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Disertaciones |
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1
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Rayara Alves Santos
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THE RELATIONSHIP BETWEEN THE COMPOSITION OF THE BOARD OF MANAGEMENT AND CASH RETENTION IN COMPANIES OF OPEN CAPITAL
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Líder : ANTONIO GUALBERTO PEREIRA
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MIEMBROS DE LA BANCA :
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ANTONIO GUALBERTO PEREIRA
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JORGE DE SOUZA BISPO
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JOSE SERGIO CASE DE OLIVEIRA
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VAGNER ANTÔNIO MARQUES
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Data: 25-ene-2023
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Resumen Espectáculo
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Cash management efficiently is a necessary condition for the maintenance of sustainability organizational financial and factors that influence cash holding decisions in the firms has been the subject of recent research. So, the objective of this dissertation was to investigate the relationship between Board composition and cash holding in light of theories such as Agency Theory, Trade-Off Theory and Pecking Order Theory. For this purpose, a quantitative survey was conducted on a sample with 2,340 observations in 234 publicly traded companies listed on the Brazil, Bolsa, Balcão (B3) in the period from 2010 to 2019. In order Tobit Random Effects was the best fitted econometric model to estimate the variables in both unrestricted and restricted forms manner and test six (6) hypotheses raised about the relationship between board composition (independence, duality, board gender, size, expertise, and director compensation) and cash holding. The results demonstrated statistical significance at the ten percent (10%) level between the dependent variable Cash Retention (REC1) and the independent variables: Expertise (EX) and CEO Duality (DU). Among the control variables, the ones that presented statistical significance were Cash Flow Volatility (VFC) and Working Capital (CG). Additionally, robustness analysis tests were carried out with an alternative proxy for cash retention in order to verify the maintenance, or not, of the empirical evidence found. In view of this, it is concluded that Corporate Governance, through the composition of the Board of Directors, Expertise and Duality of the CEO, is able to influence the cash retention policy in companies
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2
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DAYSI LEAL DE SANTANA
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ESSAYS IN ACCOUNTING EDUCATION
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Líder : JOSE SERGIO CASE DE OLIVEIRA
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MIEMBROS DE LA BANCA :
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ANTONIO CARLOS RIBEIRO DA SILVA
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GILBERTO JOSÉ MIRANDA
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JOSE SERGIO CASE DE OLIVEIRA
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Data: 26-ene-2023
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Resumen Espectáculo
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This paper discusses accounting performance in two essays. In the literature on accounting education, the Accounting Sufficiency Exam (ESC) is commonly used as a performance proxy, since it is a prerequisite for professional certification in the market. However, the ESC has a low approval rate, which encourages discussions about the factors that influence these results. The influence that institutional and educational factors can exert on the performance of students in the exam has already been identified and discussed. However, the first research gap pointed out concerns about the fact that there is no discussion about the influence that the labor market can have on performance in this exam. In this sense, the first essay aims to contribute to the literature and advancing in this perspective, with the objective of verifying if the economic situation of the labor market influences the performance of the students in ESC. In order to respond to the proposal, inflated beta regression models were used, considering two editions of the ESC that occurred in the same year. The findings show that the labor market situation influences the ESC approval rate, an unprecedented result in the literature. In a complementary way, the work also discusses the variables that influence the dispersion in the performance data, as well as the variables that influence the presence of 0 (total failure) and 1 (total approval) in the exam approval rates. The results obtained in the first essay are promising for future discussions about academic performance, presenting a channel of influence beyond the widely discussed characteristics of educational institutions. The second shortcoming concerning accounting education refers to the fact that the regression models used generally analyze the influence of several variables on the average performance, neglecting potential differences that exist along the different test scores. In view of this, no national studies were identified that deal with the measurement of accounting performance in ESC considering the different levels (low, medium and high) of performance, so the second essay aims to identify which factors influence the low, medium and high performance of students in the Accounting Proficiency Exam. We used quantile regression to obtain answers to the question raised and considered the combination of two editions of the ESC for an annual analysis of the exam. It can be discussed about the findings that the variables do not present a constant behavior at all levels of performance, that is, they have influence on a certain quantile of performance and do not present on others. These results help the discussion about accounting performance, expanding the disparate view on what has been used in the elaboration of educational policies, attesting that the form of influence of a variable is not the same at all levels of performance in ESC and, therefore, the benefits of this contribution to academia should not be overlooked.
