Efeitos da responsabilidade tributária de gestores na relação entre autuação e agressividade fiscal

ID: 73647

Authors: Fabiano de Castro Liberato Costa, Roberto Carlos Klann.

Source: Revista Contabilidade & Finanças, v. 34, n. 93, p. 0-0, September-December, 2023. 1 page(s).

Keyword: agressividade tributária , autuação fiscal , responsabilidade tributária de administradores , teoria da agência

Document type: Article (Portuguese)

Impacto da realização de lives sobre o retorno das ações no mercado brasileiro

ID: 73645

Authors: Arthur Mesquita Camargo, José Alves Dantas.

Source: Revista Contabilidade & Finanças, v. 34, n. 93, p. 0-0, September-December, 2023. 1 page(s).

Keyword: disclosure , estudo de eventos , lives , mineração de textos , redes sociais

Document type: Article (Portuguese)

Parcelamento tributário como determinante da agressividade fiscal em empresas brasileiras abertas

ID: 73643

Authors: Ludimila Lopes da Silva Marinho, Lúcio de Souza Machado.

Source: Revista Contabilidade & Finanças, v. 34, n. 93, p. 0-0, September-December, 2023. 1 page(s).

Keyword: agressividade fiscal , parcelamento tributário , PERT , planejamento tributário , tax avoidance

Document type: Article (Portuguese)

Análise setorial do impacto da IFRS 16 e covid-19 nos indicadores das arrendatárias brasileiras

ID: 73640

Authors: Vanessa Rodrigues dos Santos Cardoso, Paulo Augusto Pettenuzzo de Britto.

Source: Revista Contabilidade & Finanças, v. 34, n. 93, p. 0-0, September-December, 2023. 1 page(s).

Keyword: covid-19 , IFRS 16 , indicadores , leasing , setores

Document type: Article (Portuguese)

Adoção de business analytics na contabilidade

ID: 73638

Authors: Leticia Araújo, Ariel Behr, Giovana Sordi Schiavi.

Source: Revista Contabilidade & Finanças, v. 34, n. 93, p. 0-0, September-December, 2023. 1 page(s).

Keyword: adoção , antecedentes , business analytics , contabilidade , efeitos

Document type: Article (Portuguese)

Are financially sophisticated CEO’s more efficient when it comes to investing?

ID: 75227

Authors: Márcio Fernando da Silva, Rodrigo Oliveira Soares.

Source: Revista Contabilidade & Finanças, v. 34, n. 93, p. 1-18, September-December, 2023. 18 page(s).

Keyword: education , experience , overinvestment , underinvestment

Document type: Article (Portuguese) Show Abstract

This study aims to examine the relationship between the financial sophistication (FS) of the Chief Executive Officer (CEO) and the efficiency of corporate investments using empirical analysis in a sample of 189 companies listed on the B3 S.A. - Brasil, Bolsa, Balcão (B3), from 2010 to 2021. Research on the individual characteristics of managers has mainly explored aspects related to decisions on companies’ financial policies. Thus, this study seeks to add a new element to the discussion by investigating how these characteristics are related to the efficient use of resources available for investment. By examining the relationship between CEO FS and investment efficiency, it contributes to the discussion in the literature on how manager characteristics affect the way in which decision makers run companies. This adds new insights to the understanding of how the financial skills and individual characteristics of managers can influence organizational performance and results. The research is relevant in presenting the relationship between CEO expertise and investment decisions in the Brazilian market, where the supply of capital tends to be low (financial constraint); consequently, investing more assertively and efficiently has an impact on the organization’s results and longevity. Using a proxy that measures investment efficiency, regressions were run using the generalized method of moments (sys-GMM) and multinomial regression. The analyses suggest that CEO FS is related to investment efficiency in several ways. When FS is measured in terms of components, past experience is negatively related to deviations from the optimal level of investment. However, the international component is positively related to such deviations. In addition, a multinomial analysis showed that CEO experience helps reduce the probability of underinvestment, suggesting that an experienced CEO tends to contribute to the efficiency of company investments.

