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 Convergência da Contabilidade Pública Como Instrumento de Subjetivação Econômica Pelo Neoliberalismo: Uma Análise Foucaultiana
(Universidade Federal do Espírito Santo, 2024-04-25) Souza, Frederico Pinto de; Zuccolotto, Robson; https://orcid.org/0000-0002-2629-5586; http://lattes.cnpq.br/5840211354831676; https://orcid.org/0000-0002-3420-9991; http://lattes.cnpq.br/8425220648707104; Silva Junior, Annor da ; https://orcid.org/0000-0003-4124-5277; http://lattes.cnpq.br/6915277167080656; Moreira, Rafael de Lacerda; https://orcid.org/; http://lattes.cnpq.br/4935080818009353; Riccio, Edson Luiz; https://orcid.org/0000-0003-4869-5027; http://lattes.cnpq.br/1540245792957136; Raupp, Fabiano Maury; https://orcid.org/0000-0003-4869-5027; http://lattes.cnpq.br/5713468691984238
This thesis, considering the international convergence of public accounting, aims to characterize the arena of convergence of Brazilian public accounting, taking into account the discursive constructions that can be found in the situation and the possible resistance to the process. This thesis argues that national convergence is part of the constitution of neoliberal governmentality, which aims to shape government accountants and employees in general, through the use of accounting, towards a specific subjectivity (homo oeconomicus), establishing mechanisms and practices aimed at silencing other discourses of resistance. In order to achieve the proposed objectives, this thesis is based on Michael Foucault's analytics of power and uses the techniques of Foucauldian discourse analysis and situational analysis. These approaches allowed this thesis to consider the different discursive constructions present in the situation, including those related to resistance. Through the results obtained, it was possible to show that the convergence arena of Brazilian government accounting is characterized by the relationship between different social worlds (regulation, federal public administration, independent audit, international financial institutions and academia) and that the Comitê Permanente para Contabilidade Aplicada ao Setor Público (CP CASP) functions as an important convergence point. It has also been possible to characterize the dominant discourse in the situation and to verify that the convergence is not limited to the provision of accounting information, but is part of the establishment of a neoliberal governmentality that aims to introduce market concepts into the state, shaping the subjectivities of government employees (accountants and others) through competence-based accounting, capable of establishing quantifiable economic criteria that are the new guidelines for public policies. Finally, in the face of this movement, there was a certain resistance on the part of government accountants, who were subordinate to the discourse but unwilling to be submitted to the surveillance mechanisms.
A governança ambiental, social e corporativa e seu efeito no valor de mercado das entidades
(Universidade Federal do Espírito Santo, 2023-06-19) Citty, Amanda Gaspar; Reina, Diane Rossi Maximiano; https://orcid.org/0000000196839991; http://lattes.cnpq.br/5906583738243906; https://orcid.org/0009-0004-6244-0578; http://lattes.cnpq.br/0103118497630368; Malaquias, Rodrigo Fernandes; https://orcid.org/0000-0002-7126-1051; http://lattes.cnpq.br/9135874740234258; Silva, Vitor Correa da; https://orcid.org/; http://lattes.cnpq.br/6271475885219096
ESG can be understood as the way entities and investors integrate environmental, social, and governance precautions into their business and stakeholder relationships. Thus, the study aims to analyze the effect of environmental, social, and corporate governance (ESG) on the market value of entities in different sectors listed on B3. In order to address the study hypotheses, statistical techniques with panel data regression were used. The dependent variable, entity market value, was measured through three proxies: Tobin's Q, Market to Book ratio, and Value. The chosen independent variables were ESG, company sectors, and the interaction between them, along with control variables. The sample included 94 entities listed on B3 between 2011 and 2021. The results demonstrate that the adoption of ESG practices has a positive impact on the market value of companies listed on B3, and that the relationship between ESG practice and market value varies among the sectors of B3, confirming the first and second hypotheses of the study. It can be concluded that the relationship between ESG and the market value of companies listed on B3 is influenced by the sectors in which the companies operate, and that the adoption of ESG practices does not guarantee an automatic increase in market value. Furthermore, it was observed that specific sectors, such as Cyclical Consumer Goods, Information Technology, and Utilities, exhibit a significant negative relationship with ESG and market value, as indicated by the three dependent variables, highlighting the sensitivity of these sectors to environmental, social, and governance aspects in all three models. The results of this research provide a significant contribution to companies and investors, who can benefit from incorporating ESG practices into their business and investment strategies. Moreover, society as a whole can also benefit, as companies that adopt ESG practices promote positive impacts on environmental, social, and governance issues, contributing to the creation of a more sustainable and equitable world.
