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Advisor(s)
Abstract(s)
Esta dissertação apresenta três objetivos distintos, porém complementares, tendo a informação dos fluxos de caixa como objeto de estudo. O primeiro relaciona-se com a relevância da informação, comparando-se a value relevance e o predictive value dos resultados e indicadores de fluxos de caixa, incluindo as non-generally accepted accounting principles measures (NGM) relacionadas com fluxos de caixa, para a determinação do valor das ações (VA) e dos fluxos de caixa futuros das entidades, respetivamente. O segundo e o terceiro relacionam-se com a comparabilidade e a compreensibilidade da informação, através da análise dos potenciais fatores explicativos das opções seguidas pelas entidades e da transparência da divulgação das
NGM relacionadas com fluxos de caixa, respetivamente. Os dados foram obtidos a partir de 484 relatórios e contas consolidados anuais, entre 2018 e 2021, de 121 entidades cotadas na Euronext. Modelos de regressão linear e logística foram utilizados, tendo-se identificado que os fluxos de caixa históricos apresentam maior influência sobre o VA e capacidade preditiva dos fluxos de caixa futuros. Identificou-se que a localização, o setor, a dimensão e o endividamento das entidades são fatores explicativos da comparabilidade e da compreensibilidade da informação sobre os fluxos de caixa. A rentabilidade e variáveis do corporate governance também se apresentaram como fatores explicativos da comparabilidade e compreensibilidade, respetivamente.
Esta investigação contribui, para a discussão em torno da relevância, comparabilidade e compreensibilidade da informação no contexto da atual exposure draft proposta pelo International Accounting Standards Board no sentido de uniformizar os requisitos de apresentação e divulgação sobre os fluxos de caixa.
This master thesis has three distinct objectives, although complementary, using the information on cash flows as the object of study. The first objective is related to the relevance of information, comparing the value relevance and the predictive value of earnings and indicator of cash flows, including non-generally accepted accounting principles measures (NGM) related to cash flow information, to determine the entities’ stock value and future cash flows, respectively. The second and third objectives are related to the comparability and understandability of information, through the analysis of the potential explanatory factors of the options followed by the entities and the transparency of the disclosure about the NGM related to cash flow information, respectively. Data were obtained from 484 consolidated annual reports, between 2018 and 2021, from 121 entities listed on Euronext. Linear and logistic regression models were used. The findings indicated that historical cash flows have greater influence on stock prices and are a better predictor of future cash flows. It was also identified that the entities’ location, sector, size, and indebtedness of entities are explanatory factors for the comparability and understandability of information on cash flows. Additionally, profitability and corporate governance variables were found as explanatory factors of comparability and understandability, respectively. This research contributes to the discussion around the relevance, comparability, and understandability of information in the context of the current exposure draft proposed by the International Accounting Standards Board intending to standardize the presentation and the disclosure requirements on cash flows.
This master thesis has three distinct objectives, although complementary, using the information on cash flows as the object of study. The first objective is related to the relevance of information, comparing the value relevance and the predictive value of earnings and indicator of cash flows, including non-generally accepted accounting principles measures (NGM) related to cash flow information, to determine the entities’ stock value and future cash flows, respectively. The second and third objectives are related to the comparability and understandability of information, through the analysis of the potential explanatory factors of the options followed by the entities and the transparency of the disclosure about the NGM related to cash flow information, respectively. Data were obtained from 484 consolidated annual reports, between 2018 and 2021, from 121 entities listed on Euronext. Linear and logistic regression models were used. The findings indicated that historical cash flows have greater influence on stock prices and are a better predictor of future cash flows. It was also identified that the entities’ location, sector, size, and indebtedness of entities are explanatory factors for the comparability and understandability of information on cash flows. Additionally, profitability and corporate governance variables were found as explanatory factors of comparability and understandability, respectively. This research contributes to the discussion around the relevance, comparability, and understandability of information in the context of the current exposure draft proposed by the International Accounting Standards Board intending to standardize the presentation and the disclosure requirements on cash flows.
Description
Mestrado em Contabilidade
Keywords
Comparabilidade Compreensibilidade Exposure draft Fluxos de caixa Relevância Cash flows Comparability Relevance Understandability
Citation
Velez, A. R. J. (2023) A relevância, a comparabilidade e a compreensibilidade da informação sobre os fluxos de caixa: uma análise às entidades cotadas europeias. (Dissertação de mestrado não publicada). Instituto Politécnico de Lisboa, Instituto Superior de Contabilidade e Administração de Lisboa. Disponível em http://hdl.handle.net/10400.21/16077