Editorial V. 10, N. 1, 2022

ID: 68115

Authors: Adriana Fernandes de Vasconcelos, Anna Paola Fernandes Freire, Iago França Lopes, Lidiane Nazaré da Silva Dias, Marco Aurélio dos Santos, Vagner Antônio Marques.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 1, p. 1-4, January-April, 2022. 4 page(s).

Document type: Editorial (Portuguese)

The relationship earnings management in the value relevance of operating cash flow

ID: 68116

Authors: Aridelmo Teixeira, Eden Aristoflavy Maranhão Praeiro, Leony Alexandre Gabriel Soares.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 1, p. 5-17, January-April, 2022. 13 page(s).

Keyword: Earnings Management , Operating Cash Flow , Value Relevance

Document type: Article (Portuguese) Show Abstract

Objective: To analyze the relationship of earnings management through operational decisions on the relevance of operating cash flow to the market value of publicly traded companies. Fundamental: Management by operational decisions is considered more damaging to the organization and stakeholders, because, in addition to impacting profit, it influences the entity's cash. Method: The technique of multiple linear regression in panel with fixed effect, with errors robust to the problem of heteroscedasticity, was used to estimate operational management through the abnormal effects of operating cash flow and define the group of companies with high and low levels of operational management. Subsequently, the value relevance model was used in order to verify the relevance of the variable operating cash flow under the effect of operating decisions. Results: The result shows a significant impact of information under the effect of management by operational decisions on the market value of the companies analyzed. However, its positive effect suggests that the market does not incorporate manipulation by operating decisions for the rela tionship between operating cash flow as value relevance. Contributions: the market sees the consequences of some means of management, but fails to observe the effect of management through the cash flow attributed to decisions inherent to sales.

EBITDA: determinants of the disclosure of the non-GAAP measure in the brazilian stock market

ID: 68117

Authors: Gabriela Vasconcelos de Andrade, Fernando Dal-Ri Murcia.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 1, p. 18-35, January-April, 2022. 18 page(s).

Keyword: Determinants , EBITDA , Non-GAAP measures

Document type: Article (Portuguese) Show Abstract

Objective: Identify the determinants of voluntary disclosure of the non-GAAP measure “EBITDA” in reports of Brazilian listed companies. Background: The research is carried out from the perspective of the agency theory and signaling theory. Method: Descriptive and statistical techniques. The data were collected manually and using information collected from the Thomson Reuters Eikon database for the quarterly and annual periods of the years 2014 and 2015 of companies listed on the IBrX 100. Results: The descriptive results presented suggest that the practice of disclosing EBITDA has been broadly based, consistently over time and on a regular basis with respect to the obligation to present reconciliations to accounting profit (or loss). It can be concluded based on the quantitative results that companies which adhere to levels of corporate governance, that have lower net revenues and that have higher fixed assets are more likely to disclose EBITDA in their financial reports. The results presented corroborate the market claims and the assumptions of the signaling theory that non-GAAP measures may be being properly disclosed and with the objective of informing the market, since companies with the most traded shares in the market will seek differentiate them-selves positively from the others. Contributions: Evidence corroborates the IASB's position that the use of non-GAAP measures is valuable and can improve financial reporting if done properly.

Public governance, quality of information and social participation in health councils

ID: 68118

Authors: Rodrigo de Souza Gonçalves, Tiago José Gonzaga Borges, Andréa de Oliveira Gonçalves.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 1, p. 36-51, January-April, 2022. 16 page(s).

Keyword: Dimension of Social Participation , Disclosure quality , Health Councils , Public Governance

Document type: Article (Portuguese) Show Abstract

Objective: This work deepens the understanding of the dimension of social participation and its influence in the analysis of reports in processes of accountability of State Secretaries of Health of the Center-West/Brazil. Background: In this sense, the theoretical foundations of public governance are discussed from the perspective of social participation, extent of participation and accountability (Bovaird e Löffer, 2001; Campos, 1990; O´Donnell, 1998). Method: From a methodological point of view, the evaluation of the trend of social participation was oriented by Silva (1999 and 2005), whose data were collected through interviews with state health councilors in Goiás, Mato Grosso and Mato Grosso do Sul and documental analysis. As for the quality of the accounting information, a documental analysis of the accountability of the Health Departments for the period 2011 to 2013 was carried based on Gonçalves et al. (2010). Results: The results show that the extent of social participation can increase the quality of reports, especially when there is an environment of better social control and governance acting together in the search for better monitoring and application of public resources. Contributions: The evidence from this research indicates that the development of better governance through joint actions (government and society) is effective when all entities act in an organized and transparent manner in search of a better allocation of public resources for public health policy.