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 INFLUÊNCIA DOS PROVENTOS E DA RESTRIÇÃO FINANCEIRA NA INFORMATIVIDADE DOS LUCROS: EVIDÊNCIAS NO MERCADO BRASILEIRO
(Universidade Federal do Espírito Santo, 2019-11-26) Souza, Ana Carolina dos Santos; Scalzer, Rodrigo Simonassi; https://orcid.org/; http://lattes.cnpq.br/8730846229293621; https://orcid.org/; http://lattes.cnpq.br/; Sarlo Neto, Alfredo; https://orcid.org/; http://lattes.cnpq.br/6622807481766856; Brugni, Talles Vianna; https://orcid.org/; http://lattes.cnpq.br/
This study investigates the influence of the cash distribution on the informativeness of earnings considering the effect of financial constraints on the Brazilian shares of firms listed in B3. The sample consisted of 223 companies from 2011 to 2018, total
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 multidimensionalidade da competição no mercado de produtos e o gerenciamento de resultados
(Universidade Federal do Espírito Santo, 2019-07-02) Rampazzo, Rodrigo de Souza; Louzada, Luiz Claudio; https://orcid.org/0000-0002-2626-8203; http://lattes.cnpq.br/9166769626082279; https://orcid.org/0000-0001-9599-2185; http://lattes.cnpq.br/7960614507487152; Marques, Vagner Antonio; https://orcid.org/0000000172104552; http://lattes.cnpq.br/8704491263853222; Beiruth, Aziz Xavier; https://orcid.org/0000-0001-6962-3044; http://lattes.cnpq.br/0108339145808952; Roma, Carolina Magda da Silva; https://orcid.org/; http://lattes.cnpq.br/6071685773772745
The present dissertation aims to investigate the effect of the multidimensionality of the product-market competition on the earnings management through the manipulation of accruals and real activities in the Brazilian companies listed in B3. The existing literature provides a dichotomous prediction about the association of the product market competition and the earnings management. On the one hand, the product market competition could generate incentives for managers to manipulate accounting information (HERMALIN; WEISBACH; HAAS, 2007; ROTEMBERG; SCHARFSTEIN, 1990). On the other hand, the product-market competition discipline managers to act in the best interests of shareholders (BAGGS; DE BETTIGNIES, 2006; HART, 1983; HOLMSTROM, 1982; SCHMIDT, 1997). In order to test the relationship between product market competition and earnings management, we used Ordinary Least Squares (OLS) regressions with two-dimensional clusters (firm and year), according to the methods proposed by Cameron, Gelbach and Miller (2011) and Thompson (2011).The results obtained in this study support this latter view, suggesting that there is a negative relationship between the multidimensionality of product-market competition and the practices of manipulation of results. In addition, when analyzing EM specifically for real activities, the data suggested that firms in more competitive environments tend to manage results through manipulation of production or discretionary expenditures. Another relevant finding of this research is that different dimensions of the product-market competition presented different behaviors (opposite signs) in the same econometric model. The presence of this behavior suggests that the competition should not be captured unidimensional, since other characteristics of the competition (dimensions) may present opposite behaviors.
