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Abstract(s)
A avaliação de desempenho financeiro apresenta um papel de extrema importância num mercado de negócios altamente competitivo e globalizado. Todavia, nem sempre reflete os verdadeiros valores das atividades económicas projetadas durante o período, devido às práticas de gestão de resultados contabilísticos. Desta forma, a Qualidade da Informação Financeira (QIF) é um tema tão amplamente discutido e criticado. Portanto, o presente estudo tem como objetivo construir um ranking, desenvolvendo um sistema de avaliação objetivo para avaliar o desempenho financeiro das empresas, por meio dos indicadores económico-financeiros (IF) e da QIF de empresas portuguesas. Com base em 185.248 empresas com dados disponíveis para os anos 2019 a 2020 na base de dados Sistema de Análise de Balanços Ibéricos (SABI), é calculado um ranking financeiro das empresas. Para o efeito, é estruturado um modelo hierárquico de avaliação de desempenho financeiro baseado em critérios e subcritérios de liquidez, alavancagem, rendibilidade, crescimento, atividade e QIF. Cada um desses critérios e subcritérios são avaliados e ponderados por meio do modelo Fuzzy Analytic Hierarchy Process (FAHP). De seguida esses pesos são utilizados para classificar as empresas usando o Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). Para estimar QIF das empresas recorreu-se ao modelo Jones (1991) modificado. Com base na metodologia utilizada foi possível elaborar um ranking financeiro das empresas por setor para o ano 2020.
The evaluation of financial performance plays an extreme important role in a highly competitive and globalized business market. However, does not always reflect the true values of the economic activities projected during the period, due to the practices of accounting management results. Thus, the Quality of Financial Information (QIF) is a topic so widely discussed and criticized. Therefore, the present study aims to build a ranking, desenvby looking at an objective evaluation system to evaluate the financial performance of companies, through economic-financial indicators (IF) and the QIF of Portuguese companies. Based on 185.248 companies with data available for the year 2019 to 2020 in the Ibiberian Balance Sheet Analysis System (SABI) data base, a financial ranking of the companies is calculated. For this, a hierarchical model of financial performance evaluation is structured based on main criteria, more specifically on liquidity, leverage, profitability ratios, growth and activity and its sub-criteria. Each of these criteria and sub-criteria are assessed and weighted using the Fuzzy Analytic Hierarchy Process (FAHP). These weights are used to rank companies using Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). To estimate QIF of the companies, the Modified Jones (1995) model was used. Based on the methodology used, it was possible to a financial ranking of the companies by sector for the year 2020.
The evaluation of financial performance plays an extreme important role in a highly competitive and globalized business market. However, does not always reflect the true values of the economic activities projected during the period, due to the practices of accounting management results. Thus, the Quality of Financial Information (QIF) is a topic so widely discussed and criticized. Therefore, the present study aims to build a ranking, desenvby looking at an objective evaluation system to evaluate the financial performance of companies, through economic-financial indicators (IF) and the QIF of Portuguese companies. Based on 185.248 companies with data available for the year 2019 to 2020 in the Ibiberian Balance Sheet Analysis System (SABI) data base, a financial ranking of the companies is calculated. For this, a hierarchical model of financial performance evaluation is structured based on main criteria, more specifically on liquidity, leverage, profitability ratios, growth and activity and its sub-criteria. Each of these criteria and sub-criteria are assessed and weighted using the Fuzzy Analytic Hierarchy Process (FAHP). These weights are used to rank companies using Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). To estimate QIF of the companies, the Modified Jones (1995) model was used. Based on the methodology used, it was possible to a financial ranking of the companies by sector for the year 2020.
Description
Mestrado em IPB-ESTG e ASSOCIAÇÃO DE POLITÉCNICOS DO NORTE (APNOR): Instituto Politécnico do Cávado e do Ave, Instituto Politécnico de Viana do Castelo
Keywords
Avaliação de desempenho IF QIF TOPSIS FAHP