Editorial: A Abordagem Institucional na Contabilidade Gerencial

ID: 24246

Authors: Reinaldo Guerreiro.

Source: Revista Contabilidade & Finanças, v. 17, n. 40, p. 3-3, January-April, 2006. 1 page(s).

Document type: Editorial (Portuguese)

Ativos intangíveis e o desempenho empresarial

ID: 24247

Authors: Marcelo Monteiro Perez, Rubens Famá.

Source: Revista Contabilidade & Finanças, v. 17, n. 40, p. 7-24, January-April, 2006. 18 page(s).

Keyword: Accounting information , Economic performance , Intangible asset

Document type: Article (Portuguese) Show Abstract

Globalization and advances in information technology are stepping up competition between companies, making it increasingly necessary for them to stand out from their competitors. Intangible assets such as brands, patents, public utilities and intellectual capital, for example, are singular assets, whose uniqueness allows companies to differentiate themselves from others and gain competitive advantages. In this context, innumerous authors have asserted that the generation of wealth in companies is directly related to intangible assets, as these assets are responsible for better economic performance and the generation of above-average profits. The higher presence of intangible assets not accounted for on paper can also explain the gap between the market value of a company and the value reflected in traditional accounting. The aim of this study was to analyze the impact of the presence of unrecorded intangible assets on the performance of companies, statistically verifying whether these assets can really generate greater value for shareholders. The results obtained from hundreds of companies in the United States are signifi cant and show that there are important differences in performance between intangible-intensive and tangible-intensive companies. Accounting thus needs to make an effort to register these strategic assets and develop a means of reflecting them, if necessary re-adjusting its principles, conventions, norms and practices in such a way that essence take prevalence over form, because even subjectivity and the consequent difficulty in measuring intangible assets cannot stand as an obstacle this process of evolution.

Emissões públicas de ações, volatilidade e insider information na Bovespa

ID: 24248

Authors: Otávio Ribeiro de Medeiros, Alberto Shigueru Matsumoto.

Source: Revista Contabilidade & Finanças, v. 17, n. 40, p. 25-36, January-April, 2006. 12 page(s).

Keyword: ARCH , Brazilian Firms , Event Study , GARCH , Stock Issues

Document type: Article (Portuguese) Show Abstract

The paper uses an event study to examine stock returns associated to public equity issues carried out by Brazilian fi rms listed on BOVESPA, from 1992 to 2002, with the purpose of determining how the market reacted before, during, and after the issue announcement dates. After utilizing the conventional method for measuring abnormal returns by OLS, we used ARCH and GARCH models, which take into account the conditional heteroskedastic volatility of the abnormal returns in more than 70% of the sample, since the presence of these processes was found in the original residuals. The results show that (1) there is evidence of insider information prior to the announcement date, (2) abnormal returns occurred on the announcement date, and (3) within one year after the issues, the shares of issuing firms had negative returns after adjusting for risk and market effects.

O Balanced Scorecard e o alinhamento estratégico da Tecnologia da Informação: um estudo de casos múltiplos

ID: 24249

Authors: Eduardo Santos Galas, Vera Maria Rodrigues Ponte.

Source: Revista Contabilidade & Finanças, v. 17, n. 40, p. 37-51, January-April, 2006. 15 page(s).

Keyword: Balanced Scorecard , Information technology , IT alignment , Management Changes , Strategic alignment , Strategy planning

Document type: Article (Portuguese) Show Abstract

In the age of information and knowledge, information technology (IT) has revealed to be an increasingly important area for companies. Thus, the alignment between IT and strategy has been a constant worry among scientists and executives. Literature presents the Balanced Scorecard (BSC) as a management instrument that allows the organization to align with its strategy. In this context, with a view to analyzing the impact of the implantation of BSC on strategic alignment factors of IT with business, from a management perspective, we carried out a qualitative-exploratory research through a multiple case study in companies that implanted BSC and have an IT area. Evidence was collected trough focal interviews, a semistructured questionnaire, documents and direct observation. IT alignment factors were grouped in four categories: Social, Organizational, Planning and Behavioral. The results showed that the implantation of BSC provokes management changes that influence the four categories of IT alignment factors, transforming them into alignment facilitators and also contributing positively to the alignment between IT and the business.

O inter-relacionamento entre políticas de dividendos e de investimentos: estudo aplicado às companhias brasileiras negociadas na Bovespa

ID: 24250

Authors: Lenita Loss, Alfredo Sarlo Neto.

Source: Revista Contabilidade & Finanças, v. 17, n. 40, p. 52-66, January-April, 2006. 15 page(s).

Keyword: Dividends , Investments , Legal Protection

Document type: Article (Portuguese) Show Abstract

This article presents an empirical study about a possible interrelation between dividend and investment policies practiced by Brazilian companies listed on the São Paulo Stock Exchange (BOVESPA). The objective was to identify if the Brazilian companies modify their dividend policy in view of the need for permanent investments. The theoretical framework of this research is particularly based on the 1961 classic proposals by Miller and Modigliani. The empirical study was realized through multiple regression analysis, applied to a sample of 476 pooled data for the period from 1998 to 2002. The sample was studied, contemplating all data, and was divided in quartiles, according to company size and volume of loans in the period. The main evidence shows that there is no relation between these policies. As the Brazilian market cannot be considered perfect, this evidence reveals that possible imperfection in other markets are not effi cient justifi cations to explain evidences about a relation between dividend and investment policies. Other factors infl uenced the empirical results. In the Brazilian case, the regulation of dividend politics cannot be ignored in this type of analysis.

