A reduced load approximation accounting for link interactions in a loss network

This paper is concerned with evaluating the performance of loss networks. Accurate determination of loss network performance can assist in the design and dimen- sioning of telecommunications networks. However, exact determination can be difficult and generally cannot be done in reasonable time. For these reasons there is much interest in developing fast and accurate approximations. We develop a reduced load approximation that improves on the famous Erlang fixed point approximation (EFPA) in a variety of circumstances. We illustrate our results with reference to a range of networks for which the EFPA may be expected to perform badly.

Hedge accounting no mercado acionário brasileiro : efeitos na qualidade da informação contábil e disclosure

Este trabalho investiga, no mercado acionário brasileiro, o efeito da contabilidade de hedge na qualidade das informações contábeis divulgadas, no disclosure dos instrumentos financeiros derivativos e na assimetria de informação. Para medir a qualidade da informação contábil, foram utilizadas as métricas de relevância da informação contábil e informatividade dos lucros contábeis. Para a execução deste trabalho, foi constituída uma amostra geral com empresas brasileiras, não financeiras, listadas na Bolsa de Valores de São Paulo, compreendendo as 150 empresas com maior valor de mercado em 01/01/2014. A partir da amostra geral, foram constituídas amostras para a aplicação dos modelos de value relevance, informativeness, disclosure e assimetria de informação. A amostra para relevância contou com 758 observações firmas-anos, para o período de 2008 a 2013. A amostra para informatividade contou com 701 observações firmas-anos, para o período de 2008 a 2013. A amostra para disclosure contou com 100 observações firmas-anos, para o período de 2011 a 2012. A amostra para assimetria de informação contou com 100 observações firmas-anos, para o período de 2011 a 2012. Para as análises dos dados, utilizou-se regressões com errospadrão robustos com abordagem POLS e Efeitos Fixos, aplicadas sobre dados em painel. Complementarmente, para as análises do efeito do hedge accounting sobre o disclosure e assimetria de informação, foi aplicado o método de Propensity Score Matching. As evidências encontradas para a influência da contabilidade de hedge na relevância da informação contábil apontaram uma relação positiva e significante na interação com o LL. Na análise da informatividade dos lucros contábeis, a pesquisa evidenciou uma relação negativa e estatisticamente significante do lucro quando interagido com a variável dummy de hedge accounting. Quanto às evidências encontradas para a influência do hedge accounting sobre o disclosure dos derivativos, verificou-se uma relação positiva e estatisticamente significante da dummy de hedge accounting com o indicador de evidenciação dos derivativos. Em relação às evidências para a assimetria de informação, embora os coeficientes se mostrassem no sentido esperado, os mesmos não foram estatisticamente significativos. Adicionalmente, incorporamse às análises econométricas uma análise descritiva, na amostra geral, da utilização do hedge accounting no Brasil, para o ano de 2013. Dentre as 150 empresas da amostra, 49 empresas utilizaram hedge accounting, onde 41 empresas adotam apenas 1 tipo de hedge. O hedge de fluxo de caixa é o tipo de hedge mais adotado pelas empresas, sendo utilizado por 42 companhias.

Ciclo de vida empresarial e qualidade da informação contábil das companhias abertas brasileiras

Esta dissertação busca identificar se os diferentes Estágios de Ciclo de Vida (ECVs) estão relacionados com a qualidade da informação contábil nas empresas brasileiras. Segundo pesquisas internacionais, os diferentes ECVs influenciam a qualidade da informação contábil. Aqui, foram empregadas as métricas de relevância, tempestividade e conservadorismo, de maneira semelhante às utilizadas por Lopes (2009) para verificar a qualidade da informação contábil. Para identificar os Estágios de Ciclo de Vida, foi utilizada a forma de identificação orgânica elaborada por Dickinson (2011), fundamentada nos sinais dos fluxos de caixa da empresa. A amostra deste trabalho é composta por empresas brasileiras que negociaram ações na BM&FBovespa, no período de 2008 à 2013, sendo excluídas as empresas do setor financeiro. O total de empresas que compõem a amostra é de 330, sendo 1.163 observações para o modelo de relevância, 1.163 para o modelo de tempestividade e 1.167 observações para o modelo de conservadorismo. Para verificar os efeitos dos ECVs na qualidade da informação contábil foram utilizados dados em painel desbalanceado e regressões robustas, com a correção de White, identificando os ECVs através de dummies. Os resultados encontrados indicam que os ECVs afetam a qualidade da informação contábil e que nos estágios de Crescimento e Maturidade as informações contábeis apresentam maior relevância e tempestividade. Não foi possível identificar os efeitos dos diferentes ECVs no conservadorismo, pois as variáveis de interesse não foram estatisticamente significantes.

