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.