Editorial V. 18, N. 19, 2021

ID: 61785

Authors: Carlos Eduardo Facin Lavarda, Suliani Rover.

Source: Revista Contemporânea de Contabilidade, v. 18, n. 46, p. 1-2, January-March, 2021. 2 page(s).

Document type: Editorial (Portuguese)

Dimensions of the Importance of Controlling in Organizations: A Multivariate and Multicriteria Study

ID: 61786

Authors: Silvana Silva Vieira Tambosi, Jandir Tambosi Junior, Nelson Hein, Adriana Kroenke.

Source: Revista Contemporânea de Contabilidade, v. 18, n. 46, p. 3-15, January-March, 2021. 13 page(s).

Keyword: Controller , Controlling , Functions of Controlling

Document type: Article (Portuguese) Show Abstract

This study's objective was to analyze the variability in the undergraduate students' answers to the importance of organizations' control function. This article adopted a quantitative approach based on the theoretical perspectives of Borinelli's (2006) studies, the descriptive analysis, the multivariate exploratory factorial analysis, and the multicriterial technique through the information entropy technique. The main results indicated that the 234 students of the Accounting Sciences program presented variability in the perception of the controlling companies' activities. Construct 3, "Controlling Activities and Functions Related to the Management Process" (present in Factors 4 and 5), showed the construct that offered the highest variation. In the respondents' perception, the Controller functions are more related to the operational processes than the organizations' strategic ones.

Level The Disclosure Of Non-Financial Information Of The Brazilian Companies Participating In The Integrated Report Pilot Project

ID: 61787

Authors: Aline Christina Teixeira, Ilirio José Rech, Ercílio Zanolla, Marcia Helena de Andrade Couto.

Source: Revista Contemporânea de Contabilidade, v. 18, n. 46, p. 16-31, January-March, 2021. 16 page(s).

Keyword: Integrated Reporting , Non-financial Capital , Voluntary Disclosure

Document type: Article (Portuguese) Show Abstract

Integrated Reporting is one of the ways used to disclose financial and non-financial information to stakeholders. This study aimed to investigate the level of disclosure of non-financial information in the companies participating in the Pilot Project of the International Integrated Reporting Council (IIRC). Using the content analysis technique, from the KPIs presented in the International Integrated Reporting Framework, data from nine companies were analyzed in the period from 2013 to 2017. The results suggest that the non-financial information disclosure index, considering the set of the four capitals, was classified as unsatisfactory. In the individual analysis, natural capital and social and relationship capital presented satisfactory IDs. Intellectual capital, on the other hand, presented a disclosure index classified as unsatisfactory. As for human capital, it presented the average ID at the threshold of the division between satisfactory and unsatisfactory, but above the average of disclosure of the four capitals. This study contributes to the analysis of the Integrated Reporting disclosure index released in Brazil, mainly related to the level of disclosure of non-financial information disclosed in the reports, as well as its evolution during the pilot project to implement the international structure of integrated reporting. The research results show the lack of comparability and uniformity of the disclosed information, both with the periods of the same company, and when compared with other companies, demonstrating the need to improve the quality of the content and the disclosure of non-financial information disclosed by the companies.

Influence of Earnings Management and Corporate Governance on the Cost of Third-Party Capital

ID: 61788

Authors: Lucas Antônio Vargas, Cristian Baú Dal Magro, Sady Mazzioni.

Source: Revista Contemporânea de Contabilidade, v. 18, n. 46, p. 32-46, January-March, 2021. 15 page(s).

Keyword: Agency costs , Investments , Quality of the information , Stakeholders

Document type: Article (Portuguese) Show Abstract

The objective of the study is to verify the moderating effect of earnings management on the relationship between corporate governance and the cost of third-party capital of publicly-held companies listed in [B]³, in the period from 2012 to 2017. Initially descriptive analyses were made and later the panel data technique was used. The results reveal that companies with a higher level of corporate governance are able to raise capital from third parties at a lower cost, however, these same companies when associated with the use of earnings management practices make the cost of capital from third parties higher. In general, the evidences from this research contribute to fill an important gap in the national literature, by verifying that companies that use earnings management practices annul the likely favorable effect of corporate governance in reducing the cost of third-party capital.

Pokémon Go!: Stock Valuation and Disruptive Innovation in Entertainment Industry

ID: 61789

Authors: Cláudio Marcelo Edwards Barros, Iago França Lopes, Itzhak David Simão Kaveski.