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3
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Polliany Lima Silva
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CORPORATE SOCIAL RESPONSIBILITY AND MEDIA VISIBILITY: DONATIONS DURING THE COVID-19 PANDEMIC AND THE MARKET VALUE OF COMPANIES
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Líder : JORGE DE SOUZA BISPO
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MIEMBROS DE LA BANCA :
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JORGE DE SOUZA BISPO
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ANTONIO CARLOS RIBEIRO DA SILVA
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DUCINELI RÉGIS BOTELHO
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Data: 27-mar-2023
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Resumen Espectáculo
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Studies in behavioral finance are beginning to focus their efforts on understanding how online audiences react to these ads and how this influences financial decisions. However, there is a knowledge gap in the literature on public perceptions of social responsibility advertisements using online search trends. Likewise, the findings indicating that socially responsible companies were chosen in preference to other companies during the Covid-19 pandemic are still dubious. With a view to studying the perception of stakeholders regarding donation announcements during the pandemic, this study had the general objective of investigating whether, during the first two years of the Covid-19 pandemic, donor companies achieved market value and growth in greater media visibility than non-donor companies. The Market Value variable was negative in the period, consistent with the literature that reinforces that the financial effects associated with CSR scores last for a few days, not being maintained in the long term in periods of serious crisis. Thus, there is support for rejection of H1. On the other hand, the rejection of the hypothesis does not nullify the achievement of the research objectives, since the same variable was positive considering the period in which there was no pandemic. It is also worth noting that the robustness variable for stock returns was positive for companies that announced donations during the pandemic, which denotes that the donation produced positive effects during the pandemic, albeit in the short term. As for the second hypothesis of the research based on media visibility, there was no statistical significance when the pandemic effect was applied, not obtaining confidence to reject or not H2. Despite this factor, the results for the visibility variable were positive in the absence of the pandemic effect, which is consistent with studies that demonstrate a link between social initiatives and affective responses on the part of consumers. Overall findings indicate a trend that corporate philanthropy, driven by donations, generally helps companies achieve public legitimacy and financial performance. However, the severe effect of the pandemic did not allow the market to significantly absorb the financial return and visibility. The unavailability of data on donations is mentioned as a limitation, with no structural obligation in financial reports and no standardization. Another limitation is the lack of agreement in several literatures on the end of the pandemic, not allowing an analysis of its 'post'. It is suggested for future research to use the same sample in order to control more effects of the peaks of the pandemic such as the announcement of the lockdown, vaccine effect, economic measures adopted by the government, among others. In summary, the objective of the study and the research problem were met, in order to reinforce that social responsibility and the announcement of donations in general in isolation bring benefits, but failing to prove these effects during the pandemic in a significant way
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4
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Fabiana de Araujo Morais
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TRANSPARENCY AND EVIDENCE OF REVENUE DISCLAIMER IN THE FRAMEWORK OF ENVIRONMENTAL FISCAL INCENTIVES: ONE ANALYSIS OF THE ADOPTION OF THE GREEN IPTU BY MUNICIPALITIES BAIANOS
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Líder : SONIA MARIA DA SILVA GOMES
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MIEMBROS DE LA BANCA :
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ANDRÉ LUIS ROCHA DE SOUZA
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ANTONIO GUALBERTO PEREIRA
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SONIA MARIA DA SILVA GOMES
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Data: 05-may-2023
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Resumen Espectáculo
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The general objective of the present study was to verify, from the standpoint of public transparency, the way in which the municipalities of the state of Bahia that have adopted the Green IPTU have disclosed their respective revenue waivers. To this end, exploratory and descriptive research with a qualitative approach was employed. Initially, bibliographic and documentary research was carried out on the theme in question. Then, we conducted a content analysis of the information collected from the Transparency Portals of the municipalities of Camaçari, Feira de Santana and Salvador, through the investigative model in the format of a checklist of questions. Moreover, as additional subsidies to the discussion of the results, data were collected from other official websites of the Municipalities, as well as from the Municipal Chambers and the Audit Court of Bahia Municipalities - TCM/BA. In addition to the individual diagnosis of each entity, the municipalities were analyzed together in order to compare their realities in relation to the dimensions of transparency in the granting of tax incentives suggested by Zee, Stotsky and Ley (2002). The results pointed, firstly, to the existence of problems in the effectiveness and efficiency of the active transparency of the Transparency Portals of the Municipalities studied, with regard to access to information on public finances. Secondly, these findings indicate, therefore, the occurrence of total lack of transparency (opacity) in the disclosure of revenue waivers resulting from the granting of the green IPTU. The main contribution of the study consists in fostering the debate about the important role of municipalities in ensuring the right of access to this type of information by citizens, in order to promote the culture of transparency, as well as sustainable urban development.
