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Revista de Gest?o, Finan?as e Contabilidade

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1 INTUITIVE ASPECTS AND MANAGEMENT DECISIONS: CONSIDERATIONS ABOUT THE TRIAL OF DECISIONS INVOLVING BUDGETARY PRACTICES, Antonio Gualberto Pereira, Jos Bernardo Cordeiro Filho, Adriano Leal Bruni
Application of Cognitive Reflection Test (CRT), a test that is able to measure the level of cognitive ability and propensity of individuals to be (or not) influenced by the intuitive impulses, is one of the possibilities of research in management decisions more promising. This paper aims to discuss the potential application of CRT on research aimed at understanding the relationship between intuitive aspects and management decisions. Moreover, it is possible correlate intuitive aspects (low cognitive ability) with intertemporal decisions of resource and decisions of resource allocation under conditions of risk. Studies in this perspective can envision possible improvements in business efficiency, from the perception of the linkage among non-rational aspects and organizational performance
2 STRATEGY IN ACTION: STRATEGIC PLANNING AND BALANCED SCORECARD IN OSID , Inacilma Rita Silva Andrade, Maria de Ftima Arajo Frazo
The Strategical Planning is a managemental boarding that contemplates rational and subjective aspects of an organization and has been used with sufficient frequency in the present time in the enterprise sector. For the organizations that act in the Third Sector it is one practical one that it allows to carry through an analysis of the organization, to project the future scenes, to present an ample vision of the external environment, to define its strategical position, to plan the growth and the organizational sustainability. To give it has supported to the actions of the Strategical Planning, Balanced Scorecard (BSC) it is presented as a methodology that assists the strategical management of the organizations by means of balanced pointers of performance related the four perspectives - financial, customer, processes and learning/innovation. This article analyzes the application of the strategical planning and of BSC as basic tools for the management of institutions of the third sector, in particular Associao Obras Sociais Irm Dulce (OSID), in the examination of the conceptual dimension and technique and the establishment of organizations lines of direction come back toward the confrontation of the challenges and the complexity of the external and internal environment, well as of the demands for social services. The Strategical Planning and BSC they are conducting of the process of organizational change, applicable the organizations of the third sector for the capacity to establish strategies, ways and indicative to be implanted and covered in search of the competitiveness and perpetuity.
3 DECISION TO PURCHASE: FACTORS SAME, DIFFERENT WEIGHTS; VISION OF THE CONSUMER, ON SMALL AND LARGE NETWORK OF PHARMACY, Wilter Furtado Furtado, Aparecida Aparecida Franco
The goal of this study was to discuss the buying decision, as a phenomenon that can be configured differently for the consumer, even if their objectives, the product, the factors influencing on such a decision, the deal and the agencies involved are the same, by nature. Based on inductive method, research exploratory, descriptive and quali-quantitative, was made by means of a semi-structured form applied by researchers, along with consumers of pharmaceuticals, in the city of Ituiutaba, Minas Gerais, in the period July 30, 2010 to 05. This concern is justified, whereas the companies involved in the process, although given the same audience, can act differently, by philosophy, by size, by the policies adopted and by location. The main results showed that consumers of pharmaceutical products, gives small pharmacies to purchase preference, because it believes that they provide the best set of attributes or factors influencers in the buying process, or the best cost x benefit, than the pharmacies of the major networks. Also shows that the consumer is able to perfectly, tier those factors
4 PRINCIPLES OF ORGANIZATION FOCUSED ON STRATEGY: THE PROCESS OF IMPLEMENTING STRATEGIES OF THE STATE OF BAHIA, Ktia Silene Lopes de Souza Albuquerque, Josilton Silveira da Rocha
Ktia Silene Lopes de Souza Albuquerque, Josilton Silveira da Rocha
5 MARKET ANALYSIS AS A FOR THE THIRD SECTOR, Grazielle Rigotti da Silva
The focus of this research is to identify, through case study, as the process of market analysis as a tool of choice of marketing channel, can be a strategic instrument also suitable for success in the professional development of third sector institutions, particularly those aimed at the education sector, specially treated here. Thus, from a thorough market research in four cities where it operates the Sagrado: Rede de Educao, listing the topics Marketing, Sustainability and Market Analysis techniques, and concluding with the Weighted Score method of visualization as a facilitator of decision foresees that its findings can assist in planning the organization not only presented, finding solutions aimed at overcoming the obstacles and difficulties, but it is an impulse to reveal all of which are similar to the pointed. It starts with the fact that among the main obstacles to the development of these institutions are: the load history in relation to pure philanthropy, management by intuition, the lack of technical and administrative workload carried by the officers focused more on activities purposes, the day-to-day business. These, among other factors, eventually causing a high rate of attrition among these organizations.
6 THE INFLUENCE OF THE PERFORMANCE MANAGEMENT ACCOUNTING - FINANCIAL RED CERAMIC COMPANIES OF SENHOR DO BONFIM BA, Altino Nascimento Ferreira Jnior, Thiago Bruno de Jesus Silva, Raimundo Nonato Lima Filho
The Accounting Management has been a very important tool to aid in continuity and business expansion, as the support provided for it in today's marketing issues, as well as the quest for influence in constant evolution and expansion of business, linked to the support of the Cost Accounting. However, the micro enterprise that influence still appears to be limited in view of their organizational reality, which reduces the growth capacity for not taking into account aspects of management and costs, or even not get the proper follow up for this purpose. In this context, this paper has the aim to elucidate the fact that there is significant contribution of management accounting in the management of companies that operate in the red ceramic sector in the inner city of Bahia. He adopted the research exploratory-descriptive with procedures on secondary sources and of a field research. Through the case study conducted for firms in this sector, it was found that despite the importance of accounting management support and business continuity through the contribution in various activities, lack the managerial support is noticeable, as well as its applicability by the business, not to mention that the pricing of the products was nonexistent. It is concluded that the use of tools of Management Accounting can provided the development and continuity of the organizations surveyed.
7 ENVIRONMENTAL SUSTAINABILITY: A STUDY ON THE PORT AUTHORITY OF VALENCIA, SPAIN., ARTURO GINER FILLOL, FABRICIA SILVA ROSA, ROGERIO JOAO LUNKES, VICENTE MATEO RIPOLL FELIU, CRISTINA CRESPO SOLER
Even though with the great relevance of the ports for economical and social development of the countries, there is an issue that deserves attention of the managers and society. It is the fact that the port activities cause environmental impacts such as siltation in aquatic environs, changes in the fauna and flora, atmosphere emissions, solid waste generations and among others. In this context, the environmental information management is important as for the port managers as for society since it allows to know the impact level generated and the commitment level with the sustainability over the time. One of the ways to measure information is to verify the manager commitment levels with the environmental management. As a consequence of this understanding the present research aims to identify the environmental sustainability in Port Authority of Valencia (APV). As methodology, it is used an applied questionnaire to the top management of APV and it is held a content analyses of the Sustainability Report of APV to understand the commitment level with environmental aspects. The questionnaire application results show a great APV commitment with environmental aspects (Materials, Energy, Water, Biodiversity, Emissions, Wastewaters, Wastes, Administrative and judicial sanctions, Product and Service Impacts, Transport Impacts, Fines, Non-monetary Sanctions, Non-conformities), however, the Sustainability Report analyses shows that not all items are shown (80% is shown). It is also verified that the APV commitment is not limited to the speech or port environmental policy, but also to the items that show and evaluate the environmental aspect performances.
8 Preliminary analysis of controllership in the city of Salvador, Joo Marcelo Piti Barreto, Eduardo Fausto Barreto, Maria da Graa Piti Barreto
The Controllership has been the subject of studies and analyzes and reflections of prominent researchers of the sciences that focus on the field management of organizations such as the Administration and Accounting. It is important to note the contribution of the Controllership of public governance, the foundation of a democratic and participative management. In this context, it fits the purpose of this study, reflect on public performance of the comptroller of the city of Salvador, noting the contribution that effective governance in the municipality. The studies were developed in the Department of Finance (SEFAZ) Controllership of the municipality who is linked to. With exploratory, descriptive investigation that involved field research, analysis of documents and reports issued by SEFAZ and the Court of the City (TCM). It is the chart of SEFAZ, your budget and the opinions of TCM. The results show the importance of the Comptroller and denote the impression that the institution studied, this area is not performing their role well.
9 THE IMPACT OF ACCOUNTING CONVERGENCE IN THE DISCLOSURE OF DERIVATIVES OF BRAZILIAN COMPANIES., Franciele Peixoto, Rodrigo Fernandes Malaquias
The complexity and the risks involved in derivative financial instruments and their proper disclosure are very important to show the financial and economic situation of companies that use them. In this context, this work was carried out to analyze the overall level of disclosure that the Brazilians joint-stock companies provide in their financial reporting, more specifically, we analyzed the impact of accounting convergence in the level of disclosure. The sample involved 21 companies listed on BOVESPA, between 2005 and 2010, and analyzed their notes to financial statement because these notes included quantitative and qualitative information about the derivative operations. The disclosure was measured according to the instrument developed by Daros and Borba (2005), which has seven items. Each of these items was evaluated based on a scale ranging from grades 0, 1 and 2. The increase was noticed as considerable in the disclosure of derivatives, possibly because of changes in accounting standards in Brazil, but companies continued to fail to provide, in a complete, all information required by the instrument of data collection used.
10 THE CONTRIBUTION OF THE COST ESTIMATE PROCESS (PMBOK) FOR THE ADMINISTRATION IN THE INTEGRATED DEVELOPMENT PROJECT OF THE TERRITORY OF THE CITIZENSHIP IN ITAPIPOCA-CE, Helena Mara Oliveira Lima, Hugo Macrio Brito Pinheiro, Krcia Maria S Morais, Marcia Morais de Melo, Raimundo Aguiar de Melo
The present work aims to identify the contribution of the cost estimate process (PMBOK) for the administration in the integrated development project of the territory of the citizenship in Itapipoca CE. This research of qualitative approach is classified as an exploratory descriptive study and as for procedures the work is according to conceptions of a case study. The theoretical reference of this work consists in a conceptual approach of the cost estimate of the Project Management Body of Knowledge PMBOK that contemplates the entries, tools and techniques and finally the exits of the estimates. Then It contextualizes the integrated development project of the territory of the citizenship in Itapipoca CE, that consists in a strategy of the federal government, in order to stimulate the sustainable development through territorial public policies, where SEBRAE participates as a partner, stimulating the productive chain of familiar agriculture and the micro and small business. Finally, it shows the practice of cost estimate used in the above quoted project developed by SEBRAE, unit located in Sobral, that allows to conclude that the analogous estimate tool described in the guide PMBOK, contributes for the cost estimate process of the project, object of study in this work, developed by SEBRAE/CE, providing subsidies for the elaboration of the budget, guaranteeing enough resources for the accomplishment of all planned action.
11 CULTURAL MARKETING: VISION, PRACTICE AND GOALS OF THE BUSINESS COMMUNITY OF VALLEY OF SO FRANCISCO, Elielson Oliveira Damascena, Brigitte Renata Bezerra de Oliveira, Francisco Vicente Sales Melo
The cultural marketing is an important issue for organizational management. Thus, this study aimed to analyze the importance given to culture as a component of the communication strategy of service firms located in the valley of So Francisco, Brazil. The survey is quantitative and is characterized as a descriptive one. The results reveal that although the managers of the companies analyzed are likely to consider that cultural marketing is a means of generating positive image for the organizations and that such practices tend to influence consumers buying decisions, sponsoring cultural projects still is performed sporadically. This is because this practice is not common and managers still have difficulties to understand the difference between philanthropy and sponsorship activities. The question is how to work these and other topics related to the subject that may contribute to the organizational development, both in the economic and cultural.
