Alterações de CEOs e o gerenciamento de resultados contábeis no Brasil

This study aims to evaluate earnings management practices in periods of CEO changes in Brazil. We use data from 227 firms listed on the B3 from 2010 to 2016 and apply the modified Jones model and modified Jones model with ROA. We conclude that while there is no sign of earnings management practiced by outgoing CEOs, confirmed evidence indicates that new CEOs practice aggressive earnings management in their first years on the job. Our findings reinforce the theoretical assumptions that new CEOs tend to make financial results worse when they first enter a firm. This may be done in an effort to earn better evaluations in the future, when compared to their predecessors. Furthermore, the tendency of new CEOs to practice earnings management early in their tenure can be related to the fact that these administrators are still being evaluated in the context of their new responsibilities.