O distanciamento entre o discurso e a prática: uma análise da responsabilidade e da evidenciação sociais vis-à-vis ao gerenciamento de resultados
DOI:
https://doi.org/10.21710/rch.v27i0.550Palavras-chave:
Responsabilidade Social, Gerenciamento de Resultados, Evidenciação Social, Reputação CorporativaResumo
O artigo tem como objetivo avaliar se empresas brasileiras com maior nível de Social Disclosure apresentaram menor grau de gerenciamento de resultados. Investigou-se também se empresas certificadas como socialmente responsáveis apresentam essa mesma relação. Para alcançar o objetivo traçado, foram analisadas 87 empresas integrantes da carteira do Índice de Sustentabilidade Empresarial da B3 e empresas não participantes, nos anos de 2010 a 2017. A metodologia é de natureza quali-quanti, conforme Günther (2006). Para avaliar os níveis de Social Disclosure, foi utilizado um índice que mede os níveis de transparência de investimentos em projetos sociais a partir de informações contidas nos relatórios sociais. Para medir os níveis de gerenciamento de resultados, foi utilizado o modelo de Kang e Sivaramakrishnan (1995). Os resultados obtidos a partir da regressão em painel com efeitos fixos, apesar de não apresentarem significância estatística, indicam uma relação positiva entre o índice de Social Disclosure e o gerenciamento de resultados e uma relação negativa do Índice de Sustentabilidade Empresarial e o gerenciamento de resultados.
Referências
B3 Carteira ISE 2017-2018. Recuperado em set. 2020, de http://www.b3.com.br/data/files/98/70/59/94/660E061099BE5706790D8AA8/Release%20B3%20divulga%20a%2013_%20carteira%20do%20ISE%20-%20_ndice%20de%20Sustentabilidade%20Empresarial%20-%20Final.pdf.
Baptista, E. M. B. (2009). Teoria em gerenciamento de resultados. Revista de Contabilidade da UFBA, 3(2), 5-20. https://www.politicasculturaisemrevista.ufba.br/index.php/rcontabilidade/article/view/3381/0
Bardin, L. (1977). Análise de Conteúdo. Tradução de Luís Antero Reto e Augusto Pinheiro. Lisboa: Edições, v. 70
Breusch, T.S., & Pagan, A. R. (1979). A single test for heteroscedasticity and random coefficient variation. Econometrica: Journal of the Econometric Society, 47(5), 1287-1294. doi:10.2307/1911963
Buertey, S., Sun, E. J., Lee, J. S., & Hwang, J. (2019). Corporate social responsibility and earnings management: The moderating effect of corporate governance mechanisms. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.1803
Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of management review, 4(4), 497-505.
Chih, H. L., Shen, C. H., & Kang, F. C. (2008). Corporate social responsibility, investor protection, and earnings management: Some international evidence. Journal of business ethics, 79(1-2), 179-198. https://doi.org/10.1007/s10551-007-9383-7
Choi, B. B., Lee, D., & Park, Y. (2013). Corporate Social Responsibility, Corporate Governance and Earnings Quality: Evidence from Korea. Corporate Governance: An International Review, 21(5), 447-467. https://doi.org/10.1111/corg.12033
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting review, 193-225.
Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures–a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282-311. https://doi.org/10.1108/09513570210435852
Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The accounting review, 86(1), 59-100. https://doi.org/10.2308/accr.00000005
Durbin, J., & Watson, G. S. (1950). Testing for serial correlation in least squares regression: I. Biometrika, 37(3/4), 409-428. doi: 10.2307/2332391.