12 PREVAILING INTELLIGENCES IN BRAZILIAN ACCOUNTANTS, Mrcia Athayde Matias, Gilberto de Andrade Martins
This research studied the multiple intelligences of accountants, trying to identify a profile or mainstream of intelligences among these professionals. For this, was used the theory of Howard Gardner, who argues that the concept of intelligence goes beyond the historical paradigms that This research studied the multiple intelligences of accountants, trying to identify a profile or mainstream of intelligences among these professionals. For this, was used the theory of Howard Gardner, who argues that the concept of intelligence goes beyond the historical paradigms that.
13 VALUE OF THE COMPANY AND ITS RELATION TO CAPITAL STRUCTURE, PROFITABILITY: AN EMPIRICAL STUDY OF 1000 BEST COMPANIES LISTED IN MAGAZINE EXAME., Rmulo Rosa de Lima, Thays Rosa de Lima, Idalberto Jos das Neves Jnior
An important decision that any company should take is to think how it is financed, whether their resources will be their own or from third parties. There are two schools of thought, the Classical Theory (1952) and Modigliani and Miller (1958). The classical theory is in the idea that the market value of the company is influenced by how the entity financed its resources, going against the current theory of Modigliani and Miller proposed that in an ideal world the way the company capital structure no influence on its market value. Through this contradiction, the article aims to discuss the relationship between sources of financing, results and their impact on market value in 1000 (thousand) best companies in Brazil, listed in magazine exame, july edition of 2010. This analysis was performed using multiple regression, which listed the traditional indices of profitability and rates of capital structure with the market value of the companies analyzed. As a result, there was a correlation between the dependent variables and their effected only when the sector by regression analysis. In analyzes that considered all cases of the population the hypotheses were not confirmed.
14 ANALYSIS OF THE FEASIBILITY OF EXCHANGE OF AIR CONDITIONING EQUIPMENT ALTERNATIVE FOR REDUCING OPERATING COSTS: A case study at an institution of primary and secondary education, Luiz Felipe de Arajo Pontes Giro, Joo Marcelo Alves Macdo, Vincius Gomes Martins, Augusto Cezar da Cunha e Silva Filho
The Accounting through financial statements, aims to support its users with general information about the reporting entity information. However, general information may not be useful enough for the internal user can act more competitively in a new market. The study aimed to screen the general to present the importance of accounting information in managerial decision-investment in a secondary school, analyzing the exchange of air conditioning equipment in three rooms of the institution, in order to highlight the reduction of operating costs for the entity. Thus, it was used as the main tool for case study analyzing the Net Present Value of investment in exchange for the equipment to determine the viability of the investment or not. As a secondary tool was used to calculate Payback Time showing how long the investment will be recovered. He came to the result that the exchange of equipment in two of the three cases analyzed is feasible, from an economic standpoint. The case presented should be considered not viable from the perspective of other variables such as customer satisfaction, eg, without showing objective of this study
15 THE JUST-IN-TIME EFFECTS OVER THE ORGANIZATIONS FINANCIAL PERFORMANCE , Luiz Felipe de Arajo Pontes Giro, Joo Marcelo Alves Macdo, Vincius Gomes Martins, Augusto Cezar da Cunha e Silva Filho
Many processes have been developed with the objective of reducing business costs and increasing the efficiency of these on the market, standing out the Just-in-Time because its widely publicized and known. This article aimed to identify with effects the implementation of just-in-time brings about the financial performance of companies. For this we sought along the main national and international literature which impact on performance was found in the practice of just-in-time companies. It was found that the just-in-time is positively related to corporate performance. It was also found that firm size, time of use of just-in-time and their relationships affect this system. We conclude that this research is an important support for students and researchers develop future empirical research by raising and bringing together diverse opinions about the relationship between just-in-time and the financial performance.
16 INDEPENDENT AUDIT IN THE THIRD SECTOR ORGANIZATIONS: A STUDY OF THE PERCEPTION OF ACCOUNTANTS AND NON-ACCOUNTANTS, Selma Austricliano de Souza, Csar Valentim de Oliveira Carvalho Jnior, Ktia Silene Lopes de Souza Albuquerque
This study aimed to identify the perception of accountants and non-accountants regarding the possible contributions the Independent Audit prints on reliability and transparency of financial statements of Third Sector Organizations, and see if there is a significant difference between the perceptions of these two groups. The independent audit is a technique performed by professional independent organization that verifies whether the financial statements were prepared in accordance with prevailing accounting standards and principles. It is a tool that subsidizes management techniques, project design, strategic planning and fundraising, an instrument of corporate governance. In the Third Sector organizations, a public performance of the institutions of civil society that is scoped to the public good, one realizes the need to improve the reliability and transparency in the financial statements, since obtains resources from the private sector, government and individuals to finance their activities. In seeking to answer the question of this research, the following methodological procedures have been adopted: a review of the literature relevant to the topic, the application of a questionnaire to a sample accessibility to graduate students in the areas of accounting and finance, accountants and no counters in the city of Salvador, Bahia. In data analysis, the scale "Degree of reliability independent audit" was validated according to their dimensionality, reliability and convergence. By analyzing the descriptive statistics, there was a high degree of reliability in the independent audit for the two groups. Then the univariate analysis of covariance (ANCOVA) confirmed no significant difference regarding the perceptions analyzed, thus confirming the initial analysis of the descriptive statistics. We conclude that accountants and non-accountants assign a high degree of credibility to external audit to improve the reliability and transparency of financial statements of nonprofit organizations, also checking that there is no significant difference between the perceptions of accountants and non-accountants. These findings point to the need for further investigations in other regions of the country, from the scale built and validated.
17 DESIGN OF WORK USED IN SOLIDARITY: SOLIDARITY ECONOMY CENTER EXPERIENCE OF BAHIA-CESOL., Leandro Teixeira e Silva
The purpose of this study is to investigate the concepts used in labor solidarity enterprises, being developed from the experience of the Solidarity Economy Centre of Bahia (CESOL) - a program of implementation of Economics Solidarity, which currently supports 17 projects in the state. Among these projects, we highlight four associations that operate in fairly representative CESOL, the Art of making art, the Association of Artisans of Bahia - Adaba, the Association of Culture and Art - Cultuarte and the Association of Artisans of Lauro de Freitas - AALFI. In this article, the sample was delimited search the Art of making art as a field of study. When seeking information about the developments and applied technology, realized the wealth of experience and diversity of works exhibited, sharing the same space by integrating a network of development that make and change as the exchange of experiences and philosophy of solidarity economics favor dialogue, interaction and learning between associations that are in the initial process of incubation and associations that are structurally more organized because they are more time integrating the incubation process developed by CESOL.
18 REGULARITY OF DIVIDENDS PAYMENT AND CORPORATE GOVERNANCE: A STUDY IN TRADED COMPANIES LISTED ON BM&FBOVESPA, Ramon Kael Benassi Bachmann, Sayuri Unoki de Azevedo, Ademir Clemente
The objective of this study is to examine what is the relation between the level of corporate governance and dividends payment regularity in traded companies listed on BM&FBOVESPA, over 2001 to 2010. Companies listed on stock exchange composed three samples, segregated according to (i) payment of dividends to common stockholders, (ii) preferential or (iii) total of dividends paid by the company. Coefficients of variation (CV) of the series of dividends payment from companies in the analyzed period were used as a metric to represent regularity. About the levels of corporate governance, were assigned two metrics: a simple (NG), giving 1 point per year that the company was framed at some level, which considers them in accordance with the time of framing; and another balanced (NGP), giving a point per year framed at Level 1 (N1), 2 points per year at Level 2 (N2) and 3 points per year in the New Market (NM), which considers the time of framing in the governance and the kind of level. In the analysis was used Pearson correlations to examine what is the type of relation between CV and NG and between NG and NGP, both for the three samples. The results indicate that the time of framing in some level of governance, except the traditional one, seem to be inversely related to the regularity of dividends payment, reaffirming possible income managements (income smoothing) in not framed companies or in companies that have been framed recently. It was also found that the kind of corporate governance level is related only with the regularity of dividends payment to preferential stockholders.
19 THE SMART MONEY EFFECT ON THE MULTIMARKET FUNDS SEGMENT, Smia Carneiro Fonseca, Rodrigo Fernandes Malaquias
The aim of this paper was to investigate the occurrence of the Smart Money Effect on the Brazilian hedge funds segment. It was operationalized through the comparison between the average return of funds and their net flow. For this purpose, we performed a descriptive analysis with quantitative approach, using the statistical method Student's t test, based on a sample of 20 hedge funds in the period from May 2009 to July 2011. The results showed the occurrence of the Smart Money Effect, as the average performance was higher in funds with higher net inflows. We assumed, therefore, evidences of selection skills of funds from investors; in other words, on average, investors were able to identify funds that had the best return in the next period
20 GLOBAL REPORTING INITIATIVE (GRI) - AN EXPLORATORY STUDY OF THE PRACTICE OF DISCLOSURE IN CORPORATE SUSTAINABILITY IN LATIN AMERICA , Srgio Henrique Conceio, Gilson Barbosa Dourado, Simone Freire Silva
This paper proposes an exploratory study on the practice of disclosure on corporate sustainability (CS) in companies from Brazil and other Latin American countries, taking as parameter the corporate sustainability report called Global Reporting Initiative (GRI). From the theoretical assumptions of the theory of voluntary disclosure and the theory of legitimacy, establishing reflections about their adherence to the communication process of companies in corporate sustainability. The study of the historical series from 1999 to 2010 identifies as Brazilian companies account for over 50% of corporate sustainability reports and Latin America as an area in which it consolidates the use of the GRI reporting in the world. Indicates assumptions in the development of new research that contributes to the development of methodologies of analysis, evaluation and interpretation of corporate sustainability performance of companies and to study the phenomena of disclosure, contributing to the strengthening of the variables of performance in corporate sustainability in the context stakeholder decision making.
21 BRAZILIAN FEDERAL COSTS SYSTEM: a comparative analysis considering the IFACs recommendations., Janilson Antonio da Silva Suzart
Understanding how the societys resources are used for the Public Administration is very important in a democratic environment. Both society and public managers seek to analyze the cost-effectiveness of governmental actions. To ensure that public managers sought the best possible alternatives and not acted counter to the collective yearning, people need tools to monitor and evaluate government activities. In turn, public managers also need tools that help them make decisions that meet social demands and are among the best alternatives. Among other areas involved with this issue is the Cost Accounting. Its instruments and techniques can assist managers and society to evaluate the state performance. Due to the recent implementation of the Brazilian federal cost system, this research sought to comparatively analyze the main features of this system, having as parameters the recommendations made by IFAC (International Federation of Accountants). With this aim, we used a qualitative approach, an exploratory study being conducted with the use of the technique of comparative analysis. It was identified that, despite being in the initial phase, the Brazilian system follows many of the recommendations proposed by IFAC. However, the alignment of financial accounting information to international standards, the need for greater integration between the management systems and government allocation of direct costs are only relevant points that need to be improved in order to improve the quality of information produced by this system.
22 THE SCIENTIFIC REVOLUTIONS BY THOMAS KUHN AND ORGANIZATIONAL THEORIES: A Theoretical and Empirical Study in the Light of Contemporary Management , Francisco Vicente Sales Melo, Elielson Oliveira Damascena
The organizational studies and management practices have been going through constant revolutions. Thus, this article examines how the major theories of organizations have evolved from the perspective of scientific revolutions Kuhn (1962). To this end, it was the use of mixed method research. The first analysis indicated that organizational theories evolve in a non-cumulative, appropriating revolutions in other areas of knowledge such as sociology, psychology, biology, building, therefore its paradigm. Because there are several views about organizational phenomena, without a clear adoption of one paradigm by scientists and managers, it is concluded that organizational theories may be pre-paradigmatic phase, as shown Khn.
