Editorial V. 7, N. 2, 2017

ID: 46062

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

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 1-1, May-August, 2017. 1 page(s).

Document type: Editorial (Portuguese)

Exposure of Economic Sectors to Exchange Rate: An Approach Applying Threshold Panel Data

ID: 46063

Authors: Lucio Dalcin, Paulo Sérgio Ceretta, Vanessa Rabelo Dutra, Kelmara Mendes Vieira, Fernanda Lamberti.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 5-21, May-August, 2017. 17 page(s).

Keyword: economic sectors , exchange rate

Document type: Article (Portuguese) Show Abstract

This paper aims at analysing the exposure of economic sectors to exchange rate by applying a threshold approach in order to capture the changes in different conditions of reliability. The data used in this study are sectorial indicators avaliable at BM&FBovespa from May 2011 to April 2016. They were analysed with software R. The results show that the exchange rate adversely affects the outcome of all the Brazilian economic sectors in a particular way in each regime. The risk default and the volatility variables in the North American Market do not have significant influence. Therefore, the threshold model is more adequate in the context of economic sectors with profitability changes in different regimes.

Management Practices that Combine Value Cocreation and User Experience: An Analysis of the Nubank Startup in the Brazilian Market

ID: 46064

Authors: Simone Carvalho da Rosa, Dusan Schreiber, Serje Schmidt, Norberto Kuhn Junior.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 22-43, May-August, 2017. 22 page(s).

Keyword: Co-creation of value , Fintechs , Service , Startup

Document type: Article (English) Show Abstract

Taking into account the scenario of economic instability, registered in Brazil in 2016, it was possible to observe sectors that presented growth, especially startups, innovative and disruptive business models. In Fonseca's view (2006), startups were responsible for increasing demand for products and services, as well as attracting investors interested in long-term gains, recording a growth of the ecosystem of innovative ventures in 2016.But a phenomenon that has revolutionized the market is the startups linked to the financial sector, called Fintechs. It is from this perspective that the present work aimed to verify if the practices adopted by the startup Nubank next to its clients, are aligned to the model of value creation, proposed by Prahalad; Ramaswamy (2004). Through a bibliographical and documentary research through a case study with qualitative approach, it was identified that the company adopts practices aligned to a management focused on the co-creation of value and experience of its clients, through an innovative, 100% digital service , And which combines high technology with personalized and humanized customer service, resulting in commitment and loyalty to the services offered, seen as an "object of desire" by those who are not yet users of the card. This research not only contributes to an analysis of the need for the adoption of value creation practices that promote the engagement of clients by organizations, but also for the expansion of studies that show the generation of experience, through the quality of services.

Analysis of Reference Option Premiums of the Brazilian Futures Exchange

ID: 46065

Authors: Andre Giudice de Oliveira, Vinicius Mothé Maia, Antonio Carlos Figueiredo Pinto, Marcelo Cabus Klotzle.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 44-64, May-August, 2017. 21 page(s).

Keyword: Black Model , Corrado-Su Modified Model , Dollar Options , Ibovespa Futures Options , Merton Jump-Diffusion Model

Document type: Article (English) Show Abstract

This paper compares the BM&FBovespa reference option premiums with the GarmanKohlhagen model, Corrado-Su modified model, Merton's jump-diffusion model, and Black modified model for skewness and kurtosis for pricing dollar options and Ibovespa futures. Therefore, analysis scenarios were created and their results compared with the reference option premiums calculated by BM&FBovespa from January 2006 to November 2014. The results show that the reference option premiums calculated by BM&FBovespa are overvalued for dollar options. Regarding Ibovespa's future options, Merton's jump-diffusion model points to undervalued call premiums and overestimated put premiums. The discrepancy between the main estimation methods of the options and reference option premiums calculated by the stock exchange serves as a warning to investors who use reference option premiums in calculating their performance, due to the difficulty of measuring these values.

