Revista de Contabilidade e Organizações
type: channel
description: The Journal of Accounting and Organizations has as its mission to disseminate relevant sicentific production in the areas of Financial Accounting, Finance and Market, Managerial Accounting and Controlling, Accounting Applications, Teaching and Research on Administration and Accounting, produced by teachers, researchers, students and professionls from Brazil and from other countries, selected on the basis of quality and contribution to the development of the knowledge in these fields.
publisher: Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto
language: en
publication name: Revista de Contabilidade e Organizações
issn: 1982-6486
copyright: The RCO adopts the Free Open Access policy, under the standard Creative Commons agreement (CC BY-NC-ND 4.0). The agreement provides that: Submission of text authorizes its publication and implies commitment that the same material is not being submitted to another journal. The original is considered definitive. Authors retain the copyright and grant the journal the right of first publication, with the work simultaneously licensed under the Creative Commons Attribution License which allows the sharing of the work with acknowledgment of authorship and initial publication in this journal. Authors are authorized to take additional contracts separately, for non-exclusive distribution of the version of the work published in this journal (e.g. publish in an institutional repository or as a book chapter), with necessary recognition of authorship and initial publication in this journal. Authors are allowed and encouraged to publish and distribute their work online (e.g. in institutional repositories or on their personal page) before or during the editorial process, as this can generate productive changes as well as increase the impact and citation of published work (See The Effect of Free Access). The journal does not pay copyright to the authors of the published texts. The journal's copyright holder, except those already agreed in the Free Open Access Agreement (CC BY-NC-ND 4.0), is the Accounting Department of the Faculty of Economics, Administration and Accounting of Ribeirão Preto of the University of São Paulo. No submission or publication fees are charged. Up to 4 authors per article are accepted. Exceptionally duly justified cases may be reviewed by the Executive Committee of the RCO. Exceptional cases are considered as: multi-institutional projects; manuscripts resulting from the collaboration of research groups; or involving large teams for evidence collection, construction of primary data, and comparative experiments. It is recommended that the authorship be ordered…
items: Editorial Volume 20
items: Fechamento do Volume 19 (2025)
items: What Are Sustainability Indicators Really For? Reflections from a Research Trajectory in Conversation with Jan Bebbington
items: Essay on Technological Studies on Accounting Standards
items: Estimation of the environmental Kuznets curve for solid waste emissions in Brazilian municipalities between 2005 and 2020
items: The relation between institutional factors and the reporting choice of non-gaap earnings in a cross-country setting
items: The combined use of environmental management controls in water performance: the influenceof the environmental capability of strategic proactivity
items: A systematic literature review on earnings management in the public sector
items: ESG and Economic and Social Development: a comparative analysis of BRICS and G7 before and during the COVID-19 pandemic
items: Corporate governance and catering investors' demand for dividends in Brazil
items: Auditor’s going-concern opinion: omission or precaution?
items: Red Flags in Play-to-Earn Crypto Games: proposal and Testing of a Checklist Based on Ponzi Scheme
items: Courts of Accounts and Performance Auditing: an Institutional Logics Perspective
items: Integrated risk management in sustainability on pig farms
items: Determinants of performance-based budgeting and its effect on the effectiveness and efficiency of public sector managers
items: Editorial
items: Tax litigation and capital costs: evidence from Brazil
items: Volume 18 (2024) closing
items: Government subsidies and insolvency risk in Brazilian financial institutions
items: An overview of debt renegotiations in Brazilian publicly listed firms for the period from 2010 to 2021
items: Effect of collaboration on the relationship between social exchange and management control system design
items: Reflections on the use of artificial intelligence in management accounting: opportunities, challenges, and risks
items: The relationship of agency costs and the disclosure of sustainability reports in earnings management
items: StilOrtiz, good controls never go out of style
items: Insertion of financial education in the education of the participants of the first Brazilian Olympiad on Financial Education in Rio Grande do Sul
items: Is carbon risk relevant in the Brazilian market?
items: Perspectives on the use of public financial information by politicians: recent findings and future challenges
items: Relationship of key audit matters and audit delay with financial restatement
items: Relationship between capital structure and tax aggressiveness in publicly traded companies in Brazil
items: Brazilian private equity industry: Market timing for post-IPO divestment

Editorial Volume 20
type: item
subject: Editorial
  topic: section
creator: Silvio Hiroshi Nakao
rights: Copyright (c) 2026 Silvio Hiroshi Nakao https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-04-22
publication date: 2026-04-22
starting page: e248226
ending page: e248226
doi: 10.11606/issn.1982-6486.rco.2026.248226

Fechamento do Volume 19 (2025)
type: item
subject: Informações Editoriais
  topic: section
creator: Silvio Hiroshi Nakao
rights: Copyright (c) 2026 Silvio Hiroshi Nakao https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-04-10
publication date: 2026-04-10
doi: 10.11606/issn.1982-6486.rco.2025.247766

