Pub Date : 2020-05-12DOI: 10.1590/1808-057x201910370
A. M. Meurer, Flaviano Costa
ABSTRACT The aim of this study was to analyze the relationship between the impostor phenomenon (IP) and the academic behavior of stricto sensu postgraduate students in business area courses. Discussing the relationship between psychological variables and student academic behavior is a topic of interest as empirical evidence indicates that these variables affect the environment in which scientific research is developed. It is important to look for elements that help in understanding the IP in order to reduce its impacts on the performance, behavior, and feelings of students. Postgraduate students enrolled in stricto sensu courses may be refusing opportunities to advance in their professional careers and adopting behaviors that are discordant with those desired by universities because they feel like impostors in terms of their abilities. Besides the relevance of the relationships analyzed, this research also uses the Meurer and Costa Scale of Academic Behaviors - Stricto Sensu (MCSAB-SS), which can measure academic behaviors displayed in Brazilian postgraduate courses, enabling the development of new investigations into the topic. The population includes postgraduates enrolled in 2018 in academic master’s, professional master’s, and academic doctorate courses in administration, accounting, and economics, known as the business area. The data collection was operationalized via a survey carried out online, which obtained 1,816 valid participations. The data were analyzed using descriptive statistics, exploratory factor analysis, and the Spearman’s correlation. Higher levels of impostor feelings are positively associated with displays of counterproductive academic behaviors and are mostly negatively associated with academic citizenship behaviors. After identifying the IP in students, actions to minimize these feelings can be implemented, given that postgraduate students with the IP may not be engaging in the activities that permeate stricto sensu, thus damaging the climate and culture of cooperation needed in academia.
摘要本研究旨在分析严格意义上的研究生在商科课程中的冒名顶替现象(IP)与学业行为的关系。讨论心理变量与学生学习行为之间的关系是一个有趣的话题，因为经验证据表明，这些变量影响着科学研究的发展环境。重要的是要寻找有助于理解知识产权的元素，以减少其对学生的表现、行为和感受的影响。选修严格意义课程的研究生可能会拒绝在职业生涯中发展的机会，并采取与大学所希望的不一致的行为，因为他们觉得自己的能力是骗子。除了所分析关系的相关性外，本研究还使用了Meurer and Costa学术行为量表-严格意义量表(mcsabb - ss)，该量表可以测量巴西研究生课程中表现出的学术行为，从而能够对该主题进行新的调查。人口包括2018年入学的学术硕士、专业硕士和学术博士课程的研究生，这些课程涉及管理、会计和经济学，被称为商业领域。数据收集是通过一项在线调查进行的，该调查获得了1816份有效参与。采用描述性统计、探索性因子分析和Spearman相关法对数据进行分析。较高水平的冒名顶替情绪与表现出适得其反的学术行为呈正相关，与学术公民行为大多呈负相关。在确定学生的知识产权之后，考虑到拥有知识产权的研究生可能不会参与严格意义上的活动，从而破坏学术界所需的合作气氛和文化，可以采取措施将这些感受降至最低。
{"title":"Behold the best and worst of me: the impostor phenomenon and academic behavior in the business area,","authors":"A. M. Meurer, Flaviano Costa","doi":"10.1590/1808-057x201910370","DOIUrl":"https://doi.org/10.1590/1808-057x201910370","url":null,"abstract":"ABSTRACT The aim of this study was to analyze the relationship between the impostor phenomenon (IP) and the academic behavior of stricto sensu postgraduate students in business area courses. Discussing the relationship between psychological variables and student academic behavior is a topic of interest as empirical evidence indicates that these variables affect the environment in which scientific research is developed. It is important to look for elements that help in understanding the IP in order to reduce its impacts on the performance, behavior, and feelings of students. Postgraduate students enrolled in stricto sensu courses may be refusing opportunities to advance in their professional careers and adopting behaviors that are discordant with those desired by universities because they feel like impostors in terms of their abilities. Besides the relevance of the relationships analyzed, this research also uses the Meurer and Costa Scale of Academic Behaviors - Stricto Sensu (MCSAB-SS), which can measure academic behaviors displayed in Brazilian postgraduate courses, enabling the development of new investigations into the topic. The population includes postgraduates enrolled in 2018 in academic master’s, professional master’s, and academic doctorate courses in administration, accounting, and economics, known as the business area. The data collection was operationalized via a survey carried out online, which obtained 1,816 valid participations. The data were analyzed using descriptive statistics, exploratory factor analysis, and the Spearman’s correlation. Higher levels of impostor feelings are positively associated with displays of counterproductive academic behaviors and are mostly negatively associated with academic citizenship behaviors. After identifying the IP in students, actions to minimize these feelings can be implemented, given that postgraduate students with the IP may not be engaging in the activities that permeate stricto sensu, thus damaging the climate and culture of cooperation needed in academia.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199598","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-12DOI: 10.1590/1808-057x201909040