Biased Companies Valuations: An Analysis Based on Reports of Public Offer of Shares

ID: 46066

Authors: Roberto Francisco de Souza, Diego Messias, Denis Dall’Asta, Jerry Adriani Johann.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 65-78, May-August, 2017. 14 page(s).

Keyword: Biases , Initial Public Offering , Valuation , Valuation Report

Document type: Article (English) Show Abstract

This study aimed at analyzing the valuation reports for IFO (Initial Public Offering) of Brazilian publicly-traded companies to investigate the existence of some possible bias by the appraisers. Therefore, values of several ongoing valuations were analyzed based on the reports provided by CVM. It was chosen Wilcoxon non-parametric test, since the sample does not present normality. Statistical tests have confirmed the hypothesis of an optimistic bias in reports demanded by the evaluated companies themselves, which, according to the literature, come from some influences that may affect their relationship. The results have indicated that there is a bias in share value; so, when IFO reports are demanded by the evaluated company itself, on average, the valuation by the discounted cash flows method, subjective by itself, presents higher values than the valuation by the weighted average market method. However, in reports hired by external organizations, there were no significant differences among values obtained in valuations that were carried out between the objective and subjective methods by the tests. Appraisers, evaluated companies and investors can use the results from this study to prepare and, mostly, analyze future reports.

Influence of Investors’ Monitoring on Equity Mutual Funds’ Performance

ID: 46067

Authors: Renato Lazo Paz, Robert Aldo Iquiapaza, Aureliano Angel Bressan.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 79-101, May-August, 2017. 23 page(s).

Keyword: Equity investment funds , Institutional investor , Monitoring , Performance , Retail investor

Document type: Article (English) Show Abstract

This paper analyzes the effect of investor monitoring on the performance of equity investment funds. For that purpose, we analyze the relationship between fund performance, measured using four-factor Alpha, and a set of control variables and monitoring proxy variables. We used monthly data for 1.317 funds, from January 2005 to April 2015. We organized the sample data into two subsamples, retail and institutional funds, to compare the performance of those funds whose clienteles presents, in principle, different monitoring capacities. Institutional funds presented superior performance compared to retail funds measured by net annual return as well as by four-factor Alpha. The variables investment, measured as the minimum initial investment requirement, and type of manager were statistically significant in the retail funds sample. The results show that greater capacity to monitor fund manager behavior could diminish the occurrence of activities against investor’s interests, which is one of the main contributions of this research.

Earnings Management through Real Activities: Review of the Existing Literature and Suggestions for Future Investigations

ID: 46068

Authors: Andréia Carpes Dani, Cristian Baú Dal Magro, Roberto Carlos Klann.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 102-120, May-August, 2017. 19 page(s).

Keyword: Earnings Management , Earnings Management through Real Activities , Management through Operational Decisions

Document type: Article (English) Show Abstract

This study aimed to characterize the results of research earnings management through real activities (GRAR) as well as possible gaps for future researches. For that, a bibliometric research was carried out, with a descriptive purpose, a documental procedure and a quantitative approach, and it was applied the technique of content analysis and the analysis of social networks through UCINET software. Scientific articles were collected, all of them published in international accounting journals of the area available in Scopus database. The seminal study of Roychowdhury (2006) on GRAR was the base of which a sample of 50 publications was obtained. The results show that the year of 2014 was the one with the highest number of publications on GRAR with a greater significance from the Journal of Business Finance & Accounting, although the production related to the theme has not evolved in a period of six consecutive years. It was also observed that among those 50 publications, 27 were conducted in the United States, and 22 of them presented no theory in theoretical construction. Nevertheless, it was observed that the Agency Theory was the most frequent used theory among the other ones in publications. Regarding the application of GRAR metric, it was found that only 11 publications used the isolated model of actual activities (Roychowdhury, 2006). In contrast, 39 publications applied together GRAR and models based on accruals. In view of these results, it is assumed that the theme and the model proposed by Roychowdhury (2006) have not yet been disseminated by the researchers, and so little has been consolidated in the literature of the area since the related publications are not constant. However, there was a considerable evolution in the period of 2014 and 2015, demonstrating an interest in the application of this metric, which in turn tends to be legitimized by researchers of the area, as well as other metrics of quality of previous accounting information. Finally, this research contributes to the development, expansion and identification of research-related gaps in national and international literature, providing insights for a new research, which may use variables and theories from a different perspective.

