Revista de Educação e Pesquisa em Contabilidade (REPeC)
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Financial Restatements and Dividend Policy: Compensation and Signaling in the Brazilian Capital Market
No full textResults and contributions: Our results showed that companies that restated their financial statements seek to compensate their shareholders with higher dividends when compared to those that did not. In addition, in the following year, these dividends tend to be higher, reinforcing the hypothesis of using dividends as a signaling mechanism, reducing asymmetry, and compensating shareholders. These findings can contribute to researchers interested in the subject, managers, accountants, auditors, regulators, and other stakeholders interested in understanding the implications of the representations on the dividend policy of listed companies.
Objective: This study aimed to verify whether the companies that restated the financial statements compensated their shareholders with higher dividends in the years following this event.
Gap: Previous literature has suggested that companies with lower-quality financial information tend to pay lower dividends. However, an alternative explanation is that companies that disclose lower-quality financial information seek to signal greater solidity to the market by compensating shareholders with higher dividends. The present study aims to fill this gap by presenting evidence in the context of the Brazilian capital market.
Relevance: The study is relevant because it demonstrates that companies with lower earnings tend to compensate their investors in subsequent periods with higher dividends.
Impact: Unlike previous studies, it was observed that companies with lower earnings quality may use dividend policies as a strategy to please investors. The study contributes to the risk assessment of auditors, investors, governance committee members, auditing, and regulators.
Methods: Data from 275 companies listed on the Brazil, Bolsa, and Balcão (B3) exchange from 2010 to 2020 were analyzed using descriptive statistics, tests of differences between means, and panel data regression analysis.Objective: This study examines whether companies that issue financial restatements compensate their shareholders with higher dividends in the years following a restatement.Method: Data from 275 companies listed on the Brasil, Bolsa, Balcão (B3) from 2010 to 2020 were analyzed using descriptive statistics, mean difference tests, and panel data regression analysis.Results and Contributions: The findings indicate that, unlike companies that do not issue restatements, those that do compensate their shareholders with higher dividends. Moreover, dividends in the subsequent year tend to be even higher, reinforcing the hypothesis that dividends serve as a signaling mechanism to reduce information asymmetry and compensate shareholders. These results provide insights for researchers, managers, accountants, auditors, regulators, and other stakeholders interested in the implications of restatements for the dividend policies of publicly traded companies.Gap: While previous research suggests that companies with lower-quality financial information typically pay lower dividends, an alternative explanation is that these companies attempt to signal financial stability by compensating shareholders with higher dividends. This study fills in this gap by presenting evidence in the Brazilian capital market.Relevance: This study is relevant because it shows that companies with lower earnings quality, as indicated by financial restatements, tend to compensate investors in subsequent periods through higher dividends.Impact: Unlike previous research, this study shows that companies with lower earnings quality, with restatement as a proxy, may use dividend policy as a strategy to appease investors. Therefore, this study contributes to the risk assessment processes of auditors, investors, governance and audit committee members, and regulators
Reflections on Current Brazilian Accounting Research
No full textThis text argues that Brazilian accounting research has shifted from the extreme normativism of the past to the extreme positivism that characterizes the present. Propositional studies have virtually disappeared, and research now focuses almost exclusively on testing what already exists, with little or no creation directed toward the standardization of corporate accounting. This raises a fundamental question: Who, exactly, is creating? What we observe is that regulatory bodies—not academia—have become the main agents of accounting innovation. Even more concerning is the growing volume of positivist studies and publications that add little value to accounting theory and practice. In this context, it is essential to bring both approaches together, establishing a virtuous circle: create to discuss, test (normativism), practice, test again, refine (positivism), debate, and create again—completing the cycle. Finally, the text also calls for great caution regarding the specialization driven by taxonomy, which often leads us to lose sight of the broader picture.This text argues that Brazilian accounting research has shifted from the extreme normativism of the past to the extreme positivism that characterizes the present. Propositional studies have virtually disappeared, and research now focuses almost exclusively on testing what already exists, with little or no creation directed toward the standardization of corporate accounting. This raises a fundamental question: Who, exactly, is creating? What we observe is that regulatory bodies—not academia—have become the main agents of accounting innovation. Even more concerning is the growing volume of positivist studies and publications that add little value to accounting theory and practice. In this context, it is essential to bring both approaches together, establishing a virtuous circle: create to discuss, test (normativism), practice, test again, refine (positivism), debate, and create again—completing the cycle. Finally, the text also calls for great caution regarding the specialization driven by taxonomy, which often leads us to lose sight of the broader picture
