Editorial V. 9, N. 3, 2019

ID: 59977

Authors: Ricardo José Rocha Amorim, Francisco Marton Gleuson Pinheiro, Maria de Fátima Araújo Frazão.

Source: Revista de Gestão, Finanças e Contabilidade, v. 9, n. 3, p. 1-2, September-December, 2019. 2 page(s).

Document type: Editorial (Portuguese)

Empirical Analysis of the Association Between Foreign Investors and Corporate Governance in Brailian Companies

ID: 59978

Authors: Eline de Almeida Campos, Camilla dos Santos Ribeiro, Patrícia Maria Bortolon.

Source: Revista de Gestão, Finanças e Contabilidade, v. 9, n. 3, p. 3-30, September-December, 2019. 28 page(s).

Keyword: Brazilian market , Corporate governance , Foreign investors

Document type: Article (Portuguese) Show Abstract

With the objective of improve transparency and guarantee of shareholders' rights, Corporate governance has been an extremely important element for publicly traded companies. Considering the large participation of foreign investors in the Brazilian market, this study sought to determine if they prefer to invest in companies with better corporate governance practices. Analyzing 174 companies listed in B3 in 2017, through mean difference tests and Logit models, this research found that there is a statistically significant relationship between the presence of foreign investors among the main shareholders of companies and higher scores in a broad corporate governance index. From this result, it can be inferred that foreign investors take into account the corporate governance of the companies in the decision to invest in the Brazilian market. This evidence can motivate companies to invest in better corporate governance practices.

Determinants of Readability of Notes to the Financial Statements from Brazilian Companies

ID: 59979

Authors: Guilherme de Freitas Borges, Ilirio José Rech.

Source: Revista de Gestão, Finanças e Contabilidade, v. 9, n. 3, p. 31-51, September-December, 2019. 21 page(s).

Keyword: Disclosure , Notes , Readability

Document type: Article (Portuguese) Show Abstract

This work is aimed at investigating the determinants of readability of notes to the financial statements of brazilian public-held companies. This is an exploratory study with quantitative approach, carried out from standard financial statements annually divulged by the companies participating in the IBrX 50, between 2010 and 2016. To measure readability, the Flesch Readability Formula was adopted. Data were analyzed through multiple linear regression. The results highlight that the notes of the companies have low readability and that the variables like size, operational complexity, time of listing, governance, auditing by big four and the length of the report are statistically significant to determine the readability of the notes. The results highlight that, even though the companies studied are the largest ones, with better levels of corporative governance and they are audited by renowned auditing firms, their notes to the financial statements have low readability. This research contributes by highlighting that even large companies, audited by renowned companies in auditing and with high levels of governance, lack greater zeal with the preparation and disclosure of accounting information, considering the low readability identified. The verification of the notes’ low readability draws attention to the importance of actions performed by the accounting regulators and operators, in order to provide an enhancement of the information delivered to users.

Corporate Social Responsibility and Capital Structure, the Case of Brazilian And Chinese Companies Listed on the Nyse

ID: 59980

Authors: Ricardo Medeiros, Joséte Florencio dos Santos.

Source: Revista de Gestão, Finanças e Contabilidade, v. 9, n. 3, p. 52-71, September-December, 2019. 20 page(s).

Keyword: Capital structure , Corporate Social Responsibility , Global Reporting Initiative , Pecking Order , Tradeoff

Document type: Article (Portuguese) Show Abstract

This study aims to verify whether the capital structure of Brazilian and Chinese companies that disclose Corporate Social Responsibility report, listed on the NYSE, are aligned with the theories of Pecking Order and Tradeoff, from 2008 to 2018. Data were collected through secondary sources, and the accounting information obtained from Economática® databases, and information on the disclosure of CSR reports on the GRI model obtained on the webpage of the Global Reporting Initiative (GRI). It was made the comparison test of means, factorial ANOVA and multiple regressions data on unbalanced panel were made. The results show that the capital structure of Brazilian and Chinese companies aligns with the pecking order theory. There is a difference in the leverage of companies that disclose (or not) the report for Brazilian companies, with a positive impact of CSR on leverage, while among Chinese companies the result was not significant. Finally, the leverage of Brazilian companies that publish CSR report differs from Chinese companies that also disclose that report.

Corporate Governance Index for Companies in the Brasilian Stock Market

ID: 59981

Authors: Thaís Alves dos Santos, Antônio Artur de Souza, Gabriel Rodrigo Gomes Pessanha.

Source: Revista de Gestão, Finanças e Contabilidade, v. 9, n. 3, p. 72-92, September-December, 2019. 21 page(s).