The Governance and Capital Structure: Administration Advice Analysis and Property Structure in IBRX-100 Listed Companies

ID: 46069

Authors: Juliana Gonçalves de Araújo, Kliver Lamarthine Alves Confessor, Joséte Florencio dos Santos, Marcos Roberto Gois de Oliveira, Rodrigo Vicente dos Prazeres.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 121-140, May-August, 2017. 20 page(s).

Keyword: Board of Directors , Capital Structure , Ibrx-100 , Pecking Order

Document type: Article (Portuguese) Show Abstract

Since Modigliani and Miller’s results (1958), the capital structure is one of the most discussed subjects in finance, and not a few studies are investigating how companies define their capital structure. The present study analyzed, in the light of pecking order theory, if there is a relationship between the variables that compose the companies’ directors board, ownership structure and the capital structure, seeking to contribute with empirical evidences about the relations of these variables with the indebtedness. For this purpose, the IBRX-100 nonfinancial companies were analyzed, with securities traded on the BM&FBOVESPA between 2010 and 2014, totaling 406 observations. The results indicate that there is no relationship between the Board characteristics and the capital structure, diverging from the evidence already in the literature. It is suggested, for future research, the use of another sample for comparative purposes, as well as the inclusion of market variables in the model.

Study of the Behavior of the Debt Company Celulose Irani S.A.: Temporal Study 2005-2015

ID: 46070

Authors: Marcco Auréllio Drigo, Edilberto Batista Mendes Neto.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 141-155, May-August, 2017. 15 page(s).

Keyword: Analysis of balance sheets , Financial Leverage , Financial management , Indebtedness

Document type: Article (English) Show Abstract

This article proposes to analyze the debt behavior of the company Cellulose Irani S.A., belonging to the paper and pulp segment of the listed companies listed on BM &F Bovespa. This analysis was delimited for the period 2005 - 2015 and was based on the study of the indicators of participation of third parties, the level of indebtedness, composition of indebtedness, financial leverage and profitability. The general objective was to identify the main indicators of indebtedness and its behavior in the period 2005 - 2015 in the company Cellulose Irani S.A. Specifically, it proposes to calculate the classical debt indicators of the analysis of balance sheets; identify possible behaviors in such indicators and their influence on the financial structure of the company; to correlate total debt volume and net income to assess dependency among such financial aggregates. The relevance of debt management and how it impacts the survival of the company is at the heart of this article. The indebtedness study contributes to a more effective management of the organization, aiming at the reduction of financial risk and the continuity of operations. The methodology used involved the collection of the data directly from the publications on the BM & F Bovespa website, tabulating them and calculating the indicators, their presentation by means of charts and their subsequent analysis. In addition, such a study serves as a model for application in other companies, and even as a suggestion the application of such analyzes in specific segments. The main contribution of this article is to identify the management situation based on financial indicators, an issue that takes center stage in the modern organizational strategy. In general terms, it was observed that the company studied presented a certain irregularity in the values of the indicators, showing a certain level of improvement in the last periods, as well as a positive correlation between the total level of indebtedness (current and long-term liabilities) and the net profit, as well as a positive leverage, since third-party capital is positively contributing to the formation of return on capital invested, but with a significant increase in financial risk.

