Vera Maria Rodrigues Ponte

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.

Mandatory IFRS Adoption in Brazil (2010): Index of Compliance with Disclosure Requirements and Explanatory Factors of Firms Reporting

We evaluated firms’ compliance with required International Financial Reporting Standards (IFRS) disclosure in the first mandatory adoption year of IFRS in Brazil (2010) by comprehensively examining 638 disclosure required items from 28 encompassing IFRSs in the Notes to Financial Statements of all (366) Brazilian non-financial corporations listed on the Brazilian stock exchange (BM&FBovespa). We measured disclosure compliance levels by calculating the respective index, both overall and for each standard, and investigated associations between disclosure levels and firm’s characteristics as potential explanatory disclosure compliance factors. Our findings showed overall low levels of disclosure compliance in the analyzed year: the average level of compliance with IFRS required disclosure was very sensitive to the approach employed, varying from 16.04% (strict criterion and dichotomous approach) to 33.72% (tolerant criterion and partial compliance unweighted approach). In line with other countries experience illustrated by the international literature, these results emphasize the importance of increasing institutional support conditions for enhanced enforcement mechanisms, enabling the Brazilian firms to better attain the full economic benefits of IFRS adoption. In all our analyses, company size and “Big 4” auditing were positively associated with the dependent variable, independent of the model employed to determine the compliance disclosure index, making it possible to conclude that these factors produce a significant positive impact on compliance with the IFRS disclosure requirement levels of Brazilian firms.

O Balanced Scorecard e o alinhamento estratégico da tecnologia da informação: um estudo de casos múltiplos

Na era da informacao e do conhecimento, a Tecnologia da Informacao (TI) tem demonstrado ser cada vez mais uma importante area para as empresas. Por essa razao, o alinhamento da TI com a estrategia tem sido uma constante preocupacao de cientistas e executivos. O Balanced Scorecard (BSC) e apresentado na literatura como um instrumento de gestao que possibilita o alinhamento da organizacao com sua estrategia. Nesse contexto, com o objetivo de analisar os impactos da implantacao do BSC nos fatores de alinhamento estrategico da TI com o negocio, sob a perspectiva dos gestores, realizou-se uma pesquisa exploratorio-qualitativa, por meio de um estudo de casos multiplos em empresas que implantaram o BSC e que possuem area de TI. As fontes de evidencias foram: entrevistas focais, questionario semi-estruturado, documentos e observacao direta. Os fatores do alinhamento da TI foram agrupados em quatro categorias: Social, Organizacional, Planejamento e Comportamental. Os resultados mostram que a implantacao do BSC provoca mudancas gerenciais que influenciam nos fatores do alinhamento da TI das quatro categorias, transformando-os em fatores facilitadores do alinhamento e contribuindo positivamente para o alinhamento da TI com o negocio.

A DISTRIBUIÇÃO DE DIVIDENDOS COMO FERRAMENTA SINALIZADORA DE DESEMPENHO FUTURO NAS COMPANHIAS LISTADAS NA BM&FBOVESPA

O objetivo do trabalho e investigar quais sao os efeitos das Hipoteses da Teoria Positiva da Contabilidade (TPC) na Qualidade da Informacao Contabil, a qual pode ser determinada pelas medidas de relevância, tempestividade, conservadorismo condicional e gerenciamento de resultados das informacoes divulgadas nas Demonstracoes Financeiras. A amostra contara com observacoes de empresas com mais de 80% das acoes negociadas na BM&FBOVESPA, no periodo de 2010 a 2014. As observacoes serao segregadas entre aquelas que sofrem maior e menor influencia das Hipoteses da TPC e, serao criadas dummies para esses quartis. Com o intuito de analisar e comparar os grupos com maior e menor influencia serao rodados os modelos originais para Q1 e Q3 separadamente e, numa segunda analise, serao feitas interacoes das dummies dos quartis com as variaveis originais dos modelos de relevância, tempestividade, conservadorismo condicional e gerenciamento de resultados.

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.

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.

Balanced scorecard and organizational alignment: a study of multiple cases

The Balanced Scorecard (BSC) is presented in the technical literature as an administration instrument that makes it possible to align an organization with its strategy. This paper discusses how the BSC promotes that organizational alignment and tries to identify the factors that contribute to it. For that purpose, an exploratory-qualitative research of companies that have implemented the BSC for at least more than one year was made. The sources of evidences were focal interviews, documents and direct observation. The factors of the organizational alignment were grouped in two categories: structure and management. The most relevant factors were: (a) the relation of cause and effect and the unfolding of the scorecard in the category of structure; (b) focus on the strategy, priority of projects, the people’s participation in the discussions on the strategy and motivation and their commitment to the strategy process in the category of management. The results show that the BSC contributes to the organizational alignment because its structural components bring about managerial changes that lead to an improvement of the focus on the strategy. Key words: balanced scorecard, organizational alignment, corporate strategy.