Revista de Gestão, Finanças e Contabilidade

06-30

Authors: Taís Andreoli, Andres Veloso, Leandro Batista

The most of exposure of individuals to brand ads happens on mere exposure condition, when the stimuli are available in the context, but aren´t necessarily actively processed, but yet unconsiously, at the preattentive level. Despite the lack of individual intention and conscious, it emphasizes the ability of preattentive processing on influencing memory and judgement on stimuli receiving. In the light of the above, the study has with aim to analize the influency diferences in the individual receiver according with the level of attention used on the brand ad processing. To that, the study adopted a concepctual base with the attention process under a complex perspective, subdivided into preattention and attention, and the influency of attention in the memory of individual receiver. Using a hipothteical-dedutivo method, the explicit and implicit memory and the brand valuation were analysed and compared between three different attention levels (preattention, divided attention and drived attention). As contribution, the study support three of the four traced hypotheses: implicit memory independent of the level of attention; explicit memory in larger levels of attention; brand valuation on preattetinve processing higher than those expected by chance, but without diferences between the three attention levels.

50-71

Authors: Vagner Antônio Marques, Laiz de Fátima Carvalho, Hudson Fernandes Amaral, Nubia Cristina Moreira da Silva, Luiz Claudio Louzada

This study aimed to analyze the level of compliance of CPC 27 which deals with the process of measurement, recognition and disclosure of depreciation on fixed assets. The study analyzed 2007-2014 period data of a sample with two groups of participants in the capital market companies totaling 63 companies selected for levels of Total Accruals (34 companies with major and 29 with minor). The results showed that companies with lower levels of total accumulations showed an average service level of 81%, while those with higher levels of total accumulations met on average 75%. It was also noted that over the years there has been an increase in the level of service, while companies with larger accumulations showed a greater development. The Kruskal-Wallis test showed no statistically significant differences between the groups over the years, except in 2012. Over the years there was a difference statistically significant .

94-111

Authors: Gustavo Miguel, Fabricia Silva Rosa

The objective of this research is to investigate the influence of educational public policies adopted in Brazil over the last 20 years on the supply and demand of accounting sciences courses in Brazil from 2001 to 2013. Therefore, the data was analyzed to supply and demand, number of students and graduates of the course students. The study presents a descriptive and exploratory research using data collected in the National Institute of Educational Studies Anísio Teixeira (INEP). The results show that public policies for higher education in Brazil have influenced both the supply and demand of places for the course in accounting; however, there was 20% reduction in the number of graduates. Also reveals that private higher education institutions are responsible for the largest number of supply of vacancies and the number of graduates.

132-159

Authors: Daniel Menezes Cavalcante, Vicente Lima Crisóstomo, Paulo Rogerio Faustino Matos, Jocildo Figueiredo Correia Neto

Portfolio optimization strategies are advocated as being able to allow the composition of stocks portfolios that provide returns above market benchmarks. This study aims to determine whether, in fact, portfolios based on the minimum variance strategy, optimized by the Modern Portfolio Theory, are able to achieve earnings above market benchmarks in Brazil. Time series of 36 securities traded on the BM&FBOVESPA have been analyzed in a long period of time (1999-2012), with sample windows of 12, 36, 60 and 120 monthly observations. The results indicated that the minimum variance portfolio performance is superior to market benchmarks (CDI and IBOVESPA) in terms of return and risk-adjusted return, especially in medium and long-term investment horizons.

160-178

Authors: Clovis José Daudt Lyra Darrigue Faro

The Braziliam Judiciary has been determining that the popular system of constant payments, known as Tabela Price, based on compound interest, be substituted by an amortizacion scheme, named as “Method of Gauss”, with constant payments based on simple interest. Moreover, the substitution being done while maintaining the numerical value of the contractual interest rate. Taking into account that a possible defensive strategy which may be used by the financial institutions, is not always feasible, it is also shown that the use of the so called “Method of Gauss” will introduce unsurmountable difficulties concerning the determination of outstanding debts. Since the methodology that has been proposed for the determination of outstanding debts, does not agree with procedures that are well known in the pertinent literature.

