MARTINEZ, ANTONIO LOPO; MORAES, ARQUIMEDES DE JESUS

doi:10.1590/S0034-759020170204

Acessibilidade / Reportar erro

Brasil

Revista de Administração de Empresas

Español English

Brasil

Español English

sumário « anterior atual seguinte »

Sumário

ARTICLES • Rev. adm. empres. 57 (2) • Mar-Apr 2017 • https://doi.org/10.1590/S0034-759020170204 copiar

Relação entre a remuneração dos auditores e o gerenciamento de resultados contábeis

Autoria SCIMAGO INSTITUTIONS RANKINGS

RESUMO

Este artigo investiga a relação entre a remuneração dos auditores e o gerenciamento de resultados no mercado brasileiro. Para responder à pergunta de pesquisa usamos uma amostra de 300 empresas listadas na BM&FBovespa, nas quais se identificou o valor pago para os auditores, usando dados da Economática® e do site da Comissão Brasileira de Valores Mobiliários (CVM). Analisamos as regressões com o objetivo de confirmar ou refutar a hipótese de que as empresas de auditoria que cobram menos que o esperado pelo serviço, tendem a ser mais perniciosas em relação ao gerenciamento de resultados de seus clientes. Os resultados confirmam esta hipótese. A principal contribuição é afirmar que o gerenciamento de resultados agressivo ocorre predominantemente entre as empresas que pagam menos do que o esperado pelos serviços de auditoria. Este estudo evidencia a percepção do risco pelas empresas de auditoria e como isso se reflete na remuneração dos auditores.

PALAVRAS-CHAVE:
Auditores; remuneração de auditores; qualidade de auditoria; serviços de auditoria; gerenciamento de resultados

Variables	Data Source
AFEE Natural log from audit fees	CVM
BIG4 Equals 1 if a firm is audited by Deloitte & Touche, Ernst & Young, KPMG, P&W	CVM
LTA Natural log of total assets at end of fiscal year	Economática
MTB Market-to-book index defined as market value of stocks divided by book value of equity	Economática
LEV Total Asset less equity divided by total asset	Economática
ROA Net profit divided by total assets	Economática
ARINV Receivables and Inventories divided by total assets.	Economática
TENURE Time of using the same Auditor firm in years	CVM
SEGMENT Number of segments in the business	CVM
LAGE Natural log of the age of the enterprise.	CVM
FULL_IFRS Equals 0 for 2009, 1 any other year after	Economática
CORPGOV Equals 1 if the enterprise is listed in the special corporate governance segment, and 0 otherwise.	CVM

Variable	Data base
TA Total Accrual, computed as Earnings before extraordinary items less cash flow from operations scaled by total assets	Economática
ΔSALES Variation on sales between last year and current year, scaled by total assets;	Economática
ΔAR Variation in accounts recievable between last year e curent year, scaled by total assets;	Economática
NCA Non current assets from current year scaled by total assets from previous year;	Economática
ROA_(it-1) Return on assets computed as earnings before extraordinary items divided for total assets.	Economática

Variables	Data Source
DAC Discretionary accrual computed using model (2); where 1 indicates income increasing earnings manage	Error from Model 2
NABAFEE Equal 1 if abnormal audit fees (err from model 1) is negative and zero otherwise;	Error from Model 1
NONAUDIT FEES Equal 1 if there is nonaudit fees paid to auditor and zero otherwise.	CVM
BIG4 Equal 1 if a firm is audited by Deloitte & Touche, Ernst & Young, KPMG, Pricewater	CVM
LMV Natural log of market value of stock at end of fiscal year.	Economatica
LOSS Equal 1 if a firm reported loss in the current year, and 0 otherwise.	Econonatica
CFO Cash flow from Operations scaled by total assets;	Economática
OPCYCLE Natural log of operational cycle days	Economática
VOLCFO Standard deviation of cash flow form operations from year t-4 to year t;	Economática
VOLSALE Standard deviation of sales scales by assets from year t-4 to year t;	CVM

Variables	Mean	Median	S.D.	25%	75%
AFEE	2.6489	2.6117	0.6038	2.2765	2.9731
BIG4	0.8251	1.0000	0.3800	1.0000	1.0000
LTA	3.4658	3.4658	0.7781	2.9337	3.9891
MTB	1.2558	1.4507	24.6138	0.8241	2.5352
LEV	0.6083	0.5846	0.3394	0.4465	0.7302
ROA	0.0402	0.0346	0.1330	0.0076	0.0727
ARINV	0.3776	0.2879	0.3639	0.1279	0.5057
TENURE	2.8866	2.0000	2.4982	1.0000	4.0000
SEGMENT	2.6285	1.0000	3.4761	1.0000	2.7500
LAGE	35.8129	36.0000	115.6347	13.0000	43.0000

Variables	Average	Median	S.D.	25%	75%
DAC	0.1497	0.0000	0.3569	0.0000	0.0000
NABAFEE	0.4591	0.0000	0.4986	0.0000	1.0000
NONAUDIT_FEES	0.3642	0.0000	0.4814	0.0000	1.0000
BIG4	0.8251	1.0000	0.3800	1.0000	1.0000
LMV	0.7831	0.8811	0.7247	0.5483	1.1515
LOSS	0.3367	0.0000	0.4728	0.0000	1.0000
CFO	0.0555	0.0550	0.1489	0.0027	0.1060
OPCYCLE	2.0890	2.0876	0.4243	1.8708	2.3010
VOLCFO	0.0499	0.0286	0.1298	0.0158	0.0507
VOLSALE	0.0455	0.0216	0.1109	0.0096	0.0475

