Países mais Transparentes são mais Democráticos?

Objective: to evaluate the relationship between fiscal transparency and the degree of democracy of countries.Method: to measure the proxies, the Open Budget Index and Democracy Index indicators were used, with data from 2006 to 2019, which were evaluated through Exploratory Data Analysis, Correlation test and Chi-square test of independence.Results: in general, there is a significant, positive and strong relationship between fiscal transparency and the degree of democracy of countries, especially when countries with distinct performances are grouped together. However, this relationship can exhibit very distinct behavior, depending on the region in which the country is located.Originality/Relevance: there is a higher incidence of transparency studies at regional and local levels, to the detriment of transnational investigations. In addition, understanding transparency as a fundamental principle for the consolidation of a Democratic State, it is expected that there will be a direct relationship between the measured variables. However, we highlight the recent contradictory findings of Arapis and Reitano (2018), who found a negative relationship between these two indicators, contrary to the theory and previous literature on the subject.Theoretical/methodological contributions: as established by the literature, the findings shown here are sufficient to disagree with the conclusions of Arapis and Reitano (2018), and confirm that more democratic countries tend to have greater transparency regarding their budget information.Social contributions/for management: tax transparency is an important instrument of social control in a democratic society, however, from a certain degree of democracy, there are no significant differences in tax transparency rates between countries.

Relação entre Motivação Acadêmica e o Estresse Percebido: um estudo com discentes de Ciências Contábeis

Objective: to investigate the relationship between academic motivation and perceived stress in undergraduate Accounting students.Method: a questionnaire was applied to students of the Accounting Sciences course at a Brazilian public institution, a sample of 404 respondents was obtained. The questionnaire included the Academic Motivation Scale, which was analyzed from the factor analysis, making it possible to identify the motivational factors and the Perceived Stress Scale, which made it possible to identify a stress score that was separated in four levels. To test the investigated relationship, a linear regression model was used, which considered the motivational factors and stress scores.Originality/Relevance: the study relates stress and motivation, two variables that have already been identified as factors that can affect the academic trajectory, but had been investigated in Accounting courses in isolation.Results: there was a straight relationship among stress and demotivation and two groups of extrinsic motivation (introjected motivation and identified motivation) and in contrast, an inverse relationship with intrinsic motivation was identified. In addition to it, a higher level of stress was identified in female students.Theoretical/Methodological contributions: the study brings contributions by showing that motivation, depending on its kind, can positively or negatively affect Accounting students’ stress level. Thus, when considering the characteristics of each motivational group, it is understood that the research findings corroborate the Theory of Self-determination and previous studies, and emphasize the importance of monitoring students during graduation.

Política de Dividendos e Períodos de Recessão: Evidências no Mercado de Capitais Brasileiro

Objective: To observe the dividend distribution behavior of Brazilian stock market [B]³ listed companies, comparing periods of expansion and recession in the Brazilian economy.Method: Two panel data models were carried out, with the payout index and the dividend yield index as dependent variables and a dummy classified as 1 for years of economic recession and 0 for years of economic rise as an independent variable. In addition, the financial leverage, size and earnings per share control variables were added to the model.Originality/Relevance: The study addressed the distribution of dividends according to the cycle of the Brazilian economy, which makes the research original, since no similar studies were found.Results: Regardless of the proxy used for dividend distribution, companies increase dividend distribution in periods of recession, when there is greater market uncertainty. Regarding the control variables, for the model estimated using the proxy payout index, all variables were significant, while for the model that has the proxy dividend yield as a dependent variable, earnings per share were not significant.Theoretical/Methodological contributions: Identification of the economic aspect in the dividend policy of Brazilian companies and in the creation of value for shareholders in periods of economic recession.

Antecedentes do Sistema de Controle Gerencial em Cooperativas de Crédito da Região Sul do Brasil