What Are Sustainability Indicators Really For? Reflections from a Research Trajectory in Conversation with Jan Bebbington
type: item
description: The article presents a reflection grounded in the author’s research trajectory in the field of sustainability, particularly concerning the use and interpretation of indicators, and informed by insights emerging from a dialogue with Professor Jan Bebbington. Rather than offering definitive answers, the text explores how sustainability indicators are mobilized, translated, and reinterpreted across different organizational and institutional contexts, highlighting their limitations, ambiguities, and potential in supporting governance and accountability. The reflection emphasizes that indicators do not function as neutral representations of reality, but as socially constructed tools embedded in dynamics of power, knowledge, and decision-making. Situated within the field of social and environmental accounting, the article advances a research agenda that values more reflexive approaches, capable of bridging theory and practice and contributing to a more critical and informed use of indicators in the pursuit of sustainable trajectories. In doing so, the article is intended not only as a reflection, but as an invitation—seeking to inspire new lines of inquiry, encourage dialogue within the field, and stimulate further research on the roles, uses, and implications of sustainability indicators.
subject: Reflexões e Tendências
  topic: section
subject: sustainability indicators, sustainability reporting,
  topic: keywords
subject: accounting for sustainability
  topic: keywords
creator: Hans Michael van Bellen
rights: Copyright (c) 2026 Hans Michael Van Bellen https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-04-09
publication date: 2026-04-09
starting page: e246912
ending page: e246912
doi: 10.11606/issn.1982-6486.rco.2025.246912

Essay on Technological Studies on Accounting Standards
type: item
subject: Reflexões e Tendências
  topic: section
creator: Mateus Alexandre Costa dos Santos
rights: Copyright (c) 2025
date: 2025-06-18
publication date: 2025-06-18
starting page: e246741
ending page: e246741
doi: 10.11606/issn.1982-6486.rco.2025.246741

Estimation of the environmental Kuznets curve for solid waste emissions in Brazilian municipalities between 2005 and 2020
type: item
description: In this study we evaluated the relationship between economic growth and solid waste (SW) generation in Brazilian municipalities and, following fixed-effects panel data regressions, estimated the environmental Kuznets curve (EKC) of the dataset. The resulting curve did not exhibit an inverted U-shaped relationship, as expected. We also concluded that selective waste collection had a positive effect on SW management, but the effect was negative when the service was charged.
subject: Paper
  topic: section
subject: Environmental Kuznets Curve
  topic: keywords
subject: Solid Waste
  topic: keywords
subject: Economic Activity
  topic: keywords
subject: Panel data
  topic: keywords
creator: Moisés Dias Gomes de Asevedo
creator: Wesley Leitão de Sousa
creator: Jayane Freires Ferreira
creator: Jair Andrade de Araújo
rights: Copyright (c) 2026 Moisés Dias Gomes de Asevedo, Wesley Leitão de Sousa, Jayane Freires Ferreira, Jair Andrade de Araújo https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-04-30
publication date: 2026-04-30
starting page: e241199
ending page: e241199
doi: 10.11606/issn.1982-6486.rco.2026.241199

The relation between institutional factors and the reporting choice of non-gaap earnings in a cross-country setting
type: item
description: In this paper we examine the role of institutional and firm-specific factors on non-GAAP earnings reporting decision in a cross-country setting, using an international sample of actual non-GAAP earnings reporters. Existing evidence suggests that these factors shape firms’ reporting incentives, thereby affecting their voluntary disclosure choices. Our paper contributes to the literature by addressing a significant gap highlighted in previous research, investigating non-GAAP earnings disclosure phenomenon across G20 countries. We provide novel evidence by focusing on annual data from fiscal years 2013-2022. To the best we know, this is the third study to investigate non-GAAP earnings determinants for an international sample and the second to reach a sample of actual non-GAAP earnings reporters, rather than using proxies as substitutes. Our findings suggest, consistent with prior research, that firms located in countries with stronger economic conditions and robust reporting environments are more likely to report non-GAAP earnings measures. Specifically, countries with non-GAAP regulation, developed equity markets, strong investor protection and common law origins foster voluntary non-GAAP earnings disclosures as strategic performance measures. These results suggest that firms from countries with stronger economic conditions and higher-quality reporting environments face greater incentives to avoid managing GAAP earnings, forcing them to disclose supplementary performance measures.
subject: Paper
  topic: section
subject: Non-GAAP earnings
  topic: keywords
subject: EBITDA
  topic: keywords
subject: Institutional factors
  topic: keywords
creator: Gabriela Vasconcelos de Andrade
creator: Fernando Dal-Ri Murcia
creator: Luiz Felipe de Araújo Pontes Girão
rights: Copyright (c) 2025 Gabriela Vasconcelos de Andrade, Fernando Dal-Ri Murcia, Luiz Felipe de Araújo Pontes Girão
date: 2025-06-18
publication date: 2025-06-18
starting page: e233094
ending page: e233094
doi: 10.11606/issn.1982-6486.rco.2025.233094