23 PUBLIC PROPERTY: ANALYSES OF ACCOUNTING RECORDS OF COMMON USE PROPERTY, Fbia Jaiany Viana de Souza, Maurcio Corra da Silva
Public property is defined by the Brazilian Civil Code as the property of national domain belonging to the legal persons ruled by the internal public law and all others are private, regardless of the person to which they belong. The same provision classifies public property as follows: common use property (rivers, seas, roads, streets and squares); special use property (buildings or lots of land used by the federal, state or municipal administration, including the ones belonging to their original authorities) and the state property (property with no specific purpose). This study has as objective to analyze the accounting records of common use property determined by NBC T 16.10, with a view of suggesting changes in legislation. The methodology used was exploratory, bibliographical and qualitative research. Results revealed that the record determined by NBC T 16.10 does not reflect the financial situation of public entities and therefore, suggestions of other types of record for changes in legislation were done (to account as offset asset and liability and/or as specific items of Asset and Liability), which will highlight public entities' patrimonial and financial situation. One must also note the suggestion of including the concepts of special use property and state property in the review of the foregoing legislation.
24 BRAZILIAN BUSINESS REVIEW: An study from the perspective bibliometrics and social network for 2004 to 2011 , Henrique Csar Melo Ribeiro
This paper investigated the scientific journal of the Brazilian Business Review, from 2004 to 2011. The study is based on bibliometric and social network, using descriptive statistics, in 129 articles published. The main results were: predominance of papers in partnership; the authors Valcemiro Nossa, Ariovaldo dos Santos e Otvio Ribeiro de Medeiros are the most prolific; Lopes, A. B. and Porter, M. E. were the most cited researchers; the University of So Paulo was the IES had published more papers. There was a central network both in coauthorship but also in IES. And the themes most prevalent in eight years of study were: Finance, Capital Markets, Marketing, Organization and Business and Accounting and Auditing. It is so macro, even being a new journal at the academia, the Brazilian Business Review, through its collection, now portrays the world of scientific production. This shows the maturity and importance of this journal, serving as fomenter and disseminator of knowledge and the flow of scientific information in the academic literature nationally, but specifically in the reas of administration, accounting and economics.
25 COMPARATIVE ENADE 2006 PERFORMANCE ANALYSIS OF THE UNDERGRADUATE ACCOUNTING DEGREE PROGRAM OF THE FEDERAL UNIVERSITY OF CEAR, Ana Gabriela Paiva Rocha, Hugo Santana de Figueirdo Junior, Denise Maria Moreira Chagas Correa
Brazilian higher degree institutions have been experiencing a continuous process of external assessment in recent years, which has put pressure on them to identify opportunities for improvement. This research aims at comparing the undergraduate accounting degree program offered by the Federal University of Cear (UFC) with similar programs in Brazil using their performance in the 2006 National Assessment of Students Performance (ENADE) and extracting recommendations for upgrade of UFCs and other higher education programs. A descriptive and exploratory research was conducted, based on quantitative and qualitative analysis of data from the reports of the National Institute of Teaching and Educational Research (INEP). Results revealed that UFCs accounting program was among the top 6 in ENADE 2006, mainly due to the performance of its senior students. Besides, a more refined comparison with the top programs showed that senior UFC students had high reading and text interpretation abilities, and good specific knowledge of accounting operating skills like preparation of accounting reports and application of tax legislation. The study also identified the need for UFC improvements in general formation skills like table data analysis, and in accounting specific, more analytic and managerial skills, like cost analysis, accounting theory and information systems. Those results should be discussed within UFCs undergraduate accounting program for it to remain among the top programs in Brazil. In addition, the methodology used in this study reveals detailed opportunities for action and could be applied by other programs assessed by ENADE.
26 ANALYSIS OF THE MANAGEMENT PROCESS FOR RECOVERY: a proposal flowchart and layout for an educational institution, Graciela Dias Coelho Jones, Vanessa Ramos Silva, Kellen Silva Freitas
Delinquency in educational institutions has increased each year. The implementation and enforcement of a charging policy can help reduce the amount of accounts receivable. So the question that guided this study was: How is managing the collection process in a private school and what the critical points made by this process? This study aims to analyze the management of the billing process of a private school located in a large city of Minas Gerais State. Additionally, it proposes a new flowchart for the process of charging and changes to the layout of the financial institution. The methodology used for the development of the work was the Case Study. As a result it was found that managing the process of collecting the institution has some shortcomings, discussed during the presentation of the case study. With the proposed new flowchart for the process of recovery and changes in the layout of the finance department, expected great benefits for the development of activities and also to the results of operations and may be highlighted, among others: optimization of recovery, reducing the cost of wages, guaranteed lower rates of delinquency, improving the quality of activities and better distribution of physical space. We stress the importance of process mapping through the use of flowcharts for process management. Through the flowchart, the observation and analysis of critical points become more dynamic and gain speed, helping the continuous process control and process evaluation study. As for the physical space has to consider that a good layout contributes to the efficiency of operations of organizations, facilitating movement, communication and control of the activities performed by employees by managers.
27 VALUATION OF OPEN SOURCE SOFTWARE: HOW DO YOU PUT A VALUE ON FREE?, Jesus Garca-Garca, Mara Isabel Alonso de Magdaleno
The aim of this study is to assess the financial reporting framework applied to open source software. Open sourcing software developments means sharing technology and resources with communities worldwide to help eliminate the digital divide, create economic opportunity, and support equal access to technology. Therefore, a methodological approach is needed to assess properly the performance and the value generation potential and to put such measure into organizational reports. International financial reporting framework is checked over conditions to allow value recognition of open sourced assets. Linux kernel development value is estimated to reflect worth of open source developments despite absence of book value due to inexistence of a single cost source. Several attempts to estimate a valuation of open source software have been performed previously. However, this study is the first to judge suitability of accounting framework to report on this value. The main finding is that open sourced assets do not fully accomplish conditions to be included in financial reports. We seek to stimulate academic and professional debate about the pursuit of valuation of a large and efficient ecosystem of software innovation, freely available to society.
28 THE PERCEPTION OF HIGH SCHOOL STUDENTS ABOUT THE ACCOUNTING COURSE AND THE ACCOUNTANTS ACTIVITIES, Claudio de Souza Miranda, Raissa Alvares de Matos Miranda, Adriana Maria Procpio Arajo
The main objective of this study is to analyze the perception of high school students about the accountant and his profession and the subjects studied by accountants at the university. Although the number of Accounting courses has expanded all over Brazil, most of the people don't know what exactly an Accountant does. Many are the myths and stereotypes made by people about this profession. International studies as Vaivio e Kokko, 2006 and Schlee et al, 2007 point to a low perception about the profession "Accountant" mostly the high school students. To evaluate the perception of these students about these aspects, a survey was built and posted on a website that was widely released. The research strategy used was the survey and the number of good responses obtained was 1.046. The research assessed the perception of the students in relation to the subjects studied in the accounting courses, professional activities, labor market, ethics at the activities and the value given to the professionals. The results obtained demonstrate that in some situations related to the profession are ignored. Many myths and stereotypes pointed in the international studies were found in this sample.
29 EFFICIENT MARKET HYPOTHESIS: EVENT STUDY AFTER THE REDUCTION ON INDUSTRIALIZED PRODUCTS TAX , Fernanda Sousa Gabriel, Rafael Borges Ribeiro, Krem Cristina de Sousa Ribeiro
A Hiptese de Eficincia do Mercado (HME) desenvolvida por Fama (1970, 1991) afirma em sua forma semiforte que os preos ajustam-se instantaneamente a qualquer informao relevante divulgada publicamente, restringindo as oportunidades de obteno de retornos anormais de maneira contnua. O objetivo deste estudo verificar qual o comportamento dos preos de aes de companhias que pertencem aos segmentos da linha branca (eletrodomsticos), mveis, papel e celulose, nos dias prximos ao comunicado do governo sobre a reduo do Imposto sobre Produtos Industrializados (IPI), ocorrido no dia 26 de maro de 2012, visando identificar se o mercado de capitais apresentou a eficincia informacional na forma semiforte. Utilizou-se a metodologia de estudo de evento, a qual avalia retornos anormais dos ativos em relao ao mercado. A coleta de dados deu-se por meio das sries histricas disponibilizadas no site da BM&FBovespa (Bolsa de Valores, Mercadorias e Futuros). A anlise do retorno anormal na janela de evento (5 dias antes e aps o anncio sobre a reduo do IPI) mostrou retornos anormais significativos nos dias t-1 e t-2 a t+3. Os resultados mostraram que o mercado de capitais brasileiro no apresentou comportamento condizente com a HME, especificamente na forma de eficincia semiforte.
30 VALUATION OF GOODWILL INTERNALLY GENERATED THROUGH MARKET VALUE: A STUDY ON THE BASIS OF FINANCIAL STATEMENTS OF A TECHNOLOGY COMPANY, Carlos Augusto Pacheco Pereira, Eliene Aparecida de Moraes, Jonatas Dutra Sallaberry
The financial statements often do not reflect the market value of firms, and the difference between the book value and market value is largely justified by the existence of unrecognized intangible assets. In the accounting literature there are several methods for valuation of internally generated intangible assets, such as Lawrence R. Dicksee, Hatfield, New York, Current Value of Superprofits, Replacement Cost or Current Cost, Economic Value, Value Realization, Excess Value on Economic Value Chain Model and Residual Valuation of Intangible Assets, each with advantages and disadvantages in their use. Through a literature review, this study identified among the methods of measurement of internally generated goodwill, which is effectively (or near) the value that the market is willing to pay for the assets of the entity, whereas this difference arises from expectations higher earnings based on equity and surplus to aggregate entity. In the research we used data obtained from the financial statements for the years 2009, 2010 and 2011 for a technology company. From the values obtained for the operationalization of the methods, it was concluded that the method that most closely approximates the market value is the method Hatfield, where the market value is approximately six times the book value of the company.
31 EFFICIENCY IN RESOURCE ALLOCATION FOR PUBLIC ASSISTANCE IN THE BRAZILIAN HOSPITAL , Fabia Jaiany Viana de Souza, Clio da Costa Barros
Public policies are formulated in order to promote actions aimed at social welfare and improving the quality of life. Health is the full enjoyment of bodily functions, mental and physical of a human being. Care for, preserve and lengthen the longevity of life is the important task of health function. This research aims at analyzing the efficiency of public spending on hospital care in the Brazilian states in the years 2009 and 2010. We used descriptive research, literature, quantitative and qualitative. Data collection was performed at the sites of the National Treasury, FINBRA, DATASUS and System FIRJAN. The results revealed that among the 23 states surveyed 6 of them (Acre, Amap, Paran, Roraima, Tocantins and So Paulo) were efficient by observing their scores in 2009, and in 2010, the efficiency was seen in 7 states (Acre , Amap, Minas Gerais, Paran, Roraima, Tocantins and So Paulo).
32 THE METHODOLOGICAL PROFILE OF SCIENTIFIC PRODUCTION IN PUBLIC BUDGETING: AN ANALYSIS OF THE BRAZILIAN SCENARIO IN THE FIRST DECADE OF THE XXI CENTURY , Maurcio Vasconcellos Leo Lyrio, Elose Helena Livramento Dellagnelo, Rogrio Joo Lunkes
The present study is located in the field of public administration and aims to discuss the methodological profile of studies on public budgeting carried out in Brazil in the first decade of the XXI century. As regards methodology, a survey was done on the basis of the SCIELO database, from a quantitative perspective; as regards the approach to the problem under investigation, the study is of a descriptive nature. I became evident from some of the results obtained that the research on the topic of public administration is carried out mainly in the context of the public sector, being unassociated with particular sector of activity. A quantitative approach was found to be privileged, econometry being the main research method.
