Performance analysis of the shares of companies in the sector of real estate in Bovespa in relation to profitability, capital structure and environment sector

ID: 34986

Authors: Roberto Carlos Evencio Oliveira da Silva, Maria Lucia Matsunaga Koyashiki, June Alisson Westarb Cruz, Rony Ahlfeldt, Wesley Vieira da da Silva, Jansen Maia Del Corso.

Source: Revista Catarinense da Ciência Contábil, v. 14, n. 41, p. 0-0, January-April, 2015. 1 page(s).

Keyword: Asset pricing , Capital structure , Profitability , Real estate

Document type: Article (Portuguese) Show Abstract

The study of the relationship between accounting information and the stock market has become relevant in the assessment of risk and return of publicly traded companies. In this sense, this article aims at verifying whether the profitability and the capital structure influence the share price of construction listed on the São Paulo Stock Exchange (BOVESPA). Furthermore, it was investigated the influence of the main economic indicators of the sector in the stock price. The research is descriptive, multivariate quantitative analysis with the use of the technique of multiple linear regression data being used. The sample period extends from the first quarter 2008 to first quarter 2013. The results show that stock prices of some companies are influenced by selected variables, considering that for some companies, cyclical variables have greater weight the the variables of profitability and capital structure.

Editorial

ID: 34985

Authors: Adilson Cordeiro.

Source: Revista Catarinense da Ciência Contábil, v. 14, n. 41, p. 1-1, January-April, 2015. 1 page(s).

Document type: Editorial (Portuguese)

Reviews of public programs conducted by TCU in health

ID: 34987

Authors: Célio da Costa, Filipe Machado da Costa, Edimilson Monteiro Batista, Fábia Jaiany Viana de Souza, Olga Aguiar de Melo.

Source: Revista Catarinense da Ciência Contábil, v. 14, n. 41, p. 20-32, January-April, 2015. 13 page(s).

Keyword: Evaluation of programs , Health , Operational audit (ANOP)

Document type: Article (Portuguese) Show Abstract

Health is a fundamental human right, constitutionally guaranteed by the State, through the implementation of public policies for the sector, to promote the physical, mental and social well-being of the community. The research sought to examine the program evaluations conducted by the Court of Audit (TCU), single Supreme Audit (EFS) in Brazil, between 2000 and 2012, by revealing the criteria in data handling, as well as the standards used by external control agency. The research is exploratory in qualitative-quantitative approach and case study. The results reveal the realization of seventeen reviews, which involved 121 auditors, being 65.29% of males and the use of seventeen types of diagnostic techniques, predominantly the interview and the postal / electronics survey. It was concluded that evaluations of programs carried out by TCU turned into subsidies for the improvement of public management courses in health, since they resulted in 305 recommendations. TCU has demonstrated the ability to deliver up to four annual assessments in this area, and the 10 monitoring performed were considered shy and too general, charging the Brazilian Federal Public Administration recommendations made up to 2007.

Determinants of the conformity level of evidences related to the disclosure CPC 27 in companies of the new BM&FBOVESPA market

ID: 34988

Authors: Itzhak David Simão Kaveski, Antonio Maria da Silva Carpes, Roberto Carlos Klann.

Source: Revista Catarinense da Ciência Contábil, v. 14, n. 41, p. 33-45, January-April, 2015. 13 page(s).

Keyword: CPC 27 , Disclosure , Property

Document type: Article (Portuguese) Show Abstract

This article aims at identifying the factors that explain the level of disclosure concerning the CPC 27 - Fixed Assets, for companies listed on the New Market segment of Corporate Governance of BM&FBovespa. The probable determinants are considered the size variations, the total assets, debt and return on assets. The study is characterized as descriptive, carried out through documentary analysis and quantitative approach. The population is made of 109 companies in 2011, covering a sample of 106 companies. For data collection a checklist which consists of 17 items based in IAS 27 were designed. The analysis technique, seeking to achieve the research proposal, was made through multiple linear regression. The results show a meaningful and positive relationship between the fixed assets of the company and the disclosure index, checked by the items corresponding to the requirements in CPC 27. In the determinant variables of the disclosure process, it was found that "Property" is positively associated with the dissemination of information on fixed assets. Have the "profitability" is negatively associated to disclosure. There was no significant association between "Indebtedness" and "Size" to the information disclosure on assets. It must also be considered the low explanatory factor of the determinant variables of disclosure recommended by CPC 27 and the need to extend the investigation deep into the issue, by allowing comparisons and extraction of new conclusive evidences.