Catarina Ferreira, A. Morais
The general objective of this study is to analyze whether the particularities of audited companies influence the volume of key audit matters (KAMs). Its specific objectives are to identify the number of KAMs disclosed by Brazilian companies and analyze the main factors associated with their disclosure. The paper aims to contribute to an area of investigation still lacking in studies that analyze the factors affecting KAM disclosure, which makes audit reports more individualized. The study contributes to understanding the main auditing issues in Brazilian companies that auditors consider relevant, by providing evidence on factors associated with their disclosure. This research is relevant for agencies that issue auditing standards and for financial information users. For issuers of auditing standards, the study is relevant because it identifies the factors associated with KAM disclosure, enabling it to be confirmed that the new audit report model has contributed to its destandardization. For financial information users, the study demonstrates that KAM disclosure varies from company to company, thus contributing to greater transparency of the audit report. Data were collected from the Audit Reports and Consolidated Financial Statements of the 447 Brazilian companies listed on the Sao Paulo Securities, Commodities, and Futures Exchange (BM&FBovespa), on December 31st of 2016, and an ordinary least squares (OLS) regression was applied to the defined model. The results show a positive relationship between the number of KAMs disclosed and both the auditor being a Big 4 and the complexity of the audited company. The auditor’s fees and auditor’s opinion being modified show a negative relationship with the number of KAMs. The article is relevant for companies, auditors, and regulatory and supervisory bodies as it identifies company characteristics that influence KAM disclosure and are determinants for the non-standardization of the auditor’s report.
{"title":"Analysis of the relationship between company characteristics and key audit matters disclosed","authors":"Catarina Ferreira, A. Morais","doi":"10.1590/1808-057x201909040","DOIUrl":"https://doi.org/10.1590/1808-057x201909040","url":null,"abstract":"The general objective of this study is to analyze whether the particularities of audited companies influence the volume of key audit matters (KAMs). Its specific objectives are to identify the number of KAMs disclosed by Brazilian companies and analyze the main factors associated with their disclosure. The paper aims to contribute to an area of investigation still lacking in studies that analyze the factors affecting KAM disclosure, which makes audit reports more individualized. The study contributes to understanding the main auditing issues in Brazilian companies that auditors consider relevant, by providing evidence on factors associated with their disclosure. This research is relevant for agencies that issue auditing standards and for financial information users. For issuers of auditing standards, the study is relevant because it identifies the factors associated with KAM disclosure, enabling it to be confirmed that the new audit report model has contributed to its destandardization. For financial information users, the study demonstrates that KAM disclosure varies from company to company, thus contributing to greater transparency of the audit report. Data were collected from the Audit Reports and Consolidated Financial Statements of the 447 Brazilian companies listed on the Sao Paulo Securities, Commodities, and Futures Exchange (BM&FBovespa), on December 31st of 2016, and an ordinary least squares (OLS) regression was applied to the defined model. The results show a positive relationship between the number of KAMs disclosed and both the auditor being a Big 4 and the complexity of the audited company. The auditor’s fees and auditor’s opinion being modified show a negative relationship with the number of KAMs. The article is relevant for companies, auditors, and regulatory and supervisory bodies as it identifies company characteristics that influence KAM disclosure and are determinants for the non-standardization of the auditor’s report.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199356","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-12DOI: 10.1590/1808-057x201909140
Rossimar Laura de Oliveira, E.K. Kayo