Credit Losses in Brazilian Banks: Expected Losses and Incurred Models and Impact of IFRS 9

ID: 46071

Authors: José Alves Dantas, Matheus Assis Micheletto, Fernando Augusto Cardoso, Antônio Augusto Pinho França de Sá Freire.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 156-175, May-August, 2017. 20 page(s).

Keyword: Credit losses , Expected losses , IFRS 9 , Impairment , Incurred losses

Document type: Article (Portuguese) Show Abstract

This study aims to evaluate: whether there is a difference between the levels of losses disclosed by the Brazilian banks in the accounting models BRGAAP and IFRS, in which of them the losses estimates reflect more accurately the actual write-offs, and estimate the potential impacts adopting IFRS 9, compared to the statements prepared in BRGAAP. The results of the tests carried out based on the BRGAAP and IFRS statements of 41 Brazilian banks, between 2009 and 2015, confirmed the hypothesis of that: the levels of losses in the BRGAAP statements are comparatively higher than those recorded in the IFRS statements; the losses recognized in the IFRS statements more accurately reflect the actual losses on credit operations, when compared to the records in the BRGAAP statements; and the impact of adopting IFRS 9 should result in IFRS statements recording higher loss levels than the BRGAAP statements. Thus, the theoretical concepts are that the expected loss models should show higher levels of provision than losses incurred models and that the latter should adjust more precisely to the actual losses on credit operations. The findings may be useful to the regulatory process, particularly as regards the potential effects of IFRS 9, which should result in a comparative change in the provisioning levels between the statements prepared on the basis of national and international accounting models.

A Content Analysis of the Comments Letters Sent by Companies to the Changes in Section 1 - Objective of Elaboration and Disclosure of General Purpose Accounting-Financial Report of the Conceptual Framework Proposed by the IASB

ID: 46072

Authors: Dyanne Rafaela de Araujo Barreto, Rodrigo de Santana Santos, Márcia Ferreira Neves Tavares.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 176-196, May-August, 2017. 21 page(s).

Keyword: Comments Letters , Conceptual Framework , Financial report , IASB

Document type: Article (Portuguese) Show Abstract

This research sought to investigate the influence of the proposals of the various constituents in the final elaboration of section 1 – Objective of the elaboration and disclosure of general purpose accounting – financial report of the “Conceptual Framework for Financial Reporting”. This is a study with exploratory character based in the content of the comment letters from the IASB’s conclusion basis document. Of a universe of 233 letters, 59 (25%) attended the request of been sent by companies resulting in the research sample. Of the questions proposed by the IASB, only one (the first question) was chosen for the study because it was the one that received the most contributions from the constituents. For analysis of the data, a non-parametric Qui Square was used. As a result, it was noticed that 57,63% of the companies who contributed to the debate were of Europian origin, of wich 43,86% agreed with complements were suggested. With regard to contributions from others continents, it was noted that the majority also agreed with the changes proposed by the IASB. Some constituents did not position himself or disagree with some items, or suggested changes, but the research showed that IASB maintained the previous position complementing some items with explanations in the document, as requested in some comment letters. It is concluded that in relation to the 1st issue of section, wich deals with the proposed changes to chapters 1 and 2 of the Conceptual Framework, the great majority supported the suggestions made by the standardizing agency, and requested some explanations in their conclusion basis, were the IASB considered it necessary to abide by some of them , such as clarifying, providing information needed to evaluate the entity’s resource management, and, better explaining the notion of prudence, contributing to a better understanding of stakeholders regarding the Conceptual Framework for Financial Reporting.

Brazilian Academic Production in the Context of Sustainability Reports: A Bibliometric Analysis

ID: 46073

Authors: Caroline Moya de Morais, Gabrielli Aparecida Zevericoski, Jaqueline dos Santos Ferrarezi, Karina Rocha Henriques Gehlen, Luciano Gomes dos Reis.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 197-217, May-August, 2017. 21 page(s).