Source: Revista Contemporânea de Contabilidade, v. 18, n. 46, p. 47-63, January-March, 2021. 17 page(s).

Keyword: Abnormal Returns , Capital Markets , Disruptive Innovation , Event Studies , Pokémon Go!

Document type: Article (Portuguese) Show Abstract

This research aims to analyze the impact of the announcement of the launch of the game Pokémon Go! on Nintendo's stocks. The study anchors itself on conceptual foundations of disruptive innovation and previous research that examined the stock market reaction to the announcement of innovations. This is an empirical research whose sample is made up of 4 Nintendo company assets traded in the United States, Germany, Switzerland and Japan, as well as the assets of companies comparable to Nintendo that made up the Detailed Stock Report available in the Refiniv® system (Thomson Reuters), at the time of the launch of the game. Through conducting a series of event studies, Nintendo's stocks traded in the United States, Germany, Switzerland and Japan presented abnormal returns after one day of the game's launch. These findings proved to be specific of Nintendo corporation's assets, with no similar reactions observed in peer valuation analysis. Based on five variables of cumulative abnormal returns (CARs) for all entertainment companies listed in Japan and controlled by factors such as profitability, debt, size and market value, it was found that on average the cumulative abnormal returns of Nintendo were significantly higher than the other companies in all 5 models tested. In response, we hope to broaden the discussions listed in this survey to recognize the launch of Pokémon Go! as an innovation with typical traits of Disruptive innovation, which were not ignored by capital market when the game was launched in July 06th, 2016.

Real Earnings Management: An Alternative To Avoid Reporting Losses

ID: 61790

Authors: Nevison Amorim Pereira, Marcelo Tavares.

Source: Revista Contemporânea de Contabilidade, v. 18, n. 46, p. 64-79, January-March, 2021. 16 page(s).

Keyword: Earnings management , Operational decisions , Report losses

Document type: Article (Portuguese) Show Abstract

The aim of this work was to verify whether Brazilian companies listed in Brazil, Bolsa and Balcão [B]3 used real earnings management to avoid report losses. The sample consists in 157 Brazilian publicly trading companies, totaling 1570 observations from 2008 to 2017. The Roychowdhury model (2006) was used to measure earnings management. For data analysis, multiple linear regression models were used. As for the results, evidence showed that earnings management based on operational decisions was confirmed in companies that presented a profit margin between 0 and 1%.

Effects Of Adoption Of International Financial Reporting Standards (IFRS) In The Economic And Financial

ID: 61791

Authors: Thaís de Freitas Daneberg, Roberto Frota Decourt.

Source: Revista Contemporânea de Contabilidade, v. 18, n. 46, p. 80-96, January-March, 2021. 17 page(s).

Keyword: IFRS , Indicadores econômico-financeiros , Instituições Financeiras

Document type: Article (Portuguese) Show Abstract

The objective of this research was to evaluate the impact of adopting IFRS (IAS 7, IAS 19, IAS 32, and IAS 39) on the financial indicators of Brazilian financial institutions, through the solvency indicators, capital structure and funding, and profitability. The method used was to compare the year 2009 when their financial statements were published according to BR GAAP and IFRS. The averages were compared for each of the economic indicators, calculated in both accounting standards, and to identify whether the differences were significant was applied Mann Whitney test. As a robustness test, the proportions of positive and negative variations of the analyzed indicators were compared. The chi-square test was applied to identify whether the differences were significant. The results suggest that the adjustment to the impairment of loans and advances and the adjustment to the fair value of financial assets influenced so that the loan portfolio and the equity of the analyzed financial institutions presented in general higher values as stated in IFRS, which raised Financial Independence indicators; Loans / Deposits and reduced leverage indicators; Borrowing participation; Return on Equity. We could not find any significant difference, probably due to the small sample size. This research aims to have contributed to improving the understanding of the impact of the convergence process of the accounting of Brazilian financial institutions, which often are excluded from searches by its peculiarities, to the international standard; as well as to assist business managers and users of financial information, especially those from the capital market, regulatory authorities and academia.

Economies Of Scale In Brazilian Closed Supplementary Pension Entities: Is There An Optimal Size?

ID: 61824

Authors: Rudolph Fabiano Alves Pedroza Teixeira, Adriano Rodrigues.