Potencialidades da Modelagem de Equações Estruturais em Mínimos Quadrados Parciais (PLS-SEM), com abordagem formativa, na pesquisa contábil
No full textAccounting research faces methodological challenges when investigating complex phenomena, often modeled by interrelated latent variables. From this perspective, Structural Equation Modeling based on Partial Least Squares (PLS-SEM) has stood out as a robust alternative to multiple regression, especially for modeling formative constructs. Unlike traditional methods, PLS-SEM allows the simultaneous estimation of direct, indirect (mediated) and moderated relationships, being particularly useful in the analysis of documentary and secondary data, widely used in financial accounting. In view of the above, this editorial explores the potential of the PLS-SEM formative approach in accounting research, highlighting applications in corporate governance, audit quality, organizational sustainability and operational efficiency. Modeling second-order constructs is discussed as a solution to capturing the complexity of these phenomena. Furthermore, the relevance of PLS-SEM is emphasized in the analysis of mediating and moderating effects, which can hardly be tested by traditional regressions. It is concluded that PLS-SEM enables more comprehensive and detailed analyzes in accounting research, providing statistically robust models and greater precision in the interpretation of results. The article contributes to the literature by highlighting the applicability of this technique and encouraging its adoption in accounting investigations.
A pesquisa contábil enfrenta desafios metodológicos ao investigar fenômenos complexos, frequentemente modelados por variáveis latentes inter-relacionadas. Nessa perspectiva, a Modelagem de Equações Estruturais baseada em Mínimos Quadrados Parciais (PLS-SEM) se destaca como uma alternativa robusta à regressão múltipla, especialmente para a modelagem de construtos formativos. Diferentemente dos métodos tradicionais, o PLS-SEM permite a estimação simultânea de relações diretas, indiretas (mediadas) e moderadas, sendo particularmente útil na análise de dados documentais e secundários, amplamente utilizados na contabilidade financeira. Diante do exposto, explora-se, neste editorial, o potencial da abordagem formativa do PLS-SEM na pesquisa contábil, com destaque para as aplicações em governança corporativa, qualidade da auditoria, sustentabilidade organizacional e eficiência operacional. A modelagem de construtos de segunda ordem é discutida como uma solução para capturar a complexidade desses fenômenos. Além disso, enfatiza-se a relevância do PLS-SEM na análise de efeitos mediadores e moderadores, que dificilmente podem ser testados por regressões tradicionais. Conclui-se que o PLS- SEM possibilita análises mais abrangentes e detalhadas na pesquisa contábil, proporcionando modelos estatisticamente robustos e maior precisão na interpretação dos resultados. O artigo contribui para a literatura ao evidenciar a aplicabilidade dessa técnica e incentivar sua adoção em investigações contábeis
Symbolic Compliance or Effective Governance? Board Characteristics and Integrated Reporting in Brazil
No full textObjective: To analyze the influence of Board of Directors' characteristics on the quality of integrated reports disclosed by publicly traded Brazilian companies, from the perspective of Institutional Theory, considering the mechanisms of coercive, normative, and mimetic isomorphism.
Method: A content analysis was conducted on the integrated reports of 35 companies listed on B3 between 2016 and 2023, with a quality index constructed based on the dimensions of content, history, assurance, and form. As suggested by the Hausman and Chow tests, fixed-effects multiple regression models were applied to test the hypotheses.
Results: The results revealed that gender diversity and board activity obtained negative and statistically significant effects on IR quality, while board independence and firm size showed no significant association. This evidence suggests a process of institutional compliance that is more symbolic than substantive, strongly influenced by regulatory (coercive isomorphism) and normative pressures.
Contributions: This study reinforces the applicability of Institutional Theory in the analysis of corporate governance, demonstrating that formal attributes of the Board of Directors do not always result in higher information quality. In practical terms, the findings highlight the need for public policies and corporate initiatives that strengthen board members' effective engagement with the disclosure process, going beyond a mere response to institutional pressures.Objective: To analyze the influence of Board of Directors' characteristics on the quality of integrated reports disclosed by publicly traded Brazilian companies, from the perspective of Institutional Theory, considering the mechanisms of coercive, normative, and mimetic isomorphism.