Keyword: Bibliometric , Sustainability , Sustainability Reports

Document type: Article (Portuguese) Show Abstract

To contribute to the evolution and increment of future scientific research, the present article presents as guiding question: what is the profile of the scientific publications, which approached the theme Sustainability Reports, from 2005 to 2014? Methodologically supported in a bibliometric research of a qualitative and quantitative nature, with a descriptive character, the periodicals of the Administration, Accounting and Tourism area - classified according to the QUALIS-CAPES system were used as a basis for the collection of data. Between the scope of journals A1 to B3. The analysis focused on the number of articles published on Sustainability Reports, methodological approaches, authorship characteristics, publications and research institutions. A total of 187 published articles related to this content were identified among the most used terms, such as: Social Reporting, Global Reporting Initiative (GRI) and Corporate Social Responsibility. The most common types of research are descriptive and exploratory studies. Regarding authorship, 59% of the researches have two or three authors, and the universities that stand out the most regarding publications with this content consist of USP and UFSC. It is concluded that there is theoretical regularity among the approach to Sustainability Reporting, most of which relate to contents linked to voluntary, environmental and socioenvironmental disclosure and social and environmental indicators. Considering the period of analysis and the scope of reviewed journals, it is verified that the production around the theme still deserves more attention in academic scope, given, the diversity of subjects that have not yet been explored or can be deepened in the field. Some suggestions for future research are directed to in-depth reviews of the production process of these reports, critical studies of organizational intentions in disseminating such information, as well as new forms of sustainability reporting currently in place.

Accountant Profile in the Cinema of the 21st Century

ID: 46074

Authors: Joyce Dominic Alves Tavares, Marke Geisy da Silva Dantas.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 218-239, May-August, 2017. 22 page(s).

Keyword: Accountant profile , Movies , Social Representation Theory , Stereotype

Document type: Article (English) Show Abstract

This study aims to analyse the portrayed image of the accounting professional in the cinematographic production of the 21st century. Six movies were chosen for this analysis: Casino Royale, Wanted, The Dark Knight, RocknRolla, Too Big to Fail and The Accountant. The results indicate that some stereotypes remain linear in relation to previous studies. The demystification of some stereotypes is already being made in film production, as it is also noticeable that the accountant characters have more performances in the films. In general, considering the movies in this analysis, the accountants were portrayed in a positive way. However, some features are still represented negatively. In the movies, the professional was characterized as neutral (not exactly good or bad), peaceful, unhappy, neutral (not exactly cheerful or grumpy), intelligent, efficient, fulfilled, confident, trustworthy, incommunicative, influential and proactive. This research brings to light the accountants presented in the films, contributing to the public and society views of how accountants really behave. The perception of this image and/or stereotype may lead to changes in the accountants default behavior, if necessary. In addition, this issue can become a way of generating greater visibility and importance for the accounting professional. For further studies, it is interesting to seek for other TV series, shows and Brazilian productions that are also disclosing the profession. It is also suggested to have a more detailed study addressing the question of professional ethics.

Theoretical Basis, Hypothesis and Construct in Accounting Studies

ID: 46075

Authors: Thiago Bruno de Jesus Silva, Cleston Alexandre dos Santos, Luís Antonio Lay, Laurindo Panucci Filho.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 240-264, May-August, 2017. 25 page(s).

Keyword: Construct , Hypothesis , Research in Accounting , Theoretical basis

Document type: Article (English) Show Abstract

The present study aims at contributing to the understanding of distinct concepts about theoretical basis, hypothesis and construct by presenting, discussing, explaining and exemplifying the meanings of such concepts, their conceptual definitions, operational definitions and constructs in studies carried out in the Accounting area. Theory plays a relevant role in developing scientific knowledge since it represents the highest level of science epistemology. Hypotheses are a powerful tool for advancing knowledge since they can be tested. However, to be able to empirically explore a theoretical concept, one needs to translate the concept statement into a relation with the real world, based on variables, and on observable and measurable phenomena, in other words, one needs to elaborate a construct and operationalize it. Therefore, it is possible that the ones who are interested in the findings of a specific study share the same understandings about the concepts, definitions, possible constructs and variables included in the study, thus, comprehending findings, conclusions and limitations of the study in a similar manner. The present study contributes to the area by highlighting the intention of correct understanding and usage of these essential categories of the scientific and professional discourse, according to the theoretical background.

