Ciências Contábeis

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A relação entre o nível de evidenciação socioambiental e os fatores da sustentabilidade de empresas do setor elétrico brasileiro
(Universidade Federal do Espírito Santo, 2014-11-27) Silva Neto, Eliezer Rodrigues da; Campos, Gabriel Moreira; Nossa, Valcemiro; Almeida, José Elias Feres de
The Annual Social and Environmental Responsibility Report (RARS) of companies in the Brazilian Electric Sector (SEB) is an important channel of communication between the organizations and stakeholders. The objective of this study was to investigate the relationship between the level of environmental disclosure and economic, environmental and social sustainability factors. The research is classified as quantitative descriptive, in which data collection is presented as documental analysis. The analysis was performed in 108 companies electric utilities that published the RARS in 2012. The first important result was the validation by the Cronbach's alpha test of the indices used to measure the level of Environmental Disclosure of the companies surveyed. Then it was found that companies showed more social indicators that environmental, and some companies still fall within the levels "Regular and Low" social and environmental disclosure, which reinforces the thesis that only through regulation, companies will hold disclosures complete. Regarding the main practices of environmental disclosure, it was found that are aimed to publicize the social and environmental policies pursued by companies, and the negative socio-environmental interactions are poorly evidenced by the companies. Regarding the main research study, a positive and significant relationship between the level of Environmental Disclosure, Social and Environmental Factors and Economic Sustainability was found, and between Level of Social Disclosure and Social Sustainability Factors. And the pressure of stakeholders is positively related and significantly with the level of Environmental Disclosure.
Análise de fatores sociais, políticos, econômicos e culturais na adoção das normas internacionais de contabilidade pública pelos países
(Universidade Federal do Espírito Santo, 2015-12-18) Callegario, Juliana Batista; Almeida, José Elias Feres de; Sauerbronn, Fernanda Filgueiras; Carneiro, Teresa Cristina Janes; Zanoteli, Eduardo José
This study investigates which cultural, social, political and economic factors influence the adoption of International Financial Reporting Standards Applied to the Public Sector (International Public Sector Accounting Standards - IPSAS) by countries. Based on information provided by IFAC (2007) and Deloitte (2013) the different positions were analyzed and segregated taken by countries such as adoption of IPSAS completely; signaling intent to adopt; Partial adoption on a cash basis (Cash Basis) IPSAS; and adoption of the accrual basis based on IPSAS. The factors were raised GDP per capita; number of inhabitants; non-adoption of IFRS (International Financial Reporting Standards) by the countries; perception index of corruption; origin of the legal system; and cultural dimensions of Hofstede (2015), collected between 1995 and 2013 for 214 countries, initially. The methodological approach is applied logistic regression model (logit) based on Clements, Neill and Stovall (2010), adapted for panel data with random effects. The results indicate that countries that intend to adopt IPSAS can be explained by the positive variation of the variables GDP per capita, number of inhabitants, the origin of Anglo-Saxon legal system, socialist and French, and the negative variation of cultural variables: individualism and indulgence. In another test conducted, it was found that countries that have partially adopted the IPSAS, applying the accrual basis can be explained by the positive variation of the variables GDP per capita, number of inhabitants and the individualistic culture of a company; and the negative variation of the variables of the Corruption Perceptions Index, Scandinavian legal system of origin and cultural variables: masculinity and long-term orientation. As a complement, logistic regression that uni any interest in IPSAS showed that socialist countries of origin and cultures with little social inequality, less uncertainty avoidance and pragmatic few can justify such a choice. There was also a positive relationship with the number of inhabitants and GDP per capita, which suggests that more populated and developed countries tend to adopt IPSAS. The other tested logistic regressions did not allow statistical inference. Still, in any regression tested, there was evidence of dependency between the IFRS not allowed by the countries with the non-adoption of IPSAS.
