Sobre a necessidade de se estudar Contabilidade e (e não ou) finanças

ID: 6887

Authors: Alexsandro Broedel Lopes, Sérgio de Iudícibus, Eliseu Martins.

Source: Revista Contabilidade & Finanças, v. 19, n. 47, p. 5-5, May-August, 2008. 1 page(s).

Document type: Editorial (Portuguese)

Systemic Risk indicators for the Banking Sector

ID: 6343

Authors: Lucio Rodrigues Capelletto, Luiz João Corrar.

Source: Revista Contabilidade & Finanças, v. 19, n. 47, p. 6-18, May-August, 2008. 13 page(s).

Keyword: Accounting , Banking crises , Financial crises , Indicators , Risk

Document type: Article (Portuguese) Show Abstract

The significant economic and social costs caused by financial crises have conducted the efforts of international institutions and supervisory authorities towards research about systemic risk. The main goal has been to identify common characteristics able to foresee the proximity of crises. Likewise, this study aimed to develop systemic risk indicators (IRS), comprising accounting and economic variables, able to measure the systemic risk level of the banking sector. The indicators were submitted to logistic regression analysis and the result revealed indicators able to discriminate banking systems according to the risk level with statistical significance. The most relevant indicators are related to the volatility of non-performing loans, profitability and interest rate, as well as mean profitability and credit risk. In addition, the comparison between the indicators' evolution and the crises that have occurred demonstrated the IRS' efficacy for risk measurement in systemic banking crises.

Target Costing in hospital services: a study from a Strategic Cost Management focus

ID: 6344

Authors: Reinaldo Rodrigues Camacho, Welington Rocha.

Source: Revista Contabilidade & Finanças, v. 19, n. 47, p. 19-30, May-August, 2008. 12 page(s).

Keyword: Caesarian , Hospital services , Target cost

Document type: Article (Portuguese) Show Abstract

In this paper, the authors verified the practicability of applying Target Costing to hospital services. The caesarian section was selected as the research product for testing, carried out in patients hospitalized in a standard room, using a health insurance. To achieve the research aims, the single case study method was used, and also several data sources, such as: bibliographic survey, application of questionnaire, interviews, direct observation of processes and activities, and analysis and interpretation of accounting, financial and administrative reports from the hospital entity chosen for this study. The questionnaire was applied to a group of 50 (fifty) women in order to verify their perception concerning the degree of importance they attach to each main characteristic of the test product. The interviews, performed with the main entity directors, aimed to verify how the prices and margins are established. The documental analysis, carried out in cost spreadsheets, balance sheets and other accounting, financial and administrative reports, contributed to get to know the procedures adopted by the entity to measure and control its costs and revenue. The results demonstrated that the Target Costing process can successfully be applied to hospital entities.

Empirical analysis of Valuation Models in the Brazilian environment: Discounted Cash Flow versus Ohlson'S Model

ID: 6345

Authors: Fernando Caio Galdi, Aridelmo José Campanharo Teixeira, Alexsandro Broedel Lopes.

Source: Revista Contabilidade & Finanças, v. 19, n. 47, p. 31-43, May-August, 2008. 13 page(s).

Keyword: Discounted cash fl ow , Residual income valuation , Valuation

Document type: Article (Portuguese) Show Abstract

This paper uses equity analysts' forecasts for Brazilian firms to analyze whether there are significant differences between the results from the estimation of equity value when applying the discounted cash flow model (DCF) and the residual income model (OHLSON). The approach used in this research is pioneer, considering that previous papers comparing valuation models in Brazil used researchers' assumptions, based on public information, to implement the valuation models. However, the correct implementation of these models relies on market expectations (i.e. equity analysts) to calculate equity values. Additionally, we evaluate what model (DCF or OHLSON) better explains the Price-to-Book relation for future periods. Conclusions are: i) there are statistically significant differences for estimates of equity value when using discounted cash flow models and residual income models, and ii) Price-to-Book ratios calculated through discounted cash flow models have higher explanatory power for future Price-to-Book ratios than the estimates of this ratio using residual income valuation models.

