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Authors
Abstract(s)
A presente dissertação procura analisar, sinteticamente, a qualidade da informação no contexto das Pequenas e Médias Empresas (PME) existentes em Portugal, revelando-se de extrema pertinência analisar para esse efeito, se existe uma maior propensão para estas - no contexto das empresas familiares - manipularem os seus resultados. O foco irá centrar-se nas PME dada a sua importância na economia portuguesa, sendo as principais responsáveis pelo investimento e desenvolvimento em Portugal.
A metodologia utilizada para avaliar o impacto da estrutura de propriedade na manipulação de resultados, será baseada em accruals, através da aplicação do modelo de Dechow e Dichev (2002), onde optamos por efetuar uma análise cross section, por forma a prevenir eventuais problemas de enviesamento associados à utilização de modelos de séries temporais (Peasnell et al., 2005). Adicionalmente, utilizaremos o modelo de distribuições de Burgsthaler e Dichev (1997) para uma análise acerca do comportamento das empresas.
Com base numa amostra de 64.646 PME e recorrendo à estimação do modelo de Dechow e Dichev (2002), os resultados empíricos evidenciam que existe uma relação positiva entre a propriedade da empresa e a prática de manipulação de resultados. Em particular, conclui-se que quanto maior a percentagem de capital detido por cada acionista que tem pelo menos um apelido igual aos dois apelidos do gestor, maior o desvio-padrão (menor qualidade de informação), e consequentemente, maior o nível de manipulação de resultados.
This dissertation briefly summarizes the quality of information in the context of Small and Medium Enterprises (SMEs) in Portugal, and it is extremely pertinent to analyze to that effect if there is a greater propensity for these companies - in the context of Family businesses - to manipulate their results. The focus will be on SMEs given their importance in the context of the Portuguese economy. SMEs are primarily responsible for investment and development in Portugal. The methodology used to evaluate the impact of the property structure in the manipulation of results, will be based on accruals, through the application of Dechow and Dichev (2002) model, where we chose (Peasnell et al., 2005). In order to avoid any bias problems associated with the use of time series models, Pearson et al. In addition, we will use the distributions model of Burgsthaler and Dichev (1997) for an analysis about the behavior of companies. Based on a sample of 64,646 SMEs and using the Dechow and Dichev (2002) model, the empirical results show that there is a positive relationship between company ownership and the practice of earnings management. In particular, it is concluded that the higher the percentage of capital held by each shareholder who has at least one surname equal to the two surnames of the manager, the greater the standard deviation (lower quality of information), and consequently, the higher the level of earnings management.
This dissertation briefly summarizes the quality of information in the context of Small and Medium Enterprises (SMEs) in Portugal, and it is extremely pertinent to analyze to that effect if there is a greater propensity for these companies - in the context of Family businesses - to manipulate their results. The focus will be on SMEs given their importance in the context of the Portuguese economy. SMEs are primarily responsible for investment and development in Portugal. The methodology used to evaluate the impact of the property structure in the manipulation of results, will be based on accruals, through the application of Dechow and Dichev (2002) model, where we chose (Peasnell et al., 2005). In order to avoid any bias problems associated with the use of time series models, Pearson et al. In addition, we will use the distributions model of Burgsthaler and Dichev (1997) for an analysis about the behavior of companies. Based on a sample of 64,646 SMEs and using the Dechow and Dichev (2002) model, the empirical results show that there is a positive relationship between company ownership and the practice of earnings management. In particular, it is concluded that the higher the percentage of capital held by each shareholder who has at least one surname equal to the two surnames of the manager, the greater the standard deviation (lower quality of information), and consequently, the higher the level of earnings management.
Description
Keywords
Qualidade da informação Manipulação de resultados Governo das sociedades Estrutura de propriedade Accruals discricionários Information quality Earnings management Corporate governance Ownership structure Discretionary accruals