The combined use of environmental management controls in water performance: the influenceof the environmental capability of strategic proactivity
type: item
description: Beef slaughterhouses generate environmental impacts due to the significant consumption of water and energy in their production processes, generation of waste and polluting effluents, in addition to an increase in greenhouse gases that harm the ozone layer. In this context, environmental strategies must be developed in order to reduce these impacts. Thus, the research seeks to analyze the influence that the combined use of diagnostic and interactive environmental management controls has on water performance, through the environmental capacity of strategic proactivity. To achieve this objective, a questionnaire was applied, and 149 responses were obtained, which were analyzed using structural equation modeling (PLS-SEM). The results show that the combination of diagnostic and interactive uses of environmental management controls positively influences the environmental capacity of strategic proactivity. And that such environmental capacity benefits water performance. The results also show the importance of the environmental capacity of strategic proactivity to achieve water performance in slaughterhouses. With these findings, the research contributes mainly to the Theory of the Natural Resource-Based View by considering the effects of the combined use of environmental management controls, diagnostic and interactive, towards sustainable results. And it contributes by showing that the combined use of environmental management controls is beneficial for improving water performance.
subject: Paper
  topic: section
subject: Environmental management control system
  topic: keywords
subject: Combined use of controls
  topic: keywords
subject: Environmental capacity of strategic proactivity
  topic: keywords
subject: Water performance
  topic: keywords
creator: Leticia Matiolli Grejo
creator: Rogério João Lunkes
creator: Fabrícia Silva da Rosa
creator: Alcindo Cipriano Argolo Mendes
rights: Copyright (c) 2025
date: 2025-06-18
publication date: 2025-06-18
starting page: e230636
ending page: e230636
doi: 10.11606/issn.1982-6486.rco.2025.230636

A systematic literature review on earnings management in the public sector
type: item
description: The present study aimed to conduct a systematic review of the literature on earnings management (EM) in the public sector. The justification for this research lies in the need to understand the consequences of implementing the Accruals Accounting Regime (AAR) in the public sector. The AAR increases the level of professional judgment and discretion, thereby creating opportunities for EM and negatively impacting government transparency and accountability. The methodology consisted of a systematic review across the Scopus and Web of Science databases, using keywords related to "earnings management" and "public sector." Area filters were applied, followed by a reading and screening process, which culminated in the analysis of 72 relevant articles, categorized according to the framework proposed by Bisogno and Donatella (2022). The main results confirm the ubiquity of EM across all public sector levels (central, regional, local governments, and state-owned enterprises), primarily driven by political and fiscal incentives. At the macro level (central governments), the use of real operations (e.g., stock-flow adjustments) to meet international targets predominates. However, at the micro level, particularly in local governments, EM is mainly exercised through discretionary accruals (e.g., depreciation) with the intent of reporting small surpluses, a practice strongly associated with political-budgetary cycles and electoral competition. The literature indicates that this manipulation distorts financial statements, undermining public accountability.
subject: Paper
  topic: section
subject: Accountability
  topic: keywords
subject: Transparency
  topic: keywords
subject: Manipulation
  topic: keywords
creator: Dimmitre Morant Vieira Gonçalves Pereira
creator: Jomar Miranda Rodrigues
rights: Copyright (c) 2025
date: 2025-06-18
publication date: 2025-06-18
starting page: e230144
ending page: e230144
doi: 10.11606/issn.1982-6486.rco.2025.230144

ESG and Economic and Social Development: a comparative analysis of BRICS and G7 before and during the COVID-19 pandemic
type: item
description: Environmental, Social, and Governance (ESG) practices are essential for advancing the Sustainable Development Goals (SDGs), especially in the face of global crises such as the COVID-19 pandemic.Thus, this study aims to analyze the relationship between ESG performance and GDP and HDI indicators before and during the COVID-19 pandemic by comparing G7 and BRICS countries. Data were collected from Refinitiv Eikon® from 2005 to 2021 and processed using clustered panel data regression at the firm level. The results reveal that ESG is positively related to GDP and HDI in the overall model, while in the segmented analysis GDP shows a positive relationship in both groups and HDI is negative in the BRICS and positive in the G7. It was also found that before the pandemic ESG was positively associated with GDP, whereas after the pandemic it was positively associated with HDI. These findings contribute by showing managers that the adoption of ESG practices can improve indicators related to a country’s development, thereby contributing to the achievement of different SDGs.
subject: Paper
  topic: section
subject: Sustainability
  topic: keywords
subject: Human Development Index (HDI)
  topic: keywords
subject: Gross Domestic Product (GDP)
  topic: keywords
subject: COVID-19
  topic: keywords
subject: SDGs
  topic: keywords
creator: Geovane Camilo Santos
creator: Camila Lima Bazani
creator: Jaluza Maria Lima Silva Borsatto
creator: Daiana Paula Pimenta
rights: Copyright (c) 2025
date: 2025-06-18
publication date: 2025-06-18
starting page: e221826
ending page: e221826
doi: 10.11606/issn.1982-6486.rco.2025.221826

Corporate governance and catering investors' demand for dividends in Brazil
type: item
description: An important factor in establishing a relationship of trust with investors, which can be used by companies, is the adoption of governance practices. In the literature it is discussed whether governance and dividends have a complementary relationship or a substitution relationship. However, previous studies have treated investors as agents who always have the same preference for dividends. This study aimed to investigate the influence of corporate governance practices on the dividend policy of Brazilian companies in light of variations in the demand for dividends. For this, regressions were carried out with panel data for a sample of 400 non-financial companies with shares listed on B3, covering data from the period between 2007 and 2022. The results brought support for the substitute model, with companies listed in special corporate governance segments paying less dividends. It was also pointed out that the substitute effect is stronger in times of low demand for dividends, that is, companies with strong governance standards are able to retain even more cash when investors' interest in dividends is lower. This study contributes to demonstrating that the adoption of corporate governance standards should be encouraged to build a safer investment environment and less dependent on mandatory dividend regulations.
subject: Paper
  topic: section
subject: Outcome Model
  topic: keywords
subject: Substitute Model
  topic: keywords
subject: Dividend policy
  topic: keywords
subject: Catering
  topic: keywords
subject: Mandatory Dividends
  topic: keywords
creator: Tiago César Farinelli
creator: Marcelo Augusto Ambrozini
rights: Copyright (c) 2025
date: 2025-06-18
publication date: 2025-06-18
starting page: e222041
ending page: e222041
doi: 10.11606/issn.1982-6486.rco.2025.222041

