Revista de Gestão, Finanças e Contabilidade

30-56

Authors: Nuno Miguel Teixeira, Elves Rodrigues

This paper aims to analyze the financial sustentability versus social impact of microfinance institutions in sub-Saharan Africa region. The sample consisted of 246 microfinance institutions present in this region that have their results published in the database of the organization MIX (Microfinance Information Exchange) in 2009, which is the most complete source of information of the sector. For the study, we considered various social and financial indicators that are a reference for specialized entities in evaluating the performance of microfinance institutions (as in the case of MIX and Planet Rating) and are typically used in similar research. In accordance with the results obtained institutions with lower amounts of loans to GDP per capita of the respective country in which they perform the activity can have a far social reaching, because they concede smaller borrows, whose target are customers with less income and cover a greater number of women in their financial operations. It was evident, too, the existence of trade-off between social impact and financial performance, in other words, the institutions that had the poor as its target, showed economic and financial indicators less positive. Generally, it was found that institutions with greater focus on the poorest obtained lower profitability’s, although offered higher interest rates and had better efficiency indicators in the activity. Regarding financial structure, it was found that these institutions do not have much capacity to attract deposits and present a higher financial autonomy against other, possibly because access to more donations or grants, once the average results generated in the activity are negative and by itself does not guarantee financial sustainability. Finally, we studied the constraints of the financial performance of microfinance institutions in sub-Saharan Africa region and it was found that it is mainly the size and efficiency that affect the profitability of the activity.

75-93

Authors: Francisca Soraia Ferreira Leite, Hugo Santana de Figueirêdo Junior, Vicente Lima Crisóstomo

With the changes in the business environment, intangible assets, potentially generated by the intellectual capital, have become more relevant. This study aimed to analyze and test the applicability of an alternative business performance metric: profit per employee (PE). An exploratory research was conducted through case studies of three companies listed in BM&FBOVESPA in the period 2006-2009. From the firms’ financial reports, firms' performance were measured using ROA, ROE, and the PE. Share prices were used as proxy for value creation. An empirical study showed that the correlation between PE and share prices was higher and more significant than the correlation with traditional metrics for the firm most intensive in intellectual capital. For the other firms, traditional metrics presented higher correlation. Hence, the PE seems to be relevant for companies intensive on intellectual capital. This finding highlights that this business performance metric, which includes the effect of the intellectual workforce, is an important contribution to the literature on intangibles.

114-129

Authors: Ahmed Sameer El Khatib, Samir Sayed

This paper presents the differences between the accounting conceptual structures of two institutions: the International Accounting Standards Board (IASB) and the Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI). In Accounting Theory, the conceptual frameworks adopted are the closest manifestation of theory to practice, due to the definition of goals and great concepts. Through qualitative approach sought by means of literature and documents a comparison both in terms of structure and semantics of the terms of their conceptual documents in order to verify the differences between these and if it is necessary a specific standard for finance products Islamic by the IASB. Being Islamic transactions different from their conventional and western counterparts, this article concludes that the IASB should issue specific standards for Islamic finance products, given the observance of relevant differences between documents, especially the objectives of financial statements, users of accounting information and the concept of legal form and economic substance of the transactions.

148-169

Authors: Fernando Saulo Pinheiro do Nascimento, André Aroldo Freitas de Moura, Márcia Martins Mendes De Luca, Alessandra Carvalho de Vasconcelos

Considering the relevance of the board as an agent of corporate governance, the research aims at investigating the practices of boards disclosed by companies listed on New Market of the BM&FBovespa, according to the recommendations of the Code of IBGC. The research brings together 109 companies from the New Market, in October 2010, and is based on information obtained from reports and other sources provided by companies. The instrument, developed from the recommendations of IBGC, has 10 categories of study, divided into 56 subcategories. The study also relates the governance practices with the time of adherence to New Market and analyzes them by sector. Content analysis and correspondence analysis were used to analyze qualitative and quantitative data. It was found that companies do not have a high level of disclosure of governance practices of the board and that most reached level 'average' in relation to recommending IBGC. There was no association between time spent in New Market and disclosure of governance practices of the respective boards. The analysis of average score of disclosure practices of the board by sector showed uniformity among them.

24-38

Authors: Fernando da Silva Vinhado, Vinícius Cintra Belém

In the exercise of the activities of financial broker, the banks apply the funds raised in financial assets, that can be more or less liquid, with consequent impact on profitability, causing, according to the Theory of Liquidity Preference, a trade-off between liquidity and profitability. From this perspective, the aim of this article is to help understand the behavior of banks in Brazil about the choices and the creating assets portfolios, through empirical investigation using dynamic estimation with the GMM-SYS estimator, using a panel data with 104 banks that worked in Brazil between 2000 and 2011. The results of this study contribute to the better understanding of behaviors and associated elements to assets allocation choices of financial institutions in Brazil, since identify, in addition to the persistence of asset positions of banks, the relationship between private juridical personality and foreign nationality banks with the highest degree of preference for liquidity, as well as evidence of more conservative behavior in the creation of assets portfolios by part of smaller and less capitalized institutions. The macroeconomics variables, GDP and Interest, were also influential on the configuration of the applications of banks in Brazil.

