Loading...
Publication
Qualidade de auditoria e o custo da dívida nas sociedades anónimas desportivas (SAD) em Portugal
| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 657.46 KB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
Esta estudo investiga como a qualidade da auditoria influencia o custo da dívida das SAD portuguesas entre as épocas 2011/2012 e 2023/2024, avaliando o tamanho da empresa de auditoria (Big 4 vs. não-Big 4) e a rotação do auditor. Com base num modelo de regressão com dados em painel e efeitos fixos ao nível da empresa, os resultados mostram que a continuidade da relação com o auditor está significativamente associada a um menor custo da dívida. Este efeito sugere que o conhecimento acumulado ao longo do tempo reforça a fiabilidade da informação financeira. Por outro lado, não existe evidências de que o trabalho de uma auditoria realizado por uma Big 4, esteja associado a custos de financiamento mais baixos. As conclusões obtidas são importantes para os gestores, auditores e reguladores, visto demonstrar que relações duradouras com os auditores, não apenas fortalecem a confiança dos credores e facilitam o acesso a financiamento, como também valorizam o conhecimento técnico especializado. Este estudo contribui para a investigação sobre sustentabilidade financeira no desporto, ao mostrar que a confiança no auditor é importante para relações estáveis. Também aprofunda o conhecimento sobre a qualidade da auditoria neste contexto. Do ponto de vista prático, oferece orientações às entidades do setor para reduzir custos de financiamento, bem como fornece aos credores ferramentas eficazes de avaliação de risco e apoia os reguladores na avaliação das políticas de transparência financeira no desporto.
This study investigates how audit quality influences the cost of debt of Portuguese SADs between the 2011/2012 and 2023/2024 seasons, evaluating the size of the audit firm (Big 4 vs. non-Big 4) and auditor rotation. Based on a regression model with panel data and fixed effects at company level, the results show that the continuity of the relationship with the auditor is significantly associated with a lower cost of debt. This effect suggests that knowledge accumulated over time strengthens the reliability of financial information. On the other hand, there is no evidence that an audit carried out by a Big 4 firm is associated with lower financing costs. The conclusions obtained are important for managers, auditors and regulators, as they show that long-lasting relationships with auditors not only strengthen creditors' confidence and facilitate access to financing, but also value specialized technical knowledge. This study contributes to research on financial sustainability in sport by showing that trust in the auditor is important for stable relationships. It also deepens knowledge about audit quality in this context. From a practical point of view, it offers guidance to entities in the sector to reduce financing costs, as well as providing creditors with effective risk assessment tools and supporting regulators in evaluating financial transparency policies in sport.
This study investigates how audit quality influences the cost of debt of Portuguese SADs between the 2011/2012 and 2023/2024 seasons, evaluating the size of the audit firm (Big 4 vs. non-Big 4) and auditor rotation. Based on a regression model with panel data and fixed effects at company level, the results show that the continuity of the relationship with the auditor is significantly associated with a lower cost of debt. This effect suggests that knowledge accumulated over time strengthens the reliability of financial information. On the other hand, there is no evidence that an audit carried out by a Big 4 firm is associated with lower financing costs. The conclusions obtained are important for managers, auditors and regulators, as they show that long-lasting relationships with auditors not only strengthen creditors' confidence and facilitate access to financing, but also value specialized technical knowledge. This study contributes to research on financial sustainability in sport by showing that trust in the auditor is important for stable relationships. It also deepens knowledge about audit quality in this context. From a practical point of view, it offers guidance to entities in the sector to reduce financing costs, as well as providing creditors with effective risk assessment tools and supporting regulators in evaluating financial transparency policies in sport.
Description
Keywords
Big 4 Custo da dívida Futebol Qualidade da auditoria Rotação do auditor Sociedades anónimas desportivas Audit quality Auditor rotation Cost of debt Sports corporations Football
Pedagogical Context
Citation
Publisher
CC License
Without CC licence