Iran Siqueira Lima

Qualidade informacional e conservadorismo nos resultados contábeis publicados no Brasil

O artigo avalia a presenca de conservadorismo nos resultados apresentados nas demonstracoes contabeis publicadas no Brasil pelas sociedades por acao no periodo de 1995 a 2004. Realiza-se a pesquisa em virtude da constatacao de que a regulamentacao brasileira, de um lado, e enfatica no estabelecimento de principio ou convencao do conservadorismo - antecipar o registro de perdas e diferir o reconhecimento de receitas - e, de outro, permite o reconhecimento prematuro de receitas nao realizadas, como e o caso da reavaliacao de ativos. O trabalho testou a antecipacao oportuna assimetrica de perdas economicas atraves do modelo de Componentes Transitorios nos Lucros (BASU, 1997) e o conservadorismo condicional atraves do modelo de Associacao entre Apropriacoes Contabeis e Fluxos de Caixa (BALL; SHIVAKUMAR, 2005). A amostra considera sociedades por acoes com dados para a serie temporal completa, regredindo-se os dados em painel segundo os metodos mais adequados. Os resultados confirmam a hipotese de que os gestores das empresas em questao nao praticam o conservadorismo condicional, embora se constate reversao dos componentes transitorios do lucro em maior magnitude no caso de variacoes negativas do lucro antecedente.

Perspectivas para a pesquisa em contabilidade: o impacto dos derivativos

This paper investigates the role of derivative financial instruments for the future of financial accounting research. This impact is relevant what all major research paradigms are concerned. In capital market-based research, derivative instruments play a central role in price discovery. From the institutional and social points-of-view, derivatives are components of a greater quest for legitimization and power. Their operational features, regulatory environment, technological advances and other characteristics are turning derivatives into promising research venues.

Efeito da Lei 11.638/07 sobre o conservadorismo condicional das empresas listadas BM&FBOVESPA

Law no 11.638/07 has substantially changed Brazilian accounting practices and standards, and such changes can exert significant impacts on earnings conservatism. Understanding the role of conservatism and its determinants is important to interpret the nature, purpose and implications of accounting estimates. This study aimed to investigate whether the promulgation of Brazilian Law no 11.638/07 changed the degree of conditional accounting conservatism of Brazilian companies listed on Bovespa & BMF BOVESPA. An empirical analytical research was carried out collecting information about non-financial companies listed on the Brazilian Stock Exchange from the first quarter of 2005 to the third quarter of 2009 in the Economatica® system. Basus model was adjusted to measure the effect of Law no 11.638/07 on conditional conservatism. In conservativeness hypotheses, earnings reflect bad news (negative stock returns) more quickly than good news (positive stock returns). In this model, the measure of conservatism (asymmetrical treatment of gains and losses) is based on the extent to which the earnings-return association is stronger during periods of bad news as compared with periods of good news. For the sample analyzed, results suggest that it cannot be inferred whether the new rules had some effect on the degree of asymmetric recognition of gains and losses.

TOWARD IFRS: ECONOMIC CONSEQUENCES OF ACCOUNTING CONVERGENCE IN AN EMERGING ECONOMY

Purpose – The purpose of this article is to investigate whether underlying firm-level incentives influence firms’ compliance with International Financial Reporting Standards (IFRS) convergence practices and whether this adoption impacts firms’ cost of equity capital and market liquidity in Brazil, a setting with a poor institutional environment but high growth opportunities. Methodology/approach – Using a sample of 54 companies from the Sao Paulo Stock Exchange, this article employs three measures of accounting convergence based on: (i) compliance to a 37-item index, called the International Accounting Standards Convergence Index (IASCI), (ii) increase in annual reports disclosure, and (iii) increase in accounting earnings quality. Furthermore, the article employs statistical analysis to test the influence of firm-level incentives on IFRS compliance and its economic consequences for the capital market. Findings – The results indicate that firm-level incentives are important drivers of compliance with IFRS convergence practices. The results suggest that firms that (i) are larger, (ii) are more exposed to international markets, and (iii) have greater financing needs are more likely to adopt IFRS practices by implementing material changes in their accounting policies. The economic consequence analysis shows that cost of capital does not seem to be related to any of the convergence measures used. However, there is a statistically significant relationship between all the market liquidity variables and the IASCI, indicating that companies that best meet the convergence requirements have lower trading costs and greater liquidity, and their share price is less susceptible to the influence of individual investors. Research limitations and implications – The scope of the study is limited to a relatively small sample of listed Brazilian companies, and they may not represent all listed companies. The sample restriction is due to information availability, since the study requires earnings estimates from the Thomson ONE Analytics database. Originality/value – The study extends the work of Barth (2008) considering Balls (2006) observation that superior accounting standards do not necessarily translate into higher quality reporting, since reporting quality may be largely shaped not only by accounting standards, but also by economic/political forces and firm-level economic incentives.

