Editorial V. 19, N. 2, 2020

ID: 59206

Authors: Cláudia Sofia Frias Pinto.

Source: RACE: Revista de Administração, Contabilidade e Economia, v. 19, n. 2, p. 199-200, May-August, 2020. 2 page(s).

Document type: Editorial (Portuguese)

Influence of Ownership Structure and Family Management on the Debt Financing Cost of Brazilian Publicly Traded Companies

ID: 59207

Authors: Geovanne Dias de Moura, Jovani Lanzarin, Sady Mazzioni, Francisca Francivânia Rodrigues Ribeiro Macêdo, Ilse Maria Beuren.

Source: RACE: Revista de Administração, Contabilidade e Economia, v. 19, n. 2, p. 203-226, May-August, 2020. 24 page(s).

Keyword: Brazilian publicly traded companies , Cost of debt financing , Family management , Family ownership structure

Document type: Article (English) Show Abstract

The objective of this study was to verify the influence of the structure of ownership and family management in the cost of debt financing of publicly traded companies listed in B3. For this, a descriptive, quantitative research was carried out by means of documentary analysis, with consultation to Reference Forms, Economatica database and B3 website. The sample was composed of 211 companies in 2012, 214 in 2013, 225 in 2014, 220 in 2015 and 223 in 2016. The results showed that the average cost of debt financing, in most years, was not lower in the group of companies that had a family-owned structure. However, when comparing the cost of debt financing between companies that had family and non-family management, it was noticed that, in most years, the cost was lower in the group of family-run companies. Therefore, it was found that only the family management influenced to reduce the cost of debt financing. It is concluded that companies with ownership structure and family management enjoy greater alignment of interests between the controller and the manager, in accordance with the principal-agent perspective of Agency Theory. The research contributes to strengthen the understanding of the theme in the Brazilian scenario and expands the existing discussion in the literature by addressing a factor that influences the cost of debt still little explored in Brazil. It also increases the literature in the area with empirical evidence related to the Brazilian scenario, which still lacks research of this nature.

Factors Determining the Forecast Errors of Market Analysts for Fiscal Variables in Brazil

ID: 59208

Authors: Francisca Aparecida de Souza, César Augusto Tibúrcio Silva, Karla Roberta Castro Pinheiro Alves.

Source: RACE: Revista de Administração, Contabilidade e Economia, v. 19, n. 2, p. 227-248, May-August, 2020. 22 page(s).

Keyword: Forecast error , MAPE , Prisma Fiscal , Public finances , z

Document type: Article (English) Show Abstract

The objective of this study is to investigate determinant factors the forecast errors of market analysts for Brazilian fiscal variables. The data for conducting the research was obtained in the Prisma Fiscal, the Ministry of Economy’s system of collecting and disclosure of market expectations for fiscal variables. The data collected refer to collection, net revenue and total expenditure, in the period from November 2015 to December 2018. The Mean Absolute Percentage Error (MAPE) and z were used to measure the quality of the market analysts’ forecast. The use of the z value as a measure of the forecast error is one of the contributions of this research. Among the results obtained, the hypothesis that the temporal horizon interferes in the quality of the forecast was not rejected for horizons of one and two years; the dispersion of forecasts did not show a substantial change; and the optimistic bias hypothesis was not confirmed. It can be concluded that for this sample the temporality is a determinant factor of the forecast error of the market analysts for fiscal variables. The research contributes to the discussion about forecasting error in the areas of Public Financial Management and Public Accounting.

Budgetary Dynamics of Local Governments in Paraná: Following Incrementalism or Punctuated Balance?

ID: 59211

Authors: Cristiane Aparecida da Silva, Ricardo Suave, Fabiano Aparecido da Silva, Fabricia Silva da Rosa.

Source: RACE: Revista de Administração, Contabilidade e Economia, v. 19, n. 2, p. 229-316, May-August, 2020. 88 page(s).

