Revista Contabilidade & Finanças
type: channel
description: La Revista Contabilidade & Finanças (RC&F) es una publicación que sigue el modelo de publicación continua con publicación cuatrimestral, gratuita, para autores y lectores, ligada al Departamento de Contabilidad y Actuaría de la FEA/USP. Tiene como objetivo la divulgación de investigaciones inéditas de profesores, investigadores y alumnos (de posgrado y graduación) de todo el país y del exterior. El periódico es una continuación del Caderno de Estudos, publicado a partir de 1989 y cuenta con el soporte financiero de la FIPECAFI - Fundación Instituto de Investigaciones Contables, Actuarías y Financieras. Es publicada electrónicamente, en inglés. La misión de la Revista Contabilidade & Finanças - USP es la divulgación de producción científica relevante en el área de Contabilidad, Contraloría, Actuaría y Finanzas, producida por profesores, investigadores, alumnos y profesionales de Brasil y del extranjero, seleccionada exclusivamente basado en calidad y contribución efectiva al desarrollo del conocimiento en ese campo, a la luz de opiniones de evaluadores. Metas Los principales objetivos del RC&F son: - Difundir conocimientos relevantes en las áreas de Contabilidad, Controladuría, Actuarial y Finanzas; - Instigar y provocar reflexiones sobre temas de relevancia para el área, la comunidad académica y la sociedad; y - Tener reconocimiento nacional e internacional como vehículo de comunicación de la investigación. Actualizado: 05/01/2023
publisher: Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária
language: es
publication name: Revista Contabilidade & Finanças
issn: 1519-7077
copyright: O conteúdo do(s) artigo(s) publicados na RC&F são de inteira responsabilidade do(s) autores, inclusive quanto a veracidade, atualização e precisão dos dados e informações. Os autores cedem, antecipadamente, os direitos autorais à Revista, que adota o sistema CC-BY de licença Creative Commons. Leia mais em: https://creativecommons.org/licenses/. A RC&F não cobra taxa para a submissão de artigos. A submissão de artigo(s) à RC&F implica na autorização do(s) autor(es) para sua publicação, sem pagamento de direitos autorais. A submissão de artigos autoriza a RC&F a adequar o texto do(s) artigo(s) a seus formatos de publicação e, se necessário, efetuar alterações ortográficas, gramaticais e normativas.
items: EDITORIAL INFORMATION 2025
items: Comparing research frontiers: A machine-learning analysis of the research published in the Accounting & Finance Review and in international leading accounting journals
items: Research directions in accounting history: Reflections and prospects
items: Investigación contable en Hispanoamérica – desarrollos, tendencias y retos: un análisis desde la producción científica
items: Brave New Risks: Tracing the evolution of actuarial research from the Accounting & Finance Review to the frontiers of Actuarial Science
items: Accounting education and research: Lessons from the past and future perspectives
items: The impact of information asymmetry on the capital structure of listed companies in Brazil: An update of the literature, models, and results
items: The financial market and company/stakeholder integration: past and future
items: Earnings management in Brazil (2000-2025): synthesis, evidence, and research agenda
items: Evolution, contributions, impacts, and implications of management accounting and controllership in the Accounting & Finance Review
items: The 100th issue of Accounting & Finance Review: Trajectory, present, and future
items: The influence of ESG initiatives on the decisions of qualified investors
items: Political and economic uncertainty and its influence on mergers and acquisitions in Brazil
items: Association between the emotional content of integrated reporting and companies’ economic performance
items: Effect of idiosyncratic shocks of dominant firms on voluntary disclosure by organizations
items: Relationship between work values, job satisfaction, and auditors' turnover intention
items: Company valuation practices in the mergers and acquisitions market in Brazil
items: The ESG dilemma in emerging markets: Performance, uncertainty, and market turbulence
items: Effects of familiarity, task complexity, and preparer experience on revenue recognition
items: Relationship between tax avoidance and managerial ability: the moderating role of risk management
items: The effect of CEO characteristics on executive compensation
items: From voluntary adoption to exogenous shocks in management accounting research
items: Enhancing earnings quality: Effects of internal control weaknesses and key audit matters
items: Fifty years of accounting research in Brazil: main contributions and future directions
items: Accounting conservatism and COVID-19 restriction measures: An analysis in Latin America
items: Tax complexity and corruption: An analysis of Latin American countries
items: The role of environmental, social, and governance (ESG) in accounting conservatism: Evidence from Brazil
items: Carreira acadêmica de professores de contabilidade: evidências geracionais na Modernidade Líquida
items: INFORMAÇÕES EDITORIAIS 2023
items: Naïve is as Naïve does: The relation between retail investor attention, value investing, and noise

EDITORIAL INFORMATION 2025
type: item
description: EDITORIAL INFORMATION 2025
subject: Nominata
  topic: section
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-05-13
publication date: 2026-05-13
starting page: n2026
ending page: n2026
doi: 10.1590/

Comparing research frontiers: A machine-learning analysis of the research published in the Accounting & Finance Review and in international leading accounting journals
type: item
description: This study compares the studies published in the Accounting & Finance Review (A&FR) with those of top-tier international accounting journals over the past decade. It aims to offer a comprehensive overview of the topics under analysis in each of these settings, highlighting key areas of research activity and ongoing debates in the accounting field across both outlets. By mapping and comparing the thematic landscape of the A&FR with that of top-tier international journals, the study provides a structured understanding of how accounting research is developed across different publication outlets. These results could potentially serve as a foundation for setting future research agendas and guiding academic inquiry toward areas of high relevance and potential impact. Our text-mining approach enables the discovery of patterns and emerging trends that are often overlooked in manual reviews. The insights from this analysis can inform academic strategy, support curriculum development, and guide funding priorities, ultimately fostering more targeted and impactful research within the accounting discipline. Our analysis is based on a dataset of 277 articles published in the A&FR and 3,652 articles published in top-tier international accounting journals classified as Association of Business Schools (ABS) 4* and ABS 4 from 2015 to 2025. Using Python, we apply the latent Dirichlet allocation (LDA) algorithm to extract topics from the abstracts, identifying latent patterns and thematic structures within the research corpus. For the A&FR, the model identifies nine distinct topics: Control systems, Budgeting-related issues, Organizational performance, Funding and credit-related matters, Insurance and actuarial issues, Taxation, Earnings management, Auditing, and Financial markets and investment returns. In top-tier international journals, the LDA solution identifies seven topics: Auditing, Earnings announcements and analyst earnings forecasts, Corporate disclosure, Accounting and capi…
subject: Artículos Originales
  topic: section
subject: accounting research
  topic: keywords
subject: topic modeling
  topic: keywords
subject: research frontiers
  topic: keywords
creator: Isabel Lourenço
creator: Dante Viana Jr.
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-05-12
publication date: 2026-05-12
starting page: e100
ending page: 9
doi: 10.1590/1808-057x2026100-9.en