Auditor’s going-concern opinion: omission or precaution?
type: item
description: This study examines the auditor’s going-concern opinion and its impact on the propensity for bankruptcy and judicial reorganization among companies listed on the Brazilian stock exchange (B3). The analysis is based on a sample of 256 companies (1,364 firm-year observations) from 2010 to 2020, using logistic and negative binomial regression models. The results indicate that, although auditors do not formally modify the audit opinion, the mere disclosure of significant going concern uncertainties in the independent auditor’s report is associated with an increased probability of insolvency. The evidence suggests that this signaling acts as a market trigger, contributing to the debate on the “self-fulfilling prophecy” and the auditor’s dilemma between regulatory compliance and caution. This study has implications for regulators, auditors, and users of accounting information, reinforcing the importance of goin-concern reporting as a signaling mechanism.
subject: Paper
  topic: section
subject: Audit’ opinion
  topic: keywords
subject: Going-concern opinion
  topic: keywords
subject: Bankruptcy
  topic: keywords
subject: Judicial reorganization
  topic: keywords
subject: Insolvency
  topic: keywords
creator: Mariana Aparecida Fávero Fiorin
creator: Débora Vieira Miranda
creator: Vagner Antônio Marques
creator: Patrícia Pain
rights: Copyright (c) 2025
date: 2025-11-25
publication date: 2025-11-25
starting page: e226853
ending page: e226853
doi: 10.11606/issn.1982-6486.rco.2025.226853

Red Flags in Play-to-Earn Crypto Games: proposal and Testing of a Checklist Based on Ponzi Scheme
type: item
description: This study aims to assess to what extent it is possible to detect characteristics commonly employed in the financial crime known as a Ponzi scheme in play-to-earn crypto games. A literature review was conducted to identify red flags present in traditional schemes and cryptocurrencies. These red flags were validated by digital forensic experts as a possible criminal checklist. The checklist was tested against a sample of crypto games. Some red flags proved to be more relevant than others. The findings suggest that game mechanics, token value, and withdrawal difficulty are the most important aspects in assessing the risks of Ponzi schemes in crypto games. On the other hand, webpages, tokenomics, and utility of the token and NFT are less relevant for risk assessment. This study is groundbreaking in its specific focus on identifying red flags in Ponzi schemes within the play-to-earn gaming market, a recent and underexplored area, thus filling a gap in previous research on cryptocurrencies. In this exploratory study, the literature review was limited by the lack of research regarding Ponzi schemes in crypto games. The identification of red flags associated with schemes in crypto games can provide insights for investors and users, aiding the prevention of participation in fraudulent schemes, thereby contributing to the reduction of these acts stemming from large-scale globalization.
subject: Paper
  topic: section
subject: Blockchain
  topic: keywords
subject: Cryptocurrencies
  topic: keywords
subject: Crypto games
  topic: keywords
subject: Red flags
  topic: keywords
subject: Fraud
  topic: keywords
creator: Rodrigo Barbosa de Almeida
creator: Rafael Sousa Lima
creator: Paulo Vitor Souza de Souza
rights: Copyright (c) 2025 Rodrigo Barbosa de Almeida, Rafael Sousa Lima, Paulo Vitor Souza de Souza
date: 2025-11-11
publication date: 2025-11-11
starting page: e230807
ending page: e230807
doi: 10.11606/issn.1982-6486.rco.2025.230807

Courts of Accounts and Performance Auditing: an Institutional Logics Perspective
type: item
description: Courts of Accounts play an essential role as auxiliary bodies of the Legislative Branch in the external oversight of public accounts, tasked with ensuring the proper and regular application of public resources. With the modernization of public administration, in addition to traditional compliance and financial audits, these institutions have also begun conducting performance audits aimed at evaluating organizational performance. This study aims to analyze the institutional logics present in performance audits of basic education conducted by Brazilian Courts of Accounts. A qualitative approach was adopted, with a document analysis of 74 performance audit reports conducted by 21 Courts of Accounts. The results highlight the coexistence of two institutional logics: the managerial logic, associated with the auditor’s role as a management consultant, and the legalist logic, linked to the auditor’s role as a judge and public accountant. The study reveals that, although classified as performance audits, they remain significantly influenced by the legalist logic predominant in Courts of Accounts. This influence, evidenced by the strong presence of attributes characteristic of compliance audits, may impact results by limiting performance evaluation and the promotion of improvements in public management.
subject: Paper
  topic: section
subject: Courts of accounts
  topic: keywords
subject: Institutional logics
  topic: keywords
subject: Performance audit
  topic: keywords
subject: Basic education
  topic: keywords
creator: Celina Costa Lima dos Reis
creator: Diana Vaz de Lima
rights: Copyright (c) 2025
date: 2025-12-12
publication date: 2025-12-12
starting page: e232251
ending page: e232251
doi: 10.11606/issn.1982-6486.rco.2025.232251