A opinião do auditor importa? Um estudo experimental sobre o impacto na decisão dos investidores não institucionais
(Universidade Federal do Espírito Santo, 2023-09-29) Miranda, Débora Vieira; Marques, Vagner Antonio; https://orcid.org/0000000172104552; http://lattes.cnpq.br/8704491263853222; https://orcid.org/0000-0003-2235-1891; http://lattes.cnpq.br/7104432517294216; Reina, Diane Rossi Maximiano; https://orcid.org/0000000196839991; http://lattes.cnpq.br/5906583738243906
The purpose of this research was to verify the impact of the modified audit opinion on the judgment and investment decision-making of Brazilian non-institutional investors. There is a consensus among society in general that auditing ensures companies' financial reports, as well as communicating the economic and equity situation of these organizations through the Independent Auditor's Report (IAR) and, in this way, provides information and subsidies for economic agents to make rational decisions based on this disclosure. In this sense, the Inspired Confidence Theory stands out, in which the auditing activity, through the IAR and the audit opinion, attributes confidence and credibility to the financial statements of companies (Aziz et al, 2014). The accounting scandals of recent decades, however, have led to criticism of the information content of the IAR. For this reason, international organizations such as the IAASB and national ones such as the CFC have promoted regulatory changes that have modified the structure of the IAR in order to increase its usefulness, among which NBC TA 700 (ISA 700) and NBC TA 705 (ISA 705) stand out. These changes gave even more focus to the auditor's opinion, which was moved from the third paragraph to the first paragraph of the IAR (Prasad & Chand, 2017), giving it primacy and making its readers attentive to its content (Cordos et al., 2020; Simnett & Huggins, 2014). Furthermore, in Brazil, the category of non-institutional investors in capital markets has grown in recent years. In this context, we carried out an experiment with a quantitative approach, with a 2x1 between-subjects design, manipulating (i) Unqualified Audit Opinion and (ii) Qualified Audit Opinion, in which the participant made an investment decision based on a hypothetical experimental scenario. The analysis techniques used were descriptive statistics, WilcoxonMann-Whitney, Kruskal-Wallis and marginal effects graphs, using R software to analyze the data. The results indicated that the qualified audit opinion had a negative impact on the decision making of Brazilian non-institutional investors, but had no significant effect on the percentage values of investments. On the other hand, the sensitivity analysis demonstrated that the adverse audit opinion and the abstention of an audit opinion affected both investment decision-making and the percentage values of investments. These findings have the potential to contribute to non-institutional investors, regulators, auditors, and academics, as they add knowledge regarding the usefulness of RAI in its model in force as of 2016.
A qualidade da informação contábil e o risco sistemático nos países emergentes
(Universidade Federal do Espírito Santo, 2023-09-14) Gomes, Victorya Maria dos Santos; Reina, Diane Rossi Maximiano; https://orcid.org/0000000196839991; http://lattes.cnpq.br/5906583738243906; https://orcid.org/0009-0009-4557-1273; http://lattes.cnpq.br/6301120603228118; Bortolon, Patricia Maria; https://orcid.org/0000000180873837; http://lattes.cnpq.br/6847890114495039; Martins, Orleans Silva; https://orcid.org/0000-0002-4966-0347; http://lattes.cnpq.br/5012236039984008
Based on a framework on the relationship between the quality of accounting information and systematic risk, the purpose of this study is to analyze how the interaction between the country's information environment and the quality of accounting information is associated with the sensitivity of companies to systematic risk in emerging countries. The data was collected from non-financial companies in the Thomson Reuters Eikon database. The sample consisted of information from 11,586 companies for the period from 2000 to 2021, totaling 202,193 observations for the entire period. The data was analyzed using multivariate panel data regressions. To determine the panel model to be used (fixed, random or POLS effects), tests such as Breusch-Pagan, Chow and Hausman indicated that the panel data model with random effects was the most appropriate. So, first we tried to measure systematic risk using the Beta coefficient and the quality of accounting information using two metrics: Dechow and Dichev (2002) and Modified Jones (1991). Subsequently, an attempt was made to identify the country information environment - CIE, formed by means of an index, using the Principal Component Analysis - PCA technique. The results obtained suggest that the quality of accounting information has an explanatory relationship with the sensitivity of companies to systematic risk in emerging markets. In addition, the study also found evidence that variables that control the level of the company, such as indebtedness and the Herfindal index, play an important role in these markets when associated with exposure to systematic risk. When analyzing the interaction between the country's information environment and the quality of accounting information in relation to sensitivity to systematic risk, we observed evidence of a negative and significant relationship when evaluating the quality of information using the Dechow and Dichev (2002) model, as well as a positive and significant relationship when using the Modified Jones (1991) model. The main contribution of this study lies in demonstrating that the quality of accounting information is associated with the sensitivity of companies to systematic risk in emerging countries. We cannot say with certainty whether factors such as better global governance indicators, together with the quality of accounting information in these countries, generate expectations in the market that may increase or decrease exposure to systematic risk.