Análise do processo de elaboração das normas internacionais de contabilidade pública
(Universidade Federal do Espírito Santo, 2013-09-06) Salaroli, Abner Ribeiro; Almeida, José Elias Feres de; Campos, Gabriel Moreira; Cardoso, Ricardo Lopes
It was sought in this study to investigate how the public consultation process can influence the delimitation of the International Public Accounting Standards (IPSAS) issued by IFAC. Thus, it was possible to identify the participation of several worldwide agents, in addition to verify the link between the characteristics of suggestions submitted and its acceptance by the responsible agency. This research was based on theoretical conceptual the Tridimensional Theory of Law, developed by Miguel Reale, wherein fact, value and norm are present and are related consistently, dialectical and complementary throughout the regulatory process, in the case in question, the accounting standardization. The facts represent present situations in the context of each participant, which are, in its turn, oriented, among other factors, by ideologies and principles, which are the values. Already the norm is the result of the relation between facts and values and is represented here by the IPSAS. As a methodological approach, resorted to documental research, to the content analysis and to the quantitative analysis through the Chi-square test and the interpretation of standardized residuals. From the sample, composed by suggestions made in 123 letters, was identified 59 agents from many countries, and 76% were not owned by the IFAC members. Also, the institutions occurred in seven different grades, such as professional institutions, regional standardization bodies, government agencies. On the acceptance level of the submitted contributions, were counted 926 suggestions, of which 322 somehow, the IFAC held. Moreover, there was an expressive participation from Oceania with 29.5% of the contributions total and participation of the Accounting Standards Board (South Africa) and the Australian Heads of Treasuries Accounting and Reporting Advisory Committee (HoTARAC) and Australian Accounting Standards Board, and both institutions that most delivered contributions. Additionally, the quantitative approach, succeeded evidence of a greater association between the suggestions of non-members and acceptance by the IFAC. There was also a strong link between compliance and the contributions of type Form. Still, for the entire sample, there was no evidence of dependence between the level of acceptance and the fact that the items whether they are converging standards issued by the IASB. However, the tests for each statement occurred, in some cases, evidence of association for both situations: approach and distancing of private standards, according to the sub-sample analyzed.
Análise mesorregional da governança dos poderes executivo e legislativo do Estado do Espírito Santo
(Universidade Federal do Espírito Santo, 2017-05-16) Travaglia, Karina Ramos; Almeida, José Elias Feres de; Gama, Janyluce Rezende; https://orcid.org/0000-0002-2981-0707; Zuccoloto, Robson; Carneiro, Teresa Cristina Janes
The purpose of this research was to investigate whether the governance of the executive and legislative branches of the municipalities of the State of Espírito Santo is influenced by the mesoregions in which the municipalities meet. In respect to that, a chi-square test (χ²) was used to identify possible associations between groups of the mesoregion variables and public power governance. The results indicate that there is no association between the governance capacity of local administrations and the mesoregions where they are located. However, an association between the legislature governance capacity and the mesoregion in which the city council is located was identified. In this case, the central and southern mesoregions of the state of Espírito Santo presented better results in terms of governance stage in comparison to the northwest and north coast mesoregions. This result can be explained by the typical regional identity of the mesoregions and by considering that 73.82% of the State of Espírito Santo’s population is located in the central and southern mesoregions, which may contribute to improve governance control of these organizations by the society.