Research directions in accounting history: Reflections and prospects
type: item
description: This article revisits the author’s “Research directions in accounting history” (1989), an early contribution to the historiographical study of accounting. That article identified three key approaches to accounting history: “understanding the past,” “contextualizing accounting,” and “the new positivism,” and anticipated to some degree the intellectual conflict between so-called traditional accounting history and new accounting history, which arose in the 1990s and persists to some extent. This conflict often stressed different views of the role of theory in historical accounting research, different notions of sources and methods, and even different views about the limits and boundaries of accounting itself. Accounting historians still have significant scope for innovation, and many gaps remain to be researched. Some dimensions that historical accounting researchers can consider are periods, places, people, practices, propagation, products, and professions, where newer researchers can collaborate fruitfully with more established accounting historians to expand our knowledge of accounting’s past.
subject: Artículos Originales
  topic: section
subject: accounting history
  topic: keywords
subject: contexts
  topic: keywords
subject: levels of theory
  topic: keywords
subject: sources and methods
  topic: keywords
subject: international collaboration
  topic: keywords
creator: Christopher J. Napier
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-05-12
publication date: 2026-05-12
starting page: e100
ending page: 8
doi: 10.1590/1808-057x2026100-8.en

Investigación contable en Hispanoamérica – desarrollos, tendencias y retos: un análisis desde la producción científica
type: item
description: El trabajo busca mostrar un panorama del estado de la investigación contable en un contexto poco estudiado como es Hispanoamérica, es decir, los países del continente americano con habla hispana. Se busca responder preguntas como: ¿Cuáles son las áreas que más predominan en la investigación contable y cuáles han sido poco desarrolladas en Hispanoamérica?, entre otras preguntas. El artículo aporta en un tema poco estudiado que corresponde a la investigación contable en Hispanoamérica, identificando el estado por países y por áreas, así como de las temáticas que se están estudiando y otras por desarrollar. La investigación contable es un tema que cobra cada vez mayor importancia, considerando su impacto en la academia, en las organizaciones y en la sociedad. El trabajo corresponde a un punto de partida para contribuir a la mejora de la investigación contable en Hispanoamérica, ya que, identificando puntos fuertes y por desarrollar, se propone consolidar y potencializar la investigación partiendo de este diagnóstico detallado. Se utiliza una metodología basada en la información de Google académico, base que incluye los investigadores y las publicaciones y en la que se puede determinar el país de origen, se construye una base de datos, se definen unos criterios, se sistematiza la información, y se analizan los documentos más citados por área. Por otra parte, se consultan las revistas categorizadas en Q1 para revisar la participación en este tipo de publicaciones de alto impacto. Los principales resultados están asociados con la participación importante de países como Colombia y Ecuador, con la cantidad de publicaciones en finanzas y sostenibilidad, mientras se presenta una incipiente investigación en áreas como contabilidad pública, género y contabilidad y tecnología.
subject: Artículos Originales
  topic: section
subject: investigación contable
  topic: keywords
subject: investigación en Hispanoamérica
  topic: keywords
subject: contabilidad
  topic: keywords
subject: publicaciones académicas
  topic: keywords
subject: citación académica
  topic: keywords
creator: Ruth Alejandra Patiño-Jacinto
creator: Carlos Eduardo Castaño Rios
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-05-12
publication date: 2026-05-12
starting page: e100
ending page: 7
doi: 10.1590/1808-057x2026100-7.en

Brave New Risks: Tracing the evolution of actuarial research from the Accounting & Finance Review to the frontiers of Actuarial Science
type: item
description: This article aimed to examine the thematic evolution and methodological trajectory of research on Actuarial Science in the Accounting & Finance Review (A&FR), to assess its main intellectual contributions, and to shed light on promising avenues for future research. Despite its relevance, research on Actuarial Science in Brazil has remained fragmented, with limited integration between traditional pension studies and emerging domains such as insurance analytics, climate finance, and risk management. No prior study in Brazil has systematically mapped these developments or articulated a unified research agenda linking Actuarial Science to Finance, Accounting, and Sustainability. By documenting the A&FR’s historical contribution and outlining future directions, this study advances the understanding of how research on Actuarial Science can address new societal and regulatory challenges. It shows the discipline’s potential to strengthen public policy, enhance financial resilience, and support evidence-based regulation. This article positions the A&FR as a key platform for publishing papers on Actuarial Science in Latin America and proposes a forward-looking agenda that connects Brazilian research to international trends, fostering collaboration, interdisciplinarity, and greater global visibility for the field. A qualitative, longitudinal review of all A&FR articles related to Actuarial Science (2006-2025) was conducted. The analysis combined bibliographic mapping, thematic classification, and methodological assessment to identify dominant topics, emerging trends, and structural research gaps. This article offers a comprehensive historical mapping of actuarial research published in the A&FR from 2006 to 2025, analyzing 47 articles. The findings reveal a consistent focus on social security and pension sustainability, complemented in recent years by diversification toward insurance and financial risks, solvency, and regulation. The paper highlights the growing methodological …
subject: Artículos Originales
  topic: section
subject: Actuarial Science
  topic: keywords
subject: insurance
  topic: keywords
subject: pensions
  topic: keywords
subject: finance
  topic: keywords
subject: risk management
  topic: keywords
creator: João Vinícius de França Carvalho
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-05-12
publication date: 2026-05-12
starting page: e100
ending page: 6
doi: 10.1590/1808-057x2026100-6.en

Accounting education and research: Lessons from the past and future perspectives
type: item
description: This study aims to identify the main emerging trends in accounting education and research by considering the historical overview of research in this area, as well as the recent institutional, technological, and academic movements that have influenced training, teaching practices, and scientific accounting production. Through a theoretical essay based on dialogue and argumentation, the study analyzes the consolidation process of the field. It highlights international reviews conducted in recent decades and the contributions of the Accounting & Finance Review (A&FR) to the development of national literature. Evidence shows that quantitative studies focusing on topics such as “curriculum and instruction” and “students” predominate in the international arena, with an emphasis on empirical approaches based on surveys and samples concentrated in North America. A similar trajectory can be observed in the national context: the A&FR also shows a predominance of quantitative research focusing on students and the frequent use of questionnaires as a data collection technique. The study emphasizes the importance of paying more attention to the social impact of research in accounting education and research so that its findings can improve scientific production, educational practices, public policies, and professional accounting training. The study also emphasizes the importance of strengthening the integration of various research themes to avoid the fragmentation that still characterizes scientific production in this area. Finally, the study highlights the importance of exploring new methodologies and interdisciplinary approaches that can offer multiple perspectives on educational and training phenomena in accounting. It concludes that consolidating the field depends on a critical, integrated, and socially oriented vision that aligns scientific production with the transformations of the accounting labor market and contemporary demands.
subject: Artículos Originales
  topic: section
subject: education and research
  topic: keywords
subject: accounting
  topic: keywords
subject: accounting training
  topic: keywords
subject: scientific production
  topic: keywords
creator: Samuel de Oliveira Durso
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-05-12
publication date: 2026-05-12
starting page: e100
ending page: 5
doi: 10.1590/1808-057x2026100-5.en

