An essay about the effect of vague accounting standards on the decision making process of auditors

Vague words and expressions are present throughout the standards that comprise the accounting and auditing professions. Vagueness is considered to be a significant source of inexactness in many accounting decision problems and many authors have argued that the neglect of this issue may cause accounting information to be less useful. On the other hand, we can assume that the use of vague terms in accounting standards is inherent to principle based standards (different from rule based standards) and that to avoid vague terms, standard setters would have to incur excessive transaction costs. Auditors are required to exercise their own professional judgment throughout the audit process and it has been argued that the inherent vagueness in accounting standards may influence their decision making processes. The main objective of this paper is to analyze the decision making process of auditors and to investigate whether vague accounting standards create a problem for the decision making process of auditors, or lead to a better outcome. This paper makes the argument that vague standards prompt the use of System 2 type processing by auditors, allowing more comprehensive analytical thinking; therefore, reducing the biases associated with System 1 heuristic processing. If our argument is valid, the repercussions of vague accounting standards are not as negative as presented in previous literature, instead they are positive.

The family role on the internationalization process of family businesses: a two-case study

Essa dissertação procura identificar o papel da família no processo de internacionalização de dois negócios familiares: JBS, a maior empresa de proteína animal do mundo e Cutrale um dos líderes mundiais no mercado de suco de laranja. Empresas familiares possuem características que são intrínsecas a esse tipo de empresa. Muitos dos motivos de se internacionalizar ou mesmo o modo como eles se internacionalizam podem ser extremamente característicos. Assim, através de uma pesquisa qualitativa, os dois estudos de caso foram analisados baseados em teorias de internacionalização de empresas familiares. Porém, nessas companhias estudadas, a família não desempenhou um papel relevante no processo de internacionalização das mesmas. Com esses resultados, questões surgiram, como por exemplo, se o tamanho ou segmento da empresa tiveram um impacto na importância do papel que a família possui no processo de internacionalização. Essas questões não eram o foco do estudo porém fornecem muitos subsídios para uma próxima pesquisa.

Corporate governance and its influence on the investment decision process of equity market's professionals: An inside view of how corporate governance issues influence the decision-making process of sell-side and buy-side professionals when analyzing Brazilian listed companies

Corporate governance has been in the spotlight for the past two decades, being subject of numerous researches all over the world. Governance is pictured as a broad and diverse theme, evolving through different routes to form distinct systems. This scenario together with 2 types of agency problems (investor vs. management and minorities vs. controlling shareholders) produce different definitions for governance. Usually, studies investigate whether corporate governance structures influence firm performance, and company valuation. This approach implies investors can identify those impacts and later take them into consideration when making investment decisions. However, behavioral finance theory shows that not always investors take rational decisions, and therefore the modus operandi of those professionals needs to be understood. So, this research aimed to investigate to what extent Brazilian corporate governance standards and practices influence the investment decision-making process of equity markets' professionals from the sell-side and buy-side. This exploratory study was carried out through qualitative and quantitative approaches. In the qualitative phase, 8 practitioners were interviewed and 3 dimensions emerged: understanding, pertinence and practice. Based on the interviews’ findings, a questionnaire was formulated and distributed to buy-siders and sell-siders that cover Brazilian stocks. 117 respondents from all over the world contributed to the study. The data obtained were analyzed through structural equation modeling and descriptive statistics. The 3 dimensions became 5 constructs: definition (institutionalized governance, informal governance), pertinence (relevance), practice (valuation process, structured governance assessment) The results of this thesis suggest there is no definitive answer, as the extent to which governance will influence an investment decision process will depend on a number of circumstances which compose the context. The only certainty is the need to present a “corporate governance behavior”, rather than simply establishing rules and regulations at firm and country level.

Effect of steeping conditions (sulfur dioxide, lactic acid, and temperature) on starch yield, starch quality, and germ quality from the Intermittent Milling and Dynamic Steeping process (IMDS) for a Brazilian corn hybrid

Effect of lactic acid, SO2, temperature, and their interactions were assessed on the dynamic steeping of a Brazilian dent corn (hybrid XL 606) to determine the ideal relationship among these variables to improve the wet-milling process for starch and corn by-products production. A 2x2x3 factorial experimental design was used with SO2 levels of 0.05 and 0.1% (w/v), lactic acid levels of 0 and 0.5% (v/v), and temperatures of 52, 60, and 68degreesC. Starch yield was used as deciding factor to choose the best treatment. Lactic acid added in the steep solution improved the starch yield by an average of 5.6 percentage points. SO2 was more available to break down the structural protein network at 0.1% than at the 0.05% level. Starch-gluten separation was difficult at 68degreesC. The lactic acid and SO2 concentrations and steeping temperatures for better starch recovery were 0.5, 0.1, and 52degreesC, respectively. The Intermittent Milling and Dynamic Steeping (IMDS) process produced, on average, 1.4% more starch than the conventional 36- hr steeping process. Protein in starch, oil content in germ, and germ damage were used as quality factors. Total steep time can be reduced from 36 hr for conventional wet-milling to 8 hr for the IMDS process.