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5
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Julita Ribeiro Ferreira
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Determinants of Ambiguity Aversion and Availability biases in government auditors' behavior
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Líder : CESAR VALENTIM DE OLIVEIRA CARVALHO JUNIOR
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MIEMBROS DE LA BANCA :
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CESAR VALENTIM DE OLIVEIRA CARVALHO JUNIOR
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EDGARD BRUNO CORNACCHIONE JUNIOR
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LUIS PAULO GUIMARAES DOS SANTOS
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Data: 12-may-2023
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Resumen Espectáculo
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Understanding how individuals make decisions and judgments, especially in environments of risks and uncertainties, has been the subject of studies in the field of Behavioral Finance. In this context, this dissertation aims to analyze how some determinants can affect the judgment of government auditors. The research was carried out using an online survey questionnaire, with which data were obtained to verify the relationship between the variables gender, age, professional experience, and academic education and the manifestation of cognitive biases that can influence behavior. The cognitive biases considered are Ambiguity Aversion and Availability. The results indicated that the determinants used had no significant impact on the ambiguity bias. However, the availability bias was influenced by gender, not having been impacted by the other variables considered. In this way, the research contributes to the literature for reflection on the need to deepen the study in the field of Government Auditing that considers behavioral aspects related to gender, as well as to show the importance of expanding the research between variables and other cognitive biases that may influence the behavior of government auditors
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6
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Lucas Faillace Castelo Branco
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PROFITABILITY AND TAX INDEBTEDNESS OF COMPANIES B3 INDUSTRIAL GOODS SECTOR
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Líder : JORGE DE SOUZA BISPO
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MIEMBROS DE LA BANCA :
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JACQUELINE VENEROSO ALVES DA CUNHA
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JORGE DE SOUZA BISPO
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JOSEILTON SILVEIRA DA ROCHA
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Data: 16-jun-2023
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Resumen Espectáculo
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The capital structure refers to the relationship between equity and debt that maximizes the value of the company, assuming that there is an association between leverage and profitability. Various theories seek to explain this association, including the theory of tax advantage. The theory of tax advantage suggests that there are benefits to debt due to the deductibility of interest on third-party capital. This theory has been expanded in Brazil to also consider the benefits of deductibility of interest on equity, which is peculiar to the Brazilian reality. With a focus on the deductibility of interest, whether on equity or third-party capital, the theory of tax advantage can be further expanded. Non-empirical studies show that companies in Brazil choose to postpone tax payments as much as possible, which implies cash availability and the needlessness for (more) loans. These cash resources can then be used to finance the company's activities. This research aimed to verify the effects of long-term tax liabilities, considering IRPJ and CSLL, on the profitability of companies, measured by ROA and ROE, thus formulating two research hypotheses. Data were collected from the Economática platform of the industrial goods sector of B3 from 2014 to 2019 to test the research hypotheses. The Ordinary Least Squares (OLS) method was used with an unbalanced panel. The obtained results did not confirm the research hypotheses, which stated that companies with higher long-term tax liabilities have higher profitability measured by ROA and ROE. The use of OLS with an unbalanced panel may have led to a loss of efficiency in the OLS estimator, suggesting the use of specific methods for unbalanced panels, such as the Generalized Method of Moments (GMM) estimator or the random effects model in future research. The findings and considerations of this study provide guidance for the improvement of future research.
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7
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Aline Mendonça de Andrade
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FEES PAID TO INDEPENDENT AUDITORS FOR SERVICES TAX AND TAX AVOIDANCE OF BRAZILIAN COMPANIES
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Líder : LUIS PAULO GUIMARAES DOS SANTOS
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MIEMBROS DE LA BANCA :
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ANTONIO LOPO MARTINEZ
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JOSE MARIA DIAS FILHO
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LUIS PAULO GUIMARAES DOS SANTOS
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Data: 26-jun-2023
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Resumen Espectáculo
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The present study verified whether, in Brazil, the level of tax avoidance of the firm, measured through the different ways of representing the effective corporate income tax rate, varies according to the remuneration value paid to the independent auditor for the tax services provided in together with the audit services. For this, a study was carried out with data extracted from the financial statements in the Economática database and data collected in the reference form referring to the period from 2011 to 2020, with a total of 1,584 company-year observations in an unbalanced panel. Statistical analysis for estimating the coefficients was performed using ordinary least squares and fixed effects with Driscoll and Kraay estimator. The results suggest that the amount of remuneration paid to the independent auditor for the tax services provided in conjunction with the audit services positively influences the company's tax avoidance, and it was verified that managers reduce the tax burden through strategies that affect accounting profit and taxable income, carry out tax planning through tax deferral and postpone the payment of income tax and social contribution to future years. As additional results, evidence that complements the studies by Santos et al. (2021) when exposing that both the fact that a company only buys tax services from the auditor and the fact that it pays higher amounts for tax services in relation to the entire amount paid to the audit firm positively affect the company's tax avoidance. In addition, in a sample where companies that did not pay their auditors for tax services were disregarded, it was found that the tax services remuneration provided by the auditor was related in different ways with the tax avoidance proxies, with strategies being observed that affect more intensely the deferred component of the effective corporate income tax rate, in addition to strategies that do not postpone the taxes payment to a future moment. Finally, it was concluded that measuring the main explanatory variable through the ratio between the amount paid for tax services and the total amount paid to the audit firm or by calculating the logarithm of amounts paid by the tax service does not interfere with the results, maintaining the positive relationship with tax avoidance. The study contributes to the national and international literature by reinforcing the existence of an overflow of knowledge between the joint provision of tax and audit services and the reduction of the tax burden. Furthermore, it brings evidence of the use of different ways of measuring the effective corporate income tax rate as proxies of tax avoidance, demonstrating the different perspectives of carrying out tax planning.