The impact of information asymmetry on the capital structure of listed companies in Brazil: An update of the literature, models, and results
type: item
description: Building on the work of Albanez and Valle (2009), this research updates the data, proxies, and models used to investigate the impact of information asymmetry on financing decisions made by companies listed on the Brazilian market from 2010 to 2023. Few studies have been conducted in Brazil on this topic in the last decade, using bid and ask price data over such a long period. It is also important to investigate whether the inclusion of new proxies and changes in the national macroeconomic environment during this period alter the results obtained by Albanez and Valle (2009). Defining the capital structure is not a trivial decision; it has a direct impact on a company’s total cost of capital and consequently affects the wealth generated for shareholders. Analyzing the determinants of these decisions has been the focus of many finance studies. The credit and capital markets have undergone profound changes in the last decade, impacting the financial decision-making processes of Brazilian companies. Updating studies in this area is necessary to investigate the effects of these changes on companies’ capital structures. For this purpose, panel data models were employed, with firms’ leverage explained by various proxies for information asymmetry (with an emphasis on the bid-ask spread) and control variables. The main result is that, as information asymmetry among investors increases, companies use debt as a financing source more frequently to avoid the severe costs of adverse equity capital selection, as predicted by the pecking order theory. The evidence obtained in this study provides a new perspective on the impact of information asymmetry on corporate financing decisions and reflects changes in the Brazilian credit and capital markets.
subject: Artículos Originales
  topic: section
subject: information asymmetry
  topic: keywords
subject: bid-ask spread
  topic: keywords
subject: financing decisions
  topic: keywords
subject: capital structure
  topic: keywords
subject: pecking order theory
  topic: keywords
creator: Tatiana Albanez
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-05-12
publication date: 2026-05-12
starting page: e100
ending page: 4
doi: 10.1590/1808-057x2026100-4.en

The financial market and company/stakeholder integration: past and future
type: item
description: This article presents an overview of the evolution of finance theory, which is the study of allocating scarce resources to different uses in situations of uncertainty. The article highlights three periods: classical finance, which is characterized by micro-based theories applied to the corporate environment and its relationship with the capital market; market imperfections, which can alter classical norms and are represented by financial constraints, agency costs, and control mechanisms suggested by corporate governance; and emerging themes, which are based on limited rationality and seek to incorporate decision-maker behavior into classical norms that have already been adjusted for market imperfections. Finally, it provides an overview of financial markets and company/stakeholder integration in the Accounting & Finance Review over the last few years, concluding with a reflection on the future of research in this area.
subject: Artículos Originales
  topic: section
subject: classical finance theory
  topic: keywords
subject: market imperfections
  topic: keywords
subject: financial market
  topic: keywords
creator: Fernanda Finotti Cordeiro
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-05-12
publication date: 2026-05-12
starting page: e100
ending page: 3
doi: 10.1590/1808-057x2026100-3.en

Earnings management in Brazil (2000-2025): synthesis, evidence, and research agenda
type: item
description: This article offers a systematic, analytical, and narrative review of earnings management research in Brazil from 2000 to 2025. It integrates methods, findings, and mechanisms with an emphasis on the role of the Accounting & Finance Review (A&FR) and the formulation of a 2026-2030 agenda guided by credible identification, replicability, and regulatory utility. The methodology involved searching SciELO, SPELL, Google Scholar, and the CAPES Portal (PT/EN) for empirical studies focused on Brazil that used quantitative proxies (e.g., accruals, real activities, earnings quality, and earnings distribution). Screening was performed in two stages, with coding by thematic axes [International Financial Reporting Standards (IFRS), governance/auditing, accounting-tax, and sectoral/ownership] and proxy families (Jones/Kothari, Dechow-Dichev/McNichols, Roychowdhury, and hybrid/AI). A narrative summary was supported by a timeline and tables. Research gaps include limited causal evidence specific to norms (IFRS 15/16/17), an incomplete understanding of governance and audit mechanisms [committees, sector specialization, and American depositary receipts (ADRs)], the integration of text and numbers with interpretability, the micro-impacts of digital transformation [enterprise resource planning (ERP), continuous auditing, and smart contracts], and the effects of base erosion and profit shifting (BEPS) on the accounting and tax link. The results indicate that, on average, convergence with IFRS is associated with a moderate reduction in accruals-based management conditioned by governance, auditing (Big Four), and enforcement. There are also signs of substitution for real activities under greater accounting scrutiny. Abnormal book-tax differences (BTDs) and low tax-accounting compliance are related to lower earnings persistence and higher informational risk. The A&FR standardized protocols, aligned designs with Brazilian specifics, and connected results to regulatory issues. The article c…
subject: Artículos Originales
  topic: section
subject: earnings management
  topic: keywords
subject: earnings quality
  topic: keywords
subject: IFRS
  topic: keywords
subject: corporate governance
  topic: keywords
subject: auditing
  topic: keywords
subject: Brazil
  topic: keywords
creator: Antonio Lopo Martinez
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-05-12
publication date: 2026-05-12
starting page: e100
ending page: 2
doi: 10.1590/1808-057x2026100-2.en

Evolution, contributions, impacts, and implications of management accounting and controllership in the Accounting & Finance Review
type: item
description: This article discusses the evolution of themes, contributions, impacts, and implications of management accounting and controllership based on publications in the Accounting & Finance Review (A&FR) over the decades. Research in management accounting has evolved over time due to changes in the organizational, social, economic, and technological environment. However, understanding this evolution, its contributions, and its impacts and implications remains challenging. This article is relevant because it offers a detailed, systematic analysis of the evolution of management accounting and controllership research in Brazil. It documents temporal trends, allowing for an understanding of the dynamics of the field, its conceptual advances, and its methodological changes. The article has a clear impact by creating a frame of reference for future researchers, serving as a basis for literature reviews, new research planning, and the consolidation of thematic lines. In terms of implications, it (i) enables the identification of gaps and opportunities for future research based on the systematization of historically addressed themes and methods and (ii) provides support for editorial evaluation and scientific policy by supporting decisions on priority lines, promotion, and publishing. The article analyzes and reflects on the A&FR’s production, documenting one of the field’s longest trajectories in Brazil. This analysis is based on a logic of temporal evolution rooted in the journal’s taxonomy. The analysis considers all publications in the journal throughout its existence, including 153 articles in the field of management accounting and controllership.
subject: Artículos Originales
  topic: section
subject: management accounting
  topic: keywords
subject: controllership
  topic: keywords
subject: thematic changes
  topic: keywords
subject: contributions
  topic: keywords
subject: impacts
  topic: keywords
subject: implications
  topic: keywords
creator: Fábio Frezatti
creator: Ilse Maria Beuren
creator: Claudio de Araujo Wanderley
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-05-12
publication date: 2026-05-12
starting page: e100
ending page: 1
doi: 10.1590/1808-057x2026100-1.en

