Qualidade de auditoria e o custo da dívida nas sociedades anónimas desportivas (SAD) em Portugal

Abstract

This study investigates how audit quality influences the cost of debt of Portuguese SADs between the 2011/2012 and 2023/2024 seasons, evaluating the size of the audit firm (Big 4 vs. non-Big 4) and auditor rotation. Based on a regression model with panel data and fixed effects at company level, the results show that the continuity of the relationship with the auditor is significantly associated with a lower cost of debt. This effect suggests that knowledge accumulated over time strengthens the reliability of financial information. On the other hand, there is no evidence that an audit carried out by a Big 4 firm is associated with lower financing costs. The conclusions obtained are important for managers, auditors and regulators, as they show that long-lasting relationships with auditors not only strengthen creditors' confidence and facilitate access to financing, but also value specialized technical knowledge. This study contributes to research on financial sustainability in sport by showing that trust in the auditor is important for stable relationships. It also deepens knowledge about audit quality in this context. From a practical point of view, it offers guidance to entities in the sector to reduce financing costs, as well as providing creditors with effective risk assessment tools and supporting regulators in evaluating financial transparency policies in sport.

Date of Award	22 Oct 2025
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Aviner Manoel (Supervisor)