Editorial

ID: 37707

Authors: Maria de Fátima Araújo Frazão, Raimundo Nonato Lima Filho.

Source: Revista de Gestão, Finanças e Contabilidade, v. 5, n. 3, p. 1-4, May-August, 2015. 4 page(s).

Document type: Editorial (Portuguese)

Study on the evolution of the concentration of banking sector in brazil and of interest rates

ID: 37708

Authors: Wanderson Rocha Bittencourt, Jaqueline Vilela Araújo Paim, Jacqueline Veneroso Alves da Cunha, Eduardo Mendes Nascimento.

Source: Revista de Gestão, Finanças e Contabilidade, v. 5, n. 3, p. 5-25, May-August, 2015. 21 page(s).

Keyword: Banks , Banks concentration , Concentration index

Document type: Article (Portuguese) Show Abstract

In the national and international contexts there is evidence of increasing concentration of the banking sector. Such restructuring can be observed when comparing the number of financial institutions for 10 years with the number recorded in 2013. Accordingly, this article aims to evaluate the concentration of the banking sector in the period 1996-2013, as well as changes in exchange interest of its main products in the same period. We analyzed the sector concentration based on four Herfindahl-Hirschman indicators (HHI), the concentration ratio (CRK), the Hall-Tideman Index (HTI) and the Theil Entropy (ET) and later performed the correlation analysis between these indicators interest rates. The Herfindahl-Hirschman Index (HHI) showed that the sector is moving towards a moderate concentration, when considering the variables total assets and net worth. As for net income and total deposits, the sector shows moderately concentrated. The Concentration Ratio (CRk) showed that the four largest institutions in the country hold almost 50% of the total equity of National Financial System and over 55% of total assets, total net income and total deposits. Other indicators showed that the industry is unconcentrated, with, however, a clear increase in concentration towards these indicators. As for the evolution of interest rates, although the industry move toward a moderate concentration, there was decline in this indicator, in all forms studied.

Value and practices of corporate governance of listed companies in BM&FBOVESPA

ID: 37709

Authors: Carla Carolinne dos Santos Silva, Orleans Silva Martins.

Source: Revista de Gestão, Finanças e Contabilidade, v. 5, n. 3, p. 26-41, May-August, 2015. 16 page(s).

Keyword: Best practices , Corporate governance , Value relevance

Document type: Article (Portuguese) Show Abstract

This study aimed to verify the relevance of the differentiated corporate governance practices of the BM&FBOVESPA in explaining the market value variations of the companies. Based on a literature review on the value relevance of financial reporting and the differentiated corporate governance practices required by BM&FBOVESPA were analyzed companies in the Brazil Index (IBrX) in the 2010-2012 period. Your data were extracted from financial reports and reference forms of enterprises and on Economatica database. Through a regression analysis, it was observed that 6 of the 13 governance practices were significant in value explanation. The practices that stood out negatively were: (i) share dilution effort, (ii) lower voting limitation, qualified quorum and "stone clauses" and (iii) a minimum of 5 members on the board (with 20% independent). Positively stood out: (iv) financial statements translated into English, (v) public offering of stocks at least the economic value and (vi) membership of the arbitration chamber. The main contributions of this study highlight the evidence of value relevance of these practices, in which three indicate an inverse relationship with the value, denoting that may not be appropriate for the purposes of creating shareholder value.

Multifactoriality and brazilian stock’s return between the period of 2003 and 2013

ID: 37710

Authors: Henri Siro Evrard, June Alisson Westarb Cruz, Wesley Vieira da Silva.

Source: Revista de Gestão, Finanças e Contabilidade, v. 5, n. 3, p. 42-60, May-August, 2015. 19 page(s).