The impacts of resolution N. 2.682 and Programs to Restructure the National Financial System on the provision level of the Banking Sector'S Credit Portfolio

ID: 6346

Authors: Dimas Tadeu Madeira Fernandes, Heber José de Moura, Vera Maria Rodrigues Ponte, Márcia Martins Mendes De Luca, Marcelle Colares Oliveira.

Source: Revista Contabilidade & Finanças, v. 19, n. 47, p. 44-55, May-August, 2008. 12 page(s).

Keyword: Banking Sector , Financial Institutions , National Financial System SFN , Provision for Doubtful Liquidation Credit , Restructuring of the SFN

Document type: Article (Portuguese) Show Abstract

After the implantation of the Plano Real, the Sistema Financeiro Nacional - SFN (National Financial System) started going through great and significant changes. The rising of interest rates and the end of the inflationary revenues brought along the risk of bankruptcy for some financial institutions. In this context, the government launched a series of measures in order to reorganize the national financial system, particularly Resolution No. 2.682 of the Conselho Monetario Nacional - CMN (National Monetary Council), aiming at improving regulations on financial institutions' provisioning of credit portfolios. This study intends to answer the following question: what is the impact of resolution No. 2.682 and the Restructuring Programs of the National Financial System on the financial institutions' level of Provisão para Creditos de Liquidação Duvidosa - PCLD (Doubtful Liquidation Credit Provision)? A documental and bibliographical research was carried out, as well as a behavioral analysis of the credit portfolio of the National Financial System. The study reveals that, after the reorganization programs implanted by the government and the provisioning regulation edited by the CMN, there was a change in the provisioning status of credit portfolios, which rose from 2.2% in December 1995 to 8.8% registered in December 2005.

Business budget: a survey of scientific production in the period from 1995 to 2006

ID: 6347

Authors: Rita Mara Leite, Helena de Fátima Nunes Silva, Ana Paula Mussi Szabo Cherobim, Leilah Santiago Bufrem.

Source: Revista Contabilidade & Finanças, v. 19, n. 47, p. 56-72, May-August, 2008. 17 page(s).

Keyword: Business budget , Scientific production

Document type: Article (Portuguese) Show Abstract

This research looks at scientific production (theses and dissertations) in the field of business budget from 1995 to 2006. The main purpose is to rescue studies on entrepreneurial budget. The information was collected from Brazilian postgraduate programs, recognized and recommended by the Coordination for the Improvement of Higher Education Personnel - CAPES. In the research and data interpretation, content analysis based on Bardin was used. The titles of the 1257 dissertations and 112 theses were analyzed and categorized a priori in the following thematic sub areas: public budget, business budget, operational budget, financial budget, considering the presence or absence of the word "budget". It was verified that, from a total of 1257 dissertations and 112 theses, only 26 dissertations and 1 thesis approach the theme of budget, specifically focusing on business budget. Only 16 dissertations focused on the theme, meaning 1.27% of scientific production. The results show that the theme "budget" receives very little attention within the most expressive scientific production in college institutions. It is inferred that the low production in the field is related to researchers' difficulties to obtain data to perform the empiric research, since the information related to the budgetary process are a strategic issue for the organizations. The most frequent research approach is budget application, more precisely turned to unique cases, which shows academic concern with verifying how the companies do it in practice. In the public field, researches most frequently focused on public administration organs' budgets.

Heuristic Method for composing a literature review

ID: 6348

Authors: André Carlos Busanelli de Aquino, Marcelo Sanches Pagliarussi, Eugenio José Silva Bitti.

Source: Revista Contabilidade & Finanças, v. 19, n. 47, p. 73-88, May-August, 2008. 16 page(s).

Keyword: Construct validity , Heuristic process , Internal validity , Literature review , Management accounting

Document type: Article (Portuguese) Show Abstract

The process of doing and documenting a literature review is usually quite idiosyncratic. Luft and Shields (2003) presented a process to map theory-consistent empirical research in management accounting. We propose a formal heuristic method for the process of literature reviewing that integrates their mapping process. The heuristic presented here is based on the concept of layers, and it is aimed at mitigating inclusion errors and exclusion errors which might occur when selecting papers for a literature review. These errors impact internal validity and construct validity, since a literature review defines operationalization of variables, choices of proxies and selection of methods. We present an example of actual utilization of the process in a dissertation conducted in a Master's Program in Accountancy. We conclude that the heuristics allowed the researcher to identify outstanding authors in the chosen topic, and the main theories used to support empirical studies. The heuristics supported the operationalization of a research by means of an identification of 199 proxies for 58 related variables, eight theoretical approaches and 57 authors. These results were used to draw a map of the selected topic, based on more objective criteria.