Ativismo de acionistas no mercado acionário brasileiro : evidências e determinantes em empresas listadas na BM&FBovespa
(Universidade Federal do Espírito Santo, 2013-09-20) Vargas, Luiz Henrique Fernandes; Bortolon, Patricia Maria; Barros, Lucas Ayres Barreira de Campos; Almeida, José Elias Feres de
This study aims at verifying the characteristics and determinants of shareholder activism in public Brazilian companies. Shareholder activism means the attempt of shareholders to cause alterations in the company, without changing its control structure, as defined by Gillan e Starks (2007). The sample is made up of 322 companies for the year 2010 and 347 companies for 2012. The study analyzed minutes of the ordinary meetings, media news on activism, and complaints at the Brazilian Securities and Exchange Commission (CVM). In order to achieve our goals and show shareholder activism in the sample, an index made up of seven questions was employed, as well as logistic regression and multiple linear regression. The results show the existence of shareholder activism expressed in the minutes through proposals made before and during the meetings, opposing votes and refusal of proposals presented, as well as search for representation in board of directors and audit committee through the election effective members by minority shareholders. Evidence of shareholder activism was verified in news of that period, mainly incorporation events and capital closing operations. Because of the interest these events aroused in the media, the news about them were republished, which led to an increase in the figures from one year to another. As far as the proceedings filed at the Brazilian Securities and Exchange Commission are concerned, there was a decrease from 2010 to 2012, even though there was an increase in proceedings concerning “measures adopted by company’s administrator and/or controller". The Shareholder Activism Index showed the highest score for five of the seven questions for only two of the sample companies in the study period. The chances of a company to target of activism are negatively affected by return on equity and ownership concentration, and positively by firm size, board size , number of proposals during meetings and quantity of shareholders; both individuals and corporations. However, when using the variable “number of individual shareholders”, no statistical significance was found for the model referring to complaints filed at CVM. For companies that had been target of activism, multiple linear regression and activism measured by the index showed that the company is negatively affected by leverage, and positively affected by firm size and quantity of individual shareholders. Therefore, this study is a contribution the literature on shareholder activism in the Brazilian stock market by showing the existence of the former through methodology different from what had been used in international studies, i.e. analyzing three aspects: meeting minutes, media news, and complaints filed at Brazilian Securities and Exchange Commission. This variety of information allows verifying this phenomenon that is frequently analyzed in international studies, but scarcely investigated in the Brazilian market.
Autuações fiscais federais e gerenciamento de resultados no Brasil
(Universidade Federal do Espírito Santo, 2023-06-05) Vaz, Urias Otaviano; Almeida, José Elias Feres de; http://lattes.cnpq.br/0351268814121118; https://orcid.org/0000-0002-1377-5695; http://lattes.cnpq.br/6836151327723055; Marques, Vagner Antonio; https://orcid.org/0000000172104552; http://lattes.cnpq.br/8704491263853222; Bispo, Jorge de Souza; https://orcid.org/0000-0002-1845-2473; http://lattes.cnpq.br/9357659868811983; Reina, Donizete; https://orcid.org/0000-0001-6217-2324; http://lattes.cnpq.br/6775492728267435
The objective of this study is to examine whether earnings management increase when there is an increase in federal tax fines (quantity and values) in economic sectors. The quantity and the values of tax fines issued annually, by economic sector, by the Receita Federal do Brasil (RFB), are made available in the annual oversight reports by the federal agency. The unbalanced sample is made up of 3,168 observations, from 349 companies listed on Brasil, Bolsa, Balcão S.A. [B³], between the years 2012 and 2021. The earnings management models used in this study include practices via discretionary accruals and via real activities. To date, no studies have been found that investigate the incentives for earnings management practices arising from economic sectors, according to the information provided by the RFB in its annual Reports, nor that carry out an analysis of possible relationships between variations in tax fines in Brazilian companies. Using the TOBIT estimator, after estimating earnings manipulation proxies, and classifying the companies in the sample as they appear in the economic sectors applied by the RFB, it was possible to find evidence of earnings management, whether via discretionary accruals or via real activities. Finally, it was found that in the positive variation in the quantity of oversight, there was a tendency to earnings manage through discretionary accruals, but when the increase variation was in oversight values, there were more results with significance in real activities.
