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This paper aims to assess the transparency of information on cash flows
and its potential explanatory factors, using for this purpose, the disclosures
on non-generally accepted accounting principles (non-GAAP) measures
(NGM) related to cash flows. The explanatory factors were assessed in the
light of different theories, namely the institutional theory, the theory of
agency, and the positive theory of accounting. The data was based on the
reports and accounts of 121 Euronext entities between 2018 to 2021. Based
on the linear regression model, the findings identified that the disclosure
of NGM on cash flows in the entities reports, with emphasis on free cash
flow (FCF), as well as the presentation of the NGM calculation formula
and the possibility of reconciliation with the GAAP information disclosed.
In addition, it was identified that location, industry, size, indebtedness, and
corporate governance variables were explanatory factors for the disclosures
around cash flows, and overall, providing support for the different theories.
This research contributes to the discussion around NGM transparency,
especially regarding cash flows. Furthermore, the paper contributes to the
academic and business environment by assessing current references related
to the statement of cash flow. It also assesses the potential explanatory factors
for the disclosure of such information.
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Velez, A. R., Albuquerque, F., & Pinto, V. (2022). Explanatory Factors of the NGM Disclosure Related to the Cash Flow by European Listed Entities. Brazilian Business Review, 22, 1–22. https://doi.org/10.15728/bbr.2023.1580.en