Editorial V. 10, N. 2, 2022

ID: 69677

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. 2, p. 1-4, May-August, 2022. 4 page(s).

Document type: Editorial (Portuguese)

Academic self-efficacy, technical skills and perceived employability of undergraduate business students

ID: 69678

Authors: Nayara Aline de Souza, Anderson Betti Frare, Ilse Maria Beuren.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 2, p. 5-21, May-August, 2022. 17 page(s).

Keyword: Academic self-efficacy , Perceived employability , Technical abilities

Document type: Article (Portuguese) Show Abstract

Objective: Business education receives considerable emphasis in academia and in the job market, given the concern with employability and the search for qualified professionals. In this sense, the study aims to analyze the influence of academic self-efficacy and technical skills on the perceived employability of undergraduate business students. Complementarily, it checks whether students from different courses (Administration and Accounting) have the same perceptions regarding the proposed analyses. Background: The study is based on literature on self-efficacy (academic), skills (technical) and perceived employability, in the context of business students. Method: A survey was carried out with undergraduate students from the Administration and Accounting courses of a federal public higher education institution in southern Brazil, in which 204 answered questionnaires were returned. For the hypothesis test, structural equation modeling by partial least squares was used. Additionally, a permutation test and multigroup analysis were performed. Results: The results revealed a positive and significant influence of academic self-efficacy on technical skills and the latter on perceived employability. They also evidenced the mediating role of technical skills in the relationship between academic self-efficacy and perceived employability. Further analysis demonstrated that the relationships remain constant regardless of the students' course. Contributions: The study presents contributions to the literature, mainly by listing the role of the development of technical skills as a facilitator between academic self-efficacy and perceived employability. The study also provides insights for those involved in the educational context of the business field.

Analysis of the effects of Covid-19 on the share price of different sectors of the brazilian market

ID: 69679

Authors: Diego Reis Chain, Flávia Vital Januzzi, Pedro Miranda Bouzan.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 2, p. 22-41, May-August, 2022. 20 page(s).

Keyword: COVID-19 , Event Study , Stock price sensibility

Document type: Article (Portuguese) Show Abstract

Objective: This article aims to analyze the effects of the COVID-19 pandemic declaration by the World Health Organization (WHO) on the stock prices of the different sectors listed in B3 in the short and mid-term. Background: Given the effect of the pandemic, the perception of risk on the markets has increased, which has caused great impact in the capital market and excessive losses, bringing down stock market indices around the world. Despite all the uncertainty generated by the pandemic, different sectors of the economy are affected to distinct degrees and their ability to respond to adverse con ditions also varies. Method: The sample included 186 companies. The method used was the study of events. The analysis was carried out considering the 100 trading sessions after the event date as a window of comparison, with the event date being March 11, 2020. Results: The results indicate that a declaration of pandemic negatively affected all Brazilian eco nomic sectors. The sectors most affected in the short term were Information Technology, Oil, Gas and Fuels and Cyclic Consumption. In the mid term, the sectors that still showed losses were Health, Cyclic Consumption and Public Utilities. Contributions: This study contributes to the finance literature in order to understand the effects of COVID-19 in the different sectors of the economy and which sectors were most impacted, making it possible to draw strategies for the recovery of economic losses based on this understanding. Fur thermore, this study provides information for the capital market as a whole, showing which sec tors are more resilient in this context of crisis.

Goodbye, amazon forest? A study on deforestation in the Legal Amazon in light of state public spending and local socioeconomic factors

ID: 69680

Authors: Wesley Paulo Santos.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 2, p. 42-63, May-August, 2022. 22 page(s).

Keyword: Deforestation , Efficiency frontier , Legal Amazon

Document type: Article (Portuguese) Show Abstract

Objective: This study aimed to verify the efficiency of Legal Amazon states in combating deforestation in protected areas within their competence, between 2013 and 2018, in light of public spending and socioeconomic factors. Background: Social, economic and financial factors contribute to deforestation in the Legal Amazon, so it is up to the public administrator to find ways to face deforestation in the region. However, each state is free to implement its actions, which makes some states perform better in combating deforestation than others. Method: A descriptive analysis of the data and the creation of a Bayesian efficiency frontier was performed. For this, the data used were the evolution of deforestation in state conservation units in the Legal Amazon, in addition to the main accounts of the environmental management group and socioeconomic variables. Result: The results found showed that the states of PA, AM, RO and MT were, on average, inefficient in containing deforestation. The variables that were significant for deforestation were, namely: expenditure on environmental control, default rate of individuals and total number of herds. Contributions: This study explored a gap between public accounting and environmental account ing. And it measured and evaluated the capacity of the public entity to contain deforestation. Thus, it was shown that economic variables have a greater effect on combating deforestation than the control carried out by the states.

