Qualidade da auditoria e rendibilidade das ações: Evidência no mercado indonésio

Fernando Hanjam, Helena Coelho Inácio, Elisabete Vieira

Abstract


Objetivo: Analisar o impacto da qualidade da auditoria na rendibilidade das ações, medida em função das demonstrações financeiras serem ou não auditadas por uma das big 4, verificando ainda se esta relação se altera de acordo com a natureza, positiva ou negativa, dos resultados líquidos do período.

Metodologia: Utilizou-se a metodologia de dados em painel, aplicada a uma amostra de 93 empresas do setor da indústria com títulos cotados no mercado de capitais da Indonésia, para o período compreendido entre 2010 e 2014.  

Resultados: Globalmente, os resultados permitiram concluir que a rendibilidade das ações é positivamente influenciada pela rendibilidade do capital próprio. Embora não tenhamos encontrado evidência capaz de suportar a hipótese de que existe uma relação positiva entre a qualidade da auditoria e a rendibilidade das ações, concluímos que esta relação é mais forte nas empresas com resultados positivos. Finalmente, não encontrámos evidência de que a dimensão das empresas influencie a rendibilidade das ações.

Limitações: Eventuais outliers ou resultados enviesados, resultantes da falta ou incoerência dos valores de alguns relatórios.

Implicações práticas: Contribui para a evidência empírica acerca da capacidade da qualidade da auditoria credibilizar a informação para a tomada das decisões de investimento, sendo útil para os investidores.

Originalidade: A análise do mercado de capitais da Indonésia constitui uma novidade na evidência empírica da relação entre qualidade da auditoria e a rendibilidade das ações.

Palavras chave: Qualidade da auditoria, Rendibilidade, Mercado de capitais.

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References


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