Ciclo de vida empresarial e qualidade da informação contábil das companhias abertas brasileiras
(Universidade Federal do Espírito Santo, 2015-05-12) Costa, Wando Belffi da; Almeida, José Elias Feres de; Bortolon, Patricia Maria; Costa, Fábio Moraes da
This dissertation aims to identify whether the several life cycle stages (LCS) are related to the quality of accounting information in Brazilian companies. According to international research, those stages influence the quality of accounting information. The relevance, timing and conservatism metrics were apllied similar to the way used by Lopes (2009) to check the quality of accounting information. To identify the life cycle stages, it was used the organic identification elaborated by Dickinson (2011), wherein signals from the company cash flows are used to identify which lifecycle stage is the company in. The sample of this study consists in Brazilian publicly traded firms on the BM&FBovespa from 2008 to 2013. Although financial firms were excluded from the sample. The total amount of firms investigated was 330, summing up a total of 1,163 observations for the relevance model, 1,163 for the timing model and 1.167 observations for the conservatism model. In order to verify the effects of LCS in the quality of accounting information it was used an unbalanced panel data, robust regression with White correction, identifying LCS by means of dummies. The results indicate that the LCS affects the quality of accounting information and the stages of growth and maturity in the financial statements have greater relevance and timeliness. This study was not able to identify the effects of the stages LC in conservatism, since the variables of interest were not statistically significant.
Conselhos de administração : uma análise das suas características e impacto sobre as firmas no mercado acionário brasileiro.
(Universidade Federal do Espírito Santo, 2012-09-04) Brugni, Talles Vianna; Almeida, José Elias Feres de; Bortolon, Patrícia Maria; Nossa, Valcemiro
This study aimed to identify what are the key attributes that characterize the Boards of Directors (BoD) in Brazil, thus allowing for a better understanding of their influences on the capital market. I have been found that there is a high degree of correlation between the 31 analyzed characteristics, suggesting that other researches on the topic could have evidenced the relationships of some variables that probably were reflecting many other strongly correlated characteristics. The main target was to better understand the environment in which the Boards of Directors are situated in order to define, in fact, what are the key attributes of these Boards based on the variance of a larger set of characteristics. The factor analysis (FA) allowed a deeper analysis of these characteristics, getting rid of the specific correlations between them and then building non-correlated factors. From this scenario, five indexes were built to reflect the factors extracted from the FA, allowing them to be related to the value and performance of firms through multiple regressions; these factors are: variable and fixed remuneration, dedication of the members to the Board, basic training and degree of the BoD members (Master and PhD degree). The results were divided into three sections: i) characterization of the Boards of Directors in Brazil, to allow a better understanding of the BoD´s environment in the country; ii) determination of the key characteristics of these Boards, in other words, which are the characteristics that explain most of data variance, through factor analysis and; iii) the relationship between the constructed indexes and the return, abnormal return, Tobin´s Q, ROA e ROE, in order to verify if the features that summarize the environment of the BoD are perceived as important by investors at the time of the investment. In addition, I also found that the remuneration of the Directors is responsible for explaining about 40% of the data variance referring to the Boards of Directors, thus suggesting that this characteristic is of great importance in the spectrum of corporate governance, especially regarding the Boards of Directors of the firms. I also identified that the "fixed compensation" factor influences negatively and significantly both in abnormal return and Tobin´s Q. The relationship between dependent variables and other factors has also been tested and the results suggest that the dedication of the Board members is significant to explain Tobin´s Q and that the level of education of the members explains significantly the return, abnormal return and the Tobin´s Q.
Desenvolvimento municipal: um estudo do sistema arrecadatório e de tranferências intergovernamentais no período de 2006 A 2013
(Universidade Federal do Espírito Santo, 2017-12-27) Souza, Leandro André Cardoso de; Zuccolotto, Robson; Almeida, José Elias Feres de; Carneiro, Teresa Cristina Janes
This study aims to verify how the collection of municipal competence and constitutional transfers affect local development. For that, 4,446 municipalities of Brazil were analyzed during the period from 2006 to 2013. Thus, the Firjan Municipal Development Index was used as the independent variable, the Municipal Gross Domestic Product, the Fiscal Effort Index and the Own Collection Indicator, These are formulated from service taxes, onerous real estate taxes, urban land property taxes, state and federal transfer fees. The data were worked out in per capita to better understand the local need. As a result it was demonstrated the importance of own revenue to municipalities. Another relevant point was the indication that the constitutional transfer systems do not have a marked effect on municipal development.