Impression management strategies in the corporate disclosures of Petrobras S/A to repair its image and reputation facing corruption scandals

ID: 69681

Authors: Anderson Rodrigo Quoos, Delci Grapegia Dal Vesco, Ana Helena Caneppele Dotto, Priscila dos Santos Schiavo.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 2, p. 64-82, May-August, 2022. 19 page(s).

Keyword: Corporate Disclosures , Corruption , Impression Management , Petrobras S/A

Document type: Article (Portuguese) Show Abstract

Purpose: This study aimed to verify the strategies of Impression Management (IM), denoted in the corporate disclosures of Petrobras S/A, compared to the involuntary unfolded information, aiming to repair the reputation and image of the company, succeeding the corruption scandals. Foundation: The study is conducted in accordance with the Impression Management (Mohamed et al., 1999, Almeida et al., 2019), through the analysis of corporate disclosures. Method: To achieve the stated objective, document and content analyses were conducted, on corporate accounts and news released in other media, in the period from 2014 to 2018. Results: From the research, eight IM strategies were identified, such as: self-promotion, explanation, rhetorical manipulation, thematic manipulation, concealment, omission, acknowledgement, retraction, selectivity, and information without indications of IM strategies. Therefore, it is concluded that there is evidence that the adoption of these strategies in corporate disclosures, contributed to the process of repairing the company's image, in front of corruption scandals. Contributions: This study is relevant and brings contributions to the theoretical and practical advancement of the accounting area, since indications of failures in the disclosure of corporate information are pointed out, considering that accounting values the disclosure of useful and relevant information to its users, being the corporate reports considered one of the most efficient means that are used for information disclosure.

Risky decisions in the light of the prospect theory with students from different academic backgrounds in an HEI

ID: 69682

Authors: Luana Mendes Pedrosa, Fabiano Ferreira Batista.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 2, p. 83-101, May-August, 2022. 19 page(s).

Keyword: Behavioral Finance , Modern Finance , Traditional Finance

Document type: Article (Portuguese) Show Abstract

Verify if the decision-maker's behavior in face of risk differs according to his professional training. Background: Behavioral finance considers that individuals do not always act rationally, due to cognitive biases capable of leading to errors or systematic deviations, affecting the financial decision-making process and that training, income and sex can influence behaviors. Method: It was used the instrument developed by Kahneman and Tversky (1979) in students of the last year of the Administration, Accounting Sciences, Law and Social Work courses and compared the choices made by the individuals with the aid of the non-parametric tests of Chi-Square and Mann-Whitney U. Results: It was observed that students in the field of finance make decisions similarly to students in the area of non-finance and that the two groups are averse to risk and prefer smaller, certain or probable gains over a larger gain that may or may not become effective, contrary to the preference for the field of losses in which they become risk takers in order to minimize losses. It was also possible to notice that risk aversion in the field of gains and willingness to risk in the field of losses are not symmetrical, and that the predisposition to assume losses would be associated with the material difference between probabilities or between the value of the losses. Contributions: The results provide feedback to teachers, making it possible to design teaching strategies that develop competencies and skills aimed at rational decision-making, minimizing cognitive biases.

The market reaction to the disclosure of fraud and the performance of deposit insurance: the Panamericano Bank’s case

ID: 69683

Authors: Mayse dos Reis Araujo, Walace Gonçalves de Andrade, Lucas Teles de Alcântara, José Alves Dantas.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 2, p. 102-117, May-August, 2022. 16 page(s).

