Revista Contabilidade e Financas最新文献

{"title":"Requirements demanded of accounting practitioners by the market in the second half of the 19th century","authors":"A. Vasconcelos, Adriana Silva, P. Gomes, Cilene Vieira","doi":"10.1590/1808-057x201909470","DOIUrl":"https://doi.org/10.1590/1808-057x201909470","url":null,"abstract":"ABSTRACT This study aims to identify the requirements demanded of accounting practitioners by the market in the second half of the 19th century in the state of Pará. Standing out from the existing literature, this study broadens the understanding of the history of the accounting profession as an occupation, through the use of concepts derived from the sociological theory of professions. The relevance of the topic chosen lies in understanding the impact of the requirements demanded of accounting practitioners on the professionalization process and on the modeling of the limits of the occupational structure. The evidence provides the possibility of strengthening the research in the area of accounting history by demonstrating the difficulty of defining what an “accounting practitioner” was, since the expression covered an infinity of employment situations, the performance of various tasks, and included specialized sub-occupations. The study involves archival research, based on job advertisements published in newspapers that circulated in Pará in the period from 1859 to 1888, available from the National Library of Brazil. The requirements analyzed were demographic characteristics (sex, age, nationality, and marital status) and competences. The findings were compared with those of similar studies, as well as with studies that analyze a contemporary period. The results of this research indicate that the market required accounting practitioners to be male, between 12 and 16 years old, with good conduct confirmed by a reference provider, and practical knowledge that was not always restricted to the accounting universe. The findings demonstrate that there was no objective definition of the limits of the identity of the occupation and, in essence, the requirements demanded of accounting practitioners in the second half of the 19th century persist over time. The contribution of this research consists of broadening and deepening the historical understanding of the nature of the accounting occupation in Pará, an area of less commercial prominence during the second half of the 19th century.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"32 1","pages":"65-79"},"PeriodicalIF":0.0,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199227","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}

{"title":"Feelings perceived by students during the phases of accounting dissertation guidance","authors":"A. M. Meurer, Rayane Camila da Silva Sousa, Flaviano Costa, R. Colauto","doi":"10.1590/1808-057x202010550","DOIUrl":"https://doi.org/10.1590/1808-057x202010550","url":null,"abstract":"ABSTRACT The aim of this study was to understand how students graduating from accounting master’s courses perceived the feelings experienced in the different dissertation guidance phases. This investigation enables us to identify which stages generate negative feelings and to thus propose actions to improve the affective relationship between the advisor and student, considering that the feelings substantially affect the potential of the scientific works originating from that relationship. The advisor-student relationship and the feelings involved in it are among the main factors that positively or negatively affect the conclusion of the academic work, and understanding it is important in order to improve this interaction process. One of the implications of the research relates to the importance of stricto sensu programs monitoring the guidance process and somehow searching for mechanisms that promote harmony in the guidance process, as the experiences during the dissertation guidance process can affect the student’s likelihood of continuing on their academic journey. For the data collection, a survey was conducted in which the participants used emojis to represent the feelings experienced in their relationship with the advisor during the construction of their master’s dissertation. In addition, semi-structured interviews were carried out, which enabled the elaboration of a collective subject discourse regarding the feelings experienced during the dissertation guidance process. The 88 responses and eight interviews enabled the identification of feelings such as anxiety, fear, and insecurity in the first phases of the dissertation building. Abandonment, confusion, and frustration were felt in the last phases of the relationship with the advisor. Regarding the positive feelings, there are indications of joy, satisfaction, and calm, presenting greater frequency in the last stages of the dissertation. The collective subject discourses also indicated that the relationship with the advisor affected the quality of the scientific research and the student’s academic trajectory.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"32 1","pages":"158-173"},"PeriodicalIF":0.0,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47165251","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}

