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Advisor(s)
Abstract(s)
Este estudo analisa a relação entre a qualidade de resultados e o endividamento, e pretende analisar qual é o seu comportamento para os vários níveis de endividamento. A investigação foi motivada pela crescente preocupação com a qualidade de resultados e com a necessidade sentida pelos stakeholders de obterem informações mais precisas sobre as empresas. Este ponto de interesse tem surgido nos últimos anos, principalmente, após os grandes escândalos financeiros de empresas como a Enron e a Worldcom. A amostra final deste estudo é composta por 777 empresas, pertencentes a 25 países da União Europeia, Reino Unido, Noruega e Islândia, entre o ano 2012 e 2020, totalizando 4 662 observações empresa-ano. O modelo utilizado foi o modelo de Jones Modificado (Dechow et al. 1996), complementado por Kothari et al. (2005) para calcular a qualidade de resultados com base nos accruals discricionários. Os resultados deste estudo suportam a existência de uma relação significativa entre qualidade de resultados e endividamento, sendo esta relação positiva para baixos níveis de endividamento e negativa para níveis mais altos de endividamento, onde o ponto de inflexão é de 26% do rácio de divida sobre o total do ativo.
This research analyzes the relationship between earnings quality and debt financing, this study intends to analyze if this relationship is significant and what is its behavior for the various levels of debt. This study was motivated by the growing concern with earnings quality and the need felt by stakeholders to obtain more accurate information about companies, this concern has arisen in recent years after the scandals of financial companies such as Enron and Worldcom. The final sample of this study is composed of 777 companies, belonging to 25 countries of the European Union, United Kingdom, Norway and Iceland, between the year 2012 and 2020, totalling 4 662 useful company-years. The model used was the Modified Jones model (Dechow et al. 1996), complemented by Kothari et al. (2005) to calculate the Earnings Quality based on discretionary accruals. The results of this study support that there is a relationship between earnings quality and debt. This relationship is positive for low levels of debt and negative for higher levels of debt, the inflection point being 26%.
This research analyzes the relationship between earnings quality and debt financing, this study intends to analyze if this relationship is significant and what is its behavior for the various levels of debt. This study was motivated by the growing concern with earnings quality and the need felt by stakeholders to obtain more accurate information about companies, this concern has arisen in recent years after the scandals of financial companies such as Enron and Worldcom. The final sample of this study is composed of 777 companies, belonging to 25 countries of the European Union, United Kingdom, Norway and Iceland, between the year 2012 and 2020, totalling 4 662 useful company-years. The model used was the Modified Jones model (Dechow et al. 1996), complemented by Kothari et al. (2005) to calculate the Earnings Quality based on discretionary accruals. The results of this study support that there is a relationship between earnings quality and debt. This relationship is positive for low levels of debt and negative for higher levels of debt, the inflection point being 26%.
Description
Mestrado Bolonha em Contabilidade, Fiscalidade e Finanças Empresariais
Keywords
Qualidade de resultados Endividamento Accruals Empresas cotadas União Europeia Earnings quality Debt financing Listed companies European Union
Pedagogical Context
Citation
Travassos, António Manuel Guiomar (2021). “Qualidade do relato de sustentabilidade na avaliação do stakeholders engagement: o caso do setor do papel a nível ibérico”. Dissertação de Mestrado. Universidade Técnica de Lisboa. Instituto Superior de Economia e Gestão.
Publisher
Instituto Superior de Economia e Gestão