Friedman, A. L., & Miles, S. (2002). Developing stakeholder theory. Journal of management studies, 39(1), 1-21. https://doi.org/10.1111/1467-6486.00280
García-Sánchez, I. M., & García-Meca, E. (2017). CSR engagement and earnings quality in banks. The moderating role of institutional factors. Corporate Social Responsibility and Environmental Management, 24(2), 145-158. https://doi.org/10.1002/csr.1405
Gargouri, R. M., Shabou, R., & Francoeur, C. (2010). The relationship between corporate social performance and earnings management. Canadian Journal of Administrative Sciences/Revue Canadienne Des Sciences De l'Administration, 27(4), 320-334. https://doi.org/10.1002/cjas.178
Gelb, D. S., & Strawser, J. A. (2001). Corporate social responsibility and financial disclosures: An alternative explanation for increased disclosure. Journal of Business Ethics, 33(1), 1-13. https://doi.org/10.1023/A:1011941212444
Gonçalves, R. S., Medeiros, O. R., Jreige, E. F. W., & Niyama, J. K. (2014). A social disclosure index for assessing social programs in Brazilian listed firms. In Accounting in Latin America (pp. 75-103). Emerald Group Publishing Limited. https://doi.org/10.1108/S1479-356320140000014002
Gras-Gil, E., Manzano, M. P., & Fernández, J. H. (2016). Investigating the relationship between corporate social responsibility and earnings management: Evidence from Spain. BRQ Business Research Quarterly,19(4), 289-299. https://doi.org/10.1016/j.brq.2016.02.002
Günther, H. (2006). Pesquisa qualitativa versus pesquisa quantitativa: esta é a questão. Psicologia: teoria e pesquisa, 22(2), 201-210. http://www.scielo.br/pdf/%0D/ptp/v22n2/a10v22n2.pdf
Grougiou, V., Leventis, S., Dedoulis, E., & Owusu-Ansah, S. (2014, September). Corporatesocial responsibility and earnings management in US banks. Accounting Forum, 38(3),155-169. Taylor & Francis. https://doi.org/10.1016/j.accfor.2014.05.003
Hammond, K., & Miles, S. (2004, March). Assessing quality assessment of corporate social reporting: UK perspectives. Accounting Forum, 28(1), 61-79. Taylor & Francis. https://doi.org/10.1016/j.accfor.2004.04.005
Hong, Y., & Andersen, M. L. (2011). The relationship between corporate social responsibility and earnings management: An exploratory study. Journal of Business Ethics, 104(4), 461-471. https://doi.org/10.1007/s10551-011-0921-y
Hörisch, J., Freeman, R. E., & Schaltegger, S. (2014). Applying stakeholder theory in sustainability management: Links, similarities, dissimilarities, and a conceptual framework. Organization & Environment, 27(4), 328-346. https://doi.org/10.1177/1086026614535786
Hummel, K., & Schlick, C. (2016). The relationship between sustainability performance and sustainability disclosure–Reconciling voluntary disclosure theory and legitimacy theory. Journal of Accounting and Public Policy, 35(5), 455-476.
https://doi.org/10.1016/j.jaccpubpol.2016.06.001
Izadinia, N., Isfahani, A. N., & Nikoo, S. (2014). The Relationship between Earnings Management and Social Responsibility, Emphasizing New Paradigms for Accounting-Profit Companies Listed in Tehran Stock Exchange 2007-2012. International Journal of Academic Research in Business and Social Sciences, 4(1), 600. https://doi.org/10.6007/IJARBSS/v4-i1/571
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of accounting research, 29(2), 193-228. DOI: https://doi.org/10.2307/2491047
Jones, T. M. (1995). Instrumental stakeholder theory: A synthesis of ethics and economics. Academy of management review, 20(2), 404-437. https://doi.org/10.5465/amr.1995.9507312924
Jordaan, L. A., De Klerk, M., & de Villiers, C. J. (2018). Corporate social responsibility and earnings management of South African companies. South African Journal of Economic and Management Sciences, 21(1), 1-13. http://dx.doi.org/10.4102/sajems.v21i1.1849
Kang, S. H., & Sivaramakrishnan, K. (1995). Issues in testing earnings management and an instrumental variable approach. Journal of accounting Research, 33(2), 353-367. https://doi.org/10.2307/2491492
Kim, S. H., Udawatte, P., & Yin, J. (2019). The Effects of Corporate Social Responsibility on Real and Accrual‐based Earnings Management: Evidence from China. Australian Accounting Review. http://dx.doi.org/10.1111/auar.12235
Kraemer, M. E. P. (2008). Contabilidade criativa: maquiando as demonstrações contábeis. Pensar Contábil, 7(28). http://www.atena.org.br/revista/ojs-2.2.3-06/index.php/pensarcontabil/article/view/60
Luiz, I. G., Nascimento, M., & Pereira, L. D. S. (2008). Impacto do gerenciamento de resultados no retorno anormal: Estudo empírico dos resultados das empresas listadas na Bolsa de Valores de São Paulo–BOVESPA. In Congresso USP de Controladoria e Contabilidade, São Paulo. http://www.fucape.br/_public/producao_cientifica/2/ivone.pdf
Martinez, A. L. (2008). Detectando earnings management no Brasil: estimando os accruals discricionários. Revista Contabilidade & Finanças, 19(46), 7-17. https://doi.org/10.1590/S1519-70772008000100002