Efeitos das hipóteses da teoria positiva da contabilidade na qualidade da informação contábil
(Universidade Federal do Espírito Santo, 2015-11-17) Queiroz, Juliana Molina; Almeida, José Elias Feres de; Cunha, Paulo Roberto da; Campos, Gabriel Moreira
This study aimed to investigate what are the effects of the Positive Accounting Theory (PAT) on the Quality of Accounting Information, which may be determined by the measures of value relevance, timeliness, conditional conservatism and earnings management of the information available on the Financial Statements. The sample was composed by observations of companies with minimum liquidity of 0,001 of the shares traded at BM&FBOVESPA, during the period of 2010 and 2014, collected from the Comdinheiro tool. The observations were divided into groups whose managers may suffer similar influence of the factors described in Hypotheses TPC and dummies were created for these groups. In order to analyze and compare companies of groups whose managers may suffer a higher or lesser influence were used two analyzes regressions on Panel Data with robust standard errors and grouping by firm. Firstly, it was run the original models of each group, separately. Afterwards, it was analysed the models with dummies interactions of the groups with originals variables of the relevance models, conditional conservatism and result management. The results showed that the effects of the assumptions of Positive Accounting Theory in Information Quality metrics are not uniform and vary according to the controls used. However, it is possible to check that there may exist influence on Accounting Relevance Information by the Bonus Plan Hypothesis and Size Hypothesis; on the Timeliness by the Size Hypothesis; on the Conditional Conservatism by the Bonus Plan Hypothesis and, on the Results Management, by all PAT Hypothesis analysed in this study.
Efeitos do acompanhamento de analistas e da dupla listagem sobre o disclosure voluntário durante o processo de convergência ao padrão IFRS no Brasil
(Universidade Federal do Espírito Santo, 2014-09-10) Rodrigues, Herbert Simões; Almeida, José Elias Feres de; Galdi, Fernando Caio; Campos, Gabriel Moreira
We aim in this paper to study the effects of the International Account Standards, the cover of financial analysts and the emission of American Depositary Receipts (ADR), on the voluntary disclosure of BM&FBOVESPA companies, during the period of convergence to IFRS standards. From the analyses of 14 papers, we developed a check list with 38 items of voluntary disclosure, being 25 financial, economic and organizational items and 13 environmental and social items. The developed check list was applied to 1,406 documents (foot notes and director’s reports, with 58.2 thousand pages) of a sample of 703 firm–year observations, between 2006 and 2013. By using Wilcoxon test, the results show significant augmentation in the voluntary disclosure levels during the period of IFRS adoption in Brazil, being economic, financial and organizational elements more significant than social and environmental elements. By using robust OLS models for unbalanced panel data, the results for the econometric tests partially confirmed the hypothesis that IFRS has contributed for the development of voluntary disclosure of firms with higher financial analysts’ coverage. Besides, we found significant evidence that firms which emitted ADRs has enhanced their levels of voluntary disclosure during the convergence period to IFRS. The results are robust and significant when controlled by size (TAM), profitability (RENT), leverage (ALAV) and being audited by a Big Four company (AUDI) as determinants of voluntary disclosure over the period of convergence to IFRS.
