Revista de Educação e Pesquisa em Contabilidade (REPeC)
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The resilience trajectories of women accountants on the boards of publicly traded companies in Brazil
No full textObjective: To analyze the career paths of women accountants serving on the boards of companies listed on the Brazilian stock exchange in light of resilience theory.
Method: Thirteen semi-structured interviews were conducted with female board members. The resilience trajectories were analyzed considering three contexts: professional, organizational, and personal, in which sources of adversity and coping mechanisms were identified.
Results: In the professional context, the low representation of women in leadership positions constituted one of the main sources of stress and adversity. In contrast, pursuing solid training in accounting proved to be a coping tool for serving on boards. In the organizational context, situations of harassment and gender bias appeared as sources of stress and adversity, whereas networking emerged as a coping mechanism for reaching leadership positions. Finally, in the personal context, self-imposed pressure to reconcile different roles was identified as an important source of stress and adversity, while family support and a challenge-oriented profile were the main coping factors.
Contributions: The findings allow for a deeper understanding of the career paths of women accountants who reach the top of their executive careers, contributing to policies that promote gender equality.Objective: To analyze the career paths of women accountants serving on the boards of companies listed on the Brazilian stock exchange in light of resilience theory.
Method: Thirteen semi-structured interviews were conducted with female board members. The resilience trajectories were analyzed considering three contexts: professional, organizational, and personal, in which sources of adversity and coping mechanisms were identified.
Results: In the professional context, the low representation of women in leadership positions constituted one of the main sources of stress and adversity. In contrast, pursuing solid training in accounting proved to be a coping tool for serving on boards. In the organizational context, situations of harassment and gender bias appeared as sources of stress and adversity, whereas networking emerged as a coping mechanism for reaching leadership positions. Finally, in the personal context, self-imposed pressure to reconcile different roles was identified as an important source of stress and adversity, while family support and a challenge-oriented profile were the main coping factors.
Contributions: The findings allow for a deeper understanding of the career paths of women accountants who reach the top of their executive careers, contributing to policies that promote gender equality
Viés na projeção do desempenho em laudos de avaliação de ofertas públicas de aquisição de ações
No full textObjective: To examine whether, in tender offer valuation reports that apply the Discounted Cash Flow (DCF) method, five variables related to the issuance context contribute to explaining the overvaluation or undervaluation of projected economic–financial performance relative to the performance actually achieved.
Method: Multiple linear regression models were used for the main analysis. Additionally, decision tree and ridge regression models were estimated, although their results did not exceed those presented in this study. A binary model, also estimated as a supplementary procedure, confirmed the findings reported here. Confirmatory results were likewise obtained for the fee model using correspondence analysis.
Results: The findings demonstrate that the short-term difference between projected and actual performance is significant, indicating the presence of projection bias. This bias is explained by the tender offer modality and the industry of the firm being valued. The amount paid to the appraiser as fees was not significant in explaining this bias.
Contributions: Research on business valuation remains scarce in emerging countries. From a practical standpoint, evidence comparing projected and actual values contributes to users’ perceptions of valuation reports and to improving the performance and quality of the valuation process.Objetivo: Identificar, nos laudos de avaliação de Oferta Pública de Aquisição de Ações (OPA) que utilizam o Fluxo de Caixa Descontado (FCD), se cinco variáveis relacionadas ao contexto de emissão contribuem para explicar a super/subavaliação do desempenho econômico-financeiro projetado em relação ao desempenho efetivamente realizado.
Método: Para a análise realizada neste estudo, adotaram-se modelos de regressão linear múltipla. Adicionalmente, foram estimados modelos de árvore de decisão e ridge regression, cujos resultados não suplantaram os apresentados no presente trabalho. Os resultados de um modelo binário, também adicionalmente estimado, confirmam os achados descritos no presente estudo. Ainda se obtiveram resultados confirmatórios para o modelo de honorários a partir da análise de correspondência.
Resultados: Os resultados desta pesquisa demonstram que a diferença de curto prazo entre o desempenho projetado e o realizado é significativa. Portanto, há viés na projeção, e este é explicado pela modalidade da OPA e pelo setor da empresa avaliada. Os resultados indicaram ainda que o valor pago ao avaliador a título de honorários não foi significativo para explicar esse viés.
