Ciências Contábeis

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Programa de Pós-Graduação em Ciências Contábeis

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A adoção das IFRS impacta no gerenciamento de resultados? Evidências do mercado de capitais brasileiro
(Universidade Federal do Espírito Santo, 2015-09-25) Silva, Vitor Corrêa da; Silva Junior, Annor da; Bortolon, Patrícia Maria; Martinez, Antonio Lopo
This dissertation aimed to identify the impact of the IFRS adoption on earnings management (proxy for the earnings quality - EQ) of non-financial Brazilian companies on the Brazilian Securities, Commodities and Futures Exchange (Bolsa de Valores, Mercadorias e Futuros de São Paulo - BM&FBOVESPA). In reviewing the literature on the issue, it was found that: (1) there is a gap in the investigation of earnings management in Brazil, since most of the studies focuses on earnings management by discretionary accruals, there are few studies on earnings management by operational manipulations, as well as studies on both earnings management forms (MARTINEZ, 2013) and; (2) the earnings quality (EQ) is not only influenced by accounting standards, but by at least three distinct factors: i) the legal and political environment in which companies operate, ii) the accounting standards and; iii) internal incentives of the companies for the disclosure of accounting information, being the first factor more relevant than the others two, including by also influence them (SODERSTROM, SUN, 2007). Thus, it chose to measure both forms of earnings management and analyze the impact on them of three variables that are expected to capture the effects of the three factors that impact the EQ, they are: i) the additional regulation of some sectors of the economy (first factor); ii) IFRS (second factor) and; iii) the presence of companies in the special segment of BM&FBOVESPA listing (third factor). It is believed that this approach which assesses the IFRS together with other factors that impact the EQ allow a more comprehensive analysis on the possible impact of the IFRS on earnings management. The population of interest of the research was the non-financial public companies of BM&FBOVESPA and the sample, collected from the Comdinheiro tool, included 1,619 firm/year observations for models of discretionary accruals and 1,592 firm/year observations for models of operational manipulations. In order to implement the research were carried out six regression analyzes with White robust correction for panel data with random effects, each regression had as a dependent variable a different metric for earnings management of companies, and three sought to capture the discretionary accruals and three other the operational manipulations. The results suggest that IFRS had no impact on earnings management practices, either discretionary accruals or operational manipulations. The presence in regulated sectors, however, tends to have a restriction on the use of earnings management by discretionary accruals in companies, however, does not impact on earnings management by operational manipulations. Regarding the presence in the special segment of BM&FBOVESPA listing, the results suggest that in recent years, when the accounting standard was already IFRS, companies present in these segments had lower absolute values of discretionary accruals and operating manipulations. It is concluded that the IFRS were not able to decrease the earnings management in Brazil possibly due to poor Brazilian institutional environment (LOPES; WALKER, 2008), showing even a formalistic aspect which is characterized by the difference between the practical reality and Legal proposal planned for this reality (RIGGS, 1964, 1968). Also contributing to the literature in Brazil, the results suggest that both forms of earnings management are affected by different phenomena because they have different incentives and costs and, therefore, should not be treated as if they respond to the same incentives.
A comparabilidade das demonstrações financeiras e seus efeitos nos Cash Holdings das empresas brasileiras
(Universidade Federal do Espírito Santo, 2019-07-30) Narciso, Laís Franca; Reina, Diane Rossi Maximiano; Brugni, Telles Vianna; Bortolon, Patrícia Maria
Financial statement’s users decision making usually involve a choice between alternatives. Thus, information about an entity is more useful if it can be easily compared with similar information reported by other entities or by the same entity in other periods. Comparability is the qualitative characteristic that enables users to identify and understand similarities and differences among items. Empirical studies provided evidence that comparability can assist in reducing the informational asymmetry and improve access to external financing. Since the access to external financing is an important determinant of the corporate cash holdings, the purpose of this study is to investigate the effects of financial statement comparability on cash holdings of Brazilian listed firms during the period from 2007 to 2017. Comparability was calculated using the De Franco, Kothari and Verdi (2011) model, its relationship with the cash holdings was analyzed using panel data regression. It was found a positive and significant effect of the comparability on the corporate cash holdings, indicating that firms with greater comparability maintain more cash. Then it was also analyzed the interaction (multiplicative effect) of comparability with financial constraints and with corporate governance on the corporate cash holdings. The evidence doesn’t show significant effects of financial constraints nor its interaction with comparability on corporate cash holdings. On the corporate governance model, the interaction exhibits a positive and significant effect on cash holdings. Indicating that on the firms with good governance, comparability has a positive effect on the corporate cash holdings.