The 100th issue of Accounting & Finance Review: Trajectory, present, and future
type: item
description: Editorial
subject: Editorial
  topic: section
creator: Daniel Magalhães Mucci
creator: José Alonso Borba
creator: Márcia Martins Mendes De Luca
creator: Raquel Wille Sarquis
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-05-12
publication date: 2026-05-12
starting page: e9052
ending page: e9052
doi: 10.1590/1808-057x20269052.en

The influence of ESG initiatives on the decisions of qualified investors
type: item
description: This article examines the relationship between investors’ perceptions of companies’ environmental, social, and governance initiatives and their intention to invest in stocks. In addition, it tests reputation and financial performance as antecedents of investors’ perceptions of those initiatives, as well as the moderating effect of risk aversion on the relationship between them and the intention to invest in stocks of environmental, social, and governance (ESG) companies. There is still a lack of studies that, from a behavioral perspective, address the relationship between ESG initiatives and intentions to invest in stocks. ESG initiatives have attracted growing interest in investment decisions and, by extension, in the business landscape. The results provide insights for financial institution managers to direct their efforts toward offering ESG-identified products and to guide companies in managing their reputations under ESG dimensions. The approach is quantitative and descriptive, using partial least squares structural equation modeling (PLS-SEM). Primary data are collected through a structured questionnaire completed by qualified investors. Evidence shows that reputation positively impacts ESG initiatives. Financial performance, on the other hand, has a positive relationship only with governance. Social and environmental initiatives are positively related to the intention to invest in ESG stocks, but the same is not true for the governance dimension. Finally, the moderating effects of risk aversion were not confirmed. This may indicate that ESG is an integrated set of actions, as expected, at least among qualified investors. That represents a theoretical contribution to the study of investor behavior.
subject: Artículos Originales
  topic: section
subject: reputation
  topic: keywords
subject: financial performance
  topic: keywords
subject: ESG initiatives
  topic: keywords
subject: intention to invest in stocks
  topic: keywords
subject: qualified investors
  topic: keywords
creator: Rogério Rego da Silva
creator: Sérgio Augusto Pereira Bastos
creator: Rodrigo Oliveira da Silva
creator: Nelson Oliveira Stefanelli
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: e2307
ending page: e2307
doi: 10.1590/1808-057x20252307.en

Political and economic uncertainty and its influence on mergers and acquisitions in Brazil
type: item
description: Este estudo visa analisar como fatores macroeconômicos, especialmente a incerteza política, influenciam a decisão das empresas brasileiras de realizar fusões e aquisições (F&As) no período entre 2001 e 2020. A pesquisa aborda uma lacuna importante ao focar no impacto da incerteza política e das condições econômicas sobre as F&As no Brasil, considerando uma amostra de empresas listadas e não listadas, algo ainda pouco explorado na literatura sobre mercados emergentes. A relevância do estudo se destaca em um cenário de incerteza política global, oferecendo insights sobre como as empresas brasileiras podem usar F&As como estratégia em momentos de instabilidade. O estudo fornece diretrizes práticas para gestores, e amplia o entendimento acadêmico sobre os fatores que impulsionam as F&As em mercados emergentes, especialmente relacionados à incerteza política e à macroeconomia. A pesquisa utiliza modelos econométricos com dados de F&As de 2001 a 2020, avaliando o impacto da incerteza política, do Produto Interno Bruto (PIB), das taxas de juros e da inflação na probabilidade e nos retornos dessas transações. O estudo mostra que as F&As no Brasil aumentam em períodos de menor incerteza política, especialmente quando o PIB e a bolsa estão em baixa e as taxas de juros e inflação estão elevadas. Isso sugere que as F&As servem como estratégia de consolidação e busca por economia de escala em tempos de instabilidade econômica. As empresas adquirentes tendem a obter retornos anormais positivos no curto e no longo prazo, enquanto juros altos e maior experiência corporativa influenciam negativamente esses retornos, destacando um viés de empire building. O estudo oferece diretrizes práticas para gestores em contextos de incerteza.
subject: Artículos Originales
  topic: section
subject: mergers and acquisitions
  topic: keywords
subject: value creation
  topic: keywords
subject: uncertainty
  topic: keywords
subject: abnormal returns
  topic: keywords
creator: Marcelo dos Santos Guzella
creator: Henrique Castro
creator: Marjorie Taboada
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: e2211
ending page: e2211
doi: 10.1590/1808-057x20252211.en

Association between the emotional content of integrated reporting and companies’ economic performance
type: item
description: The objective of the study is to examine the association between the emotional content of integrated reporting and the economic performance of listed Brazilian companies. Related literature indicates a demand for studies on integrated reporting in emerging countries, notably those that assess the tone of corporate communication, involving positive and negative emotions, and its relationship with the economic performance of companies. The study is relevant due to its originality in discussing the voluntary disclosure of financial and non-financial information from the perspective of emotional content, associating positive and negative emotions with the economic performance of companies, measured by different metrics. The study has impacts such as: i) alerting investors and creditors to qualitative information and the tone of corporate narratives; ii) contributing to the decisions of investors and creditors by addressing subjective and interpretive aspects (positive or negative tone in integrated reports); iii) signaling to integrated reporting developers and regulators that the intensity of positive or negative emotion is associated with the economic performance of firms. The sample involves 160 company-year observations from 2014 to 2022. The Dictionary of Emotion Terms in Accounting and Finance was used to assess emotional content. The data were analyzed using descriptive statistics and multivariate regression models. The results of the study indicate a significant association between the emotional content of integrated reporting and the economic performance of companies. Positive emotion was negatively associated with the cost of capital, while negative emotion was inversely associated with profitability and market value.
subject: Artículos Originales
  topic: section
subject: integrated reporting
  topic: keywords
subject: emotional content
  topic: keywords
subject: disclosure
  topic: keywords
subject: economic performance
  topic: keywords
creator: Márcio Viana Rolim
creator: Denise Mendes da Silva
creator: Dermeval Martins Borges Júnior
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: e2220
ending page: e2220
doi: 10.1590/1808-057x20252220.en

