Editorial

ID: 9949

Authors: Jorge Katsumi Niyama.

Source: Contabilidade, Gestão e Governança, v. 16, n. 1, p. 1-2, January-April, 2013. 2 page(s).

Document type: Editorial (Portuguese)

Voluntary environmental disclosure and Corporate Governance practices of listed companies in BM&FBOVESPA

ID: 9950

Authors: Francisca Francivânia Rodrigues Ribeiro Macêdo, Geovanne Dias de Moura, Luciane Dagostini, Nelson Hein.

Source: Contabilidade, Gestão e Governança, v. 16, n. 1, p. 3-18, January-April, 2013. 16 page(s).

Keyword: Companies listed on BM&FBOVESPA , Corporate governance , Voluntary environmental disclosure

Document type: Article (Portuguese) Show Abstract

This quantitative and descriptive study investigates the relationship between environmental disclosure and voluntary adoption of corporate governance practices in the five largest companies in each economic sector listed on the Stock Exchange and Commodities Futures Market of the State of São Paulo (BM&FBovespa) in Brazil, a sample consisting of 50 companies. Analysis was carried out using descriptive statistics (mean, minimum, maximum and standard deviation) and Pearson correlation analysis. Data on voluntary environmental disclosure were collected in accordance with indicators used in the index produced by Murcia et al. (2008),while those on corporate governance practices were collected in accordance with the index compiled by Silveira (2004). Findings include an average score of 65% with respect to voluntary environmental disclosure, quite distant from 100% conformity. Sectors with the highest average scores were those of industrial goods, financials, and telecommunications. With respect to corporate governance practices, the average score was 72% for the sample as a whole. The data also showed a strong positive and significant correlation between voluntary environmental disclosure and corporate governance practices. In view of these results, it was concluded that adoption of a broader set of corporate governance practices contributed to greater disclosure of information relating to environmental practices in the companies analyzed.

Investment decisions and future profitability: empirical study with non-financial listed companies

ID: 9951

Authors: Augusto Coppi Navarro, Aldy Fernandes Silva, Cláudio Parisi, Antonio Robles Junior.

Source: Contabilidade, Gestão e Governança, v. 16, n. 1, p. 19-34, January-April, 2013. 16 page(s).

Keyword: Future profitability , Investment decision , ROA , Tobin’s q

Document type: Article (Portuguese) Show Abstract

Investments are strategic corporate decisions that must be taken into consideration regarding the efforts to maximize the return of invested capital. Therefore, must be evaluated as relevant information to shareholders. The purpose of this research was to know the relation between the investment made and the company’s future profitability, quantified by two measures of performance: ROA and Tobin’s q coefficient. This is an empirical-analytical study with quantitative data treatment by a linear regression model. The samples was collected from Economatica® data base, and were selected nonfinancial Brazilian companies listed at BM&FBOVESPA, which have presented financial demonstrations in the 2000-2010 period. To conduct this research, the analysis period was divided into investment period and performance period, with the purpose of comparison between investment and future profitability. The regression model that uses profitability measured by ROA positively associates the performance period profitability with the performance period investments, as well as the investment period profitability. The regression model that uses profitability measured by Tobin’s q positively associates the performance period profitability with the investments period profitability.

The institutionalization of Controllership in the City Governments of Ceará State in Brazil

ID: 9952

Authors: Amanda de Oliveira Gomes, Maria da Glória Arrais Peter, Marcus Vinicius Veras Machado, Talyta Eduardo Oliveira.

Source: Contabilidade, Gestão e Governança, v. 16, n. 1, p. 36-50, January-April, 2013. 15 page(s).

