Editorial V. 17, N. 51, 2018

ID: 50477

Authors: Marcello Alexandre Seemann.

Source: Revista Catarinense da Ciência Contábil, v. 17, n. 51, p. 1-1, May-August, 2018. 1 page(s).

Document type: Editorial (Portuguese)

Analysis of the Impact of Macroeconomic Variables on the Financial Performance of Companies in the Sectors of Consumer Cyclical and Non-Cyclical of BM&FBovespa

ID: 50478

Authors: Jardel Pandini, Valkyrie Vieira Fabre, Diego Rafael Stüpp.

Source: Revista Catarinense da Ciência Contábil, v. 17, n. 51, p. 7-22, May-August, 2018. 16 page(s).

Keyword: Consumer Cyclical not , Cyclical Consumption , Macroeconomic Variables , Performance Indicators

Document type: Article (Portuguese) Show Abstract

All companies are influenced by macroeconomic variables, more or less sharply, as they are subject to the economic conditions of the regions where they operate. Thus, this reasoning is no different for companies that sell goods and services to end users, such as companies belonging to the consumption sector Cyclical (production and sale of durable goods) and Non-Cyclical (production and sale of non-durable goods) sector of BM&FBovespa). In light of the Business Cycle Theory, the aim of this study was to assess the impact of macroeconomic variables on the financial indicators of companies in the Consumer Cyclical sector and Non-Cyclical BM&FBovespa, since they have to companies in the first sector are more affected by economic fluctuations than companies in the second sector. In this sense, there was a quantitative, descriptive and analysis of documentary data. The study used calculation of canonical correlation coefficients, using statistical software SPSS (Statistical Package for Social Sciences). The survey sample consisted of 103 companies that negotiate their roles in the BM&FBovespa, divided into the sectors of Consumer Cyclical (64 companies) and Consumer Non-Cyclical (39 companies). The study’s findings point to an acceptance of the theory that cyclical companies are more impacted by changes in the Brazilian economy, since the results obtained by the canonical correlation indicates that the economic-financial indicators of Cyclical sector companies are more correlated to macroeconomic variables than the indicators of the companies not Cyclical.

Anticipation of Receivables in Banks VRS Factorings: An Analysis of the Differences between the Rates Charged and their Possible Causes

ID: 50479

Authors: Tatieli Borges Machado, Alex Mussoi Ribeiro.

Source: Revista Catarinense da Ciência Contábil, v. 17, n. 51, p. 23-40, May-August, 2018. 18 page(s).

Keyword: ANFAC Factor , Banks , D-Cohen , Factoring

Document type: Article (Portuguese) Show Abstract

This article aims to analyze the difference between the average rates used by commercial banks and factoring companies in the negotiation of corporate receivables in the Brazilian scenario. The variables analyzed were the average effective rates applied by financial institutions and factoring companies in the purchase of trade acceptance bills and checks between the years of 2012 and 2016.The statistical tests used were the parametric means test for independent samples, the D-Cohen statistic and the correlation analysis. The data used in the research were obtained on the website of the Central Bank of Brazil (BACEN) and the National Factoring Association (ANFAC). The results show a difference of 1.35% greater in the ANFAC factor in relation to the average rates charged by the banks. The D-Cohen statistic has shown that such a difference is significant and relevant. Based on the correlation, it was possible to infer that a possible cause for such a difference lies in the methods adopted between the credit risk analysis models used in such entities and environment more flexible and the less bureaucratic in which factoring companies operates. The contributions obtained with this research allow us to direct the users that seek the anticipation of receivables as a credit modality and break the lack of studies related to the factoring agencies in Brazil, mainly from an empirical perspective.

Corruption and Market Value: Effects of the Lava Jato Operation on the Brazilian Stock Market

ID: 50480

Authors: Eduardo Carvalho Correa de Araújo, Victor Rangel dos Santos Rodrigues, Danilo Soares Monte-Mor, Rogério Dias Correia.

Source: Revista Catarinense da Ciência Contábil, v. 17, n. 51, p. 41-58, May-August, 2018. 18 page(s).

Keyword: Corruption , Lava Jato Operation , Market value

Document type: Article (Portuguese) Show Abstract

This paper aims to identify the effects of the disclosure of corruption events on the market values of companies listed on the Brazilian Stock Exchange. For this purpose, we applied the event studies methodology to evaluate the influence of exposing the phases of one of the most extensive Brazilian anti-corruption operations - the Lava Jato Operation - on the cumulative abnormal return of shares, both of the companies cited in the investigations (direct involvement) and of those listed in the same segments as the cited companies. Results indicate that the Lava Jato Operation reduced the market values of the companies directly involved in the corruption scandals above market variations. For the other companies in the concerned segments, there was a positive effect on the cumulative abnormal returns. Such results suggest that the onset of anti-corruption operations such as the Lava Jato Operation has the potential to reduce pricing differences that exist between companies that directly participate in fraudulent contracts and other companies in the same segments. This pricing adjustment may be associated with the correction made by the market due to losses in competiveness caused by unfair competition.

Tax Incentives as Public Policy of Industrial Development: An Empirical Analysis of the Economic Effects of the ICMS Presumed Credit Concession for Textile Industries of State of Santa Catarina

ID: 50481

Authors: Julio Cesar Fazoli, Fabrícia da Silva Rosa, Leonardo Flach, Luiz Felipe Ferreira.