Social Responsibility and Private Social Investment: between discourse and disclosure

ID: 6349

Authors: Marco Antonio Figueiredo Milani Filho.

Source: Revista Contabilidade & Finanças, v. 19, n. 47, p. 89-101, May-August, 2008. 13 page(s).

Keyword: Disclosure , Negative externalities , Private social investment , Social responsibility

Document type: Article (Portuguese) Show Abstract

This study aims to investigate if companies that declare themselves socially responsible divulge specific financial information on resources spent in public benefit (private social investment) and, also, if the dimension of these expenses is significantly different between companies whose products are associated to negative externalities and the organizations members of the Corporate Sustainability Index (CSI) of the São Paulo Stock Exchange (Bovespa). The sample consisted of 52 companies, separated in: 34 CSI participant organizations and 18 companies from the tobacco, alcoholic beverages and arms industries. The data were obtained from annual reports (fiscal years 2005 and 2004), websites, social statements and the Bovespa electronic database. Questionnaires were sent to managers of companies that did not disclose their social projects. Although most of the companies declare themselves socially responsible, the results appointed that 11.8% of CSI companies and 72.2% of organizations associated with negative externalities do not divulge financial information on social expenses, generating doubts about the existence or the dimension of their investments in the community. Only two tobacco companies (CTA Continental and Souza Cruz) used to disclose social information. They stand out because they present higher average levels of social investments than CSI companies, suggesting that they have specific incentives for such behavior.

Evidence on audit expectation gaps in small capital markets: the case of Portugal

ID: 6350

Authors: Bruno José Machado de Almeida, Clara Isabel Muñoz Colomina.

Source: Revista Contabilidade & Finanças, v. 19, n. 47, p. 102-111, May-August, 2008. 10 page(s).

Keyword: Audit , Auditors , Expectation gap , Users

Document type: Article (Spanish) Show Abstract

The main goal of this paper is to analyze if, in a small capital market such as the Portuguese, the audit expectation gap exits and which are its major components. We have enquired auditors and University accounting and auditing professors regarding several subjects that influence and increase the audit expectation gap. We have also questioned the Portuguese users of financial information regarding their perception of the role of today's auditing, to assay their opinion with studies made in Anglo-Saxon countries. We have reached the conclusion that Portuguese financial statements users' expectations are similar to the ones of bigger capital markets. As a matter of fact, fraud is the main cause for the existence of the audit expectation gap, nevertheless, Portuguese financial statements users also indicate that the actual auditor's report model in Portugal is clearly insufficient to comprehend the objectives and work that auditors have done to reach their conclusions.

Accounting treatment of Debt and Equity Securities: a comparison among Brazilian, FASB and IASB Standards

ID: 6351

Authors: Alceu Haruo Fuji.

Source: Revista Contabilidade & Finanças, v. 19, n. 47, p. 112-123, May-August, 2008. 12 page(s).

Keyword: Debt and equity securities , Financial institutions , Market value accounting

Document type: Article (Portuguese) Show Abstract

In 2001, the Brazilian Central Bank issued Circular letter 3.068, determining the use of market value to evaluate debt and equity securities. This letter states that debt and equity securities must be classified in one of the following categories: trading, available for sale and held to maturity. The securities for trading and available for sale have to be evaluated and reported by their market value and those held to maturity must be reported by historical cost. The purpose of this work is to study the accounting methods of securities adopted in Brazil, especially those rules stated to financial institutions, in comparison with the statement of FASB and IASB. The comparison of the accounting methods of securities adopted in Brazil (Circular 3.068/01) with the statements of FASB (SFAS 115) and IASB (IAS 39) showed that, in the main aspects, the rules are in harmony, although some minor differences have been identified.