Editorial V. 5, N. 3, 2017

ID: 46863

Authors: Luiz Felipe de Araújo Pontes Girão, Adriana Fernandes de Vasconcelos, Dimas Barrêto de Queiroz.

Source: Revista Evidenciação Contábil & Finanças, v. 5, n. 3, p. 1-3, September-December, 2017. 3 page(s).

Document type: Editorial (Portuguese)

Socially Responsible Investment Funds and Conventional Funds: Are There Performance Differences?

ID: 46864

Authors: Sabrina Espinele da Silva, Robert Aldo Iquiapaza.

Source: Revista Evidenciação Contábil & Finanças, v. 5, n. 3, p. 4-21, September-December, 2017. 18 page(s).

Keyword: Investment funds , Performance , Socially responsible investment

Document type: Article (Portuguese) Show Abstract

Objective: - This aim of this study is to compare the performance of investment funds in Sustainability / governance (Socially responsible - SRI) and Ibovespa active, in order to infer if, on average, the performance of SRI funds is better than conventional funds. Background: - The potential problem with SRI funds, pointed out by Lean, Ang and Smyth (2015), is that they contradict the modern portfolio theory. An SRI portfolio is less diversified due to the filtering process in portfolio selection and formation and thus may be considered riskier. It is intended to note whether investors with environmental and social concerns who choose to invest in SRI funds are gaining an advantage over performance by their choice. Method: - The performance of the fund was measured by the Jensen alpha calculated for each fund sample by regressing the fund's excess return against the risk factors of the Carhart (1997) model and the risk / return performance was measured by the Sharpe’s Ratio. Results: - The results show that, on average, socially responsible investment funds and conventional investment funds perform similarly. However, for the period 2009:2012, SRI funds showed a better risk / return ratio. Contributions: - This topic is still little explored in the Brazilian market. It’s intended to contribute to the literature on socially responsible investment funds. In addition, it’s expected to bring contributions, through the incorporation of the characteristic variables of the funds, which influence its performance, in the estimations.

Impact of Sell-Side Reccomendation Reports on Stock Returns

ID: 46865

Authors: Bruno Sun, Liliam Sanchez Carrete, Rosana Tavares.

Source: Revista Evidenciação Contábil & Finanças, v. 5, n. 3, p. 22-36, September-December, 2017. 15 page(s).

Keyword: Abnormal Return , Equity Research , Market Efficiency , Recommendation report

Document type: Article (Portuguese) Show Abstract

Objective: - this research aims to investigate the impact of sell-side analysts’ reports on stock returns. Foundation: - it is inserted in equity investment analysts research contextualized in the Market Efficiency Theory which defines that in efficient markets the market prices reflects all the relevant information of its intrinsic price. Method: - this investigation is based on the methodology of event study, which event date is the publication of the recommendation report. The abnormal return obtained for the event date and the cumulative abnormal return is obtained from the date of publication of the recommendation for 3 days, 1 week, 1 month, and 3 months. Results: - results obtained were consistent in signal with the first hypothesis that abnormal return is positive for each one of the terms from the event date (1 day to 3 months) for recommendation of purchase and strong purchase. On the other hand, the abnormal return was all negative with statistical significance for sale recommendations in favor of the second hypothesis which comprises that the abnormal return is negative for each of the deadlines for the sales recommendations and strong sale. Contribution: - this work represents a contribution to the knowledge about the participation of the sell-side investment analyst in increasing the efficiency of the Brazilian capital market.

Provisions’ Use for Earnings Management in Brazilian Firms

ID: 46866

Authors: Andréia Carpes Dani, Laurindo Panucci Filho, Cleston Alexandre dos Santos, Roberto Carlos Klann.

Source: Revista Evidenciação Contábil & Finanças, v. 5, n. 3, p. 37-56, September-December, 2017. 20 page(s).

Keyword: Earnings management , liability provisions , specific accruals

Document type: Article (Portuguese) Show Abstract

Objective: - To analyze whether the constitution of (1) provisions for guarantees, (2) benefits to employees and (3) tax risks are being used to provoke some effect of specific accruals, evidencing the practice of Results Management. Rationale: - Given the particularities of provision accounts, opportunities arise to manage specific accruals for the purpose of improving solvency parameters and reducing tax payments, for example. Method: - The sample was composed of companies listed on BM&FBovespa with quarterly data from 2011 to 2015, in three ways: companies with provision for product, goods and services guarantees, contemplating 225 observations; Companies that have a provision for employee benefits, amounting to 321 observations; And finally, those with provision for tax risks, containing 2,432 observations. The data were analyzed using panel data regression, using McNichols and Wilson (1995), Martinez (2006) and Fasolin and Klann (2015) models. Results: - The results indicate that the provisions for guarantees are explained by the indebtedness and value of inventories; The provision for employee benefits are explained by the indebtedness, size and value of social obligations; And provisions for tax risks are explained by the variation in net income. It can be concluded that models 1 and 2 point to GR practices, while the model for the provision for fiscal risks showed weak explanatory power. Contributions: - The possibility of manipulation through an artificial alternative over specific assets becomes important to stakeholders, as this decision may influence their business.

