Romualdo Douglas Colauto

A Relação entre Board Interlocking e as Práticas de Suavização de Resultados

This study aims to investigate the influence of board interlocking in income smoothing practices in public companies with shares traded on the BM&FBOVESPA. To achieve this objective we adopted a sample comprised of 58 Brazilian companies included in the Bovespa index. The study is classified as empirical and analytical and uses as a proxy for income smoothing a metric called the “smoothing factor” (SF), obtained through the factor analysis technique using the metrics EM1 and EM3 from Leuz, Nanda and Wysocki (2003). As independent variables we employed indicators of social network analysis. From a theoretical point of view, the study is relevant and innovates in making the connection between the resource dependence theory, the agency theory and board interlocking. In practical terms, the study shows the effects of the constitutive elements of corporate social networks, arising from the board interlocking structure, on income smoothing accounting practices. Regression with panel data using fixed effects showed that the constituent elements of corporate social networks tend to influence the practice of smoothing in the sample used. The results of the study show that companies that share board members with other organizations which smooth their results tend to adopt this organizational practice more easily, which can be explained by: (i) companies causing variations in performance due to operational decisions or financial reporting choices; and (ii) managers making use of discretionary practices in the reporting of profits.

A divulgação voluntária e o gerenciamento de resultados contábeis: evidências no mercado de capitais brasileiro

This study examines the association between the voluntary disclosure of economic and financial information and earnings management. The outlined arguments on the subject are based on the assumption that consistent voluntary disclosure policies may reduce earnings management. The analysis is conducted on a random sample of 66 non-financial Brazilian listed companies in the 2005-2012 period. To measure voluntary disclosure, the index proposed by Consoni and Colauto (2016) is used. As a proxy for earnings management, discretionary accruals (DA) are estimated based on the model by Dechow, Sloan, and Sweeney (1995). The relationship between these measurements is analyzed using a model of simultaneous equations and by the random effects regression method with panel data. A significant negative relationship was expected a priori; however, the main result of the study indicates that voluntary disclosure and earnings management are not simultaneously determined or associated. Although the results obtained contradict certain theoretical assumptions, there are alternative explanations for this finding. The empirical set of evidence in this research, in addition to those in previous studies, should be interpreted with caution because there is no consensus on the measures for voluntary disclosure and earnings management. Second, several companies in Brazil may not be interested in providing high-quality voluntary disclosure because most of their shareholders enjoy private benefits of control. This issue reduces the importance of the potential market demand for information, stratifies information asymmetry, and does not prevent earnings management.

BALANCED SCORECARD: ESTUDO BIBLIOMÉTRICO DA PRODUÇÃO CIENTÍFICA BRASILEIRA NO PERÍODO 2002-2012

Diante da mudanca e da competitividade, a mensuracao dos resultados e cada vez mais necessaria e, alem da insuficiencia dos indicadores financeiros em mensurar os resultados, surgiu entao a metodologia denominada Balanced Scorecard - BSC. O objetivo deste estudo e analisar a producao cientifica relacionada ao BSC veiculada por congressos e periodicos brasileiros entre 2002 e 2012, descrevendo caracteristicas quantitativas e qualitativas destas producoes. Verificou-se que este tema e bastante pesquisado no universo academico e observou-se a ocorrencia do efeito Mateus, onde poucos publicam muito e muitos publicam pouco. Dados estatisticos obtidos por meio da analise quantitativa sao apresentados no decorrer do estudo.

Analysis of the reflections of accrual accounting on accounting profit or loss: a study of open public companies in Brazil

The article analyzes the reflections of accrual accounting on accounting profit and loss in open public companies in Brazil. Empirical evidence was gathered from a target population of open public companies listed as the 500 biggest and best Brazilian companies according to the criteria of the magazine Exame in 2004. The sample taken from this group was of an intentional, non-probabilistic type, with seven companies representing the steel and metalworking industries. The study is delineated as a descriptive one, using cluster techniques to categorize the data necessary to draw inferences. The correlation coefficients between the accounting result of the period adjusted by the accruals and the variation of net working capital did not present homogeneity in the industry observed, but denoted statistical significance. They show that the accruals cause alterations in the period’s bottom line and at the same time do not influence the financial flow of the companies’ operational activities. Key words: accruals, accounting profit and loss, variation of net working capital.

The assessment of intellectual capital from the perspective of the tri dimensionality of the language of accountancy

This article approaches the assessment of intellectual capital from the perspective of the tridimensionality of the language of accountancy. For this purpose, exploratory research was conducted using secondary sources, with a deductive logic approach. The article begins with a theoretical incursion into accountancy as the language of business. Afterwards it discusses conceptual aspects of intellectual capital and its relevance as a value-adding element of a company. It then examines the indicators for assessing intellectual capital as recommended by Leif Edvinsson and Michael S. Malone, Thomas. A. Stewart and Karl Erik Sveiby – all considered pioneers in this process of assessing intangible assets. Next it compares the methodologies for the assessment of intellectual capital. Finally it discusses the assessment of intellectual capital from the perspective of the tri-dimensionality of the language of accountancy and presents its final considerations. On basis of the research, it was seen that the indicators usually try to identify how the actions of a company influence the value of its assets, since the market value of a company is made up both of its visible assets and its intangible assets, particularly intellectual capital. Key words: language of accountancy, assessment indicators, intellectual capital.