Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-06-05T17:57:25Z No. of bitstreams: 2 Johnny Silva Mendes.pdf: 695467 bytes, checksum: 217c107725d8d69be32e4766172c629d (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-06-05T17:57:25Z (GMT). No. of bitstreams: 2 Johnny Silva Mendes.pdf: 695467 bytes, checksum: 217c107725d8d69be32e4766172c629d (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2016-08-30 / In order to achieve accounting convergence, improve the comparability and measurement of the economic value of the firm, established IFRS standard mandatory form in Brazil in 2010 has as one of the objectives expected to reduce the asymmetry of information reflecting lower cost of capital and thus creating value for the firms. This research aimed at the empirical investigation of the relationship between IFRS Mandatory and value creation in public traded non-financial companies in Brazil. The sample consisted of stocks regularly traded at BM&F Bovespa from 2003 to 2014. The econometric model used was the diffs-in-diffs that isolates the effect of IFRS through the features not observed. For value creation metrics were found positive and significant effects on variables Qtobin and Market to Book. And when measuring the IFRS compared with the risk of the company has used the Beta variable and found negative and significant effect. The data shows evidence that IFRS mandatory positive impact on value creation and demonstrates that increasing the quality of financial reporting reduces information asymmetry and increases the incentive disclosure in firms. / Com o intuito de alcan??ar a converg??ncia cont??bil, melhorar a comparabilidade e mensura????o do valor econ??mico da firma, a norma IFRS, estabelecida de forma mandat??ria no Brasil no ano de 2010, tem como um de seus objetivos reduzir a assimetria de informa????o, refletindo menor custo de capital e consequente cria????o de valor para as firmas. Esta pesquisa teve, como objetivo, a investiga????o emp??rica da rela????o entre IFRS Mandat??rio e cria????o de valor das empresas de capital aberto n??o financeiras brasileiras. Foi utilizada uma amostra de empresas brasileiras regularmente negociadas na BM&F Bovespa entre 2003 e 2014. O modelo econom??trico utilizado foi o m??todo diffs-in-diffs, que isola o efeito do IFRS por meio das caracter??sticas n??o observadas. Foram estimados modelos com dados agrupados e painel com efeito aleat??rio. Para as m??tricas de cria????o de valor, foram encontrados efeitos positivos e significantes nas vari??veis Qtobin e Market to Book. E para se medir a rela????o do IFRS com o risco da empresa, foi utilizado o Beta do ativo e encontrado efeito negativo e significante. Os dados evidenciam que o IFRS mandat??rio impacta positivamente a cria????o de valor e mostram que o aumento da qualidade nos demonstrativos financeiros reduz a assimetria de informa????o e, consequentemente, aumenta o incentivo de disclosure nas firmas.

Submitted by Automa??o e Estat?stica (sst@bczm.ufrn.br) on 2017-07-04T15:00:56Z No. of bitstreams: 1 JisleneTrindadeMedeiros_DISSERT.pdf: 1038203 bytes, checksum: 05572eddaeca26de6c070ab2f41399b2 (MD5) / Approved for entry into archive by Arlan Eloi Leite Silva (eloihistoriador@yahoo.com.br) on 2017-07-14T14:57:18Z (GMT) No. of bitstreams: 1 JisleneTrindadeMedeiros_DISSERT.pdf: 1038203 bytes, checksum: 05572eddaeca26de6c070ab2f41399b2 (MD5) / Made available in DSpace on 2017-07-14T14:57:18Z (GMT). No. of bitstreams: 1 JisleneTrindadeMedeiros_DISSERT.pdf: 1038203 bytes, checksum: 05572eddaeca26de6c070ab2f41399b2 (MD5) Previous issue date: 2017-04-17 / Este estudo teve como objetivo identificar se as empresas brasileiras listadas na BM&FBovespa, no per?odo de 2010 a 2015, que atingiram as metas de resultados estabelecidas nas previs?es dos analistas financeiros gerenciaram seus resultados por meio de atividades reais e/ou atrav?s de accruals discricion?rios. Para tanto, foram estimados os n?veis de gerenciamento de resultados atrav?s de decis?es operacionais e de accruals discricion?rios; enquanto que a surpresa na previs?o dos analistas foi identificada pelo erro de previs?o. Buscando atingir o objetivo desta pesquisa, foi utilizado o m?todo de m?nimos quadrados ordin?rios (MQO) com dummies para o ano e setor. Os resultados mostraram, primeiramente, que mais de 50% das empresas listadas na BM&FBovespa, no per?odo de 2010 a 2015, de forma geral, adotaram pr?ticas de gerenciamento de resultados por meio de atividade reais para aumentar o resultado cont?bil do per?odo corrente. No tocante ao gerenciamento de resultados atrav?s dos accruals discricion?rios, os resultados apontaram que os gestores possuem incentivos para gerenciar seus resultados para atingir o lucro previsto pelos analistas financeiros. No que se refere ? utiliza??o das estrat?gias de gerenciamento de resultados, para evitar divulgar surpresa nos lucros em rela??o a previs?o dos lucros dos analistas financeiros, os resultados apontaram um relacionamento negativo entre os accruals discricion?rios e o erro de previs?o, sugerindo que quanto maior o n?vel dos accruals das empresas da amostra, menor ? o erro da previs?o, ou seja, que possivelmente os gestores gerenciam os resultados por escolhas cont?beis de modo oportunista, com a finalidade de alcan?ar a previs?o dos lucros dos analistas. Entretanto, o mesmo n?o se observou em rela??o ao