Manipulação de Resultados Contábeis na América Latina: Evidências de Corrupção Organizacional
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Apr 18, 2023
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Resumo
Este artigo examina se existe evidência do problema de manipulação de resultados contábeis na América Latina, assim como a intenção de informação (perdas ou ganhos) das organizações na região. Para esse propósito, utiliza-se a metodologia de análise gráfica e estatística de distribuições, que fornece sinais sobre o problema. Essa análise é conduzida em uma amostra de empresas listadas de 11 países da América Latina. Os resultados sugerem que, de forma geral, a manipulação de resultados contábeis na América Latina ocorre para informar sobre pequenas perdas no resultado operacional e pequenos ganhos no resultado líquido. Especificamente, encontram-se evidências estatísticas de manipulação de resultados em nível de país para Chile, Equador, México, Peru e Venezuela.
Keywords
manipulation of financial results, Latin America, distribution analysismanipulación del resultado, Latinoamérica, análisis de distribuciónmanipulação de resultados contábeis, América Latina, análise de distribuição
References
Administrative Proceeding File Nro. 3-10481 (Securities and Exchange Commission mayo 15, 2001). https://www.sec.gov/litigation/admin/33-7976.htm
Administrative Proceeding File Nro. 3-9563 (Securities and Exchange Commission Marzo 25, 1998). https://www.sec.gov/litigation/admin/337518.txt
An, Z., Li, D. y Yu, J. (2016). Earnings management, capital structure, and the role of institutional environments. Journal of Banking & Finance, 68. 10.1016/j.jbankfin.2016.02.007
Arellano, D. (2017). Corrupción como proceso organizacional: comprendiendo la lógica de la desnormalización de la corrupción. Contaduría y Administración, 62(3). https://doi.org/10.1016/j.cya.2016.01.005
Bao, S. y Lewellyn, K. (2016). Ownership structure and earnings management in emerging markets - An institutionalized agency perspective. International Business Review, 26(5). 0.1016/j.ibusrev.2017.02.002
Bianconi, M. y Yoshino, J. (2014). Risk factors and value at risk in publicly traded companies of the nonrenewable energy sector. Energy Economics, 45. 10.1016/j.eneco.2014.06.018
Bleakley, H. y Cowan, K. (2008). Corporate Dollar Debt and Depreciations: Much Ado about Nothing? The Review of Economics and Statistics, 90(4), pp. 612-626.
Blume, D. y Alonso, F. (2007). Institutional Investors and Corporate Governance in Latin America. Financial Market Trends, 2007(2). 10.1787/fmt-v2007-art15-en
Briano, G. y Rodríguez, L. (2016). Corporate governance ratings on listed companies: An institutional perspective in Latin America. European Journal of Management and Business Economics, 25(2). https://doi.org/10.1016/j.redeen.2016.01.001
Brown, T. (2014). Advantageous comparison and rationalization of earnings management. Journal of Accounting Research, 52(4). htps://doi.org/10.1111/1475-679X.12054
Burgstahler, D. y Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics, 24(1). https://doi.org/10.1016/S0165-4101(97)00017-7
Cano, M. (2007). Tamaño del auditor y calidad de auditoría en las empresas españolas no cotizadas. Revista Española de Financiación y Contabilidad, 36(135), pp. 481-507.
