Poison Pills e gerenciamento de resultados: um estudo das Companhias Listadas na B3
This study aims to investigate if the poison pills influences on the earnings management level of the companies listed in B3. For this, data were collected regarding the presence of this antitakeover device as well as of “eternity” accessory clauses associated with the poison pills in the bylaws...
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| Formato: | Dissertação |
| Idioma: | por |
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Brasil
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| Endereço do item: | https://repositorio.ufrn.br/jspui/handle/123456789/25042 |
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| Resumo: | This study aims to investigate if the poison pills influences on the earnings management level
of the companies listed in B3. For this, data were collected regarding the presence of this antitakeover
device as well as of “eternity” accessory clauses associated with the poison pills in
the bylaws of 225 non-financial companies. The informations that are necessary to estimate
the accruals discretionary by the model proposed by Dechow, Sloan and Sweeney (1995), as
well as the control variables inserted in the econometric model, were obtained through the
Bloomberg® database, comprising the period 2010-2016. Based on the results, it was verified
that the the adoption of the poison pills doesn’t have a significant influence on the earnings
management level. However, the non-existence of this relationship doesn’t indicate that these
companies are not involved in earnings management practices, since the Poisonpill dummy is
not statistically distinct from the base group, which is composed by companies that do not
adopt poison pills and that present negative and significant relation with the discretionary
accruals. Finally, in the national context, evidence has been found that "eternity" clauses can
be inserted into the bylaws to exacerbate the level of earnings management, since the findings
demonstrate that poison pills with "etenity" clauses effectively differentiate themselves of the
poison pills, presenting a positive and statistically significant relation with discretionary
accruals. |
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