Integrated risk management in sustainability on pig farms
type: item
description: The study aims to analyze the influence of integrated risk management on the sustainability of pig farms. The research is characterized as descriptive, survey and quantitative. The sample comprises 100 rural producers located in the Western Santa Catarina Mesoregion. For data analysis, Exploratory Factor Analysis (EFA) was performed to identify latent variables and assess their validity, followed by Structural Equation Modeling (SEM) to test the relationships between the constructs. The findings indicated that management controls, agribusiness risks and risk management directly influence the sustainability of pig farms. Furthermore, it was identified that integrated risk management impacts sustainability both directly and through mediation. However, no mediating influence was found between agribusiness risks, management controls and sustainability, suggesting that producers rely predominantly on empirical experience to deal with risks.
subject: Paper
  topic: section
subject: Integrated risk management
  topic: keywords
subject: ESG
  topic: keywords
subject: Management controls
  topic: keywords
creator: Ketlin Stumpf Pinto
creator: Sady Mazzioni
creator: Cristian Baú Dal Magro
creator: Lindomar De Togni
rights: Copyright (c) 2025 Sady Mazzioni, Ketlin Stumpf Pinto, Cristian Baú Dal Magro, Lindomar De Togni https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-12
publication date: 2025-12-12
starting page: e234144
ending page: e234144
doi: 10.11606/issn.1982-6486.rco.2025.234144

Determinants of performance-based budgeting and its effect on the effectiveness and efficiency of public sector managers
type: item
description: The purpose of this paper is to examine the influence of determinants (management competence, intrinsic and extrinsic job satisfaction) on Performance-based budgeting and its impact on managerial performance (effectiveness and efficiency) of managers of Ministries in Timor-Leste. A survey was conducted, and the data analyzed using partial least squares structural equation modeling (PLS-SEM). The results demonstrate that management competence and extrinsic job satisfaction positively influence performance-based budgeting. Additionally, this research also proves that Performance-Based Budgeting positively impacts the effectiveness and efficiency of the managerial performance of the managers in the sample. This study contributes to the literature by providing new evidence on the determinants and consequences of Performance-based budgeting. Furthermore, it contributes to public management by offering insights into the factors that can drive greater managerial performance in the budget management of the Ministries analyzed.
subject: Paper
  topic: section
subject: East Timor
  topic: keywords
subject: Job satisfaction
  topic: keywords
subject: Managerial performance
  topic: keywords
creator: Miranda Goretti da Costa Soares
creator: Rosana Santos de Oliveira
creator: Carlos Eduardo Facin Lavarda
creator: Jaimito Tomas Maia Cortereal
creator: Alcindo Cipriano Argolo Mendes
rights: Copyright (c) 2025
date: 2025-10-01
publication date: 2025-10-01
starting page: e233211
ending page: e233211
doi: 10.11606/issn.1982-6486.rco.2025.233211

Editorial
type: item
subject: Editorial
  topic: section
creator: Sílvio Hiroshi Nakao
rights: Copyright (c) 2025 Sílvio Hiroshi Nakao https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-06-18
publication date: 2025-06-18
starting page: e237739
ending page: e237739
doi: 10.11606/issn.1982-6486.rco.2025.237739

Tax litigation and capital costs: evidence from Brazil
type: item
description: This study examines the impact of tax litigation on the cost of capital for firms listed on the Brazilian Stock Exchange (B3). Using a fixed-effects econometric model based on 1,218 firm-year observations from 174 firms between 2017 and 2023, the results provide evidence that tax litigation significantly increases the cost of debt, reflecting creditors’ increased risk perceptions. However, the cost of equity remains stable, suggesting that shareholders are less sensitive to tax-related disputes. Additionally, a moderating effect is observed where highly leveraged firms face more pronounced increases in borrowing costs due to tax litigation. Firm size and corporate governance quality also significantly influence capital structure and financing costs. This research contributes to the existing literature by explicitly integrating tax litigation as a determinant of capital costs in an emerging-market context, providing robust empirical evidence from Brazil. Practically, these findings underscore the importance for managers to adopt proactive fiscal risk management strategies, particularly for highly indebted firms, to mitigate rising debt costs and enhance competitiveness
subject: Paper
  topic: section
subject: Tax litigation
  topic: keywords
subject: Cost of capital
  topic: keywords
subject: Corporate governance
  topic: keywords
subject: Fiscal risk
  topic: keywords
subject: Brazilian listed companies
  topic: keywords
creator: Antonio Lopo Martinez
creator: Arquimedes Moraes
creator: Alfredo Sarlo Neto
rights: Copyright (c) 2025 Antonio Lopo Martinez, Alfredo Sarlo Neto, Arquimedes Moraes https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-16
publication date: 2025-12-16
starting page: e234235
ending page: e234235
doi: 10.11606/issn.1982-6486.rco.2025.234235

Volume 18 (2024) closing
type: item
subject: Informações Editoriais
  topic: section
creator: Sílvio Hiroshi Nakao
rights: Copyright (c) 2024 Sílvio Hiroshi Nakao https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-31
publication date: 2024-12-31
starting page: e236051
ending page: e236051
doi: 10.11606/issn.1982-6486.rco.2024.236051

