Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-12-13T09:11:48Z No. of bitstreams: 1 Sandra Egydio Pereira da Silva.pdf: 1194786 bytes, checksum: 714efba5369f24814c39b458a0e4ea66 (MD5) / Made available in DSpace on 2017-12-13T09:11:48Z (GMT). No. of bitstreams: 1 Sandra Egydio Pereira da Silva.pdf: 1194786 bytes, checksum: 714efba5369f24814c39b458a0e4ea66 (MD5) Previous issue date: 2017-11-29 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / The objective of this research is to analyze the relationship between onerous indebtedness, Ebitda and interest coverage to verify if, in fact, there is the true fiscal benefit for public companies in the industrial sector of cyclical activity, especially in this moment of crisis, namely 2015 and 2016. The sample for this analysis was composed of seven industrial companies in the cyclical sector, listed on BM & FBovespa. For this purpose, the annual balance sheets for 2007 to 2016 of these selected companies were observed in order to verify the behavior of short and long term indebtedness, Ebitda in relation to financial expenses, tax benefit (income tax with and without inclusion of financial expenses in the calculation basis). The results of these analyzes showed that, in the crisis years 2015 and 2016, companies tended to raise more shortterm debt, that Ebitda in most companies covered financial expenses, and that the tax saved on financial expenses occurred even when there was loss. Dependent and independent variables through Stepwise statistics were also analysed in order to verify the degree of dependence of Ebitda, income tax and financial expenses. The main results of the statistics showed that the variable Ebitda has a positive dependence on income tax and financial expenses. Income tax was dependent on Ebitda and, finally, financial expenses were dependent on short-term loans, net indebtedness and Ebitda. Even in the face of a systemic crisis, through the satisfactory management of indebtedness, it is possible for companies to present positive operating results, fully covering financial expenses / O objetivo desta pesquisa é analisar a relação entre endividamento oneroso, Ebitda e cobertura de juros para verificar se, de fato, há a ocorrência do verdadeiro benefício fiscal para empresas de capital aberto do setor industrial de atividade cíclica, principalmente, neste momento de crise – 2015 e 2016. A amostra, para esta análise, foi composta por sete empresas industriais do setor cíclico, constantes na BM&FBovespa. Para isso, os balanços anuais de 2007 a 2016 dessas empresas selecionadas foram observados a fim de verificar o comportamento dos endividamentos de curto e longo prazo, o Ebitda em relação as despesas financeiras, o benefício fiscal (imposto de renda com e sem a inclusão das despesas financeiras na base de cálculo). Os resultados dessas análises demonstraram que, nos anos de crise 2015 e 2016, as empresas tenderam a captar mais dívidas a curto prazo, que o Ebitda na maioria das empresas cobriu as despesas financeiras e que o imposto economizado com as despesas financeiras ocorreu mesmo quando houve prejuízo. Também foram analisadas variáveis dependentes e independentes através da estatística Stepwise para verificar o grau de dependência dos seguintes itens: Ebitda, imposto de renda e despesas financeiras. Os principais resultados da estatística mostraram que a variável Ebitda tem dependência positiva para imposto de renda e despesas financeiras. O imposto de renda apresentou dependência para o Ebitda e, por fim, as despesas financeiras apresentaram dependência para os empréstimos a curto prazo, endividamento líquido e o Ebitda. Portando, mesmo diante de crise sistêmica, por meio da gestão satisfatória do endividamento, é possível que as empresas apresentem resultados operacionais positivos cobrindo plenamente as despesas financeiras