Method: A content analysis was conducted on the integrated reports of 35 companies listed on B3 between 2016 and 2023, with a quality index constructed based on the dimensions of content, history, assurance, and form. As suggested by the Hausman and Chow tests, fixed-effects multiple regression models were applied to test the hypotheses.
Results: The results revealed that gender diversity and board activity obtained negative and statistically significant effects on IR quality, while board independence and firm size showed no significant association. This evidence suggests a process of institutional compliance that is more symbolic than substantive, strongly influenced by regulatory (coercive isomorphism) and normative pressures.
Contributions: This study reinforces the applicability of Institutional Theory in the analysis of corporate governance, demonstrating that formal attributes of the Board of Directors do not always result in higher information quality. In practical terms, the findings highlight the need for public policies and corporate initiatives that strengthen board members' effective engagement with the disclosure process, going beyond a mere response to institutional pressures
Vital Industry: Supplier Selection, Monitoring, and Reporting Based on Sustainability Standards
No full textObjective: This case aims to develop students’ ability to reflect on and propose mechanisms for selecting, monitoring, and reporting on suppliers, considering sustainability standards.
Method: The case study is designed to be applied in undergraduate and graduate programs in Accounting and Business Administration, particularly in courses that address ESG topics, such as Environmental Accounting, Contemporary Topics, ESG Reporting, and Sustainability, among others. This case is structured into three 90-minute classes and can be implemented using different teaching methodologies, such as mood boards, videos, Padlet, and written reports.
Results: Students are expected to discuss the importance of organizations maintaining a good reputation through their Environmental, Social, and Governance (ESG) performance. The case also addresses the disclosure of information and the adoption of IFRS S1/ CBPS 01, IFRS S2/CBPS 02, and GRI standards, and is aligned with the Sustainable Development Goals (SDGs). These disclosures are important because they add value to the business, and the discussions place students in a context where suppliers must adhere to stringent requirements regarding the services and products they provide.
Contributions: The case offers a practical perspective and encourages students’ critical reflection on the complexity and relevance of decisions involving environmental and social aspects in the product supply chain, as well as on how such information must be reported.Objective: This case aims to develop students’ ability to reflect on and propose mechanisms for selecting, monitoring, and reporting on suppliers, considering sustainability standards.
Method: The case study is designed to be applied in undergraduate and graduate programs in Accounting and Business Administration, particularly in courses that address ESG topics, such as Environmental Accounting, Contemporary Topics, ESG Reporting, and Sustainability, among others. This case is structured into three 90-minute classes and can be implemented using different teaching methodologies, such as mood boards, videos, Padlet, and written reports.
Results: Students are expected to discuss the importance of organizations maintaining a good reputation through their Environmental, Social, and Governance (ESG) performance. The case also addresses the disclosure of information and the adoption of IFRS S1/ CBPS 01, IFRS S2/CBPS 02, and GRI standards, and is aligned with the Sustainable Development Goals (SDGs). These disclosures are important because they add value to the business, and the discussions place students in a context where suppliers must adhere to stringent requirements regarding the services and products they provide.
Contributions: The case offers a practical perspective and encourages students’ critical reflection on the complexity and relevance of decisions involving environmental and social aspects in the product supply chain, as well as on how such information must be reported
Trajetória de resiliência de contadoras atuantes em conselhos de empresas de capital aberto no Brasil
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.Objetivo: Analisar a trajetória das mulheres contadoras que integram os conselhos de empresas listadas na bolsa de valores brasileira, sob a ótica da teoria da resiliência.
Método: Foram realizadas 13 entrevistas semiestruturadas com contadoras atuantes em boards. A trajetória de resiliência foi analisada a partir de três contextos: profissional, organizacional e individual, para os quais foram identificadas as fontes de adversidade e os mecanismos de enfrentamento.
Resultados: No âmbito profissional, a baixa representatividade feminina em cargos de liderança constituiu uma das principais fontes de estresse e adversidade. Em contrapartida, a formação em contabilidade revelou-se um instrumento de enfrentamento para a atuação nos boards. No contexto organizacional, as situações de assédio e preconceito de gênero apareceram como fontes de estresse e adversidade e a construção de networking para o alcance de posições de liderança como mecanismo de enfrentamento. Finalmente, no contexto individual, a autocobrança para equilibrar os diferentes papéis foi identificada como uma importante fonte de estresse e adversidade, enquanto o apoio familiar e um perfil motivado por desafios foram os principais fatores de enfrentamento.
