Higher and Lower Financing Structures of Brazilian and Chilean Companhies from 2008 to 2013

ID: 49099

Authors: Taciana Rodrigues de Souza, Tarcísio Pedro da Silva.

Source: Contabilidade Vista & Revista, v. 28, n. 3, p. 1-21, September-December, 2017. 21 page(s).

Keyword: Financing Structure , Pecking Order Theory , Trade-Off Theory

Document type: Article (Portuguese) Show Abstract

The objective of the research was to analyze the largest and lower financing structures of Brazilian and Chilean companies from 2008 to 2013. Thus, the research is characterized as descriptive, document and quantitative. The sample consists of 63 public companies, 34 Brazilian belonging to Brazil 50 Index (IBrX-50) listed on the Stock Exchange, Commodities and Futures Exchange (B3) and 29 Chilean belonging to Chile 40 index (IPSA-40) listed in the Santiago Stock Exchange. It is noteworthy that the variables used in this study were: structure of assets (EA), other tax benefits than debt (OBF), singularity (SG), size (TM), shortterm debt (ECP) and over indebtedness term (ELP). The results show that the EA, the Tel Brazil was the largest 2008-2010 and the Chilean Entel 2011 to 2013. Already the smallest EA analyzed period was the Probe. Also, we realize that Cosan Ltd. had the highest SG and in size Petrobras is the largest and Forus, the smallest. As for the ECP, turns out those Brazilian companies have higher debts compared with the Chilean, except for 2011 that CSAV had the highest ECP. With regard to the ELP it is observed that Brazilian companies had higher longterm debt.

Editorial V. 28, N. 3, 2017

ID: 49098

Authors: Laura Edith Taboada Pinheiro.

Source: Contabilidade Vista & Revista, v. 28, n. 3, p. 1-2, September-December, 2017. 2 page(s).

Document type: Editorial (Portuguese)

Relationship between Financial Performance and Operational Risks in Executive Compensation in Brazilian Companies with ADRs

ID: 49100

Authors: Iago França Lopes, Valdirene Gasparetto, Darci Schnorrenberger, Rogério João Lunkes.

Source: Contabilidade Vista & Revista, v. 28, n. 3, p. 22-52, September-December, 2017. 31 page(s).

Keyword: Executive Compensation , Financial Performance , Operational Risks

Document type: Article (Portuguese) Show Abstract

This study aims to identify the influence of financial performance and operational risks on the executive compensation in the Brazilian companies with ADRs. This study was based on a sample of 38 companies from 2010 to 2015. It was used statistical modeling regression with panel data model using Random Effects with errors-Standard Robust Clustered. The results indicate that financial performance has the ability to influence executive compensation. The major implication of the study resides in the non-significant results of the operational risk variable and its negative effect on executive compensation. Thus, it contribute to the plurality of scenarios that already pervade the issue studied in this work. In response, we expect more attention from researchers on the adoption and measurement of variables in a social system. Since using the data files to determine the influence of operational risks on executive compensation is perhaps more guesswork than science. The research also demonstrates the need for integration of the financial performance and operational risks in the structure of executive compensation system, since all these conceptual frameworks nowadays are not conceive as pure measures of variables, but to develop insights concerning the knowledge development. It is valid to point out that we do not expect from the advance on research to homogenize the triangulation of compensation - performance - risk, but evolve and contribute to the rise of a practice with market professionals, teachers, researchers and students.

How do the Students of Accounting Sciences Reagem the Ethical Dilemmas of the Profession?

ID: 49101

Authors: Cristian Baú Dal Magro, Thiago Bruno de Jesus Silva, Vinícius Costa da Silva Zonatto.

Source: Contabilidade Vista & Revista, v. 28, n. 3, p. 53-81, September-December, 2017. 29 page(s).

Keyword: Ethical Dilemmas , Features Academic , Individual characteristics , Professional features , Students of Accounting

Document type: Article (Portuguese) Show Abstract

This study analyzes the view of students of accounting sciences, according to their individual, professional and academic characteristics, facing the ethical dilemmas of the profession. The research sample, outlined by the return of the collection instrument, comprised 504 students. The research instrument was divided into four blocks: individual, professional and academic characteristics and scenarios of ethical dilemmas. Descriptive statistics, parametric tests for comparison of means and Mann-Whitney and non-parametric Kruskal-Wallis test were used for data analysis. The results suggest that the predominant factors of students' ethics in the accounting profession are linked to variables such as: gender, age, professional experience, typology of the institution, ethics discipline, teacher qualification, discussion of the code of ethics and having studied another graduation course. In ethical dilemmas, it is concluded that students would accept to offer accounting services for an unfair remuneration in order to attract clients, even though it is an unethical act. On the other hand, the students perceive as unethical the retention of financial resources of the clients to collect the taxes and, later, do not effect the discharge. The results show that the teacher's accounting training in the ethics discipline helps students better understand what unethical attitudes occur throughout the profession and in the business world, which reinforces the importance of the educational environment, training and performance of the teacher, as decisive elements in the promotion of reflections on the ethical dilemmas of the accounting profession.

