Qualidade da auditoria e vieses do sentimento em auditores, empresas e investidores

• Ano de defesa: 2021
• Autor(a) principal: Vieira, Carlos André Marinho
• Tipo de documento: Tese
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal da Paraíba; Brasil; Finanças e Contabilidade; Programa de Pós-Graduação em Ciências Contábeis; UFPB
• Palavras-chave em Português: Auditoria; Sentimento; Continuidade operacional; Gerenciamento de resultados; Divulgação de resultados; Audit; Sentiment; Going concern opinion; Earnings management; Earnings news; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS
• Link de acesso: https://repositorio.ufpb.br/jspui/handle/123456789/21502

This thesis aimed to analyze whether audit quality can mitigate sentiment biases in auditors, firms and investors. Sentiment is compounded by irrational expectations about asset behavior not justified by the underlying economic fundamentals. Past studies assert that sentiment can influence going concern opinion issued by auditors, earnings management and investor response to earnings news. Periods of market euphoria can estimulate auditores to not issue going concern opinions to stressed firms, based on optimistic views of economic fundamentals. Earnings management can also be boosted in reaction to investores subject to sentiment, given managers pressure to deliver growth in profits in overly optimistic periods. Sentiment can also impact investor response to earnings news, once stock price sensitivity to good news is higher during optimistic periods and stock price sensitivity to bad news is higher during pessimistic periods. Under these circumstances, audit quality is defined as a set of characteristics related to a higher degree of expertise, experience and independence of auditors, capable of soften sentiment biases. Three proxies for sentiment were created, in aggregate and individual level, to measure sentiment biases incorporate by different market agentes: investor sentiment, managerial sentiment and firm-level sentiment. The sample was composed by nonfinancial firms with data available between 2010 and 2018. The first hypothesis investigated the association between going concern opinions, audit quality and sentiment. I found out that some auditor characteristics reduce sentiment biases on auditor opinion, but these effect is not observed in other auditor characteristics, rejecting H1. The second hypothesis investigated the association between earnings management, audit quality and sentiment. I found out that audit quality mitigates sentiment biases when positive earnings management is used to meet earnings thresolds, but these evidences are restricted to particular contexts, rejecting H2. The third and last hypothesis investigated the relation between investor reaction to earnings news, audit quality and sentiment. I found out that stock price sensitivity to sentiment is higher when positive unexpected earnings confirm optimistic investor expectations. Additionally, audit quality minimized optimistic sentiment biases in investor response to earnings news, confirming H3.