33 THE IMPACT OF STAFF TURNOVER AND ABSENTEEISM ON THE PRODUCT COST: A STUDY IN A GACHA INDUSTRY , Mauricio Farias Cardoso, Janice de Freitas Cardoso, Simone Rodrigues dos Santos
The aim of this study was to analyze the impact of staff turnover and absenteeism on the product cost in a Gacha industry (from the southern part of Brazil). Therefore, a case study was performed, which involved the participation of a multinational corporation with manufacturing facility in the state of Rio Grande do Sul. The data was collected during the year of 2011 through semi-structured interviews with the human resources responsible and also with controller supervisor of the company. Besides the interviews, accounting documents, cost management and human resources reports were also analyzed. The study was limited to analyzing the product with the highest turnover and the sector with the highest turnover and absenteeism in the company. In this study we could demonstrate that the turnover and the absenteeism presented by the sector had a significant impact on the cost of the product analyzed, decreasing the results provided by the sale of this product in the periods in which the cost had higher elevation.
34 PERSONAL FINANCE TEACHER EDUCATION NETWORK OF MUNICIPAL OF CAMPO FORMOSO-BA: A study in Jose de Anchieta School. , Romilson Moreira, Henrique Levi Freitas Sena de Carvalho
Facing a destabilized economy and high inflation Brazilians acquired immediacy and consumerist habits. The result of a rapid currency appreciation in the period before the real plan, increasingly, people are committing significant parts of their resources and acquired credit, constituting a scenario of debt and default. This work presents the profile of the personal finance teachers of municipal schools of Campo Formoso, Bahia, starting with the following assumptions: teachers not practice financial education; credits used indiscriminately, without control and are in a significant degree of indebtedness . To obtain data for the study, a questionnaire applied to teachers from Jos de Anchieta School. The survey results indicate a growing indebtedness and lack of personal finance teachers surveyed. The construction of educational policies encourage financial education and consumer awareness.
35 BOARD OF DIRECTORS CHARACTERISTICS AND CORPORATE SOCIAL RESPONSIBILITY DISCLOUSURE STUDY WITH PORTUGUESE LISTED COMPANIES., Maria de Ftima Matos, Cristina Gonalves Gis
The Corporate Social Responsibility (CSR) concept has been growing up with a considered number of companies. This trend has been realized by the entities through the adoption of measures that take an active role in the economic, social and environmental fields. This study aims to investigate the relationship between the characteristics of the board of directors and the disclosure level of information about the CSR by companies with listed securities on the Lisbon Stock Exchange. It was used a variable level of CSR disclosure practices and as explanatory variables the main characteristics associated to corporate governance. The empirical results show that the proportion of non-executive directors on the board of directors is the feature that most influences the level of CSR disclosure practices. The features related to the independence of directors or the duality power on the board has not confirmed the initial predictions as influencing the level of CSR disclosure. In general, the empirical evidence found suggests that the board of directors characteristics have a relatively weak influence on the level of CSR disclosure.
36 LIQUIDITY PREFERENCE OF BANKS IN BRAZIL: AN EMPIRICAL INVESTIGATION WITH DYNAMIC PANEL DATA. , Fernando da Silva Vinhado, Vincius Cintra Belm
In the exercise of the activities of financial broker, the banks apply the funds raised in financial assets, that can be more or less liquid, with consequent impact on profitability, causing, according to the Theory of Liquidity Preference, a trade-off between liquidity and profitability. From this perspective, the aim of this article is to help understand the behavior of banks in Brazil about the choices and the creating assets portfolios, through empirical investigation using dynamic estimation with the GMM-SYS estimator, using a panel data with 104 banks that worked in Brazil between 2000 and 2011. The results of this study contribute to the better understanding of behaviors and associated elements to assets allocation choices of financial institutions in Brazil, since identify, in addition to the persistence of asset positions of banks, the relationship between private juridical personality and foreign nationality banks with the highest degree of preference for liquidity, as well as evidence of more conservative behavior in the creation of assets portfolios by part of smaller and less capitalized institutions. The macroeconomics variables, GDP and Interest, were also influential on the configuration of the applications of banks in Brazil.
37 AN ANALYSIS OF LRF INDICES OF SO PAULO MUNICIPALITIES AFTER THE PROJECT AUDESP IMPLEMENTATION., Ricardo Rocha Azevedo
This study aims to examine the compliance with the Fiscal Responsibility Law principles (LRF) by the municipalities of the State of So Paulo, comparing the period before and after the entry into force of the AUDESP project. The LRF, which in 2012 completed 12 years of existence continues strong in this purpose of curbing the abuses of management that once permeated our country. The study examines some indicators of compliance of LRF in the municipalities of the State of So Paulo, making a comparison of fiscal indicators between the pre-AUDESP (2004-2007) with the post-AUDESP (2008-2011). The comparison was performed by analysis of the mean percentage of municipalities that met the fiscal limits during the two periods. From data collected by the Court of the State of So Paulo, it was found that after the onset of computerization of external control with the AUDESP project, there was an improvement in most fiscal indicators, and the hypothesis adopted in this article is that improvement occurred, among other indirect factors, due to the computerization of the collection and analysis of data by the external control, which took effect in 2008. The study seeks to contribute to analyzing the premise that the computerization of external control brings an improvement to the fiscal indicators. While we observed an improvement in fiscal indicators, it was found that some management decisions were not affected by the computerized control, such as the increase in the number of servers in the public occurred during this period.
38 DECISION MAKING AND PROSPECTS IN THEORY OF ENVIRONMENTAL ACCOUNTING: AN ANALYSIS WITH FOCUS ON FRAMING EFFECT , Patrycia Scavello Barreto, Marcelo lvaro da Silva Macedo, Francisco Jose dos Santos Alves
About the recent establishment in Brazil of international accounting standards - IFRS, which have the basic philosophy of the prevalence of substance over form, has become more necessary for accounting professionals to exercise judgment. Thus, in way to understand how accounting professionals are analyzing and producing information, this study aims to show how the Prospect Theory, also specifically the Framing Effect, can affect the process of analysis and production of information accounting. To this end, we applied a structured questionnaire and did not disguise the professionals in accounting, in order to verify how the effect could shape Framing a decision within the accounting environment. The questionnaire was divided into two types (I and II), due to the need to test the same question in the fields of gains and losses. In analyzing the results of the questionnaires used the frequency analysis of alternatives for each question and applied tests of difference between proportions. Among the results, we could identify the presence of Framing Effect, since by manipulating the way information is transmitted, it was found that, in general, respondents had a favorable attitude to certain gain, or more likely when they were in the field of gains, but losses in the field, had a propensity to risk choosing the riskiest. It should be noted that the major contribution of this study is in the accounting profession aware that their judgments are liabilities of deviations, due to the effects of the Theory of Bounded Rationality.
39 COMPETENCIES OF LITERACY OF FRESHMAN OF DEGREES IN ACCOUNTING SCIENCE: a descriptive study at a Higher Education Institution of the So Francisco Valley., Joo Carlos Hiplito Bernardes do Nascimento, Valcemiro Nossa, Juliana Reis Bernardes, Wellington Dantas de Sousa
The present case study, of character predominantly quantitative, was conducted in a Higher Education Institution (HEI) of the So Francisco Valley comprising 42 freshman of graduation in Accounting Science in order to investigate whether this freshmen exhibit full competence of functional literacy. Studies that measure latent abilities, as is the case of functional literacy, have stated an considerable development in recent years, bringing the Item Response Theory (IRT) as the main technique multivariate for understanding of results. Thus, by means of a questionnaire consisting of 15 questions derived from the National Assessment of Adult Literacy - NAAL, sought to make a comparative analysis of student performance using the Classical Test Theory (CTT) and Item Response Theory (IRT). The results obtained through the use of TCT were corroborated by TRI, indicating that, in fact, part of students entering courses in Accounting Sciences of IES exhibit weaknesses relevant in the literacy skills. Given the current level of sophistication of IFRS and especially subjectivity (judgment of substance over the form) arising out of this new model, we can conclude that this weakness in the basic skill of literacy is incompatible with the existing demand from the market for Professional Accounting. Although the results obtained do not allow generalizations, these show up in the relevant time that allow reflection on the literacy skills of students who are coming to the gym.
40 PRODUCTIVE LOCAL ARRANGEMENT (APL) AS A STRATEGY TO ENHANCE THE BORDERS MERCADOLGICAS BEEKEER PERIMETER OF IRRIGATION SENATOR NILO COELHO IN PETROLINA-PE, Kleber Avila Ribeiro, Deise Cristiane Nascimento, Nildo Ferreira Cassunde Junior, Jssica Arielle Queiroz Morato
This work aims to address the APL as a development strategy for the beekeeper, beekeepers study by the perimeter of the Nilo Coelho irrigation in the Core 7 in the city of Petrolina / PE in order to get to know the present situation and its potential. The beekeeper realize APL as an alternative of allowing its activity to become even more competitive against the other, potential leveraging opportunities in the boundaries of this particular segment of the economy. Regarding methodological aspects, we used the secondary data collection through literature and field research with a structured questionnaire conducted during the period September-October 2012, 33 members were interviewed. Results of the research show that APL can provide in a very useful tool to combat inequalities and territorial alternatives to enhance the local economy is strengthened from the point of view of the joints between links of your chain
41 ABNORMAL GAINS AMONG HISTORICAL SERIES OF TRADE SCRIPS ON CORPORATIVE BUSINESS PRACTICES AT BRAZIL. , Carlos Alberto Orge Pinheiro
This research has the objective of characterize the historical series as correlated in a high scope in base of the power law, non- correlated and anti- correlated with corporative business practices trades, in comparison with others without this practice, using the application method Detrended Fluctuation Analysis - DFA to the historical scrip series belonging to the Stock Exchange Index of So Paulo (IBOVESPA) and the Differentiated Corporate Governance Index - IGC of Stock Exchange, Commodities and Futures - BMF&BOVESPA in the period between January 2nd, 2007 to December 31, 2012. The comparison between both groups indicates that the one formed by trade scrips with business corporative practices is preferable for the trade managers who aim abnormal not normaly, once they present a bigger percent of correlated actions in a high scope, basing on the power law with positive asymmetry, or anti correlated with negative asymmetry. In both groups, it was not possible to identify actions with non correlated historical series, responsible to the randomizing outing that characterizes the efficient market.
42 THE CLARITY OF NARRATIVE INFORMATION IN SPANISH LISTED FIRMS , scar Surez Fernndez
Understandability is a fundamental feature so that the information of narrative character is communicated effectively and thus it is useful to the users. The absence of this quality in the information can be derived from, in the preparation of the message, the bad news are darkened of deliberate way. The aim of this paper is to analyze the use of clarity, understandability surrogate, as a way of altering the neutrality of the Spanish listed companies director`s report. In order to do this, we have conducted a descriptive and multivariate analysis of 316 reports, using both manual and computerized methods to develop our dependent variables. The results of this study show that the directors report can be made more readable and comprehensible to users, and point to the possibility that companies use obfuscation and manipulation technique narrative information.
43 MICROFINANCE - FINANCIAL SUSTAINABILITY VS. SOCIAL REACH IN SUB-SAHARAN FRICA , Nuno Miguel Teixeira, Elves Rodrigues
This paper aims to analyze the financial sustentability versus social impact of microfinance institutions in sub-Saharan Africa region. The sample consisted of 246 microfinance institutions present in this region that have their results published in the database of the organization MIX (Microfinance Information Exchange) in 2009, which is the most complete source of information of the sector. For the study, we considered various social and financial indicators that are a reference for specialized entities in evaluating the performance of microfinance institutions (as in the case of MIX and Planet Rating) and are typically used in similar research. In accordance with the results obtained institutions with lower amounts of loans to GDP per capita of the respective country in which they perform the activity can have a far social reaching, because they concede smaller borrows, whose target are customers with less income and cover a greater number of women in their financial operations. It was evident, too, the existence of trade-off between social impact and financial performance, in other words, the institutions that had the poor as its target, showed economic and financial indicators less positive. Generally, it was found that institutions with greater focus on the poorest obtained lower profitabilitys, although offered higher interest rates and had better efficiency indicators in the activity. Regarding financial structure, it was found that these institutions do not have much capacity to attract deposits and present a higher financial autonomy against other, possibly because access to more donations or grants, once the average results generated in the activity are negative and by itself does not guarantee financial sustainability. Finally, we studied the constraints of the financial performance of microfinance institutions in sub-Saharan Africa region and it was found that it is mainly the size and efficiency that affect the profitability of the activity
44 FINANCIAL LITERACY AND SAVING RATES IN BRAZIL , Cristiano Machado Costa, Clber Jos Miranda
This paper investigates whether financial education influences the savings rate chosen by individuals. We used a primary database with 345 individuals who answered online questions about their personal characteristics (sex, color, age, income and education) and also questions measuring their level of financial knowledge. Using ordinary least squares, we aimed to verify whether individuals with higher financial education save more, once controlling for other individual characteristics. The results of the linear regressions show that while the level of education (measured in years of schooling) does not influence the rate of savings, the level of financial education influences directly the decision of how much to save individuals.
