پروژه های دانشجویی

  اثرات عمل هموارسازي درآمد بر سياست محافظه کاري کمپاني هاي عمومي فهرست شده در BM&FBOVESPA تحت word دارای 39 صفحه می باشد و دارای تنظیمات و فهرست کامل در microsoft word می باشد و آماده پرینت یا چاپ است

فایل ورد اثرات عمل هموارسازي درآمد بر سياست محافظه کاري کمپاني هاي عمومي فهرست شده در BM&FBOVESPA تحت word   کاملا فرمت بندی و تنظیم شده در استاندارد دانشگاه  و مراکز دولتی می باشد.

این پروژه توسط مرکز مرکز پروژه های دانشجویی آماده و تنظیم شده است

توجه : توضیحات زیر بخشی از متن اصلی می باشد که بدون قالب و فرمت بندی کپی شده است

بخشی از فهرست مطالب پروژه اثرات عمل هموارسازي درآمد بر سياست محافظه کاري کمپاني هاي عمومي فهرست شده در BM&FBOVESPA تحت word

چکیده    
مقدمه    
2 اساس یا پایه های تئوریکی    
21 اطلاعات حسابداری: محافظه کاری و مدیریت درآمد    
22 محافظه کاری    
23 هموارسازی درامد    
24 ارتباط بین محافظه کاری و هموارسازی درآمد و توسعه فرضیه ما    
3 روش ها    
31 انتخاب نمونه، جمع آوری اطلاعات، آنالیز داده    
32 مدلهای بکارگرفته شده    
321 مدل Eckel برای سنجش هموارسازی درامد    
322 مدل Basue برای برآورد محافظه کاری شرطی    
4 آنالیزهای نتایج    
41 آمار و ارقام توصیفی    
42 همبستگی بین متغیرها    
43 آنالیز رگرسیون    
5 ملاحظات نهایی    

