Pub Date : 2020-01-24DOI: 10.1590/1808-057X201908250
Filipe Costa de Souza
This paper aimed to apply (dynamic and static) actuarial models to calculate the balanced contribution rates for the planned (at the minimum age) retirement benefit of the General Social Security System, based on the original and substitutive texts of the reform proposed by Michel Temer’s government. Even with the regular increases in life expectancy and the long-term nature of the analyses, national studies on social security are typically based on the static mortality hypothesis. The relevance of this study is evident due to the demographic changes, particularly the increase in life expectancy, experienced by the Brazilian population in recent decades and which put in question the sustainability of the national pension system. The use of dynamic actuarial models allows for more accurate discussions about the future of social security, besides contributing to the still scarce national literature. Static and dynamic actuarial models were applied to a representative individual, adjusting mortality tables from the United Nations covering 1950 to 2100. It was verified that the actuarially fair rates calculated by the dynamic actuarial model are typically higher than those obtained by the static model, especially for women. This difference is expected to increase as gains in life expectancy become more influenced by the reduction in mortality at more advanced ages. Moreover, if the social security reform is approved (in accordance with either the original or the substitutive text), there are indications from the dynamic model that the contributions rates currently charged would be excessive for men. In turn, these rates would be excessive for women considering the original text, and closer to the actuarially fair value considering the substitutive text. The development, disclosure, and regular updating of official dynamic tables (whether for mortality or other biometric assumptions) are also recommended.
{"title":"Mortality dynamics and the statutory retirement age proposal: an actuarial view","authors":"Filipe Costa de Souza","doi":"10.1590/1808-057X201908250","DOIUrl":"https://doi.org/10.1590/1808-057X201908250","url":null,"abstract":"This paper aimed to apply (dynamic and static) actuarial models to calculate the balanced contribution rates for the planned (at the minimum age) retirement benefit of the General Social Security System, based on the original and substitutive texts of the reform proposed by Michel Temer’s government. Even with the regular increases in life expectancy and the long-term nature of the analyses, national studies on social security are typically based on the static mortality hypothesis. The relevance of this study is evident due to the demographic changes, particularly the increase in life expectancy, experienced by the Brazilian population in recent decades and which put in question the sustainability of the national pension system. The use of dynamic actuarial models allows for more accurate discussions about the future of social security, besides contributing to the still scarce national literature. Static and dynamic actuarial models were applied to a representative individual, adjusting mortality tables from the United Nations covering 1950 to 2100. It was verified that the actuarially fair rates calculated by the dynamic actuarial model are typically higher than those obtained by the static model, especially for women. This difference is expected to increase as gains in life expectancy become more influenced by the reduction in mortality at more advanced ages. Moreover, if the social security reform is approved (in accordance with either the original or the substitutive text), there are indications from the dynamic model that the contributions rates currently charged would be excessive for men. In turn, these rates would be excessive for women considering the original text, and closer to the actuarially fair value considering the substitutive text. The development, disclosure, and regular updating of official dynamic tables (whether for mortality or other biometric assumptions) are also recommended.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48196431","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 : 2020-01-24DOI: 10.1590/1808-057x201908940
D. Araújo, Jefferson Pereira Andrade, Luiz Felipe de Araújo Pontes Girão
Este trabalho tem como objetivo verificar qual a influencia de atividades distintas de divulgacao na concentracao de investidores mais sofisticados em empresas brasileiras. A pesquisa preenche uma lacuna sobre a influencia que atividades de disclosure podem exercer sobre a concentracao dos investidores sofisticados nas empresas brasileiras, considerando que isso pode ocorrer devido a capacidade de o investidor maximizar a utilidade da informacao divulgada e o retorno dos investimentos, com reducao do custo dos recursos alocados. O tema e relevante por verificar nao o efeito clienteless de divulgacao, trazido pelo unico estudo anteriormente desenvolvido sobre o tema nos Estados Unidos da America (Kalay, 2015), mas a influencia das atividades de disclosure [projecoes de lucro, comunicados ao mercado e relacao com investidores (RI)] sobre suas decisoes mais sofisticadas de alocar recursos em empresas do mercado brasileiro. Como impacto na area, tem-se a constatacao de que as empresas que divulgam comunicados ao mercado favorecem muito mais a alocacao de recursos e a concentracao de investidores sofisticados do que aquelas que apresentam melhor RI e divulgam previsoes de lucro. Estudaram-se 89 empresas de capital aberto que tinham seus formularios de referencia divulgados no periodo de 2011 a 2016. O numero de investidores institucionais divulgados nos formularios de referencia foi utilizado como proxy para categoriza-los como mais sofisticados. As atividades distintas de divulgacao foram representadas pelo disclosure de projecoes de lucro, numero de comunicados ao mercado e melhor RI. A proxy de melhor RI foi categorizada por meio das empresas premiadas pela IR Magazine como as que apresentaram melhor RI no periodo de estudo. Os resultados da pesquisa indicam que os investidores mais sofisticados se concentraram em empresas com melhor RI, nas que nao divulgam projecoes de lucro e em empresas com maior numero de comunicados divulgados ao mercado. A divulgacao de comunicados ao mercado e a atividade de disclosure que mais influencia a concentracao dos investidores sofisticados em empresas brasileiras que utilizam mais divulgacao voluntaria do que divulgacao discricionaria para alocar recursos.