45 APPLICABILITY OF THE PROFIT PER EMPLOYEE AS A MEASURE OF BUSINESS PERFORMANCE , Francisca Soraia Ferreira Leite, Hugo Santana de Figueirdo Junior, Vicente Lima Crisstomo
With the changes in the business environment, intangible assets, potentially generated by the intellectual capital, have become more relevant. This study aimed to analyze and test the applicability of an alternative business performance metric: profit per employee (PE). An exploratory research was conducted through case studies of three companies listed in BM&FBOVESPA in the period 2006-2009. From the firms financial reports, firms' performance were measured using ROA, ROE, and the PE. Share prices were used as proxy for value creation. An empirical study showed that the correlation between PE and share prices was higher and more significant than the correlation with traditional metrics for the firm most intensive in intellectual capital. For the other firms, traditional metrics presented higher correlation. Hence, the PE seems to be relevant for companies intensive on intellectual capital. This finding highlights that this business performance metric, which includes the effect of the intellectual workforce, is an important contribution to the literature on intangibles.
46 CITY ADMINISTRATION TRANSPARENCY INDEX: A STUDY OF THE MOST POPULOUS CITIES IN RIO GRANDE DO NORTE STATE, Fabia Jaiany Viana de Souza, Clio da Costa Barros, Fabio Resende de Araujo, Maurcio Correa da Silva
The general purpose of this study is to analyse the transparency in the most populous cities in Rio Grande do Norte state by means of a methodology proposed by Biderman e Puttomatti (2011).In order to achieve this objective, Rio Grande do Norte cities with a population of at least 50,000 in habitantes were selected. This resulted in a sample of eight cities (Natal, Mossor, Parnamirim, So Gonalo do Amarante, Macaba, Cear-Mirim, Caic e Au).The methodology employed to establish a rank of the cities transparencies, by means of analysis of their websites, included variables such as budget execution, budget classification, contracts, historical series, optional download, ease of navigation, which are divided in three parameters: contents, historical series, update and usability. According to the results, among the eight cities analysed, Natal had the best transparency index, with a 79% score, followed by Parnamirim (72%) and Caic (67%). Furthermore, a comparison of the performance of the cities in the three parameters analysed showed that the cities had higher scores on items related to historical series and update. The conclusion is that the city administrations subject to the survey still need to improve their information transparency levels so that citizens may have a better experience with the contents provided in the official websites and that the population may bring into effect the social control of the public management practices in a more effective way
47 NEED OF INTERNATIONAL ACCOUNTING STANDARDS FOR ISLAMIC FINANCE PRODUCTS: DIFFERENCES BETWEEN THE CONCEPTUAL FRAMEWORK FROM THE IASB AND FROM THE AAOIFI , Ahmed Sameer El Khatib, Samir Sayed
This paper presents the differences between the accounting conceptual structures of two institutions: the International Accounting Standards Board (IASB) and the Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI). In Accounting Theory, the conceptual frameworks adopted are the closest manifestation of theory to practice, due to the definition of goals and great concepts. Through qualitative approach sought by means of literature and documents a comparison both in terms of structure and semantics of the terms of their conceptual documents in order to verify the differences between these and if it is necessary a specific standard for finance products Islamic by the IASB. Being Islamic transactions different from their conventional and western counterparts, this article concludes that the IASB should issue specific standards for Islamic finance products, given the observance of relevant differences between documents, especially the objectives of financial statements, users of accounting information and the concept of legal form and economic substance of the transactions.
48 PERCEPTION AND BEHAVIOR OF FINANCIAL RISK: INFLUENCE ANALYSIS OF THE OCCUPATION AND SOCIO-DEMOGRAPHIC VARIABLES, Kelmara Mendes Vieira, Silvia Amlia Mendona Flores, Ani Caroline Potrich, Jssica Pulino Campara, Ana Luiza Paraboni
The aim of this study is to investigate the perception and risk behavior, performing a comparison between civil servants and individuals who have other occupations, as well as to analyze the influence of sociodemographic variables in the perception and behavior of financial risk. Among the variables it is highlights the occupation, in which is hypothesized that the perception and behavior of financial risk are different for civil servants and individuals working in other occupations. Data were collected at random in the town of Santa Maria - RS, in a survey research of 1,292 individuals. The main results indicate a high risk perception and risk conservative behavior in the investigated sample. It is emphasized that it was not possible to identify differences in perception or risk behavior among civil servants and other professions. The linear regression confirms this result, because only the aspects of age and income had an impact on risk perception, and that is a positive relationship. In the risk behavior factor only the variables of age, education and marital status were significant, all with negative influence.
49 CORPORATE GOVERNANCE PRACTICES OF THE BOARDS OF THE COMPANIES LISTED ON THE NEW MARKET OF THE BM&FBOVESPA, Fernando Saulo Pinheiro do Nascimento, Andr Aroldo Freitas de Moura, Mrcia Martins Mendes De Luca, Alessandra Carvalho de Vasconcelos
Considering the relevance of the board as an agent of corporate governance, the research aims at investigating the practices of boards disclosed by companies listed on New Market of the BM&FBovespa, according to the recommendations of the Code of IBGC. The research brings together 109 companies from the New Market, in October 2010, and is based on information obtained from reports and other sources provided by companies. The instrument, developed from the recommendations of IBGC, has 10 categories of study, divided into 56 subcategories. The study also relates the governance practices with the time of adherence to New Market and analyzes them by sector. Content analysis and correspondence analysis were used to analyze qualitative and quantitative data. It was found that companies do not have a high level of disclosure of governance practices of the board and that most reached level 'average' in relation to recommending IBGC. There was no association between time spent in New Market and disclosure of governance practices of the respective boards. The analysis of average score of disclosure practices of the board by sector showed uniformity among them.
50 ORGANIZATIONAL LIFE CYCLE AND MANAGEMENT CONTROL: AN ANALYSIS OF ARTICLES IN INTERNATIONAL JOURNAL OF ACCOUNTING, Paulo Roberto da Cunha, Roberto Carlos Klann, Carlos Eduardo Facin Lavarda
The aim of this study is to analyze the papers on the approach of the organizational life cycle at the international level, raising the main issues associated with management controls. In a survey of 67 journals came to an initial sample of 39 articles. After reading the abstracts to identify articles relating to organizational life cycle management controls, the sample was seven articles. The international journal of accounting that most published articles related to organizational life cycle was the Management Accounting Research. The recent publications are two articles in 2005 and three articles in 2008. It is noteworthy that in articles published in 2008, all were authored or co-authored by Hanna Silvola. The small number of studies found that allows the subject may be the subject of further research, contributing organizations, managers and other stakeholders to better understand how these controls are used and change with the evolution of the company
51 VOLATILITY OF STOCK INDEX MID-LARGE CAP AND SMALL CAP: AN INVESTIGATION FROM ARIMA/GARCH MODELS, Anderson Luiz Rezende Ml, Israel Jos dos Santos Felipe, Franklin Medeiros Galvo Jnior
The aim of this study is to investigate the existence of persistence and asymmetry in the volatility structure of indexes returns of Mid-Large Cap and Small Cap through models of time series of symmetric and asymmetric GARCH class with Gaussian probability distribution, Student's t and GED distributions. The underlying purpose of the study is that the disclosure of the structure of propagating the volatility of returns of these two theoretical portfolios can provide important elements for proper construction of optimal hedging strategies and risk management. As main results, there is evidence of greater persistence and asymmetry in volatility Small Cap Series The quality criteria used in setting indicated, for both series, one TARCH model with Student's t distribution. The empirical results suggest that the implementation of policies that encourage the use of hedging instruments for equity portfolios should incorporate pronounced persistence of shocks in the volatility. Still, models with t-student distribution obtained better adjustments for the series. The data used represent daily rates between the years 2005 and 2011.
52 IMPACT OF MACROECONOMIC FACTORS IN THE ISSUE OF SHARES IN THE EXCHANGE, Jailson da Conceio Teixeira de Oliveira, Bruno Ferreira Frascaroli
This study intended to analyze which are the relations between the emission of public offers of shares and the following variables: interest rate, industrial production, inflation rate, and the return of assets of the brazilian capital market. The series that analyzed in this paper were obtained from IPEA and BM&FBOVESPA, in a monthly frequency, from january 1998 to january 2012. Given the fact that the all the variables were found stationary it was adopted the Vector Autorregression model. It was recurred to the techniques of Variance Decomposition and Impulse Response Functions to verify the significance of shocks on these variables on the emission of pubic offer of shares and it was found that most of the deviations caused on the variance are explained by variations on this variable itself, with a participation higher then 90%, along ten months. After it, there are the variables Selic and IPCA. In Parallel it was applied the Granger Causality test, that indicated that all variables affect the emission of public offers, except Ibovespa.
53 ADHESION OR MIGRATION TO DIFFERENTIATED LEVELS OF CORPORATE GOVERNANCE AND SHAREHOLDING EVALUATION , Ricardo Adriano Antonelli, Marcelo Chaves Jesus, Ademir Clemente, Ana Paula Mussi Szabo Cherobim, Luciano Marcio Scherer
This study aims to determine the window of event which best explains the relationship between the adhesion or migration to the Differentiated Levels of Corporative Governance ( DLCG) of the BM&FBovespa and the valuation of company stocks. For that, the event study method was adopted, with the adoption of and the Statistical Model of Market was chosen adopted to determine the optimal size of the event window for the relationship between the adhesion or migration to the DLSG and to stock valuation. Windows of different sizes were set within the range of 70 trading sessions around the event. In 49.3% of the cases, there was at least one window in which the effect of the event was significant. The results line up to previous studies by indicating abnormal returns, though they are not enough to determine the window which effectively represents the relationship between the adhesion or migration to DLCG and the stock valuation.
54 DIFFERENT LEVELS OF CORPORATE GOVERNANCE AND DISCLOSURE TIMELINESS: AN EXPLORATORY STUDY IN THE BRAZILIAN MARKET, Aziz Xavier Beiruth, Talles Vianna Brugni, Luiz Paulo Fvero, Antonio Oscar Santos Goes
This paper investigates whether there is association between the level of corporate governance, measured by special segments of the So Paulo Stock Exchange (BOVESPA) and the opportunity in the disclosure of financial reports to the market. To achieve the proposed objective we have collected data on 170 firms of BMF&Bovespa related to disclosure dates of annual statements of companies listed in differentiated corporate governance levels for the years 2012 and 2013 and associated with the respective corporate governance levels via correspondence analysis (ANACOR). Evidence points to a greater association between the companies of the Novo Mercado and disclosure of financial statements on dates closer to the end of the period required for disclosure suggesting a replacement relationship between the level of corporate governance and disclosure of firms
55 THE CHINESE STOCK EXCHANGE CRISIS: AN ANALYSIS OF THE EFFECTS ON INTERNATIONAL STOCK MARKETS, Antnio Andr Cunha Callado, Aldo Leonardo Cunha Callado, Carla Renata Silva Leito
Event studies have been widely used to investigate the Efficient Market Hypothesis over the last two decades. The objective of this article is to investigate the international stock market reaction of Chinese stock market crisis in February of 2007. To accomplish this study, twelve indexes were investigated (Germany, Argentina, Australia, Brazil, United States of America, France, Hong Kong, India, Indonesia, England, Japan and Mexico). The methodological procedures performed in this study considered both the time window and the event study as well as to investigate possible abnormal accumulated returns. The results obtained demonstrated reactions of some of the stock markets considered to the Chinese crisis. The fall observed in the Sharpe performance index corroborate the significance of the consequences of the crisis. These results obtained point out that that the relative importance of the Chinese stock market in the international scenario must not be underestimated from now on.