References

Almeida, J. E. F. (2006). Earnings management no Brasil: estudo emprico em indstrias e grupos estratégicos. Dissertaço (Mestrado em Ciências Contbeis) – Programa de Ps-Graduaço em Ciências Contbeis, Fundaço Instituto Capixaba de Pesquisas em Contabilidade, Economia e Finanças (FUCAPE), Vitria, ES, Brasil. Almeida, J. E. F. (2010). Qualidade da informaço contbil em ambientes competitivos. Tese de Doutorado FEA- USP, Programa de PsGraduaço em Ciências Contbeis, Departamento de Contabilidade e Aturia, Faculdade de Economia, Administraço e Contabilidade da Universidade de So Paulo, So Paulo, SP, Brasil. Barth, M., Landsman, W., & Lang, M. H. (2008, June). International Accounting Standards and accounting quality. Journal of Accounting Research, 46 (3), 467-728. Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics, Amsterdam, 24 (1), 3-37. Bens, D. A., Monahan, S. J., & Steele, L. (2008). The association between inter-segment profit smoothing and the conservatism of accounting earnings. Working Paper. Recuperado em 16 outubro, 2011, de http:// www.tilburguniversity.edu/research/institutes-and-research-groups/ center/sem/9monahan.pdf Castro, M. A. R. (2008). Anlise do alisamento de resultados contbeis nas empresas abertas brasileiras. Salvador. Dissertaço de mestrado acadêmico em Ciências Contbeis, Faculdade de Ciências Contbeis – UFBA, Salvador, Bahia, Brasil. Coelho, A. C. D. (2007). Qualidade informacional e conservadorismo nos resultados publicados no Brasil. Tese de doutorado, Programa de PsGraduaço em Ciências Contbeis, Departamento de Contabilidade e Aturia, Faculdade de Economia, Administraço e Contabilidade da Universidade de So Paulo, So Paulo, SP, Brasil. Coelho, A. C. D., & Lima, I. S. (2007, setembro-dezembro). Qualidade informacional e conservadorismo nos resultados contbeis publicados no Brasil. Revista de Contabilidade & Finanças, 18 (45), 38-39. Coelho, A. C. D., & Lima, I. S. (2009, setembro-dezembro). Conservadorismo condicional: requisito para a qualidade dos lucros e para a eficiência informacional da contabilidade. Revista Eletrônica de Administraço – REAd, 15 (3), 1-26. Dechow, P. M., Sloan, R. G., & Sweeny, A. P. (1995). Detecting earnings management. The Accounting Review, 70 (2), 193-225. Eckel, N. (1981). The income smoothing hypothesis revisited. Abacus, 17 (1), 28-40. Fvero, L. P., Belfiore, P., Silva, F. L. da, & Chan, B. L. (2009). Anlise de dados: modelagem multivariada para tomada de decises. Rio de Janeiro: Elsevier. Gassen, J., Fülbier, R. U., & Sellhorn, T. (2006). International differences in conditional conservatism: the role of unconditional conservatism and income smoothing. European Accounting Review, 15 (4), 527-564. Iiguez, R., & Poveda, F. (2004). Long-run abnormal returns and income smoothing in the spanish stock market. European Accounting Review, 13 (1), 105-130. Kothari, S. P. (2001). Capital markets research in accounting. Journal of Accounting and Economics, 31 (1-3), 105-231. Leuz, C., Nanda, D, & Wysocki, P. D. (2003). Investor protection and earning management: an international comparison. Journal of Financial Economics, 69 (3), 505-527. Lopes, A. B. (2001). Uma contribuiço ao estudo da relevância da informaço contbil para o mercado de capitais: o Modelo de Ohlson aplicado à BOVESPA. Tese de doutorado, Departamento de Contabilidade e Aturia, Faculdade de Economia, Administraço e Contabilidade, Universidade de So Paulo, So Paulo, SP, Brasil. Lopes, A. B., & Walker, M. (2008). Firm-level incentives and the informativeness of accounting reports: an experiment in Brazil. Working Paper. Recuperado em 19 september, 2009, de http://ssrn. com/abstract=1095781. Lopes, A. L., & Martins, E. (2005). Teoria da Contabilidade: uma nova abordagem. So Paulo: Atlas. Martinez A. L. (2001).“Gerenciamento” dos resultados contbeis: estudo emprico das companhias abertas brasileiras. Tese de doutorado, Programa de Ps-Graduaço em Ciências Contbeis, Departamentos de Contabilidade e Aturia, Faculdade de Economia, Administraço e Contabilidade da Universidade de So Paulo, So Paulo, SP, Brasil. Martinez, A. L. (2011, July-August). The role of analysts as gatekeepers: enhancing transparency and curbing earnings management in Brazil. RAC – Revista de Administraço Contemporânea, Curitiba, 15 (4), 712-730. Martinez, A. L., & Castro, M. A. R. (2009a). Ratings, custo de capital de terceiros e alistamento de resultados no Brasil. Anais do Encontro Brasileiro de Finanças, SBFin, So Leopoldo, RS, Brasil, 9. Martinez, A. L., & Castro, M. A. R. (2009b, novembro-dezembro). Income smoothing, custo de capital de terceiros e estrutura de capital no Brasil. Revista de Administraço Mackenzie – RAM, So Paulo, ediço especial, 10 (6), 25-46. Martinez, A. L., & Castro M. A. R. (2011, January-March). The smoothing hypothesis, stock returns and risk in Brazil. BAR, Curitiba, 8 (1), 1-20. Martins, G. A. (2002). Estatstica geral e aplicada (2. ed.). So Paulo: Atlas. Martins, G. A., & Thephilo, C. R. (2007). Metodologia da investigaço cientfica para ciências sociais aplicadas. So Paulo: Atlas

Effects of income smoothing practices on the conservatism of public companies listed on the BM&FBOVESPA

José Elias Feres de Almeida – Brazil Ph.D. in Controllership and Accountancy from University of So Paulo, Brazil Adjunct Professor at Universidade Federal do Esprito Santo, Brazil E-mail: joseelias@ccje.ufes.br Alfredo Sarlo Neto – Brazil Ph.D. in Controllership and Accountancy from University of So Paulo, Brazil Adjunct Professor at Universidade Federal do Esprito Santo, Brazil E-mail: sarloneto@ccje.ufes.br Ricardo Furieri Bastianello – Brazil M.Sc. student in Accountancy at Universidade Federal do Esprito Santo, Brazil E-mail: ricardobastianello@hotmail.com Eduardo Zandomenigue Moneque – Brazil Undergraduate student in Accountancy at Universidade Federal do Esprito Santo, Brazil E-mail: emoneque@yahoo.com.br Received on 9.9.2011 – Accepted on 9.12.2011 – 5th. version on

