La manipulación contable y el Reglamento Europeo 1606/2002: evidencias de empresas portuguesas no financieras que cotizan en Euronext
Earnings management and European Regulation 1606/2002: Evidence from non-financial Portuguese companies listed in Euronext
Resumen
AntecedentesDesde 2005, las sociedades portuguesas que cotizan en bolsa han experimentado un importante cambio institucional: la adopción obligatoria de nuevas normas contables (IAS/IFRS). El Reglamento 1606/2002 de la Unión Europea establece que el cumplimiento de las nuevas normas es obligatorio para las cuentas consolidadas de las empresas con valores que cotizan en un mercado regulado. La bibliografía existente evidencia que las normas contables y las características específicas de cada país afectan al nivel de manipulación contable.
ObjetivosPor tanto, el propósito de este artículo es analizar cómo las normas de contabilidad y la adopción obligatoria de las IFRS afectan a la manipulación contable en las empresas portuguesas que cotizan en bolsa.
MétodosPara ello, se analiza la evidencia de la manipulación contable, medida a través de devengos discrecionales, tras la adopción de las IAS/IFRS por empresas no financieras que cotizan en Euronext de Lisboa en el período 2005-2015. El modelo econométrico de Dechow et al. (2003) y los resultados empíricos obtenidos indican que las empresas no financieras que cotizaban en la bolsa de valores portuguesa en el período 2005-2015 mostraban evidencia de devengos discrecionales como indicador de manipulación contable.
ResultadosPor tanto, los resultados muestran que después de la adopción de las IAS/IFRS todavía hay indicios de manipulación contable en las empresas no financieras que cotizan en bolsa.
ConclusionesEsta investigación logrará 2 contribuciones distintas: en primer lugar, cubrir una brecha a nivel nacional, dado que no existe ningún estudio que considere el período analizado, y segundo, permitir el enriquecimiento de la bibliografía sobre este tema, ya que muestra que en un país de Europa continental, después de la adopción obligatoria de las normas internacionales, continúan existiendo prácticas de manipulación contable.
Descargas
Citas
Adut et al., 2013: Predictive versus opportunistic earnings management, executive compensation, and firm performance Journal of Accounting and Public Policy, 32 (2013), pp. 126-146
Ahmed et al., 2013: A meta-analysis of IFRS adoption effects The International Journal of Accounting, 48 (2013), pp. 173-217
Ahrens and Chapman, 2006: Doing qualitative field research in management accounting: Positioning data to contribute to theory Accounting Organizations and Society, 31 (2006), pp. 819-841
Algharaballi and Albuloushi, 2008: Evaluating the specification and power of discretionary accruals models in Kuwait Journal of Derivatives & Hedge Funds, 14 (2008), pp. 251-264 http://dx.doi.org/10.1016/j.saa.2017.06.029
Alp and Ustundag, 2009: Financial reporting transformation: The experience of Turkey Critical Perspectives on Accounting, 20 (2009), pp. 680-699
Alves and Antunes, 2010: A Implementação das Normas Internacionais de Relato Financeiro na Europa: Uma Análise dos Casos Polaco e Português Revista del Instituto Internacional de Costos, 6 (2010), pp. 29-48
Alves and Antunes, 2011: International accounting standards in Europe: A comparative study International Research Journal of Finance and Economics, 61 (2011), pp. 64-73
Arya et al., 2003: Are unmanaged earnings always better for shareholders? Accounting Horizons, Supplement, 17 (2003), pp. 111-116
Ball and Shivakumar, 2006: The role of accruals in asymmetrically timely gain and loss recognition Journal of Accounting Research, 44 (2006), pp. 207-242
Baralexis, 2004: Creative accounting in small advancing countries – The Greek case Managerial Auditing Journal, 19 (2004), pp. 440-461
Barth et al., 2008: International accounting standards and accounting quality Journal of Accounting Research, 46 (2008), pp. 467-498
Bartov et al., 2001: Discretionary-accruals models and audit qualifications Journal of Accounting and Economics, 30 (2001), pp. 421-452
Baxter and Chua, 2003: Alternative management accounting research: Whence and whither Accounting, Organizations and Society, 28 (2003), pp. 97-126