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-08-16T18:06:18Z No. of bitstreams: 2 Fab??ola D???Agostini Peleias.pdf: 1095248 bytes, checksum: c2e855673f21c61c746dc10139ca07b2 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-08-16T18:06:18Z (GMT). No. of bitstreams: 2 Fab??ola D???Agostini Peleias.pdf: 1095248 bytes, checksum: c2e855673f21c61c746dc10139ca07b2 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-01-31 / The accounting professional who prepares financial statements, which must be clear and accurate, needs to consider the comprehension degree of the user of financial information. Therefore, they have to enhance the language quality necessary to prepare these statements. In this context, there has been an increase in readability studies and a need to increase the written language of financial information. The aim of this research was to verify the (un) favorable linguistic features in financial statements of companies listed in Brazilian capital market, in Brazilian Portuguese. In this regard, the Textual Linguistics was chosen as a basis theory, because it allows the study of grammatical, semantic and pragmatic features of the Language. Based on the proposed aim, a tool was designed ??? a checklist of (un) favorable linguistic features pointed in financial information literature. Two constructs were considered for this end: cohesion and coherence. The favorable linguistic features categorized in the tool are: pause, ellipsis, simple sentences, sentences up to two lines, connectors and substitution. And the unfavorable are: repetition of words, long sentences, complex sentences, lack of parallelism, lack of pause, confused text, words of more than three syllables and jargon. The financial statements of IBRX50 BOVESPA 2015 social year were researched, and, for each one, the Flesch test was applied. It was observed very little variability in Flesch results. Therefore, three companies with the highest Flesch results and three with the smallest were chosen and analyzed in Atlas TI Software, through the codes. For each code, a(n) (un) favorable feature was categorized and observed in the six selected financial statements. All (un) favorable features were detected in the financial statements, in higher or smaller quantity. However, when comparing these results with the Flesch ones, there was no relationship between them. It was expected that companies with higher Flesch for readability would present more favorable features, and companies with smaller Flesch, more unfavorable. Nonetheless, this was not found in the researched sample. In this sense, it could be said that the Flesch test alone is insufficient for Financial Statements readability. It is necessary to consider other qualitative features. / O profissional cont??bil que atua na prepara????o das demonstra????es financeiras, que devem ser claras, precisa considerar o grau de compreens??o do usu??rio que utiliza a informa????o cont??bil. Por isso, deve buscar melhorar a qualidade da linguagem que utiliza na prepara????o dessas demonstra????es. Nesse cen??rio, tem havido um aumento de estudos da readability e da necessidade de melhora na linguagem escrita das informa????es cont??beis. O objetivo deste trabalho foi verificar os mecanismos lingu??sticos (des)favor??veis nas demonstra????es financeiras de empresas listadas no mercado de capitais brasileiro, no idioma portugu??s brasileiro. Para isso, optou-se pela Lingu??stica Textual como teoria de base, pois ela permite estudar as caracter??sticas gramaticais, sem??nticas e pragm??ticas da l??ngua. Ao considerar o objetivo proposto, foi constru??do um instrumento, que ?? um checklist de mecanismos (des)favor??veis apontados na literatura para as demonstra????es financeiras. Para isso, dois constructos foram considerados: coes??o e coer??ncia. No instrumento, os mecanismos lingu??sticos favor??veis categorizados foram: pausa, elipse, estruturas simples, senten??as de at?? duas linhas, uso de conectores e a substitui????o. E os desfavor??veis foram: repeti????o de palavras, frases longas, estruturas complexas, quebra de paralelismo, falta de pausa, confus??o no texto, poliss??labas e jarg??o. Foram pesquisadas as demonstra????es financeiras do exerc??cio de 2015 das empresas do IBRX50 (BOVESPA) e para cada uma, foi aplicada a m??trica de Flesch. Observou-se pouca variabilidade na nota de Flesch nas empresas. Foram ent??o selecionadas tr??s com maior Flesch e tr??s com menor para an??lise no software Atlas TI, por meio dos c??digos. Para cada um, foi elencado um mecanismo (des)favor??vel. Esses mecanismos foram observados nas seis demonstra????es financeiras selecionadas. Todos os mecanismos favor??veis e desfavor??veis do instrumento foram observados nas demonstra????es financeiras, em maior ou menor grau. Contudo, ao comparar esses resultados com as notas de Flesch, n??o se verificou rela????o entre eles. Esperava-se que empresas com maior Flesch para readability apresentariam mais mecanismos favor??veis, e empresas com menor Flesch, mais desfavor??veis. Entretanto, isso n??o ocorreu na amostra pesquisada. Assim, entende-se que a m??trica de Flesch, sozinha, ?? insuficiente para a readability das Demonstra????es, sendo necess??rio observar outros atributos qualitativos.