ABSTRACT The objective of this paper is to investigate if the high growth of a firm results in a reduction in its debt levels. This is expected to happen for firms that experience a positive idiosyncratic shock to their growth opportunities, which would affect their cash flow and profitability. Although the relationship between growth opportunities (e.g., Tobin’s Q) and capital structure has already been widely discussed from a conceptual viewpoint, there are still important empirical gaps, particularly due to the endogeneity of the first variable. This paper seeks to minimize these problems by operationalizing the concept of idiosyncratic technological shocks. This issue is relevant because the negative relationship between growth and leverage may indicate that for the most efficient companies there will be a reduction in bankruptcy cost and a reduction in agency costs for the least efficient companies. This paper contributes to the development of studies in the area by demonstrating the inverse relationship between growth and leverage, with the model and the variable that represents the positive shocks experienced by companies. The dynamic panel method enables an analysis of the variation in debt in relation to the variation in value using the first differences and controlling the lagged debt effect. To apply the model, we used data from Brazilian companies, covering 1995 to 2016. The main results show that the greater the ratio between the firm’s growth opportunities and its industry growth opportunities, the lower its leverage indicators. The complementary results suggest that less leveraged firms have this negative relationship to an even stronger degree.
{"title":"Leverage and investment opportunities: the effect on high growth firms","authors":"Rossimar Laura de Oliveira, E.K. Kayo","doi":"10.1590/1808-057x201909140","DOIUrl":"https://doi.org/10.1590/1808-057x201909140","url":null,"abstract":"ABSTRACT The objective of this paper is to investigate if the high growth of a firm results in a reduction in its debt levels. This is expected to happen for firms that experience a positive idiosyncratic shock to their growth opportunities, which would affect their cash flow and profitability. Although the relationship between growth opportunities (e.g., Tobin’s Q) and capital structure has already been widely discussed from a conceptual viewpoint, there are still important empirical gaps, particularly due to the endogeneity of the first variable. This paper seeks to minimize these problems by operationalizing the concept of idiosyncratic technological shocks. This issue is relevant because the negative relationship between growth and leverage may indicate that for the most efficient companies there will be a reduction in bankruptcy cost and a reduction in agency costs for the least efficient companies. This paper contributes to the development of studies in the area by demonstrating the inverse relationship between growth and leverage, with the model and the variable that represents the positive shocks experienced by companies. The dynamic panel method enables an analysis of the variation in debt in relation to the variation in value using the first differences and controlling the lagged debt effect. To apply the model, we used data from Brazilian companies, covering 1995 to 2016. The main results show that the greater the ratio between the firm’s growth opportunities and its industry growth opportunities, the lower its leverage indicators. The complementary results suggest that less leveraged firms have this negative relationship to an even stronger degree.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199533","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-12DOI: 10.1590/1808-057x201908670
Flávia Fonte de Souza Maciel, B. Salotti, J. O. Imoniana
ABSTRACT This study sought to identify incentives that influence the accounting choices for classifying interest and dividends received or paid in Cash Flow Statements (CFSs), in the period from 2008 to 2014, in non-financial companies of the Brazilian capital market. The hypotheses refer to the effect of the choice of classification for interest and dividends over cash flow from operations (CFO), according to indebtedness, profitability, size, negative CFO, sector, and auditor. This article seeks to contribute by providing evidence on the accounting choices for classification in CFSs, considering the lack of consensus in the results of studies in the Brazilian capital market and helping to better understand these accounting choices and the incentives behind them. A correct understanding of the information in CFSs is fundamental for them to be useful to their users. The existence of accounting choices for classification in CFSs may directly affect this understanding and, consequently, their usefulness. The results help in better understanding the discretion contained in CFSs, enabling the correct use of their information. They can also generate evidence for regulatory bodies to rethink their accounting rules and for academia to direct future research. Two panel data models were developed, using a sample of 352 companies, 2,290 analyzed reports, and 3,764 data items. The results indicate that companies with a greater level of debt, profitability, and size make their accounting choices in order to report higher CFO in the CFS. The evidence obtained reinforces the international findings and adds new analyses in the Brazilian context, contributing to the development of accounting choice theory.
