A qualidade dos resultados das grandes empresas não cotadas na UE a 22: durante e após a crise financeira

Abstract

This dissertation aims to analyze the earnings quality of large private firms in the EU-22, during the period of 2008 to 2015, in other words, during and after the financial and economic crisis. Subsequently, it is intended to verify if, in both periods, the earnings quality of common-law countries is better than code-law countries. To carry out the analyses, it is used the conditional conservatism model of Basu (1997) adapted by Ball and Shivakumar (2005). The model is estimated using the methodology of panel data and through the OLS method with dummies by country, in order to control the existent differences between countries. The results demonstrate that firms in the code-law countries used aggressive accounting practices during the crisis, while in the post-crisis they began to adopt more conservative accounting practices (and therefore a higher earnings quality). On the other hand, in the common-law countries it was found that, in both periods, firms adopted conservative accounting practices. And, contrary to expectations, they presented higher earnings quality during the crisis. Thus, although in the post-crisis the earnings quality in the code-law countries has increased and in the common-law countries has decreased, it is confirmed that, during the two periods, the premise that common-law countries present a better earnings quality than code-law countries. This study is therefore useful for academics, investors, accounting regulators and standard setters, as it gives information that helps to understand the effects of two periods in analysis on conservatism and hence on earnings quality of private firms in the EU, according to the legal system of countries.