{"title":"Different disclosure activities and sophisticated investors","authors":"D. Araújo, Jefferson Pereira Andrade, Luiz Felipe de Araújo Pontes Girão","doi":"10.1590/1808-057x201908940","DOIUrl":"https://doi.org/10.1590/1808-057x201908940","url":null,"abstract":"Este trabalho tem como objetivo verificar qual a influencia de atividades distintas de divulgacao na concentracao de investidores mais sofisticados em empresas brasileiras. A pesquisa preenche uma lacuna sobre a influencia que atividades de disclosure podem exercer sobre a concentracao dos investidores sofisticados nas empresas brasileiras, considerando que isso pode ocorrer devido a capacidade de o investidor maximizar a utilidade da informacao divulgada e o retorno dos investimentos, com reducao do custo dos recursos alocados. O tema e relevante por verificar nao o efeito clienteless de divulgacao, trazido pelo unico estudo anteriormente desenvolvido sobre o tema nos Estados Unidos da America (Kalay, 2015), mas a influencia das atividades de disclosure [projecoes de lucro, comunicados ao mercado e relacao com investidores (RI)] sobre suas decisoes mais sofisticadas de alocar recursos em empresas do mercado brasileiro. Como impacto na area, tem-se a constatacao de que as empresas que divulgam comunicados ao mercado favorecem muito mais a alocacao de recursos e a concentracao de investidores sofisticados do que aquelas que apresentam melhor RI e divulgam previsoes de lucro. Estudaram-se 89 empresas de capital aberto que tinham seus formularios de referencia divulgados no periodo de 2011 a 2016. O numero de investidores institucionais divulgados nos formularios de referencia foi utilizado como proxy para categoriza-los como mais sofisticados. As atividades distintas de divulgacao foram representadas pelo disclosure de projecoes de lucro, numero de comunicados ao mercado e melhor RI. A proxy de melhor RI foi categorizada por meio das empresas premiadas pela IR Magazine como as que apresentaram melhor RI no periodo de estudo. Os resultados da pesquisa indicam que os investidores mais sofisticados se concentraram em empresas com melhor RI, nas que nao divulgam projecoes de lucro e em empresas com maior numero de comunicados divulgados ao mercado. A divulgacao de comunicados ao mercado e a atividade de disclosure que mais influencia a concentracao dos investidores sofisticados em empresas brasileiras que utilizam mais divulgacao voluntaria do que divulgacao discricionaria para alocar recursos.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199250","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 : 2020-01-24DOI: 10.1590/1808-057x201909030
Leonardo de Rezende Costa Nagib, Denise Mendes da Silva
ABSTRACT The objective of this study is to identify and analyze the relationship between the adoption of active methodologies and the teaching life cycle and qualifications of teachers in undergraduate courses in accounting. Thus, a diagnosis is presented regarding the adoption of active methodologies by undergraduate accounting teachers in Brazil, based on the life cycle and qualifications of teaching staff. This study offers a diagnostic tool for teaching staff to support the adoption of active methodologies in the context of teaching accounting, which is affected by the demand for new pedagogical practices to develop soft skills, something that is scarcely addressed in the related literature. Because this adoption depends, in particular, on the teacher’s willingness, investigating factors related to teachers enables it to be identified how much they are likely to adopt active methodologies. As a research strategy, an online questionnaire was used, as well as descriptive and variance analysis (ANOVA) to treat the data. The study presents the evidence that the teaching life cycle, pedagogical qualifications, and professional qualifications are positively related to the adoption of active methodologies, while academic qualifications are negatively related to this adoption. Thus, three contributions of this study can be mentioned: institutional, personal, and academic. At the institutional level, it offers decision makers at higher education institutions (HEIs) a tool capable of supporting the implementation of active methodologies, while enabling faculty performance diagnoses to be carried out, identifying the teachers who are more and less likely to adopt active methods. At the personal level, it highlights the need for teachers to keep up to date in terms of new pedagogical practices, in which hard skills and soft skills are developed. At the academic level, it contributes by providing the literature with results on the themes involved.
