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: 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
items: Budget participation and managerial performance: The role of psychological empowerment and creativity
items: The tax reform as a watershed for tax-accounting research in Brazil
items: Management control systems as a package in a Portuguese agri-food company
items: Implicit tax dynamics and corporate life cycle: A quantitative analysis of B3 listed companies
items: Asset-liability management in credit unions: Evidence from Brazil: Commentaries
items: Asset liability management in credit unions: Evidence from Brazil
items: Side effects of the pandemic: impacts on the business interruption insurance market: Commentaries
items: Side effects of the pandemic: impacts on the business interruption insurance market
items: Determinants of alignment level with public health risk management under COSO – ERM: Commentaries
items: Determinants of alignment level with public health risk management under COSO – ERM
items: Incentives on income as a determinant of the Effective Tax Rate: Commentaries
items: Tax incentives on income as a determinant of the Effective Tax Rate
items: Sustainability disclosure and the relationship with board characteristics and assurance: Commentaries
items: Sustainability disclosure and the relationship with board characteristics and assurance
items: Bridging the gap between supply and demand: Advancing accounting and finance research to address societal challenges
items: EDITORIAL INFORMATION 2024

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

Budget participation and managerial performance: The role of psychological empowerment and creativity
type: item
description: This study aims to analyze the effects of budget participation (BP) on managerial performance (MP) through serial mediation of psychological empowerment (EP) and creativity (CT). The relationship between BP and MP motivates researchers to investigate intermediate variables to understand whether BP improves performance. This study fills this gap in examining PE and CT. CT and PE are critical factors for organizations’ success in the current business environment, characterized by rapid changes and high competitiveness. While PE creates an environment conducive to expressing CT, in turn, CT allows organizations to innovate and adapt to change, leading to a better MP. BP emerges as an effective strategy for promoting a more empowered and creative work environment, which, in turn, indirectly impacts MP. A survey was conducted with 267 companies listed on the Brazilian stock exchange B3 S.A. To test the hypotheses, we used partial least squares structural equation modeling, and additional analysis with importance-performance map analysis (IPMA). The results indicate that BP influences PE, which in turn boosts CT and, finally, CT positively affects MP. This study contributes to the literature by integrating PE and CT in analyzing the relationship between BP and MP. Regarding management implications, it is suggested that managers can leverage BP as a strategy to promote employees’ PE and CT, aiming to improve MP.
subject: Artículos Originales
  topic: section
subject: budgetary participation
  topic: keywords
subject: psychological empowerment
  topic: keywords
subject: creativity
  topic: keywords
subject: managerial performance
  topic: keywords
creator: Luana Porto Moreira
creator: Fernanda Victor
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-09-03
publication date: 2025-09-03
starting page: e2144
ending page: e2144
doi: 10.1590/1808-057x20252144.pt

The tax reform as a watershed for tax-accounting research in Brazil
type: item
subject: Editorial
  topic: section
creator: Fernando Dal-Ri Murcia
creator: Alexandre Evaristo Pinto
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-09-03
publication date: 2025-09-03
starting page: e9050
ending page: e9050
doi: 10.1590/1808-057x20259050.pt

Management control systems as a package in a Portuguese agri-food company
type: item
description: This article aimed to analyze how management control systems (MCSs) as a package have been used in a Portuguese agri-food company. There is a need for a more holistic view of the diversity of management controls in organizations, analyzing how the different management controls interact in specific organizations from different cultural contexts. This is a field study, which allowed the researchers to immerse themselves in the organizational context of an important Portuguese agri-food company, allowing a better understanding of the relationships between different types of management control. It helps raise awareness of the diversity of management controls and the importance of using them as a package in organizations. The study adopts the case study methodology, supported by information collected through documents and semi-structured interviews as methods of collecting and generating evidence. This study reinforces the importance of studying management control systems as a package in different organizational contexts, highlights the importance of the links between different types of management control, shows the dynamics that occur in all components of the theoretical model adopted, and gives visibility to the diversity of management controls that can be used in organizations.
subject: Artículos Originales
  topic: section
subject: management controls
  topic: keywords
subject: MCSs as a package
  topic: keywords
subject: case study
  topic: keywords
subject: agri-food sector
  topic: keywords
subject: Portugal
  topic: keywords
creator: Sara Joana Daniel Ricardo
creator: Rui Manuel da Costa Robalo
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-09-03
publication date: 2025-09-03
starting page: e2182
ending page: e2182
doi: 10.1590/1808-057x20252182.pt