Castrillo, L. y San Martín, J. (2008). Los ajustes por devengo como medida de discrecionalidad directiva. Una revisión bibliográfica. Contaduría y Administración, (226). http://dx.doi.org/10.22201/fca.24488410e.2008.641
Cornejo, E., Arias, P., Améstica, L. y Guiñez, N. (2017). Prácticas de earning management en el sector retail de Chile. El caso La Polar. Cuadernos de Contabilidad, 18(45). https://doi.org/10.11144/Javeriana.cc18-45.pems
Cruz, F. (1995). Consideraciones generales sobre el entorno cultural. Cuadernos de Administración, 14(21). https://doi.org/10.25100/cdea.v14i21.103
Degeorge, F., Patel, J. y Zeckhauser, R. (1999). Earnings Management to Exceed Thresholds. The Journal of Business, 72(1). https://doi.org/10.1086/209601
Fernandes, A., Jreige, E., Da Silva, E. y Peres, G. (2014). Earnings Management and Economic Crises in the Brazilian Capital Market. Revista de Administração de Empresas, 54(3). https://doi.org/10.1590/S0034-759020140303
Gallén, M. y Giner, B. (2005). La alteración del resultado para evitar pérdidas y descensos: Evidencia empírica. Revista Española de Financiación y Contabilidad, 34(124), pp. 141-181. https://dialnet.unirioja.es/servlet/articulo?codigo=1155862
Garay, U. y González, M. (2008). Corporate Governance and Firm Value: The Case of Venezuela. Corporate Governance: An International Review, 16(3). 10.1111/j.1467-8683.2008.00680.x
Garza, H., Cortez, K., Méndez, A. y Rodríguez, M. (2017). Efecto en la calidad de la información ante cambios en la normatividad contable: caso aplicado al sector real mexicano. Contaduría y Administración, 62(3). http://dx.doi.org/10.1016/j.cya.2015.11.012
Geiger, M., Quirvan, C. y Hazera, A. (2007). An International Comparison of Student Perceptions of Earnings Management Evidence of Effects of National Origin between Mexico and the United States. Contaduría y Administración, (223), pp. 53-68. https://www.redalyc.org/pdf/395/39522304.pdf
Govorova, E., Jara, M. y López, F. (2013). Alteración del resultado para evitar pérdidas: un análisis internacional. Revista Visión Contable, (11). https://doi.org/10.24142/rvc.n11a5
Gozgor, G., Lau, C. y Bilgin, M. (2016). Commodity markets volatility transmission: Roles of risk perceptions and uncertainty in financial markets. Journal of International Financial Markets, Institutions and Money, 44. 10.1016/j.intfin.2016.04.008
Healy, P. y Whalen, J. (1999). A Review of the Earnings Management Literature and Its Implications for Standard Setting. Accounting Horizons, 13(4). http://dx.doi.org/10.2139/ssrn.156445
Hofstede, G. (1997). Cultures and organizations: software of the mind. McGraw-Hill.
Jara, M. y Sepulveda, J. (2016). Earnings management and performance in family-controlled firms Evidence from an emerging economy. Academia Revista Latinoamericana de Administración, 29(1), pp. 44-64.
Jiménez, J. P. (2015). Desigualdad, concentración del ingreso y tributación sobre las altas rentas en América Latina. Comisión Económica para América Latina y el Caribe (CEPAL). https://repositorio.cepal.org/bitstream/handle/11362/39662/S1420855_es.pdf?sequence=1
La Porta, R., Lopez, F., Shleifer, A. y Vishny, R. (1998). Law and finance. Journal of political economy, 106(6). https://doi.org/10.1086/250042
Landsman, W., Maydew, E. y Thornock, J. (2012). The information content of annual earnings announcements and mandatory adoption of IFRS. Journal of Accounting and Economics, 53(1-2). https://doi.org/10.1016/j.jacceco.2011.04.002
Leuz, C., Nanda, D. y Wysocki, P. D. (2003). Earnings management and investor protection: an international comparison. Journal of Financial Economics, 69(3). https://doi.org/10.1016/S0304-405X(03)00121-1
Levitt, A. (1998, 28 de septiembre). The Numbers Game. https://www.sec.gov/news/speech/speecharchive/1998/spch220.txt
López, F. y Saona, P. (2005). Earnings management and internal mechanisms of corporate governance: Empirical evidence from Chilean firms. Corporate Ownership y Control, 3(1). 10.22495/cocv3i1p2
Lopo, A. y De Jesus, A. (2017). Relationship Between Auditors’ Fees And Earnings Management. Revista de Administração de Empresas, 57(2). http://dx.doi.org/10.1590/S0034-759020170204
McPhail, K. (1999). The Threat of Ethical Accountants: An Application of Foucault's Concept of Ethics to Accounting Education and Some Thoughts on Ethically Educating for the Other. Critical Perspectives on Accounting, 10(6). https://doi.org/10.1006/cpac.1998.0277
Medeiros, C., Lopo, A. y da Costa, N. (2017). Earnings management strategies in Brazil: Determinant costs and temporal sequence. Contaduría y Administración, 62(5). https://doi.org/10.1016/j.cya.2016.11.002
Montaner, C. (2001). Las raíces torcidas de América Latina. Plaza y Janés Editores.
