Editorial

ID: 37777

Authors: Maria de Fátima Araújo Frazão.

Source: Revista de Gestão, Finanças e Contabilidade, v. 3, n. 3, p. 1-4, September-December, 2013. 4 page(s).

Document type: Editorial (Portuguese)

The clarity of narrative information in spanish listed firms

ID: 37778

Authors: Óscar Suárez Fernández.

Source: Revista de Gestão, Finanças e Contabilidade, v. 3, n. 3, p. 9-29, September-December, 2013. 21 page(s).

Keyword: clarity , narrative information , obfuscation , readability

Document type: Article (Spanish) Show Abstract

Understandability is a fundamental feature so that the information of narrative character is communicated effectively and thus it is useful to the users. The absence of this quality in the information can be derived from, in the preparation of the message, the bad news are darkened of deliberate way. The aim of this paper is to analyze the use of clarity, understandability surrogate, as a way of altering the neutrality of the Spanish listed companies director`s report. In order to do this, we have conducted a descriptive and multivariate analysis of 316 reports, using both manual and computerized methods to develop our dependent variables. The results of this study show that the director´s report can be made more readable and comprehensible to users, and point to the possibility that companies use obfuscation and manipulation technique narrative information.

Microfinance - financial sustainability vs. Social reach in Sub-saharan África

ID: 37779

Authors: Nuno Miguel Teixeira, Elves Rodrigues.

Source: Revista de Gestão, Finanças e Contabilidade, v. 3, n. 3, p. 30-56, September-December, 2013. 27 page(s).

Keyword: Financial Sustainability , Microfinance , Social Reach , Trade-off and Sub-Saharan Africa

Document type: Article (Portuguese) Show Abstract

This paper aims to analyze the financial sustentability versus social impact of microfinance institutions in sub-Saharan Africa region. The sample consisted of 246 microfinance institutions present in this region that have their results published in the database of the organization MIX (Microfinance Information Exchange) in 2009, which is the most complete source of information of the sector. For the study, we considered various social and financial indicators that are a reference for specialized entities in evaluating the performance of microfinance institutions (as in the case of MIX and Planet Rating) and are typically used in similar research. In accordance with the results obtained institutions with lower amounts of loans to GDP per capita of the respective country in which they perform the activity can have a far social reaching, because they concede smaller borrows, whose target are customers with less income and cover a greater number of women in their financial operations. It was evident, too, the existence of trade-off between social impact and financial performance, in other words, the institutions that had the poor as its target, showed economic and financial indicators less positive. Generally, it was found that institutions with greater focus on the poorest obtained lower profitability’s, although offered higher interest rates and had better efficiency indicators in the activity. Regarding financial structure, it was found that these institutions do not have much capacity to attract deposits and present a higher financial autonomy against other, possibly because access to more donations or grants, once the average results generated in the activity are negative and by itself does not guarantee financial sustainability. Finally, we studied the constraints of the financial performance of microfinance institutions in sub-Saharan Africa region and it was found that it is mainly the size and efficiency that affect the profitability of the activity.

Financial literacy and saving rates in Brazil

ID: 37780

Authors: Cristiano Machado Costa, Cléber José de Miranda.

Source: Revista de Gestão, Finanças e Contabilidade, v. 3, n. 3, p. 57-74, September-December, 2013. 18 page(s).

Keyword: financial literacy , human capital , saving rates

Document type: Article (Portuguese) Show Abstract

This paper investigates whether financial education influences the savings rate chosen by individuals. We used a primary database with 345 individuals who answered online questions about their personal characteristics (sex, color, age, income and education) and also questions measuring their level of financial knowledge. Using ordinary least squares, we aimed to verify whether individuals with higher financial education save more, once controlling for other individual characteristics. The results of the linear regressions show that while the level of education (measured in years of schooling) does not influence the rate of savings, the level of financial education influences directly the decision of how much to save individuals.