gerenciamento de resultados por meio de atividades reais. Assim, n?o foram encontrados ind?cios de que os gestores adotam, conjuntamente, o gerenciamento de resultados por meio das atividades reais e atrav?s de accruals discricion?rios, para atingir as metas de lucros previstas pelos analistas. / This study aimed to identify whether Brazilian companies listed on the BM&FBovespa in the period from 2010 to 2015 that achieved the results targets established in the financial analysts? forecasts managed their results through real activities and/or discretionary accruals. For that, the levels of results management were estimated through discretionary operational and accrual decisions; While the surprise in the analysts? prediction was identified by the forecast error. In order to reach the objective of this research, we used the ordinary least squares (OLS) method with dummies for the year and sector. The results showed, first of all, that more than 50% of the companies listed on the BM&FBovespa, from 2010 to 2015, generally adopted practices of results management through real activity to increase the accounting result of the current period. Regarding the management of results through discretionary accruals, the results pointed out that managers have incentives to manage their results to achieve the profit predicted by financial analysts. With regard to the use of results management strategies, in order to avoid surprising profits in relation to the prediction of financial analysts? profits, the results pointed to a negative relationship between discretionary accruals and forecast error, suggesting that the greater the Level of the accruals of the sample companies, the smaller the error of the forecast, that is, that the managers possibly manage the results by accounting choices opportunistically, in order to reach the forecast of the profits of the analysts. However, the same has not been observed in relation to the management of results through real activities. Thus, no evidence has been found that managers jointly manage results management through real activities an

Made available in DSpace on 2015-12-03T18:35:14Z (GMT). No. of bitstreams: 1 Regis_Cesar_Cunha.pdf: 481756 bytes, checksum: 73c17b435048372f6cb838b14f4296e1 (MD5) Previous issue date: 2010-05-24 / This study has aimed to evaluate the reasons that have lead to the disclosure of information by Brazilian electric power companies. For this purpose, we have used the studies of Verrecchia (2001), Dye (2001), Healy and Papely (2001), and Core (2001) to form the basis of the theoretical framework. Thus, we developed seven hypotheses related to the level of disclosure and business characteristics of such companies and four control variables, as follows: (i) hypotheses: profitability, debt, size, stock control, securities issued, size of the audit company and opportunity growth and (ii) control variables: the identity of the controlling shareholder, corporate governance, ADR, and shares on BOVESPA. This research can be classified as descriptive-explanatory, since it is a description of the evolution of the level of disclosure of companies and seeks to find explanations for the motives of these levels of disclosure. The sample used was 25 publicly traded companies in the electricity sector in the period from 2003 to 2007. Regression was used with panel data for the empirical test. The result was that level of disclosure of companies surveyed suffer little evolution over the years studied in connection with the reasons that explain the level of disclosure, only variables related to size and shares listed on BOVESPA proved positive relationship. / Este trabalho teve como objetivo avaliar os motivos que levam ?? divulga????o de informa????es pelas empresas de energia el??trica brasileiras. Para tal, utilizaram-se os estudos foram utilizados de Verrecchia (2001), Dye (2001), Healy e Papely (2001) e Core (2001) como base do referencial te??rico. Foram elaboradas sete hip??teses relacionadas ao n??vel de disclosure e ??s caracter??sticas das empresas em rela????o ??s seguintes vari??veis: rentabilidade, endividamento, tamanho, controle acion??rio, emiss??o de t??tulos, tamanho da empresa de auditoria e oportunidade de crescimento e mais quatro vari??veis de controle: identidade do acionista controlador, governan??a corporativa, ADR e a????es na BOVESPA. A classifica????o metodol??gica desta pesquisa enquadra-se como descritiva-explicativa, pois faz uma descri????o da evolu????o do n??vel de disclosure das empresas e procura encontrar explica????es para os motivos desses n??veis de divulga????o. A amostra utilizada contemplava 25 empresas de capital aberto do setor de energia el??trica no per??odo de 2003 a 2007. Utilizou-se regress??o com dados em painel para o teste emp??rico. Os resultados obtidos pela estat??stica descritiva demonstram que o ??ndice de disclosure m??dio das empresas pesquisadas se mativeram praticamente inalterados no per??odo desta pesquisa; outro fato foi que nenhuma empresa nos anos pesquisados divulgou informa????es sobre proje????es.Os resultados da an??lise em painel evidenciam que o n??vel de disclosure das empresas pesquisadas sofreu uma pequena evolu????o durante os anos pesquisados. Com refer??ncia aos motivos que explicam o n??vel de disclosure, encontrou-se rela????o positiva com as vari??veis tamanho e a????es listadas na BOVESPA.

