft.com/content/dfd5703a-2363-11ea-b8a1-584213ee7b2b. Acesso em: 29 jun. 2020.
KLEIN, A. Audit committee, board of director characteristics, and earnings management. Journal of accounting and economics, v. 33, n. 3, p. 375-400, 2002.
LI, Y.; SINGAL, M. Firm Performance in the Hospitality Industry: Do CEO Attributes and Compensation Matter?. Journal of Hospitality & Tourism Research, v. 43, n. 2, p. 272-282, 2019.
LIN, J. W.; HWANG, M. I. Audit quality, corporate governance, and earnings management: A meta‐analysis. International journal of auditing, v. 14, n. 1, p. 57-77, 2010.
MAIJOOR, S. J.; VANSTRAELEN, A. Earnings management within Europe: the effects of member state audit environment, audit firm quality and international capital markets. Accounting and business research, v. 36, n. 1, p. 33-52, 2006.
MANRY, D. L.; MOCK, T. J.; TURNER, J. L. Does increased audit partner tenure reduce audit quality?. Journal of Accounting, Auditing & Finance, v. 23, n. 4, p. 553-572, 2008.
MARRA, A.; MAZZOLA, P.; PRENCIPE, A. Board monitoring and earnings management pre-and post-IFRS. The international journal of Accounting, v. 46, n. 2, p. 205-230, 2011.
MILBOURN, T. T. CEO reputation and stock-based compensation. Journal of Financial Economics, v. 68, n. 2, p. 233-262, 2003.
MURPHY, K. J. Executive compensation. Handbook of labor economics, v. 3, p. 2485-2563, 1999.
MYERS, J. N.; MYERS, L. A.; OMER, T. C. Exploring the term of the auditor‐client relationship and the quality of earnings: A case for mandatory auditor rotation?. The accounting review, v. 78, n. 3, p. 779-799, 2003.
PAULO, E.; MOTA, R. H. G. Ciclos econômicos e estratégias de gerenciamento de resultados contábeis: um estudo nas companhias abertas brasileiras. Revista Contabilidade & Finanças, v. 30, n. 80, p. 216-233, 2019.
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Publicado
2022-10-11
Como Citar
Manoel de Sousa, A., Krauspenhar Pinto Figari, A., & Douglas Colauto, R. (2022). Influência da tenure da auditoria no gerenciamento de resultados em empresas abertas do mercado brasileiro. Enfoque: Reflexão Contábil, 41(3), 74-95. https://doi.org/10.4025/enfoque.v41i3.57044
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Artigos Originais
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