Abstract The use of electronic resources to conduct payments is increasing. This scenario indicates the relevance of new studies to understand the determinants and the potential effects of Digital ...Financial Services (DFS) adoption. In this paper, we test the effect of DFS adoption on the satisfaction with business performance, considering a sample comprised of responses from entrepreneurs that are also mothers (mompreneurs). The database includes 177 questionnaires that presented complete responses for the items analyzed in this paper; these questionnaires were collected during the period from April, 2020 to June, 2020 (which involves the COVID-19 related crisis). Using confirmatory factor analysis and structural equation model, the main results suggest that attitude towards Information and Communication Technologies has a positive effect on DFS adoption. Moreover, the use of DFS presented a positive effect on the satisfaction with business performance, which means that the use of technologies to make electronic payments, to manage business bank account, and to provide electronic payment alternative for customers can improve the business performance satisfaction of women entrepreneurs.
O objetivo deste trabalho é examinar os efeitos do tom do disclosure de RSC, em suas dimensões ambiental, social e econômica, no desempenho das companhias abertas brasileiras. A amostra final ...contemplou dados financeiros e 1.797 reportes corporativos, provenientes de 219 companhias abertas brasileiras distintas no período de 2010 a 2019. Os dados foram analisados a partir de estatísticas descritivas e aplicação de modelos de regressão com dados em painel. Os resultados desta pesquisa demonstram que informações de RSC otimistas apresentadas nos relatórios implicam em melhores índices de valor de mercado, bem como na redução do custo de capital. Assim, verifica-se a necessidade de se considerar o tom empregado na publicação e os tópicos que compõem a RSC na avaliação do disclosure de RSC e seu efeito no desempenho, avançando em relação aos estudos que se baseiam na simples observação da publicação ou não de determinado relatório ou assunto nos documentos.
Purpose
The purpose of this paper is to analyze the effect of the interaction between liquidity constraints and tax planning on the performance of Brazilian investment funds, since liquidity ...constraints reduce precipitated withdrawals, allowing tax planning operationalization.
Design/methodology/approach
The sample of this study is comprised of 8,008 Brazilian multimarket funds, considering the period from January 2004 to September 2017. The authors considered tax planning, lockup periods and minimum balance of investment as independent variables, and the authors used the Sharpe ratio as a proxy for performance. To test the study hypothesis, the authors employed regression models with panel data.
Findings
The main findings indicate some evidences that investment funds which implement, at the same time, liquidity constraints with tax planning have an extra risk-adjusted return index. This result can represent a premium registered by investment funds with have enough resources to achieve competitive advantage. Nevertheless, the result for the main hypothesis was not robust to different forms of performance measurement.
Originality/value
This study promotes an interaction between finance and organizational strategy, since it employs aspects of strategy theories to support the implications that the internal resources of investment funds, such as their liquidity constraints and tax planning, may exert on their performance. In addition, this study advances by providing new evidences about liquidity constraints in investments funds, which have the potential to contribute with the operationalization of strategy and tax planning of funds’ managers.
Complexity in accounting for derivatives Malaquias, Rodrigo Fernandes; Zambra, Pablo
Accounting research journal,
12/2019, Letnik:
33, Številka:
1
Journal Article
Recenzirano
Purpose
The purpose of this study is to analyze the perception of accountants in relation to the complexity of accounting for financial instruments and in relation to the disclosure of financial ...instruments in annual reports. Both aspects are relevant for the external users, and for the firms’ internal management.
Design/methodology/approach
The database comprises questionnaires answered by accountants from Brazil and Chile. Data were analyzed based on reliability statistics and multivariate regression analysis.
Findings
The main results indicate that accountants perceive the accounting for derivatives, hedge accounting, fair value measurement of financial instruments and the respective disclosure of these operations as a complex issue. These findings are interesting considering that there are detailed accounting standards relating to financial instruments.
Research limitations/implications
The results indicate that education and gender affect the perception of complexity about accounting of derivatives.
Practical implications
Findings from this research show that accountants do perceive derivatives as complex items for accounting, particularly accounting for hedges.
Social implications
The results can motivate some initiatives for training activities and for teaching academic content about financial instruments in undergraduate courses.
Originality/value
To the best of the authors’ knowledge, this is the first study that tests some personal characteristics of accountants (namely, professional experience, education and gender), in contrast to their perceptions about complexity of accounting for derivatives.
This study addresses the challenges for development in Latin America considering the framework of a contemporary technological advancement: the Internet of Things (IoT). Based on this framework, this ...paper shows the diffusion of IoT-related aspects in three different dimensions: individuals (demand), environment, and technology offer. The low availability of secure Internet servers, the low widespread rate of Internet adoption, inequalities in access to electricity, and adult illiteracy represent important challenges to be faced in Latin America. These variables directly affect IoT diffusion; thus, this paper also presents further directions in this field.