O objetivo desta pesquisa é avaliar os impactos da eliminação do método de consolidação proporcional, com a adoção da IFRS 11, para as empresas do mercado brasileiro com investimentos em joint ventures. A aplicação da IFRS 11 trouxe impactos tanto em termos conceituais quanto práticos. Entretanto, a principal alteração foi a eliminação da consolidação proporcional como uma alternativa para o reconhecimento dos investimentos em joint ventures, considerando que esse era o método utilizado por muitos países e que, conforme alguns autores, produzia informações de maior relevância. Para tanto, primeiramente analisaram-se as 111 comment letters enviadas em resposta ao Exposure Draft 09, sendo que esta análise demonstrou que a maior parte dos respondentes não concordavam com a emissão da IFRS 11 como proposta no ED 09, principalmente em relação à eliminação do método de consolidação proporcional. Na sequência, avaliaram-se os impactos da transição da consolidação proporcional para o MEP nos valores reportados pelas empresas do mercado brasileiro com investimentos joint ventures, com a finalidade de verificar se essas diferenças são estatisticamente significantes. A população construída nesta pesquisa é formada por 79 empresas do mercado brasileiro que apresentavam as características necessárias. Utilizando Testes de Média, os resultados indicam que, exceto para as variáveis Fluxo de Caixa das Atividades de Financiamento, Indicadores de Liquidez e Composição do Endividamento, todas as demais 16 variáveis analisadas apresentaram diferenças estatisticamente significantes quando da transição da consolidação proporcional para o MEP. Ademais, esse impacto é mais evidente em alguns setores como Bens Industriais, Construção e Transporte, Utilidade Pública. Esses resultados levam à aceitação da hipótese proposta, de que os valores reportados pelas empresas do mercado brasileiro com investimentos em joint ventures após a adoção da IFRS 11 são significativamente diferentes dos valores que vinham sendo reportados até então. Esses achados são importantes considerando que essa alteração impacta não apenas os indicadores contábeis em si, mas outras variáveis que estão atreladas a esses indicadores, como a necessidade de renegociação de covenants, além de evidenciar uma das principais críticas ao MEP: a possibilidade de as empresas utilizarem desses investimentos para retirar dívidas do balanço. Por fim, este trabalho propôs um modelo de conciliação entre as demonstrações contábeis elaboradas pela consolidação proporcional e pelo MEP, com a finalidade de verificar se os usuários da informação contábil poderiam estimar, utilizando as informações divulgadas em notas explicativas, quais seriam os valores reportados pelas empresas pela consolidação proporcional. Utilizando uma amostra de 45 empresas e considerando aceitável uma diferença de até 2%, os ajustes identificados no modelo proposto explicam as diferenças nos valores reportados por aproximadamente 82% das empresas analisadas. Os resultados em conjunto indicam que a eliminação da consolidação proporcional com a adoção da IFRS 11 produziu impacto significativo nos valores reportados pelas empresas do mercado brasileiro, porém, esse impacto pode ser amenizado pelo volume maior de informações sobre as joint ventures, exigidas pela IFRS 12, já que os usuários conseguem estimar quais seriam os valores reportados pelos dois métodos e utilizar o tipo de informação que considerem de maior relevância. / The purpose of this research is to assess the impacts of eliminating the proportionate consolidation method, as a consequence of the adoption of IFRS 11, for companies from Brazilian capital market with joint ventures investments. IFRS 11 adoption brought both conceptual and practical impacts. However, the main change was eliminating the proportionate consolidation as an alternative to recognize joint ventures investments, considering that this was the method used by many countries; which, according to some authors, produces more relevant information. Firstly, the 111 comment letters in response to the Exposure Draft 09 were analyzed, and it demonstrated that the majority of the respondents disagreed with the issuance of IFRS 11 as proposed in the ED 09, especially about the elimination of the proportionate consolidation. Subsequently, it was analyzed the impact of the transition from the proportionate consolidation to the equity method on the accounting amounts reported by companies in the Brazilian capital market with joint venture investments, through statistical analysis. The constructed population for this research is composed by 79 companies which presented the necessary characteristics. Using Mean Tests, the results show that, except for Cash Flow from Financial Activities, Liquidity Indicators and Composition of Debt, all other 16 variables analyzed had statistically significant differences between the proportionate consolidation and the equity method. Moreover, this impact is greater in some sectors, such as Industrial Goods, Construction and Transportation and Public Utilities. These results confirm the hypotheses proposed by this research, that the accounting amounts reported by Brazilian companies with joint ventures investments after IFRS 11 adoption are significantly different from the accounting amounts that had been reported so far. These findings are important because this change impacts not only the financial indicators but also other variables that are tied to these indicators, such as the need of renegotiating covenants, and also highlights one of the main critics of the equity method: the possibility that companies use these investments to remove debts of their own statements of financial position. Finally, this research proposed a conciliation model between the financial statements prepared applying the proportionate consolidation and applying the equity method, in order to verify if the stakeholders could estimate, using only the information disclosed in notes, the accounting amounts reported by companies applying the proportionate consolidation method. Using a sample of 45 companies and considering as acceptable a difference of 2%, the adjustments identified in the model proposed explain the differences in the accounting amounts reported by approximately 82% of the companies analyzed. All these results indicate that the elimination of proportionate consolidation, as a consequence of IFRS 11 adoption, has a significant impact on the accounting amounts reported by Brazilian companies, however, this impact can be mitigated by the greater volume of information about the joint ventures required by IFRS 12, considering that the stakeholders can estimate the accounting amounts reported by the two methods and use the information that they consider most relevant.

