Influence of covenants on results management by operational activities
DOI:
https://doi.org/10.21527/2237-6453.2022.58.12194Keywords:
Covenants, Gerenciamento de Resultado por Atividades Operacionais. Empresas Brasileiras.Abstract
Considering that the volume of fundraising through the capital market is higher than the fundraising through the stock market, we can see the importance of financing companies through third party capital. This denotes the importance of investigating debt contracts as well as the relationship between borrowers and creditors. The purpose of this research is to verify the influence of covenants on earnings management by operational activities of companies listed on B3. Earnings management for real activities was seen in two ways: by manipulation at the production level, and by cash flow management. The sample consisted of 405 observations over a five-year period. The companies in the sample that declared they had covenants in their explanatory notes were identified. Panel data analysis was used to identify the influence of covenants on earnings management by operating activities. The main results indicated that the covenants do not influence earnings management through operating activities. On the other hand, the cash flow adjustment management model showed the best results in general.
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