A influência do otimismo e do excesso de confiança gerencial sobre a prática de gerenciamento de resultados no período de pandemia de COVID-19

Abstract

This article aims to investigate the influence of cognitive biases optimism and overconfidence about earnings management in the period of crisis triggered by the new coronavirus (Covid19). A sample of 133 companies listed on B3 in the period between 2012 and 2021 was used. The economic-financial data were obtained through the Economática® database; and, the management reports needed to measure the variable of optimism and overconfidence were collected directly from the investor relations websites of each firm in the sample for the analyzed period. The dependent variable, Earnings Management, was estimated using the model by Dechow et al. (2012), and optimism and overconfidence, with adaptation of a measure proposed by Tran, Tu and Hoang (2020). The results suggest that overconfidence and optimism are positively related to the practice of earnings management during the pandemic, that is, more optimistic and overconfident CEOs manage their earnings more in times of greater uncertainty. The results contribute to a better understanding of the motivations for earnings management, as well as to instigate new research.