Variáveis dependentes
|
Eficiência |
Valor absoluto dos resíduos do modelo de Richardson (2006Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11, 159-189. https://doi.org/10.1007/s11142-006-9012-1 https://doi.org/10.1007/s11142-006-9012-...
) |
|
Biddle et al., 2009Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2-3), 112-131. https://doi.org/10.1016/j.jacceco.2009.09.001 https://doi.org/10.1016/j.jacceco.2009.0...
; Li et al., 2021Li, Z., Pryshchepa, O., & Wang, B. (2021). Financial experts on the top management team: Do they reduce investment inefficiency? Journal of Business Finance & Accounting, October, 1-38. https://doi.org/10.1111/jbfa.12575 https://doi.org/10.1111/jbfa.12575...
; Ren, 2016Ren, C. (2016). The approach of accounting information quality on investment efficiency - Empirical evidence from Chinese listed companies. Theoretical Economics Letters, 6(2), 330-337. https://doi.org/10.4236/tel.2016.62037 https://doi.org/10.4236/tel.2016.62037...
; Richardson, 2006Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11, 159-189. https://doi.org/10.1007/s11142-006-9012-1 https://doi.org/10.1007/s11142-006-9012-...
. |
Superinvestimento |
Resíduos do quartil superior da amostra |
|
Biddle et al., 2009Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2-3), 112-131. https://doi.org/10.1016/j.jacceco.2009.09.001 https://doi.org/10.1016/j.jacceco.2009.0...
|
Subinvestimento |
Resíduos do quartil inferior da amostra |
|
Variável de interesse
|
SF do CEO (SofisFin) |
ISF e seus componentes principais, assim como as características dos CEO’s |
- |
Bortoli & Soares, 2021Bortoli, C., & Soares, R. O. (2021). De “0 A 1” - Qual é a “sofisticação financeira” do diretor presidente? Revista de Educação e Pesquisa em Contabilidade, 15(1), 8-26. https://doi.org/http://dx.doi.org/10.17524/repec.v13i1.2735 https://doi.org/http://dx.doi.org/10.175...
; Custódio et al., 2013Custódio, C., Ferreira, M. A., & Matos, P. (2013). Generalists versus specialists: Lifetime work experience and chief executive officer pay. Journal of Financial Economics, 108, 471-492. https://doi.org/10.1016/j.jfineco.2013.01.001 https://doi.org/10.1016/j.jfineco.2013.0...
; Custódio & Metzger, 2014. |
Variáveis de controle
|
Oportunidades de crescimento (QT) |
|
+ |
Chen, Sun, Tang, & Wu, 2011Chen, S., Sun, Z., Tang, S., & Wu, D. (2011). Government intervention and investment efficiency: Evidence from China. Journal of Corporate Finance, 17(2), 259-271. https://doi.org/10.1016/j.jcorpfin.2010.08.004 https://doi.org/10.1016/j.jcorpfin.2010....
; Richardson, 2006Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11, 159-189. https://doi.org/10.1007/s11142-006-9012-1 https://doi.org/10.1007/s11142-006-9012-...
. |
Tamanho (Tam) |
Logaritmo natural da receita líquida |
+/- |
Biddle et al., 2009Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2-3), 112-131. https://doi.org/10.1016/j.jacceco.2009.09.001 https://doi.org/10.1016/j.jacceco.2009.0...
; Chen, Sun, Tang, & Wu, 2011Chen, S., Sun, Z., Tang, S., & Wu, D. (2011). Government intervention and investment efficiency: Evidence from China. Journal of Corporate Finance, 17(2), 259-271. https://doi.org/10.1016/j.jcorpfin.2010.08.004 https://doi.org/10.1016/j.jcorpfin.2010....
; Li et al., 2021Li, Z., Pryshchepa, O., & Wang, B. (2021). Financial experts on the top management team: Do they reduce investment inefficiency? Journal of Business Finance & Accounting, October, 1-38. https://doi.org/10.1111/jbfa.12575 https://doi.org/10.1111/jbfa.12575...
; Ren, 2016Ren, C. (2016). The approach of accounting information quality on investment efficiency - Empirical evidence from Chinese listed companies. Theoretical Economics Letters, 6(2), 330-337. https://doi.org/10.4236/tel.2016.62037 https://doi.org/10.4236/tel.2016.62037...
; Richardson, 2006Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11, 159-189. https://doi.org/10.1007/s11142-006-9012-1 https://doi.org/10.1007/s11142-006-9012-...
. |
Alavancagem (Alav) |
|
+/- |
Tangibilidade (Tang) |
|
+ |
Disponibilidade de caixa (Caixa) |
|
+ |
Biddle et al., 2009Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2-3), 112-131. https://doi.org/10.1016/j.jacceco.2009.09.001 https://doi.org/10.1016/j.jacceco.2009.0...
; Richardson, 2006Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11, 159-189. https://doi.org/10.1007/s11142-006-9012-1 https://doi.org/10.1007/s11142-006-9012-...
. |
Idade (Idade) |
Anos de listagem |
+ |
Biddle et al., 2009Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2-3), 112-131. https://doi.org/10.1016/j.jacceco.2009.09.001 https://doi.org/10.1016/j.jacceco.2009.0...
; Chen, Sun, Tang, & Wu, 2011Chen, S., Sun, Z., Tang, S., & Wu, D. (2011). Government intervention and investment efficiency: Evidence from China. Journal of Corporate Finance, 17(2), 259-271. https://doi.org/10.1016/j.jcorpfin.2010.08.004 https://doi.org/10.1016/j.jcorpfin.2010....
; Li et al., 2021Li, Z., Pryshchepa, O., & Wang, B. (2021). Financial experts on the top management team: Do they reduce investment inefficiency? Journal of Business Finance & Accounting, October, 1-38. https://doi.org/10.1111/jbfa.12575 https://doi.org/10.1111/jbfa.12575...
; Ren, 2016Ren, C. (2016). The approach of accounting information quality on investment efficiency - Empirical evidence from Chinese listed companies. Theoretical Economics Letters, 6(2), 330-337. https://doi.org/10.4236/tel.2016.62037 https://doi.org/10.4236/tel.2016.62037...
; Richardson, 2006Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11, 159-189. https://doi.org/10.1007/s11142-006-9012-1 https://doi.org/10.1007/s11142-006-9012-...
. |
Retorno sobre o ativo (ROA) |
|
+ |
Gerenciamento de resultados (GR) |
Proxy baseada no modelo de Kothari et al. (2005Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics , 39, 163-197. https://doi.org/10.1016/j.jacceco.2004.11.002 https://doi.org/10.1016/j.jacceco.2004.1...
) |
- |
Kothari et al., 2005Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics , 39, 163-197. https://doi.org/10.1016/j.jacceco.2004.11.002 https://doi.org/10.1016/j.jacceco.2004.1...
|
Governança corporativa (GOV) |
Dummy que assume 1 para e empresa que está no segmento novo mercado, nível 1 ou nível 2, e 0 caso contrário |
- |
Biddle et al., 2009Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2-3), 112-131. https://doi.org/10.1016/j.jacceco.2009.09.001 https://doi.org/10.1016/j.jacceco.2009.0...
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