Applicability of the profit per employee as a measure of business performance

ID: 37781

Authors: Francisca Soraia Ferreira Leite, Hugo Santana de Figueirêdo Junior, Vicente Lima Crisóstomo.

Source: Revista de Gestão, Finanças e Contabilidade, v. 3, n. 3, p. 75-93, September-December, 2013. 19 page(s).

Keyword: Human Capital , Intangible Assets , Intellectual Capital , Performance Analysis

Document type: Article (Portuguese) Show Abstract

With the changes in the business environment, intangible assets, potentially generated by the intellectual capital, have become more relevant. This study aimed to analyze and test the applicability of an alternative business performance metric: profit per employee (PE). An exploratory research was conducted through case studies of three companies listed in BM&FBOVESPA in the period 2006-2009. From the firms’ financial reports, firms' performance were measured using ROA, ROE, and the PE. Share prices were used as proxy for value creation. An empirical study showed that the correlation between PE and share prices was higher and more significant than the correlation with traditional metrics for the firm most intensive in intellectual capital. For the other firms, traditional metrics presented higher correlation. Hence, the PE seems to be relevant for companies intensive on intellectual capital. This finding highlights that this business performance metric, which includes the effect of the intellectual workforce, is an important contribution to the literature on intangibles.

City administration transparency index: a study of the most populous cities in Rio Grande do Norte state

ID: 37782

Authors: Fábia Jaiany Viana de Souza, Célio da Costa Barros, Fábio Resende de Araújo, Mauricio Corrêa da Silva.

Source: Revista de Gestão, Finanças e Contabilidade, v. 3, n. 3, p. 94-113, September-December, 2013. 20 page(s).

Keyword: Index , Municipalities , Transparency

Document type: Article (Portuguese) Show Abstract

The general purpose of this study is to analyse the transparency in the most populous cities in Rio Grande do Norte state by means of a methodology proposed by Biderman e Puttomatti (2011).In order to achieve this objective, Rio Grande do Norte cities with a population of at least 50,000 in habitantes were selected. This resulted in a sample of eight cities (Natal, Mossoró, Parnamirim, São Gonçalo do Amarante, Macaíba, Ceará-Mirim, Caicó e Açu).The methodology employed to establish a rank of the cities transparencies, by means of analysis of their websites, included variables such as budget execution, budget classification, contracts, historical series, optional download, ease of navigation, which are divided in three parameters: contents, historical series, update and usability. According to the results, among the eight cities analysed, Natal had the best transparency index, with a 79% score, followed by Parnamirim (72%) and Caicó (67%). Furthermore, a comparison of the performance of the cities in the three parameters analysed showed that the cities had higher scores on items related to historical series and update. The conclusion is that the city administrations subject to the survey still need to improve their information transparency levels so that citizens may have a better experience with the contents provided in the official websites and that the population may bring into effect the social control of the public management practices in a more effective way.

Need of international accounting standards for islamic finance products: differences between the conceptual framework from the IASB and from the AAOIFI

ID: 37783

Authors: Ahmed Sameer El Khatib, Samir Sayed.

Source: Revista de Gestão, Finanças e Contabilidade, v. 3, n. 3, p. 114-129, September-December, 2013. 16 page(s).

Keyword: AAOIFI , Accountancy , Accounting Framework , IASB , Islamic Finance

Document type: Article (Portuguese) Show Abstract

This paper presents the differences between the accounting conceptual structures of two institutions: the International Accounting Standards Board (IASB) and the Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI). In Accounting Theory, the conceptual frameworks adopted are the closest manifestation of theory to practice, due to the definition of goals and great concepts. Through qualitative approach sought by means of literature and documents a comparison both in terms of structure and semantics of the terms of their conceptual documents in order to verify the differences between these and if it is necessary a specific standard for finance products Islamic by the IASB. Being Islamic transactions different from their conventional and western counterparts, this article concludes that the IASB should issue specific standards for Islamic finance products, given the observance of relevant differences between documents, especially the objectives of financial statements, users of accounting information and the concept of legal form and economic substance of the transactions.