In this article we analyze the effect of net funding (difference between new investments and redemptions occurring in the period) on the turnover of Brazilian equity fund portfolios. Turnover ...indicates the level of change in equity allocations in the period and in this study the proxy used was the Churn Rate. The database has 1,461 funds. The main results suggest a positive effect of net funding on turnover in equity portfolios of the sample funds. A moderation relationship could also be observed in the relationship between funding and turnover when considering funds that can invest abroad.
En este artículo, se analiza el efecto de la captación neta (diferencia entre las nuevas inversiones y los rescates realizados en el período) en la rotación de carteras de fondos de acciones brasileños. La rotación indica el nivel de cambios en las asignaciones de activos en el período; en este estudio, el indicador utilizado fue la Tasa de Rotación (Churn Rate). La base de datos cuenta con 1.461 fondos. Los principales resultados sugieren un efecto positivo de la captación neta en la rotación de acciones en las carteras de los fondos de la muestra. También se observó una relación de moderación en la relación entre la captación y la rotación cuando se consideran fondos que pueden invertir en el extranjero.
Neste artigo, analisa-se o efeito da captação líquida (diferença entre novos investimentos e resgates ocorridos no período) na rotatividade de carteiras de fundos de ações brasileiros. A rotatividade indica o nível de alteração nas alocações de ativos no período, neste estudo a proxy utilizada foi a Churn Rate. O banco de dados conta com 1.461 fundos. Os principais resultados sugerem um efeito positivo da captação líquida na rotatividade em ações das carteiras dos fundos da amostra. Observou-se, ainda, uma relação de moderação na relação entre captação e rotatividade, quando se consideram fundos que podem investir no exterior.
O objetivo dessa pesquisa foi analisar o comportamento histórico e a frequência das divulgações sobre responsabilidade social corporativa das empresas brasileiras que compõem o índice IBrX-50 durante ...o período de 2000 a 2018. Para tanto, foram analisados os Relatórios da Administração de uma amostra composta por 47 empresas listadas na B3, integrantes do índice IBrX-50. A mensuração do nível de evidenciação se tornou possível com a análise de conteúdo dos relatórios selecionados a luz de 7 tópicos que se subdividem em 31 itens. Em seguida, fez-se o uso da análise de regressão com dados em painel, associando as variáveis ano, setor, tamanho, endividamento, rentabilidade e ISE com a divulgação de RSC. Os resultados sugerem, de forma crítica, que elementos já apontados pela literatura na década de 1970 (com base no estudo de Walter e Monsen, 1979), mesmo depois de 40 anos, ainda podem ser aspectos que requerem maior atenção nos relatórios das empresas. Identificou-se ainda que o ano, a rentabilidade, o endividamento e o setor não apresentaram efeito significativo na divulgação sobre responsabilidade social corporativa; por outro lado, as variáveis relativas ao tamanho e ser integrante do ISE apresentaram efeito positivo no disclosure das empresas.
O objetivo do presente artigo foi identificar o efeito da divulgação de notícias sobre um possível envolvimento em corrupção das empresas no retorno de suas ações em períodos próximos à ...divulgação dessas notícias. Foi utilizada a metodologia do estudo de evento, considerando o período entre 2012 e 2019, com uma amostra de 83 empresas brasileiras listadas na B3 e 236 reportagens. A principal hipótese da pesquisa foi confirmada, pois os resultados indicaram que o fenômeno estudado está relacionado a uma diminuição no retorno das ações, principalmente na data da divulgação do evento. O estudo se mostrou alinhado à perspectiva sand the wheels, evidenciou ajustes nos preços dos títulos coerentes com a teoria sobre eficiência de mercado, e pode ser usado por investidores na tomada de decisão.
This paper intends to contribute to the literature on investment funds in emerging markets by looking at the performance of multimarket funds in Brazil from a manager perspective. The aim of the ...paper was to analyze whether some characteristics of investment fund managers, as well as their portfolio holdings, can affect fund performance. In emerging countries both portfolio asset allocation and manager characteristics can help explain differences in the fund performance, which increases the relevance of this study. Therefore, the impact of this research lies in its revealing a significant relationship between riskadjusted return and the portion of portfolios allocated to fixed or variable income, which seems that have not been explored in the context of emerging economies yet. A total of 6,002 multimarket funds were analyzed, covering the period between September 2009 and December 2015, using panel data with robust standard errors clustered by funds. We also employed robust statistics in order to assess some potential biases due to outliers, by analyzing the breakdown point in the estimated models. It should be noted that portfolio composition (allocation of portfolios into variable income and fixed income) was the most important factor in explaining a potential change in the performance of Brazilian multimarket funds. Also important were the effectiveness of the management of these funds, that is, the best risk-adjusted returns were delivered by less experienced managers, funds investing more in fixed income, managers with more funds under management, and larger funds.
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