Técnicas de amostragem utilizadas nas empresas de auditoria independente estabelecidas em Santa Catarina

ID: 24251

Authors: Paulo Roberto da Cunha, Ilse Maria Beuren.

Source: Revista Contabilidade & Finanças, v. 17, n. 40, p. 67-86, January-April, 2006. 20 page(s).

Keyword: Audit sampling , Observance tests , Substantive tests

Document type: Article (Portuguese) Show Abstract

Financial reports should express companies’ economic and fi nancial status according to generally accepted accounting principles. In order to assure compliance with this premise, companies use auditing services. Auditors apply procedures, which include observance and substantive tests, before expressing their opinion. The application of these tests does not cover all transactions occurred in the companies, because auditing work is carried out based on sampling tests in order to conclude about the universe of occurred transactions. Thus, this descriptive survey aims to identify the sampling techniques currently used by independent auditing companies established in Santa Catarina, using quantitative methodology. The study population consists of the 21 independent auditing companies established in this state, which are registered at the Brazilian Securities Commission, and the sample by accessibility totaled 12 companies. Data were collected through a questionnaire with open and closed questions. The results indicate that the independent auditing companies established in Santa Catarina do not apply statistical sampling techniques. Observance and substantive tests are carried out on a sampling basis selected on the basis of subjectivity or the auditors’ judgment and experience.

Análise do "efeito tamanho" nos retornos das ações de empresas listadas na Bovespa

ID: 24252

Authors: Gustavo Amorim Antunes, Wagner Moura Lamounier, Aureliano Angel Bressan.

Source: Revista Contabilidade & Finanças, v. 17, n. 40, p. 87-101, January-April, 2006. 15 page(s).

Keyword: CAPM , Effi cient Capital Markets , Market Anomaly , Size Effect

Document type: Article (Portuguese) Show Abstract

This study analyzes the performance of stocks listed on Bovespa – the São Paulo Stock Exchange – between 03/17/1998 and 08/03/2004. First, stationarity was tested in order to check whether these stocks followed the random walk model. The results showed that all returns were stationary. In relation to prices, 90% of all stock prices revealed a unit root, that is, they followed the random walk model at level. The other 10% were rarely traded. These fi ndings suggest that the Brazilian stock market is effi cient in its weak form. Then, the effi ciency of the Brazilian market in its semi-strong form was also tested in terms of the firm’s size, by estimating a conditional CAPM. The traditional proxy used to measure a firm’s size is the market value. However, other size proxies like book value and profit were also used. The results revealed that, independently of the proxy used, no size portfolio was capable of obtaining systematically abnormal returns. Finally, a significant correlation was found between beta and size only when book value is used as a size proxy. Nevertheless, its coefficients were low and their signals were inconsistent. In general terms, these results suggest that the Brazilian market is also effi cient in its semistrong form.

Impacto de la aplicación del fair value en la volatilidad de la banca Brasileña: un estudio empírico

ID: 24253

Authors: José Carlos Peréa Monteiro, Ivan Ricardo Guevara Grateron.

Source: Revista Contabilidade & Finanças, v. 17, n. 40, p. 102-119, January-April, 2006. 18 page(s).

Keyword: Alisamiento de beneficios , Bancos , Instrumentos financieros , Valor Razonable , Volatilidad de los Resultados y del Patrimonio

Document type: Article (Spanish) Show Abstract

In this paper, we analyze the impact of the adoption of fair value on the volatility of the results and reserves of Brazilian banks. The sample consisted of 73 banks, which represented, in June 2002, 95.93% of total assets in the national system. We conducted a comparative analysis between the volatilities, with and without the effects of the new regulation, and investigated if there is some symptom of utilization of practices for smoothing the benefits, related to the items of adjustments to fair value. The results of our research revealed that, as opposed to expectations, the new criterion in question has not increased volatility but, on the opposite, has exhibited symptoms of smoothing of benefits.

Utilização de controles de gestão nas maiores indústrias catarinenses

ID: 24254

Authors: Fabiano Maury Raupp, Samuel João Martins, Ilse Maria Beuren.

Source: Revista Contabilidade & Finanças, v. 17, n. 40, p. 120-132, January-April, 2006. 13 page(s).

Keyword: Biggest Industries in Santa Catarina , Management Control Systems

Document type: Article (Portuguese) Show Abstract

This article aims to demonstrate the effective use of management control systems among the biggest industries in Santa Catarina. The research is characterized as a exploratory survey. Using as a parameter industries with more than 200 employees, the study population, after some adjustments, consisted of 250 companies. A questionnaire with open and closed questions was sent by e-mail. We received answers from 36 companies, which constituted the research sample, using a predominantly quantitative approach for data treatment. The article begins with a theoretical review of the management process and management control systems. Next, data are described and analyzed, focusing on the companies’ characteristics, the respondents’ profiles, the use of management control systems, the means of making available information generated by control systems, as well as the positive and negative aspects perceived by the respondents in relation to the management controls that are used. The research results show that the companies use several kinds of control systems in order to support the management process.