Effect of idiosyncratic shocks of dominant firms on voluntary disclosure by organizations
type: item
description: The objective of this research was to analyze the effects of idiosyncratic shocks of dominant companies on the voluntary disclosure of other Brazilian publicly traded companies. Research involving macroeconomic understanding typically discusses items such as GDP or sector indices to explain variables at the firm level. Including idiosyncratic shocks in our analysis brings us closer to understanding the factors involved in the voluntary disclosure process based on mimetic isomorphism or informational asymmetry. Evidence suggests that large companies generate values, or shocks, capable of spreading throughout the economy and to other companies. Additionally, companies communicate with the market through voluntary disclosure, which may have endogenous and exogenous sources depending on its nature. The results indicate an inverse relationship between idiosyncratic shocks and voluntary disclosure; that is, shocks from dominant companies can provide information to the market and create a favorable environment for other companies. Non-dominant organizations would not need to disclose all voluntary information to their stakeholders. To study voluntary disclosure (dependent variable), a search was conducted in the Reference Form and other documents of Brazilian publicly traded companies, and an index was constructed using software. More than 169,000 excerpts from 5,752 documents were coded. The independent variable of the study was a proxy for the idiosyncratic shocks of large companies. The database contained 2,327 observations. Hierarchical linear regressions (HLM) were chosen for the quantitative analysis using a longitudinal sample from 2011 to 2023. The findings help investors, creditors, and users of accounting information to recognize that voluntarily disclosed information comes partly from external sources. The findings also confirm Leuz and Verrecchia’s (2000) idea to conduct association-based research to explain the exogenous sources of voluntary disclosure.
subject: Artículos Originales
  topic: section
subject: voluntary disclosure
  topic: keywords
subject: idiosyncratic shocks
  topic: keywords
subject: dominant firms
  topic: keywords
subject: linear hierarchical regressions
  topic: keywords
creator: Alessandro Lepchak
creator: Luciano Marcio Scherer
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: e2181
ending page: e2181
doi: 10.1590/1808-057x20252181.en

Relationship between work values, job satisfaction, and auditors' turnover intention
type: item
description: The aim of this article was to analyze the relationship between work values, job satisfaction, and auditors' turnover intention. The study fills a research gap by investigating the impact of aligning aspects of work that an individual values with what the work environment offers on important factors such as job satisfaction and turnover intention in audit firms. Auditors are the most valuable asset of audit firms. Therefore, it is important to investigate how work values and job satisfaction can reduce auditors' turnover intention through their perceptions and considering their diversity. The results can help improve workplace well-being and talent retention. Auditing firms are associated with high turnover rates, so understanding the factors that can mitigate turnover is essential to developing programs and solutions that promote the retention of these employees. Data were collected via an online questionnaire completed by Brazilian auditors. The sample comprised 108 auditors. Participants were contacted via the social media platform LinkedIn. Three constructs were investigated: work values (Porto &amp; Tamayo, 2003), job satisfaction (Siqueira, 1995), and turnover intention (Siqueira et al., 2014). Data analysis involved descriptive statistics and structural equation modeling. The results indicated that work values positively relate to job satisfaction, which negatively relates to turnover intention. Moreover, work values were found to have an indirect relationship with turnover intention, mediated by job satisfaction. Additionally, we found differences in the relationships between generations and the gender of auditors, which emphasizes the importance of firms considering team diversity when developing policies to improve job satisfaction and employee retention.
subject: Artículos Originales
  topic: section
subject: work values
  topic: keywords
subject: job satisfaction
  topic: keywords
subject: turnover intention
  topic: keywords
creator: Camila Adam
creator: Paulo Roberto da Cunha
creator: Marines Lucia Boff
creator: André Diniz dos Santos
creator: André Brito Salustiano
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: e2128
ending page: e2128
doi: 10.1590/1808-057x20252128.en

Company valuation practices in the mergers and acquisitions market in Brazil
type: item
description: This article aims to highlight valuation practices in the mergers and acquisitions market of an emerging market country such as Brazil. There is a lack of analysis on the specifics of valuation practices in an emerging market that is not restricted to a specific niche or professional association. Additionally, the scope of the questionnaire was expanded. The results provide important insights into valuation practices in Brazil’s mergers and acquisitions market. This study is relevant for appraisers, shareholders, and company directors who adopt inorganic growth strategies, as well as tax authorities because goodwill is tax-deductible in the event of a merger by the acquirer. A structured questionnaire with predefined answers was administered to professionals involved in valuations, and distribution and correspondence analyses were performed. The results indicate that there is no common practice among appraisers, though there is greater similarity among professionals from financial advisory and consulting firms. The results suggest that transactions may occur at prices higher than the fair value of the acquired company, particularly among strategic investors. Approximately 15% of the appraisers report being influenced by the herd effect. Most consider additional premiums beyond the conceptual basis of the Capital Asset Pricing Model, which are mainly supported by the appraiser’s private knowledge. However, strategic investors do not appear to consider these premiums, as they are more concerned with the representativeness of the perpetual period. Further discussion is needed on cognitive biases and other factors that may influence pricing in mergers and acquisitions, as well as conceptual and methodological errors that may occur in the valuation process.
subject: Artículos Originales
  topic: section
subject: mergers and acquisitions
  topic: keywords
subject: market practices
  topic: keywords
subject: valuation
  topic: keywords
creator: Roberto Lucas Spínola Souto
creator: Paulo Roberto B. Lustosa
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-01-07
publication date: 2026-01-07
starting page: e2257
ending page: e2257
doi: 10.1590/1808-057x20252257.en

The ESG dilemma in emerging markets: Performance, uncertainty, and market turbulence
type: item
description: This study examines the risk-return dynamics of equity funds in emerging markets with five- and one-globe ratings from Morningstar, with a focus on Brazil, Chile, India, Mexico, and South Korea. This research contributes to the growing body of literature on funds of funds (FoFs) in emerging markets by analyzing synthetic environmental, social, and governance (ESG) and non-ESG portfolios. The findings contribute to the debate on the effectiveness of ESG, showing that its performance depends on the local market structure, policy risk, and economic context. The study offers a novel perspective on how ESG fund performance shifts under macroeconomic stress in emerging markets within the context of global capital allocation, integrating multifactor models with nonlinear regime-switching techniques. Using the FF4 and FF5 models, we compare five- and one-globe fund portfolios (Morningstar Sustainability Rating). We extend these models using GEPU, VIX, and WTI indices to assess economic uncertainty. Finally, we apply Markov-switching regressions to capture regime shifts and nonlinear effects across volatility periods in each market. Using the FF4 and FF5 models, we examine five emerging markets (Brazil, Chile, India, Mexico, and South Korea) from September 2018 to September 2024 (73 observations) and find that market risk dominates across markets while size and value matter in India and Mexico. Brown funds in Brazil and Mexico benefit from oil price shocks, indicating their reliance on fossil fuels. Green funds in Chile and Mexico perform better under stable conditions. ESG funds are more sensitive to volatility, while brown funds are more resilient during crises. In Brazil and India, brown funds outperform, particularly during periods of high volatility (MS model). In Chile and Mexico, green funds perform better in calm markets. In South Korea, no significant differences were found, though green funds outperformed in the FF4 and FF5 models.
subject: Artículos Originales
  topic: section
subject: ESG funds
  topic: keywords
subject: emerging markets
  topic: keywords
subject: Fama-French models
  topic: keywords
subject: Markov switching
  topic: keywords
subject: uncertainty
  topic: keywords
creator: Clara Monteiro Pérez Casartelli
creator: Marcelo Cabus Klotzle
creator: Paulo Vitor Jordão da Gama Silva
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-01-07
publication date: 2026-01-07
starting page: e2324
ending page: e2324
doi: 10.1590/1808-057x20252324.en