International Education Standards Proposed by the International Accounting Education Standards Board

ID: 46867

Authors: Fellipe André Jacomossi, Vânia Tanira Biavatti.

Source: Revista Evidenciação Contábil & Finanças, v. 5, n. 3, p. 57-78, September-December, 2017. 22 page(s).

Keyword: IAESB , IES , International Accounting Education Standards Board , International Education Standards , Internationalization of accounting education

Document type: Article (Portuguese) Show Abstract

Objective: - Investigating, from the perspective of professionals, researchers and accounting teachers, how the International Education Standards proposed by the IAESB can influence the national accounting education environment. Background: - The result of the internationalization of education standards focused on accounting education can generate several impacts on the training and performance of accountants in different territories, such as changes in curricular guidelines, improvements in interpersonal skills, and changes in entry requirements in courses, practical experience and continuous professional development. Method:- A descriptive research was conducted with a survey research procedure, using an instrument used as a questionnaire, or as a structured interview script, based on the literature and IAESB Handbook of International Education Pronouncements. Also, this is a qualitative study using the data triangulation technique. Results: - Based on this document analysis, the specifics of each of the IES have been described, and yet, it was found that its approach is principle-based standards, allowing each jurisdiction to adapt the IES in its regional peculiarities. By analyzing the perspective of the participants, there was greater similarity in the concepts related to IES 2, IES 3, IES IES 6 and 7, however, the prospects facing the IES 1, IES IES 4 and 5, showed up heterogeneous. Contributions: - By relating the international education standards with the influences identified from the perspective of professionals, researchers and accounting professors, it was found possible influences of each IES in the national accounting education environment, outlining contributions in three different perspectives: theoretical, practical and social.

Academic Production of the Thematic Area Financial Markets, Credit and Capital (MFC) Disclosed at Anpcont from 2007 to 2016

ID: 46868

Authors: Henrique César Melo Ribeiro.

Source: Revista Evidenciação Contábil & Finanças, v. 5, n. 3, p. 79-98, September-December, 2017. 20 page(s).

Keyword: Academic production , AnpCONT , Bibliometrics Social network , Financial, credit, and capital markets

Document type: Article (Portuguese) Show Abstract

Objective: - The aim of this article was to investigate the profile and characteristics of the scientific production of the articles published in AnpCONT in the Financial Markets, Credit and Capital theme from 2007 to 2016. Background: - Investigating the academic production is convenient for any field of knowledge, since it provides a mapping of established knowledge, allows to determine the research topics of the area, which authors and institutions are most profitable and networks of actors. Method: - Bibliometric and social network analysis techniques were used. Results: - Alfredo Sarlo Neto, Bruno Funchal and Márcio André Veras Machado were the most prolific authors. Fucape Business School, Federal University of Paraíba and Federal University of Espírito Santo were the most productive institutions. It was verified a centrality of extent and of intermediation in the networks of co-authoring and of the institutions, influencing in its low densidad and its dispersion. The most published topics were: corporate governance, investment, accounting information, results management, auditing, capital structure, risk management, corporate market, stock returns and company valuation. Contributions: - This research concludes in a macro form, the nuances of the financial, credit and capital markets area, in the light of the AnpCONT congress, emphasizing in its bulge contemporary data and information, regarding authors, institutions, networks of actors and themes And contributing to a greater and better understanding and comprehension of these variables, contributing later to its full development, diffusion and socialization, influencing the growth of the themes investigated and also to the field of knowledge Accounting.

Integrated Report and the Financial Information Format to Evidence the Value Creation of Pilot Program Enterprises

ID: 46869

Authors: Nadson Jaime Ferreira Alves, José Roberto Kassai, Edimilson Costa Lucas, Humberto Medrado Gomes Ferreira.

Source: Revista Evidenciação Contábil & Finanças, v. 5, n. 3, p. 99-122, September-December, 2017. 24 page(s).

