Características dos tributos diferidos nas companhias abertas brasileiras após a adoção das IFRS

Esta pesquisa investigou as motivações econômicas que explicam o nível de reconhecimento dos tributos diferidos sobre o lucro nas companhias abertas brasileiras no período inicial de adoção das IFRS no Brasil e da vigência obrigatória do Regime Tributário de Transição. Foram selecionadas companhias abertas não financeiras brasileiras componentes no índice IBrX 100, sendo identificadas 68 companhias nos anos de 2010 à 2013 compreendendo assim 272 observações. A análise descritiva dos dados evidenciou que o montante dos passivos fiscais diferidos foi superior ao montante dos ativos fiscais diferidos em todos os anos pesquisados, situação esta que contrata com o cenário pré-IFRS onde existiam menos passivos fiscais diferidos devido às reduzidas opções de exclusões temporárias, e que os ativos fiscais diferidos são majoritariamente oriundos de diferenças temporárias, porém ocorrendo um crescimento maior dos créditos fiscais referentes a prejuízos fiscais no período combinado com uma evolução maior dos ativos fiscais totais do que dos passivos fiscais diferidos. Por meio da análise multivariada de regressão múltipla com dados em painel foi possível constatar que: (i) não há relacionamento significativo entre o reconhecimento de tributos diferidos e o endividamento da empresa, isto é, não existe evidência que as companhias utilizem os tributos diferidos com a finalidade de influenciar o nível de endividamento, apesar da possibilidade de quebra de covenants e, consequentemente, aumento de seu risco de crédito, (ii) as maiores empresas tendem a registrar um valor menor de ativos fiscais diferidos líquidos de forma a reduzir seus lucros e divulgar sua sobretaxação a fim de reduzir sua exposição pública, e (iii) as empresas menos lucrativas são propensas a reconhecer um montante maior de ativos fiscais diferidos líquidos para, presumivelmente, atenuar o baixo resultado da empresa e com isso mascarar o seu fraco desempenho, e também, por outro lado, as companhias que possuem maior rentabilidade tendem a registrar valores menores de ativos fiscais diferidos líquidos no sentido de reduzir o lucro, e com isso, diminuir seus custos políticos. Assim, os resultados obtidos sugerem que as empresas utilizam a discricionariedade proporcionada pela regulação contábil dos tributos diferidos para atingir seus objetivos e demandas, no sentido de reduzir sua exposição pública e melhorar sua rentabilidade.

Road damage due to dynamic tyre forces measured on a public road

This paper describes a series of tests conducted on a UK trunk road, in which the dynamic tyre forces generated by over 1500 heavy goods vehicles (HGVs) were measured using a load measuring mat containing 144 capacitive strip sensors. The data was used to investigate the relative road damaging potential of the various classes of vehicles, and the degree of spatial repeatability of tyre forces present in a typical highway fleet. Approximately half the vehicles tested were found to contribute to a spatially repeatable pattern of pavement loading. On average, air suspended vehicles were found to generate lower dynamic load coefficients than steel suspended vehicles. However, air suspended vehicles also generated higher mean levels of theoretical road damage (aggregate force) than steel suspended vehicles, indicating that the ranking of suspensions depends on the pavement damage criterion used.

Policy entrepreneurship in the development of public sector strategy: the case of London health reform

The development of health policy is recognized as complex; however, there has been little development of the role of agency in this process. Kingdon developed the concept of policy entrepreneur (PE) within his ‘windows’ model. He argued inter-related ‘policy streams' must coincide for important issues to become addressed. The conjoining of these streams may be aided by a policy entrepreneur. We contribute by clarifying the role of the policy entrepreneur and highlighting the translational processes of key actors in creating and aligning policy windows. We analyse the work in London of Professor Sir Ara Darzi as a policy entrepreneur. An important aspect of Darzi's approach was to align a number of important institutional networks to conjoin related problems. Our findings highlight how a policy entrepreneur not only opens policy windows but also yokes together a network to make policy agendas happen. Our contribution reveals the role of clinical leadership in health reform.

Recommendations on the effects of aquaculture on public health

The paper presents some recommendations on the effects of aquaculture on all persons affected by and involved in aquaculture, and to other users of waters in [which] aquatic organisms are farmed or which are affected by aquaculture: the farm workers, handlers and processors, sellers and consumers of aquaculture products.

Air quality and public health impacts of UK airports. Part I: Emissions

The potential adverse human health and climate impacts of emissions from UK airports have become a significant political issue, yet the emissions, air quality impacts and health impacts attributable to UK airports remain largely unstudied. We produce an inventory of UK airport emissions - including aircraft landing and takeoff (LTO) operations and airside support equipment - with uncertainties quantified. The airports studied account for more than 95% of UK air passengers in 2005. We estimate that in 2005, UK airports emitted 10.2 Gg [-23 to +29%] of NOx, 0.73 Gg [-29 to +32%] of SO2, 11.7 Gg [-42 to +77%] of CO, 1.8 Gg [-59 to +155%] of HC, 2.4 Tg [-13 to +12%] of CO2, and 0.31 Gg [-36 to +45%] of PM2.5. This translates to 2.5 Tg [-12 to +12%] CO2-eq using Global Warming Potentials for a 100-year time horizon. Uncertainty estimates were based on analysis of data from aircraft emissions measurement campaigns and analyses of aircraft operations.The First-Order Approximation (FOA3) - currently the standard approach used to estimate particulate matter emissions from aircraft - is compared to measurements and it is shown that there are discrepancies greater than an order of magnitude for 40% of cases for both organic carbon and black carbon emissions indices. Modified methods to approximate organic carbon emissions, arising from incomplete combustion and lubrication oil, and black carbon are proposed. These alterations lead to factor 8 and a 44% increase in the annual emissions estimates of black and organic carbon particulate matter, respectively, leading to a factor 3.4 increase in total PM2.5 emissions compared to the current FOA3 methodology. Our estimates of emissions are used in Part II to quantify the air quality and health impacts of UK airports, to assess mitigation options, and to estimate the impacts of a potential London airport expansion. © 2011 Elsevier Ltd.