Source: Revista Catarinense da Ciência Contábil, v. 17, n. 51, p. 59-74, May-August, 2018. 16 page(s).

Keyword: Economic development , ICMS , Tax incentives , Tax War

Document type: Article (Portuguese) Show Abstract

In Brazil, the tax competition among state governments to attract private investment is not something new. According to the participating states, such measures would allow the economic development of their regions, generating income and employment, in addition to the significant increase in the value added along the supply chains due to increased industrial processing. This study sought to contribute to the topic, analyzing the behavior of value added generated by 11.272 Santa Catarina establishments operating in the textile sector. Were collected the value added informations between the years of 2006 and 2010, resulting in 60 months. To verifying the behavior of textile industries´s value added before and after of tax incentive it was used the panel data model known as “difference in differences” (diff-in-diff). The results show a fall of 32.89% in real value added generated by companies in the sector after the establishment of the ICMS presumed credit. Moreover, while there was an increase of 105% in the monthly rate of growth of value added to the beneficiary companies, there was a fall by 53.30% for the companies not granted the same treatment, which shows a process of migration markets, probably due to the unfair competition generated by the tax incentive.

Performance of Funds of Funds in Brazil

ID: 50482

Authors: Dermeval Martins Borges Junior, Rodrigo Fernandes Malaquias.

Source: Revista Catarinense da Ciência Contábil, v. 17, n. 51, p. 75-88, May-August, 2018. 14 page(s).

Keyword: Funds of equity funds , Funds of funds , Institutional investors , Investment funds , Performance

Document type: Article (Portuguese) Show Abstract

Among the modalities of existing funds are the Investment Funds in Quotas (FICs), which they are funds that acquire shares from other funds instead of directly investing in market assets. In addition to offering the inherent advantages of traditional funds, the FIC allows the expansion of investment options, since its structure allows access to several other funds with low initial investment. On the other hand, the structure of the FICs presents rates and costs that can negatively affect their performance. However, the objective of this study is to analyze the performance of the Brazilian FICs, with focus on the other funds. From a sample of 1,723 stock funds, with data available for the period from January 2005 to March 2016, the analysis was used to reach the objective of the study. The results indicated better performance indicators (Sharpe Ratio) for FICs, compared to the other funds in the sample.

Relationship between Financial Restatements and Audit Delay

ID: 50483

Authors: Vanessa Chiudini, Paulo Roberto da Cunha, Leandro Marques.

Source: Revista Catarinense da Ciência Contábil, v. 17, n. 51, p. 89-107, May-August, 2018. 19 page(s).

Keyword: Audit delay , Audit report , Financial restataments

Document type: Article (Portuguese) Show Abstract

The aim of this paper is to verify the relationship between the financial restataments and the audit delay. Consist of a descriptive research, of the document type with quantitative approach. The companies with Audit Report between 2011 and 2016 were selected for the survey. The data were analyzed through means and correlation test in SPSS® software. The results indicate that there is a relationship between the financial restataments and the audit delay in the years 2011, 2012, 2015 and 2016, while for the years 2013 and 2014 this relationship could not be confirmed. In 2013, there was no significant difference in the audit delay of the companies that published or republished the financial statements. Already, in 2014, there was an inverse relation to the expected, a smaller audit delay related to the financial restatements. It is concluded, therefore, that in the Brazilian market a greater delay in the release of the auditor's report may signal greater risks for the audit, giving indications that the statements can be republished. Further research is needed to explain the dissonant outcome observed in 2014.

Governmental Grants and Assistance in the Brazilian Companies with Innovation Fostered by Finep

ID: 50484

Authors: Jackeline Lucas Souza, Paulo Henrique Nobre Parente, Ivaneide Ferreira Farias, Hyane Correia Forte.

Source: Revista Catarinense da Ciência Contábil, v. 17, n. 51, p. 108-122, May-August, 2018. 15 page(s).

Keyword: Accounting Pronouncements , CPC 07 , Disclosure , Tax incentives

Document type: Article (Portuguese) Show Abstract

This study verifies the content and level of disclosure of Government Grants and Assistance (GGA) in the financial statements of Brazilian companies fostered by the Studies and Projects Funding Entity [FINEP] between 2008 and 2015. CPC 07 requires companies to disclose their accounting policy, the nature and amounts of government grants, and the requirements that must be met by the companies. Of the 1,992 companies fostered during this period, only 48 are publicly-held and, consequently, publish financial statements on the Stock Exchange, Brazil, and over-the-counter [B3] website. We used the content analysis, in which we collected the companies´ registration, sectorial, financial and accounting data, including general GGA information. We obtained information on the financed and subsidized projects from the FINEP website. The verification of receiving the GGA considered the guidelines of the CPC 07 (2008) and its subsequent review, CPC 07 – R1 (2010), which presents the eight items subject to disclosure. We verified that 71.2% of the sampled companies disclosed receiving the GGA. The year 2009 was the most representative. The other 28.8% of the sampled companies did not demonstrate receiving the GGA but explicitly mentioned the CPC 07. In conclusion, despite mentioning the CPC 07, a significant part of the sampled companies did not disclose the information regarding the GGA for the period between 2010 and 2015, showing greater disclosure only in 2009.