Becker et al., 1998: The effect of audit quality on earnings management Contemporary Accounting Research, 15 (1998), pp. 1-24
Bedard and Johnstone, 2004: Earnings manipulation risk, corporate governance risk, and auditors planning and pricing decisions The Accounting Review, 79 (2004), pp. 277-304
Beneish, 2001: Earnings management: A perspective Managerial Finance, 27 (2001), pp. 3-17
Bergstresser and Philippon, 2006: CEO incentives and earnings management Journal of Financial Economics, 80 (2006), pp. 511-529
Bhimani, 2002: European management accounting research: Traditions in the making The European Accounting Review, 11 (2002), pp. 99-117
Borralho, 2007: A associação entre a manipulação dos resultados contabilísticos e a opinião dos auditores Estudo Empírico em Empresas Ibéricas. Dissertação de Mestrado, Instituto Superior de Ciências do Trabalho e da Empresa, (2007)
Bowman and Navissi, 2003: Earnings management and abnormal returns: Evidence from the 1970–1972 price control regulations Accounting and Finance, 43 (2003), pp. 1-19
Burgstahler et al., 2006: The importance of reporting incentives: Earnings management in European private and public firms The Accounting Review, 81 (2006), pp. 983-1016
Chand, 2005: Impetus to the success of harmonization: The case of South Pacific Islands Nations Critical Perspectives on Accounting, 16 (2005), pp. 209-226
Chen et al., 2005: Audit quality and earnings management for Taiwan IPO firms Managerial Auditing Journal, 20 (2005), pp. 86-104
Chua, 1986: Radical developments in accounting thought The Accounting Review, 61 (1986), pp. 601-632
Chua et al., 2012: The impact of mandatory IFRS adoption on accounting quality: Evidence from Australia Journal of International Accounting Research, 11 (2012), pp. 119-146
Coppens and Peek, 2005: An analysis of earnings management by European private firms Journal of International Accounting, Auditing and Taxation, 14 (2005), pp. 1-17
Davidson et al., 2005: Internal governance structures and earnings management Accounting and Finance, 42 (2005), pp. 241-267
Dechow and Skinner, 2000: Earnings management: Reconciling the views of accounting academics, practitioners and regulators Accounting Horizons, 14 (2000), pp. 235-250
Dechow et al., 1995: Detecting earnings management Accounting Review, 70 (1995), pp. 193-225
Dechow et al., 1996: Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC Contemporary Accounting Research, 13 (1996), pp. 1-36
Dechow et al., 2003: Why are earnings kinky? An examination of the earnings management explanation Review of Accounting Studies, 8 (2003), pp. 355-384
Dechow et al., 2010: Understanding earnings quality: A review of the proxies, their determinants and their consequences Journal of Accounting and Economics, 50 (2010), pp. 344-401
DeFond and Subramanyam, 1998: Auditor changes and discretionary accruals Journal of Accounting and Economics, 25 (1998), pp. 35-67
Easterby-Smith et al., 2008: Management research 3rd ed., Sage Publications, (2008)
Ecker et al., 2013: Estimation sample selection for discretionary accruals models Journal of Accounting and Economics, 56 (2013), pp. 190-211
Fernandes, 2007: O impacto da entrada em vigor das IFRS na gestão de resultados: A experiência ibérica Faculdade de Economia Universidade do Porto, (2007) Dissertação de Mestrado
Fonseca and González, 2008: Cross-country determinants of bank income smoothing by managing loan-loss provisions Journal of Banking & Finance, 32 (2008), pp. 217-228 http://dx.doi.org/10.1186/s12917-017-1124-2
Fontes et al., 2005: Measuring convergence of national accounting standards with international financial reporting standards Accounting Forum, 29 (2005), pp. 415-436
Francis et al., 2005: The market pricing of accruals quality Journal of Accounting and Economics, 39 (2005), pp. 295-327
Gallén et al., 2005: La Alteración del Resultado para Evitar Perdidas y Descensos: Evidencia Empírica Revista Española de Financiación y Contabilidad, 34 (2005), pp. 141-181
Gassen and Sellhorn, 2006: Applying IFRS in Germany: Determinants and consequences (2006) Available at http://ssrn.com/abstract=906802 Accessed 12.03.12