{"title":"Incentives for accounting choices in Cash Flows Statements","authors":"Flávia Fonte de Souza Maciel, B. Salotti, J. O. Imoniana","doi":"10.1590/1808-057x201908670","DOIUrl":"https://doi.org/10.1590/1808-057x201908670","url":null,"abstract":"ABSTRACT This study sought to identify incentives that influence the accounting choices for classifying interest and dividends received or paid in Cash Flow Statements (CFSs), in the period from 2008 to 2014, in non-financial companies of the Brazilian capital market. The hypotheses refer to the effect of the choice of classification for interest and dividends over cash flow from operations (CFO), according to indebtedness, profitability, size, negative CFO, sector, and auditor. This article seeks to contribute by providing evidence on the accounting choices for classification in CFSs, considering the lack of consensus in the results of studies in the Brazilian capital market and helping to better understand these accounting choices and the incentives behind them. A correct understanding of the information in CFSs is fundamental for them to be useful to their users. The existence of accounting choices for classification in CFSs may directly affect this understanding and, consequently, their usefulness. The results help in better understanding the discretion contained in CFSs, enabling the correct use of their information. They can also generate evidence for regulatory bodies to rethink their accounting rules and for academia to direct future research. Two panel data models were developed, using a sample of 352 companies, 2,290 analyzed reports, and 3,764 data items. The results indicate that companies with a greater level of debt, profitability, and size make their accounting choices in order to report higher CFO in the CFS. The evidence obtained reinforces the international findings and adds new analyses in the Brazilian context, contributing to the development of accounting choice theory.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-12DOI: 10.1590/1808-057x201909130
Caio Vinicius Santos Santana, Luis Paulo Guimarães dos Santos, César Valentim de Oliveira Carvalho Júnior, Antonio Lopo Martinez
ABSTRACT This research analyzes whether there is a temporal association between investor sentiment and earnings management in Brazil. Several studies have investigated the determinants of earnings management, such as factors inside or external to companies and regulatory requirements, but few have considered personal factors, such as investor sentiment in Brazil. With this investigation, it was apparent from the findings that accruals quality is affected by investor sentiment. For participants in the Brazilian capital market, this research reinforces the need for a more careful analysis of the results reported by companies, since managers, in response to investor sentiment, may manage earnings to inflate accounting profit through accruals and influence the market’s ability to price shares correctly. It is evident that accounting choices are much more than just financial decisions and are subject to investor sentiments. The effect of investor sentiment should be considered among the determinants of future earnings management. A sample of non-financial Brazilian companies that traded shares on the Brasil, Bolsa, Balcão (B3) exchange from 2010 to 2016 was used. The investor sentiment index was calculated according to the methodology of Baker and Wurgler (2007). For earnings management, the models of Kang and Sivaramakrishnan (1995), Kothari, Leone, and Wasley (2005), and Dechow, Hutton, Kim, and Sloan (2012) were used. The estimates were carried out through regressions for pooled panel data, fixed, and dynamic effects using the system generalized method of moments (GMM) estimator. Discretionary accruals are positively associated with investor sentiment in the Brazilian capital market, in a similar way to markets with greater informational efficiency and notwithstanding the code-law system. Analyzing low and high sentiment periods separately, the findings suggest that managers increase accruals after high sentiment and reduce them after low sentiment.