A influência da composição da remuneração aos acionistas sobre a capacidade informacional dos lucros contábeis nas ações listadas da Bm&fbovespa
(Universidade Federal do Espírito Santo, 2015-09-05) Silva, Silvio Freitas da; Sarlo Neto, Alfredo; Cunha, Cláudio Márcio Pereira da; Costa Junior, Jorge Vieira da
This study aims to analyze the influence of the shareholders compensation composition on the informational capacity of accounting profits in the shares of companies listed on the BM & FBOVESPA. The sample was composed of 172 stocks of companies traded on the São Paulo Stock Exchange ranging the years of 2010 to 2014, with a total of 595 observations per variable. The data used in this research were obtained from information collected in a software database named Comdinheiro and the web site of BM & FBovespa. Regarding the main information, dividends and interest on equity, they were collected, promptly, in standardized financial statements available at the Brazilian SEC web site (CVM). It was found during the study that the total shareholders compensation, dividends and future compensation contribute positively to the informational capacity of accounting earnings for explaining the return of the shares of companies listed on the BM & FBovespa. In addition, it was found that at the time of release of the Cash Flow Statement, interest on equity and past salaries do not contribute to informational capacity of accounting profits, as they were already reflected in stock prices. Net income was positive and statistically significant in all models, as the main variable that impacts on stock returns, this result is consistent with the findings of Ball and Brown (1968), Beaver (1968) and Sarlo Neto (2009). It is suggested for further research on the relationship of the compositions of shareholders compensation and stock prices, the analysis considering factors such as specific regulatory sectors, ownership structure and type of controller.
A influência do Private Equity e Venture Capital sobre a informatividade dos lucros no mercado brasileiro
(Universidade Federal do Espírito Santo, 2013-03-22) Almeida, André Abreu de; Sarlo Neto, Alfredo; Gomes, Leonardo Lima; Bortolon, Patrícia Maria
This research aimed at investigating the influence of PE / VC on the informativeness earnings of companies listed on the BM&FBovespa. It was considered informativity as the intensity of the relationship between accounting profit and stock returns, calculated by the slope estimated between the variables PEVC and Adjusted Net Income (LLA). Additionally, the study investigated the influence of the combined effect of PE / VC and governance on the informativeness earnings. It is expected that this research contribute for the expansion knowledge improvement on the role of accounting in capital markets. The sample consisted of 1177 observations of nonfinancial companies listed on the BM & FBovespa in the period from 2004 to 2011. The result of this research confirm the hypothesis that the informativeness of earnings is positively related to the existence of PE / VC
A legitimidade em questão e a questão da legitimação : análise do discurso do Grupo Gerdau em relação à Operação Zelotes
(Universidade Federal do Espírito Santo, 2019-03-26) Galgano, Aurélia Decot; Silva Junior, Annor da; Silva, Priscila de Oliveira Martins; Zuccolotto, Robson
Corruption is a widespread phenomenon in many societies, which occupies great space in general public discourse and opinion of Brazil. It is commonly associated to the public sector, rather than the private one, even though it is common to have private organizations involvement in such cases. In sight of this privileged position of private organizations, we researched how one of them addresses discursively a case of corruption. The analyzed organization was Grupo Gerdau, a family business of the steel industry, at the occasion of its involvement with Operação Zelotes. The research was anchored on the concepts of social institutions and legitimation, to approach the themes of the relations between State and market, Brazilian ideology, the functioning of the market and corruption, with the intent of understanding the symbolic elements that touch corruption and private organizations. A qualitative and documental study was conducted, with data from Grupo Gerdau‟s institutional website, big media articles, the Comdinheiro database and Youtube. Discourse Analysis (AD) was used as method, with the notions of ethos and scenography, in order to identify how Grupo Gerdau defined itself, and how it inserted itself in national conjuncture at the time of Operação Zelotes. We found that Grupo