The issue of accounting for goodwill has caused considerable concern to accountants and academics. For over 100 years there has been diversity of views as to the nature, recognition and measurement of goodwill. Such diversity of views has contributed to the adoption of a variety of accounting practices for goodwill, which has lead to attempts to regulate practice by accounting professions in the Anglo-American world. The research conducted involves a literature review to identify the concepts and definition of goodwill and the criteria for its recognition and measurement. the investigation will then concentrate upon goodwill arising on consolidation of the financial statements of a group of companies. Major accounting practices will be examined, along with the requirements of the australian and mojor overseas professions on the issue. The findings of a study of listed Australian companies which investigated the accounting policies adopted for goodwill on consolidation before and after regulation of the issue and which sought views upon some of the conceptual issues involved are reported and discussed. Implications of the research for the Australian accounting profession will be addressed, and recommendations will be propsed together with a description of future research opportunities.

Mini-dissertation (M.Com. (Accounting))--North-West University, Potchefstroom Campus, 2007.

This thesis consists of an introductory chapter and four self-contained essays on financial performance and capital structure. Essay I assesses the strength of strategic inputs into profitability among firms within several sub-sectors within the industrial service sector in the U.S. and Sweden. In this study we employ an ordinary least square regression. The results, coupled with structural observations on production sectors, suggest that significant differences may indeed occur in both productivity and pricing in the two systems, i.e. the U.S. and Sweden. Essay II estimates the impact of operating costs and cost of debt on revenue, profit generation and asset retention in public housing companies in Sweden. A general conclusion to draw from the empirical results is that expentitures on consolidated maintenance is not only associated with short-term rental revenues, but undoubtedly long-term viability as well. Further, first difference results suggested that negotiated rents produced operating profits that kept pace with revenues over the time period of study. Essay III examines the impact of selected financial and contextual variables on managers’ decisions to appropriate funds to tax allowances in small firms in Sweden. The motive for appropriating to the tax allocation reserve is twofold. First, the tax allocation reserve is intended to lower the tax levy on investments financed with internally generated income. Second, it creates a possibility for firms to smooth income over a number of years. The results, from the logistic regression, suggest that financial performance, financial position and prior appropriations do impact on managers’ decision to appropriate. Essay IV examines the association between the two sides of the balance sheet based on financial statement information from small firms in Sweden The results of the multivariate canonical correlation analysis provides some support to the hypotheses that firms develop patterns, in their use of assets and their financing.