06-27

Authors: Raphael Silveira Amaro, Paulo Sergio Ceretta, Kelmara Mendes Vieira

In the last decades, a remarkable number of models, variants from the Autoregressive Conditional Heteroscedastic family, have been developed and empirically tested, making extremely complex the process of choosing a particular model. This research aim to compare the predictive capacity, using the Model Confidence Set procedure, than five conditional heteroskedasticity models, considering eight different statistical probability distributions. The financial series which were used refers to the log-return series of the Bovespa index and the Dow Jones Industrial Index in the period between 27 October 2008 and 30 December 2014. The empirical evidences showed that, in general, competing models have a great homogeneity to make predictions, either for a stock market of a developed country or for a stock market of a developing country. An equivalent result can be inferred for the statistical probability distributions that were used.

45-75

Authors: Arnaldo Antônio Duarte Ribeiro, Raimundo Nonato Rodrigues, Rodrigo Vicente Prazeres, Juliana Gonçalves de Araújo

This paper aimed to investigate the perceptions of professionals engaged in activities related to money laundering combat and the importance of Forensic Accounting as an instrument of investigation regarding criminal practices on economic and financial activities. This research was conducted through a structured survey, submitted to 84 participants of the third module of the course of Money Laundering Combat ministered by the Department of Assets Recovery and International Legal Cooperation of the Ministry of Justice of Brazil. The results showed that Forensic Accounting is perceived as an important component in the fight against money laundering and the production of evidence in the criminal organizations investigative process. Respondents also argue that there is a demand for graduation and post graduation, to train professionals in this area, given the degree of sophistication of such crimes, which constitute an unconventional type of crime. All accountants and economists in the sample have intention to participate in post-graduation courses in Forensic Accounting, an opinion shared by 69% of respondents who have no training in accounting and economics. Most of the professionals in the sample have used professional services with economic and financial expertise in conducting anti-money laundering activities.

92-111

Authors: Edno Alves Santana Jr, César Valentim de Oliveira Carvalho Jr

The aim of this study is to validate the Multidimensional Ethics Scale (MES) in a sample of accounting students as an alternative to the classification of individuals as to the ethical and moral behavior presented in situations of earnings management. For this, we used the MES scale, adapted into a form that consists of three ethical and moral dilemmas on the field of earnings management. The study included several variables of control such as age, gender, type of education and political vision. The sample consists of 60 students of the undergraduate course in Accounting. For data analysis, the scale was validated as the dimensionality, reliability and convergence, followed by content validity and predictive validity through the Multiple Linear Regression and the t test for paired samples. The results pointed to the validation of the MES scale, as the dimensionality, reliability and convergence, and the existence of contributions from certain philosophical ethical dimensions in the ethical evaluation of students in situations of earnings management, not occurring totalitarian form, but always having at least one dimension explaining an ethical evaluation. Additionally, it was observed the occurrence of the halo effect (when the individual perceptions differ from perceptions of their peers) and of the predictive power of Composite MES score.

132-151

Authors: Carlos Augusto Pacheco Pereira, Jorge Katsumi Niyama

The objective of the study is to verify the perception of accountants, auditors and consultants in relation to Brazilian accounting standards for pension funds. For this a questionnaire was prepared and sent to accountants, auditors and accounting of pension fund consultants. 132 were returned, of which 110 worked as an accountant in any entity, 8 rendering services as external auditors and 14 as consultants. The results obtained indicate that, in general, these professionals know the accounting standards for pension funds used in Brazil and believe that such standards are adequate, except for the period of addressing the deficit, provision for doubtful accounts, contingency reserve boundary and evaluation of real estate investments, in which the perception of the professionals is that the procedures in the international standard are more suitable.

