: análise de value relevance para empresas do Euronext 100

  • Miguel Rodrigues Tabau Fonseca (Student)

Student thesis: Master's Thesis


The changes in accounting regulations are carried out to keep up with the constant development of companies, and their basic objective is to improve the information disclosed to their users. IFRS 8 came into force in 2009 and, as an attempt to bring it closer to the homologous standard of the American normative, changed the approach in the disclosure of segments, favoring the disclosure of information in the same way that it is organized internally for issues of decisionmaking and resource allocation. This study aims to assess the impact of this new standard for the capital markets and, therefore, in a first phase it was essential to attest that the segments disclosed by each entity are a valuable instrument for investors. To this end, the Ohlson model (1995) was used to obtain answers in relation to the relevance of information by segments and, on the other hand, to assess the impact of IFRS 8 on the disclosure of segments and, consequently, on its implications for the investors. The results attest that segmented information is a crucial resource for the capital markets. On the other hand, it was not possible to confidently assess the impact of IFRS 8 on the capital market, since, initially, the results pointed to a loss of relevance and, later, the robustness analyzes indicate the opposite. In view of the results obtained, it cannot be excluded that the increase in relevance was limited to the first year of application of the standard and that it varies according to the number of segments reported.
Date of Award12 Oct 2022
Original languagePortuguese
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorMaria José Martins Lourenço da Fonseca (Supervisor) & Ricardo Ribeiro (Co-Supervisor)


  • IFRS 8
  • IAS 14
  • Operating segments
  • Income per segment
  • Value relevance
  • Euronext 100


  • Mestrado em Auditoria e Fiscalidade

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