Loading...
Publication
Determinantes da escolha do justo valor como base de mensuração de ativos não financeiros na União Europeia
| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 1.07 MB | Adobe PDF |
Advisor(s)
Abstract(s)
O presente trabalho visa identificar as determinantes da escolha do justo valor na mensuração subsequente de propriedades de investimento, de ativos fixos tangíveis e de ativos intangíveis por parte das entidades que, na União Europeia, relatam de acordo com as IFRS. Tendo por base as linhas de investigação de diversos estudos, este trabalho assenta numa análise quantitativa, usando um modelo econométrico logit, com base nos relatórios e contas de 118 empresas (PSI 20, STOXX 50 e EURONEXT 100), representativa de entidades da União Europeia. Os resultados obtidos indicam que o peso das propriedades de investimento no ativo total, a dimensão da empresa, os resultados por ação, a variação do resultado integral, a existência de remuneração variável nos administradores e as participações qualificadas aumentam a probabilidade de adoção do justo valor. A relação observada na remuneração variável e nas participações qualificadas proporcionam alguma evidência que corrobora a teoria da agência. Por outro lado, o alisamento dos resultados, a variação do lucro, o peso dos ativos intangíveis, ativos fixos tangíveis e propriedades de investimento no ativo total e o peso do EBITDA no volume de negócios diminuem a probabilidade de adoção do justo valor. Os resultados obtidos revelam ainda que as empresas portuguesas adotam mais frequentemente o justo valor como base de mensuração subsequente, comparativamente com outras empresas da União Europeia. Ao analisar os determinantes da adoção do justo valor, o presente estudo mostra-se relevante para um vasto leque de agentes, nomeadamente auditores, analistas, reguladores, organismos de normalização contabilística, entre outros.
This study identifies the drives to choose the fair value as a measurement after recognition of Investment Properties; of Property, Plant and Equipment and of intangible assets by entities in the European Union that report in accordance to IFRS. Based on the research lines of several studies, this work is grounded in a quantitative analysis using a logit econometric model, applied to financial statements of 118 companies (PSI 20, STOXX 50, and EURONEXT 100) representing entities from the European Union. The results indicate that the weight of investment properties in total assets, company size, earnings per share, variation in comprehensive income, existence of variable executive compensation and qualified holdings increase the likelihood of using fair value recognition. The relation observed in variable compensation and qualified shareholdings provides some evidence supporting agency theory. On the other hand, earnings smoothing, profit variation, the weight of intangible assets, tangible fixed assets, and investment properties in total assets, and the weight of EBITDA in revenue decrease the likelihood of using fair value recognition. The results also show that Portuguese companies adopt fair value more frequently as a basis for subsequent measurement compared to other companies in the European Union. By analyzing the drivers of fair value adoption, this study proves to be relevant for a broad range of stakeholders, including auditors, analysts, regulators, accounting standards regulators, among others.
This study identifies the drives to choose the fair value as a measurement after recognition of Investment Properties; of Property, Plant and Equipment and of intangible assets by entities in the European Union that report in accordance to IFRS. Based on the research lines of several studies, this work is grounded in a quantitative analysis using a logit econometric model, applied to financial statements of 118 companies (PSI 20, STOXX 50, and EURONEXT 100) representing entities from the European Union. The results indicate that the weight of investment properties in total assets, company size, earnings per share, variation in comprehensive income, existence of variable executive compensation and qualified holdings increase the likelihood of using fair value recognition. The relation observed in variable compensation and qualified shareholdings provides some evidence supporting agency theory. On the other hand, earnings smoothing, profit variation, the weight of intangible assets, tangible fixed assets, and investment properties in total assets, and the weight of EBITDA in revenue decrease the likelihood of using fair value recognition. The results also show that Portuguese companies adopt fair value more frequently as a basis for subsequent measurement compared to other companies in the European Union. By analyzing the drivers of fair value adoption, this study proves to be relevant for a broad range of stakeholders, including auditors, analysts, regulators, accounting standards regulators, among others.
Description
Keywords
Justo valor Logit IFRS União Europeia Ativos não correntes Fair value European Union Non-current assets