Made available in DSpace on 2015-12-03T18:35:18Z (GMT). No. of bitstreams: 1 Marta_Aparecida_Martins_Queiroz.pdf: 1595743 bytes, checksum: c9d541845000560043aa888a4f5a31fc (MD5) Previous issue date: 2011-02-25 / The current global scenario whose foundations are based on the economic globalization process has resulted in the need for companies to prepare their financial statements based on uniform standards to enable standardized accounting reports with the necessary homogeneity, thus providing the most efficient way the users needs for accounting information who have been facing several difficulties during the analysis of these reports, due to the diversity of models and information submitted. This situation got worse because of the increase of importance the accounting information has taken nowadays, as it has became a key source for decision taking in regard to the economic performance of companies. In this context, it was introduced in Brazil the process of convergence to international standards of accounting which has helped to end the asymmetry of accounting information. With Brazil's adherence to the convergence to these standards, one of the procedures is the realization of the impairment test, by means of CPC-01, issued by the Accounting Pronouncements Committee and approved by the Securities Commission with Resolution No. 527, which deals with the loss of the recoverability of assets. This rule provides that when an asset or group of assets is recorded by a value greater than the benefits it can provide, it should be recognized a value of loss in the income, denominating assets impairment loss. In this context the aim of this research is to analyze the compliance of impairment required by the CPC-01 and the position of the independent auditors in their assessments, in the absence of all or part of these requirements regarding the disclosure of the impairment loss on assets. From this on we build up the methodological procedures. First, we defined what are the requirements of the rule, founded upon the theoretical constructs of the research. We adopted a qualitative research. On that basis, we analyzed a sample composed of fifty-five companies which were listed in the IBOVESPA index over in the first quarter of 2010. Of these twelve showed impairment and measured. The Data collection took place by means of obtaining the financial statements of the years 2008 and 2009 published on websites of CVM, BOVESPA and also sites of the twelve companies which made the disclosure. The results show that six companies failed to comply with the requirements of disclosure asked by the CPC-01. In the reports of the independent auditors there are not reservations about this, because the auditors only point a Financial Statement if the omission is relevant to these criteria and varies according to the volume of a company's operations, concluding that there is still asymmetry in the accounting information despite efforts to standardize accounting. The results indicate that the compliance with the requirements for disclosure for the impairment loss laid in the CPC-01 occurred in a partial way in the majority of the companies surveyed. / O atual cen??rio mundial cujas bases se assentam no processo de globaliza????o econ??mica, resultou na necessidade de que as empresas elaborem suas Demonstra????es Cont??beis com base em normas uniformes, de modo a permitir relat??rios cont??beis padronizados e com a necess??ria homogeneidade, suprindo de forma mais eficiente ??s necessidades dos usu??rios da informa????o cont??bil, os quais t??m enfrentado diversas dificuldades durante a an??lise dos referidos relat??rios, em virtude da diversidade de modelos e informa????es apresentadas pelos mesmos. Tal situa????o agravou-se diante da import??ncia que a informa????o cont??bil passou a ter na atualidade, quando se tornou uma fonte fundamental para a tomada das decis??es referentes ao desempenho econ??mico das empresas. Nesse contexto, foi introduzido no Brasil o processo de converg??ncia aos padr??es internacionais de contabilidade, que tem contribu??do para acabar com a assimetria da informa????o cont??bil. Com a ades??o do Brasil ao processo de converg??ncia a estas normas, um dos procedimentos demandados ?? a realiza????o do impairment test, por meio do pronunciamento t??cnico CPC-01, emitido pelo Comit?? de Pronunciamentos Cont??beis e aprovado pela Comiss??o de Valores Mobili??rios com a Delibera????o n?? 527, que trata da perda de recuperabilidade dos ativos. Esta norma determina que quando um ativo, ou grupo de ativos est?? registrado por um valor maior que os benef??cios que ele pode proporcionar, devem-se reconhecer um valor de perda no resultado do exerc??cio, denominado perda por recuperabilidade dos ativos. Nesse contexto, o objetivo dessa pesquisa ?? analisar o cumprimento das normas de impairment exigidas pelo CPC-01 e a posi????o dos auditores independentes em seus pareceres, diante da aus??ncia, parcial ou total, do cumprimento dessas exig??ncias referentes ?? divulga????o da perda por recuperabilidade dos ativos. A partir disso, constru??ram-se os procedimentos metodol??gicos. Primeiramente, definiram-se quais as exig??ncias da norma, alicer??adas nos constructos te??ricos da pesquisa. Adotou-se a pesquisa qualitativa. Com essa base, analisou-se a amostra composta por cinquenta e cinco empresas que estavam listadas no ??ndice IBOVESPA no primeiro quadrimestre de 2010. Dessas, doze evidenciaram e mensuraram impairment. A coleta dos dados deu-se por meio de obten????o das Demonstra????es Cont??beis dos anos de 2008 e 2009 publicadas em sites da CVM, BM&FBOVESPA e tamb??m sites das doze empresas que realizaram a evidencia????o. Os resultados apontam que seis empresas n??o cumpriram com os requisitos de evidencia????o solicitados pelo CPC-01. Nos relat??rios dos auditores independentes n??o se encontram ressalvas sobre este assunto, pois os auditores somente ressalvam uma Demonstra????o Financeira se a omiss??o for relevante e estes crit??rios de relev??ncia variam de acordo com o volume de opera????es de uma empresa, concluindo-se que ainda h?? assimetria da informa????o cont??bil apesar dos esfor??os de padroniza????o cont??bil. Os resultados apontam que o atendimento ??s exig??ncias de divulga????o da perda por impairment dispostas no CPC-01 ocorreu de forma parcial na maioria das empresas pesquisadas.