摘要本研究分析巴西投资者情绪与盈余管理之间是否存在时间关联。一些研究调查了盈余管理的决定因素，例如公司内部或外部因素以及监管要求，但很少考虑个人因素，例如巴西的投资者情绪。通过这项调查，从调查结果可以明显看出，应计质量受到投资者情绪的影响。对于巴西资本市场的参与者来说，这项研究强调了对公司报告的结果进行更仔细分析的必要性，因为管理者可能会根据投资者的情绪管理收益，通过应计项目夸大会计利润，并影响市场正确定价股票的能力。很明显，会计选择不仅仅是财务决策，而且受投资者情绪的影响。投资者情绪的影响应被视为未来盈余管理的决定因素之一。我们选取了2010年至2016年在Brasil、Bolsa、balc (B3)交易所上市的非金融巴西公司作为样本。投资者情绪指数是根据Baker和Wurgler(2007)的方法计算的。盈余管理采用了Kang and Sivaramakrishnan(1995)、Kothari, Leone, and Wasley(2005)和Dechow, Hutton, Kim, and Sloan(2012)的模型。使用系统广义矩量法(GMM)估计器对汇总面板数据、固定效应和动态效应进行回归估计。在巴西资本市场上，可自由支配的应计利润与投资者情绪呈正相关，其方式类似于具有更高信息效率的市场，尽管存在法典制度。分别分析低情绪期和高情绪期，结果表明经理人在高情绪期增加应计收益，在低情绪期减少应计收益。
{"title":"Investor sentiment and earnings management in Brazil","authors":"Caio Vinicius Santos Santana, Luis Paulo Guimarães dos Santos, César Valentim de Oliveira Carvalho Júnior, Antonio Lopo Martinez","doi":"10.1590/1808-057x201909130","DOIUrl":"https://doi.org/10.1590/1808-057x201909130","url":null,"abstract":"ABSTRACT This research analyzes whether there is a temporal association between investor sentiment and earnings management in Brazil. Several studies have investigated the determinants of earnings management, such as factors inside or external to companies and regulatory requirements, but few have considered personal factors, such as investor sentiment in Brazil. With this investigation, it was apparent from the findings that accruals quality is affected by investor sentiment. For participants in the Brazilian capital market, this research reinforces the need for a more careful analysis of the results reported by companies, since managers, in response to investor sentiment, may manage earnings to inflate accounting profit through accruals and influence the market’s ability to price shares correctly. It is evident that accounting choices are much more than just financial decisions and are subject to investor sentiments. The effect of investor sentiment should be considered among the determinants of future earnings management. A sample of non-financial Brazilian companies that traded shares on the Brasil, Bolsa, Balcão (B3) exchange from 2010 to 2016 was used. The investor sentiment index was calculated according to the methodology of Baker and Wurgler (2007). For earnings management, the models of Kang and Sivaramakrishnan (1995), Kothari, Leone, and Wasley (2005), and Dechow, Hutton, Kim, and Sloan (2012) were used. The estimates were carried out through regressions for pooled panel data, fixed, and dynamic effects using the system generalized method of moments (GMM) estimator. Discretionary accruals are positively associated with investor sentiment in the Brazilian capital market, in a similar way to markets with greater informational efficiency and notwithstanding the code-law system. Analyzing low and high sentiment periods separately, the findings suggest that managers increase accruals after high sentiment and reduce them after low sentiment.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199417","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-12DOI: 10.1590/1808-057x201909160
Marília Cordeiro Pinheiro, B. Fernandes
ABSTRACT This article aims to compare distinct metrics of the value at risk (VaR), differing from prior studies with respect about compare three asset categories belonging to seven countries. Since VaR inception, several approaches were developed to improve the loss estimation accuracy. However, there is hardly a universal consensus on which approach is the most appropriate, since VaR depends on statistical properties of the target asset and the market in which it is traded. It is relevant to compare the results obtained not only among the assets, but also among the markets in which they are traded, considering their specifics properties to verify if there is any pattern of the methods for the data. Considering the three asset categories, the semiparametric and non-parametric models obtained the lowest rejections number. It was also found that the models tested were not effective for the estimation of exchange rate VaR, which may be due to more relevant risks than the market in it asset price formation. Five models belonging to the parametric, semiparametric, and non-parametric approaches were tested. The analyses were divided in two, aiming to test the VaRs performances in distinct economic cycles; the first analyses considered a 1,000 days estimation window, while the second one considered a 252 days estimation window. To validated the results statistically, were applied the Kupiec and the Christoffersen tests. The results show that the conditional VaR and historical simulation have the best performance to estimate VaR. Comparing the markets, Chinese assets were the ones with the highest average number of tests rejections, which can be a consequence of its closed economy. Finally, it was found that shorter estimation window tends to perform better for high volatility assets, while longer window tends for lower volatility assets.