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Pub Date : 2020-01-22DOI: 10.1590/1808-057X201907620
M. Ermel, V. Medeiros
ABSTRACT This study’s aim was to investigate the main aspects that determined the use of the stock-based compensation model and the variables that influence the amount paid. The article fills the gap in the previous debate regarding the variables that affect the decision to offer stock-based remuneration, as well as revealing the factors that impact its magnitude and providing a more robust statistical treatment with regards to endogeny. Brazil is known to be a country where the agency conflict between controlling and minority shareholders predominates, and so it is important to understand the determinants of adoption and of the amount paid to managers using stock options, since remuneration can be used as a form of tunneling. This study identified a possible trade-off between cash and stock compensation, in view of increased company indebtedness. It also found that in the Brazilian market this type of remuneration is not related to governance and performance. A panel data regression was used with fixed effects in the firm and industry*year to eliminate the possible bias arising from constant heterogeneities in time for the firms and shocks in the industries in a particular year. In addition, to identify the determinants, we used a logistic regression with panel data and fixed effect in industry*year. The study sample comprised 287 companies listed on the Bolsa, Brasil, Balcao (B3) exchange. This research shows that 40% of the companies in the period from 2010 to 2016 adopted stock-based compensation plans; however, the amount paid is still low, at 0.03% of total company assets. The results indicate that in the Brazilian market variables such as investment opportunities and company size increase the likelihood of adopting the employee stock options plan (ESOP). In addition, regarding the amount paid, this is negatively related to company leverage, indicating that in possible liquidity shocks the companies opt to compensate managers with shares to reduce their exposure to systematic risks.
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Pub Date : 2020-01-22DOI: 10.1590/1808-057x202090320
Luís Eduardo Afonso
{"title":"The actuarial science editorship of the Accounting & Finance Review: some general considerations","authors":"Luís Eduardo Afonso","doi":"10.1590/1808-057x202090320","DOIUrl":"https://doi.org/10.1590/1808-057x202090320","url":null,"abstract":"","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67200077","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 : 2020-01-22DOI: 10.1590/1808-057X201908740
R. Antônio, M. A. Ambrozini, V. M. Magnani, Alex A. T. Rathke
The purpose of this study is to identify the factors that may explain the attribution of credit ratings to firms, focusing especially on the impact of derivatives. The gap explored by this research lies in the novelty of analyzing how rating agencies perceive the effects caused by information related to derivatives use by Brazilian publicly-traded companies. In addition, this study shifts the previous findings from stock analysts to rating agencies, reinforcing the discussion about the complexity of derivatives in the credit risk assessment process. This research topic is currently of interest due to the adoption of International Financial Reporting Standard (IFRS) 9 (Accounting Pronouncements Committee – CPC – 48), which came into effect in January of 2018. Based on these rules, the main novelty presented in this article was its verification of the effect of the derivatives used by companies in order to hedge their credit ratings, thus helping to fill the empirical gap that exists in the literature from the area. The results found challenge the theory that the use of hedge derivatives is viewed positively by investors. However, although no significant statistical impact was found on the ratings of companies that use derivatives, it was observed that the companies that use derivatives and have the highest notional values were those that received the best ratings from Moody’s. With this we broadened the debate about the complexity of the information linked to derivatives use. In the study, 2,090 ratings attributed to non-financial companies with stocks traded on the Brasil, Bolsa, Balcão [B]3 exchange were examined between 2010 and 2016 by using panel data analysis, which lends robustness to the analysis and findings. Contrary to the central hypothesis of this research, the results presented here show that, in Brazil, companies that use derivative financial instruments for hedging do not receive the best credit ratings from rating agencies. One of the main contributions of this study is the evidence that Standard & Poor’s and Moody’s were unable to consistently incorporate information related to derivatives use, thus broadening the discussion about the complexity of these financial instruments.