Made available in DSpace on 2015-12-03T18:35:19Z (GMT). No. of bitstreams: 1 Paulo_Ricardo_Tardoque.pdf: 1187577 bytes, checksum: fdded0584294323dfabc733397bea651 (MD5) Previous issue date: 2011-12-14 / This paper studied the disclosure of administrative acts in the Brazilian public administration, which is the object of this research. The administrative acts are events not directly linked to heritage itself, but that have the potential to affect it, such as contracts and guarantees. The Brazilian Government Accounting provides the record of this type of information in the memorandum accounts, which are among the groups balance sheet account, and during the process of NBCASP creating, a process that aims at the convergence of Brazilian standards with international standards, among many other matters, was treated in the manner of disclosure of administrative acts, and records kept in memorandum accounts and these remained within the Balance Sheet of the Brazilian public administration, even at odds with the provisions of IPSAS. It was found that so far there is no consensus as to how disclosure of such information, so the paper started with the assumption that there is opportunity for improvement. The objective of this research was to provide a proposal for the disclosure of the administrative acts, which more adequately disclose this type of information. To do this proposed demonstrative, was investigated the perception of TCU's user and the quality of information. The research methodology was through a qualitative approach, and data collection relied on literature and documentary, and finally the data were analyzed by using content analysis. Compared with the literature presented, the analysis revealed that information from the administrative acts of the Brazilian public administration is relevant to the TCU's user, however the form of disclosure needs to be modernized. The goal was achieved, therefore the demonstrative proposal will help to improve the disclosure of administrative acts. Because there is also demand for this type of control in private entities, for-profit or nonprofit, it is suggested that the demonstrative proposed to be applied in this study also for private companies. / O presente trabalho estudou a divulga????o dos atos de gest??o na administra????o p??blica brasileira, sendo este o objeto da pesquisa. Os atos de gest??o s??o eventos n??o ligados diretamente ao patrim??nio, mas que t??m potencial de afet??-lo, como por exemplo, contratos e garantias. A Contabilidade governamental brasileira prev?? o registro deste tipo de informa????es nas contas de compensa????o, que est??o entre os grupos de contas do Balan??o Patrimonial, e durante processo de cria????o das NBCASP, processo este que objetivou a converg??ncia das normas brasileiras ??s normas internacionais, entre tantos outros assuntos, foi tratado da forma de divulga????o dos atos de gest??o, e manteve-se os registros nas contas de compensa????o e estas permaneceram dentro do Balan??o Patrimonial da administra????o p??blica brasileira, mesmo em diverg??ncia ao disposto nas IPSAS. Constatou-se que at?? o momento n??o h?? consenso quanto ?? forma de divulga????o deste tipo de informa????o, e por isso partiu-se do pressuposto que h?? oportunidade de melhorias. O objetivo da pesquisa foi oferecer uma proposta de evidencia????o dos atos de gest??o, que divulgue de forma mais adequada, tais informa????es. Para elaborar a proposta de demonstrativo, buscou-se conhecer a percep????o do usu??rio TCU quanto ?? qualidade da informa????o. A metodologia da pesquisa foi atrav??s de abordagem qualitativa, e para a coleta dos dados valeu-se de pesquisa bibliogr??fica e documental, por fim os dados foram analisados pelo m??todo de an??lise de conte??do. Em confronto com a literatura apresentada, a an??lise revelou que a informa????o dos atos de gest??o da administra????o p??blica brasileira ?? relevante ao usu??rio TCU, todavia a forma de divulga????o necessita ser modernizada. O objetivo foi alcan??ado, haja vista que o demonstrativo proposto auxiliar?? a melhorar a forma de divulga????o dos atos de gest??o. Por haver tamb??m a demanda deste tipo de controle nas entidades privadas, com ou sem fins lucrativos, sugere-se que seja aplicado o demonstrativo proposto na presente pesquisa, tamb??m para as empresas privadas.