Implicit tax dynamics and corporate life cycle: A quantitative analysis of B3 listed companies
type: item
description: This study aims to analyze how implicit costs vary across the corporate life cycle stages (LCS) and determine whether companies retain the benefits of tax incentives despite the presence of implicit taxes. Previous research has primarily explored corporate taxation and life cycle theories separately, with limited focus on their interaction, especially in emerging economies like Brazil. This study addresses this gap by examining the interplay between implicit taxes and corporate LCS within a complex tax environment. In Brazil, tax incentives are crucial economic policy tools. Understanding their effectiveness in light of implicit taxes offers critical insights for investors, managers, and policymakers seeking to enhance fiscal outcomes and corporate strategies. As the first study to link implicit taxes and corporate life cycles in Brazil, it contributes valuable perspectives on the development of targeted tax policies. It also lays a foundation for future research on firm dynamics, taxation, and economic development. Using ordinary least squares (OLS) and quantile regression (QR), the study analyzed data from 2010 to 2022 for B3 S.A. – Brasil, Bolsa, Balcão (B3)-listed firms. Corporate LCS were categorized following Dickinson’s (2011) cash flow approach, with control variables such as size, leverage, and asset composition to ensure robust results. This study examines the relationship between implicit taxes and the corporate LCS of Brazilian companies listed on B3. The results indicate that firms in the introduction, growth, shakeout, and decline stages experience a lower implicit tax burden compared to those in the maturity stage. Additionally, these firms retain a greater share of tax benefits, suggesting that implicit taxes do not fully negate the advantages of tax incentives. By extending the analysis of implicit taxes to an emerging market like Brazil, the study integrates implicit tax theory with corporate life cycle theory. It provides insights for tax policy d…
subject: Artículos Originales
  topic: section
subject: implicit taxes
  topic: keywords
subject: rate of return
  topic: keywords
subject: effective tax rate
  topic: keywords
subject: corporate life cycle
  topic: keywords
creator: Antonio Lopo Martinez
creator: Raimundo da Silva
creator: Alfredo Sarlo Neto
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-09-03
publication date: 2025-09-03
starting page: e2171
ending page: e2171
doi: 10.1590/1808-057x20252171.pt

Asset-liability management in credit unions: Evidence from Brazil: Commentaries
type: item
subject: Comentário Crítico
  topic: section
creator: Lucas A. B. de C. Barros
creator: Alan Pereira de Sousa
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-08-25
publication date: 2025-08-25
starting page: e2150c
ending page: e2150c
doi: 10.1590/1808-057x20242151c.pt

Asset liability management in credit unions: Evidence from Brazil
type: item
description: This study aims to analyze the matching of discretionary asset and liability accounts in Brazilian credit unions and their evolution over time. Asset liability management for discretionary accounts and their evolution over time have not been addressed in previous studies, which have mainly focused on standardized account balances to analyze financial institutions, but not all Brazilian individual credit unions. The findings are particularly relevant to academia, managers and banking regulators by providing insights into discretionary account management. They contribute to a deeper and more practical understanding of asset liability management in the national context, with findings on the positive evolution over time, size and periods of economic crisis. The study can positively impact the efficient management of credit unions, minimizing financial risks and promoting financial inclusion in communities where these institutions play a significant role. Canonical correlation was used in the management of seven asset accounts and nine liability accounts to evaluate 672 Brazilian individual credit unions, from 2014 to 2022, totaling 5,361 observations. Asset liability management occurs, on average, in twenty percent of credit union discretionary accounts, allowing for their active management. A positive trend was observed in the dependence of these accounts over time. When analyzing the influence of size, greater dependence of the accounts was found in smaller credit unions. During periods of economic crisis, differences in management were more evident, and it is possible that managers adopted more efficient strategies during these periods.
subject: Artículos Originales
  topic: section
subject: capital structure
  topic: keywords
subject: credit unions
  topic: keywords
subject: canonical correlation
  topic: keywords
creator: Flávia Zancan
creator: Marcelo Botelho da Costa Moraes
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-08-25
publication date: 2025-08-25
starting page: e2151
ending page: e2151
doi: 10.1590/1808-057x20242151.pt

Side effects of the pandemic: impacts on the business interruption insurance market: Commentaries
type: item
subject: Comentário Crítico
  topic: section
creator: Eliseu Martins
creator: Gabriel Caldas
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-08-25
publication date: 2025-08-25
starting page: e2143c
ending page: e2143c
doi: 10.1590/1808-057x20242143c.en

