Purpose

This study examines the investment horizon influence, mediated by market optimism, on earnings management based on accruals and real activities. Based on short-termism, the authors argue that earnings management increases in optimistic periods to boost corporate profits.

Design/methodology/approach

The authors analyzed non-financial Brazilian publicly traded firms from 2010 to 2020 by estimating industry-fixed effects of groups of short- and long-horizon firms to compare their behavior on earnings management practices during bullish moments. For robustness, the authors used alternate measures and trade-off analyses between earning management practices.

Findings

The findings indicate that, during bullish moments, companies prioritize managing their earnings through real activities management (RAM) rather than accruals earnings management (AEM), depending on their time horizon. The results demonstrate the trade-off between earnings management practices.

Research limitations/implications

This study presents limitations when using proxies for earnings management and investor sentiment.

Practical implications

Investors and regulators should closely monitor companies' operations, especially during bullish market conditions to prevent fraud.

Originality/value

The study addresses investor sentiment mediation in the earnings management discussion, introducing the short-termism approach.

中文翻译：

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盈余管理、投资者情绪和短期主义

目的

本研究探讨了以市场乐观情绪为中介的投资期限对基于应计项目和实际活动的盈余管理的影响。基于短期主义，作者认为，在乐观时期，盈余管理会增加，以提高企业利润。

设计/方法论/途径

作者分析了 2010 年至 2020 年巴西非金融上市公司，通过估计短期和长期公司群体的行业固定效应，比较它们在牛市时期的盈余管理实践行为。为了稳健性，作者使用了盈余管理实践之间的替代措施和权衡分析。

发现

研究结果表明，在牛市时期，公司会根据时间范围优先通过实际活动管理 (RAM) 而非应计盈余管理 (AEM) 来管理收益。结果证明了盈余管理实践之间的权衡。

研究局限性/影响

这项研究在使用盈余管理和投资者情绪代理时存在局限性。

实际影响

投资者和监管机构应密切监控公司的运营，特别是在牛市时期，以防止欺诈。

原创性/价值

该研究探讨了盈余管理讨论中的投资者情绪调解问题，引入了短期主义方法。