Fusões e aquisições e qualidade da informação contábil: análise do enforcement nos países do G20
DOI:
https://doi.org/10.1590/1808-057x20252204.enPalavras-chave:
fusões e aquisições, qualidade da informação contábil, enforcement, alvos altamente endividadosResumo
O objetivo desta pesquisa foi analisar a influência do enforcement na relação entre as fusões e aquisições (F&A) transfronteiriças e domésticas com alvos altamente endividados e o gerenciamento de resultados das companhias adquirentes de países que compõem o G20, no período de 2010 a 2022. O estudo aborda uma lacuna na literatura ao investigar como diferentes níveis de enforcement influenciam o gerenciamento de resultados em F&A, especialmente quando as empresas-alvo possuem alto endividamento. Além disso, compara essas influências em operações domésticas e transfronteiriças. O estudo explora a relação entre enforcement e gerenciamento de resultados, indicadores críticos da qualidade da informação contábil. A análise fornece insights sobre como o enforcement pode mitigar práticas contábeis oportunistas em F&A, afetando a transparência e a utilidade das informações para os investidores. As conclusões contribuem para gestores, investidores e reguladores ao demonstrar como o enforcement melhora a qualidade da informação contábil, especialmente em F&A de alvos endividados, orientando políticas que promovam a transparência e a redução de práticas oportunistas. A pesquisa utilizou regressão múltipla de dados em painel para adquirentes de alvos endividados, tendo como variável dependente o gerenciamento de resultados (Jones modificado e Pae) e como variáveis independentes a origem das F&A (domésticas e transfronteiriças), além das variáveis de controle. A análise foi efetuada para amostras de alto e baixo enforcement. Os resultados indicam que, em ambientes de alto enforcement, as empresas adquirentes em F&A de alvos altamente endividados adotam práticas contábeis mais conservadoras, resultando em menor gerenciamento de resultados. Em contrapartida, em ambientes de baixo enforcement, há maior tendência ao gerenciamento de resultados. As F&A domésticas mostraram maior propensão ao gerenciamento de resultados do que as transfronteiriças.
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