Side effects of the pandemic: impacts on the business interruption insurance market
type: item
description: The aim of this article was to analyze the underwriting dynamics and coverage extent in business interruption insurance, investigating the probability updating process during the pandemic. While the impact of the pandemic on the business insurance market in Brazil has not been quantified, this study fills that gap by identifying the pandemic’s effects on the business interruption line of business (LOB) and highlighting any policy reformulations. The relevance of this paper is examining how the insurance market perceives and reacts to unpredictable exogenous events, and offering insights into the behavior of economic agents under these conditions. The findings reveal that the pandemic significantly impacted the insurance market, particularly the business interruption LOB. This research provides behavioral evidence that could inform responses to future unexpected adverse events in the insurance sector. We used a two-stage panel data regressions, using official data from the Brazilian insurance market covering Jan/2003-Dec/2023, with a total of 25,333 observations from 180 insurers. The impact of the pandemic on underwriting decisions, premium collection, and claims within business interruption and other LOBs was estimated. During the pandemic, operations in the business interruption LOB and premium revenues showed a gradual decline. Initially, there was a 0.60% increase in claim payments, followed by a stabilization period. The pandemic’s impact on the business interruption insurance market deviated from the overall insurance market trend. Evidence of the probability updating phenomenon was observed within this industry.
subject: Artículos Originales
  topic: section
subject: insurance market
  topic: keywords
subject: business interruption
  topic: keywords
subject: pandemic
  topic: keywords
creator: Izadora de Geus Monteiro Gomes
creator: João Vinícius de França Carvalho
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-08-25
publication date: 2025-08-25
starting page: e2143
ending page: e2143
doi: 10.1590/1808-057x20242143.pt

Determinants of alignment level with public health risk management under COSO – ERM: Commentaries
type: item
subject: Comentário Crítico
  topic: section
creator: Ilse Maria Beuren
creator: Josedilton Alves Diniz
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-08-25
publication date: 2025-08-25
starting page: e2147c
ending page: e2147c
doi: 10.1590/1808-057x20242147c.pt

Determinants of alignment level with public health risk management under COSO – ERM
type: item
description: This article aimed to analyze the determinants of alignment level of risk management practices in Brazilian municipal health management, based on the perception of municipal managers, using the Committee of Sponsoring Organizations of the Treadway Commission – Enterprise Risk Management (COSO – ERM) as a reference. This study presents theoretical and practical contributions by identifying the determinants, socioeconomic characteristics, and manager profile influencing the alignment level with municipal health risk management based on the COSO framework. In Brazilian public sector, the literature on risk management is still incipient. References are often drawn from business-oriented research, with the adoption of standards occurring coercively due to academic or private institutional pressures. The accounting literature has advanced through the proxy used to measure health risk management. Its adoption improves governance and management practices in health and education. The study used a survey based on COSO – ERM components, through the Likert scale to determine the dependent variable: the level of alignment with risk management. Additionally, a Tobit regression model with secondary variables was applied to test hypotheses regarding managers’ profiles and municipal socioeconomic characteristics. The survey results have showed that Brazilian municipalities have an 80% agreement with public health risk management practices proposed by COSO – ERM. Hypotheses related to effectiveness, 1 (health), 2 (education), and 3 (governance in information technology), were not rejected. Hypotheses 4 (indebtedness) and 5 (financial dependency) were rejected; hypothesis 6 (manager profile variables) was not rejected. This indicates that the manager’s profile is a determinant for aligning health risk management practices, while socioeconomic characteristics of indebtedness and financial dependence have a significant inverse influence.
subject: Artículos Originales
  topic: section
subject: risk management
  topic: keywords
subject: municipal public health
  topic: keywords
subject: COSO – ERM
  topic: keywords
creator: Carla Janaína Ferreira Nobre Rêgo
creator: Jeronymo José Libonati
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-08-25
publication date: 2025-08-25
starting page: e2147
ending page: e2147
doi: 10.1590/1808-057x20242147.pt

Incentives on income as a determinant of the Effective Tax Rate: Commentaries
type: item
subject: Comentário Crítico
  topic: section
creator: Antonio Lopo Martinez
creator: Alexandre Evaristo Pinto
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-08-25
publication date: 2025-08-25
starting page: e2150c
ending page: e2150c
doi: 10.1590/1808-057x20242150c.pt