Essays on life cycle, voluntary disclosure and the cost of capital of brazilian companies
(Universidade Federal do Espírito Santo, 2015-11-04) Novaes, Paulo Victor Gomes; Almeida, José Elias Feres de; Paulo, Edilson; Verdi, Rodrigo; Zanoteli, Eduardo José
This thesis investigates how life cycle stages impact on voluntary disclosure, cost of equity capital and also on the relationship between them. Using a sample of non-financial Brazilian listed firms covered by analysts between 2008 and 2014, and following the model by Gebhardt et al. (2001) to develop the Implied Cost of Capital (ICC) using I/B/E/S database, from Thomson Reuters®, I find that companies on average are benefitted by the reduction of the cost of capital via improvement in voluntary information level. Using Dickinson’s (2001) life cycle measure, I find that voluntary disclosure level grows until reaching the maturity phase and then it declines. Moreover, the ICC significantly differs across life cycle stages. However, I do not find differences among growth, maturity and shake-out, although the level of the ICC fades out after leaving the initial stage and it increases again in decline stage. Finally, I find that the improvement of voluntary disclosure level in growth and maturity stages is better compensated with more reduction in cost of capital. The results for voluntary disclosure are shown to be robust using a series of sensitivity tests, however the expectation about cost of capital did not hold using different proxies.
Gerenciamento de resultados e decisões de investimentos no Brasil
(Universidade Federal do Espírito Santo, 2018-07-30) Souza, Arthur da Silva; Almeida, José Elias Feres de; Rezende, Amaury José; Marques, Vagner Antônio
The objective of this dissertation is to examine the relationship between earnings management through accruals and real activities with overinvestment of companies. The earnings management practices are analyzed through the regression residuals (erros) for each results management model, which represent the abnormal level of the activities and is a proxy for management identification. The level of investments considered ideal is that which occurs due to the investment opportunities of the company and the deviation in the level of investment is the overinvestment or underinvestiment to the level that would be ideal. To identify investment levels, a model based on economic literature will be used as proposed by McNichols and Stubben (2008). To achieve this objective the investments in assets will be analyzed for a sample of 1,240 non-financial companies listed on the BMF&FBOVESPA during the period from 2011 to 2017, collected from the Thomson Reuters Eikon system. For the operationalization of the research, it was chosen to use the method of Fama and Macbeth (1973) for panel data. The results showed that overinvestment is positively and significantly associated to the earnings management through accruals and discretionary revenues, indicating that companies use both management practices to report a better result. In contrast, in reference of management by real activities, was found evidences that companies use less this modality that, when used, is not necessarily to report better results in the period. Finally, the evidence suggests that management practices, generally used to achieve objectives external to the company, may also be associated with investment decisions.
Governança corporativa e competição : influências sobre a qualidade da informação contábil
(Universidade Federal do Espírito Santo, 2012-09-11) Bastianello, Ricardo Furieri; Bortolon, Patrícia Maria; Almeida, José Elias Feres de; Salotti, Bruno Meirelles
This dissertation analyzes the quality of accounting information (QAI) on the interaction between corporate governance and competition, aiming to tackle questions that have not been addressed by the literature available so far, especially when it comes to comparing the four possible environments resulting of the combination between different competition and governance environments. When it comes to the relationship between competition and governance, studies such as Karuna s (2010) point out to the existence of a cause/effect relationship between the intensity of the competition and stronger governance. When discussing accounting and competition, Dhaliwal et al. (2008) evidenced a positive relation between the amount of competition and the conditional conservatism, which is considered one of the main priorities of accounting information. Thus, in what concerns the relationship between governance and accounting, findings made by Bushman et al (2000) confirm that accountancy has an influence on corporate governance. Ball et al (2000) are contrary