173-187

Authors: Wellington de Oliveira Massardi, Luiz Antônio Abrantes

This research sought to demonstrate the level of dependence of Minas Gerais municipalities on the Municipalities Participation Fund (FPM). To achieve this goal we demonstrated the representativeness of FPM in the financing structure of municipalities, measured by dividing the revenue from FPM and the municipal current revenue. It was found that the level of dependence of the vast majority of municipalities is higher than 50%, ie, the FPM resources represent the main source of municipal funding, especially for those with less than 20,000 inhabitants. Regarding geographical location, it was found that the regions of Zona da Mata and Vale do Rio Doce have the highest concentration of municipalities that have high dependence on FPM. The average population in these municipalities is 3,202 inhabitants, which leads to the conclusion that the dependence of FPM is directly related to the size of the municipality.

04-20

Authors: laudio de Souza Miranda, Adriana Maria Procópio Araújo, Raïssa Alvares de Matos Miranda

The objective of this study was to analyse the profile and expectations of freshmen students of accounting. The research population was 505 freshmen students of accounting, covering ten colleges from five cities in the northwest region of Sao Paulo State, geographically close to the city of Ribeirão Preto. The methodology of the study about the objectives was descriptive and the research procedures were done through data gathering by online questionnaires. The results indicate that the freshman students of accounting choose the course because of the influence of the market characteristics. The main functions that they can work on in the future are almost unknown to the freshmen. Regarding the working areas, the research shows a strong tendency for large organizations and accounting entrepreneurship. Concerning the income of the freshmen students, the profile of the population has an average income lower than the Brazilian average. Among the difficulties found on the study, the most relevant, indicates possible deficiencies of the English language mainly from students that had studied at public schools.

40-57

Authors: Marcio Roberto Piccoli, Tânia Cristina Chiarello, Roberto Carlos Klann

This article aims to identify the perceptions of academics students of Accounting in relation to the concepts studied in the discipline of accounting theory and its relationship to other course subjects. A structured questionnaire was sent electronically to students enrolled in the three private universities in western Santa Catarina was used: University of the West of Santa Catarina (Unoesc), University of Contestado (UNC) and the University of the Community of the Region of Chapecó (Unochapecó). Data from 163 respondents were analyzed considering the students who went through the study of this discipline and those who have not yet Studied, using the Descriptive Analysis and Correspondence Analysis (ANACOR). The results indicate that most students consider the discipline of theory important for learning, for travel and to for the understanding of other disciplines. It was also observed that participants with lower age (17-21 years) had higher perceptions of expense and to loss concepts. We conclude that the discipline of accounting theory does not show significant changes after being administered in the course of Accounting, since students who have not attended the course had higher concepts for liabilities, income and loss, when compared with students already studied.

77-104

Authors: José Lindenberg Julião Xavier Filho, Síllas de Andrade Dias, Fabíola Maria de França, Alexandre César Batista da Silva, Adriana Fernandes de Vasconcelos

This research aimed to examine the importance given to accounting knowledge for students of management, as well as whether the student evaluation is sensitive to the experience with the curriculum component "General and Cost Accounting", offered by the Federal University of Pernambuco (UFPE) like a first contact the student with the accounting knowledge in your graduate. For execution of the study, descriptive in nature with predominantly quantitative approach, was employed a survey as a technique for collecting empirical material, as well as were used as complementary empirical source the contents of cited curriculum component and pedagogical project of course. The sample was random and independent, being used the technique of difference of average with support of the Excel®, considering the critical values and standardized test statistic z, with a minimum 10% level of significance. The total number of participants was 45,89% of the students and the results show a high important judging of the accounting knowledge before the experience with the curricular component, however, no statistical significance was observed in the difference between the average of judging the importance after this experience. This research examined the importance attributed by the students to a curriculum component through Influential Judgment (IJ), which are understood as socio-economic characteristics that may interfere with the judgment of the importance of accounting knowledge for managers. However, even considering this perspective, no statistical difference was observed after the students have taken the experience with the curriculum component. The results show iconic in the sense that knowledge in accounting is obligatory for management courses and is essential for the manager graduation, although students recognize the importance of accounting knowledge before the curricular experience and not improve its assessment after such contact.