CONSERVADORISMO NOS RESULTADOS CONTÁBEIS PUBLICADOS NO BRASIL: COMPARAÇÃO ENTRE COMPANHIAS DE CAPITAL FECHADO E COMPANHIAS DE CAPITAL ABERTO

The main intention of this communication is to show that throughout the history of Humanity the disciplines of Accounting and Mathematics have had an intimate connection and a parallel development, one next to the other. Today, as well as in the past, the mathematical models are necessary and we would even say indispensable to deepen the discussion, and to be able to advance in our collective intention to formalize our accounting discipline as a science. With the development of this investigation we try to contribute to the improvement of the quality of accounting education, by studying how accounting is taught, and based on this analysis, to promote pertinent changes in the curricula of Public Accountants office, particularly regarding contents, methodologies, bibliography and evaluation . To contribute concrete tools of analyses, that allow the focus of education on mathematical issues in a local, regional and national context, and which in addition may have parameters of evaluation, analysis and synthesis, on the aspects that concern the suitable use of mathematics in the development of the Public Accountant’s daily tasks, in order to improve their processes of analysis and decision making.On the basis of the principles of a global society, a New Economy is emerging. The Corporate Social Responsibility (CSR) is an increasingly important topic in the New Economy in general, and in the European Union in particular. Thus, an important role is played by companies’ social responsibility to achieve Lisbon Summit goal “the most competitive and dynamic knowledge-based economy in the world”. The CSR reporting has a triple-bottom line approach in the assessment of a company’s performance: the economic, the environment and the social factors. Mutatis mutandis, more and more the assessment of company’s competitiveness takes into account the principles of sustainability. The link between the intangible assets and CSR is intimate and multifaceted. In order to develop company’s abilities to create future economic value, one step should consist in the expansion of the financial reporting process in order to incorporate the valuation of a company’s intangible and intellectual assets. These mentioned factors have become most important to business success and economic growth in the 21st century.This paper provides an analysis of the financial conditions and activities developed by the construction companies in The Canary Islands during the period 2000-2002. The analyzed sample is composed of 318 companies that were involved in production activities during the period considered. Firstly, a descriptive analysis of the composition of the sample is made, in reference to the age, legal status and nature and conditions of companies that have been audited or not audited. It was also considered advisable to classify the set of economic units based on turnover, assets and the number of workers, in order to obtain a better idea of the size of each company. In order to perform the economic and financial analysis of assets and the activities d carried out by the companies of the sector, we examined balance sheets and the income statements, along with profitability and solvency. In order to complete the analysis and place it in context, we conclude with a reference to the economic framework and expectations of the sector, as well as the competitive position of the Canary Islands construction sector and its future perspectives.This article provides an overall tax analysis of the complexity of the Portuguese tax system. Before discussing whether we should change the way we tax ourselves, it will be useful to compare the Portuguese tax system to other OCDE and European countries. However, the main aim of this study is to discuss the main aspects that make the Portuguese tax system complex and difficult to enforce. Then, in order to simplify the Portuguese tax system, we will focus on economic, administrative and legislative issues that have introduced some kind of complexity in the tax system.

Análise da relação entre as informações contábeis e o risco sistemático no mercado brasileiro

According to the existing literature, accounting information represents an important predictor of a companys future cash flow and serves to assess the risk of stock investments. Because such information reflects the economic and financial reality of a company during a given period, this information relates to the systematic risk of an investment, which justifies the use of the information for decisions related to the composition of a stock portfolio. Within this context, the present study seeks to present empirical evidence on the relationship between accounting information and systematic risk in the Brazilian market. More specifically, the objective is to analyze the relationship between the accounting betas and the market betas of companies in Brazil. For this analysis, 97 companies from 15 economic sectors were selected from the Securities, Commodities, and Futures Exchange of Sao Paulo (Bolsa de Valores, Mercadorias e Futuros de Sao Paulo - BM&FBOVESPA) from the first quarter of 1995 to the third quarter of 2009. A total of 468 accounting variables were used. To operationalize the relationship between the variables, a regression model with panel data was used. One the one hand, the results show that some accounting betas may explain the market beta and do so in an anticipated manner and that these accounting betas are able to improve the prediction of the market beta when used alongside the historical market betas. On the other hand, the majority of accounting beta versions displayed a rather insignificant or even nonexistent relationship.