61-79

Authors: Patrycia Scavello Barreto, Marcelo Álvaro da Silva Macedo, Francisco Jose dos Santos Alves

About the recent establishment in Brazil of international accounting standards - IFRS, which have the basic philosophy of the prevalence of substance over form, has become more necessary for accounting professionals to exercise judgment. Thus, in way to understand how accounting professionals are analyzing and producing information, this study aims to show how the Prospect Theory, also specifically the Framing Effect, can affect the process of analysis and production of information accounting. To this end, we applied a structured questionnaire and did not disguise the professionals in accounting, in order to verify how the effect could shape Framing a decision within the accounting environment. The questionnaire was divided into two types (I and II), due to the need to test the same question in the fields of gains and losses. In analyzing the results of the questionnaires used the frequency analysis of alternatives for each question and applied tests of difference between proportions. Among the results, we could identify the presence of Framing Effect, since by manipulating the way information is transmitted, it was found that, in general, respondents had a favorable attitude to certain gain, or more likely when they were in the field of gains, but losses in the field, had a propensity to risk choosing the riskiest. It should be noted that the major contribution of this study is in the accounting profession aware that their judgments are liabilities of deviations, due to the effects of the Theory of Bounded Rationality.

99-120

Authors: Kleber Avila Ribeiro, Deise Cristiane Nascimento, Nildo Ferreira Cassunde Junior, Jéssica Arielle Queiroz Morato

This work aims to address the APL as a development strategy for the beekeeper, beekeepers study by the perimeter of the Nilo Coelho irrigation in the Core 7 in the city of Petrolina / PE in order to get to know the present situation and its potential. The beekeeper realize APL as an alternative of allowing its activity to become even more competitive against the other, potential leveraging opportunities in the boundaries of this particular segment of the economy. Regarding methodological aspects, we used the secondary data collection through literature and field research with a structured questionnaire conducted during the period September-October 2012, 33 members were interviewed. Results of the research show that APL can provide in a very useful tool to combat inequalities and territorial alternatives to enhance the local economy is strengthened from the point of view of the joints between links of your chain.

17-35

Authors: Claudio de Souza Miranda, Raissa Alvares de Matos Miranda, Adriana Maria Procópio Araújo

The main objective of this study is to analyze the perception of high school students about the accountant and his profession and the subjects studied by accountants at the university. Although the number of Accounting courses has expanded all over Brazil, most of the people don't know what exactly an Accountant does. Many are the myths and stereotypes made by people about this profession. International studies as Vaivio e Kokko, 2006 and Schlee et al, 2007 point to a low perception about the profession "Accountant" mostly the high school students. To evaluate the perception of these students about these aspects, a survey was built and posted on a website that was widely released. The research strategy used was the survey and the number of good responses obtained was 1.046. The research assessed the perception of the students in relation to the subjects studied in the accounting courses, professional activities, labor market, ethics at the activities and the value given to the professionals. The results obtained demonstrate that in some situations related to the profession are ignored. Many myths and stereotypes pointed in the international studies were found in this sample.

53-70

Authors: Carlos Augusto Pacheco Pereira, Eliene Aparecida de Moraes, Jonatas Dutra Sallaberry

The financial statements often do not reflect the market value of firms, and the difference between the book value and market value is largely justified by the existence of unrecognized intangible assets. In the accounting literature there are several methods for valuation of internally generated intangible assets, such as Lawrence R. Dicksee, Hatfield, New York, Current Value of Superprofits, Replacement Cost or Current Cost, Economic Value, Value Realization, Excess Value on Economic Value Chain Model and Residual Valuation of Intangible Assets, each with advantages and disadvantages in their use. Through a literature review, this study identified among the methods of measurement of internally generated goodwill, which is effectively (or near) the value that the market is willing to pay for the assets of the entity, whereas this difference arises from expectations higher earnings based on equity and surplus to aggregate entity. In the research we used data obtained from the financial statements for the years 2009, 2010 and 2011 for a technology company. From the values obtained for the operationalization of the methods, it was concluded that the method that most closely approximates the market value is the method Hatfield, where the market value is approximately six times the book value of the company.

90-106

Authors: Maurício Vasconcellos Leão Lyrio, Eloíse Helena Livramento Dellagnelo, Rogério João Lunkes

The present study is located in the field of public administration and aims to discuss the methodological profile of studies on public budgeting carried out in Brazil in the first decade of the XXI century. As regards methodology, a survey was done on the basis of the SCIELO database, from a quantitative perspective; as regards the approach to the problem under investigation, the study is of a descriptive nature. I became evident from some of the results obtained that the research on the topic of public administration is carried out mainly in the context of the public sector, being unassociated with particular sector of activity. A quantitative approach was found to be privileged, econometry being the main research method.

122-137

Authors: Romilson Moreira, Henrique Levi Freitas Sena de Carvalho

Facing a destabilized economy and high inflation Brazilians acquired immediacy and consumerist habits. The result of a rapid currency appreciation in the period before the real plan, increasingly, people are committing significant parts of their resources and acquired credit, constituting a scenario of debt and default. This work presents the profile of the personal finance teachers of municipal schools of Campo Formoso, Bahia, starting with the following assumptions: teachers not practice financial education; credits used indiscriminately, without control and are in a significant degree of indebtedness . To obtain data for the study, a questionnaire applied to teachers from José de Anchieta School. The survey results indicate a growing indebtedness and lack of personal finance teachers surveyed. The construction of educational policies encourage financial education and consumer awareness.