Secretory process of salivary glands of female Amblyomma cajennense (Acari: Ixodidae) ticks fed on resistant rabbits

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Damages of spittlebug on sugarcane quality and fermentation process

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Indol-butyric acid levels on cashew cloning by air-layering process

Um estudo foi conduzido com a finalidade de determinar a possibilidade de clonagem do cajueiro (Anacardium occidentale) por alporquia e a influência do AIB (ácido indolbutírico) nesse processo. Adotou-se delineamento experimental inteiramente casualizado, com 4 tratamentos, 10 alporques por parcela, repetidos por 4 vezes, num total de 160 alporques. Os tratamentos constaram das concentrações de AIB: 0 (testemunha), 1.000, 3.000 e 5.000 mg.kg-1. Foram avaliadas as percentagens de sobrevivência, calejamento e enraizamento, bem como número e comprimento médio de raízes. A maior percentagem de sobrevivência (67,5%) foi observada para a testemunha e concentração de 1.000 mg.kg-1, enquanto a melhor percentagem de enraizamento (82%) foi relacionada com o nível de 1.000 mg.kg-1. Para o número e comprimento médio de raízes, os melhores resultados foram concernentes à dose de 5.000 mg.kg-1. Não houve influência do AIB na clonagem do cajueiro por alporquia.

The influence of preparation method of OC1OC6-PPV films on the photo-oxidation process

Poly(p-phenylene vinylene) (PPV) derivatives are well known for their applications in polymer light emitting diodes (PLEDs). PPV derivatives are highly susceptible to photo-oxidation though, which is mainly caused by the scission of the vinyl double bond on the polymer backbone. In this work, we show that Langmuir-Blodgett (LB) films are less degraded than cast films of a PPV derivative (OC1OC6-PPV). Both films had similar thickness (similar to 50 nm) to allow for a more realistic comparison. Degradation was monitored with UV-vis and FTIR spectroscopies. The results indicated that cast films were completely degraded in ca. 400 min, while LB took longer time, i.e. about four times the values for the cast films. The differences can be attributed to the more compact morphology in the LB than in the cast films. With a compact morphology the diffusion of oxygen in the LB film is hampered and this causes a delay in the degradation process. (c) 2006 Elsevier Ltd. All rights reserved.

Studies on the cooling minimum quantity and conventional cooling at hardened steels in grinding process

The purpose of this work is to explain the concept of cutting fluids reasonable usage through the fluid minimum quantity in grinding processes. on that purpose, the development of a new nozzle and an own and adequate methodology should be required in order to obtain good results and compare them to the conventional methods. The analysis of the grinding wheel/cutting fluid performance was accomplished from the following input parameters: flow rate variation by nozzle diameter changes (three diameters values: 3mm, 4mm and 5mm), besides the conventional round nozzle already within the machine. Integral oil and a synthetic emulsion were used as cutting fluids and a conventional grinding wheel was employed. The workpieces were made of steel VC 131, tempered and quenched with 60HRc. Thus, as the flow rate and the nozzle diameter changes, keeping steady fluid jet velocity (equal to cutting velocity), attempted to find the best machining conditions, with the purpose to obtain a decrease on the cutting fluid volume, taking into consideration the analysis of the process output variables such as cutting strength, cutting specific energy, grinding wheel wear and surface roughness. It was verified that the 3mm diameter optimized nozzle and the integral oil, in general, was the best combination among all proposed.

Investigation on Surface Finishing of Components Ground with Lapping Kinematics: Lapgrinding Process

Over the last three decades, researchers have responded to the demands of industry to manufacture mechanical components with geometrical tolerance, dimensional tolerance, and surface finishing in nanometer levels. The new lapgrinding process developed in Brazil utilizes lapping kinematics and a flat grinding wheel dressed with a single-point diamond dresser in agreement with overlap factor (U(d)) theory. In the present work, the influences of different U(d) values on dressing (U(d) = 1, 3 e 5) and grain size of the grinding wheel made of silicon carbide (SiC = 800, 600 e 300 mesh) are analyzed on surface finishing of stainless steel AISI 420 flat workpieces submitted to the lapgrinding process. The best results, obtained after 10 minutes of machining, were: average surface roughness (Ra) 1.92 nm; 1.19 mu m flatness deviation of 25.4 mm diameter workpieces and mirrored surface finishing. Given the surface quality achieved, the lapgrinding process can be included among the ultra-precision finishing processes and, depending on the application, the steps of lapping followed by polishing can be replaced by the proposed abrasive process.

Influence of degradation on the electrical conduction process in ZnO and SnO2-based varistors

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Influence of processing parameters on nanomaterials synthesis efficiency by a carbothermal reduction process

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)