Editorial

ID: 41018

Authors: Orleans Silva Martins, Wenner Glaucio Lopes Lucena, Luiz Felipe de Araújo Pontes Girão.

Source: Revista Evidenciação Contábil & Finanças, v. 4, n. 1, p. 1-3, January-April, 2016. 3 page(s).

Document type: Editorial (Portuguese)

The Analysis about the Relation between the Stock Market with the Macroeconomic Variable in the Period from 2004 to 2014

ID: 41019

Authors: Luan Vinícius Bernardelli, Alessandro Garcia Bernardelli.

Source: Revista Evidenciação Contábil & Finanças, v. 4, n. 1, p. 4-17, January-April, 2016. 14 page(s).

Keyword: Macroeconomic Variables , Multiple Linear Regression , Stock Market , Volatility

Document type: Article (Portuguese) Show Abstract

This article has as main objective to analyze the influence of macroeconomic variables on the stock market. The research initially provided the conceptual discussion demonstrating expected theoretical reaction in the stock market generated by macroeconomic fluctuations. Then, with the results collected from an analysis performed by a linear regression by the Mean Square Model (MSM), on a monthly data base 2004 to 2014, total of 132 samples, and the dependent variable to represent the stock market the Ibovespa index. To express macroeconomic fluctuations were selected as independent variables the average exchange rate, SELICOVER interest rate, the Wholesale Price Index (IPA) and the domestic product nominal GDP (Gross), all taken from the Central Bank of Brazil (Central Bank) and the Institute of Applied Economic Research (IPEA). Thus, it was found that was significant participation in the stock market in the economy, this has great relevance to companies that need resources to produce, as well as the surplus agents seeking compensation for invested capital. It adds further that the results were deeply significant, since not only confirmed the theoretical position, but also demonstrated that the influence is extremely high because the value found the R² led to fluctuations in macroeconomic variables explain 93 10% of the fluctuation of the stock market. With this, there is no doubt that the results of this study are significant and help to foster discussions about the volatility of the stock market due to the current economic crisis.

Generation and Distribution of Value Added in 2013: Analysis of Companies Listed on Ibrx-100 Index

ID: 41020

Authors: Victor Maria Nunes, Gilberto José Miranda.

Source: Revista Evidenciação Contábil & Finanças, v. 4, n. 1, p. 18-32, January-April, 2016. 15 page(s).

Keyword: Cluster , DVA , Generation and distribution of Wealth

Document type: Article (Portuguese) Show Abstract

Accounting has as a challenge not only to produce financial information, but also social information regarding the relationship of the company with society. The aim of this study is to identify the clusters formed by companies that present similar wealth generation and distribution indices, based on DVA (value added statement). The research is classified as empirical-analytical, by analyzing, decoding and relating the destination of the wealth generated by the companies surveyed. The sample was composed by components of the IBrX-100 in 2013. Data collection was made from the financial statements of the companies from the sample listed at the BM&FBovespa website. Subsequently the indices were calculated and analyzed. It was noted that in the case of the generation of wealth for cluster 4, 60.64 percent of the sample added 16% to the value of the assets, especially banks, who had the smallest indices. It was also verified that, as demonstrated in cluster 2, 77.17% of organizations added around 37% of their revenue. Regarding the distribution of wealth generated, distribution to personnel, it was found that only 22.34% of the companies analyzed distribute 50% or more of the value to their employees as shown in cluster 3. Checking tax distribution, it was found that 18.09% of the companies have a tax burden of 59%, having the largest loads in the country as cluster 1. As demonstrated in cluster 2, one realizes that 80.85% of the companies distribute on average 5% of the wealth generated to shareholders, showing a low level of distribution. But when it comes to distributing the retained earnings, in cluster 1 it is observed that 90.43 % of the sample distributes 15 percent of the wealth generated.

Contributions to the Exposure Draft ED/2013/9 – IFRS For SMEs: Change Proposals for Small And Medium - Sized Entities

ID: 41021

Authors: Marco Tulio José de Barros Ribeiro, Aline Rúbia Ferraz de Freitas, Luiz Carlos Marques dos Anjos, Umbelina Cravo Teixeira Lagioia.

Source: Revista Evidenciação Contábil & Finanças, v. 4, n. 1, p. 33-49, January-April, 2016. 17 page(s).

Keyword: Exposure Draft , IFRS for SMEs , Small and Medium-sized Entities

Document type: Article (Portuguese) Show Abstract

The objective of this research was to analyze the positioning of respondents economic groups based on the letters-comments EXPOSURE DRAFT ED / 2013/9 - IFRS for SMEs (ED) sent to the IASB. Thus, because of the important role of SMEs in the global context, this article seeks a better understanding regarding the Board's proposed amendments to the IFRS for SMEs with indicative to an improvement on the interaction of accounting standards and quality of information. Was performed a content analysis of the opinions referred to the IASB and, complementarily, after knowing the positions of economic agents, the use of non-parametric test Kruskal-Wallis (KW) to see if the differences of opinions between issues are statistically significant, meaning that the differences between the issues mean real differences or represent only chance variations. The panorama of opinions was predominantly positive and indifferent, with all located means between the agreement zones and indifference, showing that, despite arguments to the contrary, there is a certain alignment front of the IASB proposes to change to IFRS for SMEs, as for example on the use of the term "fiduciary capacity" as well as the recognition and measurement of deferred taxes. Moreover, the research results suggest, however, that is agreement on the three-year cycle to IFRS maintenance for SMEs, as some opinions believe that a longer cycle would be much better to improve the stability of the rules and give enough time accounting teams to familiarize themselves with the revisions; and the idea of retroactive application of the proposed amendments depicts the establishment of accounting standards is a political process, as economic agents seek their own interests.