Ospina, J. (2016). Los cursos en línea, masivos y abiertos en educación superior: análisis para la enseñanza de las NIIF. [Tesis doctoral, Universitat de València]. Roderic. http://hdl.handle.net/10550/57694
Pacheco, A. y Wheatley, C. (2017). The influence of culture on real earnings management. International Journal of Emerging Markets, 12(1). 10.1108/IJoEM-12-2014-0218
Parte, L. y Gonzalo, J. (2009). ¿Se maquillan los resultados de las cotizadas en España? Universia Business Review, (21), pp. 36-55. https://dialnet.unirioja.es/descarga/articulo/2911543.pdf
Pelucio, M., Moraes, C. y Begas, G. (2017). Corporate Social Responsibility and its Relation with Performance and Earnings Management. Contabilidade Vista & Revista, 28(1), pp. 25-44. https://www.redalyc.org/pdf/1970/197050605003.pdf
Ramos, S. y Veiga, H. (2011). Risk factors in oil and gas industry returns: International evidence. Energy Economics, 33(3), pp. 525-542.
Rodríguez, G. y van Hemmen, S. (2010). Debt, diversification and earnings management. Journal of Accounting and Public Policy, 29(2), pp. 138-159.
Sáenz, J. y García, E. (2014). Does Corporate Governance Influence Earnings Management in Latin American Markets? Journal of Business Ethics, 121(3). https://link.springer.com/article/10.1007/s10551-013-1700-8
Santiago, M. y Baek, H. Y. (2004). Board composition and firm performance of large Latin American firms: An exploratory view. Latin American Business Review, 4(2). 10.1300/J140v04n02_01
Santiago, M., Brown, C. y Báez, A. (2009). Prácticas de gobierno corporativo en América Latina. Academia. Revista Latinoamericana de Administración, (29), pp. 26-40.
Takeuchi, Y. (2004). On a statistical method to detect discontinuity in the distribution function of reported earnings. Mathematics and Computers in Simulation, 64(1). https://doi.org/10.1016/S0378-4754(03)00124-1
Vyas, D. (2011). The Timeliness of Accounting Write-Downs by U.S. Financial Institutions During the Financial Crisis of 2007-2008. Journal of Accounting Research, 49(3). https://doi.org/10.1111/j.1475-679X.2011.00410.x
World Economic Forum. (2017). The Global Competitiveness Report 2017-2018. Ginebra, Suiza: World Economic Forum. https://www.weforum.org/reports/the-global-competitiveness-report-2017-2018
Administrative Proceeding File Nro. 3-9563 (Securities and Exchange Commission Marzo 25, 1998). https://www.sec.gov/litigation/admin/337518.txt
An, Z., Li, D. y Yu, J. (2016). Earnings management, capital structure, and the role of institutional environments. Journal of Banking & Finance, 68. 10.1016/j.jbankfin.2016.02.007
Arellano, D. (2017). Corrupción como proceso organizacional: comprendiendo la lógica de la desnormalización de la corrupción. Contaduría y Administración, 62(3). https://doi.org/10.1016/j.cya.2016.01.005
Bao, S. y Lewellyn, K. (2016). Ownership structure and earnings management in emerging markets - An institutionalized agency perspective. International Business Review, 26(5). 0.1016/j.ibusrev.2017.02.002
Bianconi, M. y Yoshino, J. (2014). Risk factors and value at risk in publicly traded companies of the nonrenewable energy sector. Energy Economics, 45. 10.1016/j.eneco.2014.06.018
Bleakley, H. y Cowan, K. (2008). Corporate Dollar Debt and Depreciations: Much Ado about Nothing? The Review of Economics and Statistics, 90(4), pp. 612-626.
Blume, D. y Alonso, F. (2007). Institutional Investors and Corporate Governance in Latin America. Financial Market Trends, 2007(2). 10.1787/fmt-v2007-art15-en
Briano, G. y Rodríguez, L. (2016). Corporate governance ratings on listed companies: An institutional perspective in Latin America. European Journal of Management and Business Economics, 25(2). https://doi.org/10.1016/j.redeen.2016.01.001
Brown, T. (2014). Advantageous comparison and rationalization of earnings management. Journal of Accounting Research, 52(4). htps://doi.org/10.1111/1475-679X.12054
Burgstahler, D. y Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics, 24(1). https://doi.org/10.1016/S0165-4101(97)00017-7
Cano, M. (2007). Tamaño del auditor y calidad de auditoría en las empresas españolas no cotizadas. Revista Española de Financiación y Contabilidad, 36(135), pp. 481-507.