	Section A Model 1		Section B Model 3
Dependent Variable	(1ª) \|AFEE\|	(2ª) \|AFEE\|	(1ª) \|DAC\|	(2ª) \|DAC\|
NABAFEE			1.0688 (3.37^* Note: *, , , significant at 1%, 5%, and 10% )*	1.0833 (3.34^* Note: *, , , significant at 1%, 5%, and 10% )*
NONAUDIT_FEES			0.4922 (1.49)	0.4088 (1.21)
BIG4	0.3073 (6.78^* Note: *, , , significant at 1%, 5%, and 10% )*	0.2957 (6.46^* Note: *, , , significant at 1%, 5%, and 10% )*	0.4225 (0.78)	0.6332 (1.12)
LTA	0.4701 (21.69^* Note: *, , , significant at 1%, 5%, and 10% )*	0.4713 (21.55^* Note: *, , , significant at 1%, 5%, and 10% )*
LMV			0.3421 (1.46)	0.3858 (1.57^* Note: *, , *, significant at 1%, 5%, and 10% )
MTB	0.0003 (0.37)	0.0002 (0.19)	0.0904 (2.62^* Note: *, , , significant at 1%, 5%, and 10% )*	0.1019 (3.07^* Note: *, , , significant at 1%, 5%, and 10% )*
LEV	0.0476 (1.04)	0.0232 (0.50)	-1.7043 (-1.92^ Note: , , , significant at 1%, 5%, and 10% )	-1.8641 (-1.96^ Note: , , , significant at 1%, 5%, and 10% )
LOSS			-1.8054 (-3.83^* Note: *, , , significant at 1%, 5%, and 10% )*	-1.7503 (-3.57^* Note: *, , , significant at 1%, 5%, and 10% )*
CFO			-29.3556 (-9.52^* Note: *, , , significant at 1%, 5%, and 10% )*	-29.477 (-8.78^* Note: *, , , significant at 1%, 5%, and 10% )*
OPCYCLE			-0.4615 (-1.20)	-0.3937 (-0.88)
VOLCFO			-0.9962 (-0.43)	-1.5256 (-0.63)
VOLSALE			4.7221 (2.07^ Note: , , , significant at 1%, 5%, and 10% )	6.5548 (2.33^* Note: , , , significant at 1%, 5%, and 10% )
ROA	0.0460 (0.44)	0.0379 (0.36)
ARINV	0.0706 (1.81^ Note: , , , significant at 1%, 5%, and 10% )	0.0912 (1.97^ Note: , , , significant at 1%, 5%, and 10% )
TENURE	0.0125 (1.82^ Note: , , , significant at 1%, 5%, and 10% )	0.0141 (2.04^ Note: , , , significant at 1%, 5%, and 10% )
SEGMENT	0.0082 (1.97^ Note: , , , significant at 1%, 5%, and 10% )	0.0067 (1.59^* Note: *, , , significant at 1%, 5%, and 10% )*
CHANGE_AUD	-0.0740 (-2.11^* Note: *, , , significant at 1%, 5%, and 10% )*	-0.0720 (-2.05^ Note: , , , significant at 1%, 5%, and 10% )
LAGE	-0.0015 (-1.87^ Note: , , , significant at 1%, 5%, and 10% )	-0.0017 (-1.98^ Note: , , , significant at 1%, 5%, and 10% )
CORPGOV	0.0797 (2.44^* Note: *, , , significant at 1%, 5%, and 10% )*	0.0848 (2.57^* Note: *, , , significant at 1%, 5%, and 10% )*	0.1654 (0.41)	0.0252 (0.06)
FULL_IFRS	-0.0536 (-1.61^* Note: *, , *, significant at 1%, 5%, and 10% )	-0.0589 (-1.76^* Note: *, , *, significant at 1%, 5%, and 10% )	-0.3689 (-0.99)	-0.3121 (-0.82)
CHEMISTRY		0.1500 (2.25^* Note: *, , , significant at 1%, 5%, and 10% )*		-1.1686 (-0.91)
CONSTRUCTION		-0.0034 (-0.41)		-0.0232 (-0.30)
FOOD_AND_DRINK		0.0226 (1.47)		-0.0047 (-0.03)
TEXTILE		-0.0081 (-0.82^ Note: , , , significant at 1%, 5%, and 10% )		-0.1927 (-1.4873)
TRADE		0.0232 (1.96^ Note: , , , significant at 1%, 5%, and 10% )		-0.1712 (-1.08)
TRANSPORTATION_AND_SERVI		0.0240 (1.16)		0.0279 (0.11)
VEHICLES_AND_PARTS		0.0240 (1.16)		0.0279 (0.11)
CONSTANT	0.7736 (8.75^ Note: , , , significant at 1%, 5%, and 10% )*	0.7682 (8.59^ Note: , , , significant at 1%, 5%, and 10% )*	07574> (-0.71)	-0.9195 (-0.79)
R²	0.5402	0.5487	0.4569	0.4664
Total panel> (Unbalanced) observations	837	837	727	727

Fundação Getulio Vargas, Escola de Administração de Empresas de S.Paulo Av 9 de Julho, 2029, 01313-902 S. Paulo - SP Brasil, Tel.: (55 11) 3799-7999, Fax: (55 11) 3799-7871 - São Paulo - SP - Brazil
E-mail: rae@fgv.br

Acompanhe os números deste periódico no seu leitor de RSS

[TFN1] Note: This exhibit presents the definition of the variables and the source of the data for Model 1 – Determinants of Auditor Compensation.