Covenants contábeis e gerenciamento de resultados: evidências a partir da instrução normativa da CVM Nº527/12
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Data
2020-12-18
Autores
Lopes, Mariana Borges
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Universidade Federal do Espírito Santo
Resumo
This study uses CVM Normative Instruction (IN nº527/12), which deals with the voluntary disclosure of EBITDA, as an exogenous shock to the environment of debt contracts to investigate the effect of normative change on earnings management practices via discretionary accruals and real activities, in response to the impact of changes in the attributes of accounting covenants. In order to achieve the proposed objectives, differences-in-differences (DID) models were used in 209 non-financial publicly traded companies registered with the Securities and Exchange Commission in the period from 2010 to 2015. To define the control group, it used the Propensity Score Matching (PSM) technique, which generated a sample with 517 matched pairs, totaling 1,034 observations. The data related to the covenants were collected from the reference forms published by the companies on the [B³] website, while the accounting data were extracted from the Comdinheiro database. The analysis of the results that test the first hypothesis showed that there is a positive association between the EBITDA disclosed by companies that have covenants based on this indicator and the degree of earnings management, measured by the metrics of discretionary accruals (EM1 and EM2) and real activities (EM3 and EM4). The analysis of univariate tests and the differences-in-differences models allows us to refute the hypothesis that the entry into force of ICVM Nº 527/12 positively impacted the level of earnings management for companies submitted to covenants based on EBITDA
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Covenants contábeis , Gerenciamento de resultados , EBITDA , Instrução Normativa CVM 527/12 , Accounting covenants , Earnings management