Analysis of the evidence of the institutionalization of a compliance program in a third sector organization, from an appreciative perspective

ID: 68119

Authors: Danilo José Campos Coelho, Rezilda Rodrigues Oliveira.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 1, p. 52-70, January-April, 2022. 19 page(s).

Keyword: Appreciative inquiry , Compliance and internal controls , Institutional legitimacy , Positive institutional work , Third sector

Document type: Article (Portuguese) Show Abstract

Objective: Analyze the evidence of the institutionalization stage reached by a compliance program in a third sector organization, from the perspective of Appreciative Inquiry (AI). Background: The referential uses three interdisciplinary approaches: a) conception of compliance as an internal control instrument in third sector organizations; b) approach and methodology of AI, of an interventionist character and based on evidence; c) institutional theory, of sociological content, focusing on legitimacy and process of institutionalization. Method: The Movimento Pró-Criança (MPC) was chosen as the object of a case study that is descriptive-exploratory in terms of its objective and qualitative in relation to the problem. An action research strategy was also developed, based on appreciative and institutional evidence, derived from various forms of co-design using the 5-D model (1-D Definition, 2-D Discovery, 3- D Dream, 4-D Design and 5-D Destiny). Results: The findings evidence intrinsic elements of compliance in the MPC planning and management ambience, still in a stage of habitualization (pre-institutionalization). At the same time, the existence of appreciative, participatory and decision-making mechanisms was also evidenced, which were interpreted as a source of legitimacy linked to the adoption of compliance in this institution. Contributions: It points out relevant contributions applied to accounting research and third sector organizations, in a virtually unexplored research field, especially with regard to obtaining evidence resulting from the development of a positive institutional work, based on the co-design of a compliance program as an instrument of internal control.

The influence of corporate governance on the disclosure of Corporate Social Responsibility (CSR) of brazilian open capital companies

ID: 68120

Authors: Barbara Siqueira da Silva, Jose Roberto de Souza Francisco, Laise Ferraz Correia, Ewerton Alex Avelar, Hudson Fernandes Amaral.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 1, p. 71-88, January-April, 2022. 18 page(s).

Keyword: Corporate governance , Disclosure , Sustainability report

Document type: Article (Portuguese) Show Abstract

Objective: To verify which corporate governance characteristics of the companies in Brasil, Bolsa, Balcão (B3), affect the decision to prepare the Sustainability Report (RS) and its respective level of disclosure. Background: The study is based on the theory of legitimacy, as the administrators of the organizations seek to carry out Corporate Social Responsibility (CSR) practices and disseminate them in the RSs so that the company is perceived by the stakeholders as being legitimate. Method: The period analyzed was from 2013 to 2018, and the sample consists of 247 companies, of which 120 have RS. To achieve the objective, the models of logistic regression and linear regression were used. Results: The probability of companies adhering to the RS is positively related to the size of the board of directors and its independence, the potential for pollution and the use of natural resources (PURN), as well as the size of the company (TAM). The levels of disclosure of CSR are positively related to the level of governance, capital concentration, PURN and TAM. Contributions: The study contributes to the literature, as it indicates that the dissemination of CSR information can be seen from two perspectives: the first is related to the dichotomous decision to elaborate or not the RS, and the results indicate that this definition is linked to the composition the board of directors; and the second refers to the extension of the disclosure, which is related to the listing segment. In addition, the research points out that PURN is another determining point in socio-environmental disclosure.

Corporate legitimation and the quality of socio-environmental disclosure

ID: 68121

Authors: William Augusto Sousa de Oliveira, Mariana de Paula Cardoso dos Santos, Pedro Borges Junior.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 1, p. 89-104, January-April, 2022. 16 page(s).

