| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 1.64 MB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
A presente dissertação tem o objetivo de analisar o impacto que a gestão dos resultados
tem no nível/eficiência do investimento. A gestão de resultados é um assunto amplo e
muito debatido na contabilidade. Muitos problemas financeiros foram causados por
manipulações e fraudes financeiras nos últimos anos, a nível internacional e nacional. É
por isso crucial investigar este assunto para evitar problemas semelhantes no futuro.
Com este estudo, espera-se incentivar a divulgação de informações financeiras mais
transparentes. Espera-se, ainda que, este estudo seja útil a todos os utilizadores das
demonstrações financeiras, bem como aos investidores e gestores. A sobrevivência e
crescimento das empresas depende das decisões de investimento e financiamento, sendo
importante estudar a relação entre a gestão dos resultados e o investimento.
O presente estudo empírico consiste numa análise quantitativa, com dados de pequenas e
médias empresas de Portugal, com referência ao período compreendido entre 2016-2021.
O modelo utilizado para medir o nível de gestão de resultados, foi o modelo de regressão
de Jones (1991) modificado por Dechow, Sloan, e Sweeney (1995) e Kothari, Leone e
Wasley (2005).
O impacto da gestão dos resultados no nível do investimento foi analisado através de um
modelo multivariado com base no artigo de Ma e Jeong (2022). Para além disso, foi
analisado se as empresas que subinvestem e sobreinvestem têm tendência para realizar
práticas de gestão de resultados, foi desenvolvido um modelo com base no artigo de
Biddle et al., (2009).
O presente estudo evidencia que empresas que realizam menos práticas de gestão dos
resultados, apresentam maior tendência para investir. Adicionalmente, os resultados
mostram que as empresas com uma maior gestão dos resultados apresentam um
investimento ineficiente. A partir dos resultados foi possível concluir a premissa anterior
para sobreinvestimento, mas não para o subinvestimento.
This dissertation aims to analyze the impact that earnings management has on the level/efficiency of investment. Earnings management is a broad and much debated subject in accounting. Much financial trouble has been caused by financial manipulation and fraud in recent years, internationally and nationally. Therefore, it is crucial to investigate this subject to avoid similar problems in the future. This study encourages more transparent financial reporting and that it will be useful to all users of financial statements, such as investors and managers. The survival and growth of companies depends on investment and financing decisions, and so it is important to study the relationship between earnings management and investment. This empirical study consists of a quantitative analysis, with data from small and medium sized companies in Portugal, over the period between 2016-2021. The model used to estimate the level of earnings management was the regression model of Jones (1991) modified by Dechow, Sloan, and Sweeney (1995) and Kothari, Leone and Wasley (2005). The impact of earnings management on the level of investment was analyzed using a multivariate model based on the article by Ma and Jeong (2022). In addition, to analyze whether firms that underinvest and overinvest have a tendency to perform earnings management practices, a model was developed based on the article by Biddle et al., (2009). This study shows that firms that engage in fewer earnings management practices have a greater tendency to invest. The empirical evidence suggests that firms with a higher earnings management have more inefficient investment. From the results it was possible to conclude the previous premise for overinvestment, but not for underinvestment.
This dissertation aims to analyze the impact that earnings management has on the level/efficiency of investment. Earnings management is a broad and much debated subject in accounting. Much financial trouble has been caused by financial manipulation and fraud in recent years, internationally and nationally. Therefore, it is crucial to investigate this subject to avoid similar problems in the future. This study encourages more transparent financial reporting and that it will be useful to all users of financial statements, such as investors and managers. The survival and growth of companies depends on investment and financing decisions, and so it is important to study the relationship between earnings management and investment. This empirical study consists of a quantitative analysis, with data from small and medium sized companies in Portugal, over the period between 2016-2021. The model used to estimate the level of earnings management was the regression model of Jones (1991) modified by Dechow, Sloan, and Sweeney (1995) and Kothari, Leone and Wasley (2005). The impact of earnings management on the level of investment was analyzed using a multivariate model based on the article by Ma and Jeong (2022). In addition, to analyze whether firms that underinvest and overinvest have a tendency to perform earnings management practices, a model was developed based on the article by Biddle et al., (2009). This study shows that firms that engage in fewer earnings management practices have a greater tendency to invest. The empirical evidence suggests that firms with a higher earnings management have more inefficient investment. From the results it was possible to conclude the previous premise for overinvestment, but not for underinvestment.
Description
Keywords
Gestão dos Resultados Regime do acréscimo Sobreinvestimento Subinvestimento Earnings management Underinvestment Accruals Overinvestment