Castrillo, L. y San Martín, J. (2008). Los ajustes por devengo como medida de discrecionalidad directiva. Una revisión bibliográfica. Contaduría y Administración, (226). http://dx.doi.org/10.22201/fca.24488410e.2008.641
Cornejo, E., Arias, P., Améstica, L. y Guiñez, N. (2017). Prácticas de earning management en el sector retail de Chile. El caso La Polar. Cuadernos de Contabilidad, 18(45). https://doi.org/10.11144/Javeriana.cc18-45.pems
Cruz, F. (1995). Consideraciones generales sobre el entorno cultural. Cuadernos de Administración, 14(21). https://doi.org/10.25100/cdea.v14i21.103
Degeorge, F., Patel, J. y Zeckhauser, R. (1999). Earnings Management to Exceed Thresholds. The Journal of Business, 72(1). https://doi.org/10.1086/209601
Fernandes, A., Jreige, E., Da Silva, E. y Peres, G. (2014). Earnings Management and Economic Crises in the Brazilian Capital Market. Revista de Administração de Empresas, 54(3). https://doi.org/10.1590/S0034-759020140303
Gallén, M. y Giner, B. (2005). La alteración del resultado para evitar pérdidas y descensos: Evidencia empírica. Revista Española de Financiación y Contabilidad, 34(124), pp. 141-181. https://dialnet.unirioja.es/servlet/articulo?codigo=1155862
Garay, U. y González, M. (2008). Corporate Governance and Firm Value: The Case of Venezuela. Corporate Governance: An International Review, 16(3). 10.1111/j.1467-8683.2008.00680.x
Garza, H., Cortez, K., Méndez, A. y Rodríguez, M. (2017). Efecto en la calidad de la información ante cambios en la normatividad contable: caso aplicado al sector real mexicano. Contaduría y Administración, 62(3). http://dx.doi.org/10.1016/j.cya.2015.11.012
Geiger, M., Quirvan, C. y Hazera, A. (2007). An International Comparison of Student Perceptions of Earnings Management Evidence of Effects of National Origin between Mexico and the United States. Contaduría y Administración, (223), pp. 53-68. https://www.redalyc.org/pdf/395/39522304.pdf
Govorova, E., Jara, M. y López, F. (2013). Alteración del resultado para evitar pérdidas: un análisis internacional. Revista Visión Contable, (11). https://doi.org/10.24142/rvc.n11a5
Gozgor, G., Lau, C. y Bilgin, M. (2016). Commodity markets volatility transmission: Roles of risk perceptions and uncertainty in financial markets. Journal of International Financial Markets, Institutions and Money, 44. 10.1016/j.intfin.2016.04.008
Healy, P. y Whalen, J. (1999). A Review of the Earnings Management Literature and Its Implications for Standard Setting. Accounting Horizons, 13(4). http://dx.doi.org/10.2139/ssrn.156445
Hofstede, G. (1997). Cultures and organizations: software of the mind. McGraw-Hill.
Jara, M. y Sepulveda, J. (2016). Earnings management and performance in family-controlled firms Evidence from an emerging economy. Academia Revista Latinoamericana de Administración, 29(1), pp. 44-64.
