A influência do gerenciamento de resultados, do viés do otimismo e do excesso de confiança e da crise econômica sobre o disclosure de informações de ativos biológicos

Abstract

This study aimed to analyze the influence of earnings management, optimism bias, overconfidence, and the economic crisis on the level of disclosure of biological assets. Using a sample of companies listed on the Brazilian Stock Exchange (B3), regressions were estimated for the period from 2016 to 2023. The results indicate that managerial optimism bias and overconfidence have a positive and significant influence on the disclosure index during crises, while earnings management through discretionary accruals presents a negative relationship. Although the variables related to earnings management did not show significance individually, it was observed that companies with greater earnings manipulation tend to reduce transparency in disclosure. On the other hand, during crises such as the COVID-19 pandemic, optimistic and overconfident managers increase the level of disclosure, possibly to maintain market confidence. Larger companies exhibited greater transparency, while more profitable companies with higher financial leverage were less likely to disclose information about biological assets. The research contributes to the literature by demonstrating that behavioral biases and economic characteristics of companies significantly influence disclosure practices in crisis contexts, suggesting that accounting transparency may be conditioned by these factors.