ABSTRACT

The aim of this study was to investigate two aspects of accounting information that may be inherently related: income smoothing practices and conditional conservatism. Theoretically, the more a firm employs income smoothing, i.e., uses accruals to reduce the variability of profits, the less possibility there is for the timely acknowledgement of future economic losses (i.e., bad economic news) in profits. Eckel’s model (1981) was used in this study to classify listed companies as smoothing or non-smoothing, and Basu’s model (1997) was used to quantify the degree of conditional conservatism present in each firm. To make the results more robust, samples were created with annual stock return data from both March and December. The results indicated that non-smoothing firms had a higher degree of conditional conservatism, i.e., more opportunity to recognize future economic losses because the market could use the stock return data to anticipate future losses contained in the information regarding profits. This research made it possible to observe theoretical relationships between properties of accounting information: i) there is a relationship between income smoothing and conditional conservatism (i.e., accounting choices); ii) the informational environment of the Brazilian capital market contributes to the market distinction between smoothing and non-smoothing firms; and iii) the improvement of the capital market provides economic operators with greater insight into economic losses that are contained in accounting results

Keywords: Conditional Conservatism. Income Smoothing. Accounting Information. Capital Markets

 Introduction

To date, the quality of accounting information cannot be measured by a single variable. When considering the various properties of the accounting information, we can highlight those that are the most researched: relevance, timeliness, conservatism, and earnings management (Lopes & Walker, 2008; Barth, Landsman, & Lang, 2008). In recent literature, several researchers using the accounting information of listed companies in Brazil sought to investigate these properties either individually or jointly. For instance, Lopes and Walker (2008) analyzed how the development of the financial market, the model of governance, and the legal structure of a country can influence the quality of financial statements. Sarlo Neto (2008) verified that ownership structure influences the informativeness of the accounting earnings that are disclosed by companies trading on the BM&FBovespa (Bolsa de Valores, Mercadorias & Futuros de So Paulo). Pimentel (2009) investigated the earnings response coefficient and found that there is a long-term relationship between profits and stock prices, that economic variables influence this relationship, and, in the short term, that the response coefficient is weak. In addition, Almeida (2010) found that the quality of accounting information that uses the metrics of relevance, timeliness, conservatism, and earnings management varies depending on the degree of competition in the environment in which firms operate. Although two properties of accounting information have been identified, namely, income smoothing practices (which is an income management metric) and conditional conservatism, there are few studies that have evaluated the relationship between them. Gassen, Fülbier, & Sellhorn (2006) conducted an international analysis on the relationship between conservatism and income smoothing that considered institutional differences in code law and common law jurisdictions. Assets, Monahan, & Steele (2008) conducted a similar analysis that considered the number of business units in firms. The conceptual approach of the present study is in accordance with Gassen et al. (2006) and Bens et al. (2008), who contend that income smoothing interferes with the accounting accruals of firms by reducing the ability of accounting to reflect the economic reality of a business and by increasing informational asymmetry in the capital market. These authors found that income smoothing also interferes with the perception of agents with regard to economic losses, which should vary based on the degree of conservatism. Additionally, the interference of executives who smooth the incomes of their firms to reduce the variability of the firms’ profits can reduce the ability of stock returns to capture future economic losses included in profits or can conceal the extent of the firm’s risk, as measured by variance in the accounting results over time (Dechow, Sloan, & Sweeny, 1995). Several studies, such as those conducted by Coelho and Lima (2007, 2009) and Barth, Landsman, & Lang (2008), suggest that these properties may be directly related and that one can affect the other. According to Castro (2008, p. 7), income smoothing is practiced in accounting to reduce the variability of the accounting results. However, executive discretion is not used only in earnings management. For Coelho and Lima (2009), the discretionary power of executives is also reflected in the degree of conservatism of firms. In essence, firms can be more or less conservative in their accounting policies, and that degree of conservatism affects their accounting results. Therefore, it is important to understand how the two practices described above can affect the quality of accounting information, as well as how the practice of smoothing results can influence conditional conservatism. Lopes (2001, p. 93) explains that conservative companies do not disclose optimistic statements. In not disclosing optimistic statements, the company reduces its current profits. However, a reduction of optimism in financial statements can also result from income smoothing practices. Excessive interference in reporting financial results deceives shareholders by misrepresenting the economic realities of the business and may even prevent increases in profits (Almeida, 2006)