Determinants of environmental disclosure in the annual reports of large companies operating in Portugal

Similarly to what has happened in other countries, since the early 1990s Portuguese companies have developed corporate environmental reporting practices in response to internal and external factors. This paper is based on empirical research directed to both the study of environmental reporting practices developed by Portuguese companies and the identification of the factors that explain the extent to which these companies disclose environmental information. This study focuses on the environmental disclosures made in the annual reports by a sample of 109 large firms operating in Portugal during the period 2002-04. Using the content analysis technique we have developed an index in order to assess the presence of the environmental disclosures in companies’ annual reports and their breadth. Based on the extant literature, several characteristics relating to firms’ attributes were selected and their influence on the level of environmental disclosure was tested empirically. The selected explanatory variables were firm size, industry membership, profitability, foreign ownership, quotation on the stock market and environmental certification. The results reveal that, in spite of the fact that the level of environmental information disclosed during the period 2002-04 is low, the extent of environmental disclosure has increased as well as the number of Portuguese companies that disclose environmental information. Moreover, the firm size and the fact that a company is listed on the stock market are positively related to the extent of environmental disclosure. This study adds to the international research on environmental disclosure by providing empirical data from a country, Portugal, where empirical evidence is still relatively unknown, extending the scope of the current understanding of the environmental reporting practices.

Organizational and accounting change within the context of the environmental agenda: evidence from Portugal

Purpose – The purpose of this paper is to explore the process of organizational change undergone by a large Portuguese business group within the context of the environmental agenda and the role of accounting as a mechanism for change. Design/methodology/approach – The paper reports the results of a case study conducted between 2006 and 2009. Information was obtained from semi-structured interviews and secondary sources. Organizational changes were analyzed using Laughlin’s model in order to identify which category reflected most of the changes introduced to address environmental matters. Findings – This paper offers evidence that change is not a homogeneous phenomenon. Additionally, it confirms previous studies’ findings which found that accounting did not play a significant role in the process of organizational change within the context of the environmental agenda. Originality/value – This paper seeks to complement the research in this area by integrating observations from a case study into an existing model of levels of organizational change according to how a Portuguese business group incorporated environmental issues into its processes, policies and corporate culture.

Accounting and the “Doctor-Manager Relationship”

The adoption of the “new public management” in the hospital sector brought about greater presence and power to professional managers in hospitals, thus increasing the risk of conflict in the doctor-manager relationship. Aiming to enrich the discussion on the factors that could be the bases for this conflict and considering the role of accounting, the study presented here corresponds, basically, to what we call “content analysis” of qualitative studies. The results demonstrate that the Portuguese doctors as the sample studied accept, in essence, the principles of enterprise management and recognize the use of accounting information in the scope of their functions as long as they are called to participate as legitimate actors, and authorities respect their desires to preserve a practice which they consider of quality.

Divulgação de informação sobre Activos Intangíveis, Concentrações de Actividades Empresariais e Goodwill: evidência empírica nas empresas cotadas na Bolsa de Valores Portuguesa.

This paper analyzes the level of disclosure of Intangible Assets, Business Combinations and Goodwill in the consolidated financial statements and its explanatory factors. We have analyzed the annual reports of companies listed on Euronext Lisbon for the year 2010 and have created a Disclosure Index which allows to measure the level of disclosure for each company in this area, based on the existing accounting standards. In order to identify the association between the level of disclosure and its determinants, we have tested several hypotheses which explain the degree of disclosure. The results evidences, company’s size, industry, leverage and audit firms belonging to Big 4as explanatory factors. Only the size presentsa positive association with disclosure index, confirming the hypothesis which establishes that the level of disclosure about Intangible Assets, Business Combinations and Goodwill is greater in larger companies. The remaining explanatory variables presenta negative association with disclosure level.

The estimation of the return on firms’ investments – as to ISO 9001

The aim of this paper was to estimate the return on investment in QMS (quality management systems) certification undertaken in Portuguese firms, according to the ISO 9000 series. A total of 426 certified Portuguese firms were surveyed. The response rate was 61.03 percent. The different payback periods were validated through statistical analysis and the relationship between expected and perceived payback periods was discussed. This study suggests that a firm’s sector of activity, size and degree of internationalization are related to the length of the investment in QMS certification recovery period. Furthermore, our findings suggest, that the time taken to obtain the certification is not directly related to the economic component of the certification. The majority of Portuguese firms (58.9%) took up to three years to recoup their investment and 35.5% of companies said they had not yet recovered the initial investment made. The recoup of investment was measured by the increase in the number of customers and consequent volume of deliveries, improved profitability and productivity of the company, improvement of competitive position and performance (cost savings), reduction in the number of external complaints and internal defects/scrap, achievement of some important clientele, among others. We compared our work to similar studies undertaken in other countries. This paper provides a contribution to the research related to the return on investment for costs related to the certification QMS according to ISO 9000. This paper provides a valuable contribution to the field and is one of the first studies to undertake this type of analysis in Portugal.

