Revista de Gestão, Finanças e Contabilidade

31-49

Authors: Ana Cristina Silva Abreu, Elise Soerger Zaro, Guilherme Luiz, Ernesto Fernando Rodrigues Vicente, Hans Michael van Bellen

This paper analyzes how Brazilian companies adhered the IIRC’s framework for integrated reporting, regarding the content element of corporate governance. The 2013 annual reporting of each company were analyzed consonants to the IIRC's framework using qualitative analysis. Categories were created for adherence of information provided by companies and applied content analysis for this purpose. Results suggest that the framework, although not being adopted integrally by the companies, was used as guide for their disclosure practices. Among other observed results for each of framework topics, BRF S.A, CPFL Energia and Itaú Unibanco disclosure practices featured as examples of adherence for the IIRC model and the inherent principles integrated in the report.

72-93

Authors: Rejane da Rocha Pacheco, Clea Beatriz Macagnan, Rosane Maria Seibert

This study aimed to analyze the factors that explain the level of disclosure of information on the websites of educational and charitable foundations in the state of Rio Grande do Sul - Brazil. The sample consisted of 48 educational and charitable foundations, with electronic pages available on the Internet. The disclosure level was measured from the development of a survey instrument containing 100 indicators representative of mandatory and voluntary information, used for content analysis of the information in electronic pages published on the Internet. Secondly, the hypotheses were formulated, established from reviewing theoretical and empirical literature and were tested using linear regression. Econometric analysis made it possible to infer that the level of donations received, the number of beneficiaries and those supported or benefited organizations are explanatory factors for the level of disclosure on the websites published on the Internet of educational and charitable foundations of Rio Grande do Sul. In other words, the greater: the sum of amounts received as donations, the number of beneficiaries and the number of organizations supported or benefited from the educational and charitable foundations, higher will be the level of disclosure of the same.

112-131

Authors: Lucimar Antôno Cabral de Ávila, Alanna Santos Oliveira, Jéssica Rayse de Melo Silva Ávila, Rodrigo Fernandes Malaquias

The present study presents a survey of researches that, through the employment of theoretical precepts, laboratory tests or empiric studies, in the period from 2006 to 2015, related themselves to the examination of anomalies' incidences or irrational effects which affect people's choices on investment decisions. Despite the temporal delimitation, it was set about the seminal study of Kahneman and Tversky, published in 1979, which brings considerations about Perspective Theory, in opposite to Efficient Market Hypothesis (EMH). The used methodology is exploratory and bibliographic, employing a sample composed by international journals of Finances area, besides journals in Accounting and Management in Brazil. A subdivision in the format of findings presentation was carried out, separating those which treat theoretical precepts and laboratory tests, nevertheless linked to possible practical effects - depicted as studies of behavioral incidences, evidences and tendencies - from those which seek empirical evidences greatly related to market operations, identified as studies of behavioral precepts applied to market. In conclusion, it was possible to identify that international researches are more focused on the understanding of behavioral phenomena and their impacts in stock market, while Brazilian studies concentrate on replications of seminal study or identification of biases and specific samples, presenting low possibilities for results' generalization. This occurs due to the lack of deepening and narrow scope of the investigations. Therefore, it's open a great variety of possibilities for studies, notably in fields such as domestic finances, behavioral effects among Latin American countries, standardization of behavior inside organizations, correlation among several biases, identification of other behavioral effects which interfere financial and economic scenery, mainly if the researches involve real market data.

160-178

Authors: Teresa Rodriguez Cao, Roberto Marcos da Silva Montezano

This paper investigates changes in long-term operational and financial performance for a sample of Brazilian companies made initial public offerings (IPO's) shares, in the period 2002-2008. This period showed a historically high number of IPOs, a heavily discontinued phenomenon with the international financial crisis of 2008. As performance measures were chosen six financial indicators usually adopted in the literature in periods of three years pre-IPO, year of listing and three years post-IPO. The indicators evaluated were size, growth rate, profitability, financial leverage, investment level and investment rate. The results show evidence that, on average, there were statistically significant improvements in size, profitability, investment level and investment rate. But there was no evidence statistically significant changes in the growth rate and financial leverage after the IPO of Brazilian firms.

189-208

Authors: Virginia Navajas, Teresa Montero Romero, Mª Carmen López Martín

Recent rulings regarding evictions and "CAPs and FLOORS" applied by deposit institutions in Spain have recaptured the importance because of the conditions established by these institutions. They have done mortgages with their customers, especially with retail customers. This paper is a review of existing legislation on this issue and a starting point for an analysis of the practices and the claims carried out by institutions in Spain. Moreover, another aspect of interest is what criterion had been used to establish these conditions from the point of view of the institutions themselves. It is also studied the evolution of the main reference interest rates and the structure of the profit and loss account. With these elements, we also to test the meaning of these clauses into the management of entities and how to reconcile this management with social problems in Europe.