چکیده

هدف این مطالعه،‌ارزیابی دو جنبه اطلاعات حسابداری بود که ممکن است بهم مرتبط باشند:‌ عملیات  درآمد و محافظه کاری شرطی. به طور نظری (تئوریکی)، بیشتر  یک شرکت هموارسازی را بکار میگیرد، برای مثال، استفاده از افزونه  ها برای کاهش تغیرپذیری سود، و احتمال کمتر برای آگاهی بموقع از زیان های اقتصادی آینده (برای مثال اخبار اقتصادی بد) در سودها . مدل Eckel در سال 1981 در این مطالعه برای طبقه بندی کمپانی های لیست شده به عنوان هموار یا غیر هموار استفاده شد و مدل Basus برای تعیین کمیت درجه محافظه کاری شرطی موجود در هر شرکت استفاده شد. برای ایجاد نتایج دقیقتر، نمونه ها با داده برگشت سهام سالانه از مارس و دسامبر شکل گرفتند. نتایج نشان داد که شرکت های غیر هموار دارای درجه بالاتر محافظه کاری شرطی بودند، برای مثال فرصت بیشتر برای تشخیص زیان های اقتصادی آینده ،بخاطر اینکه بازار میتوانست از اطلاعات برگشت سهام برای پیش بینی زیان های آتی دربرگرفته در سودهای درجه بندی اطلاعات استفاده کند

این تحیقیق برای مشاهده ارتباط های تئوریکی بین خصوصیات اطلاعات حسابداری را ممکن و عملی می سازد:‌1)‌ارتباطی بین هموارسازی درامد و محافظه کاری شرطی وجود دارد برای مثال انتخاب های حسابداری 2) محیط اطلاعاتی بازار رسمایه برزیلی در تمایز بازار بین شرکت های هموار و غیر همونقش دارد و 3) بهبود بازار سرمایه گرداننده ها و عملگران اقتصادی را با بصریت و درون بینی های بیشتر از زیان های اقتصادی آشنا می سازد که در نتایج حسابداری دربرگرفته شده اند

کلمات کلیدی: محافظه کاری شرطی،‌ هموارسازی درآمد،‌اطلاعات حسابداری ، بازارهای سرمایه

مقدمه

کیفیت اطلاعات حسابداری نمیتواند توسط یک متغیر اندازه گیری و سنجش گردد. هنگامی ملاحظه و بررسی خصوصیات مختلف اطلاعات حسابداری، ما میتوانیم اطلاعاتی را برجسته سازی نمایمم که بیشتر جستجو و درموردشان تحقیق صورت گرفته است، هم چنین اطلاعات بموقع،‌ محافظه کاری و مدیریت درامد

در نوشتجات اخیر، محققین متعددی با استفاده از اطلاعات حسابداری کمپانی های فهرست شده در جنوب برزیل برای ارزیابی این خصوصیات به طور انفرادی یا به صورت مشترک و توام مورد بررسی قرا رداده اند. برای نمونه، لوپز و والکر آنالیز کردند چگونه توسعه بازار مالی، مدل کنترل و ساختار قانونی یک کشور میتواند بر کیفیت اظهارات مالی تاثیر بگذارند. سارلو نتو (2008)‌تصدیق نمود که ساختار مالکیت بر آموزنده و آگاهی بخش بودن درآمدهای حسابداری تاثیر می گذارد که توسط تجارت کمپانی ها در BM&FBovespa آشکار شده است