Keyword: Controllership , Institutionalization , Municipal Management

Document type: Article (Portuguese) Show Abstract

Controllership has been receiving increasing attention in the public sector due to its importance for a broad variety of activities ranging from control of public resources to generation of information for the decision-making process. Nonetheless, doubts continue to exist with respect to institutionalization of the controllership function, especially at the municipal area, where reports of inefficiency and mismanagement of public funds are rife. Institutionalization refers to organizational legitimacy; and three phases of the legitimation process have been identified: habitualization, objectification and sedimentation. This qualitative, exploratory and descriptive study identifies the phase of institutionalization that characterizes controllership in the city governments in the northeastern Brazilian state of Ceará. Data were collected by means of interviews and questionnaires applied an intentional sample of controllers and employees of municipalities that participate in the Forum of Municipal Controllers. Results suggest that controllership in the cities studied is in the objectification stage of legitimation,  characterized by well-defined procedures, a planned and organized way of working, and activities considered relevant by municipal employees.

Effects of the advent of the regulatory agency on the efficiency of public services from the perspective of Transaction Costs Economics: the case of SABESP

ID: 9953

Authors: Alba Valéria Moraes Amaral Rocha, Reinaldo Guerreiro.

Source: Contabilidade, Gestão e Governança, v. 16, n. 1, p. 51-67, January-April, 2013. 17 page(s).

Keyword: contracts , public service efficiency , regulatory agency , transaction costs

Document type: Article (Portuguese) Show Abstract

This study discusses the efficiency of public sanitation services. Looking at operational services for repairing water and sewage lines, we sought to verify whether the introduction of regulation produced any impact on the level of efficiency observed. To this end, we started from the premise that the characteristics of the transaction, represented by the contracts entered into, are aligned with the Transaction Cost Economics approach (Williamson, 1985), in which a principal construct is that of asset specificity. Using as the object of research a company that provides basic sanitation services and whose transactions involve asset specificity, we sough to verify, using the logic of efficiency suggested by Williamson (1985), whether a better alignment between the characteristics of transactions, agents and laws reduces transaction costs. Data were collected by means of semi-structure interviews with contract managers and by content analysis of these contracts. Results suggest that the introduction of regulation in the sector did not affect transaction costs, but rather imposed new ex-post transactions costs by reason of the implicit contract established between the regulatory agency and the regulated company. The efficiency of contracted services, therefore, from the point of view of TCE is not altered by the introduction of regulation, but indirectly the rules of the regulatory agency were found to have the potential of strengthening ties between consumer and service provider. In this respect, the study is a contribution to the empirical literature on New Institutional Economics.

Publication in Accounting: CAPES standards and the availability of publication slots

ID: 9954

Authors: Flávia Cruz de Souza Murcia, Carolina Aguiar Rosa, José Alonso Borba.

Source: Contabilidade, Gestão e Governança, v. 16, n. 1, p. 68-81, January-April, 2013. 14 page(s).

Keyword: CAPES standards , Publication in Accounting

Document type: Article (Portuguese) Show Abstract

The difficulty faced by Accounting researchers in publishing their research is increasing as a result, among other factors, of the standards established for publication in scholarly journals by CAPES, the Brazilian government agency responsible for accreditation of graduate programs. This study compares publication standards set by CAPES with publication slots available in Accounting journals during the evaluation period of 2007-2009. Fifty-six national journals were identified that publish scholarly articles in the field of Accounting. The number of articles published by the respective journals during the period of interest was multiplied by the ranking of the journal in the QUALIS system. This resulted in the total number of points offered by these journals during the period. Then the number of faculty linked to each graduate program in Accounting was multiplied by the 150 points needed over the three-year period to qualify the program as having Very Good performance. Results show that for every faculty member to achieve full points, a total of 37,650 points would have been necessary; but only 23,490 were actually offered by the journals.

The influence of institutionalization processes on the utilization of evaluation results: executive evaluations in the Brazilian State of Minas Gerais

ID: 9955

Authors: Cinthia Helena Oliveira Cechelaine, Mauro César Silveira, Kamila Pagel de Oliveira, Carlos Eduardo Simões Moraes.

Source: Contabilidade, Gestão e Governança, v. 16, n. 1, p. 82-97, January-April, 2013. 16 page(s).