Government subsidies and insolvency risk in Brazilian financial institutions
type: item
description: This study investigates the relationship between the receipt of government subsidies and the insolvency risk of publicly listed Brazilian financial institutions. By applying regression analysis using GMM System estimators for a sample of 47 companies between 2010 and 2020, the findings reveal that government subsidies are related to a lower measured insolvency risk. However, the results differ when the sample is divided into banking and non-banking institutions. This study contributes to the literature, given the limited research on insolvency risk in the Brazilian financial sector. This evidence broadens the understanding of the effectiveness of such subsidies as a public policy tool, suggesting that receiving government subsidies may represent a source of resources capable of creating economic conditions that lead to a lower risk of insolvency in financial institutions.
subject: Paper
  topic: section
subject: Government subsidies
  topic: keywords
subject: Bankruptcy risk
  topic: keywords
subject: Financial system
  topic: keywords
creator: Maria Mônica Nogueira de Araújo
creator: Ana Beatriz Vieira de Sousa
creator: Paulo Henrique Nobre Parente
creator: José Glauber Cavalcante dos Santos
rights: Copyright (c) 2025
date: 2025-11-17
publication date: 2025-11-17
starting page: e232628
ending page: e232628
doi: 10.11606/issn.1982-6486.rco.2025.232628

An overview of debt renegotiations in Brazilian publicly listed firms for the period from 2010 to 2021
type: item
description: Debt renegotiations play a fundamental role in maintaining contracts between creditors and borrowers. However, little is known about the characteristics of these renegotiations, especially in emerging economies like Brazil. High asymmetry of information, few protections for creditor rights, and the difficulty in executing the debt, which are characteristics of these economies, make renegotiation a fundamental instrument in the contractual relationship between creditor and borrower. Therefore, we aim to comprehensively analyze debt renegotiations within an emerging economy, specifically Brazil. The database was prepared manually by reading more than 3,000 notes to financial statements, considering all the companies listed on the Brazilian B3 stock exchange in 2021. We analyzed data from 12 years (2010 to 2021). This study reveals a higher concentration of debt renegotiations focused on covenants (waivers) and term extensions. Moreover, most renegotiations occurred in the fourth quarter, with a relevant concentration occurring during the COVID-19 pandemic (2020 and 2021). Private banks accounted for approximately 45% of renegotiations, while capital market credit represented nearly 40%. Notably, companies in good financial condition were less likely to renegotiate their debts.
subject: Paper
  topic: section
subject: Renegotiations
  topic: keywords
subject: Waivers
  topic: keywords
subject: Debt
  topic: keywords
subject: Incomplete contracts
  topic: keywords
creator: João Paulo Augusto Eça
creator: Tatiana Albanez
creator: Mauricio Ribeiro do Valle
rights: Copyright (c) 2025
date: 2025-06-23
publication date: 2025-06-23
starting page: e218938
ending page: e218938
doi: 10.11606/issn.1982-6486.rco.2025.218938

Effect of collaboration on the relationship between social exchange and management control system design
type: item
description: The study aims to analyze the mediating effect of collaboration on social exchanges between managers in management control system design. A descriptive study was carried out with a quantitative approach by means of a survey, using a questionnaire. The population is made up of 423 companies listed on Brasil, Bolsa, Balcão (B3). The survey instrument was sent to managers through the SurveyMonkey platform. The final sample totaled 203 respondents. Structural equation modeling (SEM) was used to analyze the data. Propagation of the importance of behavioral, psychological, and social contexts in order to improve the relationship between organizations and managers, and therefore improve MCS design, contributing to organizational performance. The results show positive and significant direct relationships between social exchanges and MCS design. The results also indicate that collaboration has a mediating effect between the social exchanges between managers and MCS design. The study contributes to the literature by embracing SET concepts in a new research field, therefore presenting consistent results and expanding the framework of both SET and MCS.
subject: Paper
  topic: section
subject: Social exchange theory
  topic: keywords
subject: Management control system
  topic: keywords
subject: Design
  topic: keywords
subject: Collaboration
  topic: keywords
creator: Marcielle Anzilago
creator: Rógerio João Lunkes
rights: Copyright (c) 2024 Marcielle Anzilago, Rógerio João Lunkes https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-02
publication date: 2024-12-02
starting page: e219391
ending page: e219391
doi: 10.11606/issn.1982-6486.rco.2024.219391

Reflections on the use of artificial intelligence in management accounting: opportunities, challenges, and risks
type: item
subject: Reflexões e Tendências
  topic: section
creator: Marcelo Henrique de Araujo
creator: Edgard Cornacchione
rights: Copyright (c) 2024 Marcelo Henrique de Araujo, Edgard Cornacchione https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-12
publication date: 2024-12-12
starting page: e231688
ending page: e231688
doi: 10.11606/issn.1982-6486.rco.2024.231688

