Editorial

ID: 41948

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

Source: Revista de Gestão, Finanças e Contabilidade, v. 6, n. 2, p. 1-1, May-August, 2016. 1 page(s).

Document type: Editorial (Portuguese)

Attention in Advertisers Brand Processing: An Analysis of Explicit and Implicit Memories of Individuals’ Receptors in the Light of Directed Attention Level

ID: 41949

Authors: Taís Pasquotto Andreoli, Andres Rodriguez Veloso, Leandro Leonardo Batista.

Source: Revista de Gestão, Finanças e Contabilidade, v. 6, n. 2, p. 6-30, May-August, 2016. 25 page(s).

Keyword: Attention process , Brand processing , Influency on individual receivor memory , Preattention on brand

Document type: Article (Portuguese) Show Abstract

The most of exposure of individuals to brand ads happens on mere exposure condition, when the stimuli are available in the context, but aren´t necessarily actively processed, but yet unconsiously, at the preattentive level. Despite the lack of individual intention and conscious, it emphasizes the ability of preattentive processing on influencing memory and judgement on stimuli receiving. In the light of the above, the study has with aim to analize the influency diferences in the individual receiver according with the level of attention used on the brand ad processing. To that, the study adopted a concepctual base with the attention process under a complex perspective, subdivided into preattention and attention, and the influency of attention in the memory of individual receiver. Using a hipothteical-dedutivo method, the explicit and implicit memory and the brand valuation were analysed and compared between three different attention levels (preattention, divided attention and drived attention). As contribution, the study support three of the four traced hypotheses: implicit memory independent of the level of attention; explicit memory in larger levels of attention; brand valuation on preattetinve processing higher than those expected by chance, but without diferences between the three attention levels.

Corporate Governance in the Integrated Reporting Framework: Disclosure of Brazilian Companies Participants in the Pilot Project

ID: 41950

Authors: Ana Cristina Silva Abreu, Elise Soerger Zaro, Guilherme Luiz, Hans Michael Van Bellen, Ernesto Fernando Rodrigues Vicente.

Source: Revista de Gestão, Finanças e Contabilidade, v. 6, n. 2, p. 31-49, May-August, 2016. 19 page(s).

Keyword: Corporate Governance , Framework , IIRC , Integrated Reporting

Document type: Article (Portuguese) Show Abstract

This paper analyzes how Brazilian companies adhered the IIRC’s framework for integrated reporting, regarding the content element of corporate governance. The 2013 annual reporting of each company were analyzed consonants to the IIRC's framework using qualitative analysis. Categories were created for adherence of information provided by companies and applied content analysis for this purpose. Results suggest that the framework, although not being adopted integrally by the companies, was used as guide for their disclosure practices. Among other observed results for each of framework topics, BRF S.A, CPFL Energia and Itaú Unibanco disclosure practices featured as examples of adherence for the IIRC model and the inherent principles integrated in the report.

Analysis of Depreciation´s Level of Disclosure According the CPC 27 the Period 2007 to 2014

ID: 41951

Authors: Vagner Antônio Marques, Laiz de Fátima Carvalho, Luiz Cláudio Louzada, Núbia Cristina Moreira da Silva, Hudson Fernandes Amaral.

Source: Revista de Gestão, Finanças e Contabilidade, v. 6, n. 2, p. 50-71, May-August, 2016. 22 page(s).

Keyword: CPC 27 , Depreciation , Impairment test

Document type: Article (Portuguese) Show Abstract

This study aimed to analyze the level of compliance of CPC 27 which deals with the process of measurement, recognition and disclosure of depreciation on fixed assets. The study analyzed 2007-2014 period data of a sample with two groups of participants in the capital market companies totaling 63 companies selected for levels of Total Accruals (34 companies with major and 29 with minor). The results showed that companies with lower levels of total accumulations showed an average service level of 81%, while those with higher levels of total accumulations met on average 75%. It was also noted that over the years there has been an increase in the level of service, while companies with larger accumulations showed a greater development. The Kruskal-Wallis test showed no statistically significant differences between the groups over the years, except in 2012. Over the years there was a difference statistically significant.

Explanatory Factors Level Disclosure Information No Profit Organizations

ID: 41952

Authors: Rejane da Rocha Pacheco, Clea Beatriz Macagnan, Rosane Maria Seibert.