Keyword: Budgetary dynamics , Budget execution , Incrementalism , Punctuated balance

Document type: Article (Portuguese) Show Abstract

This study aimed to analyze whether the budget process of Local Governments in Paraná follows the patterns of incremental change in budget allocations or occurrence of budget scores. Regarding the objectives, this study is characterized as descriptive. As for the approach, the research is characterized as quantitative. The sample corresponds to 39 local governments in Paraná, whose data collection concerns the time axis 2014 to 2017. The data were collected on the Brazilian Public Sector Accounting and Tax Information System (Siconfi) website in October 2018. Four were established analysis variables: education, health, public security and urbanism. Taking into account the analyzed aspects, it is concluded that the percentage variation in the budget appropriation data is distributed in a non-linear way, as illustrated by the graphic presentations and descriptive statistics, suggesting the occurrence of a punctuated equilibrium pattern and also the simultaneous scores in budget allocations between public policy sectors. The research limitations are related to the sample selection and analyzed variables. As notes for future research, it is suggested to use a larger longitudinal cut, as well as the application of models with statistical tests.

Earnings Management and Restatement of Financial Results in Firms Traded on B3

ID: 59209

Authors: Márcia Martins Mendes De Luca, Ana Olívia Batista Viana, Karen Davila Freitas de Sousa, Danival Sousa Cavalcante, Vanessa Ingrid da Costa Cardoso.

Source: RACE: Revista de Administração, Contabilidade e Economia, v. 19, n. 2, p. 249-272, May-August, 2020. 24 page(s).

Keyword: Earnings management , Earnings quality , Restatement of financial results

Document type: Article (Portuguese) Show Abstract

The information presented in financial statements directly impacts the stakeholders’ decisionmaking. In this context, we intended to verify the relationship between earnings management and the restatements of financial results. In this study, we evaluated whether firms engaging in earnings management are more prone to restate their financial results, based on a sample of 154 firms traded on B3 (Brazilian Stock Exchange) and 201 restatements, covering the period 2011-2017. The collected data was submitted to content analysis, descriptive statistics, correlation analysis and logistic regression. Our results point to a positive association between restatement of financial results and earnings management by discretionary accruals; in other words, the study hypothesis could not be rejected. Interestingly, a considerable part of the restatements was voluntary, suggesting that many firms wish to provide information users with better earnings quality.

Essentiality of Fair Value in the Evaluation of Investment Properties: Evidences in Brazil

ID: 59210

Authors: João Paulo Machado Ribeiro, Álvaro José Ribeiro Caldas, Ariane Firmeza Mota, Edilson Paulo.

Source: RACE: Revista de Administração, Contabilidade e Economia, v. 19, n. 2, p. 273-298, May-August, 2020. 26 page(s).

Keyword: Essentiality of fair value , Fair value , Fair value hierarchy , Historical cost , Investment properties

Document type: Article (Portuguese) Show Abstract

Our main objective is to investigate the essentiality of fair value from the perspective of the Investment Properties (IPs), verifying how and if the companies listed in the brazilian market evaluate these assets, as well as the relation with business aspects and the levels of fair value hierarchy. The financial statements and footnote of the companies listed in B3 that had IP between 2013 and 2017 were analyzed. It was observed a more conservative behavior in choosing the assessment method of their IPs, given the complexity to determine the fair value on the criteria as the historical cost. The results reported here show how main contribution that the fair value measurement is not essential for the companies analyzed, once the usefulness of this information is conferred if they are verifiable and understandable. In addition, it should be noted that fair value accounting is under intense scrutiny because of its role in financial crises, and its usefulness is a key issue for its treatment in the Brazilian context.

Evidence of Intangible Assets by B3 Information Technology Companies

ID: 59212

Authors: Daiany de Souza, Ernando Fagundes, Januário José Monteiro, Rodrigo Rengel, Fabricio Constante.

Source: RACE: Revista de Administração, Contabilidade e Economia, v. 19, n. 2, p. 317-334, May-August, 2020. 18 page(s).