The thesis investigates the phenomenon of items affecting comparability and its development in 30 Swedish companies during the period 2005-2010. It further tries to answer the question of how these items affect different groups of financial statements users. Previous research indicates that managers have incentives to take a “big bath” during crises. To answer the questions both a quantitative research by examining 180 annual reports and a qualitative containing three interviews has been conducted. The result reveals an increase of reported items affecting comparability costs during 2008 and 2009. Managers engage in “big bath” accounting as well as accounting for cutting down on the extra capacity that emerges during recessions. The impact this has on the users of financial statements varies, where some find it to be an important issue, others see it as a minor problem. The small sample used made the study fragile for extreme values. In order to make more conclusive conclusions a larger sample would be necessary.

Financial failure is an important subject for both the economical development of the country and for the self - evaluation of individual companies. Increase in the number of financially failed companies points out the misuse of the country resources. Recently, financial failure threatens both small and large companies in Turkey. It is important to determine factors that affect the financial failure by analyzing models and to use these models for auditing the financial situation. In today&rsquo / s Turkey, the statistical methods that are used for this purpose involve single level models applied to cross-sectional data. However, multilevel models applied to panel data are more preferable as they gather more information, and also, enable the calculated financial success probabilities to be more trustworthy. In this thesis, publicly available panel data that are collected from The Istanbul Stock Exchange are investigated. Mainly, financial success of companies from two sectors, namely industry and services, are investigated. For the analysis of this panel data, data exploration methods, missing data imputation, possible solutions to multicollinearity problem, single level logistic regression models and multilevel models are used. By these models, financial success probabilities for each company are calculated / the factors related to the financial failure are determined, and changes in time are observed. Models and early warning systems resulted in correct classification rates of up to 100%. In the services sector, a small number of companies having publicly available data result in a decline in the success of models. It is concluded that sharing data with more subjects observed in a longer time period collected in the same format with academicians, will result in better justified outputs, which are useful for both academicians and managers.

During the early 1970's two trends emerged in the South African business environment. The first trend was that the number of diversified enterprises started increasing, and the second trend was that there was a steady increase in the activities and power of trade unions. These two trends were considered during the evaluation of prior research on the topic of segment reporting. Prior research on segment reporting focused on the usefulness of segment reporting, the problems associated with segment identification, the objections to providing segment information, and the extent to which diversified companies disclose segment information. Using the trends identified and the prior research, the research problem developed was as follows: are the segment disclosures of South African listed companies sufficient to meet the information needs of trade unions in South Africa, and if not, what additional information do trade unions require? The research problem was limited to listed companies as it was identified that trade unions may experience difficulty in obtaining information which is not available to the general public. In addressing the problem, the following three objectives were formulated: (i) to determine if trade unions use segment information, (ii) to determine what their requirements are in respect of segment information, and (iii) if trade unions do not use segment information, to determine why segment information is not used. In order to achieve these three objectives, it was necessary to conduct a survey of trade unions on their use of segment information. This survey was undertaken as a series of replicative case studies with the primary data being obtained by means of interviews. Generalisations were then made about the use that trade unions make of segment information. The main conclusions to this research were: (i) trade unions use segment information unless they are part of a national bargaining forum, (ii) trade unions consider segment information to be at least as useful as consolidated information, and (iii) trade unions use segment information primarily to form the basis for wage negotiations and to assess overall company performance. Once these conclusions had been drawn, the results were compared to results of a survey of investment analysts in South Africa, and evaluated against proposals contained in the International Exposure Draft (E51) on segment reporting. There were similarities between the segment itnformation needs of trade unions and investment analysts, although the trade unions required more information regarding employees and the remuneration of management. Trade unions also indicated that the proposals contained in the exposure draft would be acceptable, although the unions would require more employee information on a segment basis to be disclosed. Thus, the research project achieved its objectives. In addition, areas for further research within the area of segment reporting were identified. / Thesis (M.Acc.)-University of Natal, 1997.

Mini-dissertation (M.Com. (Accounting))--North-West University, Potchefstroom Campus, 2007.