Made available in DSpace on 2015-12-03T18:35:24Z (GMT). No. of bitstreams: 1 Marcia Aparecida Ferreira Schiavette.pdf: 1378664 bytes, checksum: e8d50c422aa34840a99144fb1eb9484b (MD5) Previous issue date: 2012-11-07 / A good look at the evolution of mankind throughout history reveals a litany of key discoveries in the evolution of mankind. Occupying the top echelon of these discoveries albeit distinctive is mankind s ability to communicate with each other via gestures, mime, and speech. Precisely thus rooted on this historical landmark is the entirety of this work based. In addition communication is the backdrop by which ideas, discoveries and goals are conveyed. Each objective is unique and peculiar, subject to communication evolution as required respectively not dissimilar however from accounting. Just as scientists and researchers identify historical milestones, the field of accounting science also experience and witness evolution by means of communicating facts naturally in terms of binding, relevance and timeliness. Regardless of the classification, the information is useful only if it contains the attributes of importance to be defined by different types of users. With the purpose of obtaining the compliance of disclosure index (ECI), this study chose to attribute measurement and disclosure required in notes issued by companies in the airline industry, for the year 2011, members at forty-one (414) pronouncements technical, fifteen (15) interpretations and two guidelines (02) issued by the Accounting Pronouncements Committee (CPC). The methodology of applied research is characterized as qualitative and quantitative and documentary character. As a result of our analysis, the Disclosure Compliance Index was calculated as 76,98% and 76,59% for the TAM and 74,21% and 76,19% for the GOL company, which had 187 and 194 items and 192 and 193 items of disclosure of a total of 252 items required for the years 2010 and 2011 respectively. This paper hopes to contribute to future studies on the adoption of a new index for evaluation of companies in the capital market in Brazil compared with foreign companies that adopted IFRS related to the CPC's policies adopted in Brazil, where companies with a high rate of compliance the disclosure (ICE) have a lower risk and there was a decrease or absence of items volunteers, as expected the increase of the items required / Quando analisamos a evolu????o do Ser Humano, ao longo de sua hist??ria, podemos elencar muitas descobertas importantes. Dentre as muitas registradas, a mais importante ?? aquela que fez com que os homens pudessem, atrav??s dos gestos, m??micas e da fala se comunicarem uns com os outros. ?? exatamente neste marco hist??rico que este trabalho tem a sua raiz. Atrav??s da comunica????o conseguimos transmitir nossas ideias, nossas descobertas, nossos desejos e objetivos. Para cada objetivo existe uma maneira diferente de se comunicar e esta comunica????o precisa evoluir conforme as necessidades, e n??o seria diferente para a Ci??ncia Cont??bil. Assim como os cientistas e pesquisadores identificam marcos na hist??ria, na ??rea de atua????o das ci??ncias cont??beis tamb??m vivenciamos e presenciamos a evolu????o na forma de comunicar os fatos, classificando-os em obrigat??rios, n??o obrigat??rios, relevantes, n??o relevantes, tempestivos ou n??o tempestivos, ou seja, independente da classifica????o, a informa????o s?? ser?? ??til se ela contiver os atributos de import??ncia a ser definida pelos diferentes tipos de usu??rios. Com o prop??sito de auferir o ??ndice de conformidade de evidencia????o (ICE), este trabalho escolheu como atributos a mensura????o e a evidencia????o obrigat??rias publicadas nas notas explicativas das empresas do setor a??reo, referentes aos anos de 2010 e 2011, aderentes aos quarenta e um (41) pronunciamentos t??cnicos (CPC), quinze (15) interpreta????es (ICPC) e duas (02) orienta????es (OCPC), emitidos pelo Comit?? de Pronunciamentos Cont??beis (CPC). A Metodologia da pesquisa aplicada caracteriza-se como quali-quantitativa e de car??ter documental. Como resultado da nossa an??lise, o ??ndice de Conformidade de Evidencia????o apurado foi de 76,98% e 76,59% para a empresa TAM e 74,21% e 76,19% para a empresa GOL, que apresentaram 187 e 194 itens e 192 e 193 itens de evidencia????o de um total de 252 itens obrigat??rios para o ano de 2010 e 2011 respectivamente. Este trabalho espera contribuir para futuros estudos sobre a ado????o de um novo ??ndice para avalia????o das empresas no mercado de capitais no Brasil em compara????o com empresas no exterior que adotaram as IFRS s correlacionadas aos CPC s adotados no Brasil, se as empresas com um alto ??ndice de conformidade de evidencia????o (ICE) possuem riscos menores e se houve uma diminui????o ou n??o dos itens volunt??rios, uma vez que se espera o aumento dos itens obrigat??rios

