Banca de DEFESA: LORENA INGRID DE LIMA E SANTOS

Uma banca de DEFESA de MESTRADO foi cadastrada pelo programa.
STUDENT : LORENA INGRID DE LIMA E SANTOS
DATE: 28/09/2020
TIME: 14:00
LOCAL: Videoconferência
TITLE:

STABILITY OF THE INSTITUTIONAL PROPERTY OF SHARES AND ITS RELATIONSHIP WITH EARNINGS MANAGEMENT PRACTICES

KEY WORDS:

Stability of institutional investors. Types of institutional investors. Earnings management. AEM. REM.

PAGES: 57
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUBÁREA: Ciências Contábeis
SUMMARY:

This study aims to understand the relationship between the stability of institutional
investors' ownership and the evidenced level of earnings management in their
investments, considering its two main types: discretionary accruals (AEM) and

operational activities (REM). For this purpose, the volatility of institutional investors'
shares in unregulated and non-financial companies classified on the Brazilian stock
exchange (B3) during the period from 2010 to 2018, which contained some institutional
investor in its shareholding structure was verified, totaling 159 companies. Thus, the
metrics STDI and PROP, proposed by Elyasiani, Jia and Mao (2010), were used. These
are calculated in their total values, for the entire group of institutional, and individual
investors, considering its four major types: Banks, Insurance Companies, Investment
Funds and Holdings. The results indicated that companies with stable Banks-type
shareholders are associated with lower levels of AEM, demonstrating an active monitor
profile, differently from what is estimated by the literature. It was also evident that
companies with stable Holdings-type shareholders have less adherence to REM-type
practices. However, for the latter, the literature already attributes institutional activism.
And in greater proportions of shareholder participation of the Insurance-type, the
highest levels of earnings management AEM and REM were evidenced, assigning to
this type of investor a passive monitoring relationship. These results indicate that the
stability of some types of investors can be an explanatory element in terms of the
quality of the information provided by their investees.

BANKING MEMBERS:
Presidente - 1673813 - CLAYTON LEVY LIMA DE MELO
Interno - 2814007 - RENATO HENRIQUE GURGEL MOTA
Externo à Instituição - ANTONIO MARIA HENRI BEYLE DE ARAUJO - UCB