Source: Revista de Gestão, Finanças e Contabilidade, v. 6, n. 2, p. 72-93, May-August, 2016. 22 page(s).

Keyword: Explanatory factors , Foundations , Level of disclosure , Third sector organizations

Document type: Article (Portuguese) Show Abstract

This study aimed to analyze the factors that explain the level of disclosure of information on the websites of educational and charitable foundations in the state of Rio Grande do Sul - Brazil. The sample consisted of 48 educational and charitable foundations, with electronic pages available on the Internet. The disclosure level was measured from the development of a survey instrument containing 100 indicators representative of mandatory and voluntary information, used for content analysis of the information in electronic pages published on the Internet. Secondly, the hypotheses were formulated, established from reviewing theoretical and empirical literature and were tested using linear regression. Econometric analysis made it possible to infer that the level of donations received, the number of beneficiaries and those supported or benefited organizations are explanatory factors for the level of disclosure on the websites published on the Internet of educational and charitable foundations of Rio Grande do Sul. In other words, the greater: the sum of amounts received as donations, the number of beneficiaries and the number of organizations supported or benefited from the educational and charitable foundations, higher will be the level of disclosure of the same.

Accounting Course in Brazil: A Study on the Policies on Higher Education and its Reflection in Supply and Demand in the Period 2001 to 2013

ID: 41953

Authors: Gustavo Miguel dos Santos da Silva, Fabricia Silva da Rosa.

Source: Revista de Gestão, Finanças e Contabilidade, v. 6, n. 2, p. 94-111, May-August, 2016. 18 page(s).

Keyword: Accounting , Higher Education , Public Policy

Document type: Article (Portuguese) Show Abstract

The objective of this research is to investigate the influence of educational public policies adopted in Brazil over the last 20 years on the supply and demand of accounting sciences courses in Brazil from 2001 to 2013. Therefore, the data was analyzed to supply and demand, number of students and graduates of the course students. The study presents a descriptive and exploratory research using data collected in the National Institute of Educational Studies Anísio Teixeira (INEP). The results show that public policies for higher education in Brazil have influenced both the supply and demand of places for the course in accounting; however, there was 20% reduction in the number of graduates. Also reveals that private higher education institutions are responsible for the largest number of supply of vacancies and the number of graduates.

Behavioral Biases in Investors' Decision: Studies Review from 2006-2015

ID: 41954

Authors: Lucimar Antônio Cabral de Ávila, Alanna Santos de Oliveira, Jéssica Rayse de Melo Silva Avila, Rodrigo Fernandes Malaquias.

Source: Revista de Gestão, Finanças e Contabilidade, v. 6, n. 2, p. 112-131, May-August, 2016. 20 page(s).

Keyword: Behavioral finances , Financial market , Review of studies

Document type: Article (English) Show Abstract

The present study presents a survey of researches that, through the employment of theoretical precepts, laboratory tests or empiric studies, in the period from 2006 to 2015, related themselves to the examination of anomalies' incidences or irrational effects which affect people's choices on investment decisions. Despite the temporal delimitation, it was set about the seminal study of Kahneman and Tversky, published in 1979, which brings considerations about Perspective Theory, in opposite to Efficient Market Hypothesis (EMH). The used methodology is exploratory and bibliographic, employing a sample composed by international journals of Finances area, besides journals in Accounting and Management in Brazil. A subdivision in the format of findings presentation was carried out, separating those which treat theoretical precepts and laboratory tests, nevertheless linked to possible practical effects - depicted as studies of behavioral incidences, evidences and tendencies - from those which seek empirical evidences greatly related to market operations, identified as studies of behavioral precepts applied to market. In conclusion, it was possible to identify that international researches are more focused on the understanding of behavioral phenomena and their impacts in stock market, while Brazilian studies concentrate on replications of seminal study or identification of biases and specific samples, presenting low possibilities for results' generalization. This occurs due to the lack of deepening and narrow scope of the investigations. Therefore, it's open a great variety of possibilities for studies, notably in fields such as domestic finances, behavioral effects among Latin American countries, standardization of behavior inside organizations, correlation among several biases, identification of other behavioral effects which interfere financial and economic scenery, mainly if the researches involve real market data.

