Investor relations: A bibliometric study in behavioral finance,behavioral economics and behavioral accounting

ID: 73937

Authors: Wilton Moisés Modro, Johan Hendrik Poker Júnior, Senichiro Koshio, Luiz Eduardo Gaio, Márcio Marcelo Belli.

Source: BASE - Revista de Administração e Contabilidade da UNISINOS, v. 20, n. 2, p. 0-0, April-June, 2023. 1 page(s).

Keyword: Behavioral accounting , Behavioral economy , Behavioral finance , Bibliometric analysis , Investor Relations

Document type: Article (English) Show Abstract

This study aims to map and characterize the scientific production onbehavioral finance, behavioral economy and behavioral accounting,applied to the area of investor relations. Through a bibliometric research carried out in the Scopus database, 121 publications were found, which were analyzed by statistical and graphic techniques. The results indicate a numerically reduced and volatile production of articles on the subject, without robust growth so far. Few documents were found by author, institution, and journal, as well as a small number of connections, concerning citations, among them. This research area is thus largely unexplored within behavioral finance, although academic production in behavioral economics on the use of prospects for selling complex products is proportionally very broad. Bibliographic coupling indicated four main themes, the most relevant being the influence of the different disclosure means of financial information on investor behavior. These results suggest that the subject has not aroused the interest of researchers and that, although relevant, it is still little explored. On the other hand, the results indicate abroad field for further studies. These findings are relevant, since they allow a clear and comprehensive view on research opportunities in a relevant and still little explored theme.

Apresentação

ID: 73944

Authors: José Carlos da Silva Freitas Junior, Jefferson Marlon Monticelli.

Source: BASE - Revista de Administração e Contabilidade da UNISINOS, v. 20, n. 2, p. 1-1, April-June, 2023. 1 page(s).

Document type: Other (Portuguese)

VOLUNTARY DISCLOSURE AND EQUITY FINANCING IN BRAZIL

ID: 73938

Authors: Paulo Henrique Amaral Rody, Valcemiro Nossa, Silvania Neris Nossa, Nadia Cardoso Moreira.

Source: BASE - Revista de Administração e Contabilidade da UNISINOS, v. 20, n. 2, p. 1681-1703, April-June, 2023. 23 page(s).

Keyword: B3 , Financing , Voluntary Disclosure

Document type: Article (English) Show Abstract

The objective of this study was to verify whether, in the Brazilian market, voluntary disclosure is able to increase the amount of financing through issuance of equity, and conversely, to analyze if the amount of financing through equity increases firms’ voluntary disclosure level. It was made empirical research, using two multiple linear regression econometric models, we found the following results for the period studied (2010-2017): (i) the higher the level of voluntary disclosure, on average, the greater was the amount of equity financing of nonfinancial companies listed on the B3 (Brazilian Securities Exchange - Brasil Bolsa Balcão S.A.); and (ii) the greater the amount of equity financing, on average, the higher was the level of voluntary disclosure of nonfinancial companies listed on the B3. The relevance of this study, national and international, is to provide empirical evidence of the possibility of increasing the volume of financing through issuing shares by means of voluntary disclosure. Social implications, on the other hand, are the use of empirical results to help investors and regulators in decisions about the market's reaction to voluntary information.

O MULTIFACTOR MODELS CONTRIBUTE TO ESTIMATE THE COST OF EQUITY CAPITAL IN BRAZIL?

ID: 73939

Authors: Victor Pani, Ricardo Leal, Raphael Moses Roquete.

Source: BASE - Revista de Administração e Contabilidade da UNISINOS, v. 20, n. 2, p. 1705-1728, April-June, 2023. 24 page(s).

Keyword: Brazilian market , cost of equity capital , multifactormodels , portfolios of stocks

Document type: Article (English) Show Abstract

This study investigatesthe contributionof well-knownmultifactor asset pricing models to estimate the cost of equity capitalof Brazilian listed companies with theCapital Asset Pricing Model (CAPM), thethree-factormodel ofFama and French (1993), the Carhart (1997) four-factor model and a five-factor model thatconsists of an additional illiquidityrisk factor. The sample are the returns of individual stocks comprisingaportfolio of companies in the IBrX100 stock index from July 2008 to June 2018. Distributions of individual company cost of equity capital estimates obtained with each modelwere compared among themselves in the full sampleperiodand two sub-periods. The results suggest that adding extra risk factors to the CAPM does not always translate into different cost of equity capital estimates and significantly greater explanatory power. The practical implication is that the CAPM estimates may often be the same as those obtained by means of more complex models with the added bonus of the CAPM's simplicity.

Financial, demographic, and political determinants reflections in the Facebook’s virtual activity in Brazilian municipalities

ID: 73940

Authors: Liara Laís Scheid, Monize Sâmara Visentini, Darlan Nei Writzl.

Source: BASE - Revista de Administração e Contabilidade da UNISINOS, v. 20, n. 2, p. 1730-1764, April-June, 2023. 35 page(s).