Made available in DSpace on 2015-12-03T18:35:25Z (GMT). No. of bitstreams: 1 Claudineia_Boaventura_de_Sousa.pdf: 1035768 bytes, checksum: 8a5ab56ab58fb67088df2de635ac7c91 (MD5) Previous issue date: 2013-06-17 / This study examined the relationship between the market value (measured by Tobin's Q) and voluntary disclosure economic, social and environmental sustainability reports of companies listed on the BM&FBovespa. We analyzed the Standardized Financial Statements (SFS), Annual Reports (AR) and Sustainability Reports (SR) in the period from 2007 to 2011. The results indicate the existence of significant and positive relationship between voluntary disclosure economic and market value of companies, the same is not true with regard to voluntary disclosure environment that has a significant relationship, but negative in relation to Tobin's Q, demonstrating a trade vision-off between the investor and the manager, as such disclosure is strategically important from the viewpoint of business management. No evidence of a significant relationship between social voluntary disclosure and market value of companies. The study could help to encourage companies to voluntarily disclose information of an economic, social and environmental both quantitative and qualitative, as a strategic, yet aligned their mission and values as a way to communicate with their stakeholders and through that channel as to obtain benefits efficiency in management and business continuity expectations, given the enforcement of regulatory bodies, society and other agents that interfere in business and have direct legitimate. This incentive represents compensatory and contingency measures can reduce risks and transmit corporate responsibility and follow a global trend, which considers factors involving actions of a social and environmental function as extensions of social enterprises / Este estudo analisou a rela????o existente entre o valor de mercado (mensurado pelo Q de Tobin) e a divulga????o volunt??ria de informa????es econ??micas, sociais e ambientais, em relat??rios de sustentabilidade das companhias listadas na BM&FBovespa. Foram analisados, as Demonstra????es Financeiras Padronizadas (DFPs), os Relat??rios Anuais (RA) e os Relat??rios de Sustentabilidade Empresarial (RSE), no per??odo de 2007 a 2011. Os resultados apontam a exist??ncia de rela????o significante e positiva entre a divulga????o volunt??ria econ??mica e o valor de mercado das empresas; o mesmo n??o se d?? em rela????o ?? divulga????o volunt??ria ambiental que possui rela????o significante, por??m negativa em rela????o ao Q de Tobin, demonstrando um trade-off entre a vis??o do investidor e do gestor, pois tal divulga????o ?? estrategicamente relevante do ponto de vista da gest??o dos neg??cios. N??o h?? evid??ncia de rela????o significante entre a divulga????o social volunt??ria e valor de mercado das companhias. O estudo poder?? contribuir para incentivar as companhias a divulgar informa????o volunt??ria de natureza econ??mica, social e ambiental tanto quantitativa como qualitativa, como medida estrat??gica, por??m alinhada ?? sua miss??o e valores como forma de se comunicar com seus stakeholders e atrav??s desse canal obter vantagens quanto ?? efici??ncia na gest??o e nas expectativas de continuidade dos neg??cios, atendendo ao enforcement de ??rg??os reguladores, da sociedade e de demais agentes que interferem nos neg??cios e possuem direitos leg??timos. Tal incentivo representa medidas contingenciais e compensat??rias capazes de reduzir riscos e transmitir responsabilidade corporativa e acompanham uma tend??ncia global, a qual entende os fatores que envolvem a????es de car??ter ambiental e social como extens??es da fun????o social das empresas

Made available in DSpace on 2015-12-03T18:35:34Z (GMT). No. of bitstreams: 1 Jefferson_Giacomace_de_Sousa_Freitas.pdf: 574504 bytes, checksum: 71a29ad45c1f1aa5e4a05e89199a3509 (MD5) Previous issue date: 2015-08-06 / In order to obtain the disclosure of conformity index (ICE), this paper selected as the measurement attributes and the mandatory disclosure published in the notes on chemical companies for the year 2013, adhering to forty-five (45) technical pronuncements (CPC), seventeen interpretations (ICPC) and six guidelines (OCPC), issud by the committee of accounting pronouncements (CPC). The research methodology applied is characterized as qualitative and quantitative and documentary character. The research methodology is characterized as qualitative and quantitative and documentary character. Qualitative because it is to examine the financial statements and notes disclosed by companies to comply with the standards, guidelines and interpretations in the category disclosure and measurement. The approach is also characterized as quantitative as calculate the Disclosure Compliance Index (ICE) applied to the Brazilian chemical industry , and its evolution. The result of our analysis, the net disclosure complaince rate was 61% 55% and 63% to the companhy Braskem S.A, Fertilizers Henringer S.A and Elekeiroz S.A, Which had 152, 137 and 157 disclosure of items of a total 248 items requerid for the year 2013. This study hopes to contribute to the disclosure of conformity index (ICE) for the evaluation of companies in Brazil capital market compared with overseas companies that adopted IFRS correlated to CPC adopted in Brazil, if companies with a high disclosure complaince (ICE) have lower risks and if there was a decrease or absence of volunteers items, since it expects an increase of the items requerid on the basis of CPC, ICPC, OCPC / Com o prop??sito de auferir o ??ndice de conformidade de evidencia????o (ICE), este trabalho selecionou como atributos a mensura????o e a evidencia????o obrigat??rias publicadas nas notas explicativas nas empresas do setor qu??mico, referente ao ano de 2013, aderentes aos quarenta e cinco (45) pronunciamentos t??cnicos (CPC), dezessete interpreta????es (ICPC) e seis orienta????es (OCPC), emitidos pelo comit?? de pronunciamentos cont??beis (CPC). A metodologia da pesquisa aplicada caracteriza-se como quali-quantitativa e de car??ter documental. Qualitativa por se tratar de examinar as demonstra????es cont??beis e notas explicativas divulgadas pelas empresas se est??o em conformidade com os pronunciamentos, orienta????es e interpreta????es no quesito evidencia????o e mensura????o. A