Keyword: Investments , Portfolio , Stocks

Document type: Article (Portuguese) Show Abstract

The present work aims to verify the influence of 16 return’s factors for the determination of stocks next month excess return in Brazilian market between January 2003 and December 2013. These factors refer to five families of stocks characteristics: risk, liquidity, profitability, “cheapness” and past returns. To verify the factors of return’s influence it was used forward type linear regression. It was also used an event test for the verification of the subprime crisis effects into the assets abnormality behavior. As a result the factors significance and payoff changes over time, suggesting that companies’ characteristics that financial agents considered relevant modify throughout the period. The research’s conclusions suggest that these changes are not caused by big events, being part of natural market behavior. Despite the factors temporary characteristic, the variables earning/price, revenue/price, net profit, excess return of last 12 months and ROA demonstrated positive contribution for stocks return. The variables volume/price, market capitalization and excess return of last 6 months resulted in negative contribution. The variable book value/price, when analyzed with other factors, has not been considered relevant.

Valuation: a review under perspective of “bias in the valuation” in the reports of public offer of acquisition of shares

ID: 37711

Authors: Thaís Brugnera dos Santos, Moisés Ferreira da Cunha.

Source: Revista de Gestão, Finanças e Contabilidade, v. 5, n. 3, p. 61-74, May-August, 2015. 14 page(s).

Keyword: Bias in the Valuation , Fair Value of the Share , Share Price , Valuation of Companies

Document type: Article (Portuguese) Show Abstract

The process of valuation of companies is widely used and aims reach the fair value of the company. This research aimed to examine whether in the valuation reports with the purpose of Public Offer of Acquisition of Shares (POA) the relationship between appraisal companywith the evaluation contractor cause bias in the fair value of the share compared to the share price. The analyzed 106 reports published between 2002 and 2013 were divided into groups according to the evaluation contractor. In each group, for the realization tests of measuresin paired sampleswere performed with the application ofnon-parametric Wilcoxon test. The results showed the existence of bias in the evaluation process especially in situations in which the contractor evaluation is the company evaluated. With a lower level of confidence, it was also the finding of bias when the contractor evaluation is not company evaluated or the parent company of the evaluated. In the group in which the contractor evaluation is the parent company of evaluated no bias was identified.

Disclosure of the field performance evaluation in the public sector in international journals

ID: 37712

Authors: Leonardo Ensslin, Rogerio Tadeu de Oliveira Lacerda, Anna Claudia Krüger, Leonardo Corrêa Chaves.

Source: Revista de Gestão, Finanças e Contabilidade, v. 5, n. 3, p. 75-99, May-August, 2015. 25 page(s).

Keyword: Bibliometrics , Performance evaluation , ProKnow-C , Public Sector

Document type: Article (English) Show Abstract

Public organizations are under pressure to provide more and better services by increasing transparency in public management and therefore the monitoring of its results. In this sense, performance evaluation is presented as a tool that can contribute to the prioritization of projects and a better public resources allocation. In order to elicitate the knowledge on the topic of performance evaluation in the public sector, this paper presents a process for selecting the most outstanding articles and through this process, we analyze the quantitative parameters of the relevant articles on the topic. The process led to the selection of a bibliographic portfolio on the subject in international journals and to the conducting of a bibliometric analysis highlighting journals, articles, prominent authors and keywords on the topic.

The core competences of the accounting professionals in face of the new public accounting under the perspective of the accountants of Rondonia

ID: 37713

Authors: Alexandre de Freitas Carneiro, José Moreira da Silva Neto.

Source: Revista de Gestão, Finanças e Contabilidade, v. 5, n. 3, p. 100-122, May-August, 2015. 23 page(s).

Keyword: Accountant´s profile , Core Competences , New Public Accounts

Document type: Article (Portuguese) Show Abstract

The objective of the study is to identify what core competencies should the accountant of the municipal public sector present or develop in face of the challenge of professional adherence to New Public Accounting under the perspective of Rondonia State accountants. The research was characterized as qualiquanti, and the initial approach was qualitative, with the use of documental research, followed by quantitative approach of a survey. In the first step, resulted from the documental and descriptive analysis the profile of competences, with 7 knowledge, 8 skills and 16 values. The second, it was found that the level of importance analyzed by respondents about the profile dimensions of these competences. It was concluded that the professional profile required is the Bachelor Degree of Science in Accounting with emphasis on information systems, costs notions, accounting analysis, balance, budget and financial and leadership as connective element, qualification of human resources and flexibility. The accounting technician does not have enough training to the challenge of adherence to the New Public Accounting.