¿La corrupción nacional fomenta la gestión de ganancias? Comparación de países del continente europeo y americano
DOI:
https://doi.org/10.19094/contextus.2023.81163Palabras clave:
América, Europa, gestión de resultados, percepción de corrupción, calidad de la información contableResumen
Analizamos el efecto de la corrupción nacional percibida por la población sobre la gestión de ingresos. Nuestra muestra estuvo compuesta por 3.239 empresas de 38 países ubicadas en cuatro regiones geopolíticas de los continentes americano y europeo entre 2012-2019, analizadas mediante regresión con datos de panel. Descubrimos que el aumento de los niveles de corrupción percibida implica un aumento en las prácticas de gestión de ganancias. Comportamiento que no se da de la misma manera al considerar las distintas regiones geopolíticas, pues se da en Latinoamericana, América del Norte y el Caribe, pero es inexistente en las demás regiones. Brindamos evidencia de que la percepción de corrupción nacional es un desencadenante para que los gerentes cambien las opciones contables.
Citas
Ali, A., & Zhang, W. (2015). CEO tenure and earnings management. Journal of Accounting and Economics, 59(1), 60-79. https://doi.org/10.1016/j.jacceco.2014.11.004
Almadi, M., & Lazic, P. (2016). CEO incentive compensation and earnings management. Management Decision. https://doi.org/10.1108/MD-05-2016-0292
Anokhin, S., & Schulze, W. S. (2009). Entrepreneurship, innovation, and corruption. Journal of Business Venturing, 24(5), 465-476. https://doi.org/10.1016/j.jbusvent.2008.06.001
Ball, R., Kothari, S. P., & Robin, A. (2000). The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics, 29(1), 1-51. https://doi.org/10.1016/S0165-4101(00)00012-4
Barth, M. E., Landsman, W. R., & Lang, M. H. (2008). International accounting standards and accounting quality. Journal of Accounting Research, 46(3), 467-498. https://doi.org/10.1111/j.1475-679X.2008.00287.x
Bell, T. B., Causholli, M., & Knechel, W. R. (2015). Audit firm tenure, non‐audit services, and internal assessments of audit quality. Journal of Accounting Research, 53(3), 461-509. https://doi.org/10.1111/1475-679X.12078
Blackburn, K., & Forgues-Puccio, G. F. (2009). Why is corruption less harmful in some countries than in others? Journal of Economic Behavior & Organization, 72(3), 797-810. https://doi.org/10.1016/j.jebo.2009.08.009
Blackburn, K., Bose, N., & Haque, M. E. (2006). The incidence and persistence of corruption in economic development. Journal of Economic Dynamics and Control, 30(12), 2447-2467. https://doi.org/10.1016/j.jedc.2005.07.007
Brada, J. C., Drabek, Z., & Perez, M. F. (2012). The effect of home‐country and host‐country corruption on foreign direct investment. Review of Development Economics, 16(4), 640-663. https://doi.org/10.1111/rode.12009
Branco, M. C., & Delgado, C. (2012). Business, social responsibility, and corruption. Journal of Public Affairs, 12(4), 357-365. https://doi.org/10.1002/pa.1426
Burgstahler, D. C., Hail, L., & Leuz, C. (2006). The importance of reporting incentives: Earnings management in European private and public firms. The Accounting Review, 81(5), 983-1016. https://doi.org/10.2308/accr.2006.81.5.983
Cimini, R. (2015). How has the financial crisis affected earnings management? A European study. Applied Economics, 47(3), 302-317. https://doi.org/10.1080/00036846.2014.969828
Davoodi, M. H. R., & Tanzi, M. V. (1997). Corruption, public investment, and growth. International Monetary Fund.