Effects of familiarity, task complexity, and preparer experience on revenue recognition
type: item
description: This study examines how familiarity with accounting standards, task complexity, and preparer experience influence accountants’ judgment and decision-making (JDM) regarding the accounting for revenues from contracts with customers. Recognizing the impact of familiarity with standards and experience on accounting decisions enables organizations to invest in preparer training and development, ensuring preparedness for new standards and complex tasks. Understanding how familiarity with accounting standards and preparers’ experience influence accounting decisions improves the transparency and reliability of financial reports, which benefits investors, regulators, and stakeholders by reinforcing corporate governance and market stability. The experiment employed a 2×2 design that manipulated familiarity with accounting standards (International Accounting Standard [IAS] 18 vs. International Financial Reporting Standards [IFRS] 15) and task complexity. Financial statement preparers completed a revenue accounting task. We compared the participants’ decisions using an analysis of variance and variance ratio tests to measure noise in judgments between participants in the four groups. Additionally, we measured the preparer’s experience based on their length of experience in the accounting profession. The results indicate that familiarity with the standards and task complexity did not significantly affect decision-making. However, greater familiarity with a standard led to more varied decisions. Interestingly, even in complex tasks, familiarity with a standard increased decision variability. Moreover, less experienced preparers exhibited greater variability in their decisions between complex and non-complex tasks than more experienced preparers did. These findings suggest that financial statement preparers in Brazil are adapting to new standards and highlight the impact of experience on the effect of task complexity on accounting judgment.
subject: Artículos Originales
  topic: section
subject: behavioral accounting
  topic: keywords
subject: revenue recognition
  topic: keywords
subject: IFRS 15
  topic: keywords
subject: judgment heuristics
  topic: keywords
subject: standard complexity
  topic: keywords
creator: Paulo Vitor Souza de Souza
creator: Rafael de Lacerda Moreira
creator: Ricardo Lopes Cardoso
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-01-07
publication date: 2026-01-07
starting page: e2215
ending page: e2215
doi: 10.1590/1808-057x20252215.en

Relationship between tax avoidance and managerial ability: the moderating role of risk management
type: item
description: The aim of this study was to assess the moderating role of corporate risk management in the relationship between managerial ability and tax avoidance. Previous studies have focused on the variation in the level of tax avoidance among companies through personal characteristics of managers, such as managerial ability, with mixed results. This study questions whether corporate risk management can explain these mixed results by influencing the relationship between tax avoidance and managerial ability, which provides advancement in the understanding of the determinants of tax avoidance. The study highlights the relevance of the risk management process in defining tolerance and appetite for tax risk, facilitating the capitalization on opportunities to reduce tax expenses with the consequent increase in organizational performance. It shows that the interaction between managerial ability and risk management has different effects on tax avoidance practices that generate permanent differences compared to practices that generate temporary differences, which can be useful for managers, auditors, investors, regulators, and other stakeholders interested in corporate tax avoidance. This study applied the regression analysis technique estimated by the Ordinary Least Squares (OLS) method on a sample of non-financial Brazilian listed companies for the period from 2016 to 2021. Tax avoidance was measured by the Total Book-Tax Differences (Total BTD) and its components, Temporary BTD and Permanent BTD. Managerial ability was measured according to Demerjian et al. (2012), and risk management, according to the Enterprise Risk Management Index (ERMI), proposed by Gordon et al. (2009). The results suggest that risk management improves internal and external communication and provides managers with information to make more efficient tax decisions. They also highlight that, in companies with better risk management processes, managers with higher managerial ability choose to engage only in mor…
subject: Artículos Originales
  topic: section
subject: tax avoidance
  topic: keywords
subject: managerial ability
  topic: keywords
subject: risk management
  topic: keywords
creator: Fabiano de Castro Liberato Costa
creator: Márcia Zanievicz da Silva
creator: Micheli Aparecida Lunardi
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-01-07
publication date: 2026-01-07
starting page: e2200
ending page: e2200
doi: 10.1590/1808-057x20252200.en

The effect of CEO characteristics on executive compensation
type: item
description: The aim of this research was to investigate the relation between the characteristics of Chief Executive Officers (CEOs) and the executive compensation of Brazilian companies listed on the stock exchange. The Upper Echelons Theory (Hambrick, 2007) already pointed to a possible combined effect between characteristics and executive compensation. In Brazil, this relation became feasible only with the disclosure requirement established by the Securities and Exchange Commission of Brazil (CVM) Instruction No. 480/2009. Thus, this research contributes to theory and Brazilian literature by exploring this relation. The findings are relevant because they highlight potential criteria used by companies in determining CEO salaries and contribute to explaining variations in executive compensation. Additionally, they provide empirical evidence on which executive characteristics are valued and better compensated in an emerging market. The findings have practical and theoretical implications. For companies, they guide salary policies by showing which characteristics of CEOs influence compensation, aligning incentives with organizational strategy. For academia, they shed light on the determinants of compensation. In the Brazilian context, they reveal how the attributes of CEOs affect their compensation, contributing to an understanding of the impact of executives on organizations. To analyze the models, we used the Generalized Method of Moments (GMM-Sys). Specific attributes of CEOs influence compensation. Education aligned with the business leads to an increase in total compensation, age influences fixed compensation, and duality influences variable compensation. On the other hand, family ties reduce variable compensation, and gender seems to be irrelevant. The results contribute by highlighting these characteristics as determinants of compensation and by showing the combined effect between characteristics and executives’ total, fixed, and variable compensation.
subject: Artículos Originales
  topic: section
subject: executive compensation
  topic: keywords
subject: characteristics of CEOs
  topic: keywords
subject: Upper Echelons Theory
  topic: keywords
creator: Francisco Gleisson Paiva Azevedo
creator: Rodrigo Oliveira Soares
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-01-07
publication date: 2026-01-07
starting page: e2189
ending page: e2189
doi: 10.1590/1808-057x20252189.en

From voluntary adoption to exogenous shocks in management accounting research
type: item
subject: Editorial
  topic: section
creator: Jacobo Gomez-Conde
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-01-07
publication date: 2026-01-07
starting page: e9051
ending page: e9051
doi: 10.1590/1808-057x20259051.en

