Browsing by Author "Alberto, Fernanda"
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- Financial performance analysis of eurozone listed companies using dupont modelPublication . Baptista, Andreia; Lopes, José Carlos; Alberto, Fernanda; Nunes, AlcinaThe main objective of this paper is the analysis of factors that can influence the financial performance (measured by “return on equity”) of the Eurozone listed companies. For this purpose, we use the DuPont model to provide useful information to identify the main factors that affect profitability. The data was collected from financial statements of the Eurozone listed companies during the year 2018 (ORBIS database), and the final sample included 750 companies distributed across the 19 Eurozone countries. Using the Ordinary Least Squares (OLS) method, we studied the effects of four factors (tax burden, interest burden, EBIT margin, and assets turnover) in return on equity. The overall results suggest that all factors significantly have an influence in return on equity and, consequently, the financial performance of companies listed in the stock markets of Eurozone countries. The efficient use of total assets, measured by assets turnover, seems to be the most powerful factor with an impact of 0.94% in ROE, due to a variation of 1%. However, all the other factors also show a considerable influence on financial performance.
- Intangíveis e o valor de mercado - o caso PfizerPublication . Alberto, Fernanda; Lopes, José CarlosA particular natureza dos intangíveis e as tradicionais limitações presentes nas normas contabilísticas ao reconhecimento destes elementos como ativos, impedindo a sua evidenciação no balanço das empresas, ou condicionando o seu valor em face dos exigentes critérios de mensuração, tem sido uma questão para múltiplas investigações que, pese não ser recente, permanece atual.
- La materialidad en la información financiera: la complejidad de un conceptoPublication . Alberto, Fernanda; Lopes, José CarlosLa relevancia y fiabilidad son características de la información financiera según el marco conceptual1 del International Accounting Standards Board (IASB) y del Financial Accounting Standards Board (FASB). El concepto de materialidad y su aplicación es crucial para que la información cumpla estas características. El mismo tiene impacto en muchas decisiones, relativas a cómo una entidad deberá reconocer, medir y divulgar transacciones específicas e información en los estados financieros, si los errores exigen corrección, o si los activos y pasivos o gastos e ingresos deberán ser presentados separadamente.
- Mensuração e análise da extensão e divulgação das imparidades nas empresas do índice PSI geralPublication . Carneiro, Manuela; Alberto, Fernanda; Lopes, José CarlosEste trabalho tem como objetivo global analisar e avaliar a mensuração, extensão e divulgação das imparidades nas empresas cotadas na EURONEXT (Bolsa de Valores de Lisboa). Com este estudo visa-se, em concreto, os seguintes objetivos: (i) identificar as empresas que relatam perdas por imparidade e aferir a sua extensão; (ii) identificar os tipos de imparidades (iii); determinar as razões divulgadas pelas empresas para as imparidades de ativos, a base de avaliação utilizada e respetiva divulgação; e, (iv) analisar eventuais efeitos nas demonstrações financeiras. Primeiramente efetua-se a revisão da literatura e o enquadramento normativo, no qual se analisam os aspetos concernentes ao tema da imparidade dos ativos nas normas aplicadas nas empresas nacionais, nomeadamente a Norma Contabilística e de Relato Financeiro (NCRF) 12 e a Norma Internacional de Contabilidade (IAS) 36, embora no âmbito das empresas cotadas assuma maior pertinência a norma internacional. Posteriormente realiza-se uma análise quantitativa e qualitativa, efetuando-se a análise dos dados extraídos das contas das empresas selecionadas. A amostra utilizada é composta por 42 empresas pertencentes ao índice PSI GERAL, no ano de 2009. Os resultados mostram um total de perdas por imparidade no montante de 281 milhões de euros, divididas por 7 setores de atividade. Os motivos das imparidades são variados sendo o mais relevante o relativo ao risco de cobrabilidade dos créditos. Em relação ao processo de determinação das referidas perdas por imparidade, a informação divulgada é reduzida ou inexistente, podendo o impacto sobre os resultados ser significativo.
- A taxa de juro sem risco e a informação financeiraPublication . Alberto, Fernanda; Lopes, José CarlosA determinação do valor atual (ou valor presente) na preparação da informação financeira é imprescindível e recorrente na aplicação dos principais normativos contabilísticos vigentes, mormente as normas internacionais IAS/IFRS. O cálculo desse valor requer necessariamente a adoção de uma taxa de desconto.
- The effect of corporate income taxation on companies financial performance - listed companies on eurozone stock marketsPublication . Baptista, Andreia; Alberto, Fernanda; Nunes, Alcina; Lopes, José CarlosThe performance evaluation of a company might be based on financial and non-financial factors. However, on top of the main key performance indicators is always profitability. The return on assets and the return on equity are the most used ratios/indicators used to determine financial performance. Therefore, taxation is always a factor that influences the profitability of any business. The tax burden, measured by the tax effect or by the effective tax rate, is an important factor determining the financial performance of companies listed on stock markets. The higher the tax burden (i.e., the lower the tax effect or, the higher the effective tax rate), the lower the profitability and, consequently, the financial performance. Therefore, the differences in the tax law might have an impact on profits taxation. This study aims to analyse the effect of corporate income taxation (tax effect) on return on equity (ROE) of listed companies of eurozone stock markets. The data was collected from listed companies' financial statements in the Eurozone during 2018 (Orbis database). The final sample is based on 750 listed companies from several activity sectors and located in different Eurozone countries. The research results were obtained using the Ordinary Least Square (OLS) regression method. The return on equity average is approximately 12,7%. The tax effect average is approximately 71,4% (i.e., 28,6% in terms of effective tax rate). Therefore, the influence of the tax effect is significant. The results suggest that for the companies listed in the Eurozone stock market, a variation of 1% in the fiscal effect generates a 1,243% variation in the same direction of the ROE. The relationship is positive, as was expected.
- The effect of corporate income taxation on companies financial performance - listed companies on eurozone stock marketsPublication . Baptista, Andreia; Alberto, Fernanda; Nunes, Alcina; Lopes, José CarlosThe performance evaluation of a company might be based on financial and non-financial factors. However, on top of the main key performance indicators is always profitability. The return on assets and the return on equity are the most used ratios/indicators used to determine financial performance. Therefore, taxation is always a factor that influences the profitability of any business. The tax burden, measured by the tax effect or by the effective tax rate, is an important factor determining the financial performance of companies listed on stock markets. The higher the tax burden (i.e., the lower the tax effect or, the higher the effective tax rate), the lower the profitability and, consequently, the financial performance. Therefore, the differencesin the tax law might have an impact on profits taxation. This study aims to analyse the effect of corporate income taxation (tax effect) on return on equity (ROE) of listed companies of eurozone stock markets. The data was collected from listed companies' financial statements in the Eurozone during 2018 (Orbis database). The final sample is based on 750 listed companies from several activity sectors and located in different Eurozone countries. The research results were obtained using the Ordinary Least Square (OLS) regression method. The return on equity average is approximately 12,7%. The tax effect average is approximately 71,4% (i.e., 28,6% in terms of effective tax rate). Therefore, the influence of the tax effect is significant. The results suggest that for the companies listed in the Eurozone stock market, a variation of 1% in the fiscal effect generates a 1,243% variation in the same direction of the ROE. The relationship is positive, as was expected.
- A utilização do valor de uso nas empresas do PSI 20Publication . Alberto, Fernanda; Lopes, José Carlos