Estrutura de propriedade e controle, governança corporativa e o alisamento de resultados no Brasil
- Torres, Damiana
- Leal Bruni, Adriano
- Rivera Castro, Miguel Ángel
- Martinez, Antônio Lopo
ISSN: 1807-1821
Any de publicació: 2010
Volum: 7
Número: 13
Pàgines: 11-34
Tipus: Article
Altres publicacions en: Revista Contemporânea de Contabilidade
Resum
This article examines the association between the ownership and control structure, level of corporate governance and origin of capital (foreign or domestic) of Brazilian companies on their propensity to smooth income. Using a sample of nonfi nancial fi rms with shares traded on the São Paulo Stock Exchange (Bovespa) at the end of 2007, we performed covariance analysis based on data from the preceding ten years, where the dependent variable was the index proposed by Eckel, an empirical proxy for smoothing. The results indicate that the more concentrated the shareholding and control structures of Brazilian fi rms are, both according to overall capital and voting capital, the more intensely they tend to smooth earnings to favor the interests of the majority shareholder. The results also show that this effect is less pronounced for fi rms with enhanced corporate governance levels and those with foreign capital.