Enhancing earnings quality: Effects of internal control weaknesses and key audit matters
type: item
description: This paper aims to determine whether the expanded audit report, specifically the adoption of International Standard on Auditing (ISA) 701, influenced earnings management (EM) in the Brazilian capital market, particularly in firms with publicized internal control weaknesses (ICW). Previous research has not thoroughly explored the impact of ISA 701 on EM in the context of Brazilian firms with ICW. We address this gap by examining how enhanced audit disclosures affect earnings quality (EQ). Thus, this study is relevant for regulators, researchers, market participants, auditors, and managers. It provides insights into how audit regulations, such as ISA 701, can improve the quality of financial reporting and reduce opportunistic EM behaviors. The analysis shows that ICWs elevate EM, while ISA 701 mitigates this by enhancing transparency through key audit matters (KAM). ISA 701 also moderates EM in firms with past ICWs, emphasizing its regulatory impact. We emphasize the importance of timely and adequate disclosure by auditors and managers. Using an econometric approach, we analyzed data from 240 Brazilian listed companies from 2010 to 2019. The methodology included descriptive statistics, correlation analyses, regression analyses, and differences-in-differences tests. Ordinary least squares (OLS) regressions were used to assess the impact of ISA 701 adoption on EQ proxies. Our study finds that Brazilian companies with ICW engage in EM through discretionary accruals more than others. The adoption of ISA 701 led to a reduction in EM, especially in firms with ICW, indicating improved EQ. These findings highlight the relevance of ICW and KAM disclosures for monitoring EM.
subject: Artículos Originales
  topic: section
subject: internal control weaknesses
  topic: keywords
subject: ISA 265
  topic: keywords
subject: key audit matters
  topic: keywords
subject: ISA 701
  topic: keywords
subject: earnings management
  topic: keywords
creator: Patrícia Pain
creator: Vagner Antônio Marques
creator: Rodrigo Dibai Lomes
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: e2190
ending page: e2190
doi: 10.1590/1808-057x20252190.en

Fifty years of accounting research in Brazil: main contributions and future directions
type: item
description: This study identifies the characteristics of the most impactful Brazilian scientific contributions to the qualified international accounting literature, 50 years after the creation of their first graduate program. A historical assessment is relevant for revealing the main Brazilian research contributions to the accounting sciences in 50 years, allowing reflections on structures and events, a better understanding of social transformations, enabling evaluation and reflection of the area, and the detection of indicators, trends, and biases. The focus on local issues suggests an international interest in accounting practices in emerging economies such as Brazil. This research is relevant as a landmark of the main Brazilian contributions to accounting science, allowing local actors to reflect on successful research approaches and the contributions and topics with the greatest impact. This analysis can benefit accounting researchers in Latin countries and/or emerging economies with a research agenda that expands the impact of research performed in the Brazilian context and motivates new international partnerships. This review was performed on papers published from 1970 to 2020 in Scopus and Web of Science databases. These articles were subjected to a systematic literature review to identify their characteristics, the main topics covered, the most representative thematic areas, their main contributions and directions for future research. Brazil has published 39 articles with a relevant impact on international literature, mostly in the 2000s. Significant contributions were found in controllership, management accounting, and financial accounting. Topics such as performance management, costs and agribusiness, earnings management, disclosure and International Financial Reporting Standards (IFRS) adoption were particularly noteworthy. Partnerships with authors from developed countries have been important in enabling publications with international impact.
subject: Artículos Originales
  topic: section
subject: Brazil
  topic: keywords
subject: accounting
  topic: keywords
subject: scientific institutions
  topic: keywords
creator: Sayuri Unoki de Azevedo
creator: Carolina Kinaske de Souza
creator: Henrique Portulhak
creator: Anelise Krauspenhar Pinto Figari
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: e2167
ending page: e2167
doi: 10.1590/1808-057x20252167.en

Accounting conservatism and COVID-19 restriction measures: An analysis in Latin America
type: item
description: The study analyzes the relationship between the restrictive measures adopted by Latin American countries to combat COVID-19 and the level of corporate conservatism. Considering that, to date, there is no empirical evidence examining the relationship between restrictive measures and corporate conservatism, the scarcity of previous studies in this area highlights the originality of this work. This study provides insights for policymakers since understanding how restrictive measures affect accounting practices can inform decisions related to crisis management. In addition, investors and managers can benefit from the study by understanding how the measures implemented by public agents and conservatism are interconnected. Understanding the dynamics of accounting conservatism in the face of the economic and social challenges generated by the COVID-19 pandemic is essential to guide more adaptive and effective accounting practices in crisis contexts, promoting transparency and reliability of accounting information for the benefit of stakeholders. The study sample includes countries with the leading stock exchanges in Latin America (Argentina, Brazil, Chile, Colombia, Mexico, and Peru). Data were obtained from Thomson Reuters Eikon and the Oxford COVID-19 Government Response Tracker (OxCGRT) from 2014 to 2021, and analyses were performed using regressions with panel data. The main results indicate that companies in less restrictive countries presented a more conservative stance in their financial statements. However, there was no evidence that the restrictive measures significantly impacted conservatism. Thus, this study contributes to the literature in the area by providing the first empirical evidence of the effect of COVID-19 restrictive measures on the level of accounting conservatism.
subject: Artículos Originales
  topic: section
subject: accounting conservatism
  topic: keywords
subject: pandemic
  topic: keywords
subject: COVID-19
  topic: keywords
subject: restrictive measures
  topic: keywords
subject: OxCGRT
  topic: keywords
creator: Mariana Joyce dos Santos Nascimento
creator: Renato Henrique Gurgel Mota
creator: Anderson Luiz Rezende Mól
creator: Yuri Gomes Paiva Azevedo
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: e2135
ending page: e2135
doi: 10.1590/1808-057x20242135.en

Tax complexity and corruption: An analysis of Latin American countries
type: item
description: The objective of this article was to identify the relationship between tax complexity and corruption in Latin American countries. The relationship between tax complexity and corruption has been demonstrated in previous studies. However, no study has analyzed this relationship considering five dimensions of corruption for the Latin American context. The study therefore fills a gap and contributes to the study of the phenomenon by identifying the correlations between different representations of corruption and tax complexity in Latin American countries. The study contributes to government agendas and actions to simplify and modernize the tax system. Moreover, corruption is a long-standing problem in Latin America. Therefore, understanding and discussing it is a fundamental step for academia to use its expertise to support political, cultural and social change. This study contributes by providing evidence on the characteristics of the tax system that Latin American countries should act on to reduce its complexity in order to achieve greater social justice and reduce corruption. The generalized method of moments (GMM) model was used to regress tax complexity, measured by World Bank variables, and corruption, measured by the Corruption Perception Index and four of its constituent constructs, from 2005 to 2019. The results suggest that countries with higher levels of tax complexity have higher levels of corruption. Moreover, countries with higher tax rates on profits and more separate taxes also have higher corruption rates on average. Furthermore, countries with higher levels of democratic accountability have lower levels of corruption. This research contributes to the advancement of the literature by highlighting the phenomenon, relying on the methodologies, variables and premises adopted by the main investigations carried out in the field, in the light of the theory of fiscal illusion.
subject: Artículos Originales
  topic: section
subject: tax complexity
  topic: keywords
subject: corruption
  topic: keywords
subject: Latin America
  topic: keywords
subject: theory of fiscal illusion
  topic: keywords
subject: GMM
  topic: keywords
creator: Bernardo Fernandes Lott Primola
creator: Jacqueline Veneroso Alves da Cunha
creator: Samuel de Oliveira Durso
creator: Jorge Souza Bispo
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: e2114
ending page: e2114
doi: 10.1590/1808-057x20242114.en

