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The purpose of this study is to investigate if non-financial latin american firms (from Argentina, Brasil, Chile and Mexico), that trade ADR’s in the United States present lower levels of earnings management than firms that trade only stocks at domestic markets. This conjecture is based either on the fact that these firms should follow the US GAAP, and on a change in the incentives in which the management would be exposed. To confirm that, four earnings management measures proposed by Leuz, Nanda and Wysock (2003) were used, three of them using discretionary accruals and the other testing the low profits frequency. It has been used the non-parametrical measure Mann-Whitney’s U to test the propositions. The main results go along with the theory-based previous expectations, once the firms that have their ADR’s traded in the US, generally, show lower levels of earnings management.

ARNINGS MANAGEMENT IN LATIN AMERICAN FIRMS WITH ADR’S TRADED IN USA