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Abstract(s)
O objetivo central deste trabalho é perceber se existe uma relação entre a Qualidade da Informação Financeira (QIF) e o custo de capital alheio das empresas, ou seja, pretende-se verificar se uma melhor QIF proporciona um menor custo de capital alheio. A análise tem como objeto de estudo empresas portuguesas do setor hoteleiro. Para isso, utilizou-se uma amostra constituída por 15.228 observações de empresas portuguesas do setor hoteleiro, obtida através da base de dados Sistema de Análise de Balanços Ibéricos para o período compreendido entre 2011 e 2019. Após a medição da QIF, de acordo com o modelo de Jones (1991), o modelo de análise que permite verificar a relação entre as duas principais variáveis em estudo, ou seja, o custo de capital alheio, como variável dependente, e a QIF, como variável independente, é estimado por Ordinary Least Squares. São ainda consideradas outras variáveis independentes relacionadas com a estrutura de capital, como sejam a tangibilidade e rendibilidade dos ativos, a liquidez corrente, o risco de negócio e a dimensão da empresa. Os resultados empíricos evidenciam que existe uma relação de causa efeito entre a QIF e o custo de capital alheio, o que vai ao encontro da hipótese de investigação e que permite concluir que quanto menor é a QIF maior é o custo de capital alheio. Os resultados mostram ainda que a tangibilidade dos ativos, o risco de negócio e a dimensão apresentam uma relação negativa com o custo de capital alheio, ao passo que a rendibilidade apresenta uma relação positiva com o mesmo. Desta forma, os gestores das empresas deste setor devem ter em atenção estas variáveis, para conseguirem obter custos de financiamento externo mais baixos.
The main objective of this work is to understand if there is a relationship between the Quality of Financial Information (QFI) and the cost of debt capital of companies, ie, it is intended to verify whether a better QFI provides a lower cost of debt. The analysis has as object of study the Portuguese companies in the hotel sector. For this, was used a sample consisting of 15,228 observations of Portuguese companies in the hotel sector, taken through the SABI database, for the period between 2011 and 2019. After measurement the QFI according to Jones (1991) model, the analysis model that allows verifying the relationship between the two main variables under study, ie, the cost of debt capital, as a dependent variable, and the QFI, as an independent variable, is estimated by Ordinary Least Square. Other independent variables related to the capital structure are also considered, such as tangibility and profitability of assets, current liquidity, business risk and the size of the company. The empirical results show that there is a cause-effect relationship between the QFI and the cost of debt capital, which is in line with the research hypothesis and allows to conclude that the lower the QFI the higher the cost of debt capital. The results also show that the tangibility of assets, business risk and size of the company have a negative relationship with the cost of debt, while profitability has a positive relationship whit it. Thus, managers of companies in this sector must pay attention to these variables, in order to obtain lower external financing costs.
The main objective of this work is to understand if there is a relationship between the Quality of Financial Information (QFI) and the cost of debt capital of companies, ie, it is intended to verify whether a better QFI provides a lower cost of debt. The analysis has as object of study the Portuguese companies in the hotel sector. For this, was used a sample consisting of 15,228 observations of Portuguese companies in the hotel sector, taken through the SABI database, for the period between 2011 and 2019. After measurement the QFI according to Jones (1991) model, the analysis model that allows verifying the relationship between the two main variables under study, ie, the cost of debt capital, as a dependent variable, and the QFI, as an independent variable, is estimated by Ordinary Least Square. Other independent variables related to the capital structure are also considered, such as tangibility and profitability of assets, current liquidity, business risk and the size of the company. The empirical results show that there is a cause-effect relationship between the QFI and the cost of debt capital, which is in line with the research hypothesis and allows to conclude that the lower the QFI the higher the cost of debt capital. The results also show that the tangibility of assets, business risk and size of the company have a negative relationship with the cost of debt, while profitability has a positive relationship whit it. Thus, managers of companies in this sector must pay attention to these variables, in order to obtain lower external financing costs.
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Mestrado APNOR
Keywords
Custo de capital alheio Estrutura de capital Qualidade de informação financeira Setor hoteleiro