The role of environmental, social, and governance (ESG) in accounting conservatism: Evidence from Brazil
type: item
description: This study investigates whether there is an association between environmental, social, and corporate governance (ESG) performance and the demand for accounting conservatism in companies listed on the Brazilian Stock Exchange. Recognizing that conservative accounting practices often arise from stakeholders’ concerns about earnings management and information asymmetry – conditions that differ from those of socially responsible companies – this paper explores the relationship between ESG performance and accounting conservatism. This study examines accounting conservatism as a principle of information quality, particularly within the framework of mechanisms such as ESG performance that mitigate information asymmetry. Despite Brazil’s weak enforcement profile, limited general credit availability, and high ownership concentration, the country is globally recognized for its adoption of Sustainability Accounting Standards Board (SASB) reporting standards. These conditions reinforce our assumption and highlight the significance of this study. There is a notable paucity of research investigating the correlation between ESG performance and accounting conservatism in Brazil, especially given the country’s unique regulatory and economic landscape. This study addresses this gap by providing a critical perspective on the interplay between ESG and accounting conservatism. Our findings have substantial practical, social, and environmental implications. Effective disclosure of ESG practices not only enhances the quality of reported information but also increases stakeholder credibility, enabling investors and other stakeholders to make more informed and assertive decisions. We estimate conservatism according to the model proposed by Ball and Shivakumar (2005), and in the main analyses, we use ordinary least squares (OLS) regression and quantile regression methods with robust standard errors and fixed effects for industry and years. Our research indicates that higher ESG performance l…
subject: Artículos Originales
  topic: section
subject: accounting conservatism
  topic: keywords
subject: ESG performance
  topic: keywords
subject: CSR
  topic: keywords
subject: earnings quality
  topic: keywords
subject: information asymmetry
  topic: keywords
creator: Katia Dalcero
creator: Sara Meurer
creator: Denize Demarche Minatti Ferreira
creator: Edilson Paulo
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: e2049
ending page: e2049
doi: 10.1590/1808-057x20242049.en

Carreira acadêmica de professores de contabilidade: evidências geracionais na Modernidade Líquida
type: item
description: Este artigo teve por objetivo discutir as experiências do início da carreira acadêmica de docentes-pesquisadores em contabilidade pertencentes às gerações Y e Z à luz da Modernidade Líquida. As carreiras em contabilidade são tratadas nos estudos sob uma perspectiva biológica, linear e tradicional. Neste estudo, amplia-se essa visão, uma vez que este a posiciona em uma perspectiva não linear para os sujeitos pertencentes às gerações Y e Z imersos na Modernidade Líquida. Assim, esta investigação mostra-se como uma abordagem contemporânea de pesquisa e possibilita a construção de explicações para a transformação da paisagem social de uma profissão. A alteração da configuração de uma profissão ocorre por meio de mudanças contextuais. Nesse processo, a liquidez discutida por Bauman (2001) permite explicar o escopo e o desenvolvimento da vida pública e privada dos sujeitos pertencentes às gerações Y e Z no início da carreira acadêmica na contabilidade, em termos de construção de sua trajetória profissional e seus projetos nos espaços socioacadêmicos. A pesquisa apresenta uma sistematização de elementos da Modernidade Líquida para explicar a carreira acadêmica em contabilidade sob uma perspectiva não linear. Além disso, disponibiliza para o campo prático de um mapeamento explícito das atividades a serem praticadas na carreira acadêmica em contabilidade e o posicionamento das gerações Y e Z sobre essas. A pesquisa é qualitativa e foi construída a partir de entrevistas semiestruturadas com 16 professores pertencentes às gerações Y e Z. Após a realização das entrevistas, essas foram transcritas e tratadas por meio da técnica de template analysis para a construção de evidências. As experiências do início da carreira acadêmica em contabilidade dos pertencentes às gerações Y e Z apresentam explicações inscritas na Modernidade Líquida. Os resultados mostram que as experiências são amparadas nas dimensões interpessoal, demográfica e de ensino profissional.
subject: Artículos Originales
  topic: section
subject: experiências profissionais
  topic: keywords
subject: carreira acadêmica em contabilidade
  topic: keywords
subject: gerações Y e Z
  topic: keywords
subject: Modernidade Líquida
  topic: keywords
creator: Iago França Lopes
creator: Levy Ruanderson Ferreira da Silva
creator: Edson Ferreira de Araújo
rights: Derechos de autor 2026 https://creativecommons.org/licenses/by/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: e1999
ending page: e1999
doi: 10.1590/1808-057x20241999.en

INFORMAÇÕES EDITORIAIS 2023
type: item
description: INFORMAÇÕES EDITORIAIS 2023
subject: Nominata
  topic: section
creator: Equipe Editorial
rights: Derechos de autor 2024 Editorial Board https://creativecommons.org/licenses/by/4.0
date: 2025-11-10
publication date: 2025-11-10
doi: 10.1590/

Naïve is as Naïve does: The relation between retail investor attention, value investing, and noise
type: item
description: This paper investigates whether noisy variables, such as price trends and market sentiment, attract more attention from these investors than value-related information such as the price-earnings (PE) ratio. The literature investigating the role of individual investors in stock markets has provided vast evidence of retail traders’ performance. In contrast, little scrutiny has been put into examining the factors that induce these investors to trade. The main motivation of this study is to provide evidence to answer this question. The evidence that value-investing information is more important to investment decisions than noisy parameters and that this importance is more acute when the stock market becomes cheaper indicates that retail traders commonly base their decision-making process on efficient information, which is incompatible with the understanding that these players make naïve investment decisions. The findings challenge the common assumption present in several noise trader frameworks that individual investors are natural candidates for naïve investors, aligning with a more recent strand of the literature documenting that retail investors make efficient investment decisions. I employ an ordinary least squares (OLS) model and a quantile regression approach. The dependent variable (investor attention) is proxied by Google search volume of online searches on different stock market indexes. The independent variables are market sentiment (based on the American Association of Individual Investors survey), market return and Robert Shiller’s cyclically adjusted PE (CAPE) ratio. The results suggest that PE dynamics are more important in explaining changes in attention than noisy variables. Moreover, the negative sign exhibited by the value-attention relationship indicates that individual investors are more (less) attentive to stocks when they become cheaper (more expensive). I also demonstrate that this association is more representative during down markets but absent d…
subject: Artículos Originales
  topic: section
subject: investor attention
  topic: keywords
subject: value investing
  topic: keywords
subject: noise traders
  topic: keywords
subject: Google trends
  topic: keywords
subject: CAPE ratio
  topic: keywords
creator: Pedro Piccoli
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-09-03
publication date: 2025-09-03
starting page: e2196
ending page: e2196
doi: 10.1590/1808-057x20252196.pt