Gilliam et al., 2015: Evidence that the zero-earnings discontinuity has disappeared Journal of Accounting and Economics, 60 (2015), pp. 117-132
Goncharov and Zimmermann, 2006: Do accounting standards influence the level of earnings management? Evidence from Germany (2006) Available at http://ssrn.com/abstract=386521 Accessed 12.03.12
Gore et al., 2007: Earnings management and the distribution of earnings relative to targets: UK evidence Accounting and Business Research, 37 (2007), pp. 123-150
Gunny, 2005: What are the consequences of real earnings management? HAAS School of Business, (2005) Working Paper
Guttman et al., 2006: A rational expectations theory of kinks in financial reporting The Accounting Review, 81 (2006), pp. 811-848
Halaoua et al., 2017: Earnings management to exceed thresholds in continental and Anglo-Saxon accounting models: The British and French cases Research in International Business and Finance, 39 (2017), pp. 513-529
He et al., 2010: Earnings management and the performance of seasoned private equity placements; Evidence from Japanese issuers Managerial Auditing Journal, 25 (2010), pp. 569-590
Healy and Palepu, 1993: The effect of firms’ financial disclosure strategies on stock prices Accounting Horizons, 7 (1993), pp. 1-11
Healy and Palepu, 2001: Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature Journal of Accounting and Economics, 31 (2001), pp. 405-440
Healy and Wahlen, 1999: A review of the earnings management literature and its implications of standard setting Accounting Horizons, 13 (1999), pp. 365-383
Hopper and Powell, 1985: Making sense of research into the organizations and social aspects of management accounting: A review of its underlying assumptions Journal of Management Studies, 22 (1985), pp. 429-465
Hung and Subramanyam, 2007: Financial statement effects of adopting International Accounting Standards: The case of Germany Review of Accounting Studies, 12 (2007), pp. 623-657
Iatridis, 2010: International financial reporting standards and the quality of financial statement information International Review of Financial Analysis, 19 (2010), pp. 193-204
Iatridis and Rouvolis, 2010: The post-adoption effects of the implementation of international financial reporting standards in Greece Journal of International Accounting, Auditing and Taxation, 19 (2010), pp. 55-65
ICAEW, 2015: The effects of mandatory IFRS adoption in the EU: A review of empirical research – information for better markets initiative ICAEW, (2015)
Jacksonh and Pitman, 2001: Auditors and earnings management The CPA Journal, 71 (2001), pp. 38-44
Jain and Rezaee, 2006: The Sarbanes-Oxley Act of 2002 and capital market behaviour: Early evidence Contemporary Accounting Research, 23 (2006), pp. 629-654
Jeanjean and Stolowy, 2008: Do accounting standards matter? An exploratory analysis of earnings management before and after IFRS adoption Journal of Accounting and Public Policy, 27 (2008), pp. 480-494
Jensen, 2005: Agency costs of overvalued equity Financial Management, 34 (2005), pp. 4-19
Jiraporn et al., 2008: Is earnings management opportunistic or beneficial? An agency theory perspective International Review of Financial Analysis, 17 (2008), pp. 622-634
Jones, 1991: Earnings management during import relief investigations Journal of Accounting Research, 29 (1991), pp. 193-228
Jones et al., 2008: Do models of discretionary accruals detect actual cases of fraudulent and restated earnings? An empirical analysis Contemporary Accounting Research, 25 (2008), pp. 499-531
Kanagaretnam et al., 2004: Joint tests of signaling and income smoothing through bank loan loss provisions Contemporary Accounting Research, 21 (2004), pp. 843-884
Keating and Zimmerman, 2000: Depreciation-policy changes: Tax. Earnings management and investment opportunity incentives Journal of Accounting and Economics, 28 (2000), pp. 359-389
Kim et al., 2003: Auditor conservatism, asymmetric monitoring, and earnings management Contemporary Accounting Research, 20 (2003), pp. 323-359
Klein, 2002: Audit committee, board of director characteristics, and earnings management Journal of Accounting and Economics, 33 (2002), pp. 375-400