Keyword: Communication , Fanpage , Online participation

Document type: Article (English) Show Abstract

This study (i) measures the virtual activity on Facebook in Brazilian city halls; (ii) compares the virtual activity of groups of municipalities, based on financial, demographic, and political factors; and, (iii) identifies which variables belong to these factors that effectively influence the virtual activity of this social network. The sample comprised the fanpage of 399 municipalities. Primary data from fanpages and secondary data from different databases available on the internet were collected. The analysis comprised the application of descriptive statistics, t-test for independent samples, and multiple linear regression. The results indicate that the virtual activity uses, mainly, images (65.25%), followed by links (22.79%). An expressive significance of financial and demographic variables was perceived in the fanpage virtual action of the different groups of Brazilian municipalities, reflecting, among other aspects, the important role of stimuli from the population for the virtual activity. Finally, it was identified that the variables population with higher education and user engagement on the fanpage explain in 61.2% the virtual activity. In conclusion, the relevance of citizens' online participation is highlighted, serving as an incentive for public authorities to use these online tools to achieve good results in communication.

Influence of Behavioral and Operational Factors on Budgetary Assertiveness

ID: 73941

Authors: Cristian Abib de Moraes, Rosimeire Pimentel Gonzaga, LARA Fehr, Júlio Orestes da Silva.

Source: BASE - Revista de Administração e Contabilidade da UNISINOS, v. 20, n. 2, p. 1766-1799, April-June, 2023. 34 page(s).

Keyword: Assertiveness , Budget , Planning

Document type: Article (Portuguese) Show Abstract

The objective of this work is to verify how the level of budgetary assertiveness of a Brazilian multinational organization is influenced by behavioral and operational factors, through a case study, with a qualitative approach. From the analysis of interviews with the managers of the organization, participant observation and analysis of operational and managerial reports of the studied organization,it was observed that the lack of assertiveness may hinder the organization in developing its strategy, since it represents important goals that have not been achieved. The elements that most influenced the level of assertiveness of the budget in the analyzed periodare the lack of quality of the operational budget plans, the use of the budget as an instrument of formalization for the variable remuneration, the tardiness of the decisions in the effective combat of the deviations and the external environment, due to the crisis established in 2015. The research provides support for the construction of statistical models with the variables and contexts observed and, therefore, helps to verify the dependency relations in relation to the budgetary deviations in other organizations.Still,the work contributes to the existing literature about the budget by identifying the main behavioral and operational factors present in the management literature, which can influence budget assertiveness. Considering that the budget is one of the management tools most used by organizations, the present work promotes a social contribution by pointing out issues related to its use for the management of organizations.

Performance and Ownership Concentration in Brazil: Can the characteristics of the Boards of Directors interfere in this relationship?

ID: 73942

Authors: José Éliton dos Santos.

Source: BASE - Revista de Administração e Contabilidade da UNISINOS, v. 20, n. 2, p. 1781-1806, April-June, 2023. 26 page(s).

Keyword: Boards of Directors , Ownership Concentration , Performance

Document type: Article (Portuguese) Show Abstract

The aim of this research is to analyze the impact of characteristics of boards of directors on the relationship between business performance and ownership concentration. For this purpose, publicly traded non-financial Brazilian companies listed on Brazil, Bolsa, Balcão (B3) in the period between 2010 and 2020 were used as a sample. The survey data were extracted from the Economática database and the companies' Reference Forms on the website of the Brazilian Securities Commission CVM). Performance was measured by the return on assets (ROA) and by the return on equity (ROE), while ownership concentration was measured by the percentage of participation of the largest, the three and five largest shareholders. The characteristics of the board of directors analyzed in the mediation were the presence of independent directors, shared or with the accumulation of the functions of chairman of the board and executive director. The results showed that only board Independence has a positive impact on the relationship between business performance and ownership concentration, which in practice may show that the relationship between performance and ownership concentration is influenced by elements intrinsic to boards of directors that can mitigate the expropriation of minority shareholders.

The implementation of equity accounting procedures and taxtransparency

ID: 73943

Authors: Carlos Eduardo Menezes Oliveira, Diego Rodrigues Boente.

Source: BASE - Revista de Administração e Contabilidade da UNISINOS, v. 20, n. 2, p. 1808-1836, April-June, 2023. 29 page(s).

Keyword: Accounting Procedures Implementation Plan , Brazilian Accounting Standards applied to the Public Sector , Convergence , Fiscal transparency

Document type: Article (Portuguese) Show Abstract

This research is dedicated to assessing the influence of the adoption of the Plan for the Implementation of Equity Accounting Procedures (PIPCP)on the tax transparency index of Brazilian states. Studies such asZuccolotto (2014), among others, have demonstrated a relationship between fiscal transparency indicators and socioeconomic, sociodemographic, political and fiscal determinants.The descriptive, documentary, quantitative research,composed of data from the 26 Brazilian states and the Federal District, analyzed in the period between 2014 to 2019. To measure the relationship, a Pearson univariate correlation was applied, through regression analysis tobit. The findings contribute as a basis for social control and for managers, professionals in the publicarea and the Courts of Auditors, when they demonstrate that accounting is showing reliable and comparative information, reinforcing the benefits of fiscal transparency. As a result, the evidence pointed to a positive relationship between the levels of Implementation of PIPCP in the Brazilian states and the level of fiscal transparency, suggesting that the modernization of Accounting in the public sector tends to issue up-to-date and quality financial information.