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A Qualidade da Informação Financeira e a sua Influência no Valor das Empresas do Portuguese Stock Index (PSI)
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Abstract(s)
Num ambiente financeiro cada vez mais exigente, a qualidade da informação financeira deixou de ser uma opção - tornou-se uma necessidade. Esta afirmação é fundamentada nos resultados de vários estudos empíricos que corroboram a ideia de que existe uma influência significativa da qualidade dos resultados na valorização das empresas. Neste sentido, o presente estudo tem como objetivo principal investigar a influência que a qualidade dos resultados exerce na valorização das empresas do Portuguese Stock Index (PSI). Desta forma, procedeu-se à recolha de dados anuais das empresas do PSI, referentes ao período de 2017 a 2022. Foi realizada uma regressão linear através do método dos mínimos quadrados (OLS), com efeitos fixos temporais. A qualidade dos resultados foi avaliada através da qualidade dos acréscimos e diferimentos, enquanto que o valor das empresas foi quantificado através do Tobin's Q. Foram adicionadas três variáveis de controlo: a dimensão da empresa, a sua estrutura de capitais e o ROE. Posteriormente, fez-se um sample split, que consistiu na divisão do período da amostra em dois segmentos: pré-COVID-19 e pós-COVID-19. Esta abordagem foi adotada com o objetivo de compreender se no período da pandemia se mantém a influência da qualidade dos resultados. Os resultados obtidos sugerem que, para o período total, não existe significância estatística entre a qualidade dos resultados e o valor das empresas. Contudo, nos primeiros três anos do período em análise (pré-COVID-19), foi observada essa significância estatística, que deixou de ser evidenciada nos últimos três anos (pós-COVID-19). Estes resultados sugerem que, em condições normais de mercado, a qualidade dos resultados influencia a valorização das empresas do PSI. Porém, em períodos de incerteza, como o causado por uma pandemia, a qualidade dos resultados deixa de exercer uma influência significativa na decisão de investimento. Esta evidência empírica permite contribuir para a teoria financeira e constitui uma oportunidade de investigação futura.
In an increasingly challenging financial environment, the quality of financial information is no longer optional—it is imperative. This statement is based on the results of several empirical studies that corroborate the view that the quality of results has a significant influence on company valuations. In this sense, the main objective of this study is to investigate the influence that the earnings quality has on the valuation of companies in the Portuguese Stock Index (PSI). To this end, annual data from PSI companies was collected for the period from 2017 to 2022. A linear regression was performed using the ordinary least squares (OLS) method, with time fixed effects. The earnings quality was assessed through the quality of accruals, while the value of companies was quantified using Tobin's Q. Three control variables were added: company size, capital structure, and ROE. Subsequently, a sample split was performed, which consisted of dividing the sample period into two segments: pre-COVID-19 and post-COVID-19. This approach was adopted in order to understand whether the influence of the earnings quality remained during the pandemic period. The results obtained suggest that, for the total period, there is no statistical significance between the earnings quality and the value of companies. However, in the first three years of the period under analysis (pre-COVID-19), this statistical significance was observed, but it has not been evident in the last three years (post-COVID-19). These results suggest that, under normal market conditions, the earnings quality influences the valuation of PSI companies. However, in periods of uncertainty, such as that caused by a pandemic, the earnings quality no longer exhibits a significant influence on investment decisions. This empirical evidence contributes to the financial theory and provides an opportunity for future research.
In an increasingly challenging financial environment, the quality of financial information is no longer optional—it is imperative. This statement is based on the results of several empirical studies that corroborate the view that the quality of results has a significant influence on company valuations. In this sense, the main objective of this study is to investigate the influence that the earnings quality has on the valuation of companies in the Portuguese Stock Index (PSI). To this end, annual data from PSI companies was collected for the period from 2017 to 2022. A linear regression was performed using the ordinary least squares (OLS) method, with time fixed effects. The earnings quality was assessed through the quality of accruals, while the value of companies was quantified using Tobin's Q. Three control variables were added: company size, capital structure, and ROE. Subsequently, a sample split was performed, which consisted of dividing the sample period into two segments: pre-COVID-19 and post-COVID-19. This approach was adopted in order to understand whether the influence of the earnings quality remained during the pandemic period. The results obtained suggest that, for the total period, there is no statistical significance between the earnings quality and the value of companies. However, in the first three years of the period under analysis (pre-COVID-19), this statistical significance was observed, but it has not been evident in the last three years (post-COVID-19). These results suggest that, under normal market conditions, the earnings quality influences the valuation of PSI companies. However, in periods of uncertainty, such as that caused by a pandemic, the earnings quality no longer exhibits a significant influence on investment decisions. This empirical evidence contributes to the financial theory and provides an opportunity for future research.
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Keywords
Qualidade dos resultados Gestão de resultados Acréscimos e diferimentos Tobin’s Q Portuguese Stock Index COVID-19