Editorial

ID: 8166

Authors: Poueri do Carmo Mário.

Source: Contabilidade Vista & Revista, v. 22, n. 2, p. 1-2, April-June, 2011. 2 page(s).

Document type: Editorial (Portuguese)

The effect on prices of the stocks entering the Ibovespa

ID: 8167

Authors: Ricardo Goulart Serra, Gerlando Augusto Sampaio Franco de Lima, Roy Martelanc, Iran Siqueira Lima.

Source: Contabilidade Vista & Revista, v. 22, n. 2, p. 15-42, April-June, 2011. 28 page(s).

Keyword: Capital Markets , Event Study , Ibovespa Inclusions

Document type: Article (Portuguese) Show Abstract

The objective of this article is to verify if the stocks entering the Ibovespa (Bovespa Index) showed significant abnormal returns around the announcement date and the implementation date. The inclusions between September 1994 and September 2009, in a total of 55, were analyzed in this study. For each stock entering the Ibovespa the cumulative abnormal return was calculated within an event window, based on the market model. Afterwards, the cumulative abnormal return mean was tested to verify whether it was significantly different than zero. Several event windows were tested considering three events: two prior announcement dates and the observed implementation date. The results around the implementation date indicate the existence of significant positive abnormal return before the event, significant negative abnormal return after the event and absence of significant abnormal results around the event, suggesting a non permanent effect, consistent with the “price pressure hypothesis”. The mean test was conducted using the t test and normality was tested with the Jarque-Bera test. This article brings more evidence with respect to the price effect associated with the changes in the composition of market indexes by  analysing the additions to the Ibovespa.

Information asymmetry in budgeting: an analysis of scientific production in international journals between 2005 and 2009

ID: 8168

Authors: Juliano Almeida de Faria, Sonia Maria da Silva Gomes, José Maria Dias Filho, Vandenir Albuquerque.

Source: Contabilidade Vista & Revista, v. 22, n. 2, p. 43-65, April-June, 2011. 23 page(s).

Keyword: Budget , Information Asymmetry , Social Network

Document type: Article (Portuguese) Show Abstract

The recearch aims to verify the most important authors in scientific literature related to the influence between information asymmetry and budgeting in international journals in the period between 2005 and 2009. As this is a recent theme, it is necessary to identify and summarize the related articles and authors on the subject. With this, it is possible to gather the major results found so far, useful for reference in further research. An empirical-analytic research was conducted using documentary analysis in major international journals. The results show that social networking between authors and the references used in theirresearch have a low degree of centrality. The authors Joseph G. Fischer, Sean A. Peffer and James R. Frederickson are at the forefront of studies of the subject and are most often cited by international research papers, becoming the main links in the composition of social network. We conclude that, because of the complexity of the issue, it is necessary depth research about the asymmetry of information in budgeting.

Disclosure of impairment loss in the financial statements: a verification in Brazilian Public Listed Companies

ID: 8169

Authors: Maíra Melo de Souza, José Alonso Borba, Fabiana Zandonai.

Source: Contabilidade Vista & Revista, v. 22, n. 2, p. 67-91, April-June, 2011. 25 page(s).

Keyword: CPC-01 , Disclosure , Lost in the Recoverable Amount (Impairment Loss)

Document type: Article (Portuguese) Show Abstract

Given the various changes made by Laws 11.638/07 and 11.941/09, and the progress they represent for the accounting profession, specifically related to harmonization with international standards, this study aims to verify whether the companies that presented loss recognized in the recoverable amount of assets in 2008 followed the rules of disclosure in the CPC-01 statement, issued by the Committee of Accounting Announcements, which addresses the test of recoverability of assets (impairment test). To achieve this proposal, the Standard Financial Statements (DFP’s) and the related Notes (NE) of companies listed in the Ibovespa index which acknowledged the loss recoverable value of assets during 2008 were analyzed. The study is characterized as exploratory-descriptive and the approach to the problem is qualitative. A framework with the requirements contained in the CPC-01 on disclosure of the impairment loss was constructed. The research shows that none of the analyzed companies released, in a complete manner, all the determinations issued by the CPC-01, specifically with regard to the disclosure of the loss in the value of recoverable assets. The main information disclosed by companies were: the value of loss and how to measure the recoverable amount (value in use or net sales). The main information that is not evidenced by some companies was the discount rate used in discounted cash flow projections.

First time adoption of IFRS disclosure by european companies of different activity sectors and legal systems

ID: 8170

Authors: Tatiane Moraes da Silva, Sílvio Hiroshi Nakao.