Objective: Considering the turbulent economic environment as well as the peculiarities of the operations conducted by cooperative entities, this study sought to analyze the connections between strategic risks and uncertainties and the use of the Management Control System (MCS) by credit cooperatives in Brazil’s South region.Method: This is a quantitative study, conducted as a survey with a sample of 57 credit cooperatives. The data was analyzed through Structural equation modeling, with partial least square estimation on SmartPLS 3.0 software. The strategic risk and strategic uncertainty constructs were analyzed in relation to their connection with Simons’ Levers of Control (1995), which contemplates the beliefs and boundary controls and interactive and diagnostic control systems. Furthermore, the connections between the four Levers of Control are also analyzed.Originality/Relevance: The study covers the antecedents (strategic risks and uncertainties) of MCS use, contemplating different compositions of type and class in credit cooperatives, taking previous studies into consideration, as well as covering a singular and pertinent region in the context of Brazilian credit cooperatives.Results: Strategic risk is not associated with the use of the Management Control System. Strategic uncertainty was proven to be the element that receives the most importance from managers in the process of using the four Levers of Control. Regarding the beliefs system construct, its importance is positively linked to the interactive control system, as also occurs with the connection between the interactive control system and the diagnostic control system.Theoretical/Methodological contributions: The study demonstrates the pertinence of the Levers of Control for credit cooperatives, inserted in the context of strategic risks and uncertainties.Social/management contributions: The findings bring about relevant contributions by proving that the balanced use of the four Levers of Control is relevant for promoting the strategic renovation of credit cooperatives, especially regarding strategic uncertainty.

Governança Corporativa e Rentabilidade dos Planos de Entidades Fechadas de Previdência Complementar

Objective: This study analyzes the relationship between good corporate governance practices (access to information, content of published information and management structure) and the performance (measured by the profitability of the plans) of the Closed Entities of Complementary Pension Funds (Entidades Fechadas de Previdência Complementar - EFPC).Method: The sample comprises 76 EFPCs ranked among the 89 publicly funded entities and the data were collected in the Annual Information Reports (Relatórios Anuais de Informação), statutes and information on the entities' websites and in the statistical statement published by the Brazilian Association of Closed Pension Funds for the year 2017. In order to test the research hypothesis, the Multiple Linear Regression method performed with the support of STATA® software.Originality/Relevance: The relevance of EFPC is highlighted, a sector that has been growing in Brazil, mainly with the pension reform in the public and private sectors.Results: The study's evidence does not support the acceptance of the established hypotheses, which foresee a positive and significant relationship between governance practices and profitability, considering as practices the access and content of information and the structure of governance bodies. It is conjectured that the level of information disclosure and / or the governance practices analyzed may have influenced the findings.Theoretical/methodological contributions: Although the proposed relationships did not indicate statistical significance, the survey highlights the importance of good corporate governance practices in EFPC in order to achieve better results and fulfill obligations to stakeholders.

Evidenciação do Contexto Econômico na Relação entre Governança Corporativa e Volatilidade das Ações nas Companhias Abertas Brasileiras

Objective: to analyze how the economic context affects the relationship between corporate governance and stock market volatility of Brazilian public companies listed on B3 S.A. - Brasil, Bolsa, Balcão (B3), from 2010 to 2018.Method: based on quantitative, descriptive, and documentary research, the stock market volatility on an annual basis was used as a metric for volatility (dependent variable); internal mechanisms (ownership and control structure, number of members of the administrative and fiscal council) and external mechanisms (B3 governance levels, American Depositary Receipt, and free float) such as corporate governance proxies (independent variable of interest); and control variables (Gross Domestic Product - GDP and others).Originality/Relevance: there is no consensus regarding the way that corporate governance practices affect stock market volatility, when considering the economic context in which the country finds itself, given that different proxies can cause different effects before the market (Li et al., 2013; Litov et al., 2006).Results: it was found that, in general, internal mechanisms have a significant influence in relation to stock market volatility only when analyzed together with the variation in GDP. The external mechanisms, on the other hand, did not show significant influence in relation to the stock market volatility.Theoretical / Methodological Contributions: the discussion about the interaction of corporate governance practices with the volatility in the stock market prices of Brazilian companies is broadened, as well as the different approaches to decision-making when analyzing the internal and external mechanisms of corporate governance in the Brazilian economic contex.

The Impact of BNDES’s Financial Resources on the Market Value of B3-Listed Companies

Objective: Analyze whether Brazilian Development Bank (BNDES) financial support have increased Brazilian companies market value using a sample comprising 272 observations from 40 companies listed at B3 Stock Exchange, in 2003–2018.Method: Panel data analysis using the One-step system GMM and a non-parametric Kruskal-Wallis H test followed by a Dunn test.Relevance: The relevance of the current study is in its analysis of a possible association between BNDES-granted financing and changes in Brazilian companies’ market value.Results: We did not observe that the financial support from BNDES could be associated with an increase in the market value of the companies. It was not possible to establish a causal relationship with respect to the financial support of BNDES and an impact on the corporate market value when we analyzed our full sample. However, we observe the existence of difference in the averages of the corporate market value when we analyzed in groups of companies. This result is not in line with recent financial scandals in Brazil involving companies that had obtained BNDES funding.Theoretical Contributions: Our findings may assist in the elaboration of an efficient policy to finance Brazilian companies, as the analysis of BNDES performance is fundamental to determining whether the applicability of Brazilian financing policy has reached the proposed results.

