Marcelle Colares Oliveira

Análise das práticas de evidenciação de informações obrigatórias, não-obrigatórias e avançadas nas demonstrações contábeis das sociedades anônimas no Brasil: um estudo comparativo dos exercícios de 2002 e 2005

All over the world, there have been discussions on transparency and quality in the disclosure of accounting information. Aiming at contributing towards this debate, this study seeks to answer the following research question: What are the perceived changes in the disclosure of mandatory, non-mandatory and advanced accounting reporting experienced by companies in Brazil? Financial statements from 95 companies were assessed, referring to corporate annual reports of 2002 and from 119 companies referring to corporate annual reports of 2005. Concerning items recommended in rules numbers 15/87, 17/89 and 19/90 by the Brazilian Securities and Exchange Commission, this research reveals that there was no improvement in the disclosure practices of the companies under analysis. As to advanced and non-mandatory accounting information, proposed by corporate governance practices, an increase in their disclosure was observed, with companies giving special attention to the publication of their social responsibility practices and Corporate Social Reporting, Cash Flow Statements and Statements of Value Added.All over the world, there have been discussions on transparency and quality in the disclosure of accounting information. Aiming at contributing towards this debate, this study seeks to answer the following research question: What are the perceived changes in the disclosure of mandatory, non-mandatory and advanced accounting reporting experienced by companies in Brazil? Financial statements from 95 companies were assessed, referring to corporate annual reports of 2002 and from 119 companies referring to corporate annual reports of 2005. Concerning items recommended in rules numbers 15/87, 17/89 and 19/90 by the Brazilian Securities and Exchange Commission, this research reveals that there was no improvement in the disclosure practices of the companies under analysis. As to advanced and non-mandatory accounting information, proposed by corporate governance practices, an increase in their disclosure was observed, with companies giving special attention to the publication of their social responsibility practices and Corporate Social Reporting, Cash Flow Statements and Statements of Value Added.

Analysis of corporate governance disclosure: a study through BRICS countries

Purpose The study aims to analyze the level of the disclosure of corporate governance practices by the companies that belong to the BRICS (Brazil, Russia, India, China and South Africa) countries according to normative recommendations and coercive requirements considering the enforcement of laws and norms in the different legal systems and to explain it in the light of the institutional theory approach. Design/methodology/approach The practices disclosed by a sample of the 20 largest companies listed on the stock exchanges of each of the BRICS countries were analysed, and the 52 practices recommended by UNCTAD (2009) were used as a parameter. The corporate governance practices of the companies were confronted with the laws, rules and norms that require or recommend their adoption and disclosure. Findings China has 49 practices required by own national law in face of 52 recommended by UNCTAD/International Financial Reporting Standards (IFRS) followed by South Africa with 44, Russia with 33, Brazil with 28 and India with 24. Brazil has 47 practices recommended by own national governance code in face of 52 recommended by UNCTAD/Intergovernmental Working group of Experts on International Standards of Accounting and Reporting (ISAR), followed by Russia with 45, China with 44, South Africa with 41 and India with 22. It was found that Brazil has the higher median of number of companies disclosing corporate governance practices with 17, followed by India with 13, Russia with 11, South Africa and China with 7. Research limitations/implications This research shows that more studies are necessary using the institutional theory to investigate how the normative and coercive pressures influence the disclosure of corporate governance information considering the enforcement of laws and norms in the different legal systems. Practical implications The differences observed in this study about normative and coercive forces are presented as an opportunity in the legal sphere of some countries to implement mechanisms to increase their level of enforcement. Originality/value This research contributes to various audiences such as governmental institutions, professional associations, market institutions to better understand their role in the improvement of the adoption of corporate governance practices and disclosure of information related to it.

DETERMINANTES DAS PRÁTICAS DE GOVERNANÇA CORPORATIVA: UM ESTUDO NAS EMPRESAS REGISTRADAS NA CVM

Investigou-se a associacao entre as praticas de governanca corporativa e as caracteristicas das 554 empresas de capital aberto nao financeiras registradas na CVM na posicao de 31/12/2011. Para tanto, a partir das recomendacoes do IBGC e da CVM, criou-se um indice de governanca corporativa composto por 21 perguntas binarias e objetivas, abrangendo tres dimensoes: composicao e funcionamento do conselho de administracao, propriedade e direitos dos acionistas e transparencia. Os dados coletados foram submetidos a analises descritivas e de regressao. Verificou-se baixa aderencia das companhias as boas praticas de governanca corporativa, ja que atenderam, em media, a apenas 36,23% das praticas requeridas. A partir da analise de regressao, verificou-se associacao positiva entre a governanca corporativa e as variaveis endogenas tamanho, endividamento, oportunidade de crescimento, listagem na BM & FBovespa e participacao nos Niveis Diferenciados de Governanca Corporativa, e uma associacao negativa com as variaveis tangibilidade e tempo de existencia. Ademais, verificou-se que as variaveis endogenas podem ser diferir entre as empresas listas e nao listadas em bolsa. Os resultados apresentados ratificam trabalhos anteriores que verificaram associacao entre as praticas de governanca corporativa e as caracteristicas das firmas. O presente trabalho diferencia-se dos demais por analisar tanto as empresas listadas quanto as nao listadas em bolsa.

IMPACT OF ADOPTION OF IFRS IN THE CONSOLIDATED STATEMENTS OF BANKS LISTED ON THE BM&FBOVESPA

The study investigated the impact of adopting IFRS on the representation of the situation equity, economic and financial banks listed on the BM&FBovespa. The sample collected 18 banks that reported its consolidated financial statements of 2010 in the IFRS and GAAP standards. Were observed significant differences in indicators Liquidity and Credit Portfolio Quality, indicating that the financial statements prepared under IFRS indicate less liquidity and credit quality of the portfolio compared to that evidenced by statements in BR GAAP. From the standpoint of equity, it was found that the financial statements in BR GAAP are more conservative than the IFRS financial statements.

SHAREHOLDER BASE MANAGEMENT IN COMPANIES IN THE NEW MARKET LISTING SEGMENT OF THE BOVESPA STOCK MARKET

The study analyzes the characteristics of the investor relations departments at Brazilian listed companies in the New Market listing segment of the Bovespa stock market and their shareholder base management practices. Data were collected through questionnaires sent to 100 companies in this segment in June, 2008, 21 of whom responded. The results show that most companies are still managing their shareholders base inefficiently and making inconsistent use of performance indicators. The study also revealed that there are few options of technological IR tools on the market to help IR departments to obtain the potential benefits of shareholders base.

MOTIVATING FACTORS IN THE ADOPTION OF BETTER CORPORATE GOVERNANCE PRACTICES BY BRAZILIAN COMPANIES

The present research aims to identify the main motivating factors leading to the adoption of better Corporate Governance practices by Brazilian companies. A set of questionnaires was applied to the members of the APIMEC. Descriptive statistics, probability distributions and hypothesis test were used as analytical techniques. Evidenced showed that among the motivating factors literature depicts as relevant, investigated analysts considered to be the most important the following: professionalization of the company; transparency and relationship with the capital market; perpetuation of the company; addition of value to shareholders; valuation of the company shares; improvement of institutional image; increase of liquidity of company shares; recovery of investors’ trust; capital opening; reduction of cost of capital; and improvements in decision-making processes.