Is the Annual Earnings Response Coefficient Statistically Significant in Brazil

ABSTRACT The aim of this paper is to analyze the significance of firm-specific and pooled earnings response coefficients in the Brazilian market. The lag structure of earnings-return relations is also analyzed. The sample consists of 61 Brazilian public firms that represent all firms with a minimum of seven continual data from 1995 to 2008. The analysis is based on linear regressions of two different proxies of earnings and two different proxies of return. The results show that, for firm-regressions, few companies presented a significant relationship between earnings and stock returns, and for some firms a negative coefficient was found. In the pooled regressions a positive and statistically significant coefficient was found, and the tests suggest that variance in cross-sectional observation is more relevant in explaining the earnings response coefficient than the time-series variance.

EL ESTUDIO DEL ANUNCIO DE LA ADHESIÓN A LOS NIVELES DIFERENCIADOS DE GOBIERNO CORPORATIVO CON LA UTILIZACIÓN DE ESTUDIO DE EVENTO

Esta investigacion tiene como objetivo verificar si la informacion suministrada al mercado de capitales sobre la intencion de adhesion a los niveles diferenciados de Gobierno Corporativo de la BOVESPA genera retornos anormales en los precios de las acciones de esas companias. Se espera que esa adhesion resulte en el aumento de la visibilidad de la empresa y negociacion de sus papeles, como tambien, aumento en la cantidad de informacion divulgada a sus inversionistas. Para la investigacion, se ha realizado un estudio de evento con una muestra de 18 empresas que habian emitido la informacion al mercado, teniendo como base los presupuestos de MacKinlay (1997). La regresion no parametrica fue empleada para obtener los parametros del modelo de mercado del estudio de evento, siendo esa herramienta obtenida a partir de la bibliografia de Dombrown, Rodriguez y Sirmans (2000) y Lima (2005). Los resultados del estudio de evento demostraron que no ocurrieron retornos anormales positivos en los precios de las acciones de las empresas, demostrando, asi, que la informacion de adhesion a los Niveles Diferenciados de Gobierno Corporativo de la BOVESPA no fue captada, de forma general, por el mercado. A pesar de los resultados obtenidos y de las conclusiones presentadas, se debe tener en consideracion algunas limitaciones de la investigacion, como son las conclusiones obtenidas, las cuales se han quedado restringidas a la muestra, a las variables y a la herramienta econometrica utilizada.This research aims to verify if the information supplied to the stock market on the intention of adhesion to the Differentiated Levels of Corporate Governance on the Sao Paulo Stock Exchange generates abnormal returns in the stock prices of these companies. Adherence to this market is expected to result in the growth of company image, negotiability of its papers and the amount of information disclosed to its investors. An event study, based on the assumptions of MacKinlay (1997), was used for the empirical research, with a sample of 18 companies that send the relevant information to the market. Non-parametric regression was applied to test the parameters of the market model of the event study. This tool was taken from the bibliography by Dombrown, Rodriguez and Sirmans (2000) and Lima (2005). The results of the event study demonstrated no abnormal returns in the prices of the companies stocks, demonstrating that information about adherence to the Differentiated Levels of Corporate Governance on the Sao Paulo Stock Exchange was not important for the market. Despite the results and conclusions, some research limitations must be taken into account, such as: the conclusions were been restricted to the sample, the variable and the econometric tool.

Quarterly long-term relation between liquidity and profitability indicators: evidence from textile companies

This paper analyzes the long-term relation between liquidity and profitability ratios for a group of Brazilian publicly traded textile companies, using quarterly data from March 1995 to March 2009. The underlying hypotheses of the study are that there is a significant and positive relation, in the medium- and the long-term, between liquidity and profitability indicators. In other words, low liquidity can worsen high profitability or vice-versa, and one can verify a general tendency toward the Granger causality among the indicators. The results suggest that there is a positive temporal relation and show that the companies reflect Granger causality in different directions (from profitability to liquidity and from liquidity to profitability). Thus, despite the long-term cross-relationship, it was impossible to establish a single relation regarding the direction of causality.

Informational functions of accruals and accounting principle adjustments

This article presents a summary of the recent theoretical development on the economic and informational functions of accounting accruals and other adjustments referring to generally accepted accounting principles. It adopts a methodology that has a descriptive phenomenological character and reviews relevant research on the subject. It focuses on the economic functions of accruals in accounting. Accruals are discussed by using the positive approach’s conceptual framework for accounting; thus, managers choose to use this accounting technique as an instrument to manage the informational asymmetry between them and the users of the accounting data. The incentive for the employment of this recording instrument does not necessarily depend on norms or accounting principles, but is to be found in the institutional and environmental conditions of the economy. This orientation has been a research topic on the basis of the new institutional economy. The study indicates that the adjustments are made in order to reduce the random process of the cash flow series of companies, transforming it into earnings series; to make an opportunistic earnings management; and to timely anticipate the recording of probable economic losses. Key words: accounting accrual, informational function of accounting, informational asymmetry, asymmetric anticipation of economic losses.