123-139

Authors: Valdineide dos Santos Araujo, Djalmir Gomes dos Santos, Paulo Roberto Nóbrega Cavalcante, Edmery Tavares Barbosa

The labor market demands have required from the accounting professionals to enhance their skills and competences so as to meet, effectively, the current requirements. This piece of research aimed at understanding the students´ perception of the Accounting Sciences course, of a Higher Education Federal Institution, in regard to the academic formation that they have been receiving and the professional guidance they are meant to have in order to enter the labor market. The study encompassed 105 students from the 7th and 8th morning/afternoon terms and from the 9th and 10th evening term of the Accounting Sciences course of a Federal Institution of Higher Education. As concerns the methodology, it was based on the exploratory approach with qualitative approach and the descriptive research with quantitative approach, by means of the bibliographical research and the use of questionnaire. The surveyed variables refer to the student´s profile, the professional requirements in relation to the job market demands, the students´ necessary competences and perception on the academic formation they are receiving as well as their training for entering the labor market. It was noticed that the students, in their majority, do not take part, regularly, in extracurricular activities, such as: conferences, seminars and lectures. They also do not demonstrate complete agreement regarding the fact that they are acquiring the necessary competences for entering and acting in the labor market and, in an emphatically way, they reveal disagreement in relation to the adequacy of the curricular grid of this Institution´s course to the current accountant formation. It can be concluded that the Higher Education Institution must prioritize the development of competences, skills and values that ensure the students conditions for their professional entry to the job market.

05-25

Authors: Wanderson Rocha Bittencourt, Jaqueline Vilela Araújo Paim, Jacqueline Veneroso Alves da Cunha, Eduardo Mendes Nascimento

Nos contextos nacional e internacional há indícios de crescente concentração do setor bancário. Essa reestruturação pode ser observada ao se comparar o número de instituições financeiras existentes há 10 anos com o número registrado em 2013. Assim, este artigo tem por objetivo avaliar a concentração do setor bancário no período de 1996 a 2013, bem como a evolução das taxas de juros dos seus principais produtos no mesmo período. Foi analisada a concentração do setor com base em quatro indicadores Herfindahl-Hirschman (HHI), a Razão de Concentração (CRK), o Índice de Hall-Tideman (HTI) e a Entropia de Theil (ET) e, posteriormente, realizada a análise da correlação entre estes indicadores as taxas de juros. O índice HHI mostrou que o setor caminha para uma concentração moderada, quando consideradas as variáveis ativo total e patrimônio líquido. Quanto ao lucro líquido e aos depósitos totais, o setor se mostra moderadamente concentrado. O indicador CRK evidenciou que as quatro maiores instituições do país detêm quase 50% do patrimônio líquido total do Sistema Financeiro Nacional e mais de 55% dos ativos totais, do lucro líquido total e dos depósitos totais. Os demais indicadores evidenciaram que o setor não é concentrado, sendo, porém, evidente o crescimento desses indicadores rumo à concentração. Quanto à evolução das taxas de juros, apesar de o setor se encaminhar para a concentração moderada, registrou-se queda nesse indicador, em todas as modalidades estudadas.

42-60

Authors: Henri Siro Evrard, June Alisson Westarb Cruz, Wesley Vieira da Silva

O presente trabalho tem como objetivo verificar a influência de 16 fatores de retorno na determinação do excesso de retorno do mês seguinte das ações que pertenceram ao índice Ibovespa ao longo do período de janeiro de 2003 a dezembro de 2013. Os fatores se referem às mensurações de cinco famílias de características dos ativos: risco, liquidez, rentabilidade, “barateamento” e desempenho passado. Para a verificação da influência dos fatores de retorno foi utilizada a regressão linear do tipo forward. Foi ainda realizado um teste de eventos para verificação dos efeitos da crise do subprime na anormalidade do comportamento dos ativos. Como resultado do trabalho verifica-se que a significância e o payoff das variáveis são transitórios, sugerindo mudanças nas características das ações que os agentes financeiros consideram relevantes para a alocação de investimentos. As conclusões da pesquisa sugere que estas mudanças não são desencadeadas por eventos de grande porte, sendo parte do comportamento natural do mercado. Apesar do caráter temporário dos fatores de retorno, as variáveis lucro/preço, receita/preço, margem líquida, excesso de retorno de 12 meses e ROA apresentaram maior grau de contribuição positiva para o desempenho dos ativos. As variáveis volume/preço, valor de mercado e excesso de retorno de 6 meses resultaram em maior contribuição negativa. A variável patrimônio líquido/preço, analisada juntamente com os outros fatores, não foi considerada relevante.