Perception and behavior of financial risk: influence analysis of the occupation and socio-demographic variables

ID: 37784

Authors: Kelmara Mendes Vieira, Silvia Amélia Mendonça Flores, Ani Caroline Grigion Potrich, Jéssica Pulino Campara, Ana Luiza Paraboni.

Source: Revista de Gestão, Finanças e Contabilidade, v. 3, n. 3, p. 130-147, September-December, 2013. 18 page(s).

Keyword: Civil Servants , Occupation , Risk Behavior , Risk Perception

Document type: Article (Portuguese) Show Abstract

The aim of this study is to investigate the perception and risk behavior, performing a comparison between civil servants and individuals who have other occupations, as well as to analyze the influence of sociodemographic variables in the perception and behavior of financial risk. Among the variables it is highlights the occupation, in which is hypothesized that the perception and behavior of financial risk are different for civil servants and individuals working in other occupations. Data were collected at random in the town of Santa Maria - RS, in a survey research of 1,292 individuals. The main results indicate a high risk perception and risk conservative behavior in the investigated sample. It is emphasized that it was not possible to identify differences in perception or risk behavior among civil servants and other professions. The linear regression confirms this result, because only the aspects of age and income had an impact on risk perception, and that is a positive relationship. In the risk behavior factor only the variables of age, education and marital status were significant, all with negative influence.

Corporate governance practices of the boards of the companies listed on the “new market” of the BM&FBovespa

ID: 37785

Authors: Fernando Saulo Pinheiro do Nascimento, André Aroldo Freitas de Moura, Márcia Martins Mendes De Luca, Alessandra Carvalho de Vasconcelos.

Source: Revista de Gestão, Finanças e Contabilidade, v. 3, n. 3, p. 148-169, September-December, 2013. 22 page(s).

Keyword: Board , Corporate governance practices , New Market of the BM&FBovespa

Document type: Article (Portuguese) Show Abstract

Considering the relevance of the board as an agent of corporate governance, the research aims at investigating the practices of boards disclosed by companies listed on New Market of the BM&FBovespa, according to the recommendations of the Code of IBGC. The research brings together 109 companies from the New Market, in October 2010, and is based on information obtained from reports and other sources provided by companies. The instrument, developed from the recommendations of IBGC, has 10 categories of study, divided into 56 subcategories. The study also relates the governance practices with the time of adherence to New Market and analyzes them by sector. Content analysis and correspondence analysis were used to analyze qualitative and quantitative data. It was found that companies do not have a high level of disclosure of governance practices of the board and that most reached level 'average' in relation to recommending IBGC. There was no association between time spent in New Market and disclosure of governance practices of the respective boards. The analysis of average score of disclosure practices of the board by sector showed uniformity among them.

Organizational life cycle and management control: an analysis of articles in international journal of accounting

ID: 37786

Authors: Paulo Roberto da Cunha, Roberto Carlos Klann, Carlos Eduardo Facin Lavarda.

Source: Revista de Gestão, Finanças e Contabilidade, v. 3, n. 3, p. 170-186, September-December, 2013. 17 page(s).

Keyword: Journals , Life cycle , Management controls , Organizational life cycle , Stages of life cycle

Document type: Article (Portuguese) Show Abstract

The aim of this study is to analyze the papers on the approach of the organizational life cycle at the international level, raising the main issues associated with management controls. In a survey of 67 journals came to an initial sample of 39 articles. After reading the abstracts to identify articles relating to organizational life cycle management controls, the sample was seven articles. The international journal of accounting that most published articles related to organizational life cycle was the Management Accounting Research. The recent publications are two articles in 2005 and three articles in 2008. It is noteworthy that in articles published in 2008, all were authored or co-authored by Hanna Silvola. The small number of studies found that allows the subject may be the subject of further research, contributing organizations, managers and other stakeholders to better understand how these controls are used and change with the evolution of the company.