56 SELF-INITIATED FOREIGN WORK EXPERIENCE: FRENCH EXECUTIVES IN BRASIL., Gilberto Sarfati, Marlia Mian Ferlim
Tradicionalmente, a experincia de trabalho internacional decorrente da expatriao pela empresa. Entretanto, muitos executivos buscam empregos em outros pases por iniciativa prpria: trata-se da Experincia Internacional Auto Iniciada (EIA). Este artigo explora as motivaes dos franceses que buscam a EIA no Brasil. A metodologia utilizada foi qualitativa, por meio de entrevistas semiestruturadas at a saturao, o que resultou em sete entrevistas com franceses em EIA no Brasil. Os resultados obtidos permitiram agrupar os EIAs entrevistados nas categorias de motivao apontadas na literatura. Foi possvel entender a influncia da famlia nas decises, a relevncia da proximidade cultural e a atratividade da economia brasileira. O grupo estudado foi atrado ao Brasil essencialmente em funo de oportunidades econmicas e pela simpatia pela cultura brasileira. O artigo contribui com a literatura e a prtica de gesto de pessoas em ambientes multiculturais ao identificar fatores de atrao de executivos qualificados para o mercado de trabalho brasileiro e ao abordar um tema pouco explorado na literatura nacional.
57 EVALUATION OF INTANGIBLE ASSETS: ALTERNATIVE MODELS FOR DETERMINING THE VALUE OF PATENTS., Hudson Fernandes Amaral, Robert Aldo Iquiapaza, Laise Ferraz Correia, Gustavo Henrique de Oliveira Amaral, Marcos Villela Vieira
ABSTRACT In this paper, we analyze models to evaluate the intangible assets - more precisely, patents - in two approaches: one traditional, which encompasses the discounted cash flow model; and another heterodox, namely the real options theory. First, we discuss the relevance of the evaluation process and investment analysis in innovation as well as the relevance of the economic and financial evaluation in Brazil and worldwide. In this perspective, the investment in innovation starts a cycle that works as a strong driver of the nations wealth. The analysis of the results found is presented in the case study of a technology transfer at a Higher Education Institution HEI. We consider that the technology is protected (by a patent) in the first simulation and that has no protection (without a patent) in the second simulation. To carry out this procedure, we discuss the pricing of intangible assets and the application of those methods in each circumstance proposed in the case study. The results show a significant superiority of the model with patent compared to the model without patent, even though these results also reveal the need of additional researches to improve evaluation of patents through the real options theory. Finally, the analyses suggest that the process to get the patent of a technology developed by the HEI can increases its transfer value. The models can also be used as a parameter in defining the value of technology transfer in the HEI
58 CLASSIFICATION OF THE MUNICIPALITIES MINEIROS IN RELATION TO THE COMPOSITION OF YOUR REVENUE , Wellington de Oliveira Massardi, Luiz Antnio Abrantes
Since the promulgation of the 1988 Constitution, municipalities have benefited from the fiscal decentralization process, either by increasing the revenue available because of intergovernmental transfers or the expansion of tax powers. However, the increase in disposable income came with responsibilities related to public services that were previously funded by the Union this scenario, the balance between own revenue and intergovernmental transfers constitutes a challenge within the context of fiscal federalism. Within the federation, the Brazilian state of Minas Gerais is presented more economic and social heterogeneity,moreover, is also the state with the largest number of municipalities, thus, the present study aims to classify municipalities miners in relation the composition of its revenues. To achieve this goal, we used a cluster analysis method for k-means, being established four groups of different municipalities in relation to the composition of the total collection, taking into account the level of exploitation of own tax base and dependence on transfers intergovernmental.
59 EXTERNAL CORPORATE GOVERNANCE MECHANISMS: MERGERS AND ACQUISITIONS ON THE BRAZILIAN MARKET , Mario Augusto Parente Monteiro, Marcelle Colares Oliveira, Rosilene Marcon, Roberta Carvalho de Alencar
The research aims to answer the following question: What is the effectiveness of mergers and acquisitions in the Brazilian market as external corporate governance mechanism? The main objective of the study is to verify if mergers and acquisitions operations in Brazilian market may act as an external mechanism of corporate governance, replacing managers and, as a consequence of changes in management, improving financial performance. The study is exploratory, qualitative in its approach, supported by documentary research on secondary data concerning an intentional sample of Brazilian companies aiming to identify the effect of M&A operations on the corporate governance structure of the acquired firm and on its financial results. Data obtained on the website of the Brazilian Securities and Exchange Commission (CVM), related to Brazilian M&A operations in the period 2005-2010, were analyzed. Although M&A operations in Brazil were found to have disciplinary nature in our sample of firms in the studied period, our results are inconclusive regarding the effectiveness of these transactions and external governance mechanisms.
60 BOOK-TAX DIFFERENCES AND ITS INFORMATIONAL RELEVANCE IN CAPITAL MARKET IN BRAZIL, Antonio Lopo Martinez, Renato Rovetta Passamani
This article aims to assess the relationship between BTD (Book- Tax Differences) and future corporate earnings. Adjusted to the Brazilian reality model was proposed to test whether BTD contributes to predictability of outcomes (future net income) and return (capital gain on shares). Accordingly, a sample of 130 firms over a period between 2004 and 2009 , it was found by the proposed model, a statistical significance of the influence of BTD in estimating profits and return on shares of Brazilian companies. Furthermore, the model indicated a linear relationship between the dependent variable and independent variables, indicating that the variable parameters should be eonsidered different from zero and within the confidence interval, the absence of autocorrelation and multicollinearity. Thus, we conclude on the existence of informational relevance of Book- Tax Differences for a context parameter estimation results and return with shares of Brazilian companies. I would add that it evidences the perception of the market to differences between accounting income and taxable income, this research offer evidence relevant to identifying the quality and persistence in profits, as well as parameters for evaluating companies, future stock returns, impacts in credit rating and interpretation of taxable income as a measure of company performance.
61 PESSIMISM ON MONDAYS: AN ANALYSIS OF THE DAY OF THE WEEK EFFECT IN BRAZILIAN CAPITAL MARKET DURING PERIODS OF CRISIS AND STABILITY, Vernica de Ftima Santana, Leandro Manzoli Trovati
Whereas the irrationality of capital market agents is accentuated during financial crises, this paper aimed to verify the existence of the Monday Effect during periods of crisis and stability in Brazil through an analysis of the Bovespa Index. In order to do so, the behavior of the index was modeled using time series statistical techniques (autoregressive and conditional heteroscedastic models) comprising the period from January 2003 until April 2012, grouping the data in different series, in order to identify crisis periods. It was identified an average return statistically lower on Mondays only for the periods when Subprime crisis and Euro Crisis took place, suggesting that financial crises are favorable for the existence of the Day of the Week Effect for Mondays. This effect is likely due to the irrationality of the capital market agents which is pronounced in crisis environments, where the feeling of fear is stronger than the analytical foundations for financial assets pricing.
62 THE PRODUCT MARKET COMPETITION, IMPACT ON ACCOUNTING EARNINGS COMPONENTS AND STOCK RETURNS, William Brasil Rodrigues Sobrinho, Herbert Simes Rodrigues, Isaac Gezer Silva de Oliveira, Jos Elias Feres de Almeida
The product market competition has a disciplining effect for firms, and it can contribute to the improvement of corporate governance and to the reduction of the costs of contracts. Due to the increased flow of information and the possibility of further comparison between firms in the same industry, the competition may limit the discretion of the manager, and even having direct impact on the quality of accounting information. Based on this assumption the present study investigates the relationship between the competitive environment in which the firm is embedded, and the persistence of earnings and its components (accruals and cash flows), to obtain earnings and stock returns of firms in subsequent periods. The model of Dechow (1994), Sloan (1996) and the model adapted from Ali; Hwang; Trombley (2000) were used as a basis. As a proxy for the competition the Herfindahl-Hirschman Index was used. The sample includes public companies listed on the BM&FBovespa during the period of 2006 and 2012. The results, in general, indicate that for the sample analyzed the market structure (competition level) changes the relevance of cash flow and in more concentrated industries the profits and returns are higher.
63 COST OPTIMIZATION OF URBAN PUBLIC TRANSPORT: BUYING OR SELLING A USED BUS?, Ana Paula Rodrigues da Costa, Valcemiro Nossa, Arilda Magna Campagnaro Teixeira, Aridelmo Jos Campanharo Teixeira
Although the discussion on urban mobility involves the mass transportation modalities, most cities still trust on bus fleets. This research aims to present a model that proposes to identify the moment that may be made the option to sell or buy a used vehicle from the fleet of buses of urban public transport system, through the application of Real Options Theory (TOR). Research indicates that when the vehicle is new maintenance costs are low, basically covering the routine reviews and component replacement, but after a certain age, these costs grow. In this sense a question that always arises is to decide the appropriate time to acquire or dispose of a used vehicle. The theory used in this study, TOR, focuses on the Binomial Model in Discrete Time. Methodologically, the study was carried out with real data of a particular case of the bus fleet that served as support for the construction and testing of the proposed model and relied on data from a traditional bus company of the Espirito Santo state. The proposed model is validated through a numerical example that identifies the time for decision making. In the case study, the model showed the time of the option as of the end of the second year of use of the bus. The methodology and the results awaken to the need for managers to have information resulting data fleets and can make safe decisions, especially the "ideal" time for fleet replacement. For the government, this kind of studies can generate data drafting normative regulatory agencies in order to meet the dealers and public-private partnerships.
64 COST MANAGEMENT AND LOGISTICS MANAGEMENT: THE ROLE OF INFORMATION SYSTEMS , Fernanda Francielle de Oliveira Malaquias, Rodrigo Fernandes Malaquias
The main objective of this study was to analyze the relationship between three constructs: Information Systems, Cost Management and Logistics Management. The data was collected through a survey and the final sample was composed by 183 Micro and Small Enterprises (MSEs) located in Uberlndia/MG/Brazil. We used the Confirmatory Factor Analysis to analyze the constructs and the Structural Equation Modeling for testing hypotheses. The quantitative approach was also complemented with graphical analysis and descriptive statistics. The main results indicated low indicators for the use of three constructs tested, which, although not desirable, has been shown aligned with previous studies. Moreover, the proposed theoretical model showed significant adherence to the particular context of the companies belonging to the sample, because positive and significant relationships were found between: i) the intensity of use of Information Systems and Cost Management, and ii) the intensity the use of Information Systems and Logistics Management.
65 CONCENTRATION OF BUSINESS ACTIVITIES: AN ANALYSIS OF BUSINESS COMBINATIONS AND INTANGIBLES ASSETS IN BRAZIL, Thiago de Sousa Barros, Ana Maria Gomes Rodrigues
Based from the historical precedents of the business concentrationist movement and nuances relating to groups of companies, this article describes the international and Brazilian accounting standards that advocate on this issue, focusing highlighted goodwill and its specificities. Whereas in Brazil, since 1990, have widened these processes of a business combination and that, after 2010, the publication of financial statements by Brazilian companies were conducted in accordance with international standards (IFRS) - changing consubstantially the way companies produce and distribute this data to the market - this research analyzes the acquisitions of shareholdings held by sixty firms during 2011 (sample consisted of companies in the Bovespa Index (Ibovespa) and have highly liquid stocks BM&FBovespa). For this, we used a descriptive and qualitative research, adopting the method of research a content analysis of the consolidated financial statements and audit reports of these firms. The analysis results showed that several companies in the information disclosed is not in tune with the requirements contained in international accounting standards, ensuring not, therefore, the qualitative characteristics of financial information required by this legislation and help users of those statements consolidated to evaluate the nature, risks and financial effects associated with interests in other entities.