Portfolio Composition with Minimum Variance: Comparison with Market Benchmarks

ID: 41955

Authors: Daniel Menezes Cavalcante, Vicente Lima Crisóstomo, Paulo Rogério Faustino Matos, Jocildo Figueiredo Correia Neto.

Source: Revista de Gestão, Finanças e Contabilidade, v. 6, n. 2, p. 132-159, May-August, 2016. 28 page(s).

Keyword: Investment portfolios , Markowitz , Minimum Variance portfolio , Portfolio Theory , Risk and Return

Document type: Article (Portuguese) Show Abstract

Portfolio optimization strategies are advocated as being able to allow the composition of stocks portfolios that provide returns above market benchmarks. This study aims to determine whether, in fact, portfolios based on the minimum variance strategy, optimized by the Modern Portfolio Theory, are able to achieve earnings above market benchmarks in Brazil. Time series of 36 securities traded on the BM&FBOVESPA have been analyzed in a long period of time (1999-2012), with sample windows of 12, 36, 60 and 120 monthly observations. The results indicated that the minimum variance portfolio performance is superior to market benchmarks (CDI and IBOVESPA) in terms of return and risk-adjusted return, especially in medium and long-term investment horizons.

Initial Public Offering and Performance of Brazilian Firms

ID: 41956

Authors: Teresa Rodriguez Cao, Roberto Marcos da Silva Montezano.

Source: Revista de Gestão, Finanças e Contabilidade, v. 6, n. 2, p. 160-178, May-August, 2016. 19 page(s).

Keyword: Brazil , Going Public , Initial Public Offering , IPO , Operating and Financial Performance

Document type: Article (English) Show Abstract

This paper investigates changes in long-term operational and financial performance for a sample of Brazilian companies made initial public offerings (IPO's) shares, in the period 2002-2008. This period showed a historically high number of IPOs, a heavily discontinued phenomenon with the international financial crisis of 2008. As performance measures were chosen six financial indicators usually adopted in the literature in periods of three years preIPO, year of listing and three years post-IPO. The indicators evaluated were size, growth rate, profitability, financial leverage, investment level and investment rate. The results show evidence that, on average, there were statistically significant improvements in size, profitability, investment level and investment rate. But there was no evidence statistically significant changes in the growth rate and financial leverage after the IPO of Brazilian firms.

Financial Implications of the 'Gauss Method'

ID: 41957

Authors: Clovis José Daudt Lyra Darrigue de Faro.

Source: Revista de Gestão, Finanças e Contabilidade, v. 6, n. 2, p. 179-188, May-August, 2016. 10 page(s).

Keyword: Debt Amortization , 'Gauss Method'

Document type: Article (English) Show Abstract

The Braziliam Judiciary has been determining that the popular system of constant payments, known as Tabela Price, based on compound interest, be substituted by an amortizacion scheme, named as “Method of Gauss”, with constant payments based on simple interest. Moreover, the substitution being done while maintaining the numerical value of the contractual interest rate. Taking into account that a possible defensive strategy which may be used by the financial institutions, is not always feasible, it is also shown that the use of the so called “Method of Gauss” will introduce unsurmountable difficulties concerning the determination of outstanding debts. Since the methodology that has been proposed for the determination of outstanding debts, does not agree with procedures that are well known in the pertinent literature.

Caps and Floors: A Review of the Spanish Mortgage Practice

ID: 41958

Authors: Virginia Navajas, Teresa Montero Romero, Maria Carmen López Martín.

Source: Revista de Gestão, Finanças e Contabilidade, v. 6, n. 2, p. 189-208, May-August, 2016. 20 page(s).

Keyword: Caps , Deposit Institutions , Floors , Mortgage Contracts

Document type: Article (Portuguese) Show Abstract

Recent rulings regarding evictions and "CAPs and FLOORS" applied by deposit institutions in Spain have recaptured the importance because of the conditions established by these institutions. They have done mortgages with their customers, especially with retail customers. This paper is a review of existing legislation on this issue and a starting point for an analysis of the practices and the claims carried out by institutions in Spain. Moreover, another aspect of interest is what criterion had been used to establish these conditions from the point of view of the institutions themselves. It is also studied the evolution of the main reference interest rates and the structure of the profit and loss account. With these elements, we also to test the meaning of these clauses into the management of entities and how to reconcile this management with social problems in Europe.