Jiménez, J. P. (2015). Desigualdad, concentración del ingreso y tributación sobre las altas rentas en América Latina. Comisión Económica para América Latina y el Caribe (CEPAL). https://repositorio.cepal.org/bitstream/handle/11362/39662/S1420855_es.pdf?sequence=1
La Porta, R., Lopez, F., Shleifer, A. y Vishny, R. (1998). Law and finance. Journal of political economy, 106(6). https://doi.org/10.1086/250042
Landsman, W., Maydew, E. y Thornock, J. (2012). The information content of annual earnings announcements and mandatory adoption of IFRS. Journal of Accounting and Economics, 53(1-2). https://doi.org/10.1016/j.jacceco.2011.04.002
Leuz, C., Nanda, D. y Wysocki, P. D. (2003). Earnings management and investor protection: an international comparison. Journal of Financial Economics, 69(3). https://doi.org/10.1016/S0304-405X(03)00121-1
Levitt, A. (1998, 28 de septiembre). The Numbers Game. https://www.sec.gov/news/speech/speecharchive/1998/spch220.txt
López, F. y Saona, P. (2005). Earnings management and internal mechanisms of corporate governance: Empirical evidence from Chilean firms. Corporate Ownership y Control, 3(1). 10.22495/cocv3i1p2
Lopo, A. y De Jesus, A. (2017). Relationship Between Auditors’ Fees And Earnings Management. Revista de Administração de Empresas, 57(2). http://dx.doi.org/10.1590/S0034-759020170204
McPhail, K. (1999). The Threat of Ethical Accountants: An Application of Foucault's Concept of Ethics to Accounting Education and Some Thoughts on Ethically Educating for the Other. Critical Perspectives on Accounting, 10(6). https://doi.org/10.1006/cpac.1998.0277
Medeiros, C., Lopo, A. y da Costa, N. (2017). Earnings management strategies in Brazil: Determinant costs and temporal sequence. Contaduría y Administración, 62(5). https://doi.org/10.1016/j.cya.2016.11.002
Montaner, C. (2001). Las raíces torcidas de América Latina. Plaza y Janés Editores.
Ospina, J. (2016). Los cursos en línea, masivos y abiertos en educación superior: análisis para la enseñanza de las NIIF. [Tesis doctoral, Universitat de València]. Roderic. http://hdl.handle.net/10550/57694
Pacheco, A. y Wheatley, C. (2017). The influence of culture on real earnings management. International Journal of Emerging Markets, 12(1). 10.1108/IJoEM-12-2014-0218
Parte, L. y Gonzalo, J. (2009). ¿Se maquillan los resultados de las cotizadas en España? Universia Business Review, (21), pp. 36-55. https://dialnet.unirioja.es/descarga/articulo/2911543.pdf
Pelucio, M., Moraes, C. y Begas, G. (2017). Corporate Social Responsibility and its Relation with Performance and Earnings Management. Contabilidade Vista & Revista, 28(1), pp. 25-44. https://www.redalyc.org/pdf/1970/197050605003.pdf
Ramos, S. y Veiga, H. (2011). Risk factors in oil and gas industry returns: International evidence. Energy Economics, 33(3), pp. 525-542.
Rodríguez, G. y van Hemmen, S. (2010). Debt, diversification and earnings management. Journal of Accounting and Public Policy, 29(2), pp. 138-159.
Sáenz, J. y García, E. (2014). Does Corporate Governance Influence Earnings Management in Latin American Markets? Journal of Business Ethics, 121(3). https://link.springer.com/article/10.1007/s10551-013-1700-8
Santiago, M. y Baek, H. Y. (2004). Board composition and firm performance of large Latin American firms: An exploratory view. Latin American Business Review, 4(2). 10.1300/J140v04n02_01
Santiago, M., Brown, C. y Báez, A. (2009). Prácticas de gobierno corporativo en América Latina. Academia. Revista Latinoamericana de Administración, (29), pp. 26-40.
Takeuchi, Y. (2004). On a statistical method to detect discontinuity in the distribution function of reported earnings. Mathematics and Computers in Simulation, 64(1). https://doi.org/10.1016/S0378-4754(03)00124-1
Vyas, D. (2011). The Timeliness of Accounting Write-Downs by U.S. Financial Institutions During the Financial Crisis of 2007-2008. Journal of Accounting Research, 49(3). https://doi.org/10.1111/j.1475-679X.2011.00410.x
World Economic Forum. (2017). The Global Competitiveness Report 2017-2018. Ginebra, Suiza: World Economic Forum. https://www.weforum.org/reports/the-global-competitiveness-report-2017-2018
Como Citar
Usme Suárez, W. A., Ospina Delgado, J. E., & van Hemmen, S. F. (2023). Manipulação de Resultados Contábeis na América Latina: Evidências de Corrupção Organizacional. Cuadernos De Contabilidad, 24. https://doi.org/10.11144/Javeriana.cc24.mrcl
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