75-99

Authors: Leonardo Ensslin, Rogério Tadeu de Oliveira Lacerda, Anna Claudia Krüger, Leonardo Corrêa Chaves

Public organizations are under pressure to provide more and better services by increasing transparency in public management and therefore the monitoring of its results. In this sense, performance evaluation is presented as a tool that can contribute to the prioritization of projects and a better public resources allocation. In order to elicitate the knowledge on the topic of performance evaluation in the public sector, this paper presents a process for selecting the most outstanding articles and through this process, we analyze the quantitative parameters of the relevant articles on the topic. The process led to the selection of a bibliographic portfolio on the subject in international journals and to the conducting of a bibliometric analysis highlighting journals, articles, prominent authors and keywords on the topic.

05-22

Authors: Gláucia Fernandes, Vinicius Mothé Maia, Leonardo Lima Gomes

This paper evaluates the real option of storing the biogas from swine biomass. We analyze deferring the immediate sale of this energy in the spot market to store it in the form of gas for future sale. We consider that once a storage tank reaches maximum capacity, the producer will sell all of the energy generated in either the spot market or regulated market for a minimum selling price. The farm we chose to study already produces energy and sells it in the spot market. The real options methodology was chosen to consider managerial flexibility and the uncertainty of the energy price. Additionally, considerations were made for the stochastic process applied to the price time series of the weekly Differences Settlement Price (Preço de Liquidação das Diferenças in Portuguese) of low voltage power in southern Brazil. Our results indicate that the storage option has value for the power generation from swine biomass.

38-53

Authors: Thaís Nery Assunção, Renata Turola Takamatsu, Valéria Gama Fully Bressan

This research aims to analyze the announcement impact of the 579 act in stock prices in the Brazilian electricity sector. The way the market reacts to information supports investors and assists assets’ analysis and the process of investment portfolio formation. An event study was conducted to assess whether the stocks’ prices and returns have changed after the information was released to the market. The results provided evidence of a semi-strong market efficiency, since prices reacted to the publicly available information, assimilating the new information and then regressing to normality. Specifically, there was, on average, a negative reaction, with a significant drop in prices and stock returns two days after the announcement. However, after the third day, the information was absorbed by the market, and we no longer could detect a negative abnormal returns. Thus, we can conclude that the 579 act was considered a relevant piece of information about the electricity sector, changing stock returns behavior when it was released.

71-86

Authors: Ana Claudia Afra Neitzke, Giliard Peres Gonçalves, Renata Mendes de Oliveira, Débora Gomes Machado, Artur Roberto de Oliveira Gibbon

From the beginning of construction of oil platforms in the country, the Brazilian market is absorbing the riches that these originate. The cities where the Polo Naval is located tend directly to absorb the financial and economic impacts generated by the installation of the marine industry. The Rio Grande city is the target of the changes caused by the Polo Naval installation. In this context, the general objective of the study was to determine how environmental costs are treated in a shipyard in the southern of Rio Grande do Sul. In order to achieve the proposed goal, operationalized is a case study in a private company in the industry shipbuilding. This research, exploratory, made use of multiple sources of evidence. Thus, the data were collected through document analysis, semi-open interviews and systematic observation. The results indicate that the organization has analyzed environmental costs, mainly related to the maintenance of environmental processes. Moreover, it infers that the organization needs to consider the theme of environmental costs through a program of environmental policies and, consequently, develop a mechanism for the settlement, subject to use fees from the cost center approach.