{"title":"Composition of portfolios by pairs trading with volatility criteria in the Brazilian market,","authors":"Raphael Silveira Guerra Cavalcanti, J. F. D. Santos, Ramon Rodrigues dos Santos, Anderson Góis M. da Cunha","doi":"10.1590/1808-057X202110890","DOIUrl":"https://doi.org/10.1590/1808-057X202110890","url":null,"abstract":"The objective of this study was to understand how the shares’ volatility affects the portfolios’ dynamics formed using the model of pairs trading in the Brazilian stock market. This article distinguished itself by bringing new evidence about the effects of volatility in the pairs trading model not covered by previous studies, expanding the sample size analyzed in the Brazilian stock market. The chosen theme’s relevance is that investors can use pairs trading or long-short models to build their portfolios. The use of cointegration concepts probabilistically contributes to portfolios’ formation weakly correlated to the market indexes with superior performance. This article impacts the area by contributing new evidence for better use of the model in the analysis of investments. From January 2016 to December 2018, the 90 most liquid assets of Bolsa, Brasil, Balcão (B3) were analyzed, totaling 5,927,400 possible pairs. The Augmented Dickey-Fuller test and subsequent backtesting of the pairs in the proposed period were used to evaluate the cointegration criteria. Statistical analysis was performed by parametric and non-parametric tests and Pearson and Spearman correlation analyses. The results found indicated that the formation of portfolios by pairs trading with dependent assets with the criterion of higher levels of volatility (20 periods) presented a superior performance. These findings can be justified by a better risk and return ratio for the portfolio, measured by the Sharpe Index of the returns obtained concerning the portfolio’s volatility, compared to a portfolio formation based on a random selection of the pairs. In addition, the results also showed a low correlation of returns concerning the market index. Therefore, the application of the statistical cointegration analysis methodology alone does not guarantee results that are different from the market average.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"33 11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199807","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}

{"title":"Fair design and use of the budgetary process and managerial performance","authors":"V. Santos, I. Beuren, Leandro Marques","doi":"10.1590/1808-057x202010750","DOIUrl":"https://doi.org/10.1590/1808-057x202010750","url":null,"abstract":"ABSTRACT This study analyzes the impacts of the fair design and use of the budgetary process, from the perspectives of formal and informal justice, on fairness judgments, on budgetary participation, and on managerial performance. Complementarily, it also analyzes the mediating effect. Research on the impacts of budgetary participation on managerial performance presents conflicting and inconclusive evidence. The studies on organizational justice, in turn, mainly focus on individual perceptions of justice, from a descriptive and perceptual perspective, not considering the normative approach, and treating justice rules and fairness judgments as synonymous. That segregation is relevant as it reinforces the importance of the fair design and use of the budgetary process, going beyond considering individual fairness judgments. The research revealed that the fair design and use of the budgetary process influence managerial performance; however, the individual perception of justice (fairness judgments) did not exert a direct influence. These findings are relevant because they highlight the impacts of justice in terms of the effects that a system generates, not only considering individual perceptions. A survey was conducted with a random sample of 110 managers chosen using the LinkedIn social network. For the data analysis, the structural equations modeling technique was applied. The study contributes to the literature that examines behavioral aspects of the relationship between budgetary participation and managerial performance, by seeking to understand in which conditions budgetary participation results in better performance. In this research, these relationships are analyzed in light of the foundations of justice, from the perspective of justice rules and fairness judgments. The evidence suggests that budgetary participation affects managerial performance when it results from the fair design and use of the budgetary process.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"32 1","pages":"29-45"},"PeriodicalIF":0.0,"publicationDate":"2021-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47159898","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}