Source: Contabilidade Vista & Revista, v. 22, n. 2, p. 93-124, April-June, 2011. 32 page(s).

Keyword: Agency Theory , First Time Adoption , International Accounting , Voluntary Disclosure Theory

Document type: Article (Portuguese) Show Abstract

Brazil initiated a transition period after the Law 11.638/07 with the adoption of international accounting standards issued by International Accounting Standards Board (IASB). The observation of the experiences of countries that made that adoption can predict the expected reporting quality of Brazilian companies. This study then intends to investigate the disclosure level in financial statements of companies with different legal systems and activities that had made IFRS first time adoption. A sample composed of selected companies from the industries of construction and food that had made first time adoption on London and Madrid stock exchanges were analyzed. Three hypotheses were examined. The first was that the disclosure is not complete. We found through a Content Analysis of notes using a checklist that there are companies that fail to disclose required information. It was also observed, trough a qualitative analysis, that companies are not totally compliant with IFRS 1 requirements. The second hypothesis was that the disclosure is similar in different sectors, which was confirmed by Mann-Whitney U tests performed from disclosure data of the companies. The third hypothesis, that the disclosure is similar in different legal systems, was not verified, basically because of earlier disclosure requirements of adjustments made to previous GAAP of Madrid listed companies that did not occur in companies in the London stock exchange. This result also reveals that disclosure can be different in first time adoption due to differences in previous GAAP.

Audit opinions studies: review of qualified opinions an emphasis of matter paragraphs in the financial statements of Brazil Public Firms

ID: 8171

Authors: Luzivalda Guedes Damascena, José Emerson Firmino, Edilson Paulo.

Source: Contabilidade Vista & Revista, v. 22, n. 2, p. 125-154, April-June, 2011. 30 page(s).

Keyword: Auditing , Audit Report , Financial Statements

Document type: Article (Portuguese) Show Abstract

The auditor issues qualified opinions when he has taken exception to certain current-period accounting applications or is unable to establish the potential outcome of a material uncertainty reasons. Therefore, a relevant research question is: what are the more usual causes that produce the issuing of audit opinions with the emphasis of matter paragraphs and/or qualified opinions? The objective of this study is to identify what are the more usual causes that result in the issuing of audit opinions with the emphasis of matter paragraphs and/or qualified opinions in Brazilian public firms. The adopted methodological procedure is content analysis, by the use of descriptive and bibliographical research and a qualitative approach. The population analyzed involves the opinions of public listed companies in the Bolsa de Valores de São Paulo ranging from 2006 to 2008. The sample has 1,466 financial statements where 647 statements exhibit audit opinions with the emphasis of matter paragraphs and/or qualified opinions. The results evidence that the major causes for qualified opinions are related to limits of scope and the inability to establish the potential outcome of a material uncertainty. Otherwise, the causes for opinions with emphasis of matter paragraphs show successively negative results, negative equity and problems of working capital. Therefore, these evidences suggests the necessity of larger specifications in audit opinions in order to ensure the absence of the problems related to the scope of audit works and also in obtaining the information about recognition, measurement and disclosure.

Conditions of specificity of assets of Brazilian Major Companies from the perspective of the Economic Theory of Transaction Costs

ID: 8172

Authors: Ana Paula Capuano da Cruz, Flaviano Costa, Tatiane Antonovz, Paulo Mello Garcias.

Source: Contabilidade Vista & Revista, v. 22, n. 2, p. 155-180, April-June, 2011. 26 page(s).

Keyword: Assets specificity , Capital structure , Profitability

Document type: Article (Portuguese) Show Abstract

The study aimed to determine if there is a relationship between the specificity of assets, capital structure, profitability and stock valuation of public traded companies that are in the ranking of the largest companies in Brazil in 2008. It is a formal, causal and ex post facto study, developed with the analaysis of descriptive statistics and multiple linear regression. The results indicated that the capital structure and profitability of the companies surveyed are set conditions of their asset specificity, suggesting that the financing structure of the largest companies in the country, associated with its adjusted profitability influence the specific nature of the assets of such organizations. In addition, it is noteworthy that no statistical evidence was found that the market value, adjusted income and wealth created by the companies influence the specific assets. It should be noted that the measures used to evaluate the specificity of assets, capital structure, profitability and value of the company consist of operational definitions that can be viewed as limitations of the study. To the future research agenda, it is suggested the incorporation of external factors to the company as an alternative to a broader study adding new elements to the debate on asset specificity.