Earnings Management through Real Activities Manipulation to Sustain Performance in Non-Financial Companies of Ibovespa Index

ID: 49102

Authors: Rodolfo Maia Rosado Cascudo Rodrigues, Edilson Paulo, Clayton Levy Lima de Melo.

Source: Contabilidade Vista & Revista, v. 28, n. 3, p. 82-102, September-December, 2017. 21 page(s).

Keyword: Earnings Management , Market-to-book , Real Activities Manipulation , Recent Performance

Document type: Article (Portuguese) Show Abstract

One of the main incentives for earnings management is the company's recent performance maintenance. This study aims to determine whether the nonfinancial companies of Ibovespa Index with more incentives to sustain recent performance, measured by the Market-to-book ratio (MTB), manage more intensely the results by sales manipulation, reduction of discretionary expenses and overproduction. The sample is composed of 51 non-financial companies for the years 2010 to 2014. The results show that for separation of MTB greater or less than one, it is not possible to say that earnings management level differs significantly between groups. When considering the analysis based on the Kmeans clusters of the MTB, it was found that companies with overvaluation above average MTB value, and therefore have greater incentives to manage the result, have higher levels of sales manipulation and decreased selling, general and administrative expenses.

The Use of Management Control System in Incubated Companies

ID: 49103

Authors: Vanderlei dos Santos, Ilse Maria Beuren, Alana Conte.

Source: Contabilidade Vista & Revista, v. 28, n. 3, p. 103-132, September-December, 2017. 30 page(s).

Keyword: Incubated companies , Intensity of use , Management control instruments

Document type: Article (Portuguese) Show Abstract

The objective of this study is to identify the intensity of use of the instruments of the management control system in incubated companies. A descriptive research was carried out from a survey, having as sample companies that responded to the questionnaire. Techniques of descriptive statistics and informational entropy were applied to analyze the data. The results show that the companies are at different stages of incubation. The pre-incubated and incubated companies have little or no income and have a small number of employees, while graded companies show a gradual increase in their revenue. There are evidences that some companies seek support from incubators after their formation, mainly when facing economic and financial difficulties, such as a drastic reduction in revenue. Regarding the use of management instruments, there is heterogeneity, but with greater intensity of strategic and financial planning instruments, to the detriment of human resources planning. Among the most used instruments, the ones regarding the execution of activities, compared to the ones of control, suggesting that initially the incubated companies are more concerned with the design of their ideas, only after that with their implementation and formalization of the instruments.

Effects of the 2008 Financial Crisis and the Adoption of IFRS on Matching Principle: A Study on Industrial Companies Listed on the BM&FBOVESPA (2005-2015)

ID: 49104

Authors: Ademir Clemente, Alcido Manuel Juaniha, Flávio Ribeiro.

Source: Contabilidade Vista & Revista, v. 28, n. 3, p. 133-157, September-December, 2017. 25 page(s).

Keyword: BM&FBOVESPA , Financial Crisis of 2008 , IFRS , Industry , Matching Principle

Document type: Article (Portuguese) Show Abstract

In this article we investigate the effects of the Financial Crisis of 2008 and the adoption of the International Financial Reporting Standards (IFRS) on the Matching Principle based on the gross sales revenue and the cost of goods sold. Dichev and Tang (2008) suggest that the relationship between income and expenses have decreased over time, resulting in loss of earnings’ quality. Donelson, Jennings and Mcinnis (2010) consider that such a decline resulted from economic factors and changes in accounting standards. This article uses 3,740 (three thousand seven hundred forty) quarterly observations relating to 85 (eighty-five) industrial companies listed on the BM & FBOVESPA and covers the period 2005 to 2015. Four hypotheses about the possible effects of the 2008 Crisis and the adoption of international standards are developed and tested. The results suggest that the Financial Crisis of 2008 showed no weakening effect on the Matching Principle in industrial enterprises, but, on the contrary, the adoption of IFRS presented noteworthy effects of strengthening the Matching Principle.