Gerdau leans on and reinforces the opposition between State and maket, putting corruption on the side of inefficient State, and presenting itself as part of the efficient market. This discursive mechanism allows the distancing between Grupo Gerdau and Operação Zelotes, legitimizing the first one. We identified that there is a discursive system of ideological reinforcement, in which organizations present themselves as competent, leaning discursively on hegemonic ideology, at the same time that the market accepts such affirmation, grants social legitimacy to them and reinforces the current ideology. The work was delimited by the analysis of only one organization, and by the lack of statistic confirmation of the repercussion that Operação Zelotes had on market value of Grupo Gerdau. For future studies, we suggest an event study that accomplishes that confirmation, as well as the discourse analysis of more organizations.
A relação do monitoramento e transparência com a quantidade de covenants nos contratos de debênture
(Universidade Federal do Espírito Santo, 2017-05-03) Neves, Fabrício Conceição das; Bortolon, Patrícia Maria; https://orcid.org/0000-0002-6357-3805; Cunha, Cláudio Márcio Pereira da; Beiruth, Aziz Xavier
This study aims to test the relation between monitoring and transparency mechanisms with the number of restrictive covenants that, if violated, lead to technical default of the bond. The theory shows that higher monitoring levels and higher transparency levels leads bond issued with less covenants. This happens because monitoring and transparency prevents the risk that covenants try to protect the bondholder from. In order to reach the objective, 227 contracts of 133 companies, issued from 2011 to 2015 were analyzed. The monitoring and transparency test was constructed based on governance index made by Bortolon and Da Silva Junior (2015) and IBGC (2014). As control variables, the study used variables related to contracts (series, issue, incentive, exemption, guarantee and deadline) and related to the companies (size, control, profitability, debt level, ratio of voting rights to cash flow rights and risk). To measure the relation between the monitoring and transparency mechanisms with the number of bond covenants, mean difference test and binomial negative regression were used. The results show that companies with more transparency mechanisms generally have a lower number of covenants, while the relation of monitoring with the number of covenants diverges from prior expectation. The effect of Cross monitoring, in which the monitoring is done by other stakeholders, in total number of covenants may be the reason for the results being different than expected.
A relação entre investidores institucionais, gerenciamento de resultados e governança corporativa
(Universidade Federal do Espírito Santo, 2013-06-21) Maria Junior, Elizeu; Bortolon, Patrícia Maria; Costa, Fábio Moraes da; Campos, Gabriel Moreira
This research aims to determine the concentration of ownership stake in the companies listed on the BOVESPA by domestic and foreign institutional investors, including its interaction with the adoption of best corporate governance practices, impacts the earnings management. The literature suggests that foreign institutional investors in the same economic environment may exert more influence on the management, monitoring the actions of the best managers, and obtain information at a lower cost and time differential. This research is classified as quantitative-descriptive data collection which presents itself as a documentary. The analysis will be performed on the active companies and traded on Bovespa in the period 2008-2012. It is hoped that as a result the concentration of institutional investor participation is inversely proportional to the level of earnings management and the level of corporate governance associated with the participation of national and foreign institutional investors increase this inverse proportionality. The results show an indication that participation in the ownership structure of domestic institutional investors generates greater impact on rates of earnings management than the participation of foreign institutional investors. It was also found that, diverging from previous studies, the participation of institutional investors relatives may be negatively impacting the index of earnings management of Brazilian companies. Ultimately it was observed that the adoption of best corporate governance practices associated with shareholding of institutional investors did not significantly impact earnings management
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.
