Revista de Gestão, Finanças e Contabilidade

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.

06-25

Authors: Aline Midori Kuroda, Andrei Aparecido de Albuquerque

The quest for understanding the relationship between the capital structure and investment decisions resulted in many different authors contribution. In the Brazilian economic scenario, an empirical study performed by Albuquerque and Matias (2013) identified the existence of a strong negative relation between finance leverage and investment in Brazilian public companies. The purpose of this study was to investigate whether the theory of finance supports these empirical findings or if there is a discrepancy between the practical behavior and the theoretical rules. To this end, it was performed a bibliographic research of scientific works related with this theme, among them Carneiro, Salles and Wu (2006), Hadlock and Pierce (2010) and Dang (2011). The methodology of this research can be classified as exploratory, according to its purpose, qualitative in terms of approach and bibliographical considering its technical procedures. All the developed analysis led to the formulation of six theoretical propositions that support the relation between financial leverage and investment. The negative and positive effects of debt were considered according to growth opportunities, the supply of credit in the Brazilian context, the raising of risk and cost of capital and the allocation of resources obtained through external funding. Briefly, it can be concluded that these six theoretical propositions could serve as the fundamentals of the relation in question, two being based on the under-investment and overinvestment theories and the other four, on the Brazilian financial market aspects. All of them must be considered in the decision making of a financial manager, especially the related with the financing options.

43-63

Authors: Alexandre Oliveira Silva, José Alves Dantas

This study seeks to address the lack of studies about the impact on capital market of the dividend policy practiced by financial institutions in Brazil. Aims to identify whether there is a relationship between the dividend policy adopted by the financial institutions listed on the BM&FBovespa and its market value. Using data from 25 financial institutions, for the period between the first quarter of 2000 and the second quarter of 2014 was estimated regression with panel data to test that theory applies more appropriately to Brazilian financial institutions - the irrelevance of dividends theory, proposed by Miller and Modigliani (1961), or the relevance of dividends theory, defended, among others, by Gordon (1959). Considering an empirical-analytic approach, the test results confirmed the hypothesis irrelevance of dividend policy in the market value of financial institutions. This study also evidence that smaller banks found, less leveraged, more efficient, under foreign and private capital have greater control relationship between the market value and the book value.

83-107

Authors: Israel José dos Santos Felipe, Anderson Luiz Rezende Mól, Bernardo Borba de Andrade

The present paper has the purpose of investigate the dynamics of the volatility structure in the shrimp prices in the Brazilian fish market. Therefore, a description of the initial aspects of the shrimp price series was made. From this information, statistics tests were made and selected univariate models to be price predictors. It´s presented as an exploratory research of applied nature with quantitative approach. The database was collected through direct contact with the Society of General Warehouses of São Paulo (CEAGESP).The results showed that the great variability in the active price is directly related with the gain and loss of the market agents. The price series presents a strong seasonal and biannual effect. The average structure of price of shrimp in the last 12 years was R$ 11.58 and external factors besides the production and marketing (U.S. antidumping, floods and pathologies) strongly affected the prices. Among the tested models for predicting prices of shrimp, four were selected, which through the prediction methodologies of "One Step Ahead" with 12 periods horizon , proved to be statistically more robust. We concluded that the dynamic pricing of commodity shrimp is strongly influenced by external productive factors and that these phenomena cause seasonal effects in the prices. Through statistical modeling is possible to minimize the risk and uncertainty embedded in the fish market, thus, the sales and marketing strategies for the Brazilian shrimp can be consolidated and widespread.

125-148

Authors: Júlio Lobão, Sofia Cruz Gomes

In this paper we aim to study the relation between fund performance and fund attributes in the Portuguese market. The sample includes 124 equity funds, bond funds and money market funds that traded in the 2004-2011 period. A comprehensive set of fund-specific characteristics, never used before in conjunction in the literature, was considered. The methodology which was adopted had two distinct phases. Firstly, we compared the returns of each category of funds with the appropriate reference markets. Secondly, the fund performance, measured by the Jensen’s alpha, was used in a multi-factor model with panel data in which the independent variables were the fund attributes. The results show that Portuguese funds were, in general, not able to beat the benchmarks which is consistent with the existence of efficient financial markets. Only the fixed income mutual funds performed well. Moreover, it is possible to conclude that, for each category of mutual funds, their characteristics are useful to the investor in the moment of choosing the best funds. For example, in the case of funds that invest in Portuguese stocks, the best performance occurs among older and larger funds, funds with higher costs, funds with good past performance and funds whose trading activity is low.

171-195

Authors: Miguel Lira, Victor Paulo Gomes da Silva

Much of the literature focusing on the construct of „motivation‟ in the public sector feeds the idea that organisational peculiarities of this sector and the individual circumstances of its employees translate into a prevalence of intrinsic motivation and, as a consequence, of the value of intrinsic rewards. However, this assumption has never been scrutinised within the Portuguese public sector; hence, the central goal of this work is, precisely, to offer a contribution to overcome this gap, that is, to provide an answer to the following question: „in general terms, what is the predominant type of motivation among Portuguese civil servants: intrinsic motivation or extrinsic motivation?‟. So as to achieve this goal, we have carried out an empirical study based on the scale „The work preference inventory‟, developed by Amabile, Hill, Hennessey and Tighe (1994). This study involved the survey, through a questionnaire, applied to the non-teaching staff of three public higher education institutions. Although the study, by its nature, is not be generalizable to all Portuguese civil servants, it clearly indicates the prevalence, among these, of intrinsic motivation and, as a consequence, of the value of intrinsic rewards. Yet, not negligible levels of appreciation of extrinsic rewards should be emphasised. This indication has led to a goal of a peripheral nature for the present study: to alert for the possible inadequacy of the performance appraisal system of most Portuguese civil servants, given that this system, in exchange for the performance, only offers extrinsic rewards.