Keyword: Policy evaluation , Use of evaluation results

Document type: Article (Portuguese) Show Abstract

Studies highlight that the evaluation of public policies is necessary to good government, being an instrument that not only can demonstrate problems and propose solutions, but serve to generate changes. This article examines the institutionalization of the use of executive evaluations in the Brazilian state of Minas Gerais and the extent to which they have been conceived and implemented to encourage the use of their results and the consequent improvement of the execution of projects considered to be strategic for the development of the state. Neo-institutionalism and theories on evaluation and the use of evaluation results provide the theoretical framework of the study. The research strategy used is the case study; and data were collected by means of document analysis and interviews with key actors. It is concluded that the evaluation system of the state of Minas Gerais is still under construction and improvements in its institutional arrangements are still necessary and that evaluation results are still underutilized for improving policy implementation. The inability to accommodate the plurality of actors involved in public programs and the neglect of contextual factors and the circumstances and purpose for undertaking these programs are some of the factors identified as contributing to the non-utilization of evaluation results.

Accounting Conservatism in the recognition of intangible assets at the research and development phase: a study of companies in BM&FBOVESPA

ID: 9956

Authors: Ilse Maria Beuren, Viviane Theiss, Sueli Viviani Sant’Ana.

Source: Contabilidade, Gestão e Governança, v. 16, n. 1, p. 98-111, January-April, 2013. 14 page(s).

Keyword: Accounting conservatism , Intangible assets , Recognition , Research and development phase

Document type: Article (Portuguese) Show Abstract

Accounting conservatism may result in asymmetries in the recognition of intangible assets at the research and development phase, ranging from improper registration of such assets to their not being accounted for at all. This study examines accounting conservatism in the recognition of intangible assets at the research and development phase of companies listed on BM&FBovespa, the São Paulo stock exchange. The descriptive research was conducted through document analysis and accounting conservatism was calculated using the model of Ball and Shivakumar (2005). Data were analyzed using linear regression methods and applying Pearson correlation for determining relationships between variables. The population of interest was the 236 companies listed in BM&FBovespa with a balance in intangible assets in the years 2009 and 2010 and the sample comprised the 34 companies of this population identified as having intangible assets at the research and development phase. Results show that accounting conservatism occurred in the period analyzed in the companies surveyed. However, a positive relation was not found of accounting conservatism and intangible assets at the research and development phase with size, leverage, segment and level of corporate governance of the companies. With the application of Pearson correlation, this result is confirmed, with the exception of 2009 for companies in the sector of Construction and Transportation. Thus, it is concluded that there was accounting conservatism in recognition of intangible assets at the research and development phase of the companies surveyed, but was not found association with the control variables.

Financial and operational indicators for evaluation of the performance of companies in the oil and gas industry

ID: 9957

Authors: Paulo Roberto Clemente Marques Bomfim, Marcelo Alvaro da Silva Macedo, José Augusto Veiga da Costa Marques.

Source: Contabilidade, Gestão e Governança, v. 16, n. 1, p. 112-131, January-April, 2013. 20 page(s).

Keyword: Factor Analysis , Financial Performance Indicators , Oil and Gas Industry , Operational Performance Indicators , Performance Evaluation

Document type: Article (Portuguese) Show Abstract

The objective of this research was to determine, through factor analysis (FA), the most relevant financial and operational indicators that should be considered for oil and gas companies’ performance evaluation, improving the quality of the analysis realized by managers, investors and other stakeholders. The sample of the study was composed of 55 oil companies listed on the New York Stock Exchange (NYSE) that have operations in oil and gas exploration and production. Data collected from the Evaluate Energy database for the year 2009 and from the 10-K and the 20-F financial statements of these companies were used to calculate financial and operational indicators selected on the basis of the literature review conducted. Results revealed three factors: Profitability, Leverage and Operational Performance. These factors are related to the profitability of operational transactions, financial and operational leverage and operational continuity and future cash flow generation capability of the organizations researched. It was possible to classify the oil and gas companies, using the results from the factor analysis, to determine a performance ranking.