Analysis of Efficiency of Public Expenditure on Fundamental Education in Military Schools in 2014

ID: 41022

Authors: Gilberto Magalhães da Silva Filho, Tarso Rocha Lula Pereira, Marke Geisy da Silva Dantas, Aneide Oliveira Araujo.

Source: Revista Evidenciação Contábil & Finanças, v. 4, n. 1, p. 50-64, January-April, 2016. 15 page(s).

Keyword: Education , Efficiency , Military School , Public Expenditure

Document type: Article (Portuguese) Show Abstract

The current paper aims to assess the efficiency on the allocation of public expenditure in education on the 9th year, the final grade of fundamental education, in the Army Military Schools. It was taken as a reference the study of the years 2009 and 2011. The research sample was composed by the 12 units, which are part of the Military School System in Brazil. To assess the efficiency on the education expenditure it was used the Data Envelopment Analysis (DEA) and the inputs used were the variables expenditure on education, number of enrolled students and number of teachers (input). As for the product it was considered the Index of Basic Education Development (IDEB) of the schools in the years 2009 and 2011. The results of the research show that in the year 2009 seven schools (58.34%) were considered efficient and in the year 2011 only four units (30%) according to the DEA – BCC model. When analyzed through the CCR model, 5 schools (41.67%) have shown effective once in 2011 only three schools did (25%). The research helped to provide expenses supervisors with a tool capable of helping in the management evaluation and allowing the decision making process by managers in order to maximize the usefulness of resources and to provide a better efficiency in the allocation of public resources. It can be noticed that the schools that presented bigger resource allocation did not necessarily presented themselves as efficient, which indicated the need of a better resource management by the managers in charge of the organizations. The results hereby presented may be defined as an analysis with relative efficiency for the schools were considered efficient when compared to other schools which are part of the research sample.

Interorganizational Cost Management for the Management of the Total Costs: Case Study in a Sugar Cane Mill in the Region of the Triangulo Mineiro

ID: 41023

Authors: Marcelino Franco Moura, Nilton Cesar Lima.

Source: Revista Evidenciação Contábil & Finanças, v. 4, n. 1, p. 65-83, January-April, 2016. 19 page(s).

Keyword: Interorganizational Cost , Management , Sugar Cane , Total Cost

Document type: Article (Portuguese) Show Abstract

The General Objective of this study is investigate the possible points that highlight the adherence of the Interorganizational Cost Management (ICM), in the production chain of sugar cane, for the management of the total costs in a sugarcane mill in the Triangulo Mineiro, hereby named Destak Mill. The research was characterized as follows: concerning its nature, how applied; concerning its objective, how exploited; concerning procedures, as a study of a unique case; and, concerning the problem, as qualitative. For the study of this case a method of semi-structured research and interviews was applied, after which transcription of the same, and analysis of contents. For validation of this case study, a process of triangulation of methods for bibliographic survey was used, besides documental research and unsystematic observation. After having carried out these methods the result presented demonstrated a non-formal existence in an ICM at Destak Mill, but in an informal restricted manner showing some factors with made impossible its effective application as a Strategic Cost Management (SCM) in management of total costs. In conformity with the categories analyzed, certain indications concerning adherence to the ICM in the process of management of total costs, observed in relationship variables (interdependence, co-operation, trust and stability/mutual benefits), however there was a lack of sharing cost information in a strategic manner. Therefore, since we are dealing with a mill that is still being developed, once it reaches its maximum productive capacity we must point out, for future studies, a possible change in results in mills at different life cycles.

Determinants of Return’s Co-Movement for Effective Portfolio Diversification Among Regional Stock Markets

ID: 41024

Authors: Mobeen Ur Rehman, Syed Muhammad Amir Shah.

Source: Revista Evidenciação Contábil & Finanças, v. 4, n. 1, p. 84-96, January-April, 2016. 13 page(s).

Keyword: Heterogeneous Panels; Frontier Markets; Equity Returns; Pooled Mean Analysis , JEL Classification: G11, G15, F3, F65

Document type: Article (English) Show Abstract

This paper investigates empirically the linkage between frontier and emerging markets of Asia with the developed markets of Unites States, Japan and Europe over the period of 15 years from January 2000 to December 2014. To deal with heterogeneous panels, we have made use of pooled mean group statistics suggested by Pesaran et al. (2001) for more reliable results. After testing for panel unit root and co-integration, both short and long term relationship were found among the included markets thereby supporting the feedback hypothesis. The direction of relationship is more important from developed to emerging and frontier markets than among the developing-emerging markets. Results suggest that integration is higher among EFA and Japanese markets than the EFA and US markets. These findings are in accordance with the view that level of stock market integration continues to increase. The finding of this paper has important implication for the researchers, practitioners and policy makers. Knowledge about the kind of relationship between EFA and developed markets can help governments of EFA markets to devise various strategies keeping in view their return sensitivity to the developed equity markets. This can help in predicting the return pattern of emerging and frontier markets over the period of short and long run. Furthermore, the relationship among EFA and developed markets enable investors to reap maximum diversification benefits and to minimize risks due to financial contagion or spillover phenomena.