Keyword: Deposit insurance , Moral hazard , Panamericano Bank , Systemic risk

Document type: Article (Portuguese) Show Abstract

Objective: To evaluate the market reaction, both for the entity and for the banking industry, to the disclosure of Panamericano frauds, as well as to the solution applied, through the use of resources from the Credit Guarantee Fund (CGF), to make the transfer of control of the entity. Background: Based on the efficient market theory, the hypotheses predict a negative reaction of the market - both for Panamericano and for the banking industry - to the disclosure of frauds and positive to the communication of the solution of the case, using CGF resources. Method: The empirical tests are based on the event study method, focusing on disclosing the occurrence of fraud in the bank and communicating the solution of the case, with resources from CGF and the intention to purchase the entity by BTG Bank. Results: The actions of Panamericano and the banking industry showed negative accumulated abnormal returns after the disclosure of the frauds, even with the concomitant report of an emergency solution, the CGF loan. With the communication of the solution of the case and the indication of the transfer of control, Panamericano's shares reacted positively, but the same did not happen in relation to the financial market reference index, which registered abnormal negative returns. Contribution: This study contributes to the literature on the role of deposit insurance in solving bank entities' problems and how market agents evaluate this performance, including the potential for systemic risk.

Relationship between corporate governance and capital structure: an analysis for companies in the Brazilian electric sector

ID: 69684

Authors: Raffaella Regueira de Oliveira, Francisco Raeder, José Augusto Veiga da Costa Marques.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 2, p. 118-132, May-August, 2022. 15 page(s).

Keyword: Brazilian Electricity Sector , Capital Structure , Corporate Governance , Indebtedness

Document type: Article (Portuguese) Show Abstract

Objective: The objective of this work is to empirically verify the relationship between corporate and capital structure for 43 electric energy companies listed on the Bolsa, Brasil, Balcão (B3), during the period 2015-2019. Background: In recent years, several companies have turned their attention and concentrated efforts on improving their operations in terms of corporate governance. In addition to encouraging transparency and bringing benefits to investors, higher levels of corporate governance can positively impact financial indicators, including indebtedness. Method: As a method, multiple linear regressions were performed and Ordinary Least Squares estimators and standard errors robust to autocorrelation and heteroscedasticity were used. Results: Results showed that companies that belong both to the Novo Mercado and to Nível 1 of Corporate Governance are characterized by a negative relationship between governance and indebtedness. In other words, companies that adhere to the best Corporate Governance practices tend to have lower levels of indebtedness, compared to companies that do not adhere to them. However, no evidence was found that belonging to Nível 2 of Corporate Governance interferes with companies' indebtedness. Contributions: It is characteristic of companies operating in the electricity sector to have higher levels of debt due to the high need for capital to develop projects. In this sense, there are inputs to substantiate the fact (and, eventually, even the business strategies of the companies themselves) that higher levels of corporate governance are attractive not only for investors, but also for the companies themselves.

Impacts of IFRS 16 adoption on the main economic and financial metrics of airlines in the world

ID: 69685

Authors: Alessandro Lepchak, Rayane Camila da Silva Sousa, Daniela Pirolo Dias, Luciano Marcio Scherer.

Source: Revista Evidenciação Contábil & Finanças, v. 10, n. 2, p. 133-155, May-August, 2022. 23 page(s).

Keyword: Airlines , IFRS 16 , Lease

Document type: Article (Portuguese) Show Abstract

Objective: To analyze the impacts resulting from the adoption of IFRS 16 on the main economic and financial metrics of airlines in the world. Background: The new scenario imposed by IFRS 16 suggests new classifications and inclusions in the financial statements, a fact that improves the predictive power of accounting information and adds value to the disclosure of transactions related to lease agreements. The present study advances the discussion on the impacts of IFRS 16 on the economic and financial metrics of companies that, until now, have been investigated in different sectors. Method: It consists of analysis by means of regression in panel data with a database composed of 3,888 observations, covering 152 companies from 43 countries, representing 5 continents. The variables used were based on the document “Effects Analysis” published by the IFRS Foundation and which points out the main changes arising from IFRS 16. Results: Significant impacts were found in the metrics of financial leverage, current liquidity and operating cash flow. There were also impacts on income-related accounts such as earnings per share, ROCE, ROE and the result itself, a fact that is in line with the standard. Contributions: The results of the present study aim to provide initial insights into the effective impact of adopting the new leasing standard. The study contributes to the international scientific literature by empirically testing the forecast made by the IFRS Foundation in the document “Effects Analysis”. Additionally, the study explores the potential impacts predicted in the economic and financial metrics, during the process of implementing the standard, at a global level, in the airline industry, with an approach that provides a realistic and worldwide view on the adoption of the standard.