本研究的目的是确定可能解释公司信用评级归属的因素，特别关注衍生品的影响。本研究探索的差距在于分析评级机构如何感知巴西上市公司使用衍生品相关信息所造成的影响的新颖性。此外，本研究将先前的研究结果从股票分析师转移到评级机构，加强了对衍生品在信用风险评估过程中的复杂性的讨论。由于国际财务报告准则(IFRS)第9号(会计公告委员会- CPC - 48)于2018年1月生效，该研究课题目前引起了人们的兴趣。基于这些规则，本文提出的主要新颖之处在于它验证了公司为对冲其信用评级而使用的衍生品的效果，从而有助于填补该领域文献中存在的经验空白。研究结果对投资者积极看待对冲衍生品的理论提出了挑战。然而，尽管对使用衍生品的公司的评级没有发现显著的统计影响，但观察到使用衍生品并具有最高名义价值的公司是那些从穆迪获得最佳评级的公司。由此，我们扩大了有关衍生品使用相关信息复杂性的辩论。在这项研究中，通过面板数据分析，研究了2010年至2016年期间在Brasil, Bolsa, balc [B]3交易所交易的非金融公司的2,090个评级，这为分析和发现提供了稳健性。与本研究的中心假设相反，这里提出的结果表明，在巴西，使用衍生金融工具进行对冲的公司并没有从评级机构获得最佳信用评级。本研究的主要贡献之一是证明标准普尔和穆迪无法始终如一地纳入与衍生品使用相关的信息，从而扩大了对这些金融工具复杂性的讨论。
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Pub Date : 2020-01-22DOI: 10.1590/1808-057X201908140
Monique de Abreu Azevedo, Ivan Ricardo Gartner
This study’s main objective is to present the circumstances that signal an imminent commercial bank liquidation and the conditions in which mergers are advantageous for a potential acquirer. In addition, it applies the method in an empirical investigation within the context of the domestic banking industry. The research reveals new explanatory factors for liquidations and mergers between robust and insolvent banking institutions, such as bankruptcy costs and tax credits derived from a corporate union. The framework stands out for highlighting the role of creditor financial institutions participating in the open and interbank markets, which in the search to maximize their utility together with that of the shareholders have a decisive influence over the continuity or closure of the bank in crisis. The soundness of the financial system is an essential public good for society. Systemic financial crises cause significant costs for economic agents, such as a fall in production, increased unemployment, a rise in the fiscal deficit, and asset price instability. Efforts to achieve stability involve the regular functioning of banks. In this context, it is important to understand the circumstances under which banking institution distress can be solved by alternatives that are less costly for the treasury. Often, the research indicates the causes of disruptions to corporate activities; however, the explanatory variables and the tools used by bankruptcy prediction models are constantly being evaluated. Theories that elucidate the phenomenon are even scarcer. The paper’s result suggests the effectiveness of the method developed from the paradigmatic perspective of the field of economics and management, corroborating agency theory. The explanatory variables of bankruptcy and bank merger highlighted in this research can contribute to the elaboration of robust models to predict financial distress. The mathematical model of liquidation and merger was constructed from the viewpoint of an imperfect world where informational asymmetry and conflict of interests among shareholders, open and interbank market creditors, and bondholders (which includes depositors and holders of bonds issued by the bank) prevail. Bankruptcy maximizes shareholder and creditor utility if liquidation costs plus the value payable to the bondholders after liquidation are lower than the value they receive in the event of continuity. A merger is feasible for an acquirer if expected return plus tax benefits minus bondholder expenses is greater than the value payable to interbank market creditors. The method is applied to the merger between Itaú and Unibanco, considered a milestone in the process of consolidating the banking market in Brazil. This paper suggests the use of an algebraic model, based on agency theory, as an indicator of conditions for liquidations and bank mergers. The proposed approach was adequate for explaining the union between Unibanco and Itaú, which culminated in the largest p
{"title":"Liquidation and merger conditions in the banking industry: the Itaú-Unibanco case","authors":"Monique de Abreu Azevedo, Ivan Ricardo Gartner","doi":"10.1590/1808-057X201908140","DOIUrl":"https://doi.org/10.1590/1808-057X201908140","url":null,"abstract":"This study’s main objective is to present the circumstances that signal an imminent commercial bank liquidation and the conditions in which mergers are advantageous for a potential acquirer. In addition, it applies the method in an empirical investigation within the context of the domestic banking industry. The research reveals new explanatory factors for liquidations and mergers between robust and insolvent banking institutions, such as bankruptcy costs and tax credits derived from a corporate union. The framework stands out for