Administrative sanctioning proceedings of the brazilian securities and exchange commission and accounting and financial irregularities in brazilian publicly traded companies: an integrative re-view
Keywords:
CVM; administrative sanctioning proceedings; accounting irregularities; enforcement; publicly traded companies.Abstract
This study examines how the academic literature has addressed the Administrative Sanctioning Proceedings conducted by the Brazilian Securities and Exchange Commission (CVM) in cases involving accounting and financial irregularities in publicly traded Brazilian companies. The objective is to identify the main categories of irregularities discussed in prior studies, the factors associated with their occurrence, and the effects attributed to regulatory enforcement on the informational environment, corporate governance, and capital markets. Methodologically, the paper adopts an integrative literature review based on national and international publications dealing with enforcement, accounting information quality, corporate fraud, independent auditing, governance, and regulatory sanctions. The analysis indicates that accounting irregularities are not merely technical failures in measurement or disclosure, but rather manifestations of organizational incentives, weak monitoring mechanisms, and governance deficiencies. Prior studies also suggest that CVM sanctioning activity plays an important disciplinary role in the market, although its preventive and reputational effects are not uniform across sectors, firms, and institutional settings. It is concluded that administrative sanctioning proceedings constitute a relevant empirical source for research in accounting, finance, and regulation, while also revealing a promising research agenda on violation typologies, recurrence, audit quality, market reaction, and enforcement effectiveness in the Brazilian context.
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