The relationship of agency costs and the disclosure of sustainability reports in earnings management
type: item
description: The objective of the study is to verify the moderating effect of agency costs on the relationship between the disclosure of sustainability reports and earnings management practices in public companies listed on B3. To this end, descriptive, documentary research with a quantitative approach was carried out, covering the period from 2015 to 2020, with an unbalanced sample comprising 702 observations. Data were collected through the Economática® platform, corporate websites and reference forms, and analyzed using multiple linear regression, using Stata® software. The findings suggest that the agency cost, measured by asset turnover, had a negative relationship with earnings management practices, while inefficiency in spending intensifies earnings management practices in Brazilian companies. On the other hand, companies that disclose sustainability reports are less prone to earnings management practices, likely leading to an improvement in the quality of accounting information. However, the concomitant presence of the disclosure of sustainability reports and high agency costs lead companies to practice earnings management, reversing the beneficial effect that the disclosure of sustainability reports promotes on the quality of accounting information.
subject: Paper
  topic: section
subject: Corporate governance
  topic: keywords
subject: Disclosure
  topic: keywords
subject: Quality of accounting information
  topic: keywords
creator: Ana Cláudia Deconto
creator: Cristian Baú Dal Magro
creator: Sady Mazzioni
creator: Lindomar de Togni
rights: Copyright (c) 2025
date: 2025-11-12
publication date: 2025-11-12
starting page: e219205
ending page: e219205
doi: 10.11606/issn.1982-6486.rco.2025.219205

StilOrtiz, good controls never go out of style
type: item
description: This is a teaching case for educational purposes related to the topics of management control and performance management systems. It describes the real situation of the company StilOrtiz, a clothing company that operates in a decentralized way through production units. The units have been showing losses in the last months due to unfavorable efficiency rates. This scenario puts in check the skills of Helena Mendonça and Carlos Rodrigues front of the production units. They need to look for solutions and arguments that are good enough to convince Ramiro Ortiz, production director, that changes are required in the unit’s management control and performance system. This case aims to contribute to a practical view of management control theory through an active teaching methodology that puts the student in front of the problem of the company StilOrtiz and encourages them to resolve the case.
subject: Teaching Cases and Other Contributions
  topic: section
subject: Management control
  topic: keywords
subject: Performance management
  topic: keywords
subject: Performance indicators
  topic: keywords
subject: Responsability centers
  topic: keywords
subject: Strategic remuneration
  topic: keywords
creator: Valter da Silva Faia
creator: Geany Maria Fugimoto de Moura
rights: Copyright (c) 2024 Valter da Silva Faia, Geany Maria Fugimoto de Moura https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-31
publication date: 2024-12-31
starting page: e218448
ending page: e218448
doi: 10.11606/issn.1982-6486.rco.2024.218448

Insertion of financial education in the education of the participants of the first Brazilian Olympiad on Financial Education in Rio Grande do Sul
type: item
description: Financial Education forms the foundation for children and teenagers to build a sustainable life related to money. One sought to identify how the Financial Education is inserted in the education of the First Brazilian Olympiad on Financial Education in Rio Grande do Sul (OBEFRS) participants, in 2019. This is a qualiquantitative study, as to the approach, and descriptive, as to the objective. Data were obtained through a questionnaire, answered by 93 people: teachers (20%), family members (78%) and others (2%). The findings were: all participating schools work with Financial Education; private institutions do it to a higher level; families are unaware of this practice; schools are not transmitting their actions in a comprehensive manner; and it is necessary to accurate parents and schools. The contributions reinforce the relevance of engaging family and society in the promotion of Financial Education for children and adolescents, in order to form financially conscious and sustainable citizens.
subject: Paper
  topic: section
subject: Financial education
  topic: keywords
subject: Olympiad of financial education
  topic: keywords
subject: Financial education in the family
  topic: keywords
subject: Financial education in schools
  topic: keywords
creator: Wendy Beatriz Witt Haddad Carraro
creator: Aurora Duarte Morossino
creator: Thiago Seixas Alves
creator: Eyitayo Gérald Yannick Dimon
rights: Copyright (c) 2024 Wendy Beatriz Witt Haddad Carraro, Aurora Duarte Morossino , Thiago Seixas Alves, Eyitayo Gérald Yannick Dimon https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-31
publication date: 2024-12-31
starting page: e217621
ending page: e217621
doi: 10.11606/issn.1982-6486.rco.2024.217621

Is carbon risk relevant in the Brazilian market?
type: item
description: The purpose of this study is to analyze the relationship between stock return and the disclosure of carbon emissions in the Brazilian market. International literature has documented a strong correlation between stock returns and carbon emissions on a global scale. There is little evidence on the impact of carbon emissions disclosure on the Brazilian capital markets. Previous studies in the Brazilian market analyzed stock returns for a B3 Carbon Index (ICO2) sample, and they did not find superior stock returns for those firms. This study expands the sample considering all companies that voluntarily disclosed carbon emissions. We also analyze the relation between carbon emissions and stock return. Despite the high level of carbon disclosure by Brazilian companies, the results of this study did not identify carbon premium in the carbon-transition risk in the Brazilian market. This result contradicts prior international evidence. This study contributes to the sustainable finance literature by analyzing the relevance of the disclosure of carbon emissions in the capital markets of an emerging economy.
subject: Paper
  topic: section
subject: Carbon disclosure
  topic: keywords
subject: Stock return
  topic: keywords
subject: Sustainable finance
  topic: keywords
creator: Rafael Antonio Moutinho
creator: Ricardo Luiz Menezes da Silva
rights: Copyright (c) 2024 Rafael Antonio Moutinho, Ricardo Luiz Menezes da Silva https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-31
publication date: 2024-12-31
starting page: e224756
ending page: e224756
doi: 10.11606/issn.1982-6486.rco.2024.224756