highlighting the role of creditor financial institutions participating in the open and interbank markets, which in the search to maximize their utility together with that of the shareholders have a decisive influence over the continuity or closure of the bank in crisis. The soundness of the financial system is an essential public good for society. Systemic financial crises cause significant costs for economic agents, such as a fall in production, increased unemployment, a rise in the fiscal deficit, and asset price instability. Efforts to achieve stability involve the regular functioning of banks. In this context, it is important to understand the circumstances under which banking institution distress can be solved by alternatives that are less costly for the treasury. Often, the research indicates the causes of disruptions to corporate activities; however, the explanatory variables and the tools used by bankruptcy prediction models are constantly being evaluated. Theories that elucidate the phenomenon are even scarcer. The paper’s result suggests the effectiveness of the method developed from the paradigmatic perspective of the field of economics and management, corroborating agency theory. The explanatory variables of bankruptcy and bank merger highlighted in this research can contribute to the elaboration of robust models to predict financial distress. The mathematical model of liquidation and merger was constructed from the viewpoint of an imperfect world where informational asymmetry and conflict of interests among shareholders, open and interbank market creditors, and bondholders (which includes depositors and holders of bonds issued by the bank) prevail. Bankruptcy maximizes shareholder and creditor utility if liquidation costs plus the value payable to the bondholders after liquidation are lower than the value they receive in the event of continuity. A merger is feasible for an acquirer if expected return plus tax benefits minus bondholder expenses is greater than the value payable to interbank market creditors. The method is applied to the merger between Itaú and Unibanco, considered a milestone in the process of consolidating the banking market in Brazil. This paper suggests the use of an algebraic model, based on agency theory, as an indicator of conditions for liquidations and bank mergers. The proposed approach was adequate for explaining the union between Unibanco and Itaú, which culminated in the largest p","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48886440","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 : 2020-01-22DOI: 10.1590/1808-057x201908910
Edilson Divino Alves Júnior, Fernando Caio Galdi
ABSTRACT This paper aims to investigate whether the key audit matters (KAMs) contained in the annual standardized financial statements (SFSs) of Brazilian listed companies have contributed with informational relevance for investors. The study fills a gap in the literature by evaluating the Brazilian market’s reaction to the disclosure of the information contained in the KAMs, which became mandatory for listed companies to disclose in their financial statements as of the 2016 fiscal year. The topic under analysis is of practical relevance as the use of KAMs in the independent auditor’s report is growing and expanding to other publicly-held companies in addition to listed ones. This study provides a contribution to the Brazilian capital market regulator (Comissão de Valores Mobiliários - CVM) and the Institute of Independent Auditors of Brazil (Ibracon) regarding understanding the impacts of the new auditor’s report, thus enabling the improvement and expansion of this mechanism. For the analysis, we use the event study methodology, which consists of evaluating how information influences the market in a particular period associated with the occurrence of a disclosure event. To do so, we used the variation in the sum of the daily abnormal returns of each company on the days that form part of the information disclosure window. The results of this paper indicate the consistency of the informative content of the financial statements with KAMs, insofar as the variation in the cumulative abnormal return of the companies analyzed is positively associated with the cumulative returns in the information disclosure window for the SFSs following the adoption of the new independent auditor’s report. Thus, this paper contributes to the literature by presenting empirical evidence of the informational relevance of the content of the new audit report containing KAMs.