{"title":"International VaR approach: Backtesting for different capital markets","authors":"Marília Cordeiro Pinheiro, B. Fernandes","doi":"10.1590/1808-057x201909160","DOIUrl":"https://doi.org/10.1590/1808-057x201909160","url":null,"abstract":"ABSTRACT This article aims to compare distinct metrics of the value at risk (VaR), differing from prior studies with respect about compare three asset categories belonging to seven countries. Since VaR inception, several approaches were developed to improve the loss estimation accuracy. However, there is hardly a universal consensus on which approach is the most appropriate, since VaR depends on statistical properties of the target asset and the market in which it is traded. It is relevant to compare the results obtained not only among the assets, but also among the markets in which they are traded, considering their specifics properties to verify if there is any pattern of the methods for the data. Considering the three asset categories, the semiparametric and non-parametric models obtained the lowest rejections number. It was also found that the models tested were not effective for the estimation of exchange rate VaR, which may be due to more relevant risks than the market in it asset price formation. Five models belonging to the parametric, semiparametric, and non-parametric approaches were tested. The analyses were divided in two, aiming to test the VaRs performances in distinct economic cycles; the first analyses considered a 1,000 days estimation window, while the second one considered a 252 days estimation window. To validated the results statistically, were applied the Kupiec and the Christoffersen tests. The results show that the conditional VaR and historical simulation have the best performance to estimate VaR. Comparing the markets, Chinese assets were the ones with the highest average number of tests rejections, which can be a consequence of its closed economy. Finally, it was found that shorter estimation window tends to perform better for high volatility assets, while longer window tends for lower volatility assets.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199581","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-12DOI: 10.1590/1808-057x201909010
Adelino Martins
ABSTRACT The aim of this paper was to understand the relationships between the consolidation of the actuarial profession and social security policies in Brazil, from the First Republic up to the Vargas Era. In general, there is little literature on the history of the actuarial profession in Brazil. Specifically, there is no study that addresses the relationship between the development of the actuarial profession and the social security policies at the crucial moment of Brazilian social security expansion during the Vargas Era. This paper contributes to filling that gap. From time to time, Brazilian social security reforms are debated. The role of actuaries in this discussion is poorly understood. However, these professionals have historically been essential to social security policies. This article sheds light on that history. The text may broaden the knowledge on the history of the actuarial profession and its relationships with social security policies in Brazil. This is a historical study, built based on primary documentation. Sources were researched relating to the actuarial organizations for social security in Brazil and the actuarial professionals who composed their staff. The references to the professional trajectories of actuaries were crossed and considered in light of the information gathered regarding the actions of the institutions that employed them. The analysis was qualitative and the material was interpreted with the support of the referenced bibliography. This article reveals that the consolidation of the actuarial profession came about based on the participation of engineers-actuaries in the public organizations that supported the varguista social security policies. The paper also contributes to broadening the knowledge on the history of the actuarial profession in Brazil from the First Republic up to the Vargas Era (1930-1945).
