EARNINGS MANAGEMENT UNDER CORPORATE AND REGULATORY STANDARDS IN BRAZILIAN ELECTRIC POWER DISTRIBUTORS
Abstract
This article aims to verify the existence of significant differences in earnings management levels between corporate and regulatory reports of Brazilian electric utility companies. Information was gathered from 52 electric utility distributors over the period from 2011 to 2021, comprising a total of 542 observations analyzed. Earnings management was calculated using the Modified Jones model by Dechow, Sloan and Sweeney (1995) and the model by Kothari, Leone and Wasley (2005). Due to the lack of normality in the variables related to earnings management, the Wilcoxon signed-rank test, a non-parametric method, was employed to analyze significant differences between the corporate and regulatory standards. Descriptive results show that, on average, regulatory reports exhibit earnings management aimed at increasing results, whereas corporate reports show earnings management aimed at reducing results. Inferential results indicate that both models of earnings management demonstrate significant differences between the standards, highlighting that there are distinct incentives in providing information to users of regulatory and corporate reports. The findings are relevant as they show that the quality of accounting information varies according to the type of standard guiding the report preparation, revealing significant differences in information with distinct incentives for increasing or decreasing results between different accounting standards.
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