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 193-225. http://www.jstor.org/stable/248303
Dimitras, A. I., Kyriakou, M. I., & Iatridis, G. (2015). Financial crisis, GDP variation and earnings management in Europe. Research in International Business and Finance, 34, 338-354. https://doi.org/10.1016/j.ribaf.2015.02.017
Dzhumashev, R. (2014). Corruption and growth: The role of governance, public spending, and economic development. Economic Modelling, 37, 202-215. https://doi.org/10.1016/j.econmod.2013.11.007
El-Helaly, M., Ntim, C. G., & Al-Gazzar, M. (2020). Diffusion theory, national corruption and IFRS adoption around the world. Journal of International Accounting, Auditing and Taxation, 38, 100305. https://doi.org/10.1016/j.intaccaudtax.2020.100305
Enomoto, M., Kimura, F., & Yamaguchi, T. (2015). Accrual-based and real earnings management: An international comparison for investor protection. Journal of Contemporary Accounting & Economics, 11(3), 183-198. https://doi.org/10.1016/j.jcae.2015.07.001
Farooq, A., Shahbaz, M., Arouri, M., & Teulon, F. (2013). Does corruption impede economic growth in Pakistan? Economic Modelling, 35, 622-633. https://doi.org/10.1016/j.econmod.2013.08.019
Ferris, S. P., & Liao, M. Y. S. (2019). Busy boards and corporate earnings management: an international analysis. Review of Accounting and Finance, 18(4), 553-556. https://doi.org/10.1108/RAF-07-2017-0144
Filip, A., & Raffournier, B. (2014). Financial crisis and earnings management: The European evidence. The International Journal of Accounting, 49(4), 455-478. https://doi.org/10.1016/j.intacc.2014.10.004
Fisman, R., & Miguel, E. (2007). Corruption, norms, and legal enforcement: Evidence from diplomatic parking tickets. Journal of Political Economy, 115(6), 1020-1048.
Franco, G., Kothari, S. P., & Verdi, R. S. (2011). The benefits of financial statement comparability. Journal of Accounting Research, 49(4), 895-931. https://doi.org/10.1111/j.1475-679X.2011.00415.x
Friedman, E., Johnson, S., Kaufmann, D., & Zoido-Lobaton, P. (2000). Dodging the grabbing hand: The determinants of unofficial activity in 69 countries. Journal of Public Economics, 76(3), 459-493. https://doi.org/10.1016/S0047-2727(99)00093-6
García‐Meca, E., & Sánchez‐Ballesta, J. P. (2009). Corporate governance and earnings management: A meta‐analysis. Corporate Governance, 17(5), 594-610. https://doi.org/10.1111/j.1467-8683.2009.00753.x
Goel, R. K., & Ram, R. (2013). Economic uncertainty and corruption: Evidence from a large cross-country data set. Applied Economics, 45(24), 3462-3468. https://doi.org/10.1080/00036846.2012.714073
González, J. S., & García-Meca, E. (2014). Does corporate governance influence earnings management in Latin American markets? Journal of Business Ethics, 121(3), 419-440. https://doi.org/10.1007/s10551-013-1700-8
Gyimah-Brempong, K. (2002). Corruption, economic growth, and income inequality in Africa. Economics of Governance, 3(3), 183-209. https://doi.org/10.1007/s101010200045
Gyimah-Brempong, K., & Gyimah-Brempong, S. M. (2006). Corruption, growth, and income distribution: Are there regional differences? Economics of Governance, 7(3), 245-269. https://doi.org/10.1007/s10101-005-0008-2
Hadi, A. S. (1992). Identifying multiple outliers in multivariate data. Journal of the Royal Statistical Society: Series B (Methodological), 54(3), 761-771. https://doi.org/10.1111/j.2517-6161.1992.tb01449.x
Hashim, H. A., & Devi, S. (2008). Board characteristics, ownership structure and earnings quality: Malaysian evidence. Corporate Governance in less Developed and Emerging Economies, 8, 97-123. https://doi.org/10.1016/S1479-3563(08)08004-3
Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383. https://doi.org/10.2308/acch.1999.13.4.365
Holcombe, R. G., & Boudreaux, C. J. (2015). Regulation and corruption. Public Choice, 164(1), 75-85. https://doi.org/10.1007/s11127-015-0263-x
Jalil, A. A., & Rahman, R. A. (2010). Institutional investors and earnings management: Malaysian evidence. Journal of Financial Reporting and Accounting, 8(2), 110-127. https://doi.org/10.1108/19852511011088370
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228. https://doi.org/10.2307/2491047
Judge, W. Q., Douglas, T. J., & Kutan, A. M. (2008). Institutional antecedents of corporate governance legitimacy. Journal of Management, 34(4), 765-785. https://doi.org/10.1177/0149206308318615
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163-197. https://doi.org/10.1016/j.jacceco.2004.11.002