66 HUMAN NEEDS, REMUNERATION AND PERFORMANCE EVALUATION: PEOPLE MANAGEMENT DILEMMAS IN THE MIX CONVENIENCES COMPANY, Pollyanna Queiroz Moscozo, Roberto Brazileiro Paixo
The teaching case presents a real challenge experienced by Pedro, the new Vice President of Mix Utilidades, to structure the sector of people in the company, in light of the hierarchy of needs proposed by Maslow. The restructuring is mainly related to the definition of the remuneration policy and performance evaluation methodology that will be used by the organization. Throughout the case presents the questions raised by President Marcos on the effectiveness of the proposed changes by Pedro. The case lets you explore three main areas of discussion: Maslow's hierarchy of needs (Maslow pyramid concept, defining each need and examples related to the case and the professional activities of the students); remuneration and motivation (relationship between pay and motivation, among variable remuneration and motivation and differences between these two types of remuneration to staff motivation), performance evaluation (concept and objectives of performance evaluation, who should evaluate the performance and what those roles should be defined and evaluated and possible uses assessment of competency). This study can be used in undergraduate degree in Business Administration and postgraduate courses related to Management, Business Management, Negotiation, Organizational Psychology, Compensation and Career, among others.
67 PROFILE AND EXPECTATIONS OF FRESHMEN STUDENTS OF ACCOUNTING COURSE: A SURVEY IN HIGHER EDUCATION INSTITUTIONS IN THE NORTHWEST REGION OF SO PAULO STATE, Claudio de Souza Miranda, Adriana Maria Procpio Arajo, Rassa Alvares de Matos Miranda
The objective of this study was to analyse the profile and expectations of freshmen students of accounting. The research population was 505 freshmen students of accounting, covering ten colleges from five cities in the northwest region of Sao Paulo State, geographically close to the city of Ribeiro Preto. The methodology of the study about the objectives was descriptive and the research procedures were done through data gathering by online questionnaires. The results indicate that the freshman students of accounting choose the course because of the influence of the market characteristics. The main functions that they can work on in the future are almost unknown to the freshmen. Regarding the working areas, the research shows a strong tendency for large organizations and accounting entrepreneurship. Concerning the income of the freshmen students, the profile of the population has an average income lower than the Brazilian average. Among the difficulties found on the study, the most relevant, indicates possible deficiencies of the English language mainly from students that had studied at public schools.
68 ASPECTS OF INTRINSIC AND EXTRINSIC MOTIVATION: AN ANALYSIS WITH ACCOUNTING SCIENCES STUDENTS IN THE STATE OF BAHIA ACCORDING TO THEORY OF SELF-DETERMINATION, Laerson Morais Silva Lopes, Francisco Marton Gleuson Pinheiro, Antnio Carlos Ribeiro da Silva, Emmanuel Sousa de Abreu
The main objective of this study was to determine whether there are significant differences in the levels of motivation among public and private students on courses in Accounting in Bahia. In this way, structured questionnaires were applied based on the Academic Motivation Scale (VALLERAND et al., 1992) in three regions of the state. The data were analyzed using SPSS 15, through descriptive analysis, factor analysis (FA) and mean differences (t test). Considering the three perspectives of motivation (extrinsic, intrinsic and demotivation), presented by the Self-Determination Theory, this study found no statistically significant differences between public and private students motivation. However, some differences were found when alone examines gender, stage in the course and the student's age. Women have, on average, more extrinsic motivation by introjection and intrinsic motivation to perform than men. The beginners students are more motivated by introjection and less discouraged than those who are nearing graduate. Regarding age, was detected only differences from the averages of extrinsic motivation by external control. Thus, it is believed that this study will contribute to the improvement of the teaching-learning process of Accounting courses.
69 PERCEPTIONS OF ACADEMIC DISCIPLINE ON CONCEPTS DISCUSSED IN THE THEORY OF ACCOUNTING, arcio Roberto Piccoli, Tnia Cristina Chiarello, Roberto Carlos Klann
This article aims to identify the perceptions of academics students of Accounting in relation to the concepts studied in the discipline of accounting theory and its relationship to other course subjects. A structured questionnaire was sent electronically to students enrolled in the three private universities in western Santa Catarina was used: University of the West of Santa Catarina (Unoesc), University of Contestado (UNC) and the University of the Community of the Region of Chapec (Unochapec). Data from 163 respondents were analyzed considering the students who went through the study of this discipline and those who have not yet Studied, using the Descriptive Analysis and Correspondence Analysis (ANACOR). The results indicate that most students consider the discipline of theory important for learning, for travel and to for the understanding of other disciplines. It was also observed that participants with lower age (17-21 years) had higher perceptions of expense and to loss concepts. We conclude that the discipline of accounting theory does not show significant changes after being administered in the course of Accounting, since students who have not attended the course had higher concepts for liabilities, income and loss, when compared with students already studied.
70 PROFESSIONAL PRACTICE PERPECTIVES OF THE UFSC ACCOUNTING SCIENCES STUDENTS, Marcos Laffin, Caio Cezar Telles de Castro
This goal of this study is to present the levels of importance and knowledge that students of the UFSC Undergraduate Program in Accounting Sciences identify for the exercise of the professional practice. The study was conducted through a survey that used two questionnaires (A and B) structured based on Likert scale. Questionnaire "A" sought to identify the importance of the course content to professional practice, and questionnaire "B" identified the level of perception that the students indicate to have of their ability for the professional practice. The contents of the two instruments were based on the dictionary of competencies developed by Cardoso (2006). Data were analyzed by means of national curriculum guidelines of Accounting Sciences, established by Resolution CNE / CES No 10/2004, which presents some caveats to the limits of the approach by competencies. The students in this study indicate how important it is to have knowledge on the language and orality inherent to the accounting practice, the state to have reasonable knowledge to work in the professional practice. Such data allow us to reflect and rethink the training organization model aimed at increasing more critical formative processes that will prioritize actions and knowledge in the articulation between accounting theory and practice.
71 THE IMPORTANCE OF ACCOUNTING KNOWLEDGE FOR STUDENTS IN MANAGEMENT: AN ANALYSIS BASED ON INFLUENTIALS OF JUDGMENT, Jos Lindenberg Julio Xavier Filho, Sllas de Andrade Dias, Fabola Maria de Frana, Alexandre Csar Batista da Silva, Adriana Fernandes de Vasconcelos
This research aimed to examine the importance given to accounting knowledge for students of management, as well as whether the student evaluation is sensitive to the experience with the curriculum component "General and Cost Accounting", offered by the Federal University of Pernambuco (UFPE) like a first contact the student with the accounting knowledge in your graduate. For execution of the study, descriptive in nature with predominantly quantitative approach, was employed a survey as a technique for collecting empirical material, as well as were used as complementary empirical source the contents of cited curriculum component and pedagogical project of course. The sample was random and independent, being used the technique of difference of average with support of the Excel, considering the critical values and standardized test statistic z, with a minimum 10% level of significance. The total number of participants was 45,89% of the students and the results show a high important judging of the accounting knowledge before the experience with the curricular component, however, no statistical significance was observed in the difference between the average of judging the importance after this experience. This research examined the importance attributed by the students to a curriculum component through Influential Judgment (IJ), which are understood as socio-economic characteristics that may interfere with the judgment of the importance of accounting knowledge for managers. However, even considering this perspective, no statistical difference was observed after the students have taken the experience with the curriculum component. The results show iconic in the sense that knowledge in accounting is obligatory for management courses and is essential for the manager graduation, although students recognize the importance of accounting knowledge before the curricular experience and not improve its assessment after such contact.
72 GROWTH OR RETRACTION: WHAT TENDENCIES DO INDICES FOR VACANCY OFFER, REGISTRATIONS AND NUMBER OF GRADUATES IN BRAZILIAN ACCOUNTING SCIENCE PROGRAMS EXPOSE?, Daniele Silva Rodrigues, Nlbia de Arajo Santos, Monique da Silva Santana
This study aims to identify possible tendencies from offered vacancy indices, registrations and number of graduates in the field of Accounting Science, both in presential and distance education, from 1995 to 2012. Expansion policies and the increasing access of the Brazilian Higher Education System (Sistema de Educao Superior) (SES), institutionalized by the government, are considered as a context to understand these tendencies. The main data sources used were micro data from the Higher Education Census (Censo de Educao Superior) (CES) from 1995 to 2012. This study carried out descriptive and analytical procedures in a trending movement for these indices from 1995 to 2012. The results suggest that the growth in the offer of vacancies was expressive throughout the period. This movement was not followed in the same rate by the number of interested candidates to compete for a position in the Accounting Science program. There is an oversupply on offers for vacancies with a rising tendency in private institutions. The evolution in the registration rate in distant education courses (Cursos de Educao Distncia) (EAD) is inconstant. There is a concentration of enrolled students at a lower number in Higher Education Institutions (Instituies de Ensino Superior) (IES) of a public nature, in contrast with the pulverized distribution on registrations among a higher number of private IES. The completion rate in Accounting Science presents high and low alternate periods for the presential modality. However, there is evidence on high evasion and/or retention index. The course assessment tools indicate possible problems in the offering of the education service and deficiencies regarding the under graduation of students in Accounting Science.
73 ACADEMIC FORMATION IN ACCOUNTING SCIENCES AND ITS RELATIONSHIP WITH THE LABOR MARKET: THE PERCEPTION OF THE ACCOUNTING SCIENCES STUDENTS OF A HIGHER EDUCATION FEDERAL INSTITUTION , Valdineide dos Santos Araujo, Djalmir Gomes dos Santos, Paulo Roberto Nbrega Cavalcante, Edmery Tavares Barbosa
The labor market demands have required from the accounting professionals to enhance their skills and competences so as to meet, effectively, the current requirements. This piece of research aimed at understanding the students perception of the Accounting Sciences course, of a Higher Education Federal Institution, in regard to the academic formation that they have been receiving and the professional guidance they are meant to have in order to enter the labor market. The study encompassed 105 students from the 7th and 8th morning/afternoon terms and from the 9th and 10th evening term of the Accounting Sciences course of a Federal Institution of Higher Education. As concerns the methodology, it was based on the exploratory approach with qualitative approach and the descriptive research with quantitative approach, by means of the bibliographical research and the use of questionnaire. The surveyed variables refer to the students profile, the professional requirements in relation to the job market demands, the students necessary competences and perception on the academic formation they are receiving as well as their training for entering the labor market. It was noticed that the students, in their majority, do not take part, regularly, in extracurricular activities, such as: conferences, seminars and lectures. They also do not demonstrate complete agreement regarding the fact that they are acquiring the necessary competences for entering and acting in the labor market and, in an emphatically way, they reveal disagreement in relation to the adequacy of the curricular grid of this Institutions course to the current accountant formation. It can be concluded that the Higher Education Institution must prioritize the development of competences, skills and values that ensure the students conditions for their professional entry to the job market.
74 APPLICATION OF REAL OPTIONS THEORY IN THE EVALUATION OF SWINE BIOGAS STORAGE, Glucia Fernandes, Vinicius Moth Maia, Leonardo Lima Gomes
This paper evaluates the real option of storing the biogas from swine biomass. We analyze deferring the immediate sale of this energy in the spot market to store it in the form of gas for future sale. We consider that once a storage tank reaches maximum capacity, the producer will sell all of the energy generated in either the spot market or regulated market for a minimum selling price. The farm we chose to study already produces energy and sells it in the spot market. The real options methodology was chosen to consider managerial flexibility and the uncertainty of the energy price. Additionally, considerations were made for the stochastic process applied to the price time series of the weekly Differences Settlement Price (Preo de Liquidao das Diferenas in Portuguese) of low voltage power in southern Brazil. Our results indicate that the storage option has value for the power generation from swine biomass.
