Dividendos e accruals discricionários: um estudo sobre a relação entre a política de distribuição de dividendos e a qualidade dos lucros

Abstract

From a theoretical point of view organizations that choose to distribute dividends, have better earnings quality, represented by a lower level of earnings management (TONG; MIAO, 2011). Given that this relationship was studied in more developed markets, the aim of this study was to test this theory in companies listed on the BM & FBovespa. The results do not confirm the relationship between the choice of companies to pay dividends and a lower level of earnings management. This controversial relationship is persistent even when examining companies that pay dividends more frequently. When examined the dividend payment levels, we found that the companies in the sample, with higher levels of payout, unexpectedly are associated with higher earnings management levels.