{"title":"Structure, market power, and profitability: evidence from the banking sector in Latin America","authors":"Cristiano Hordones, A. Sanvicente","doi":"10.1590/1808-057x202010490","DOIUrl":"https://doi.org/10.1590/1808-057x202010490","url":null,"abstract":"ABSTRACT The aim of this paper is to evaluate the influence of market structure on the competition between banks and to determine whether competition affects their profitability in different countries in Latin America. The study also seeks to compare, between 16 countries in the continent, the levels of concentration, competition, and profitability of the respective banking sectors. This article fills the research gap regarding the structure and market power of banks in emerging countries, by comparing Brazil with the other countries in the continent. The topic is extremely important at a time of debate about the high interest rates in Brazil, the market structure observed, and the alleged effect of this on the high levels of spread between lending and borrowing rates. The research provides evidence for the debate regarding the structure of the banking industry. To evaluate competition, the Panzar-Rosse model was used. Concentration was measured by the Herfindahl-Hirschman index and CR5 ratio. To verify the link between the variables, the hypotheses of the structure-conduct-performance model were tested, via a sample of 16 countries in Latin America, covering the period from 2011 to 2017, using panel data regression. This study, conducted for the banking industry in Latin America, rejected the premises of the structure-conduct-performance (SCP) model, which affirm that concentration reduces competition, causing higher profitability in the sector. In the comparison of the studied variables between the countries in the continent, Brazil presented the lowest competition index. The concentration and profitability assessments, in turn, presented results in line with the mean. The results of the research serve to elucidate the intense debate regarding the structure of the banking market. Moreover, they serve as a scientific basis for regulators’ actions, aiming to incentivize competition and reduce bank spread.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"32 1","pages":"126-142"},"PeriodicalIF":0.0,"publicationDate":"2021-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199878","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}

{"title":"International evidence on stock returns and dividend growth predictability using dividend yields","authors":"Ana Monteiro, H. Sebastião, Nuno Silva","doi":"10.1590/1808-057x202009690","DOIUrl":"https://doi.org/10.1590/1808-057x202009690","url":null,"abstract":"ABSTRACT This paper examines stock returns and dividend growth predictability using dividend yields in seven developed markets: United States of America (US), United Kingdom (UK), Japan, France, Germany, Italy, and Spain. Altogether, these countries account for around 85% of the Morgan Stanley Capital International (MSCI) World Index. The use of the long time series with up-to-date data allows the comparison not only between countries, but also across periods, putting into perspective the existence or not of noticeable changes since the 1980’s. The majority of the literature on this topic is US-centered. This emphasis on the US is even more pronounced when it comes to examining the relationship between the dividend unpredictability and dividend smoothing. There is also the need to know if the relationships already documented for the post-Second World War (WWII) period still hold during the last three decades, when stock markets were subjected to a high level of turbulence worldwide. The relationship between dividend yields and returns and dividend growth is central to understand the functioning of capital markets, and has considerable implications for capital asset pricing and investment strategies. Overall, the results show that even for developed capital markets there is no clear pattern on the predictive ability of dividend yields on stock returns and dividend growth, instead these relationships seem to be time-dependent and country-specific. For each country, the predictive ability of the dividend yield is examined in a first-order structural VAR framework by applying bootstrap significance tests and the degree of dividend smoothing is assessed using four partial-adjustment models for the dividend behavior. Additionally, an out-of-sample analysis is conducted using pseudo-R2 and a normal mean squared prediction error (MSPE) adjusted statistic. For the post-WWII period, returns are predictable, but dividends are unpredictable in the US and the UK, while the opposite pattern is observed in Spain and Italy. In Germany, there is some evidence of short-term predictability for both returns and dividends, while in France only returns are predictable. In Japan, neither variable can be forecasted. The dividend smoothing results show that dividends are more persistent in the US and the UK, however, there is no clear connection between dividend smoothness and predictability for the other countries. An important conclusion to retain from the out-of-sample analysis is that the predictability of returns after the WWII, especially present in the US, appeared to have been missing in the last three decades, most probably due to the turmoil experienced by the stock markets during this last period.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"132 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67200069","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}

{"title":"The financial structure of Technology-Based Firms","authors":"M. Guercio, A. Briozzo, H. Vigier, L. Martinez","doi":"10.1590/1808-057x201909580","DOIUrl":"https://doi.org/10.1590/1808-057x201909580","url":null,"abstract":"ABSTRACT This study aims to analyze the evolution of financial structure in Technology-Based Micro, Small and Medium-Sized Enterprises (MSMEs) throughout their business cycle. The papers analyzing financial structure in Technology-Based MSMEs focus on developed countries, with strong institutional environments, economic stability, and developed financial markets. This study contributes to bridging the literature gap in knowledge regarding financial structure in Technology-Based MSMEs in economies with small and underdeveloped financial markets and those with recurring economic crises. These issues intensify the limitations of access to financing for these companies and their potential growth. The importance of Technology-Based companies not only lies on their contribution to economic growth, but they are regarded as channels through which scientific knowledge is applied to products, processes, and services, improving the quality of life of society as a whole. The results evidenced in this study indicate the need to devise policies focused on encouraging access to funding in the various stages of the business cycle of Technology-Based MSMEs. A database with 89 Argentine Technology-Based MSMEs is used, applying an Ordered Logit model to analyze the variables affecting financial diversification in these companies. The results confirm the predictions of the financial growth cycle of small business theory, which argues that company size and age affect the probability of diversifying the financial structure. At the same time, this work found that these variables have a different effect depending on the stage in life cycle that a company is going through.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199301","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}