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8
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Lenio Vitor Oliveira Menezes
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Aggregate accounting earnings reflect information about inflation? A study of the Brazilian scenario between the years 2012 to 2020.
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Líder : JOSE SERGIO CASE DE OLIVEIRA
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MIEMBROS DE LA BANCA :
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JOSE SERGIO CASE DE OLIVEIRA
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JOSEILTON SILVEIRA DA ROCHA
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ANTONIO LOPO MARTINEZ
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Data: 14-jul-2023
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Resumen Espectáculo
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This study aims to investigate whether the aggregate accounting earnings of firms in the Brazilian stock market (B3) have the ability to support predict inflation information. As it proposes to analyze aggregate accounting data, the research brings more empirical evidence to inflation from a perspective not yet explored by the national literature. Using as a methodological basis an adaptation of the process used by Shivakumar and Urcan (2017), the empirical research was carried out with the collection of accounting earning data, at the firm level, of companies listed on B3, during the period from the first quarter of 2012 to the fourth quarter of 2020 obtained from the Economática® database. Next, earning aggregation was performed using the arithmetic average (equal-weighted), weighted average (value-weighted) and direct aggregation techniques. The economic variables were obtained from the Time Series Generator System (SGS) of the Brazilian Central Bank, IBGE and Ipeadata. The Autoregressive Vector (VAR) was chosen as an econometric technique because it allows forecasts to be made, in addition to enabling the identification of the time and intensity of the inflation response to a shock to aggregate earnings. The evidence found showed that, in the Brazilian reality, aggregate accounting earnings are capable of influencing future inflation. The results found allow accounting information, at the aggregate level, to be used as instruments for analyzing the efficiency of public policies, as well as presenting empirical evidence that reinforces the importance of studies in macroaccounting.
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9
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Alison Silva Ferreira
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CORPORATE GOVERNANCE AND ACCOUNTING CONSERVATISM: A STUDY IN B3 COMPANIES
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Líder : JOSE MARIA DIAS FILHO
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MIEMBROS DE LA BANCA :
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ANTONIO GUALBERTO PEREIRA
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JOSE MARIA DIAS FILHO
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MIGUEL ANGEL RIVERA CASTRO
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Data: 29-ago-2023
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Resumen Espectáculo
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This study aimed to analyze the advisory value (expertise and sociopolitical influence) of the board members of companies listed on B3, considering them as relevant parameters for impacting accounting conservatism. The main independent variables were Expertise (education, experiences, skills, and competencies) and Sociopolitical Relations (political exposure and socio-community ties) as more specific mechanisms to support good corporate governance. The dependent variable used was Basu's Accounting Conservatism. The data for this study were secondary, with a sample consisting of 50 firms from the Brazilian Stock Exchange (B3), categorized into cyclical and non-cyclical entities, observed between 2017 and 2019. The analytical method used in this study was the balanced panel data analysis, using EViews 12. The results indicated that the analyzed companies had board members with more expertise characteristics compared to sociopolitical ties. This parameter (expertise) had a positive and significant effect on accounting conservatism, suggesting that board members with more experience and technical-professional skills tend to increase the level of conservatism, and therefore, corporate governance, helping companies to report losses beforehand. The variable defining sociopolitical characteristics did not show statistical significance, although it had a negative effect, as defined methodologically. The combined model of both variables (hybrid) showed a moderate, significant, and positive effect, indicating that the advisory value of board members impacts the level of accounting conservatism. These results support hypotheses 1 and 3. However, other governance variables added to improve control did not show significance, while the financial variables such as company size and debt showed a significant effect on the early reporting of undesirable accounting results. The models presented a moderate adequacy of the adjusted coefficient of determination (adjusted R²), with 53.87% for Model 1 and 41.36% for Mathematical Representation 2, both above the figures reported in previous literature for this estimator (conservatism), distinguishing this study from others in its field. The study suggests that using larger samples and expanding the methodology, especially by evaluating other professional characteristics as proxies for community-political influence, may yield more robust results with panel data. Furthermore, considering other variables to control for the effects of strict Brazilian regulations could be beneficial