Contribuições: As pesquisas em avaliação de empresas ainda são escassas em países emergentes. Para relevância prática, evidências relacionadas à comparação entre valores projetados e realizados contribuem para a percepção dos usuários acerca da avaliação de empresas e para aprimorar o desempenho e a qualidade do processo
Effects of the life cycle stage on errors in earnings forecasts and their value relevance
No full textObjective: This study analyzed the effects of the company's life cycle stages on analyst forecast error and on value relevance.
Method: A sample of companies listed on the Brazilian capital market was analyzed from 2011 to 2022 with data collected from Refinitiv Eikon® and analyzed using regression models estimated using the System Generalized Method of Moments (System GMM).
Results: The results suggest a lower error in earnings per share forecasts in the maturity phase and that investors respond negatively to earnings forecast errors with an optimistic bias, with different intensities depending on the firm's life cycle stage. Therefore, the characteristics of the operating environment and more persistent results of mature companies are associated with lower forecast errors. In addition, the relevance of analysts' earnings forecasts is significantly associated with share prices.
Contributions: The findings provide useful evidence for different market agents, including investors, financial analysts, and corporate managers. Studies that investigate the value relevance assigned by investors to different types of information - such as analysts' forecast errors - are essential for better understanding of how the market reacts to signals about the quality of information provided by financial intermediaries, such as financial analysts.Objective: This study analyzed the effects of the firm's life cycle stages on analysts' earnings forecast error and on their value relevance.
Method: A sample of companies listed on the Brazilian capital market was analyzed from 2011 to 2022, with data collected from Refinitiv Eikon® and analyzed using regression models estimated using the System Generalized Method of Moments (System GMM).
Results: The results suggest a lower error in earnings per share forecasts in the maturity phase and that investors respond negatively to earnings forecast errors with an optimistic bias, with different intensities depending on the firm's life cycle stage. Therefore, the characteristics of the operating environment and more persistent results of mature companies are associated with lower forecast errors. In addition, the relevance of analysts' forecasts of earnings is significantly associated with share prices.
Contributions: The findings provide useful evidence for different market agents, including investors, financial analysts, and corporate managers. Studies that investigate the value relevance assigned by investors to different types of information - such as analysts' forecast errors - are essential for a better understanding of how the market reacts to signals about the quality of information provided by financial intermediaries, such as financial analysts.
Keywords: Financial Analysts, Analysts' forecasts, Forecast Error, Value Relevance, Firm Life Cycle
Configuration of Management Control Systems as a Package: A Systemic Approach
No full textObjective: This study aimed to discuss a theoretical framework that contributes to the establishment of analytical controls for management control systems (MCSs).Method: The research method employed two procedures: first, a literature review, and second, a case study of an MCS model structured around the concept of subsystems.Results: The first result demonstrates the relevance and contribution of a systems approach to configuring the analytical controls of MCSs. The second presents and discusses a concrete and conceptually robust proposal for MCSs designed from a systems perspective. The third result involves a critical evaluation of Malmi and Brown’s (2008) model in light of the systemic approach.Contributions: This study offers meaningful contributions to the academic field by adding new knowledge to MCSs research. It also contributes to business practice by presenting conceptual and practical guidelines that support professionals involved in implementing MCSs in organizations.Objective: This study aimed to discuss a theoretical framework that contributes to the establishment of analytical controls for management control systems (MCSs).Method: The research method employed two procedures: first, a literature review, and second, a case study of an MCS model structured around the concept of subsystems.Results: The first result demonstrates the relevance and contribution of a systems approach to configuring the analytical controls of MCSs. The second presents and discusses a concrete and conceptually robust proposal for MCSs designed from a systems perspective. The third result involves a critical evaluation of Malmi and Brown’s (2008) model in light of the systemic approach.Contributions: This study offers meaningful contributions to the academic field by adding new knowledge to MCSs research. It also contributes to business practice by presenting conceptual and practical guidelines that support professionals involved in implementing MCSs in organizations
Pesquisas contábeis e a Reforma Tributária: como será o amanhã?
No full textObjective: To highlight the central elements of the Tax Reform (Complementary Law No. 214 of 2025), identify avenues for research in accounting and taxation, and demonstrate how changes in the Brazilian tax system can guide academic agendas.
Method: The study is based on a retrospective of Brazilian and international accounting and taxation research between 1925 and 2025, using data from the Web of Science. A total of 5,592 global and 88 Brazilian articles related to tax avoidance, tax evasion, and tax aggressiveness were mapped. VOSviewer was employed to generate density maps, thematic clusters, and co-authorship networks.
