Loading...
Publication
"Earnings Quality": aplicação às empresas cotadas no PSI
| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 1.9 MB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
O conceito de é
um tópico significativo, tendo sido amplamente estudado nas
últimas duas décadas, por um lado, por a sua mensuração ser
de elevado interesse para as organizações e, por outro, pelo
conceito de qualidade ser um conceito qualitativo e relativo, o
que dificulta a análise da informação financeira e a tomada de
decisão nas organizações. A EIKON Thomson Reuters criou
um modelo (Modelo StarMine) que atribuiu uma pontuação de
0 a 100 ao parâmetro earnings quality das empresas cotadas.
Este método é composto por 4 partes: acréscimos, fluxos de
caixa, eficiência operacional e exclusões. Está classificado em
centis. Cada um destes 4 componentes tem a sua própria
pontuação, com atualização diária. A presente dissertação
compara este modelo com os modelos académicos
apresentados em estudos anteriores. Para tal, analisaram-se os
modelos que tiveram um contributo mais preponderante para a
mensuração do parâmetro earnings quality , sendo o Modelo
de Bens et al. (2019) o mais recente e o mais completo, em
termos de componentes consideradas. O principal objetivo é
analisar a correlação entre o Modelo StarMine da EIKON e o
Modelo de Bens et al. (2019), aplicado às empresas cotadas no
PSI, nos 5 exercícios económicos 2017-2021. Os resultados
obtidos nos testes de correlação sugerem que o Modelo
StarMine da EIKON é significativo e está positivamente
correlacionado com o Modelo de Bens et al. (2019). Já nos
testes de correlação da análise por empresa, e por ano, os
resultados não são estatisticamente significativos. Estes
resultados sugerem semelhança entre os modelos, em termos
globais, mas não ao nível da empresa, pelo que poderão
interessar aos analistas financeiros e investidores em geral,
enfatizando a utilidade de utilizar mais de um modelo.
The concept of earnings quality is a significant topic that has been widely studied in the last two decades. On one hand, its measurement is of high interest for organizations. On the other hand, the concept of quality is qualitative and relative, which makes the analysis of financial information and decisionmaking in organizations more difficult. EIKON Thomson Reuters created a model (StarMine Model) that assigns a score from 0 to 100 to the parameter "earnings quality" of the listed companies. This method is composed of four parts: accruals, cash flows, operating efficiency, and exclusions, and it is ranked in centiles. Each of these four components has its own score, updated daily. This dissertation compares this model with academic models presented in previous studies. To this end, the models that have made a more predominant contribution to the measurement of the "earnings quality" parameter were analyzed, with the Model of Bens et al. (2019) being the most recent and the most complete in terms of the components considered. The main objective is to analyze the correlation between EIKON's StarMine Model and the Model of Bens et al. (2019), applied to PSI listed companies, in the five financial years 2017-2021. The results obtained in the correlation tests suggest that the EIKON StarMine Model is significant and positively correlated with the Model of Bens et al. (2019). However, in the correlation tests of the analysis by company and by year, the results are not statistically significant. These results suggest similarity between the models in overall terms but not at the company level. Therefore, they may be of interest to financial analysts and investors in general, emphasizing the usefulness of using more than one model.
The concept of earnings quality is a significant topic that has been widely studied in the last two decades. On one hand, its measurement is of high interest for organizations. On the other hand, the concept of quality is qualitative and relative, which makes the analysis of financial information and decisionmaking in organizations more difficult. EIKON Thomson Reuters created a model (StarMine Model) that assigns a score from 0 to 100 to the parameter "earnings quality" of the listed companies. This method is composed of four parts: accruals, cash flows, operating efficiency, and exclusions, and it is ranked in centiles. Each of these four components has its own score, updated daily. This dissertation compares this model with academic models presented in previous studies. To this end, the models that have made a more predominant contribution to the measurement of the "earnings quality" parameter were analyzed, with the Model of Bens et al. (2019) being the most recent and the most complete in terms of the components considered. The main objective is to analyze the correlation between EIKON's StarMine Model and the Model of Bens et al. (2019), applied to PSI listed companies, in the five financial years 2017-2021. The results obtained in the correlation tests suggest that the EIKON StarMine Model is significant and positively correlated with the Model of Bens et al. (2019). However, in the correlation tests of the analysis by company and by year, the results are not statistically significant. These results suggest similarity between the models in overall terms but not at the company level. Therefore, they may be of interest to financial analysts and investors in general, emphasizing the usefulness of using more than one model.
Description
Keywords
Qualidade dos resultados Modelo StarMine PSI Correlação