Monitoramento e punição no mercado de capitais brasileiro: analisando as irregularidades identificadas pela CVM

• Ano de defesa: 2019
• Autor(a) principal: Guerra, Renan Bittencourt
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal do Espírito Santo; BR; Mestrado em Ciências Contábeis; Centro de Ciências Jurídicas e Econômicas; UFES; Programa de Pós-Graduação em Ciências Contábeis
• Palavras-chave em Português: Regulação; Republicações das demonstrações contábeis; Processos administrativos sancionadores; Regulation; Sanctioning administrative process; Financial restatements; subject.br-rjbn; Ciências Contábeis
• Link de acesso: http://repositorio.ufes.br/handle/10/13515

Accounting information is used in capital as users' economic decision-making tools. However, manipulations of financial data in accounting information and the opportunistic behavior of individuals result in financial fraud that impairs the entire functioning of the market (JENSEN; MECKLING, 1994; KING; WAYMIRE, 1994). Thus, these events reinforce the importance of regulation and enforcement, represented by the Brazilian Securities Commission in the brazilian scenario, since a normative structure, when accompanied by monitoring attributes of companies, aims at reducing informational asymmetry, besides being guided by the protection of shareholders (KURLAT; VELDKAMP, 2015). Since one of CVM's roles is based on verifying that the financial statements disclosed to the market are reliable, one of the autarchy's prerogatives is to require the restatement of the financial reports of certain companies to rectify the disclosed information. This is emphasized because, according to Marques (2016), these restatements can be seen as na indicative that some impropriety (or error) occurred, reducing the informational quality of financial reports. Given this context, this dissertation was guided by the content analysis of the Sanctioning Administrative Proceedings judged by the CVM from 2008 to 2018, as well as analyzing, during the same period, the reasons for the financial restatements of 575 companies listed on [B³]. Subsequently, both occurrences (the fact that the companies are judged by the CVM and the occurrence of restatements) with institutional characteristics of the market and the firm (presence of Big Four audit, level of Corporate Governance and the sector in which it operates) were analyzed . Finally, it was verified about the possible association between restatements and the incidence of investigations and sanctions by the CVM. As an analysis strategy, content analysis was used to categorize the reasons for restatements and the reasons for punishments, test of means, medians and proportions Wilcoxon Mann-Whitney and Pearson's Chi-square test and Fisher's exact test. The results indicate that irregularities related to negligence and malpractice, abuse of power, non-holding of meetings and omission of financial information from CVM by directors and members of boards of directors of companies listed on the traditional level of CG and audited by not Big Four were the ones overweight. The sectors most sanctioned by the CVM are: Financial, Cyclical Consumption and Industrial Goods. With regard to the presence of Big Four auditors and the level of corporate governance, the presence of non-Big Four was found to be higher among the companies judged, while companies of the Traditional level are more penalized by the CVM. The results of the restatements showed that more than half of them were related to the measurement and alteration of accounting data, rectification of the management report and improvement of the explanatory notes. In relation to institutional characteristics, it was found that the Financial, Cyclical Consumption and Public Utility sectors are the sectors that most restate, so that the levels of Traditional governance and the New Market presented the most remarks. In addition, it was found that the companies audited by the Big Four restated more. With regard to the association between the restatements and the fact that the CVM judged to investigate, it was not possible to reject the alternative hypothesis, making it possible to affirm that there is an association between the fact that the companies are judged by the CVM and republished their financial statements.