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 as características dos CEOs e a agressividade fiscal das empresas
(Universidade Federal do Espírito Santo, 2019-07-02) Rodrigues, Jessica de Paula; Zanoteli, Eduardo Jose; https://orcid.org/0000-0001-9842-7990; http://lattes.cnpq.br/1290865242019993; https://orcid.org/; http://lattes.cnpq.br/8271322066498129; Amaral, Hudson Fernandes; https://orcid.org/0000-0001-8455-0285; http://lattes.cnpq.br/3459819354945294; Campos, Gabriel Moreira; https://orcid.org/0000-0002-1140-6570; http://lattes.cnpq.br/7357907494421042
This research aims to study the relationship betwenn the professional charecteristics of the CEOs and company’s tax aggressiveness. The impact of brazilian taxation on the companies is widely discussed in the accounting literature. The dissatisfaction with the government return, along with the high tax expense inherent to the companies create a growing search to reduce the amount paid in taxes. Tax aggressiveness can be also defined as risky tax planning which uses loopholes in legislation to pay less taxes. To identify the level of tax aggressiveness fo the companies, three metrics were used: Cash Effective Tax Rate – Cash ETR, Book-tax Differences e Effective Tax Rate, widely used in the tax aggressiveness literature internationally. The study used binomial logistic reggression in order to identify the impacto f the CEOs professional charecteristics in company’s tax aggressiveness. The research sample consists of the companies in the brazilian stock, B3, and the information are from the years of 2010 to 2017. The results show that there is positive relation between the CEOs and tax aggressiveness, specially when experienced in administration board, graduated in accounting, economy and engeneering. The study implies that the subject must be put to further detailed research.
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 relação entre planejamento e gestão fiscal nos governos estaduais brasileiros
(Universidade Federal do Espírito Santo, 2019-12-11) Johanson, Juliani Nunes Campos; Zuccolotto, Robson; https://orcid.org/0000000226295586; http://lattes.cnpq.br/5840211354831676; https://orcid.org/0000-0003-4875-4859; http://lattes.cnpq.br/3991383840879260; Louzada, Luiz Claudio; https://orcid.org/0000-0002-2626-8203; http://lattes.cnpq.br/9166769626082279; Suzart, Janilson Antonio da Silva; https://orcid.org/; http://lattes.cnpq.br/2745732466817174
This study aims to analyze whether short term management is driving long term planning in the Brazilian states. From the late 1980s, the literature points to the leading role of fiscal and non-strategic actions in the conduct of public policies, rather than planning towards development. The theoretical approach was made through conceptual discussions about planning and planning, the general characteristics of government planning in Brazil, and the attention given to the transformations that occurred in this process and that changed the logic between planning and planning (management) in the country. In this sense, we assume that short-term management has determined long-term results. The panel is composed of the 26 states of the Brazilian federation plus the Federal District, with data collected from 2001 to 2018. Through the regression methodology with panel data with random effects, the results suggest that long term planning remains deprived of short-term actions, contributing to the study of state managers' reflection on the conduct of public policies.