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Pub Date : 2020-05-12DOI: 10.1590/1808-057x201908290
Ivone Vieira Pereira, César Augusto Tibúrcio Silva
ABSTRACT This research aimed to identify the factors that influence people’s behavior with regard to tax evasion practices in Brazil based on an analysis of the internal and external rewards. The study analyzes internal and external rewards as a determining factor of tax evasion, unlike other studies that have focused on analyzing economic and social factors. The topic is addressed from a contemporary perspective, based on a behavioral analysis of economic and social factors. The paper contributes with its conceptual refinement and assumptions that may strengthen the foundations for studying the factors that influence tax evasion. The data collection was carried out by means of a quasi-experiment followed by the application of a questionnaire, in the period from November of 2016 to September of 2017, in loco, with 800 data collection instruments in all the geographic regions of the country, 598 of which were validated. Measures were adopted to ensure the content, criteria, and construct validities. The reliability test resulted in a Cronbach’s alpha of 0.63 and the composite reliability was higher than 0.60. The data were analyzed based on descriptive statistics and using the binary logistic regression model. The results of this research illustrate, by means of the logistic regression analysis using a univariate approach, that external rewards - punishment - and internal rewards - self-concept, social norms, fiscal transparency, and cost of compliance - influence people’s dishonest behavior with regards to tax evasion practices in the sample studied. The study analyzes tax evasion based on an interdisciplinary approach, cooperating with the public administration in determining actions that can discourage evasion, by implementing strategies that include behavioral factors relating to the taxpayer.
{"title":"The influence of internal and external rewards on people’s behavior regarding tax evasion practices in Brazil","authors":"Ivone Vieira Pereira, César Augusto Tibúrcio Silva","doi":"10.1590/1808-057x201908290","DOIUrl":"https://doi.org/10.1590/1808-057x201908290","url":null,"abstract":"ABSTRACT This research aimed to identify the factors that influence people’s behavior with regard to tax evasion practices in Brazil based on an analysis of the internal and external rewards. The study analyzes internal and external rewards as a determining factor of tax evasion, unlike other studies that have focused on analyzing economic and social factors. The topic is addressed from a contemporary perspective, based on a behavioral analysis of economic and social factors. The paper contributes with its conceptual refinement and assumptions that may strengthen the foundations for studying the factors that influence tax evasion. The data collection was carried out by means of a quasi-experiment followed by the application of a questionnaire, in the period from November of 2016 to September of 2017, in loco, with 800 data collection instruments in all the geographic regions of the country, 598 of which were validated. Measures were adopted to ensure the content, criteria, and construct validities. The reliability test resulted in a Cronbach’s alpha of 0.63 and the composite reliability was higher than 0.60. The data were analyzed based on descriptive statistics and using the binary logistic regression model. The results of this research illustrate, by means of the logistic regression analysis using a univariate approach, that external rewards - punishment - and internal rewards - self-concept, social norms, fiscal transparency, and cost of compliance - influence people’s dishonest behavior with regards to tax evasion practices in the sample studied. The study analyzes tax evasion based on an interdisciplinary approach, cooperating with the public administration in determining actions that can discourage evasion, by implementing strategies that include behavioral factors relating to the taxpayer.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67198754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-12DOI: 10.1590/1808-057x201909420
S. Silva, Robert Aldo Iquiapaza
The purpose of this paper was to analyze the relationships between the portfolio turnover and performance of equity investment funds in Brazil. There are few published studies on the subject, but the previously identified Brazilian studies that have examined making changes to portfolios have been limited to very restricted data samples and have only worked with an ordinary least squares (OLS) model without taking into account the indications of international studies and economic theory itself of the possible endogeneity of turnover, which would make OLS estimation inadequate. The expressive growth of the fund industry in the Brazilian market shows the relevance of the object of research. Two portfolio turnover metrics were analyzed: one based on changes in the monetary values of the assets and another based on changing the weights of the assets in the portfolio. The estimations were performed for fixed effects panel data and then for a two-stage least squares model, using instrumental variables. The funds that make up the sample are those classified as “free shares” in the period from January of 2012 to January of 2018. The results showed that there is a positive relationship between the portfolio turnover and performance of the equity investment funds, showing that managers have been able to take advantage of moments of mispricing in the market and that they carry out more trades in search of higher returns. This research extends the results in the literature as it shows that there is a positive relationship between the turnover and performance of equity investment funds that is independent of the way turnover or performance are measured, which has shown inconclusive results in previous studies. Furthermore, it presents evidence for a more representative and current sample in an emerging market.
