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Authors
Abstract(s)
O objetivo deste trabalho final de mestrado é o de estudar a qualidade de informação financeira e a sua relação com a tangibilidade do ativo das empresas portuguesas. Relacionou-se a qualidade de informação e a manipulação de resultados e os seus incentivos no contexto do estudo, bem como formas para a sua deteção com o objetivo de a selecionar a metodologia a utilizar.
Desta forma foi utilizada a metodologia de McNichols (2002), estimando-se inicialmente três regressões: modelo de Dichow e Dichev (2002), modelo de Jones (1991) adaptado e um modelo com todas as variáveis explicativas destes dois. Os dados da amostra final em painel são dos anos 2012 e 2013 num total de 159.585 observações-ano para empresas portuguesas. Procedeu-se depois à estimação deste último modelo, dividindo-se a amostra em quatro, de acordo com os quartis da variável tangibilidade de forma a aferir-se quanto à sua relação com a qualidade de informação financeira.Utilizou-se como medida de qualidade o desvio padrão dos erros aleatórios por empresa (em valores absolutos e relativos).
Os resultados obtidos não estão de acordo com o esperado, ou seja, a tangibilidade do ativo das empresas não tem influência significativa por si só, na qualidade de informação prestada pelas empresas.
The main objetive of this MSc dissertation is to study the information quality and its relation with the Portuguese companies’ tangibility of assets. We linked the quality of information and earnings management and its incentives in the study context, as well as methods to detect earnings management to choose which methodology were best to use. We use the McNichols’ study (2002) with three regressions: Dechow and Dichev model (2002), Jones’ Model (1991) adjusted, and a new model with all the explanatory variables of the previous two regressions (combined model). In order to understand the relation between the quality of information and tangibility, we divided the combined model in four by the tangibility’s quartiles. These are implemented using a database in panel data of 159.585 year-observations for 2012 and 2013 for Portuguese companies. We use the standard deviation of the error term to see if there is a big difference in the quality of information due to tangibility of assets divided in four groups. The results found are not the expected. The tangibility of assets can not by itself indicate lack of quality of information and earnings management practises.
The main objetive of this MSc dissertation is to study the information quality and its relation with the Portuguese companies’ tangibility of assets. We linked the quality of information and earnings management and its incentives in the study context, as well as methods to detect earnings management to choose which methodology were best to use. We use the McNichols’ study (2002) with three regressions: Dechow and Dichev model (2002), Jones’ Model (1991) adjusted, and a new model with all the explanatory variables of the previous two regressions (combined model). In order to understand the relation between the quality of information and tangibility, we divided the combined model in four by the tangibility’s quartiles. These are implemented using a database in panel data of 159.585 year-observations for 2012 and 2013 for Portuguese companies. We use the standard deviation of the error term to see if there is a big difference in the quality of information due to tangibility of assets divided in four groups. The results found are not the expected. The tangibility of assets can not by itself indicate lack of quality of information and earnings management practises.
Description
Keywords
Qualidade de informação Accruals Tangibilidade de ativos Quality of information Tangibility of assets