Results: The findings show significant growth in taxation research worldwide after 2000 and, in Brazil, after the convergence of accounting standards with international ones. Methodological limitations persist, including a strong focus on publicly traded companies and low international engagement. The Tax Reform creates a favorable environment for expanding research into topics such as price formation, sectoral impacts, governance, information systems, international taxation, and compliance costs.
Contributions: The editorial proposes a research agenda aligned with tax transformations and the needs of accounting and professional practice, reinforcing the role of academia in knowledge development and in strengthening dialogue with the market and society.Objetivo: Destacar os elementos centrais da Reforma Tributária (Lei Complementar n.º 214, de 2025), indicar caminhos para pesquisas em contabilidade e tributação, e mostrar como as mudanças no sistema tributário brasileiro podem orientar agendas acadêmicas.
Método: O estudo baseia-se em uma retrospectiva das pesquisas contábil-tributárias brasileiras e internacionais, entre 1925 e 2025, com base em dados da Web of Science, por meio do mapeamento de 5.592 artigos globais e 88 nacionais relacionados à tax avoidance, tax evasion e tax aggressiveness. O estudo utilizou o software VOSviewer para gerar mapas de densidade, clusters temáticos e redes de coautoria.
Resultados: Os achados mostram crescimento expressivo das pesquisas sobre tributação no mundo após 2000, e, no Brasil, após a convergência das normas contábeis às normas internacionais. Persistem limitações metodológicas, foco expressivo em companhias abertas e pouca presença internacional. A Reforma Tributária cria um ambiente favorável à expansão de temas como formação de preços, impactos setoriais, governança, sistemas de informação, tributação internacional e custos de conformidade.
Contribuições: Propõe-se uma agenda de pesquisa alinhada às transformações tributárias e às necessidades da contabilidade e da prática profissional, fortalecendo a construção do conhecimento e o papel da academia no diálogo com mercado e sociedade
Inflation: How the market react to real and nominal differences in accounting information?
No full textObjective: This study investigates how the Brazilian capital market reacts to the difference between disclosed nominal net income and equity and their estimated values, considering an adjustment for publicly available inflation. Because inflation causes reported profits to deviate from companies’ actual performance, accounting quality and comparability are affected, as financial statements reflect transactions from different periods with distinct monetary values.Method: Using a sample of 37 publicly traded companies between 2010 and 2016, investors’ reactions to firms more or less exposed to inflation were assessed based on cumulative abnormal returns obtained through an event-study approach. Regression analyses were performed to examine the relevance of accounting figures.Results: The findings indicate lower cumulative abnormal returns for companies with greater differences between nominal and adjusted values, suggesting that inflation-adjusted accounting figures tend to be more relevant to investors.Contribution: This study advances the literature on the effects of inflation on accounting information and its implications for capital market investors in Brazil. The results highlight that, even in non-hyperinflationary environments like Brazil, accounting figures are not free from inflationary distortions.Objective: This study investigates how the Brazilian capital market reacts to the difference between disclosed nominal net income and equity and their estimated values, considering an adjustment for publicly available inflation. Because inflation causes reported profits to deviate from companies’ actual performance, accounting quality and comparability are affected, as financial statements reflect transactions from different periods with distinct monetary values.Method: Using a sample of 37 publicly traded companies between 2010 and 2016, investors’ reactions to firms more or less exposed to inflation were assessed based on cumulative abnormal returns obtained through an event-study approach. Regression analyses were performed to examine the relevance of accounting figures.Results: The findings indicate lower cumulative abnormal returns for companies with greater differences between nominal and adjusted values, suggesting that inflation-adjusted accounting figures tend to be more relevant to investors.Contribution: This study advances the literature on the effects of inflation on accounting information and its implications for capital market investors in Brazil. The results highlight that, even in non-hyperinflationary environments like Brazil, accounting figures are not free from inflationary distortions
Influência do enforcement fiscal do país na relação entre a surpresa na despesa fiscal e a acurácia de lucros dos analistas financeiros
No full textObjective: To examine the influence of countries’ tax enforcement on the relationship between tax expense surprise and the accuracy of financial analysts’ earnings forecasts. Method: Data from a sample of 4,775 companies across 35 countries from 2001 to 2019 were analyzed using descriptive statistics, correlation analysis, and Ordinary Least Squares (OLS) regression tests.