Tax incentives on income as a determinant of the Effective Tax Rate
type: item
description: The article analyzes the effectiveness of tax incentives in determining the Effective Tax Rate (ETR) of Brazilian companies, addressing a gap in the literature that does not adequately consider the effects of these incentives on profit. Based on a sample composed of 392 publicly traded companies listed on B3, the research analyzed data collected from 2013 to 2022, totaling 3,920 observations. Various ETR metrics were used, including Generally Accepted Accounting Principles (GAAP), Current, Deferred, Cash, Cash3, and Sectoral. The applied methodology analyzed the data through descriptive statistics and panel regression models of unbalanced data, aiming to understand the relationships between tax incentives and ETR, as well as the impact of variables such as size, leverage, capital intensity, inventory intensity, and profitability. The results revealed significant variations in ETR metrics, highlighting a complex relationship between tax incentives and tax behavior. Interestingly, in metrics such as ETR Cash and Cash3, the increase in tax incentives was associated with a higher tax burden. Other metrics, such as GAAP ETR and Current ETR, also revealed substantial differences, highlighting the influence of specific factors from the economic sector and the regulatory environment. The study recognizes limitations, such as the dependence on accounting data and the absence of detail on specific types of incentives. It is recommended that future research explore more detailed sectoral analyses and consider changes in Brazilian legislation. These conclusions provide significant contributions to the understanding of corporate tax strategies, offering relevant subsidies for public policy makers, companies, and investors interested in the transparency and competitiveness of the corporate environment.
subject: Artículos Originales
  topic: section
subject: tax incentives
  topic: keywords
subject: Effective Tax Rate
  topic: keywords
subject: taxes on profit
  topic: keywords
creator: Moisés Geraldo Cavalcante Macaíba Costa de Sousa
creator: Rômulo Benício Lucena Filho
creator: Robério Dantas de França
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-08-25
publication date: 2025-08-25
starting page: e2150
ending page: e2150
doi: 10.1590/1808-057x20242150.pt

Sustainability disclosure and the relationship with board characteristics and assurance: Commentaries
type: item
subject: Comentário Crítico
  topic: section
creator: Fernando Caio Galdi
creator: Vânia Maria Borgerth
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-08-25
publication date: 2025-08-25
starting page: e2148c
ending page: e2148c
doi: 10.1590/1808-057x20242148c.pt

Sustainability disclosure and the relationship with board characteristics and assurance
type: item
description: This study aims to analyze the influence of internal factors within organizations, such as board characteristics and the practice of external assurance, on the quality of sustainability reports of Brazilian companies. As a gap, to examine the level of compliance of Brazilian companies’ sustainability reports with the methodology suggested by IR. The objective is to assess the effects of the external assurance variable on the compliance of sustainability information. The relevance of this study is to assess entities’ commitment to socio-environmental responsibility, transparency, and accountability to stakeholders, while fostering sustainable practices and enhancing corporate image nationally. This study provides a discussion on the current state of board compositions, highlighting the high number of directors and the low proportion of women, despite the significant positive influence women have on sustainability disclosure. The results related to the “External Assurance” variable may encourage more organizations to adopt this practice, with the expectation of demonstrating greater alignment with suggested methodologies. An adaptation of the method by Sun et al. (2022) was used, analyzing report quality across nine stakeholder-related topics. An unbalanced panel data analysis was conducted, using random effects estimated by GLS, on a sample of 357 reports from 49 Brazilian companies between 2014 and 2022. The variable “Presence of Women on Boards (PWOB)” was found to be significant in relation to the quality of sustainability disclosures, indicating that diversity contributes to greater prestige and attention to social issues. The variables “Board Committees (BC)” and “External Assurance (EA)” showed a positive relationship, supporting the board’s ability to respond to different pressures and reinforcing transparent and reliable approaches in communication with stakeholders.
subject: Artículos Originales
  topic: section
subject: sustainability
  topic: keywords
subject: disclosure
  topic: keywords
subject: boards
  topic: keywords
subject: assurance
  topic: keywords
subject: stakeholders
  topic: keywords
creator: Nickolas Patrick Garcia Duarte
creator: Rodrigo Vicente dos Prazeres
creator: Umbelina Lagioia
creator: Juliana Gonçalves de Araújo
creator: Luiz Carlos Marques dos Anjos
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-08-25
publication date: 2025-08-25
starting page: e2148
ending page: e2148
doi: 10.1590/1808-057x20242148.pt

Bridging the gap between supply and demand: Advancing accounting and finance research to address societal challenges
type: item
description: Editorial
subject: Editorial
  topic: section
creator: Eduardo Flores
creator: Cláudio de Araújo Wanderley
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-08-25
publication date: 2025-08-25
starting page: e9049
ending page: e9049
doi: 10.1590/1808-057x20259049.pt

EDITORIAL INFORMATION 2024
type: item
description: EDITORIAL INFORMATION 2024
subject: Nominata
  topic: section
creator: Equipe Editorial
rights: Derechos de autor 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-05-26
publication date: 2025-05-26
starting page: n3697
ending page: n3697
doi: 10.1590/