Kravet and Shevlin, 2010: Accounting restatements and information risk Review of Accounting Studies, 15 (2010), pp. 264-294
Lin et al., 2012: Does accounting quality change following a switch from US GAAP to IFRS? Evidence from Germany Journal of Accounting and Public Policy, 31 (2012), pp. 641-657
Liu et al., 2011: The impact of IFRS on accounting quality in a regulated market: An empirical study of China Journal of Accounting, Auditing & Finance, 26 (2011), pp. 659-676 http://dx.doi.org/10.1016/j.clinbiochem.2017.03.002
Marques et al., 2011: Earnings management induced by tax planning: The case of Portuguese private firms Journal of International Accounting, Auditing and Taxation, 20 (2011), pp. 83-96
McNichols and Wilson, 1988: Evidence of earnings management from provisions for bad debts Journal of Accounting Research, 26 (1988), pp. 1-31
Mendes and Rodrigues, 2006: Estudo de Práticas de Earnings Management nas Empresas Portuguesas Cotadas em Bolsa: Identificação de Alisamento de Resultados e Fatores Explicativos Tékhne — Review of Applied Management Studies, 3 (2006), pp. 145-173
Mendes and Rodrigues, 2007: Determinantes da Manipulação Contabilística Tékhne — Review of Applied Management Studies, 4 (2007), pp. 189-210
Mendes et al., 2012: Evidence of earnings management using accruals as a measure of accounting discretion Tékhne — Review of Applied Management Studies, 10 (2012), pp. 3-14
Moreira, 2006a: Accruals discricionários: o Erro de Estimação Induzido pelo Conservantismo. Faculdade de Economia da Universidade do Porto. Working Paper (2006)
Moreira, 2006b: Manipulação para Evitar Perdas: O Impacto do Conservantismo Contabilidade e Gestão: Portuguese Journal of Accounting and Management, 3 (2006), pp. 33-63
Moreira, 2009: Investigação em Contabilidade Financeira: Três Contributos Seminais Contabilidade e Controlo de Gestão – Teoria, Metodologia e Prática, pp. 89-128
Moreira and Pope, 2007: Piecewise linear accruals models: Do they (really) control for the asymmetric recognition of gains and losses? Faculdade de Economia da Universidade do Porto, (2007) Working Paper
Myers et al., 2003: Exploring the Term of the Auditor-Client Relationship and the Quality of Earnings: A Case for Mandatory Auditor Rotation? The Accounting Review, 78 (2003), pp. 779-799
Nelson et al., 2002: Evidence from Auditors about Managers’ and Auditors’ Earnings Management Decisions The Accounting Review, Supplement, 77 (2002), pp. 175-202
Osma and Noguer, 2005: Corporate governance and earnings management in Spain Universitat Jaume I, (2005) Working Paper
Othman and Zeghal, 2006: A study of earnings-management motives in the Anglo-American and Euro-Continental Accounting Models: The Canadian and French cases The International Journal of Accounting, 41 (2006), pp. 406-435
Paananen and Lin, 2009: The development of accounting quality of IAS and IFRS over time: The case of Germany Journal of International Accounting Research, 8 (2009), pp. 31-55
Parfet, 2000: Accounting subjectivity and earnings management: A prepare perspective Accounting Horizons, 14 (2000), pp. 481-488
Peasnell et al., 2000: Accrual management to meet earnings targets: UK evidence pré-and post-Cadbury The British Accounting Review, 32 (2000), pp. 415-445
Pestana and Gageiro, 2008: Análise de dados para ciências sociais: A complementaridade do SPSS 5th ed., Edições Silabo, (2008)
Phillips et al., 2003: Earnings management: New evidence based on deferred tax expense The Accounting Review, 78 (2003), pp. 491-521
Prencipe et al., 2008: Earnings management in family firms: Evidence from R&D cost capitalization in Italy Family Business Review, 21 (2008), pp. 71-88
Rodrigues and Craig, 2006: Assessing international accounting harmonization using Hegelian dialectic, isomorphism and Foucault Critical Perspectives on Accounting, 8 (2006), pp. 415-436
Ronen and Yaari, 2008: Earnings management – emerging insights in theory, practice, and research Springer, (2008)
Roychowdhury, 2006: Earnings management through real activities manipulation Journal of Accounting and Economics, 42 (2006), pp. 335-370
Ruiz-Barbadillo et al., 2004: Audit quality and the going-concern decision-making process: Spanish evidence The European Accounting Review, 13 (2004), pp. 597-620