28-44

Authors: Carlos André Marinho Vieira, Marcelo Paulo de Arruda, Adilson de Lima Tavares

Financial institutions are naturally leveraged companies that use their debt to aim for profit in their operations. The role of financial intermediary gives these institutions the context needed to use financial leverage for profit. Among the several variables used in debt levels of these institutions, Hortlund (2005) highlights inflation as having a central role in this phenomenon. This study aimed to find out how inflation influences the debt of Brazilian financial institutions. To achieve this goal, data of brazilian banks from 1996 to 2013 were analyzed, being related to other variables in order to allocate more consistency of the model used. Through balanced and unbalanced panel data regressions, results indicate that different from the hypothesis defended by Hortlund (2005), inflation has a negative impact on debt earned by financial institutions during the period. Other findings of the study indicate that the representative variables of increased operations of these institutions, such as GDP growth, growth of assets and loans/assets positively impact the leverage of financial institutions, indicating that these are more likely to go into debt when they can apply this capital in productive operations. Finally, it was found out that the guidelines contained in the Capital Accords Basel II and Basel III, which were required by the national financial system, influenced negatively the levels of debt of financial institutions, making them less leveraged.

76-91

Authors: Angelo Antonio Davis Oliveira Nunes e Rodrigues, Rita de Cássia Lúcia Ferreira, Taíse Bruna Mantovani, Elizabeth Krauter

This paper aims to compare and analyze the accounting data of Brazilian public mixed capital companies with private capital ones. The methodology consists of the approach from a quantitative research question, and for a descriptive purpose. The documentary analysis is arranged by the method of data attainment by means of an index developed by Gabriel (2011): twelve questions assess the quality of accounting data. The statistical sample has nine public companies and nine private ones. The sampling error is 5%. The descriptive analysis of data presents the statistical nonparametric test by Mann-Whitney. Conclusion: there is no significant difference in the quality of accounting information between the two types of company. The public accounting data quality is lower, because their reports are not clean of audit; besides, their financial statements are not republished, accounting data are done in international standard, publication out of legal time, revaluation of fixed assets and publication of Cash Flow Statement and higher adoption to companies with private control in the disclosure practices of the Statement of Value Added, executive compensation and measure of economic profit.

112-131

Authors: Nadielli Maria dos Santos Galvão, Luiz Carlos Miranda

This study investigates how Brazilian football clubs highlight the value of their athletes in the accounting reports. The study looked at the degree of disclosure of the value of athletes of items such as depreciation, impairment, measurement basis, transfer of athletes in formation for the account of athletes formed among others. This study takes as its starting point the Brazilian standard accounting ITG 2003 created to establish specific criteria and procedures for assessment, recording and structuring of the financial statements of professional sports entities. This research included documentary analysis of the financial statements of 25 clubs that participated in the series A and B of the Brazilian Football Championship 2013. This study shows that of the 25 investigated clubs, 20 show the athletes as ITG 2003. The clubs that show more information on the value of their athletes were Sao Paulo and Botafogo. Regarding the participation of athletes in equity value of the clubs, it was found that this variable is around 16.5%. Finally, correspondence analysis (ANACOR) and the Spearman correlation test, aiming to test whether there is a relationship between the degree of disclosure of the value of athletes and their participation in equity. The results show that there is a possibility that these two variables are related.

152-172

Authors: Priscilla Milfont de Medeiros, Nadielli Maria dos Santos Galvão, João Gabriel Nascimento de Araújo, Umbelina Cravo Teixeira Lagioia, Ana Paula Souza Ferreira

This research aims to determine the profile of the students of Accounting and the relationship of this profile with characteristics listed in the Theory X and Y about behavior in the workplace. Data were collected in the form of survey with the Accounting graduate and and postgraduate students of two educational institutions of the city of Recife, who were doing internship or working. In total 278 questionnaires were collected, which were divided into two stages. The first aimed to find out the profile of the students of Accounting, such as semester and schedule of the course, age, gender, type of link with the company working, salary, sector and company size. The second stage of the questionnaire was to find out the behavior of students in the workplace according to the assumptions of Theory X and Y. With regard to the assumptions of the Theory X and Y, it has been found that despite these learners suggesting a theory in some points, they do not accepted both theories completely. Moreover, it was seen that the variables age and link in the company they work for has a relationship with the assumptions of Theory X and Y, affecting the perception of students.

188-208

Authors: Stênnia Maria Ferreira de Brito, Marke Geisy da Silva Dantas

The aim of this study is to identify factors that relate to the judgment of political parties accountability operating in the state of Rio Grande do Norte. Twenty-four political parties with directory in the state were selected considering those who have had their accounts judged between 2006 to 2013. In order to determine which factors are related to the trial of party accounts, logistic regression were considered for the analysis. Independent variables were the total revenues received by the party (in logarithm), dummy for political parties with or without the resources of the party fund and dummy for years that there were state elections, while the trial of the accounts of parties (approval / disapproval) is dependent variable. The results show that only the dummy's Party Fund positively influence the judgments of the annual accounts parties. Thus, it is understood that the parties receiving public funds are more likely to provide better information and, therefore, have its accounts approved by the Unidade Técnica do Tribunal Regional Eleitoral do Rio Grande do Norte. Moreover, one can even say that the parties receiving such government help have a trend or an indication of concern with the concept of accountability, since the party fund is a public resource. It is recommended that future studies address other indicators, for example, liquidity, debt and profitability. Moreover, as also proxies related to the disclosure of financial statements, number of persons elected by party in relation to the number of candidates and party members number could become plausible indicators for future research that would use the same methodology. In addition, replicate this metodology to other states for comparative issues, and even use the same methodology at national level could be aspects of research to be worked for the future.