Kouki, A. (2018). Mandatory IFRS adoption, investor protection and earnings management: A data analysis of Germany, France and Belgium listed companies. International Journal of Accounting & Information Management, 25(1), 1834-7649. https://doi.org/10.1108/IJAIM-07-2017-0091
Lara, J. M. G., Osma, B. G., & Mora, A. (2005). The effect of earnings management on the asymmetric timeliness of earnings. Journal of Business Finance & Accounting, 32(3‐4), 691-726. https://doi.org/10.1111/j.0306-686X.2005.00610.x
Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69(3), 505-527. https://doi.org/10.1016/S0304-405X(03)00121-1
Lewellyn, K. B., & Bao, S. R. (2017). The role of national culture and corruption on managing earnings around the world. Journal of World Business, 52(6), 798-808. https://doi.org/10.1016/j.jwb.2017.07.002
Li, H., Xu, L. C., & Zou, H. F. (2000). Corruption, income distribution, and growth. Economics & Politics, 12(2), 155-182. https://doi.org/10.1111/1468-0343.00073
Lourenço, I. C., Rathke, A., Santana, V., & Branco, M. C. (2018). Corruption and earnings management in developed and emerging countries. Corporate Governance, 18(1), 35-51. https://doi.org/10.1108/CG-12-2016-0226
Malagueño, R., Albrecht, C., Ainge, C., & Stephens, N. (2010). Accounting and corruption: a cross‐country analysis. Journal of Money Laundering Control, 13(4) 372-393. https://doi.org/10.1108/13685201011083885
Martin, G., Campbell, J. T., & Gomez-Mejia, L. (2016). Family control, socioemotional wealth and earnings management in publicly traded firms. Journal of Business Ethics, 133(3), 453-469. https://doi.org/10.1007/s10551-014-2403-5
Mathur, A., & Singh, K. (2013). Foreign direct investment, corruption and democracy. Applied Economics, 45(8), 991-1002. https://doi.org/10.1080/00036846.2011.613786
Mazzi, F., Slack, R., & Tsalavoutas, I. (2018). The effect of corruption and culture on mandatory disclosure compliance levels: Goodwill reporting in Europe. Journal of International Accounting, Auditing and Taxation, 31, 52-73. https://doi.org/10.1016/j.intaccaudtax.2018.06.001
Modigliani, F., & Perotti, E. (2000). Security markets versus bank finance: Legal enforcement and investors' protection. International Review of Finance, 1(2), 81-96. https://doi.org/10.1111/1468-2443.00006
Okyere, S. A., Fiador, V., & Sarpong‐Kumankoma, E. (2021). Earnings management, capital structure, and the role of corporate governance: Evidence from sub‐Saharan Africa. Managerial and Decision Economics, 42(6), 1525-1538. https://doi.org/10.1002/mde.3324
Oz, I. O., & Yelkenci, T. (2018). Examination of real and accrual earnings management: A cross-country analysis of legal origin under IFRS. International Review of Financial Analysis, 58, 24-37. https://doi.org/10.1016/j.irfa.2018.04.003
Ozili, P. K. (2019). Bank income smoothing, institutions and corruption. Research in International Business and Finance, 49, 82-99. https://doi.org/10.1016/j.ribaf.2019.02.009
Peasnell, K. V., Pope, P. F., & Young, S. (2000). Accrual management to meet earnings targets: UK evidence pre-and post-Cadbury. The British Accounting Review, 32(4), 415-445. https://doi.org/10.1006/bare.2000.0134
Podobnik, B., Shao, J., Njavro, D., Ivanov, P. C., & Stanley, H. E. (2008). Influence of corruption on economic growth rate and foreign investment. The European Physical Journal B, 63(4), 547-550. https://doi.org/10.1140/epjb/e2008-00210-2
Polinsky, A. M., & Shavell, S. (2001). Corruption and optimal law enforcement. Journal of Public Economics, 81(1), 1-24. https://doi.org/10.1016/S0047-2727(00)00127-4
Pourciau, S. (1993). Earnings management and nonroutine executive changes. Journal of Accounting and Economics, 16(1-3), 317-336. https://doi.org/10.1016/0165-4101(93)90015-8
Rama, M. D. (2012). Corporate governance and corruption: Ethical dilemmas of Asian business groups. Journal of Business Ethics, 109(4), 501-519. https://doi.org/10.1007/s10551-011-1142-0
Riahi-Belkaoui, A. (2004). Effects of corruption on earnings opacity internationally. Advances in International Accounting, 17, 73-84. https://doi.org/10.1016/S0897-3660(04)17004-9
Rock, M. T. (2009). Corruption and democracy. The Journal of Development Studies, 45(1), 55-75. https://doi.org/10.1080/00220380802468579
Rodrigues, R. M. R. C., Melo, C. L. L. D., & Paulo, E. (2019). Gerenciamento de Resultados e Nível dos Accruals Discricionários Trimestrais no Mercado Acionário Brasileiro. BBR. Brazilian Business Review, 16(3), 297-314. https://doi.org/10.15728/bbr.2019.16.3.6
Rothstein, B. (2021). Controlling corruption: The social contract approach. Oxford University Press, USA.