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.
A TRANSPARÊNCIA DOS BANCOS DE DESENVOLVIMENTO E DAS AGÊNCIAS DE FOMENTO DO BRASIL
(Universidade Federal do Espírito Santo, 2022-04-26) Goncalves, Barbara Garschagen; Zuccolotto, Robson; https://orcid.org/0000000226295586; http://lattes.cnpq.br/5840211354831676; https://orcid.org/; http://lattes.cnpq.br/; Teixeira, Marco Antonio Carvalho; https://orcid.org/0000-0003-3298-8183; http://lattes.cnpq.br/1456825128994862; Gonzaga, Rosimeire Pimentel; https://orcid.org/0000-0003-4889-1482; http://lattes.cnpq.br/3666353568686027
As public institutions whose development activities are carried out, mainly, from the management of public funds and amounts transferred by state governments, it is up to Development Banks (BD) and Development Agencies (AF) to assume conduct that prioritizes the quality of their practices of transparency and accountability, contributing to the inspection of both external control and society itself. In this sense, guided by a script of observations based on the BNDES' Transparency Guide, the present study proposed to carry out a diagnosis of the active transparency of BD and AF in activity in Brazil. It was sought to verify how is the transparency of these institutions with regard to the allocation of public resources under their management and the processes of credit operations carried out. Still, the option for the analysis of two different types of public development institutions allowed to verify if the current transparency guidelines of the AF - created during the redemocratization of Brazil - are more advanced than those verified in the BD - created during the Military Regime in the country. The observation protocol consisted of 33 (thirty-three) items distributed among 8 (eight) pillars, namely: Policies and guidelines; Institutional; Finance and jobs; Portfolio information; Customer data; Operations data; Impact; and Social Participation. Data collection took place through direct consultation on the website of each institution in the sample. The results show that, in terms of transparency, the BD and AF in Brazil are similar, but still insufficient. The reality found in institutional portals is marked by the absence of important information, which would clarify the criteria used to define the allocation of state funds. Among the available information, most only aim to comply with the rules imposed by current legislation. In view of the facts raised, it becomes evident the need to make all information related to the operations carried out by the BD and AF available for public access, in order to allow effective monitoring and control of the management of public resources.
Accounting conservartism, debt contract and operating cycle
(Universidade Federal do Espírito Santo, 2019-09-18) Barino, Humberto Pigozzo Martins; Almeida, Jose Elias Feres de; https://orcid.org/; http://lattes.cnpq.br/0351268814121118; https://orcid.org/0000-0001-8402-041X; http://lattes.cnpq.br/3083528376374654; Marques, Vagner Antonio; https://orcid.org/0000000172104552; http://lattes.cnpq.br/8704491263853222; Costa, Cristiano Machado; https://orcid.org/0000-0001-9130-2562; http://lattes.cnpq.br/7188849602769313; Verdi, Rodrigo dos Santos; https://orcid.org/; http://lattes.cnpq.br/
This study examines how leverage combined with the length of the operating cycle moderate the effect of conditional conservatism.I use a sample of U.S.firms and, alternatively, a sample of Brazilian firms.I estimate regressions with firm and year fixed-effects and show that longer operating cycles in highly leveraged firms reduce conservatism in the financial reporting, while longer operating cycles increase the conservatism in lower leveraged firms. Also, firms with shorter operating cycles increase the conservatism in highly leveraged firms, while lower leveraged firms with shorter operating cycles report less conservatively their accounting figures. My findingssuggest that debt drives the conservatism as in prior findings and show that the length of the operating cycle adds incremental information. Strengthen prior studies, my findings are in accordance with the accounting conservatism literature andextendprior literature that conservatism is a response to idiosyncratic uncertainty and that information quality are determined for firm specific characteristics.
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.

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