not in general, but yes it may cause some problems if you use it erroneously. Exposure compensation merely makes the camera take the shot at an exposure higher/lower than the metered one. So if the metering is correct, but you -vely compensated by too much, the image will be underexposed. If the film is negative, the developer might push/adjust it for you and it will be grainy.
So in summary, ev compensation only changes the shutter speed or aperture value which results in a different exposure, and any problems that may arise from it will be due to the incorrect use of it.