{"title":"Portfolio turnover and performance of equity investment funds in Brazil","authors":"S. Silva, Robert Aldo Iquiapaza","doi":"10.1590/1808-057x201909420","DOIUrl":"https://doi.org/10.1590/1808-057x201909420","url":null,"abstract":"The purpose of this paper was to analyze the relationships between the portfolio turnover and performance of equity investment funds in Brazil. There are few published studies on the subject, but the previously identified Brazilian studies that have examined making changes to portfolios have been limited to very restricted data samples and have only worked with an ordinary least squares (OLS) model without taking into account the indications of international studies and economic theory itself of the possible endogeneity of turnover, which would make OLS estimation inadequate. The expressive growth of the fund industry in the Brazilian market shows the relevance of the object of research. Two portfolio turnover metrics were analyzed: one based on changes in the monetary values of the assets and another based on changing the weights of the assets in the portfolio. The estimations were performed for fixed effects panel data and then for a two-stage least squares model, using instrumental variables. The funds that make up the sample are those classified as “free shares” in the period from January of 2012 to January of 2018. The results showed that there is a positive relationship between the portfolio turnover and performance of the equity investment funds, showing that managers have been able to take advantage of moments of mispricing in the market and that they carry out more trades in search of higher returns. This research extends the results in the literature as it shows that there is a positive relationship between the turnover and performance of equity investment funds that is independent of the way turnover or performance are measured, which has shown inconclusive results in previous studies. Furthermore, it presents evidence for a more representative and current sample in an emerging market.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-11DOI: 10.1590/1808-057x202090330
Chiara Mio
The stream of accounting research on nonfinancial and voluntary disclosure has been developing a lot in the last five years, also due to the introduction of Integrated Reporting (IR) in 2013 (International Integrated Reporting Council [IIRC], 2013). This increase in academic research has been mirroring an equally lively debate at the standard setter and policy maker level, which has been tackling several issues concerning the nature of nonfinancial information, the standards to be adopted and the regulation of such disclosure. As a consequence, academic research in this area has the potential to significantly contribute to practice. I first discuss the evolution of Corporate Reporting, then I focus on Integrated Reporting, which is the state of the art of Corporate Reporting and, finally, an overview of previous investigations and some suggestions for future studies were provided.
关于非财务和自愿披露的会计研究流在过去五年中发展了很多，这也是由于2013年引入了综合报告(International Integrated Reporting Council [IIRC]， 2013)。学术研究的增加反映了标准制定者和政策制定者层面上同样激烈的辩论，这些辩论一直在解决有关非财务信息的性质、应采用的标准和此类披露的监管等几个问题。因此，这一领域的学术研究有可能对实践做出重大贡献。我首先讨论了公司报告的演变，然后我把重点放在综合报告上，这是公司报告的艺术状态，最后，对以前的调查进行了概述，并为未来的研究提供了一些建议。
{"title":"Integrated reporting: the state of the art of Corporate Reporting","authors":"Chiara Mio","doi":"10.1590/1808-057x202090330","DOIUrl":"https://doi.org/10.1590/1808-057x202090330","url":null,"abstract":"The stream of accounting research on nonfinancial and voluntary disclosure has been developing a lot in the last five years, also due to the introduction of Integrated Reporting (IR) in 2013 (International Integrated Reporting Council [IIRC], 2013). This increase in academic research has been mirroring an equally lively debate at the standard setter and policy maker level, which has been tackling several issues concerning the nature of nonfinancial information, the standards to be adopted and the regulation of such disclosure. As a consequence, academic research in this area has the potential to significantly contribute to practice. I first discuss the evolution of Corporate Reporting, then I focus on Integrated Reporting, which is the state of the art of Corporate Reporting and, finally, an overview of previous investigations and some suggestions for future studies were provided.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67200098","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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