to that opinion, claiming that it is corporate governance that impacts on accountancy, which means that the governance mechanisms present at a certain environment would play a fundamental role in the quality of accounting information. The product market competition was calculated using the Herfindahl Index and the identification of firms with strong or weak governance was based on BM&FBovespa listings, where firms listed in New Market or Level 2 were considered with strong governance, and the others were considered with weak governance. The data used was collected between 2000 and 2011, from the firms listed on the São Paulo Stock Exchange. The type of statistical analysis used to process data was the multiple regression with unbalanced panel data. In general, the results point to the same direction as previous ones, showing that both the presence of a strong governance and a highly competitive environment can enhance the accounting numbers in order to make them more qualitative. Interestingly, results suggest that in environments classified as uncompetitive and weak governance mechanisms, the quality of accounting information disclosed was relatively high, according to two of the three properties of the quality of accounting information analyzed
Honorários, serviços fora da área de auditoria e independência do auditor : evidências nas companhias abertas listadas na BM&FBovespa
(Universidade Federal do Espírito Santo, 2014-10-14) Rodrigues Sobrinho, William Brasil; Bortolon, Patricia Maria; Carvalho, Antonio Gledson de; Almeida, José Elias Feres de
This paper aims to identify the determinants of audit and non-audit fees. Additionally aims to assess if the provision of these non-audit services in conjunction with audit of the financial statements affect the independence of the external auditors of Brazilian companies traded on the BM&FBovespa. The sample contains 180 non-financial corporations observed in the period 2010 to 2012.Results indicate that, overall, the effort and risk proxies raise audit fees, while corporate governance variables show the demand effect (raising fees) and risk effect (lowering fees) depending on the proxy observed. Regarding the hiring of non-audit services, firms that need more monitoring and have audit committees require additional services, although the fiscal board inhibits hiring these services. Finally, evidence indicates that the provision of non-audit services does not affect auditor's independence. These results are the same even when considering the existence of a going concern opinion as a proxy for independence. Additional tests confirm the maintenance of the independence of the auditor, even when, type of auditor (non-Big4), unexpected non-audit services, possibility of modified opinion and the effect of best practices in corporate governance.
O Ciclo de vida das firmas e as características do Conselho de Administração ao redor do mundo
(Universidade Federal do Espírito Santo, 2019-04-26) Gonçalves, Felipe de Freitas; Almeida, José Elias Feres de; Pündrich, Gabriel Pereira; Bortolon, Patricia Maria
This master thesis investigates how Corporate Governance structures adapt to the lifecycle stages of companies, in the international scenario. Being a central piece of the governance mechanism, the Board of Directors is responsible for solving conflicts of interest between the agents (managers) and principals (shareholders) as evidenced by Jensen and Meckling (1976), preventing the manager's personal interests from affecting the value of firm. Among the roles of the Board of Directors are monitoring management and advising executives, so, understanding their dynamics is key to understand the firm itself. Filatotchev et al. (2006) suggest that firms, in the course of their existence, adapt their governance structures according to the stage of their life-cycle. Considering this, the work seeks to understand these relationships, using the concepts of monitoring, independence and board size for the understanding of the Board of Directors. For the lifecycle, the dynamic approach proposed by Dickinson (2011) was utilized, where life-cycle stages are a reflection of the results from operating, financing and investment cash flows. Panel, logit and probit regressions were done for a sample collected by the Thomson Reuters Eikon system of publicly traded companies from North America and the European Union between 1992 and 2018, with a total of 22,563 observations. The results showed that monitoring at the maturity stage is lower than at the other stages, even if independence is greater. In addition, the size of the board is larger in maturity than in growth and decline, and has a positive relation to the size of the firm itself.