Keyword: Corporate Legitimation , Electricity Secto , Quality of Accounting Information , Socio-environmental Disclosure

Document type: Article (Portuguese) Show Abstract

Objective: To investigate types of corporate legitimation strategies through the levels of quality of accounting information in socio-environmental disclosures. Background: The legitimacy theory presents distinct strategies of corporate legitimation, among these, some are not viable in the decision-making process of the stakeholder. Thus, the level of quality of accounting information present in socio-environmental disclosures can distinguish corporate legitimation strategies. Method: The population defined for the application of the research are the national electric energy concessionaires, descriptive research of qualitative nature is used with the use of the content analysis technique for the appreciation of the socio-environmental reports released during the years 2016 to 2018. In the analysis of the data, the environmental and social scenario are observed separately for further study. Results: The results show a highlight in the average percentage of quality for the sector in the year 2017 with 69.93% of attendance, in environmental character and 62.15% in 2018 in social character. Through the stratification metrics adopted, trends in impression management are identified, as well as incremental information in the socio-environmental reports analyzed. It was concluded that the level of quality of the information contained in the socio-environmental disclosure is a harbinger of the adopted legitimation strategy. Contributions: In a practical way, in assisting stakeholders in the identification of reliable legitimation proposals (such as incremental information), and in cases of information manipulation (such as the use of impression management) based on the quality of socio-environmental disclosure. And also, theoretically, for literature on the legitimacy theory and socio-environmental disclosures.

Study of the Fama and French three-factor model in the brazilian stock market

ID: 68122

Authors: Kascilene Machado.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 1, p. 105-116, January-April, 2022. 12 page(s).

Keyword: Asset pricing model , Fama and French 3-factors model , Financial market , Stock returns

Document type: Article (Portuguese) Show Abstract

Objective: To verify if the Fama and French three-factor model (FF3F) is able to price the return of shares in the Brazilian stock market and to analyze the model with only two factors to identify which of the factors are significant to explain the return of the shares. Background: Fama and French (1993) proposed a pricing model with three factors (FF3F) and conducted research demonstrating that the FF3F model is more effective than the traditional CAPM model. Roger and Securato (2009) compared the CAMP models and the 3-Factors of Fama and French, in the Brazilian capital market and concluded that the expected returns of the stock can be achieved by a 2-Factor model. Method: A comparative analysis of the returns made and estimated by the FF3F model of the shares of 20 Brazilian companies in the period from 2000 to 2018 was performed. By calculating the variations between the real and estimated returns, it is possible to identify whether the returns made were close calculated. Results: Only a small percentage of the returns estimated by the FF3F model occurred according to the actual returns calculated in the analysis period and most of the estimated returns are much higher than the returns made. However, a two-factor model (market risk and size) manages to price the return on Brazilian market shares. Contributions: This work proves to be relevant by testing and presenting an asset pricing model more suited to the Brazilian stock market and contributes to citizens by proposing a tool capable of guiding them in the selection of more profitable assets.

Capital structure and economic scenario: an analysis of companies listed in B3

ID: 68123

Authors: Juliana Molina Queiroz, Vinicius Mothé Maia, João Paulo Resende de Lima, Milene Dias Almeida, Liege Moraes do Carmo.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 1, p. 117-135, January-April, 2022. 19 page(s).

Keyword: Capital structure , Corporate finance , Economic scenario , Macroaccounting

Document type: Article (Portuguese) Show Abstract

Objective: This study aims to analyze how the macroeconomic indicators are related to the capital structure of publicly traded Brazilian companies. Introduction / theoretical framework: Defining the best criteria for the financing structure for companies is not an easy task, since there are more variables that can influence this choice, specific to the firm and environmental, that can influence this choice. The study is based on the Static Trade-Off Theory, the Pecking Order Theory static and the Market Timing Theory and, studies of macroaccounting and from Brazilian scenario. Method: The two-stage panel regression model was used. The database included 219 publicly traded companies, whose information was collected in the period from 2010 to 2018, with the information collected from the Bloomberg database and the IPEA Data in the same period. Results: It was observed that no variable showed statistical significance in short-term debt. Whereas in long-term debt, the variables that showed statistical significance were size, interest and inflation. Finally, in the total indebtedness, no variable showed statistical significance. Contributions: The implications for the practice refer mainly to managers of publicly traded com panies and investors, since the work calls attention to important variables in decision making. For regulators and government, it demonstrates the importance of a stable macroeconomic scenario that provides greater efficiency and effectiveness in the allocation of companies' long-term re sources so that each one finds its optimal capital structure. For the theory, it indicates the need for studies that deepen the discussion on short-term indebtedness and Brazilian specificities.