Impacto das Emendas às IAS 16 e IAS 41 na Posição Econômico-financeira das Empresas Sucroenergéticas Brasileiras

Objective: To identify the impact of the amendments to IAS 16 and IAS 41 on the economic and financial position of Brazilian sugar-energy companies, in the transition period from 2015 to 2017.Method: In a sample of 64 companies, the inverse of the Gray Comparability index was used to measure the impact and the paired Wilcoxon test to identify the significance.Originality/Relevance: This new accounting policy divided the plant and production into two assets with different measurement models. In the process of accounting for sugarcane crops, the sugarcane ratoon, considered a bearer plant, is now measured at historical cost and classified as fixed assets while standing cane continues to be measured by fair value but reported in current assets.Results: Retrospective accounting adjustments significantly impacted most of the variables analyzed. They improved current liquidity and asset turnover and negatively impacted third-party capital participation, fixed assets, general liquidity, and return on equity. The debt composition, quick liquidity, net margin, return on investments, and the operating cycle remained relatively stable.Theoretical/Methodological contributions: The study shows that the amendments to IAS 16 and IAS 41 imply the loss of comparability of accounting numbers and economic-financial indicators concerning previous periods. Besides, considering the peculiarities of sugarcane crops, the study provides evidence that contributes to discussions on measuring the fair value of standing cane.

Diretrizes de Educação em Empreendedorismo no Setor Público: a Perspectiva das Escolas de Governo

Objective: In the evolution process of Public Administration, the Government Schools have a preponderant role in reinvigorating the skills of civil servants who will have to deal with the transversal theme of entrepreneurship. Thus, this study aims to analyze the extent to which the Government Schools investigated potential guidelines for entrepreneurship education in the public sector.Method: An empirical qualitative-exploratory study was carried out, involving the multiple case study method, with three renowned Brazilian Government Schools of the executive branch at the three federative levels as the locus. In-depth interviews, guided by script, recorded, and transcribed, were carried out with the strategic representatives of these institutions, generating a corpus of textual analysis treated by the IRAMUTEQ software with the appropriate content analysis.Results: Developing entrepreneurship education guidelines in the public sector based on context constructs (macro, meso and micro); in the profile of the civil servant (student); entrepreneurial education; in the legal and regulatory framework; the adequacy of the infrastructure and the competence of the facilitator (teacher).Originality / Relevance: Analogously to a mix of educational planning instruments, there is a possibility to systematize educative training actions there are capable of favoring specific entrepreneurial andragogy for public employees.Theoretical / Methodological Contributions: Importance of demystifying the theme of entrepreneurship in the public sector, as well as observance of the role of Government Schools in the staff of modern and effective public management.Social / Managerial Contributions: Greater guarantees for generating public value through intrapreneurship that would re-signify the intra-organizational processes of government bodies.Keywords: Government Schools; Public Sector Entrepreneurship; Intrapreneurship; Entrepreneurship Education; Software Iramuteq.

Proteção Anti-takeover e Gerenciamento de Resultados: O Efeito das Poison Pills com Cláusulas Pétreas

Objective:This study aims to investigate whether eternity poison pills influence the earnings management level of Brazilian public companies.Method: We collect data from the bylaws obtained on the website of the Brazilian Securities and Exchange Commission, aiming to identify the use of poison pills and “eternity” clauses by 235 non-financial companies. The information needed to estimate discretionary accruals using the Jones Modified model, and the control variables included in the econometric model, were obtained through the Bloomberg® database. For the data analysis, we use quantile regression, considering the outliers present in the sample.Originality/Relevance: This study fills a gap in the literature regarding the effect of eternity poison pills on discretionary accruals, given that this relationship has not been explored in the Brazilian context. Thus, it is relevant for investors and regulators because it provides evidence on the effects of implementing this anti-takeover mechanism.Results: The main results provide novel evidence on the relationship between poison pills and earnings management in the Brazilian context, demonstrating that this anti-takeover device, when associated with an “eternity” bylaw clause, is positively related to discretionary accruals.Theoretical contributions: It contributes theoretically by showing that the managerial entrenchment caused by the adoption of poison pills with “eternity” clauses may reduce the accounting information quality, shedding light for investors and regulators about this effect of implementing this anti-takeover mechanism.