The Main Determinants of the Use of the Cost Accounting System in Portuguese Local Government

This paper explores the main determinants of the use of the cost accounting system (CAS) in Portuguese local government (PLG). Regression analysis is used to study the fit of a model of accounting changes in PLG, focused on cost accounting systems oriented to activities and outputs. Based on survey data gathered from PLG, we have found that the use of information in decision-making and external reporting is still a mirage. We obtain evidence about the influence of the internal organizational context (especially the lack of support and difficulties in the CAS implementation) in the use for internal purposes, while the institutional environment (like external pressures to implement the CAS) appears to be more deterministic of the external use. Results strengthen the function of external reporting to legitimate the organization’s activities to external stakeholders. On the other hand, some control variables (like political competition, usefulness and experience) also evidence some explanatory power in the model. Some mixed results were found that appeal to further research in the future. Our empirical results contribute to understand the importance of interconnecting the contingency and institutional approaches to gain a clear picture of cost accounting changes in the public sector.

Contabilidade de instrumentos derivados: estudo da informação divulgada pelas empresas portuguesas

This thesis is dedicated to the study of disclosure about derivative instruments and their determinants, by Portuguese companies. We have defined the following as our main research objectives: to identify the extent of disclosure relating to derivative instruments presented by Portuguese companies; to analyze the developments in the level of disclosure; and to identify the determinants of the level of disclosure. To this end, we have examined the information that has been disclosed by listed companies, for the period 2003–2009, and by companies belonging to the banking sector and insurance sector (hereinafter identified as financial firms), for 2009. We were able to conclude, in our first phase of research, that the number of disclosing firms has evolved positively, during the period 2003–2009, and that the level of disclosure has also evolved positively. On the other hand, the values obtained in the disclosure index indicate that companies are worried about compliance with accounting standards which became mandatory in 2005 and in 2007. This indicates that the adoption of the IASB’s standards since 2005 and the mandatory adoption of International Financial Reporting Standard (IFRS) No. 7, since 2007, have influenced the level of disclosure.

The international harmonization process of public accounting in Portugal: the perspective of different stakeholders

This paper investigates the reform of public accounting in Portugal through the IPSAS adoption highlighting the perception of different stakeholders. Two competing theories (NPM and the institutional theory) are used to understand public accounting changes within the Portuguese context. In general, different stakeholders agree with the favorable moment and the context of the reform. The context of financial crises and the great external pressures to cut public deficits and to improve the quality of financial information seem to be the most important factors to stimulate changes in public accounting. In addition, stakeholders recommend the use of different strategies to ensure success.

The internationally standardized process of public accounting: the perspective of different stakeholders in Portugal

New Public Management (NPM) led to great pressures for to introduce and adapt businesslike accounting in the public sector (Hood, 1995; Lapsley, 2008; Lapsley et al., 2009), specially the transition from cash basis to accrual-based accounting. In consequence, since the last 20 years we assist to a movement towards internationally standardized of public sector accounting that led to the publication of 32 International Public Sector Accounting Standards (IPSAS) for all public sector entities from national central governments to local governments (IFAC, 2008). These standards are accrual-basis and they emphasize the balance sheet approach, the fair value measurement and the revenue-expense approach (Hints, 2007). The main innovations are associated with the use of the balance sheet approach and the fair value measurement because, traditionally, public accounting systems are mainly focused on the revenue-expense approach and on historical cost valuation (Oulasvirta, 2014).

Corporate social responsibility practices at brazilian firms

Corporate Social Responsibility practices have been on the rise in recent years in firms all over the world. Brazil, as one of the most important countries emerging on the international scene, is no exception to this, with more and more firms taking up these practices. The present study focuses on analyzing the corporate social responsibility practices that Brazilian companies engage into. The sample used is comprised of 500 firms grouped by geographical area; the theoretical framework is based on stakeholder and institutional theories; and the technique used for the analysis is the biplot, more specifically the HJ Biplot and cluster analysis. From the results obtained it is possible to infer that the CSR variables corresponding to environmental practices are more closely linked to companies located in the northern areas of Brazil. Social and community practices are related to companies primarily in the southern and northeastern regions of the country.

STRATEGIC DECISIONS OF FAMILY FIRMS ON CASH ACCUMULATION

ABSTRACTGiven the particular strengths, weaknesses, and peculiarities of family firms as well as the importance of liquidity in today’s marketplace, we analyze the distinct characteristics and strategies of family businesses related to the amount of cash a firm holds. We look beyond the traditional factors that influence decisions related to cash management to examine factors that are particularly important for family firms. Specifically, we outline the relevance of strategic decisions guided by family firms’ conservatism, flexibility, long-term view, and the active control that they have over family members. To our knowledge, no prior studies exist regarding family firms and their strategic adjustment of cash holding. Therefore, we investigate whether the ownership structure of the firm (through the presence of a controlling family) moderates decisions on cash holding. We found that family firms tend to accumulate cash for strategic reasons and as a result of their own idiosyncrasies. Thus, family firms can achieve optimal cash accumulation more efficiently than non-family firms.