The Moderating Role of Behavioral Controls in the Relationship between Incivility and Creativity

ID: 75226

Authors: Júlia B. Ehlert, Luana Porto Moreira, Anderson Betti Frare, Ana Paula Capuano da Cruz.

Source: Revista Contabilidade & Finanças, v. 34, n. 93, p. 1-15, September-December, 2023. 15 page(s).

Keyword: behavioral controls , creativity , incivility , management control

Document type: Article (Portuguese) Show Abstract

The aim of this study is to analyze the (moderating) role of behavioral controls (BCs) in the relationship between incivility and creativity. This study fills a research gap by investigating how management controls can affect the relationship between incivility and individual creativity. Given that unpleasant interactions in the organizational environment hinder the proliferation and execution of ideas, it is up to organizations to provide environments that stimulate creativity, which is naturally achieved with the presence of controls. The findings indicate that top managers should pay close attention to the BCs used, as they can circumvent the negative effects of incivility and generate a positive effect on middle managers’ creativity. A survey was conducted with middle managers from 86 companies listed on the B3 S.A. - Brasil, Bolsa, Balcão (B3). To test the hypotheses, the partial least squares structural equation modeling (PLS-SEM) technique was used and, as an additional analysis, the fuzzy-set qualitative comparative analysis (fsQCA) technique. The results show that supervisor and coworker incivility positively influence the instigated incivility of managers. In turn, instigated incivility negatively influences the creativity of these managers. To mitigate these effects, the results suggest that organizations should use BCs to moderate the effects of instigated incivility on managers’ creativity. The conclusion is that BCs absorb and circumvent the negative effects of instigated incivility, favoring the proliferation of creativity. Thus, theoretical contributions on the role of management controls in the context of incivility and creativity emerge, as well as practical contributions on how organizations can use controls to circumvent incivility and make better use of individuals’ creativity.

The incidence of impairment of non-current assets in the face of the covid-19 crisis

ID: 75225

Authors: Alan Simon Bravo, Verônica de Fátima Santana, Raquel Wille Sarquis.

Source: Revista Contabilidade & Finanças, v. 34, n. 93, p. 1-18, September-December, 2023. 18 page(s).

Keyword: asset impairment , Brazilian companies , covid-19 , non-current assets

Document type: Article (Portuguese) Show Abstract

This papers aims to investigate whether the incidence of impairment of non-current assets increased with the advent of the covid-19 crisis. The Brazilian accounting literature on the impact of covid-19 on businesses still lacks empirical evidence, especially on the impact of the crisis on long-term accounting variables, for which the effect of covid-19 is more difficult to determine. The topic is relevant because it provides investors, regulators, preparers, and auditors with insights into the impact that a future crisis similar to covid-19 could have on businesses. The work is also relevant to academia, as it is one of the first to analyze the effect of the pandemic on long-term assets. The findings allow us to reflect on how companies and sectors are more or less exposed to the risk of impairment in crises, providing inputs for investment decision making in these scenarios. We studied 383 Brazilian publicly traded companies registered with the Brazilian Securities and Exchange Commission (CVM) between 2016 and 2020. To test the hypothesis of this research, we manually collected the recognitions and reversals of impairment losses in 1,805 financial statements and, then, estimated a set of linear regression models with using fixed effects panel data. We found a positive and significant relationship between the effects of the covid-19 crisis and the incidence of impairment of non-current assets in Brazilian firms, which persisted even after controlling for various economic and financial factors. By separating the impairment of fixed and intangible assets, the findings suggest that intangible assets were more exposed to the covid-19 crisis than fixed assets. The results remained robust to various econometric analyses, including industry patterns, sub-samples, and the effect of the audit firm. This research contributes to the academic and professional debate by confirming the correlation between this crisis and the impairments recorded in financial statements, studying their effects on the accounting of non-current assets and on the long-term returns of the companies and sectors analyzed.

