Editorial

ID: 34481

Authors: Jacqueline Veneroso Alves da Cunha.

Source: Contabilidade Vista & Revista, v. 25, n. 1, p. 1-2, January-April, 2014. 2 page(s).

Document type: Editorial (Portuguese)

Working Capital: A study on the factors that influence in the creation of value for the company

ID: 34482

Authors: Helen Cristina Steffen, Francisco Antônio Mesquita Zanini, Clóvis Antônio Kronbauer, Ernani Ott.

Source: Contabilidade Vista & Revista, v. 25, n. 1, p. 15-33, January-April, 2014. 19 page(s).

Keyword: Financial , Financial constraint , Net working capital , The benefit of debt , Value of firms

Document type: Article (Portuguese) Show Abstract

This paper examined the effects of relationship between working capital management and value creation for the company. We studied no-financial firms listed on BM&FBOVESPA in the period 1990 to 2008, adopting the models proposed by Kieschnick, LaPlante and Moussawi (2009). We checked the effects of cash, EBITDA, interest and dividends paid, interest expense, the level of leverage, the net assets, net debt, selling expenses and investment in operation working capital on the excess returns obtained by the company. The main results of the study indicate: (1) each Real (R$) applied to further increase the cash value of the company; (2) each Real (R$) additional leverage reduces the value of the company; (3) net debt reduces the value of the company; (4) investment in operating working capital through debt reduces the value of the value of the company; (5) each Real (R$) in a additional interest payments increases the value of the company, demonstrating the benefit of the tax debt; and (6) there is the effect of financial constraints for smaller firms compared to larger companies.

Business Games in the Teaching of Tax Accounting

ID: 34483

Authors: Maria Denize Henrique Casagrande, Antonio Cezar Bornia, Jacir Leonir Casagrande, Pedro José Von Mecheln.

Source: Contabilidade Vista & Revista, v. 25, n. 1, p. 34-58, January-April, 2014. 25 page(s).

Keyword: Business games , Education , Tax accounting , Teaching-learning process

Document type: Article (Portuguese) Show Abstract

It is a recurrent concern among university teachers seek to explore new features computerized to streamline the process of teaching-learning and increase student engagement. It is in this context that puts the use of GI-game company EPS and guiding question of this research: what pedagogical contributions of JE Tributes to the teaching-learning Tax Accounting process? The main objective, this research analyzes the JE-Taxes as an educational resource for improving the teaching-learning process of Tax Accounting. This study is characterized as a descriptive, qualitative approach to phenomenological basis. To meet the objective of the research was developed a module called JE-taxes from the GIEPS, including tax issues, especially the IPI and ICMS in the manufacture and marketing of products. This module was implemented and applied in the classroom as a teaching resource, followed by feedback. The JE-Taxes shown to be an innovative alternative in the training of professionals in the field of Accounting, averaging the contributions of computer resources in building more motivating and enjoyable environments, with emphasis on contextual learning. It was noticed that the application of JE Taxes become the most dynamic classroom and the student viewed a faster way what happened to the company in every decision regarding the production, purchase or sale of products. We conclude that the use of JE-Taxes provides students with conditions of reflection on knowledge, once assumed an interactive and ongoing self-assessment approach of the educational process.

Evaluation of Investor Behavior: do investors respect their own limits?

ID: 34484

Authors: Robson Braga, Gerlando Augusto Sampaio Franco de Lima, Márcia Martins Mendes De Luca.

Source: Contabilidade Vista & Revista, v. 25, n. 1, p. 59-73, January-April, 2014. 15 page(s).

Keyword: Behavioral Accounting and Finance , Decision Making , Heuristics

Document type: Article (Portuguese) Show Abstract

In this quasi-experimental study we evaluated the effect of heuristics on financial decision making in order to detect signs of non-rational behavior. At baseline, the participants (=investors) established an anchor percentage value of satisfactory gains and tolerable losses on investment in stock and defined their self-perceived investor profile, but most investors eventually manifested a more aggressive profile, exceeding their own limits considerably. By applying statistics to our findings (Studentʼs t test and chi-square), we found that, due to analytical biases, overconfidence or unrealistic optimism, investors did not respect their own limits but rather attempted to obtain gains above the initial anchor values. In addition, experiencing a situation of gain or risk did not make a significant difference in the degree of risk the investors were willing to take subsequently, making them accept losses beyond what they initially considered tolerable. Thus, our findings contradict the assumptions of the expected utility hypothesis and the principle of agent rationality.

What indicators of financial Accounting PEARLS System are relevant for the analysis of insolvency of Central Credit Unions in Brazil?

ID: 34485

Authors: Valéria Gama Fully Bressan, Aureliano Angel Bressan, Paulo Henrique Magalhães de Oliveira, Marcelo José Braga.

Source: Contabilidade Vista & Revista, v. 25, n. 1, p. 74-98, January-April, 2014. 25 page(s).

Keyword: Accounting and financial indicators , Central credit unions , Insolvency , Panel Data , PEARLS System

Document type: Article (Portuguese) Show Abstract

Credit unions are of eminent importance in the international financial scene, and has demonstrated its growth potential in Brazil. The importance of the expansion of credit unions is, above all, the possibility of extending access to finance today for those that are not served by the traditional banking sector, contributing to the process of financial disintermediation. Thus, the analysis of the financial structure of the central cooperatives, which are responsible for assisting the management of individual cooperatives, providing input to policies and interventions by the Central Bank, and helping the financial manager to monitor the status of their institutions, allowing also greater security to economic agents operating with these institutions. In this sense, the present study aimed to evaluate, via the Logit model with panel data, which accounting ratios from the PEARLS financial system are considered relevant for the analysis of insolvency of central cooperatives affiliated to Cooperatives Credit System of Brazil (Sicoob). The estimated results showed evidence that the average probability of insolvency for central credit unions affiliated to Sicoob was approximately 1.2%, however it was noted from 2003 there was an improvement in the financial health of central cooperatives. The main indicators of the PEARLS system to assess the insolvency of central credit unions affiliated to Sicoob are within the following key areas: Protection, Effective financial structure, and Rates of return and costs.

Influence of the Moral Risk and of accountability in the making decisions

ID: 34486

Authors: Roberto Carlos Klann, Ely do Carmo Oliveira Gomes, Marcos Alexandre Greuel, Francisco Antônio Bezerra.

Source: Contabilidade Vista & Revista, v. 25, n. 1, p. 99-118, January-April, 2014. 20 page(s).

Keyword: Accountability , Agency Theory , Information Asymmetry

Document type: Article (Portuguese) Show Abstract

The present article presents a study on asymmetry of information being taken in consideration some problems related to the Theory of the Agency. The aim of this paper is to analyze the impact of two factors related to the asymmetry of information, the moral risk and the accountability, in the decisions on administrations of projects. For that, it was replicated partially the research accomplished by Young-Won (2005). The methodology consists of a descriptive research, with quantitative approach. The data were collected with base in applied questionnaire to 148 students of the graduation of sixth and seventh phases of the Accounting Courses of the Unifebe (Brusque/SC) and of Uniasselvi (Blumenau/SC). The results point that the factors moral risk and accountability can influence the managers' decision on administration of projects, but not in a significant way. In a general way, the researched would put back the delivery of the project, but with certainty degrees lightly different, depending on the sceneries of moral risk and accountability. The conclusions appear that the influence of the factors moral risk and accountability in the electric outlet of decision was inferior to the observed in the literature.