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Advisor(s)
Abstract(s)
Esta dissertação tem como objetivo identificar e analisar os determinantes que
influenciam e são influenciados, nas Sociedade Anónimas que constam na base de dados
SABI, na escolha do método a adotar na mensuração subsequente dos ativos fixos
tangíveis, no período compreendido entre 2015 e 2021.
Tendo em conta que a adoção do modelo de revalorização aumenta o valor do capital
próprio, este fator pode tornar-se crucial no momento de contratação de financiamento
para a empresa, uma vez que o capital próprio se torna mais apelativo para eventuais
investidores. Assim através desta variável, entre outras identificadas pela literatura,
testam-se os determinantes que levam à escolha do modelo de revalorização na amostra,
bem como os que são influenciados pelo mesmo. No que concerne à seleção dos fatores,
que serão alvo desta investigação, estes seguem os seguintes critérios: insuficiência de
literatura, divergência de literatura e interligação entre si.
Após a identificação dos fatores que são influenciados pela adoção do modelo de
revalorização, através de um modelo de regressão linear identificou-se que o preço das
ações, o retorno do capital próprio e o retorno do ativo são influenciados positivamente,
ao passo que resultados transitados negativos são atenuados pelo mesmo.
Já no que diz respeito aos fatores que influenciam a adoção do modelo de revalorização
concluiu-se que uma empresa tenderá a revalorizar quanto maior for a sua necessidade de
financiamento, a sua autonomia financeira e a sua dimensão e quanto menor for a sua
liquidez.
Complementarmente, analisou-se o impacto dos impostos diferidos através de um caso
de estudo, no qual se evidenciou a desvantagem dos passivos por impostos diferidos na
adoção do modelo de revalorização.
Deste modo, a presente investigação contribui com a inovação da introdução da variável
preços das ações, bem como reforça as conclusões já obtidas por outros estudos.
This dissertation aims to identify and analyze the determinants that influence and are influenced, in the Public Limited Companies included in the SABI database, in the choice of the method to adopt in the subsequent measurement of tangible fixed assets, in the period between 2015 and 2021. Taking into account that the adoption of the revaluation model increases the value of equity, this factor can become crucial when contracting financing for the company, as equity becomes more appealing to potential investors. Thus, through this variable, among others identified in the literature, the determinants that lead to the choice of the revaluation model in the sample are tested, as well as those that are influenced by it. Regarding the selection of factors, which will be the target of this investigation, they follow the following criteria: insufficient literature, divergence of literature and interconnection between them. After identifying the factors that are influenced by the adoption of the revaluation model, through a linear regression model it was identified that the share price, return on equity and return on assets are positively influenced, while retained earnings Negatives are attenuated by it. With regard to the factors that influence the adoption of the revaluation model, it was concluded that a company will tend to revalue the greater its financing need, its financial autonomy and its size and the smaller its liquidity. In addition, the impact of deferred taxes was analyzed through a case study, which highlighted the disadvantage of deferred tax liabilities when adopting the revaluation model. In this way, the present investigation contributes to the innovation of introducing the share price variable, as well as reinforcing the conclusions already obtained by other studies.
This dissertation aims to identify and analyze the determinants that influence and are influenced, in the Public Limited Companies included in the SABI database, in the choice of the method to adopt in the subsequent measurement of tangible fixed assets, in the period between 2015 and 2021. Taking into account that the adoption of the revaluation model increases the value of equity, this factor can become crucial when contracting financing for the company, as equity becomes more appealing to potential investors. Thus, through this variable, among others identified in the literature, the determinants that lead to the choice of the revaluation model in the sample are tested, as well as those that are influenced by it. Regarding the selection of factors, which will be the target of this investigation, they follow the following criteria: insufficient literature, divergence of literature and interconnection between them. After identifying the factors that are influenced by the adoption of the revaluation model, through a linear regression model it was identified that the share price, return on equity and return on assets are positively influenced, while retained earnings Negatives are attenuated by it. With regard to the factors that influence the adoption of the revaluation model, it was concluded that a company will tend to revalue the greater its financing need, its financial autonomy and its size and the smaller its liquidity. In addition, the impact of deferred taxes was analyzed through a case study, which highlighted the disadvantage of deferred tax liabilities when adopting the revaluation model. In this way, the present investigation contributes to the innovation of introducing the share price variable, as well as reinforcing the conclusions already obtained by other studies.
Description
Keywords
Modelo de revalorização Modelo do custo NCRF 7 Excedente de revalorização Revaluation model Cost model Revaluation surplus