Rusmin, 2010: Auditor quality and earnings management: Singaporean evidence Managerial Auditing Journal, 25 (2010), pp. 618-638
Ryan et al., 2002: Research method and methodology in finance and accounting 2nd ed., Thomson, (2002)
Santos, 2008: Manipulação de resultados e as características do conselho de administração: Alemanha e Reino Unido. Dissertação de Mestrado Instituto Superior de Ciências do Trabalho e da Empresa, (2008)
Schipper, 1989: Commentary on earnings management Accounting Horizons, 3 (1989), pp. 91-102
Spathis et al., 2002: Detecting falsified financial statements: A comparative study using multicriteria analysis and multivariate statistical techniques European Accounting Review, 11 (2002), pp. 509-535
Stolowy and Breton, 2004: Accounts manipulation: A literature review and proposed conceptual framework Review of Accounting and Finance, 3 (2004), pp. 5-92
Subramanyam, 1996: The pricing of discretionary accruals Journal of Accounting and Economics, 22 (1996), pp. 249-281
Sweeney, 1994: Debt-covenant violations and managers’ accounting responses Journal of Accounting and Economics, 17 (1994), pp. 281-308
Tendeloo and Vanstraelen, 2005: Earnings management under German GAAP versus IFRS European Accounting Review, 14 (2005), pp. 155-180
Teoh et al., 1998: Earnings management and the underperformance of seasoned equity offerings Journal of Financial Economics, 50 (1998), pp. 63-69
Tucker y Zarowin, 2006: Does income smoothing improve earnings informativeness? The Accounting Review, 81 (2006), pp. 251-270
Vieira, 2009: Paradigmas Teóricos da Investigação em Contabilidade Contabilidade e Controlo de Gestão – Teoria, Metodologia e Prática. (9-34),
Vinciguerra and O’Reilly-Allen, 2004: An examination of factors influencing managers’ and auditors’ assessments of appropriateness of an accounting treatment and earnings management intentions American Business Review, 22 (2004), pp. 78-87
Wang and Campbell, 2012: Corporate governance, earnings management, and IFRS: Empirical evidence from Chinese domestically listed companies Advances in Accounting, Incorporating Advances in International Accounting, 28 (2012), pp. 189-192
Watts and Zimmerman, 1990: Positive accounting theory: A ten-year perspective The Accounting Review, 65 (1990), pp. 131-156
Wickramasinghe and Alawattage, 2007: Management accounting change: Approaches and perspectives Routledge, (2007)
Xiong, 2006: Earnings management and its measurement: A theoretical perspective The Journal of American Academy of Business, 9 (2006), pp. 214-219
Zang, 2007: Evidence on the tradeoff between real manipulation and accrual manipulation (2007) Available at http://ssrn.com/abstract=961293 Accessed 12.03.12
Zéghal et al., 2011: An analysis of the effect of mandatory adoption of IAS/IFRS on earnings management Journal of International Accounting, Auditing and Taxation, 20 (2011), pp. 61-72
Zhang et al., 2013: How do accounting standards and insiders’ incentives affect earnings management? Evidence from China Emerging Markets Review, 16 (2013), pp. 78-99
Las obras que se publican en esta revista están sujetas a los siguientes términos:
1. Ediciones de la Universidad de Murcia (EDITUM) y ASEPUC conservan los derechos patrimoniales (copyright) de las obras publicadas, y favorece y permite la reutilización de las mismas bajo la licencia de uso indicada en el punto 2.
2. Las obras se publican en la edición electrónica de la revista bajo una licencia de Creative Commons Reconocimiento-NoComercial-SinObraDerivada 4.0 Internacional. Permite copiar, distribuir e incluir el artículo en un trabajo colectivo (por ejemplo, una antología), siempre y cuando no exista una finalidad comercial, no se altere ni modifique el artículo y se cite apropiadamente el trabajo original. Esta revista no tiene tarifa por la publicación Open Access. ASEPUC y EDITUM financian los costes de producción y publicación de los manuscritos.
3. Condiciones de auto-archivo. Se permite y se anima a los autores a difundir electrónicamente la versión publicada de sus obras, ya que favorece su circulación y difusión y con ello un posible aumento en su citación y alcance entre la comunidad académica.