Results: Financial analysts systematically issue optimistic earnings forecasts, and tax expense surprise is incrementally relevant to earnings surprise in explaining analysts’ future errors. These information intermediaries do not efficiently incorporate tax information when issuing their earnings expectations. The findings indicate that analysts use tax information more effectively and improve the accuracy of earnings forecasts in environments with high levels of tax enforcement. However, the results were insignificant when U.S. companies were excluded from the sample.
Contribution: These findings underscore the importance of tax enforcement and tax information in shaping financial analysts’ expectations about future performance, contributing to greater efficiency in the capital market.Objetivo: examinar a influência do enforcement fiscal no país na relação entre a surpresa na despesa fiscal e a acurácia da previsão de lucros dos analistas financeiros.Método: a partir de dados de uma amostra constituída por 4.775 empresas de 35 países, no período de 2001 a 2019, fez-se uso de estatística descritiva, análise de correlação e testes de regressão por mínimos quadrados ordinários.Resultados: verificou-se que, sistematicamente, os analistas financeiros emitem previsões de lucros otimistas e observou-se que a surpresa na despesa fiscal é incrementalmente relevante para a surpresa nos lucros ao explicar os erros futuros dos analistas, e que esses intermediários de informações não incorporam de forma eficiente as informações fiscais ao emitir suas expectativas de lucros. Confirmou-se ainda que, em ambientes de maior enforcement fiscal, os analistas utilizam as informações fiscais de forma mais eficiente e melhoram a acurácia da previsão dos lucros, no entanto, ao excluir da amostra as empresas norte-americanas os resultados se tornaram insignificantes.Contribuição: esses achados destacam a importância do enforcement fiscal e das informações fiscais na formação das expectativas dos analistas financeiros sobre o desempenho futuro, provendo maior eficiência ao mercado de capitais
Incerteza político-econômica, agressividade tributária e o efeito moderador do mercado de crédito nas empresas de capital aberto listadas na B³
No full textObjective: This study analyzes the tax aggressiveness of Brazilian non-financial public companies in conditions of political-economic uncertainty and under the influence of the credit market.
Method: This study uses quantitative approach. The sample consists of 4,749 observations over 2011-2022. As metrics of political-economic uncertainty, two indices were used at the Brazilian level: the EPU and the IIE-Br. For tax aggressiveness, the variables used were ETR, BTD and CTRIB-DVA, Permanent BTD and Differential ETR. As for the credit market, the metric used was the “Quarterly Survey of Credit Conditions in Brazil” indicator.
Results: The regression results indicate that companies are more tax aggressive when there is an increase in political-economic uncertainty and that the supply of credit moderates this relationship.
Contributions: The evidence helps investors, tax administrations and government agents to understand the behavior regarding the tax aggressiveness of companies in the face of increased political-economic uncertainty and its implications in the credit market and thus better define the public policy.
Objetivo: Este estudo analisa a agressividade fiscal de companhias abertas não-financeiras brasileiras em condições de incerteza político-econômica e sob influência do mercado de crédito.
Método: Este estudo possui abordagem quantitativa. A amostra é composta de 4.749 observações entre o período 2011-2022. Como métricas de incerteza político-econômica foram utilizados dois índices em nível Brasil: o EPU e o IIE-Br. Para a agressividade tributária, as métricas utilizadas foram ETR, BTD, CTRIB-DVA, BTD Permanente e ETR Diferencial. Para o mercado de crédito, utilizou-se o indicador “Pesquisa Trimestral de Condições de Crédito no Brasil”.
Resultados: Os resultados das regressões indicam que as empresas são mais agressivas tributariamente quando há um aumento da incerteza político-econômica e que a oferta de crédito modera essa relação.
Contribuições: As evidências contribuem para investidores, administrações tributárias e agentes governamentais compreenderem o comportamento quanto a agressividade tributária das empresas diante do aumento da incerteza político-econômica e suas implicações no mercado de crédito e assim definirem melhor as políticas públicas
Impression Management and economic cycles: a study on Brazilian companies in financial distress
No full textObjective: This study aims to analyze the effects of economic cycles on the relationship between financial distress and impression management in Brazilian companies.
