Silvio Freitas da Silva

Disclosure in reports by the directors of the banks listed on Bovespa BM&F

This article aims to investigate the disclosure of intellectual capital on the management reports of the banks listed on the BM&FBOVESPA in the period from 2010 to 2013. In addition, the study seeks to identify the existence of differences in disclosure levels among banks listed in the three different segments and those listed in the traditional market. The research is characterized as descriptive, with a qualitative approach, through documentary analysis of management reports available on the BM&FBOVESPA website. The final sample consists of 23 banks, 14 listed on different segments and 9 listed in the traditional market. The results show that the elements of the internal capital and external capital are the most evident, and among the most highlighted items are management philosophy and corporate culture. Moreover, the less disclosed are customer loyalty, know-how, entrepreneurial spirit and skills related to work. We found a reduction in the volume of disclosure of intellectual capital elements in the period, and only the internal capital category had increased its disclosure. This may signal a change in the companies’ disclosure policies. Finally, it is emphasized that the form of disclosure that prevailed was the narrative. It is suggested for future research, as it is a voluntary disclosure made by companies; investigate the reason for the preference in the disclosure of information involving specific indicators.

DOMINÂNCIA FISCAL: UMA ANÁLISE DO CASO BRASILEIRO NO PERÍODO DE 2002 A 2013

A estabilizacao economica dos anos de 1990 e a adocao do tripe economico, a partir de 1999, marcam o fim de um capitulo delicado da historia brasileira; a partir de entao, era necessaria a existencia de certa sintonia de politicas monetaria e fiscal para a manutencao do controle dos diversos indicadores economicos. Contudo, com essa reciprocidade na politica economica, sao incitadas discussoes sobre a orientacao do governo na hora de definir suas prioridades nesse campo: as variaveis fiscais sao priorizadas e, por conseguinte, seriam determinadas, forcando as monetarias se ajustarem – ou o contrario? A resposta para esse questionamento surge da discussao de dominância fiscal. Assim, partindo da teorizacao de Sargent e Wallace (1981), esse trabalho visa verificar empiricamente, usando da modelagem econometrica VAR e variaveis fiscais/monetarias, se ha dominância fiscal na economia brasileira atualmente. Por fim, o modelo aponta que nao e possivel afirmar a existencia de dominância fiscal, nem monetaria; contudo, pode-se afirmar a existencia de uma autoridade fiscal ativa que influencie as variaveis monetarias.