Resumo:
Income smoothing is defined as the management of results to reduce the variability of accounting results. If the smoothing leads to more information be reflected in stock price, is likely to improve the allocation of resources, being a critical factor in the portfolios creation. The purpose of this study aims to build metrics to determine the degree of smoothing of results of public Brazilian companies, decomposing them into two groups: the group of smoothers companies and group of non smoothers companies, and additionally submit evidence on the long-term relationship between the degree of smoothing and the risk and return stock, size, the industrial sector for the period 1998-2007 and finally break what would be the factors explaining the practice of smoothing results of opened Brazilian companies. The database of search was the Economatica and CVM, the search sample was focused on 145 companies. In the segregation of groups, it was found that Brazilian smoothers companies have a smaller degree of market risk than non smoothers companies. In average terms, the beta of companies in the smoothers group is significantly lower than the group of non smoothers companies. Regarding to the return, it was found that the abnormal return adjusted by the market of smoothers companies, when annualized were significantly higher, in respect to size are significant evidence that smaller companies are more prone to have the practice of smoothing. Income Smoothing symbolizes value for the Brazilian market to the degree it reduces systematic risk, making it an essential tool to increase value. |