Keyword: Disclosure , Information Technology , Intangible assets

Document type: Article (Portuguese) Show Abstract

This study aimed to analyze the level of disclosure of intangible assets, in the information technology sector listed in B3, during the period from 2010 to 2017. For this purpose, a checklist was prepared, based on the disclosure criteria required by the Comitê de Pronunciamentos Contábeis 04 (CPC, 2010). The Financial Statements of the companies in the information technology sector, listed on Brasil, Bolsa, Balcão (B3), were analyzed, identifying the items on the checklist, in order to measure the level of disclosure of these companies, based on the items served or not by the companies. companies. The results showed that the Company Senior Solution S.A. presented the highest level of disclosure. However, it is noteworthy that none of the analyzed companies fully complied with what is determined by CPC 04 (CPC, 2010). The least observed item of disclosure by companies was the disclosure of the income statement item in which any amortization has been included. The level of the disclosure presented by the companies was, on average, 81.72%, considering the total of items over the analyzed period. This study contributes by presenting aspects of the disclosure of intangible assets that have not been served by companies, allowing them to act to qualitatively improve the disclosure of these assets, in order to obtain positive reactions from the market.

Are you Following Recipes? Mapping About the Phenomenon 'Entrepreneurship on Stage' in Web Reports

ID: 59215

Authors: Lauriene Teixeira Santos, Juliana de Oliveira Becheri, Izadora Ribeiro e Garcia de Oliveira, Paulo Henrique Montagnana Vicente Leme.

Source: RACE: Revista de Administração, Contabilidade e Economia, v. 19, n. 2, p. 335-360, May-August, 2020. 26 page(s).

Keyword: Entrepreneurship , 'Entrepreneurship on stage' , Web reports

Document type: Article (Portuguese) Show Abstract

Studies and research on respect for entrepreneurship have increased over time. However, the interest on this topic goes beyond the academic environment, appearing in the business media. Thus, it is possible to verify the phenomenon “entrepreneurship on stage”, which recently gained space in the business world. The general objective of this article is to map through reports released on the internet, on Brazilian websites, reports that have been addressed about this phenomenon. It is expected that when analyzing the content of these reports, it will be possible to obtain relevant data to encourage a discussion on the respect of this theme. The study presents a qualitative and exploratory approach. As a data analysis technique, use content analysis, under Bardin’s precepts. The results presented are discussed according to the categories of analysis: definitions of stage entrepreneurship; fake promises; entrepreneurship as self-help; dream industry; focus on concrete tools. Thus, it was identified that the reporting approach is aimed at alerting readers about the widespread content of entrepreneurship, showing that there is a great motivational appeal, to the detriment of concepts and practices with theoretical-scientific basis. In this sense, it is clear that, through “entrepreneurship on stage”, ideas are misunderstood in terms of respect for entrepreneurship, as it presents “readymade recipes” that show how suffering is, the desired goals that are achieved. It then presents an idea that the same configuration is suitable for all people and companies.

Location Strategy and Entry Model the Metalomechanical Segment

ID: 59216

Authors: Ana Célia Bohn.

Source: RACE: Revista de Administração, Contabilidade e Economia, v. 19, n. 2, p. 361-388, May-August, 2020. 28 page(s).

Keyword: Entry model , International Business , Localization strategies , Multinationals

Document type: Article (Portuguese) Show Abstract

The present study, of a single case study type (Yin, 2016), of a qualitative, descriptive and bibliographic nature, aims to understand the motivations for internationalization of a multinational organization in the metal-mechanic segment, with headquarters located in Brazil and subsidiaries in different countries. Among these motivations, the study seeks to describe the strategies of location and the entry model (Cuervo-Cazurra & Narula, 2015). In order to fulfill the proposed objective, bibliographical and electronic research was required, in specific books and websites, as well as the provision of secondary data, based on the organization’s official website, guided technical visit and semi-structured interview of questions directed to a technical manager, responsible for the internationalization area. The analysis and discussion of results occurred by the method of content analysis and theoretical discussion. It was observed that the organization under study dispersed its business, expanding in several market segments on the five continents in developed and developing countries. The entry model differed in each situation, considering the forms of acquisitions, joint ventures, offices in strategic locations or the installation of new, own factories (greenfields). The proportion of the business has increased since the 2000s, showing an average annual growth of 15%, from internationalization. The contributions of this study highlight the development of Brazilian companies abroad, in terms of organizational management and, as a scientific contribution, carried out a review of international business literature and brought the academy closer to the business area, with regard to the uniqueness of internationalization strategies.