Keyword: Agency Theory , Corporate Governance , Corporate Governance Index , Principal component analysis

Document type: Article (Portuguese) Show Abstract

The main objective of this study was to develop a corporate governance index (CGI) for companies traded on B3. The sample was made from 116 public companies whose stocks are currently being traded or once were traded on B3. The study is quantitative and the CGI development was made through the principal component analysis (PCA). The period of analysis of this work goes from 2010 up to 2016. The work attempt to identify which dimension of corporate governance presents greater weight in the classification of companies regarding their governance. For the construction of the CGI, 5 governance dimensions were studied: (i) ownership and control structure; (ii) information disclosure and transparency; (iii) composition of the board of directors; (iv) management incentives; (v) shareholder rights. From the results of the PCA, it was possible to classify the companies accordingly to their governance attributes. The results showed that the dimension (iii) was the one with the greatest weight in the composition of the governance index. The importance of the results found is highlighted, contributing to the discussion of corporate governance.

Recordkeeping in the Process of Social and Economic Evolution: From the Primitive Era to the Blockchain Era

ID: 59982

Authors: Anderson José Freitas de Cerqueira, Jorge de Souza Bispo, José Maria Dias Filho.

Source: Revista de Gestão, Finanças e Contabilidade, v. 9, n. 3, p. 93-106, September-December, 2019. 14 page(s).

Keyword: Accounting Bookkeeping , Recordkeeping , Social and economic evolution

Document type: Article (Portuguese) Show Abstract

Emerging technologies are having strong economic and social impacts, driving innovations in interpersonal relationships, business models, products, services, strategies, performance measures and control of management processes. One of these technologies that promises to revolutionize is blockchain. However, this technological platform reflects the role of Accounting, in its most rudimentary form, which is recordkeeping. In this context, the aim of this study is to demonstrate how this fragment has impacted society, from primates to modern days. The research method adopted is the hypothetical-deductive and the research approach is qualitative with bibliographic support. The record is the first accounting fragment in the history of mankind until the emergence of folded departures in the early 13th century. Its use, together with other institutions, contributed to economic and social development, strengthening the sense of trust in impersonal transactions. It has been identified that blockchain, highlighted in this article as an advanced record keeping technology, has a very positive outlook for contributing to economic and social development.

Impacts of the Pension Reform on the Deficits of Variable Contribution Plans

ID: 59983

Authors: Sandro de Azambuja, Carlos Heitor Campani.

Source: Revista de Gestão, Finanças e Contabilidade, v. 9, n. 3, p. 107-133, September-December, 2019. 27 page(s).

Keyword: Pension plans , Pension systems , Scenario analysis , Sensibility analysis , Social security reform

Document type: Article (Portuguese) Show Abstract

We predict the impacts resulting from changes in the minimum retirement ages of the Pension Reform in a supplementary pension plan, also considering different interest rates. We apply actuarial calculations to primary data, provided by a private pension entity, combined with the rules of a variable contribution plan that offers a minimum pension benefit. Changes made to the ages and the interest rate allowed to compare, and analyze, the amounts required for mathematical reserves to cover the minimum benefit. These amounts foster the undesirable actuarial deficits of pension entities. The analysis of the results showed increases in reserves and post-employment benefits, reducing deficits. Therefore, increases in the minimum ages produce positive financial effects for participants and sponsors of pension plans. In the second stage of the study, the sensitivity analyzes were perfected in an innovative way, aiming to anticipate actions to identify, address and mitigate possible impacts. We understand that the implications found add value to social security research, to the managements carried out in private pension entities and for companies or public entities that sponsor post-employment plans.

Limiting Factors in the ISS Surveillance Process: The Case of Port Activities in the Municipality of Paranaguá/PR

ID: 59984

Authors: Amanda Maciel Carneiro, Fabiano Maury Raupp, Leonardo Secchi.

Source: Revista de Gestão, Finanças e Contabilidade, v. 9, n. 3, p. 134-152, September-December, 2019. 19 page(s).

Keyword: ISS inspection , Limiting factors , Port Activities

Document type: Article (Portuguese) Show Abstract

This study aimed to analyze the limiting factors found in the ISS inspection process in port activities in the municipality of Paranaguá - PR, in descriptive research, carried out through a case study, with a qualitative approach. Semi-structured interviews were used with 12 out of the total 19 Fiscal Auditors of the Municipal Treasury, the questions being organized in the dimensions: processes, experiences, and bottlenecks. Data analysis was performed by qualitative analysis of the content of the interviews. The subject involves concepts and particularities of taxation, the role of tax auditors and ISS inspection, the port system and port services subject to ISS collection. Thus, it was noticed the scarcity of literature on the subject, evidencing the study's contribution to the academic community and to that of tax auditors - which deals with similar situations and possibly does not find sources of support and directions for their work. The disclosure of the ISS inspection processes of port services and difficulties allowed to verify common and distinct paths and procedures in the process, levels of knowledge, techniques, interviewees' experiences, obstacles and specific theses that guide the inspection work.