Remuneration of Executives: An Analysis of the Articles National and International in the Last Decade

ID: 46076

Authors: Thaisa Renata dos Santos, Júlio Orestes da Silva.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 265-283, May-August, 2017. 19 page(s).

Keyword: Bibliometry , Executive , Remuneration , theory of agency

Document type: Article (Portuguese) Show Abstract

This objective research has the aim analyze which characteristics of the national and international publications on the remuneration theme of executives. To this end, it developed descriptive research and of quantitative nature, it is getting of a sample of 54 articles at period of 2006 the 2016. the articles about the executives' remuneration were collected in the bases of periodicals: Gooogle Acadêmico, SCOPUS (Elsevier) and Web of Science – main collection (Thomson Reuters Scientific). The results show that the remuneration theme of executives possesses larger representativeness in international, than in national extent, and that the study object in most of the analyzed periodicals, this mainly related with the executive's performance and the acting of the organization to which he is inserted. It was found that the search subject has grown in recent years, but that national research related to executive compensation deserve attention, especially when trying to show the impact of remuneration on the executive's behavior and also how was the process by which obtained executive their remuneration. The article contributes with the accounting literature and management practices that demonstrate the evolution of research on the remuneration of executives and banks as the main themes investigated at national and international level. Existing research shows that the subject is little explored in the national literature.

Certification of Research, Development and Innovation in Portugal: A Qualitative Perspective

ID: 46077

Authors: Manuel Teles Fernandes, José Moleiro Martins.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 284-301, May-August, 2017. 18 page(s).

Keyword: culture , innovation , technology , value

Document type: Article (Portuguese) Show Abstract

This article aims at bringing the analysis of innovation inside one country to the level of the organizations and of their outputs to the economy and society. For that purpose, a study was done by using a panel of specialists in the fields of value management, innovation, economy, quality assurance and management systems auditing, who evaluated the full universe of research development & innovation (RDI) certified organizations, based on criteria established on currently worldwide accepted theoretical concepts of innovation, and types of innovation related to value and to technological and cultural processes. The result shows a tendency of organizations to choose, when innovating, business strategy and policies that may be of low value creation and generation. Despite the micro level insight that the study may provide, there is a clear need to further entice organizations that develop RDI activities with knowledge in innovation and innovation management, in order to improve value to all interested parties.

Impact of R&D Investment on Firm Performance and Firm Value: Evidence from Developed Nations (G-7)

ID: 46078

Authors: Muhammad Usman, Muhammad Shaique, Shahbaz Khan, Ruqia Shaikh, Nida Baig.

Source: Revista de Gestão, Finanças e Contabilidade, v. 7, n. 2, p. 302-321, May-August, 2017. 20 page(s).

Keyword: Firm Performance , Firm Value , G-7 , HLM Regression model , R&D investment

Document type: Article (English) Show Abstract

The purpose of the study is to evaluate the impact of R&D investment on firm performance and firm value among G-7 countries. To testify such relationship, we use firm level and country level data collected from firms’ financial statements, countries stock exchanges, and World Bank databases. Based on data structure (country level, industry level and firm level), we use HLM regression analysis technique along with robust standard error. By using diverse range of control variables (firm size, age, leverage, GDP growth, interest rate and financial crises dummy), results suggest that same year R&D investment has negative impact on firm performance and, positive impact on firm value. However, one year lagged period R&D investment has positive relationship with both firm performance, and firm value. Nevertheless, two years lagged period R&D investment has not effect on both firm performance -and value.