Strategic cost management in Accounting Undergradute courses of higher education institutions from Santa Catarina

ID: 34990

Authors: Leila Chaves Cunha, Altair Borgert, Mara Juliana Ferrari Ferrari.

Source: Revista Catarinense da Ciência Contábil, v. 14, n. 41, p. 46-60, January-April, 2015. 15 page(s).

Keyword: Accounting teaching , Higher education institutions , Strategic cost management

Document type: Article (Portuguese) Show Abstract

Through a survey study with sample accessibility, this study aims at revealing the contents related to Strategic Cost Management (SCM), described in the syllabuses of undergraduate courses in Accounting from Higher Education Institutions (HEIs) in Santa Catarina. Thus, it uses as its base the SCM classification of the terms proposed by Wrubel et al. (2011), in which 88 syllabuses related to costs are analyzed, whose data are described and statistically analyzed through clusters. The results show that the ABC / ABM category is more evident, in all the HEIs, with 38.89%, as well as in each of the clusters: Universities (41.67%); Colleges (43.75%); and the HEIs that offer master's degree in Accounting (21.43%). This result does not converge to the applied research in business environments in which the use of the ABC / ABM category is hardly observed. Considering the total amount of contents, the HEIs that offer master's degree in accounting are the most evident in SCM (7.29%) and the Colleges are the ones that have lower disclosure (3.64%). Another finding is that 35 categories in the universities and 12 at the Colleges are evident even though they are not contextualized in the SCM. Furthermore, the analysis of the Value Chain is the most evident key-theme. Finally, it is identified that the SCM categories are more evident in the intermediate and final semesters in Accounting undergraduate courses.

Operational risk management in cluster: an exploratory study in the sector of fruitculture

ID: 34989

Authors: Francisco de Assis Carlos Filho, Umbelina Cravo Teixeira Lagioia, João Gabriel Nascimento de Araújo, Lucivaldo Lourenço da Silva Filho, Ítalo de Souza Barbosa.

Source: Revista Catarinense da Ciência Contábil, v. 14, n. 41, p. 46-60, January-April, 2015. 15 page(s).

Keyword: Cluster , Fruitculture , Operational risk management

Document type: Article (Portuguese) Show Abstract

This study aimed at understanding how the operational risk management of the cluster of fruitculture works in Vale do São Francisco. According to the objectives of this study, the research is classified as exploratory and descriptive, because it tries to approach the investigated phenomenon by gathering information through field research. It was possible to learn more about such phenomenon as well as describing it and analyzing it. It is also characterized as quantitative. The research has as its population the fruit exporting companies located in the cluster of fruitculture Vale do São Francisco. The total number of exporting producers in the cluster is 38, with a sample of 31 questionnaires. It might be concluded that most of the respondents have some methods of operational risk management and that managers use performance analysis intended in the decision making process. If the manager analyzes performance as the goal in a decision-making process, the more likely it is that the same manager uses the operational risk management in the company. However, the greater the non-use of decision making as purpose in decision making process, the less likely the manager use of operational risk management.

An overview of the returns of IPO's under the investor's sight

ID: 34991

Authors: Jailson da Conceição Teixeira de Oliveira, Daniel Carvalho Cunha.

Source: Revista Catarinense da Ciência Contábil, v. 14, n. 41, p. 74-89, January-April, 2015. 16 page(s).

Keyword: BHARs , IPO , MAARS , Return

Document type: Article (Portuguese) Show Abstract

The aim of this work is to analyze the processes of IPO companies that occurred in Brazil in the period of 2004-2010 and assess whether they have brought benefits to individual investors. To analyze the performance of the Brazilian stock market IPO methods Market Adjusted Abnormal Returns (MAARSS) and Buy-and-Hold Adjusted Returns (BHARs) are employed, the same used by Toniato (2007) that compare the return of any share with their respective benchmarks. The returns calculated from the date of IPO's were extracted from the Bloomberg platform and measured for the following windows: 1 day, 1 year and 3 years, being similar to those chosen by Ritter and Welch (2002) periods. The results of this work confirm the phenomenon of underpricing in the sample and also show that the long-term returns are affected by the of the market in the IPO's launch. For future studies, it is suggested to isolate the effect caused by the coordinators in the pricing of the offer and therefore, in the performance of shares caused by the market heating. To do so, the returns of IPO's with respect to the benchmark were calculated through of the MAARS and BHARs methods. The phenomenon of underpricing in the sample was observed and the long-term returns are really affected by the market heating in the launch of IPO's.