Santos, L. C., & Takamatsu, R. T. (2018). Nível de corrupção dos países e opacidade dos resultados contábeis. Enfoque: Reflexão Contábil, 37(4), 21-32. https://doi.org/10.4025/enfoque.v37i4.34220
Scott, W. R. (2009). Financial Accounting Theory. Norwalk USA.
Shleifer, A., & Vishny, R. W. (1993). Corruption. The Quarterly Journal of Economics, 108(3), 599-617. https://doi.org/10.2307/2118402
Shuto, A. (2007). Executive compensation and earnings management: Empirical evidence from Japan. Journal of International Accounting, Auditing and Taxation, 16(1), 1-26. https://doi.org/10.1016/j.intaccaudtax.2007.01.004
Smith, J. D. (2016). US political corruption and firm financial policies. Journal of Financial Economics, 121(2), 350-367. https://doi.org/10.1016/j.jfineco.2015.08.021
Sohn, B. C. (2016). The effect of accounting comparability on the accrual-based and real earnings management. Journal of Accounting and Public Policy, 35(5), 513-539. https://doi.org/10.1016/j.jaccpubpol.2016.06.003
Suffian, M. T. M., Sanusi, Z. M., & Mastuki, N. A. (2015). Real earnings management and firm value: Empirical evidence from Malaysia. Management & Accounting Review, 14(1), 25-47. https://ir.uitm.edu.my/id/eprint/14340
Treisman, D. (2000). The causes of corruption: A cross-national study. Journal of Public Economics, 76(3), 399-457. https://doi.org/10.1016/S0047-2727(99)00092-4
Van Tendeloo, B., & Vanstraelen, A. (2005). Earnings management under German GAAP versus IFRS. European Accounting Review, 14(1), 155-180. https://doi.org/10.1080/0963818042000338988
Wickberg, S. (2021). Understanding corruption in the twenty-first century: Towards a new constructivist research agenda. French Politics, 19(1), 82-102. https://doi.org/10.1057/s41253-020-00144-4
Wing-Yat, E. Y. (2013). Anti-corruption approaches in Macao: Lawmaking and legal enforcement. Journal of Contemporary China, 22(79), 93-108. https://doi.org/10.1080/10670564.2012.716946
Xie, B., Davidson III, W. N., & DaDalt, P. J. (2003). Earnings management and corporate governance: The role of the board and the audit committee. Journal of Corporate Finance, 9(3), 295-316. https://doi.org/10.1016/S0929-1199(02)00006-8
Xu, H., Dao, M., & Wu, J. (2019). The effect of local political corruption on earnings quality. Review of Quantitative Finance and Accounting, 53(2), 551-574. https://doi.org/10.1007/s11156-018-0758-x
Yung, K., & Root, A. (2019). Policy uncertainty and earnings management: International evidence. Journal of Business Research, 100, 255-267. https://doi.org/10.1016/j.jbusres.2019.03.058
Descargas
Publicado
Cómo citar
Número
Sección
Licencia
The authors, while doing the submission, accept the notice below:
We authors hold the copyright related to our paper and transfer Contextus journal the right for the first publication with a Creative Commons’ international license of the modality Attribution – Non-commercial 4.0, which in turn allows the paper to be shared providing that both the authorship and the journal’s right for initial release are acknowledged.
Furthermore, we are aware of our permission to take part in additional contracts independently for non-exclusive distribution of the version of our work published in this journal (e.g. publishing it in an institutional repository or as a book chapter), while acknowledging both the authorship and the journal’s initial publication.
We also certify that the paper is original and up to this date has not been released in any other journal, Brazilian or of another nationality, either in Portuguese or another language, as well as it has not been sent for simultaneous publication in other journals.
Last, we not only know that plagiarism is not tolerated by Contextus but also certify the paper presents the sources of passages from cited works, including those authored by ourselves.