Transparency in Tender Waivers in Local Governments During Emergency Situations

ID: 75224

Authors: André Precinotto, Lidiane Nazaré da Silva Dias, André Carlos Busanelli de Aquino.

Source: Revista Contabilidade & Finanças, v. 34, n. 93, p. 1-15, September-December, 2023. 15 page(s).

Keyword: pandemi , paradoxes , public procurement , transparency , waiving of tenders

Document type: Article (Portuguese) Show Abstract

Using the organizational paradox perspective, the study discusses how a context of national emergency modifies the propensity for transparency in tender waivers in municipalities. The empirical analysis indicates that there are tensions in the transparency of the public procurement process and that the public control literature should consider emergency and normal contexts differently. Emergency situations, in which budgetary funds are urgently allocated to emergency contracts, require greater transparency and control to reduce the risk of misuse of funds. Paradoxically, there is a reduction in transparency and a weakening of social control. The level of transparency of local governments under the same legislation varies according to the political support and understanding of the authorities in different legislatures and mandates, and between periods of emergency and normality. It is desirable for supervisory agencies and civil society to be aware of possible regressions in transparency practices in times of emergency, even for municipalities that are examples of transparency in times of normality. A content analysis was conducted on 1,528 tender waivers in 32 small municipalities in São Paulo State from 2019 to 2020. The level of transparency of the tenders was compared before and during the first year of the pandemic. Interviews were then conducted with public officials with experience in transparency practices in these municipalities, as well as with journalists and leaders of non-governmental organizations (NGOs), to validate the analysis on the transparency of the procurement process during the pandemic. Emergency situations can alter practices related to fiscal transparency in local governments when national authorities relax procurement rules. The study shows that the COVID-19 pandemic emergency led to reduced transparency in the procurement of supplies in some municipalities, particularly in contracts for supplies and services to cope with the pandemic crisis.

The effect of investor attention on the efficiency of the Brazilian stock market

ID: 75223

Authors: Marcelo Guzella, F. Henrique Castro, Verônica de Fátima Santana.

Source: Revista Contabilidade & Finanças, v. 34, n. 93, p. 1-17, September-December, 2023. 17 page(s).

Keyword: behavioral finance , investor attention , predictability of returns , volume of internet searches

Document type: Article () Show Abstract

The objective of this article was to evaluate the relationship between investor attention, both professional and non-professional, and the efficiency of the Brazilian stock market, as measured by the predictability of daily returns. The role of investor attention in the capital market is a controversial issue, since some studies show that it is capable of inducing efficiency, while others point out that it essentially contributes to greater volatility due to behavioral biases. This study contributes to the behavioral finance literature by pioneering the analysis of the effect of investor attention on Brazilian stock prices. Moreover, we found no previous studies that compare the effect of investor attention on market efficiency across investor classes, as measured by access to different financial information providers. The analysis of investor attention, as measured by the volume of searches on the internet, is relevant given the growing abundance of data and digital inclusion. The evidence of an effect of attention on market efficiency contributes to the critique of this classical hypothesis. The methodology consisted of estimating autoregressive models using daily data from 2018 to 2021 on search volume, returns, and transaction volume for Brazilian stocks, including the interaction between returns and search volume, to assess the influence of attention on price dynamics. In this work, we find that in the Brazilian stock market, investor attention contributes to greater market efficiency, as measured by lower predictability of returns, but the most pronounced effect comes from the attention of non-professional investors. Understanding how attention affects the incorporation of information into prices contributes to a critique of the market efficiency hypothesis, as well as allowing for profits to be made by exploiting opportunities based on the level of attention of a particular class of investors.

O papel das finanças sustentáveis na transição verde

ID: 73637

Authors: Andrea Maria Accioly Fonseca Minardi.

Source: Revista Contabilidade & Finanças, v. 34, n. 93, p. 1-7, September-December, 2023. 7 page(s).

Document type: Editorial (Portuguese)