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10
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CARLA FERNANDA UZEDA MARQUES
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THE INFLUENCE OF INVESTMENT OPPORTUNITY AND OTHERS CORPORATE GOVERNANCE MECHANISMS IN THE FORMATION OF THE AUDIT COMMITTEE IN [B]3 COMPANIES
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Líder : ANTONIO GUALBERTO PEREIRA
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MIEMBROS DE LA BANCA :
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ANTONIO GUALBERTO PEREIRA
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JOSE SERGIO CASE DE OLIVEIRA
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JORGE DE SOUZA BISPO
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THIAGO BRUNO DE JESUS SILVA
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Data: 16-oct-2023
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Resumen Espectáculo
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The present study sought to analyze the influence of the investment opportunity and other corporate governance mechanisms in the formation of the audit committee of companies listed in [B]3 . Among the monitoring and control mechanisms used in the analysis are the board of directors, the ownership structure and the external audit. To achieve this objective, a quantitative survey was carried out on a sample of 103 public companies listed on Brasil, Bolsa, Balcão [B]3 in the period from 2017 to 2021. The econometric model chosen to test the seven (7) hypotheses of the research, considering the variables in an unrestricted and restricted way, was the logit for panel data with random effects. The results indicated that companies with more investment opportunities influence the corporate governance structure, favoring the adoption of more monitoring and control mechanisms, specifically voluntary adoption of the audit committee. There is statistical significance between the dependent variable Audit committee (CA) and the independent variables: Board Independence (ICADM), Board size (SCADM) and Entrenchment-effect (V). These results corroborate with other correlated studies. Among the control variables, only the variable Firm size (TAM) was statistically significant. This research contributes to the national literature in the area of Corporate Governance, by showing the effect of investment opportunities on the voluntary constitution of the audit committee, expanding the evidence on the mechanisms of corporate governance in emerging markets. From a practical point of view, the findings can help investors and creditors to mitigate capital supply risks, since the mapping of the presence of greater investment opportunities and some internal corporate governance mechanisms suggests a better structured governance, which culminates in the voluntary institutionalization of an audit committee.
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11
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LAVÍNIA SOUSA GORDINHO
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RELEVANCE OF THE INFORMATIONAL CONTENT OF FINANCIAL STATEMENTS FOR PREDICTING FUTURE RETURNS ON SHARE: EVIDENCE ON NET OPERATING ASSETS (NOA)
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Líder : CESAR VALENTIM DE OLIVEIRA CARVALHO JUNIOR
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MIEMBROS DE LA BANCA :
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CESAR VALENTIM DE OLIVEIRA CARVALHO JUNIOR
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LUIS PAULO GUIMARAES DOS SANTOS
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ANTONIO LOPO MARTINEZ
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Data: 07-dic-2023
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Resumen Espectáculo
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The objective of this study was to investigate the significance of the informational content of financial statements by analyzing the predictive ability of Net Operating Assets (NOA) in anticipating a strong negative relationship with future stock returns in the Brazilian market. The research integrated the lines of Behavioral Accounting and Value-Relevance in order to explore both the emotional and cognitive dimensions of interpretations of financial accounting information, as well as the impact of these on investors' market diagnoses and projections, providing a more accurate view of the interaction between human behavior, accounting information, and perceived value. To achieve this objective, the most recent protocol for studying the predictability of future stock returns through the NOA anomaly by Papanastasopoulos and Thomakos (2017) was utilized, fundamentally documented by Hirshleifer et al. (2004) and further developed by Papanastasopoulos, Thomakos, and Wang (2011) in North American and European contexts, where they found that NOAs are strong and negative predictors of future stock returns. In this study, within the Brazilian context, the results supported the aforementioned findings by indicating that NOAs are also strong negative predictors of future returns due to the statistical significance of the coefficient associated with this explanatory variable of interest in the sample and model used in this research
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