Keyword: Accounting , Financial information , Integrated report , Value creation , Visual language

Document type: Article (Portuguese) Show Abstract

Objective: - to describe the content and form of evidence of value creation through financial reporting in the Integrated Report, as of the publication of the Framework, in December / 2013. Fundamentals: - in front of the corporate social responsibility paradigm, the purpose of corporate communication is to highlight the diverse information that affects the creation of value and to increase access by different users. This is also the purpose of the Integrated Report [IR] in connecting information from six capitals (financial, human, intellectual, natural, manufactured, and relationship) leading to the integrated thinking necessary to express how the company creates value in the short, medium and long term, in clear and concise language, related and comparable language, according to the IR framework. Method: - documentary research supported by Software Nvivo 11, in the Integrated Reports of companies participating in the Pilot Program [PP] in Brazil, in 2014 and 2015. Results: - there was a limited use of some terms underlying the IR and the financial information derived from the Financial Statements. However, the use of visual language was also identified in line with the principles of conciseness, completeness, comparability and connectivity in IR information. Contributions: - to the academic environment contributes to verify the interdisciplinary approach of the Integrated Report in connecting Management, Accounting and Communication purposes. To companies, it contributed to decision making by showing the interface between form and content in the evidence of value creation, as well as deploying the IR Framework.

Accounting Practices Adopted by Third Sector Entities: An Analysis Next to Religious Temples of Pernambuco in the Light Of ITG 2002

ID: 46870

Authors: Priscila Karla Ferreira da Silva, José Jonas Alves Correia, Andreza Cristiane Silva de Lima, Filipe Emmanuel Alves da Silva, Luiz Carlos Miranda.

Source: Revista Evidenciação Contábil & Finanças, v. 5, n. 3, p. 123-139, September-December, 2017. 17 page(s).

Keyword: Accounting Practices , ITG 2002 , Non-Profit Entities , Religious Entities

Document type: Article (Portuguese) Show Abstract

Objective: - This study aimed to verify the degree of adherence of religious entities to ITG 2002 in their accounting practices. Background: -Religious entities, although not required by law to publish their accounting reports, when they choose to disclose their financial statements this must be done in accordance with the standards and recommendations of the Federal Accounting Council (CFC) for the preparation of the financial statements. Religious temples, as non-profit entities must follow ITG 2002, the norm approved by CFC Resolution Nº 1409/2012. Method: - The study was conducted in the State of Pernambuco. The accounting statements of fifteen religious temples were studied, being the choice made by criterion of convenience. The data collection was done his through the survey technique, with application of a semistructured questionnaire, aiming to observe if the accounting practices adopted by the entities were in conformity with the norm. To analyze the data we selected the content analysis procedure. Results: - The survey revealed that the accounting practices adopted by the religious entities of the State of Pernambuco are not fully in accordance with the relevant Technical Interpretation (ITG 2002). Therefore, there is an opportunity for religious temples to adopt good practices in accounting and management. Although the application of this standard is not mandatory by law, its use can contribute to increase the transparency and accountability of these entities, as they are maintained through donations. Contributions: -The study is relevant because it allow us to know the accounting practices adopted by religious temples and also because it reveals that there are opportunities for improvements in the accountability of these entities to their constituents and providers of resources.

Scientific Research in the Accounting Course: Limits and Contributions to the Student during the Preparation of the Final Course Project

ID: 46871

Authors: Cassius Klay Silva Santos, Edvalda Araújo Leal, Igor Vieira Nunes, Taís Duarte Silva.

Source: Revista Evidenciação Contábil & Finanças, v. 5, n. 3, p. 140-156, September-December, 2017. 17 page(s).

Keyword: Accounting , Final Course Project , Scientific research

Document type: Article (Portuguese) Show Abstract

Objective: The aim of this article is to identify and analyze the factors that affect the development of the Final Course Project in Accounting students’ perception. Method: - The research is descriptive and with a quantitative approach. The sample is composed of 75 final students of the Accounting course of a public higher educational institution located in a city of Triângulo Mineiro. The exploratory factorial analysis was used to analyze the data. Results: - As a result, it was observed that Accounting students demonstrated several favorable aspects that motivate the development of scientific research through the Final Course Project in their academic formation. The difficulties related to its implementation were also recognized. The students pointed out the relevance of the participation of the research advisors to the success of the Final Course Project in their undergraduate degree – they recognize that the supervision of the advisor is essential for the execution and the quality of the research. Through the factorial analysis, three factors were identified that grouped the variables related to the benefits regarding education with research, such as: the development of research and incentives in the academic background; professional background, interpersonal skills and communication; and academic contributions of education with research. Contributions: - It is expected that the study could contribute to the discussion about the insertion of research in education, and add to theoretical field about the impact of the use of scientific research in the student formation process in higher education.

Nominata de Avaliadores 2017

ID: 46872

Authors: Luiz Felipe de Araújo Pontes Girão, Adriana Fernandes de Vasconcelos, Dimas Barrêto de Queiroz.

Source: Revista Evidenciação Contábil & Finanças, v. 5, n. 3, p. 157-159, September-December, 2017. 3 page(s).

Document type: Other (Portuguese)