A relevância informacional dos lucros contábeis quanto a tempestividade da sua distribuição aos acionistas: um estudo de evento
(Universidade Federal do Espírito Santo, 2017-12-29) Simões, João José Ferreira; Sarlo Neto, Alfredo; Zanoteli, Eduardo José; Girão, Luiz Felipe de Araújo Pontes
In the context of Efficient Markets Hypothesis (HME), information on companies, such as disclosure of accounting earnings, is incorporated and consequently reflected in stock price. Several studies point to the existence of such reflex, however, this research highlights the timing of distributions, in order to observe if the relevance of accounting earnings differs between companies, given the moment the distribution to shareholders occurs: during the current year or after annual report announcement. Applying the methodologies of event study and multiple linear regression in a sample composed by 852 events of companies listed on BM&F Bovespa, which had annual report announced from 2011 to 2016, evidence was found that, the interaction of the timing of distribution with earnings and dividends are more relevant to explain the behavior of stock prices than if analyzed individually. Thus, these findings indicate evidence that the timing of the distribution to shareholders contributes to increase the informativeness of accounting earnings.
Acordo de acionistas e qualidade das informações contábeis : evidências empíricas no mercado brasileiro
(Universidade Federal do Espírito Santo, 2013-07-31) Lyrio, Felipe Maia; Sarlo Neto, Alfredo; Silva Júnior, Annor da; Costa, Jorge Vieira da
The goal of the thesis is to assess the influence of shareholders’ agreement in the quality of bookkeeping information released by the companies listed on BM&FBOVESPA, from 2001 to 2011. In order to infer about the quality of the bookkeeping information, informativeness metrics and value relevance were used. The command agreement (used to guarantee the control) of the defense agreements (used to guarantee the access to certain rights by reaching a minimal percentage of voting capital). The sample had as cutting criterion the minimum of 0.001 liquidity in BM&FBOVESPA. The multiple linear regression with unbalanced panel data was used, having as control variables: concentration of votes, size, debt incurring, market-to-book and losses. Based on achievement and monitoring effects, using the methodology proposed, the study shows that companies with any kind of agreements among shareholders have more quality of the released bookkeeping profits.
Adoção das IFRS e a relevância da informação contábil utilizando regressão quantílica
(Universidade Federal do Espírito Santo, 2017-09-12) Santos Neto, Magno dos; Cunha, Cláudio Márcio Pereira da; https://orcid.org/0000-0003-2139-1488; Sarlo Neto, Alfredo; Reisen, Valdério Anselmo
The objective of this research is to analyze how convergence to international standards (IFRS) in Brazil affects the relevance of the accounting information, evaluated through the model of Collins, Maydew and Weiss (1997). Two samples were constructed, with and without treatment of discrepant values and exclusion of negative, non-probabilistic equity listed on the São Paulo Stock Exchange. The samples were formed by annual data from 2005 to 2014. The methods adopted were MQO, usually used in the estimation of the parameters of the linear value relevance models, and quantile regression, considering the distributions of the variables analyzed, the presence of discrepant values and the sample size. The results of the quantile regressions indicate that: (i) the adoption of IFRS in Brazil impacted the associative capacity of accounting profit in relation to the share price; (ii) the adoption of IFRS in Brazil impacted the associative capacity of shareholders’ equity in relation to the share price; (iii) and it is possible to affirm that the relevance of the adoption of IFRS varies according to the percentile of company stock prices. Such findings suggest that treatments for discrepant values and the exclusion of net worth do not totally eliminate the effects of discrepant values combined with the lack of normality of the variables influence the estimates of linear models. The quantile regression was more efficient and less likely to estimate errors than the traditional estimation methods (OLS and MV).