75 DETERMINANTS OF VOLUNTARY DISCLOSURE: A Study in the Brazilian Banking Sector, Lianny Maria Forte, Joo Batista dos Santos Neto, Fbio Chaves Nobre, Liana Holanda Nepomuceno Nobre, Dimas Barrto de Queiroz
Disclosure theory assumes the wide availability of information to users, increasing the level of corporate transparency and reducing information asymmetry common to the business environment. This research aims to investigate the factors influencing the level of voluntary disclosure by companies in the Brazilian banking sector. Corporate reputation (REP), firm size (TAM), performance (DES), and internationalization (ADR) were the variables used as factors influencing the level of disclosure. The sample was composed of the 100 largest Brazilian banks in relation to total assets in 2012. The methodology technique used multiple linear regression. The evidence revealed that the corporate reputation and the size of the companies had a significant and positive relationship with the level of voluntary disclosure. In this sense, the larger the company and higher the standard of corporate reputation, the higher the level of corporate disclosure. Performance and internationalization were not statistically significant.
76 IMPACTS OF THE 579 ACT IN BRAZILIAN ELETRIC SECTOR COMPANIES STOCK RETURNS , Thas Nery Assuno, Renata Turola Takamatsu, Valria Gama Fully Bressan
This research aims to analyze the announcement impact of the 579 act in stock prices in the Brazilian electricity sector. The way the market reacts to information supports investors and assists assets analysis and the process of investment portfolio formation. An event study was conducted to assess whether the stocks prices and returns have changed after the information was released to the market. The results provided evidence of a semi-strong market efficiency, since prices reacted to the publicly available information, assimilating the new information and then regressing to normality. Specifically, there was, on average, a negative reaction, with a significant drop in prices and stock returns two days after the announcement. However, after the third day, the information was absorbed by the market, and we no longer could detect a negative abnormal returns. Thus, we can conclude that the 579 act was considered a relevant piece of information about the electricity sector, changing stock returns behavior when it was released.
77 ECONOMIC AND FINANCIAL PERFORMANCE: RANKING CREDIT PICSOS IN SOUTHERN BRAZIL, Mara Vogt, Fbio Jos Diel, Larissa Degenhart, Elisandra Henn Diel, Fabricia Silva da Rosa
This study seeks to gauge the economic and financial performance of credit Public Interest Civil Society Organizations (PICSO) in Southern Brazil, establishing a ranking of the same. The research methods employed are characterized as descriptive and documentary, with a quantitative approach to data analysis. A study was carried out on microcredit PICSOs in the region, generating a sample composed of 22 such organizations during the 2012 year. The MOORA method was applied for data analysis. The results show that Credioeste attained first place in the ranking of organizational efficiency, while also last place in terms of the indicator Return on Equity (ROE), with a distance-to-zero index of 0.53. Garantioste scored zero in the Return on Assets (ROA) and Financial Dependence indicators, or, rather, the organization displayed the best results, in those regards, of the entities analyzed. In respect to the financial health of the PICSOs under analysis, the study showed that six of them are troubled (i.e. reporting net losses), smaller in size than the other organizations in the sample and, beside this, beset by liquidity problems.
78 ENVIRONMENTAL COSTS: AN EXPLORATORY STUDY IN A SHIPYARD IN SOUTHERN BRAZIL, Ana Claudia Afra Neitzke, Giliard Peres Gonalves, Renata Mendes de Oliveira, Dbora Gomes Machado, Artur Roberto de Oliveira Gibbon
From the beginning of construction of oil platforms in the country, the Brazilian market is absorbing the riches that these originate. The cities where the Polo Naval is located tend directly to absorb the financial and economic impacts generated by the installation of the marine industry. The Rio Grande city is the target of the changes caused by the Polo Naval installation. In this context, the general objective of the study was to determine how environmental costs are treated in a shipyard in the southern of Rio Grande do Sul. In order to achieve the proposed goal, operationalized is a case study in a private company in the industry shipbuilding. This research, exploratory, made use of multiple sources of evidence. Thus, the data were collected through document analysis, semi-open interviews and systematic observation. The results indicate that the organization has analyzed environmental costs, mainly related to the maintenance of environmental processes. Moreover, it infers that the organization needs to consider the theme of environmental costs through a program of environmental policies and, consequently, develop a mechanism for the settlement, subject to use fees from the cost center approach
79 INITIAL PUBLIC OFFERING GENERATES RETURNS ABOVE THE AVERAGE? EVIDENCE OF ABNORMAL RETURNS IN THE BRAZILIAN CAPITAL MARKET, Aziz Xavier Beiruth, Talles Vianna Brugni, Eduardo Flores, Vinicius Simmer de Lima
This study aims to analyze the performance of public offerings of primary shares (IPO) in order to verify the existence of abnormal returns. The abnormal returns were captured in six time intervals (30 , 90 , 180 , 365, 730 and 1095 days) that seek to analyze the behavior of these assets against the benchmark (Bovespa) in the short and medium / long-term (1 month to 3 years). The study is related to the period 2005-2013. The results suggest that differences between the returns over time cannot be statistically distinguished. However tests of individual means between the samples and descriptive statistics` graphs show that there is a positive abnormal return in the first 90 days, a negative abnormal return between 90 and365 days and an abnormal return close to zero in the longer interval (365-1095 days). The findings show a possibility of above average earnings buying the shares issued at the IPO and selling 90 days after the start of negotiations
80 STUDY ON THE EVOLUTION OF THE CONCENTRATION OF BANKING SECTOR IN BRAZIL AND OF INTEREST RATES, Wanderson Rocha Bittencourt, Jaqueline Vilela Arajo Paim, Jacqueline Veneroso Alves da Cunha, Eduardo Mendes Nascimento
In the national and international contexts there is evidence of increasing concentration of the banking sector. Such restructuring can be observed when comparing the number of financial institutions for 10 years with the number recorded in 2013. Accordingly, this article aims to evaluate the concentration of the banking sector in the period 1996-2013, as well as changes in exchange interest of its main products in the same period. We analyzed the sector concentration based on four Herfindahl-Hirschman indicators (HHI), the concentration ratio (CRK), the Hall-Tideman Index (HTI) and the Theil Entropy (ET) and later performed the correlation analysis between these indicators interest rates. The Herfindahl-Hirschman Index (HHI) showed that the sector is moving towards a moderate concentration, when considering the variables total assets and net worth. As for net income and total deposits, the sector shows moderately concentrated. The Concentration Ratio (CRk) showed that the four largest institutions in the country hold almost 50% of the total equity of National Financial System and over 55% of total assets, total net income and total deposits. Other indicators showed that the industry is unconcentrated, with, however, a clear increase in concentration towards these indicators. As for the evolution of interest rates, although the industry move toward a moderate concentration, there was decline in this indicator, in all forms studied.
81 VALUE AND PRACTICES OF CORPORATE GOVERNANCE OF LISTED COMPANIES IN BM&FBOVESPA, Carla Caroline dos Santos Silva, Orleans Silva Martins
This study aimed to verify the relevance of the differentiated corporate governance practices of the BM&FBOVESPA in explaining the market value variations of the companies. Based on a literature review on the value relevance of financial reporting and the differentiated corporate governance practices required by BM&FBOVESPA were analyzed companies in the Brazil Index (IBrX) in the 2010-2012 period. Your data were extracted from financial reports and reference forms of enterprises and on Economatica database. Through a regression analysis, it was observed that 6 of the 13 governance practices were significant in value explanation. The practices that stood out negatively were: (i) share dilution effort, (ii) lower voting limitation, qualified quorum and "stone clauses" and (iii) a minimum of 5 members on the board (with 20% independent). Positively stood out: (iv) financial statements translated into English, (v) public offering of stocks at least the economic value and (vi) membership of the arbitration chamber. The main contributions of this study highlight the evidence of value relevance of these practices, in which three indicate an inverse relationship with the value, denoting that may not be appropriate for the purposes of creating shareholder value.
82 MULTIFACTORIALITY AND BRAZILIAN STOCKS RETURN BETWEEN THE PERIOD OF 2003 AND 2013, Henri Siro Evrard, June Alisson Westarb Cruz, Wesley Vieira da Silva
The present work aims to verify the influence of 16 returns factors for the determination of stocks next month excess return in Brazilian market between January 2003 and December 2013. These factors refer to five families of stocks characteristics: risk, liquidity, profitability, cheapness and past returns. To verify the factors of returns influence it was used forward type linear regression. It was also used an event test for the verification of the subprime crisis effects into the assets abnormality behavior. As a result the factors significance and payoff changes over time, suggesting that companies characteristics that financial agents considered relevant modify throughout the period. The researchs conclusions suggest that these changes are not caused by big events, being part of natural market behavior. Despite the factors temporary characteristic, the variables earning/price, revenue/price, net profit, excess return of last 12 months and ROA demonstrated positive contribution for stocks return. The variables volume/price, market capitalization and excess return of last 6 months resulted in negative contribution. The variable book value/price, when analyzed with other factors, has not been considered relevant
83 VALUATION: A REVIEW UNDER PERSPECTIVE OF BIAS IN THE VALUATION IN THE REPORTS OF PUBLIC OFFER OF ACQUISITION OF SHARES, Thas Brugnera dos Santos, Moiss Ferreira Da Cunha
The process of valuation of companies is widely used and aims reach the fair value of the company. This research aimed to examine whether in the valuation reports with the purpose of Public Offer of Acquisition of Shares (POA) the relationship between appraisal companywith the evaluation contractor cause bias in the fair value of the share compared to the share price. The analyzed 106 reports published between 2002 and 2013 were divided into groups according to the evaluation contractor. In each group, for the realization tests of measuresin paired sampleswere performed with the application ofnon-parametric Wilcoxon test. The results showed the existence of bias in the evaluation process especially in situations in which the contractor evaluation is the company evaluated. With a lower level of confidence, it was also the finding of bias when the contractor evaluation is not company evaluated or the parent company of the evaluated. In the group in which the contractor evaluation is the parent company of evaluated no bias was identified.
84 DISCLOSURE OF THE FIELD PERFORMANCE EVALUATION IN THE PUBLIC SECTOR IN INTERNATIONAL JOURNALS, Leonardo Ensslin, Rogrio Tadeu de Oliveira Lacerda, Anna Claudia Krger, Leonardo Corra Chaves
Public organizations are under pressure to provide more and better services by increasing
85 THE CORE COMPETENCES OF THE ACCOUNTING PROFESSIONALS IN FACE OF THE NEW PUBLIC ACCOUNTING UNDER THE PERSPECTIVE OF THE ACCOUNTANTS OF RONDONIA, Alexandre de Freitas Carneiro, Jos Moreira da Silva Neto
The objective of the study is to identify what core competencies should the accountant of the municipal public sector present or develop in face of the challenge of professional adherence to New Public Accounting under the perspective of Rondonia State accountants. The research was characterized as qualiquanti, and the initial approach was qualitative, with the use of documental research, followed by quantitative approach of a survey. In the first step, resulted from the documental and descriptive analysis the profile of competences, with 7 knowledge, 8 skills and 16 values. The second, it was found that the level of importance analyzed by respondents about the profile dimensions of these competences. It was concluded that the professional profile required is the Bachelor Degree of Science in Accounting with emphasis on information systems, costs notions, accounting analysis, balance, budget and financial and leadership as connective element, qualification of human resources and flexibility. The accounting technician does not have enough training to the challenge of adherence to the New Public Accounting.