Perspectives on the use of public financial information by politicians: recent findings and future challenges
type: item
subject: Reflexões e Tendências
  topic: section
creator: Susana Margarida Jorge
creator: Sónia Paula da Silva Nogueira
rights: Copyright (c) 2024 Sónia Paula da Silva Nogueira, Susana Margarida Jorge https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-12
publication date: 2024-12-12
starting page: e227514
ending page: e227514
doi: 10.11606/issn.1982-6486.rco.2024.227514

Relationship of key audit matters and audit delay with financial restatement
type: item
description: This study investigates the relationship between key audit matters (KAM), audit report lag (audit delay), and financial restatements. It hypothesizes that longer audit delays reduce financial information quality, impair the auditor's work, and increase the likelihood of restatements. Additionally, it explores whether firms disclosing KAM exhibit higher audit quality and a lower probability of restating financial statements. The analysis draws on data from 323 non-financial firms listed on Brazil’s Stock Exchange (B3) between 2010 and 2020, employing descriptive statistics, mean proportion difference tests, and panel regression models. The results show that companies with longer audit delays are more likely to restate their financial statements. Conversely, greater KAM disclosure reduces this likelihood. Moreover, the number of KAM moderates the relationship between audit delay and the likelihood of restatement. These findings provide valuable insights for auditors, regulators, investors, and governance committee members, especially in assessing business risks. The study also shows that KAM reporting by auditors is associated with a decrease in restatement events, thus providing relevant insights for auditing practices and accounting regulation.
subject: Paper
  topic: section
subject: Key audit matters
  topic: keywords
subject: Audit delay
  topic: keywords
subject: Financial statement restatements
  topic: keywords
subject: Audit quality
  topic: keywords
creator: Lauren Dal Bem Venturini
creator: Vagner Antonio Marques
creator: Sarah Dornas Gama
rights: Copyright (c) 2024 Lauren Dal Bem Venturini, Sarah Dornas Gama , Vagner Antonio Marques https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-31
publication date: 2024-12-31
starting page: e227391
ending page: e227391
doi: 10.11606/issn.1982-6486.rco.2024.227391

Relationship between capital structure and tax aggressiveness in publicly traded companies in Brazil
type: item
description: The present study aimed to analyze the relationship between capital structure and tax aggressiveness in publicly traded companies in Brazil. The sample period spans from 2010 to 2022. Estimates were obtained using the Ordinary Least Squares (OLS) regression model for panel data with fixed effects. As an additional test, the period prior to and during the pandemic was analyzed. To ensure robustness of the results, statistical tests were conducted using quantile regression, incorporating other proxies to measure tax aggressiveness. The results are robust and suggest that Brazilian publicly traded companies that rely on third-party funds tend to exhibit less aggressive tax behavior. Thus, this study contributes to the literature by providing new evidence regarding corporate indebtedness and its implications for tax behavior. It complements previous studies by contributing to the debate on capital structure and its relationship with tax aggressiveness.
subject: Paper
  topic: section
subject: Capital structure
  topic: keywords
subject: Tax aggressiveness
  topic: keywords
subject: Corporate governance
  topic: keywords
subject: Publicly traded companies
  topic: keywords
creator: Jorge Bispo
creator: Tiago Alves Barbosa
creator: Anderson José Freitas de Cerqueira
rights: Copyright (c) 2024 Jorge Bispo, Tiago Alves Barbosa, Anderson José Freitas de Cerqueira https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-12
publication date: 2024-12-12
starting page: e227036
ending page: e227036
doi: 10.11606/issn.1982-6486.rco.2024.227036

Brazilian private equity industry: Market timing for post-IPO divestment
type: item
description: This is a descriptive, quantitative study that used as a database information from Equity Investment Funds (EIF) and records of 49 companies supported by Private Equity (PE) and Venture Capital (VC) in Brazil, between the years 2000 and 2020, which carried out an IPO and were fully divested. The results show that 2.7 years is the approximate time for total divestment - close to the 3 years of the US market, in addition to the fact that when the shares held by the PE/VC Funds were fully divested, the prices of the shares were higher than the prices at the IPO and, finally, that the exits resulted in positive abnormal returns for investors. Therefore, this study brings contributions to society and to the Applied Social Sciences, as it is innovative in measuring the Market Timing of divestment in the PE/VC industry in Brazil, as well as filling a gap in the internal literature and perhaps assisting researchers interested in further exploring this subject.
subject: Paper
  topic: section
subject: Private equity
  topic: keywords
subject: Venture capital
  topic: keywords
subject: Market timing
  topic: keywords
subject: Equity investment funds
  topic: keywords
creator: Tássio Araújo Vieira
creator: Ducineli Regis Botelho
creator: Alex Mussoi Ribeiro
creator: José Alves Dantas
rights: Copyright (c) 2024 Tássio Araújo Vieira, Ducineli Regis Botelho, Alex Mussoi Ribeiro, José Alves Dantas https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-11-21
publication date: 2024-11-21
starting page: e215218
ending page: e215218
doi: 10.11606/issn.1982-6486.rco.2024.215218