Análise da associação entre desempenho socioambiental e disclosure socioambiental de empresas do setor elétrico brasileiro
(Universidade Federal do Espírito Santo, 2015-12-14) Borges Junior, Pedro; Campos, Gabriel Moreira; Silva Junior, Annor da; Nossa, Valcemiro; Nossa, Valcemiro
The objective of this research is to analyze the association between the level of social-environmental disclosure and the social-environmental performance of firms of the Brazilian Power Supply industry, explained by the legitimacy theory. The methodology used was the content analysis of the social-environmental reports of Brazilian power supply industry firms. Also, ordinal logistic regression was used in order to analyze the probability of one company to be classified in higher levels of social-environmental disclosure how greater is the social-environmental performance, besides other economic variables We conclude that there is no evidence that the environmental performance exert influence on the likelihood of a company to be ranked higher or lower levels of disclosure. In this sense, there is evidence that the power companies analyzed have resorted to pragmatic and manipulative strategies legitimacy as defined by Suchman (1995) and Brinkerhoff (2005), since the level of environmental disclosure occurs regardless of the environmental performance of the company.
Análise da eficiência técnica dos Institutos Federais de Educação, Ciência e Tecnologia
(Universidade Federal do Espírito Santo, 2015-03-04) Furtado, Lorena Lucena; Gabriel Moreira Campos; Nossa, Valcemiro; Carneiro, Teresa Cristina Janes
This study aims to identify the technical efficiency and productivity change as the Federal Education, Science and Technology (IF), covering the period 2012 to 2013 total sample consists of 19 units. Parallel to this, we performed an analysis of the expansion of the Federal Networking and current spending by students involved in the internalization of professional and technological education process. As a theoretical aspect, discussed the human capital theory (SCHULTZ, 1960, 1961, 1962; BECKER, 1960; MINCER, 1958), with the forms of investment in education in Brazil and its political accountability. To operationalize the research verified the technical efficiency through the methodology of data envelopment analysis (DEA) using indicators developed by the Secretary for Vocational and Technical Education (SETEC) established by the Court of Accounts (TCU) and presented annually in the Report provision of Annual Accounts. The results relative efficiency demonstrates that only 31% of the Federal Institutes analyzed the efficiency score attained in the year 2012 and also in 2013. However, when analyzed productivity through time with the Malmquist Index, you can see that 63% of the Federal Institutes are moving along to the efficiency frontier showing increasing product education within the units. Additionally, with the mean comparison test (z test), evidence that the Federal Institutes considered effective exhibited better average scores of graduates and lower expenses for current students enrolled indicating that the result set can not be conditioned to higher expenditures were found financial.
Análise da formulação da política pública de ensino integral no Estado do Espírito Santo : Programa Escola Viva
(Universidade Federal do Espírito Santo, 2019-03-25) Fontão, Mariana Machado Barreto; Zuccolotto, Robson; Pereira, Maria Cecília Gomes; Silva Júnior, Anor da
The purpose of this study to describe the process of formulating the public policy for the implementation of integral education, translated into the Escola Viva program, through the Agenda Setting and the process of defining alternatives. The theoretical approach used was the conceptualization of public policy from the public policy stages, as well as the Multiple Stream Model developed by Kingdon (1995) and of Advocacy Coalition Framework of Sabatier and Jenkins-Smith (1993). In order to reach the proposed goal, the research developed was of a qualitative nature, adopted the strategy of case study and used as research instruments, exploratory interviews, documentary analysis and semistructured interviews. The results point to the formation of a coalition formed by actors in Espírito Santo defending their convictions about the public policy and acting in favor of the proposed change. The change of the Executive Power and important legal milestones in the national agenda allowed a window of opportunity to be opened and that the entrepreneurs of the policy acted around the implementation of the integral education in the middle school. This study therefore contributes to a better understanding of the stage of public policy formulation, particularly in the area of education.