Source: Revista Contemporânea de Contabilidade, v. 18, n. 46, p. 97-112, January-March, 2021. 16 page(s).

Keyword: Administrative Expenses , CSPE , Economies of Scale , Entry Barriers , Optimal Size

Document type: Article (Portuguese) Show Abstract

This research investigated the existence of an optimal size for the operation of Brazilian Closed Supplementary Pension Entities (CSPE), based on their administrative expenses. Otherwise stated, we verified whether the Brazilian pension funds would benefit from economies of scale up to a certain point, after which the complexity of the large structures would cause diseconomies of scale. As a background, we used the theory of industrial organization with a focus on entry barriers. The results showed that CSPE administrative expenses behave in a “U” shape, which means that there is an optimal size for these entities’ operation. This finding provides important elements to subsidize the industry’s regulatory body to restrict the entry of new funds in this market, which would benefit all CSPE participants in cost reduction and expansion of social security savings.

Analysis Of The Influence Of Audit Delay On Return On Equity And Cost Of Debt Of Brazilian Publicly Traded Companies

ID: 61825

Authors: Nikolle Takasawa Yagui, Paula Carolina Ciampaglia Nardi.

Source: Revista Contemporânea de Contabilidade, v. 18, n. 46, p. 113-130, January-March, 2021. 18 page(s).

Keyword: Audit delay , Cost of debt , Return on equity

Document type: Article (Portuguese) Show Abstract

Within the context of the importance of accounting information for the main sources of corporate funds, the objective of the study was to analyze the impact of audit delay on Standardized Financial Statements (SFS) disclosure to investors and banking institutions. The research considered Brazilian publicly traded companies in the quarterly period from 2010 to 2017, via correlation tests, mean difference, panel data regression and quantile regression. The results indicated that there were different reactions between investors and banks, that is, audit delay did not have a negative impact on return on equity, but it was negative in terms of cost of debt. This suggests that investors and banks have different perceptions of audit delay in SFS disclosure. Thus, the study indicates to companies the need to reflect on the opportunity cost of a larger audit delay in SFS disclosure, especially when the objective is financing via banking institutions.

The Accountability Influence On State Capacity, Allocation Of Public Resources And Socioeconomic Development In Brazilian Municipalities

ID: 61826

Authors: Wesley de Almeida Mendes, Marco Aurélio Marques Ferreira.

Source: Revista Contemporânea de Contabilidade, v. 18, n. 46, p. 131-147, January-March, 2021. 17 page(s).

Keyword: Accountability , Control , State Capacity

Document type: Article (Portuguese) Show Abstract

The article aimed to verify the influence of accountability and state capacity in the allocation of public resources and socioeconomic development in Brazilian municipalities. By adopting state capacity as an intervener in this relationship, a system is formed in which accountability (in the general concept) and control (in a specific way) are understood to influence municipal capacity. The latter, in turn, prepares the budget and invests the resources in compliance with both tax legislation and social demand and, thus, generates positive results for society. For that, a Municipal Capacity Index was elaborated from a factor analysis and applied on the Structural Equation Modeling. The results thus prove that capacity is influenced by accountability and influences the allocation of public resources.

The Effect Of Cash Retention And Investment On The Operational Performance Of Brazilian Exporting And Domestic Companies In Periods Of Economic Growth And Recession

ID: 61827

Authors: Aloisio Pereira Júnior, Vinícius Silva Pereira, Antonio Sergio Torres Penedo.

Source: Revista Contemporânea de Contabilidade, v. 18, n. 46, p. 148-162, January-March, 2021. 15 page(s).

Keyword: Cash , Internationalization , Investment , Operational performance

Document type: Article (Portuguese) Show Abstract

The objective of this paper is to verify what is the effect of cash retention and investment in fixed assets on the operational performance of Brazilian exporting and domestic companies listed in B3, in a period of economic growth and Brazilian economic recession, covering the period from 2005 to 2018. The findings show that, during the period of economic recession, Brazilian exporting companies with higher cash retention and higher investment in fixed assets presented superior operational performance than other companies that adopted different strategies of investment of resources. Still more internationalized exporting companies with higher cash retention and investment in fixed assets performed better than the less internationalized ones. As a major contribution, the research shows that exporting is not enough for superior operational performance, but that diversification must be accompanied by resource application strategies that provide better results, as recommended by the Resource-Based View Theory (VBR).