摘要本文旨在调查巴西上市公司年度标准化财务报表中的关键审计事项是否对投资者的信息相关性做出了贡献。该研究通过评估巴西市场对KAM中所含信息披露的反应填补了文献中的空白，截至2016财年，上市公司必须在财务报表中披露KAM中的信息。所分析的主题具有实际意义，因为独立审计师报告中KAM的使用正在增长，并扩展到除上市公司之外的其他上市公司。这项研究为巴西资本市场监管机构（Comissão de Valores Mobiliários-CVM）和巴西独立审计师协会（Ibracon）了解新审计师报告的影响做出了贡献，从而有助于改进和扩大这一机制。对于分析，我们使用事件研究方法，该方法包括评估信息在与披露事件发生相关的特定时期如何影响市场。为此，我们使用了构成信息披露窗口一部分的各公司每日异常回报率总和的变化。本文的结果表明，财务报表的信息内容与KAM的一致性，因为被分析公司的累计异常回报率的变化与采用新的独立审计师报告后SFS信息披露窗口中的累计回报率呈正相关。因此，本文通过提供包含KAM的新审计报告内容的信息相关性的经验证据，对文献做出了贡献。
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Pub Date : 2020-01-22DOI: 10.1590/1808-057X201808060
Leandro Dias Guia, Jose Alves Dantas
O objetivo desta pesquisa foi investigar a relevância informacional do acentuado nivel de ativos fiscais diferidos (AFDs) na industria bancaria brasileira, identificando se tais ativos influenciam o valor de mercado das instituicoes bancarias de capital aberto. A avaliacao da relevância informacional dos AFDs na industria bancaria e tema incipiente na literatura nacional e registra resultados conflitantes em pesquisas internacionais. No Brasil, apresenta caracteristicas notadamente quanto a dimensao das assimetrias entre o lucro contabil e fiscal que justificam a preocupacao sobre os efeitos desses ativos no valor de mercado dos bancos. A literatura aponta questionamentos em relacao aos AFDs quanto a sua capacidade de geracao de beneficios economicos e de controle da entidade, especialmente na industria bancaria, por nao cumprirem a funcao de intermediacao financeira, o que os tornaria desprovidos de substância economica. Isso sinalizaria potenciais riscos e fragilidades dos bancos, como a reducao na qualidade do capital proprio e dos lucros, alem de distorcoes nos indicadores economico-financeiros, o que justificaria uma percepcao negativa por parte dos investidores. Como principal contribuicao do estudo para a literatura, pode ser destacada a identificacao de que, no mercado brasileiro, as assimetrias entre o resultado tributario e societario dos bancos, origem dos AFDs, impactam negativamente no valor de mercado dessas instituicoes. Foi testada empiricamente a hipotese de pesquisa no mercado de capitais brasileiro, usando dados de 2000 a 2017 dos bancos de capital aberto, por meio da estimacao de dois modelos – Market-to-Book e Ohlson (1995). Os resultados deste estudo demonstraram que, no mercado de capitais brasileiro, ha relacao negativa entre o estoque de AFDs dos bancos e o valor de mercado dessas entidades, corroborando a hipotese de que os investidores identificam a relevância desses ativos na estrutura patrimonial como sinal de comprometimento da qualidade do capital e do lucro.