Análise da relação entre preço e lucro num ambiente de convergência às normas internacionais : uma abordagem com equações simultâneas
(Universidade Federal do Espírito Santo, 2016-07-20) Potin, Samuel; Macedo, Marcelo Alvaro da Silva; Cunha, Cláudio Márcio Pereira da; Monte-mor, Danilo Soares
Especially from the 60's the relationship between price and earnings has been studied in more depth in order to understand the importance of accounting numbers for the market and how this relationship occurs. Essentially with Law 11.638/07 Brazil is engaged in the process of harmonization of national accounting standards with international standards (IFRS). It is expected that such harmonization will increase the quality of information from accounting reports. Due to this fact, the main objective of this dissertation is to investigate the relationship between price and earnings in a convergence environment to international standards by analyzing the impact of the adoption of full IFRS on the quality of accounting information that this research will be analyzed from the perspective of timeliness and the relevance of earnings and equity, using for this a model of simultaneous equations and partial correlations and semi-partial. For the execution of this work were formed two samples with non-financial companies listed on São Paulo’s Stock Market. A sample covering the period 2002-2007 (BR GAAP) and another comprising the period 2010-2015 (full IFRS). The final sample for the BR-GAAP period included 345 observations companies-year and full IFRS sample was obtained 710 observations companies-year. Several studies addressing the impact of the adoption of international accounting standards have been made at national and international level, but usually using single equation models, not investigating the simultaneous relationship between the model variables. Paying attention to this question, this research will investigate the first hypothesis the existence of simultaneous relationship between price and earnings; will also investigate the second and third hypotheses price and earnings contain information to explain each other, the fourth and fifth hypotheses testing, respectively the relevance of earnings and timeliness increased after the adoption of full IFRS and, finally, the latter hypothesis tests whether the financial statements in full IFRSs are more relevant than in BR GAAP. The results show that price and earnings are determined simultaneously, and although both price and earnings contain information to explain each other in both accounting standards. Considered together, the accounting information gained importance after the adoption of full IFRS. However when analyzing separately, the results show that the earnings lost relevance, but the equity gained relevance after adoption. The timeliness of financial information increased after the adoption of full IFRS. The results show an additional effect of the adoption of full IFRS, that the share price is simultaneously formed the formation of earnings, so that the share price gains relevance to explain the earnings by increasing the relevance of information that are brought by investors thus, the adoption of international standards helps the market to reflect more timeliness form the information will be disclosed by the companies.
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.
Arranjos institucionais das Supreme Audit Institutions e sua relação com a consolidação da democracia
(Universidade Federal do Espírito Santo, 2019-04-01) Marion, Jenifer Louzada; Zuccolotto, Robson; Silveira, Rogério Zanon da; Louzada, Luiz Cláudio
Transparency and accountability aimed at a parliamentary or presidentialist democracy searching for approach between society and elected representatives, where Supreme Audit Institutions (SAIs) do a fundamental role. Being one of the forms of control during mandates, Supreme Audit Institutions are organizations that have as one of their purposes the control of those who manage public resources, where they appreciating their acts to support those who will later judge them. There are three main models of SAIs (Westminster, Judicial and Collegiate), in which the institutional choice of countries tends to take into consider the interests to be aim, and the form of government, where they are inserted, influences the options to be done. The present dissertation studies the possibility of association between the institutional designs of the Supreme Audit Institutions and the level of democracy of the countries. As a research hypothesis, it is understood that countries with parliamentary governments have a greater chance of presenting higher levels of democracy than presidentialist countries, and they are more likely to have SAIs helping to consolidate democracy. To obtain the result of the problem, was done a qualitative research, in a documentary type, to identify in which SAI model the countries were inserted and, later, through a quantitative analysis, performed through the techniques of measures of effects, through the Odds Radio and the magnitude of the association, and Chi-Square test, which allowed to respond to the proposed objectives. The results show that democracy has an association with the three variables tested: transparency, accountability and government form. These are fundamental for the consolidation of democracy, and the government form is the one that exerts greater influence. Regarding the Audit Institutions, regardless of the adopted model, all the tests had an association. However, it was found that while transparency is more closely associated with the Collegiate model, variables of accountability and government form have demonstrated in their association tests that countries that opt for non-Collegiate models tend to be more democratic in these issues, being the government form the main.
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.

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