{"title":"Is the effect the same every January? Seasonality and Brazilian equity fund flows","authors":"Janaína Cássia Grossi, R. Malaquias","doi":"10.1590/1808-057x201909440","DOIUrl":"https://doi.org/10.1590/1808-057x201909440","url":null,"abstract":"ABSTRACT Based on the assumption that seasonal patterns have been identified in stock market assets and also in the context of equity mutual funds, the aim of this research is to investigate the relationship between the seasonality presented by the January effect and the net flow of Brazilian equity funds. The study extends the potential effects of seasonality beyond the return on stock market assets, demonstrating that seasonal patterns can also be observed in Brazilian mutual fund flows. The literature mostly points to common factors related to the performance of equity mutual funds; therefore this study investigates mutual fund flows, demonstrating that different factors influence the decisions of fund investors, including seasonal factors. The study has practical implications for fund managers, as it highlights a set of variables that can be used to anticipate variations in fund flow, reducing their effects on performance and avoiding costs. The results were estimated using panel data regression analysis. The study sample consisted of 1,010 equity funds, covering the period from January of 2004 to June of 2018. It was found that the average net inflow of Brazilian equity mutual funds is higher in January than in other months of the year, which characterizes the existence of a seasonal pattern in their net flows. However, the effect is different between exclusive and non-exclusive funds. As contributions, our findings: (i) provide a better understanding about the factors related to investor decision-making; (ii) point out new aspects in which exclusive and non-exclusive funds differ; and (iii) present factors that influence mutual fund flows.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49435111","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}

{"title":"Evaluating company bankruptcies using causal forests","authors":"Wanderson Rocha Bittencourt, P. Albuquerque","doi":"10.1590/1808-057x202010360","DOIUrl":"https://doi.org/10.1590/1808-057x202010360","url":null,"abstract":"ABSTRACT This study sought to analyze the variables that can influence company bankruptcy. For several years, the main studies on bankruptcy reported on the conventional methodologies with the aim of predicting it. In their analyses, the use of accounting variables was massively predominant. However, when applying them, the accounting variables were considered as homogenous; that is, for the traditional models, it was assumed that in all companies the behavior of the indicators was similar, and the heterogeneity among them was ignored. The relevance of the financial crisis that occurred at the end of 2007 is also observed; it caused a major global financial collapse, which had different effects on a wide variety of sectors and companies. Within this context, research that aims to identify problems such as the heterogeneity among companies and analyze the diversities among them are gaining relevance, given that the sector-related characteristics of capital structure and size, among others, vary depending on the company. Based on this, new approaches applied to bankruptcy prediction modeling should consider the heterogeneity among companies, aiming to improve the models used even more. A causal tree and forest were used together with quarterly accounting and sector-related data on 1,247 companies, 66 of which were bankrupt, 44 going bankrupt after 2008 and 22 before. The results showed that there is unobserved heterogeneity when the company bankruptcy processes are analyzed, raising questions about the traditional models such as discriminant analysis and logit, among others. Consequently, with the large volume in terms of dimensions, it was observed that there may be a functional form capable of explaining company bankruptcy, but this is not linear. It is also highlighted that there are sectors that are more prone to financial crises, aggravating the bankruptcy process.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199709","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}

{"title":"Accounting & Finance, a close relationship","authors":"Fernanda Finotti Cordeiro","doi":"10.1590/1808-057x202090350","DOIUrl":"https://doi.org/10.1590/1808-057x202090350","url":null,"abstract":"","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199724","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}