abordagem tamb??m se caracteriza como quantitativa, pois calcular?? o ??ndice de Conformidade de Evidencia????o (ICE) aplicado ao setor qu??mico brasileiro, e sua evolu????o. Como resultado da nossa an??lise, o ??ndice de conformidade de evidencia????o apurado foi de 61%, 55% e 63%, para a empresa Braskem S.A, Fertilizantes Heringer S.A e Elekeiroz S.A, que apresentaram 152, 137 e 157 itens de evidencia????o de um total de 248 itens obrigat??rios para o ano de 2013. Este trabalho espera contribuir para o ??ndice de conformidade de evidencia????o (ICE) para avalia????o das empresas no mercado de capitais do Brasil em compara????o com as empresas no exterior que adotaram as IFRS s correlacionadas aos CPC s adotados no Brasil, se as empresas com um alto ??ndice de conformidade de evidencia????o (ICE) possuem riscos menores e se houve uma diminui????o ou n??o dos itens volunt??rios, uma vez que se espera um aumento dos itens obrigat??rios com base nos CPC, ICPC, OCPC

Made available in DSpace on 2015-12-03T18:35:05Z (GMT). No. of bitstreams: 1 Carlos_Vicente_Berner.pdf: 489994 bytes, checksum: 2d2ea5521c530a792113964ccd154944 (MD5) Previous issue date: 2009-03-19 / This research addressed the disclosure process of treating environmental liability practices in a group of 18 companies in the segment sector and subsector of electricity. To fulfill the research questions, it was selected all companies listed in the ISE (Corporate Sustainability Index), from 2002 to 2006. Moreover, it was randomly selected the same number of companies, but not listed in the ISE. Such companies were chosen because the responsibility and the risks of the segment are relevant to environmental aspects. Through the literature, it was possible to understand some issues relating to the main topic of this research, including concepts, sources and forms of disclosure of environmental liabilities. Such research was mostly done by means of essays and articles relating to the subject. It was applied the content analysis to find the results, and it was verified whether the companies listed in the ISE were committed to the treatment of environmental liabilities or not. Those companies were reviewed by the Program Disclosure of BOVESPA stocks and foreign sites of private companies that were part of the sample. It can be stated that the companies do not show -by means of reports - the disclosure process demanded by the Manual of Accounting regulated by ANEEL, through Resolution 444. However, they all demonstrate being committed to the environment, as well as show some information related to the environment. Nevertheless, after examining the reports, it was not possible to identify the commitment to environmental liabilities, even when those are not legally demanded. Furthermore, it was not possible to detect any spontaneous processes adopted by companies that use the Accounting theory. But the companies listed in the ISE were more concerned with environmental issues, as they show this kind of information more often. To conclude, it is not possible to state whether the environmental liabilities were hidden or not, because the companies only mention the environmental liabilities through fines, indemnity and the reconstruction of degraded areas. / A presente pesquisa aborda o processo de evidencia????o do tratamento das pr??ticas do passivo ambiental num grupo de 18 companhias do segmento setor e subsetor de energia el??trica. Para atender ao problema da pesquisa, foram compulsoriamente selecionadas todas as companhias que estavam listadas no ISE (??ndice de Sustentabilidade Empresarial) no per??odo de 2002 a 2006, e selecionadas aleatoriamente o mesmo n??mero de companhias listadas que faziam parte do universo da pesquisa, mas que n??o estavam listadas no ISE. A escolha por essas empresas se deu pelo fato de que a responsabilidade e os riscos do segmento s??o relevantes perante aspectos ambientais. Na fundamenta????o te??rica, buscou-se conhecer os assuntos relacionados ao tema, incluindo conceitos, origens e formas de evidencia????o dos passivos ambientais. Essa coleta de informa????es foi, na sua maioria, efetuada por meio de disserta????es e artigos ligados ao tema. Buscaram-se os resultados pela an??lise de conte??do, atrav??s da verifica????o do compromisso das companhias listadas no ISE quanto ao tratamento das pr??ticas do passivo ambiental, e essas foram analisadas a partir do conte??do extra??do do Programa de Divulga????o Externa da BOVESPA e sites particulares das companhias que fazem parte da amostra. Percebe-se que as companhias n??o demonstram, por meio dos Relat??rios, o processo de evidencia????o, exigido pelo Manual de Contabilidade regulamentado pela ANEEL (Ag??ncia Nacional de Energia El??trica), atrav??s da Resolu????o 444. No entanto, todas elas demonstram o compromisso com o meio ambiente e fazem men????o ??s informa????es inerentes ao meio ambiente. Entretanto, na an??lise dos relat??rios, n??o foram identificados os compromissos com o passivo ambiental, ainda que n??o haja exig??ncia legal quando da evidencia????o do passivo ambiental, e n??o se observou nenhuma pr??tica espont??nea adotada pelas companhias aderentes aos fundamentos da teoria da contabilidade. Por outro lado, as companhias listadas no ISE demonstram estar mais preocupadas com as quest??es ambientais, a partir do momento em que evidenciam com mais frequ??ncia as informa????es. Por fim, conclui-se que n??o se pode afirmar se os passivos ambientais s??o ocultos, uma vez que as companhias apenas evidenciam os processos ambientais atrav??s de multas, indeniza????es e recupera????es das ??reas degradadas.

