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Advisor(s)
Abstract(s)
A presente dissertação tem como objetivo analisar a relação entre a dívida e a gestão dos
resultados (GR) no contexto de pequenas e médias empresas (PME) portuguesas.
A principal fonte de financiamento das entidades portuguesas é o crédito bancário, o que
implica alguns constrangimentos à obtenção de fundos adicionais. Com base no
argumento da Teoria Positiva da Contabilidade, de que as escolhas contabilísticas não são
neutras, analisamos o impacto desta fonte predominante de financiamento na adoção de
práticas de GR. Para além disso, analisamos o efeito de níveis elevados de dívida e de
aumentos da dívida na GR.
Para o estudo empírico, foi utilizada uma amostra de PME portuguesas, durante o período
de 2013 a 2019, utilizando os accruals discricionários (AD) como proxy da GR. Os AD
foram obtidos através do modelo de Kothari et al. (2005). As hipóteses foram testadas
através de regressões econométricas utilizando dados em painel com efeitos fixos.
Os resultados empíricos sugerem que quando as PME portuguesas ficam mais
endividadas tendem a fazer GR, nomeadamente se a divida aumenta fase ao período
anterior e se apresenta elevada exigibilidade, indicando que a qualidade da informação
financeira tende a deteriorar com o aumento dos níveis dívida. Pelo contrário, as empresas
com elevados níveis de endividamento tendem a reduzir as práticas de GR.
Deste modo, esta dissertação contribui para a literatura anterior, recolhendo evidência de
que os níveis de dívida tendem a ser um incentivo ao aumento da GR, comprometendo
tanto a confiança dos stakeholders como a tomada de decisões para uma eficiente afetação
de capital.
This dissertation aims to analyse the relationship between debt and earnings management (EM) in the context of Portuguese small and medium-sized enterprises (SMEs). The main source of finance for Portuguese companie is bank credit, which implies some constraints on obtaining additional funds. Based on the Positive Accounting Theory argument that accounting choices are not neutral, we analyse the impact of this predominant source of funding on EM. In addition, we analyse the effect of high levels of debt and increases in debt on EM. For the empirical study, we used a sample of Portuguese SMEs from 2013 to 2019, using discretionary accruals (DA) as a proxy for EM. The DA were obtained using the Kothari et al. (2005) model. The hypotheses were tested through econometric regressions using panel data with fixed effects. The empirical results suggest that the relationship between debt and earnings management is positive for Portuguese SMEs, with increased debt providing an additional incentive for earnings management, suggesting that the quality of financial information deteriorates as debt increases. This dissertation aims to contribute to the previous literature by collecting evidence that debt levels tend to be an incentive to increase earnings management, compromising both stakeholder confidence and decision-making for efficient capital allocation.
This dissertation aims to analyse the relationship between debt and earnings management (EM) in the context of Portuguese small and medium-sized enterprises (SMEs). The main source of finance for Portuguese companie is bank credit, which implies some constraints on obtaining additional funds. Based on the Positive Accounting Theory argument that accounting choices are not neutral, we analyse the impact of this predominant source of funding on EM. In addition, we analyse the effect of high levels of debt and increases in debt on EM. For the empirical study, we used a sample of Portuguese SMEs from 2013 to 2019, using discretionary accruals (DA) as a proxy for EM. The DA were obtained using the Kothari et al. (2005) model. The hypotheses were tested through econometric regressions using panel data with fixed effects. The empirical results suggest that the relationship between debt and earnings management is positive for Portuguese SMEs, with increased debt providing an additional incentive for earnings management, suggesting that the quality of financial information deteriorates as debt increases. This dissertation aims to contribute to the previous literature by collecting evidence that debt levels tend to be an incentive to increase earnings management, compromising both stakeholder confidence and decision-making for efficient capital allocation.
Description
Keywords
Accruals discricionários Dívida Gestão dos resultados PME Discretionary accruals Earnings management SMEs Debt