{"title":"Value relevance of deferred tax assets in the Brazilian banking industry","authors":"Leandro Dias Guia, Jose Alves Dantas","doi":"10.1590/1808-057X201808060","DOIUrl":"https://doi.org/10.1590/1808-057X201808060","url":null,"abstract":"O objetivo desta pesquisa foi investigar a relevância informacional do acentuado nivel de ativos fiscais diferidos (AFDs) na industria bancaria brasileira, identificando se tais ativos influenciam o valor de mercado das instituicoes bancarias de capital aberto. A avaliacao da relevância informacional dos AFDs na industria bancaria e tema incipiente na literatura nacional e registra resultados conflitantes em pesquisas internacionais. No Brasil, apresenta caracteristicas notadamente quanto a dimensao das assimetrias entre o lucro contabil e fiscal que justificam a preocupacao sobre os efeitos desses ativos no valor de mercado dos bancos. A literatura aponta questionamentos em relacao aos AFDs quanto a sua capacidade de geracao de beneficios economicos e de controle da entidade, especialmente na industria bancaria, por nao cumprirem a funcao de intermediacao financeira, o que os tornaria desprovidos de substância economica. Isso sinalizaria potenciais riscos e fragilidades dos bancos, como a reducao na qualidade do capital proprio e dos lucros, alem de distorcoes nos indicadores economico-financeiros, o que justificaria uma percepcao negativa por parte dos investidores. Como principal contribuicao do estudo para a literatura, pode ser destacada a identificacao de que, no mercado brasileiro, as assimetrias entre o resultado tributario e societario dos bancos, origem dos AFDs, impactam negativamente no valor de mercado dessas instituicoes. Foi testada empiricamente a hipotese de pesquisa no mercado de capitais brasileiro, usando dados de 2000 a 2017 dos bancos de capital aberto, por meio da estimacao de dois modelos – Market-to-Book e Ohlson (1995). Os resultados deste estudo demonstraram que, no mercado de capitais brasileiro, ha relacao negativa entre o estoque de AFDs dos bancos e o valor de mercado dessas entidades, corroborando a hipotese de que os investidores identificam a relevância desses ativos na estrutura patrimonial como sinal de comprometimento da qualidade do capital e do lucro.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67198871","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 : 2020-01-22DOI: 10.1590/1808-057x201908610
M. Lunardi, V. C. S. Zonatto, Juliana Constâncio Nascimento
Este artigo tem por objetivo analisar os efeitos cognitivos mediadores do compartilhamento de informacoes verticais no processo orcamentario e na relacao entre participacao orcamentaria e desempenho gerencial. A literatura comportamental na area contabil tem divergido sobre os efeitos cognitivos da participacao orcamentaria no desempenho gerencial. Evidencias encontradas nessa literatura revelam que e possivel haver variaveis intervenientes nessa relacao que podem influenciar os efeitos cognitivos da participacao no desempenho. Considerando-se que a participacao orcamentaria pode afetar a cognicao e o desempenho dos individuos no trabalho, e relevante a analise das praticas de gestao orcamentaria adotadas pelas organizacoes e seus efeitos produzidos nos individuos com responsabilidade orcamentaria. As evidencias encontradas demonstram que a configuracao orcamentaria da organizacao influencia a forma como ocorrera o compartilhamento de informacoes e, por consequencia, produzira efeitos cognitivos no desempenho gerencial. Esta pesquisa descritiva foi realizada por meio de levantamento e abordagem quantitativa dos dados e de modelagem de equacoes estruturais. A amostra da pesquisa compreendeu 316 respondentes com responsabilidade orcamentaria que exercem a funcao de controller, gerente de controladoria ou coordenador de controladoria em empresas brasileiras. Como resultado, temos que a participacao orcamentaria influencia positivamente o compartilhamento de informacao vertical, que apresentou influencia positiva no desempenho gerencial. O compartilhamento de informacoes verticais resulta de efeitos cognitivos da participacao orcamentaria. Maiores niveis de compartilhamento de informacao vertical refletem em menor ambiguidade de papeis e em melhor desempenho gerencial. Mesmo que os individuos com responsabilidade orcamentaria percebam a existencia de assimetria de informacoes no ambiente de trabalho, seus efeitos sobre o desempenho nao sao significativos. Esses resultados contribuem para o entendimento dos efeitos cognitivos mediadores do compartilhamento de informacoes na relacao entre participacao e desempenho, revelando que os efeitos da participacao no desempenho podem nao ocorrer a partir de uma relacao simples de causalidade, mas a partir de determinados condicionantes.
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