Method: The analysis used data from companies listed on the Brazilian stock exchange between 2010 and 2022, applying content analysis, descriptive statistics, correlation tests between variables, and panel data regression with the support of Python and R. The Schumpeter (1939) model was used to determine the economic cycle, classifying the phases based on variations in Gross Domestic Product (GDP) during the period. The Z-Score model of Altman et al. (1979) was applied to assess financial distress, adapted to the companies in the sample as a means of predicting bankruptcy. For the analysis of impression management, the narrative tone metric developed by Henry (2008) was applied to 2,640 management reports.
Results: The findings showed that companies in financial distress presented management reports with a more negative tone. During the recession and contraction phases of the economic cycle, statistical significance was found in the association between the variables of interest. These results support the assumptions of Signaling Theory, as companies seek to disclose information in a timely manner, anticipate negative outcomes to mitigate investor uncertainty, and use disclosure as a means to reduce information asymmetry.
Contributions: The results assist information users—such as investors, creditors, and regulatory agencies—in identifying impression management practices and serve as indicators of accounting information quality, contributing to more assertive decision-making.Objective: This study aims to analyze the effects of economic cycles on the relationship between financial distress and impression management in Brazilian companies.
Method: The analysis used data from companies listed on the Brazilian stock exchange between 2010 and 2022, applying content analysis, descriptive statistics, correlation tests between variables, and panel data regression with the support of Python and R. The Schumpeter (1939) model was used to determine the economic cycle, classifying the phases based on variations in Gross Domestic Product (GDP) during the period. The Z-Score model of Altman et al. (1979) was applied to assess financial distress, adapted to the companies in the sample as a means of predicting bankruptcy. For the analysis of impression management, the narrative tone metric developed by Henry (2008) was applied to 2,640 management reports.
Results: The findings showed that companies in financial distress presented management reports with a more negative tone. During the recession and contraction phases of the economic cycle, statistical significance was found in the association between the variables of interest. These results support the assumptions of Signaling Theory, as companies seek to disclose information in a timely manner, anticipate negative outcomes to mitigate investor uncertainty, and use disclosure as a means to reduce information asymmetry.
Contributions: The results assist information users—such as investors, creditors, and regulatory agencies—in identifying impression management practices and serve as indicators of accounting information quality, contributing to more assertive decision-making
Mental health of students in the educational process: : the relationship between anxiety and motivation to learn
No full textObjective: Mental health has become a growing concern in the university environment, mainly due to the impact of anxiety on the educational process. This study aimed to analyze the relationship between state and trait anxiety symptoms and the motivation to learn among undergraduate students in Accounting Sciences.
Method: This quantitative and descriptive study adopted a survey design. The sample comprised 181 undergraduate students. Data were collected through a questionnaire and analyzed using Structural Equation Modeling.
Results: Trait anxiety, a persistent characteristic related to an individual's personality, was identified as a negative determinant of motivation to learn. Students with high levels of trait anxiety experience difficulties maintaining motivation and focus in their studies, which negatively affects academic performance. In contrast, state anxiety, a temporary reaction to specific situations, did not significantly influence student motivation.
Contributions: This study contributes to Accounting Sciences by emphasizing the need for institutional interventions aimed at enhancing students' mental health and fostering an academic environment that supports learning and the development of more assertive, more resilient professionals. It also underscores the importance of mental health as a key factor in the quality of training and future accounting practice. Objective: Mental health has become a growing concern in the university environment, mainly due to the impact of anxiety on the educational process. This study aimed to analyze the relationship between state and trait anxiety symptoms and the motivation to learn among undergraduate students in Accounting Sciences.
Method: This quantitative and descriptive study adopted a survey design. The sample comprised 181 undergraduate students. Data were collected through a questionnaire and analyzed using Structural Equation Modeling.
Results: Trait anxiety, a persistent characteristic related to an individual's personality, was identified as a negative determinant of motivation to learn. Students with high levels of trait anxiety experience difficulties maintaining motivation and focus in their studies, which negatively affects academic performance. In contrast, state anxiety, a temporary reaction to specific situations, did not significantly influence student motivation.
Contributions: This study contributes to Accounting Sciences by emphasizing the need for institutional interventions aimed at enhancing students' mental health and fostering an academic environment that supports learning and the development of more assertive, more resilient professionals. It also underscores the importance of mental health as a key factor in the quality of training and future accounting practice.