Martinez, A. L. (2001). Gerenciamento dos resultados contábeis: estudo empírico das companhias abertas brasileiras (Doctoral thesis, Universidade de São Paulo). https://doi.org/10.11606/T.12.2002.tde-14052002-110538
Martínez-Ferrero, J., Villarón-Peramato, Ó., & García-Sánchez, I. M. (2017). Can investors identify managerial discretion in corporate social responsibility practices? The moderate role of investor protection. Australian Accounting Review, 27(1), 4-16. https://doi.org/10.1111/auar.12138
Martínez-Ferrero, J., & García-Sánchez, I. M. (2015). Is corporate social responsibility an entrenchment strategy? Evidence in stakeholder protection environments. Review of Managerial Science, 9(1), 89-114. https://doi.org/10.1007/s11846-014-0120-1
Martínez-Ferrero, J., Prado-Lorenzo, J. M., & Fernández-Fernández, J. M. (2013). Responsabilidad social corporativa vs. responsabilidad contable. Revista de Contabilidad, 16(1), 32-45. https://doi.org/10.1016/S1138-4891(13)70004-9
McNichols, M. F. (2000). Research design issues in earnings management studies. Journal of accounting and public policy, 19(4-5), 313-345. https://doi.org/10.1016/S0278-4254(00)00018-1
Nardi, P. C. C., & Nakao, S. H. (2009). Gerenciamento de resultados e a relação com o custo da dívida das empresas brasileiras abertas. Revista Contabilidade & Finanças, 20(51), 77-100. https://doi.org/10.1590/S1519-70772009000300006
Orlitzky, M., & Benjamin, J. D. (2001). Corporate social performance and firm risk: A meta-analytic review. Business & Society, 40(4), 369-396. https://doi.org/10.1177/000765030104000402
Palacios-Manzano, M., Gras-Gil, E., & Santos-Jaen, J. M. (2019). Corporate social responsibility and its effect on earnings management: an empirical research on Spanish firms. Total Quality Management & Business Excellence, 1-17. https://doi.org/10.1080/14783363.2019.1652586
Patten, D. M., & Trompeter, G. (2003). Corporate responses to political costs: an examination of the relation between environmental disclosure and earnings management. Journal of Accounting and Public Policy, 22(1), 83-94. https://doi.org/10.1016/S0278-4254(02)00087-X
Poddi, L., & Vergalli, S. (2009). Does corporate social responsibility affect the performance of firms? (No. 832-2016-55420). https://doi.org/10.22004/ag.econ.52531
Prior, D., Surroca, J., & Tribó, J. A. (2008). Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. Corporate Governance: An International Review, 16(3), 160-177. https://doi.org/10.1111/j.1467-8683.2008.00678.x
Queiroz, A., & Ashley, P. (2007). Ética e responsabilidade social nos negócios (2. ed.). São Paulo: Saraiva, p. 340.
Ramanathan, K. V. (1976). Toward a theory of corporate social accounting. The accounting review, 51(3), 516. https://search.proquest.com/openview/c686f3e5e0e55d6ed59314bf2d63dc82/1?pq-origsite=gscholar&cbl=1816369
Rezende, G. P., & Nakao, S. H. (2012). Gerenciamento de resultados e a relação com o lucro tributável das empresas brasileiras de capital aberto. Revista Universo Contábil, 8(1), 06-21. https://doi.org/10.4270/RUC.2012101
Richardson, A. J., Welker, M., & Hutchinson, I. R. (1999). Managing capital market reactions to corporate social resposibility. International Journal of Management Reviews, 1(1), 17-43. https://doi.org/10.1111/1468-2370.00003
Roberts, R. W. (1992). Determinants of corporate social responsibility disclosure: An application of stakeholder theory. Accounting, organizations and society, 17(6), 595-612. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.460.1484&rep=rep1&type=pdf
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, S. E., & Dickey, D. A. (1984). Testing for unit roots in autoregressive moving average models of unknown order. Biometrika 71(3), 599-607. https://doi.org/10.1093/biomet/71.3.599
Santos, A., & Paulo, E. (2006). Diferimento das perdas cambiais como instrumento de gerenciamento de resultados. BBR - Brazilian Business Review 3(1), 15-31. https://www.redalyc.org/articulo.oa?id=123016269002
Scholtens, B., & Kang, F. C. (2013). Corporate social responsibility and earnings management: Evidence from Asian economies. Corporate Social Responsibility and Environmental Management, 20(2), 95-112. https://doi.org/10.1002/csr.1286
Shen, C. H., & Chih, H. L. (2005). Investor protection, prospect theory, and earnings management: An international comparison of the banking industry. Journal of Banking & Finance, 29(10), 2675-2697. https://doi.org/10.1016/j.jbankfin.2004.10.004
Zahra, S. A., Priem, R. L., & Rasheed, A. A. (2005). The antecedents and consequences of top management fraud. Journal of Management, 31(6), 803-828. https://doi.org/10.1177/0149206305279598
Downloads
Publicado
Como Citar
Edição
Seção
Licença
Copyright (c) 2020 Caio Rodrigues Barroso, Rodrigo de Souza Gonçalves, Otávio Ribeiro de Medeiros, Alex Laquis Resende
Este trabalho está licenciado sob uma licença Creative Commons Attribution 4.0 International License.