O impacto da restrição financeira na prática do conservadorismo contábil
(Universidade Federal do Espírito Santo, 2013-09-05) Demonier, Gladyson Brommonschenkel; Bortolon. Patrícia Maria; Almeida, José Elias Feres de; Campos, Gabriel Moreira; Lima, Gerlando Augusto Sampaio Franco de
This research investigated the practice of accounting conservatism in Brazilian companies with financial constraints. For this, we used a sample of 1086 observations of Brazilian companies listed on BM&F Bovespa in the period from 2000 to 2012, in which 106 observations were classified in a situation of financial constraint, as criteria developed using for the distribution of dividends, cash and cash equivalents and investments. To investigate the accounting conservatism were used models Basu (1997) and Ball and Shivakumar (2005) adapted. The findings of this study confirmed the hypothes is that firms with financial constraints do not adopt the attribute conditional conservatism in their accounting numbers
Os efeitos dos intangíveis nas previsões dos analistas financeiros
(Universidade Federal do Espírito Santo, 2017-12-20) Gazoni Junior, Gilmar Gomes; Almeida, José Elias Feres de; Zanoteli, Eduardo José; Amaral, Hudson Fernandes
This study investigates the relationship between intangibles and financial analysts’ forecasts and was motivated by the suggestion on literature, that intangibles can influence analysts' predictions, even though there is no consensus as to the direction of such influence. In this way, we tried to contribute by adding to the discussion evidence through other approaches adding the use of another proxy (Goodwill) of intangible and also the segregation of companies by the degree of intangibility and thus, observing the behavior for each intangible studied as well as the same proxy when to a greater or lesser degree. The general objective is to investigate the relationship between intangible assets and forecasts of financial analysts and specifically to analyze whether intangible assets influence the accuracy and dispersion of forecasts. To achieve the research objectives was used a sample of US nonfinancial firms from 1995 to 2016, and the main results found evidences that investments in R&D and recognized intangible assets are capable of improving analysts' forecasts. However, Goodwill was negatively related to analysts' forecasts by reducing accuracy and increasing the dispersion forecasts. In addition, when analyzed by the degree of intangibility, companies with a lower degree of R&D investment showed a reduction in accuracy and an increase in the dispersion of forecasts, while companies with a higher degree of investment in R&D showed an increase in accuracy and a reduction in the dispersion of forecasts. Thus, it was evidenced that there is an association between intangibles and predictions, but it is emphasized that the sign of this association depends on the intangible in question and also degree of intangibility.
Pequenas e médias empresas e disclosure obrigatório : efeitos da adoção do IFRS, auditoria e endividamento
(Universidade Federal do Espírito Santo, 2016-12-21) Guanandy, Francisca Nossa; Almeida, José Elias Feres de; Zanoteli, Eduardo José; Ferreira, Felipe Ramos
This study aims to verify the effects of the IFRS adoption, external auditing and leverage on the accounting disclosure level of small and medium-sized enterprises. In order to evaluate the level of the mandatory accounting disclosure, this study analyzes the quantity of information disclosed by SMEs on their financial statements reported in “Diário Oficial” of five Brazilian states: Distrito Federal, Espírito Santo, Minas Gerais, Mato Grosso and São Paulo. To evaluate the level of mandatory accounting disclosure, this study considers the number of notes, the number of published financial statements and the number of accounts in their balance sheets. For this reason, this research uses the Regression method with Count Data. The results indicate that SMEs that reported in their notes that they apply as accounting standard the IFRS (Full or for SMEs), that contracted external audit services, especially of Big Four firms and that had high leverage, have a tendency to disclose a larger number of notes. In addition, SMEs that have stated that they are applying the IFRS for SMEs and were audited by Big Four have indicated a tendency to reduce the number of accounts in their balance sheets, which does not mean that the level of accounting disclosure in these companies is compromised, they also tend to disclose more notes and are therefore more transparent in this way, reducing the number of equity accounts and expanding the information contained therein.
Reapresentação das Demonstrações Contábeis, Honorários e Mudança Subsequente do Auditor: Evidências em Empresas Listadas na B3
(Universidade Federal do Espírito Santo, 2022-07-25) Brandão, Carolini Verdan; Marques, Vagner Antônio; http://lattes.cnpq.br/8704491263853222; https://orcid.org/0000-0001-7210-4552; https://orcid.org/0000-0002-6745-8564; http://lattes.cnpq.br/9688424101291528; Almeida, José Elias Feres de; https://orcid.org/; http://lattes.cnpq.br/0351268814121118; Dantas, José Alves; https://orcid.org/0000-0002-0577-7340; http://lattes.cnpq.br/4292408391743938
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