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-12-19T22:59:36Z No. of bitstreams: 2 Adriano Dantas Lima Rodrigues.pdf: 683093 bytes, checksum: 5e76ca0b2e0469af0f0484640b8755c6 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-12-19T22:59:36Z (GMT). No. of bitstreams: 2 Adriano Dantas Lima Rodrigues.pdf: 683093 bytes, checksum: 5e76ca0b2e0469af0f0484640b8755c6 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-06-05 / The objetive of this work was to analyze which motivating factors could positively be associated with the level of disclosure of business combination in Brazilian public companies that trade in S??o Paulo city stock exchange (B3). To fulfill such aim, it was developed a Business Combination index ??? INDCOMBADAPT, based on Nakayama & Salotti (2014) and Shalev (2009) researches. Instead of developing a disclosure index based on a checklist model, described by the technical pronouncement CPC 15 - Business Combinations as mandatory, in this research, some itens (subcategories) that could be repetitive were removed. Therefore, it was considered only information about one relevante criterion, that is, if missing, could cause problems to understand the procedure On the basis of previous researches, we selected factors that could positively impact the level of disclosure of business combination. We analyzed: companies?? size, listing segment in B3, subjection to regulatory agencies, free float shares, internationalization, audit firms, bond issuance, performance and indebtedness. We investigated the annual financial statements of 2015, from Brazilian companies that trade in S??o Paulo city stock exchange (B3), which described information concerning business combinations in these statements. We identified 28 acquirer companies involved in 53 procedures characterized as combinations, according to IFRS 03 (CPC-15 R1). In the studied period, the business combination disclosure index was 0,4082 (maximum 0,8095, and minimum 0,0479), indicating low disclosure level. Positive correlations concerning the combination index for the variable Indebteness were found. Moreover, after the regression analyzis the only conformed hyphotesis was that there is a positive relationship among financial statements audited by big audit firms and the level of disclosure of business combination. This confirms the works of Taplin, Zhao, & Brown (2014), Nakayama (2012) and Murcia (2009). / O objetivo desta pesquisa foi analisar quais fatores motivadores poderiam estar associados positivamente ao n??vel de divulga????o de combina????o de neg??cios em empresas brasileiras de capital aberto, na bolsa de valores de S??o Paulo (B3). Para alcan????-lo, foi desenvolvido um ??ndice de Combina????o de Neg??cios, o INDCOMBADPT, adaptado de Nakayama & Salotti (2014) e Shalev (2009). Em vez de desenvolver um ??ndice de divulga????o baseado em um modelo checklist do que o pronunciamento t??cnico CPC-15 R1 (IFRS 03) de combina????o de neg??cios descreve como conformidade da norma, nesta pesquisa, foram retirados itens (subcategorias) que poderiam ser repetitivos. Desse modo, considerou-se somente informa????es sobre um crit??rio de relev??ncia. Assim, foram observadas somente informa????es que partem do pressuposto de que, na falta, podem causar problemas no entendimento da opera????o. Com base em pesquisas anteriores, foram selecionados fatores que poderiam impactar positivamente o n??vel de combina????o de neg??cios. Foram analisados: porte das companhias, segmento de listagem, sujei????o ??s ag??ncias reguladoras, percentual das a????es em circula????o no mercado, internacionaliza????o, firmas de auditoria, emiss??o de t??tulos, desempenho e endividamento. Foram analisadas as demonstra????es financeiras anuais de 2015, das companhias brasileiras com a????es negociadas na bolsa de valores de S??o Paulo (B3), que descreveram informa????es referentes a combina????es de neg??cios nessas demonstra????es. Foram identificadas 28 companhias adquirentes envolvidas em 53 opera????es caracterizadas como combina????o, conforme o CPC-15 R1 (2011). No per??odo analisado, o ??ndice de divulga????o de combina????o de neg??cios ficou em 0,4082 (m??ximo 0,8095 e m??nimo 0,0476), indicando baixo n??vel de divulga????o. A pesquisa apresentou correla????o positiva quanto ao ??ndice de combina????o para a vari??vel Endividamento. E ap??s an??lise de regress??o, a ??nica hip??tese confirmada foi que existe rela????o positiva entre demonstra????es financeiras auditadas por grandes empresas de auditoria e o n??vel e divulga????o de combina????o de neg??cios, corroborando Taplin, Zhao, & Brown (2014), Nakayama (2012) e Murcia (2009).