Contribuições: Os achados da pesquisa permitem uma melhor compreensão da trajetória das contadoras que chegam ao topo da carreira executiva, auxiliando em políticas para a promoção da equidade de gênero
Relação entre a informatividade do ativo contábil e o risco sistemático das empresas brasileiras
No full textObjective: This study analyzed a potential relationship between accounting asset informativeness and
Brazilian companies’ systematic risk. The research hypothesis assumes that factors restricting uncertainty,
including better-quality information, decrease investors’ risk perception.
Method: Regressions were estimated with panel data, using data concerning 2010 to 2021 from 186
companies. In addition to overall asset informativeness, the analysis included informativeness resulting
from the companies’ choices (discretionary portion) and informativeness inferred from related companies
in the same sector (non-discretionary portion).
Results: Asset informativeness proved relevant and negatively associated with the Brazilian companies’
systematic risk, with its non-discretionary portion having a more intense effect on systematic risk than
the discretionary portion.
Contributions: This study’s results are relevant for users of accounting information, those who prepare
accounting reports, and regulators as it contributes to the discussion on the quality of accounting
information, highlighting its relationship with the systematic risk of companies through a measure
focused on assets, and suggesting metrics that can assist in the estimation of the companies’ value, besides
providing evidence of the economic consequences of accounting choices.Objetivo: Este estudo objetiva analisar eventual relação entre a informatividade do ativo contábil e o risco
sistemático das empresas brasileiras. A hipótese de pesquisa parte do pressuposto de que a percepção
de risco dos investidores se reduz com fatores que restringem a sua incerteza, dentre eles, uma melhor
qualidade da informação.
Método: Para alcançar o objetivo, foram estimadas regressões com dados em painel, empregando-se
dados de 186 empresas, de 2010 a 2021. A análise contemplou, além da informatividade global do ativo,
a informatividade resultante de escolhas da empresa (parte discricionária) e a informatividade inferida a
partir de empresas relacionadas do mesmo setor (parte não discricionária).
Resultados: A informatividade do ativo mostrou-se relevante e negativamente associada ao risco
sistemático das empresas brasileiras, sendo que a sua parte não discricionária apresentou efeito mais
intenso sobre o risco sistemático do que a parte discricionária.
Contribuições: O trabalho é relevante para usuários, preparadores e reguladores ao contribuir com a
discussão sobre qualidade da informação contábil evidenciando sua relação com o risco sistemático de
empresas por meio de medida focada no ativo, por sugerir métrica que pode auxiliar nas estimativas de
valor da empresa e por fornecer evidências das consequências econômicas das escolhas contábeis
Impacto da complexidade tributária e dos parcelamentos na desobediência tributária no Brasil: um estudo no âmbito da tributação federal relacionada ao IRPJ, à CSLL, ao PIS/Pasep e à Cofins
No full textObjective: To verify within the scope of federal taxation whether tax complexity and repetitive special installment payments are associated with an increased probability of tax noncompliance among companies listed on B3. Method: A panel logit model was developed to estimate the probability of a company being non-compliant based on the independent variables tax complexity, special installment payments, probability of inspection, inspection costs, Selic rate, and expected utility, which are controlled by current liquidity, EBITDA, and company size. Results: This study identified that tax complexity and repetitive special installment payments increase the probability of tax noncompliance among companies listed on B3. The results also showed that low inspection probability, the high costs of inspection, the need for cash, and expected utility positively affect the probability of tax noncompliance among the companies in the sample. These results indicate that Brazil should decrease its unnecessary tax complexity. Contributions: Understanding the determinants and consequences of tax noncompliance in Brazil is relevant to better manage scarce inspection resources, and guide efficient public policies to generate employment and income for the population. Thus, this study contributes to society as a whole by highlighting the need for a tax reform to reduce unnecessary tax complexity and facilitate the understanding of tax legislation.Objetivo: Verificar se, no âmbito da tributação federal, a complexidade tributária e os parcelamentos especiais repetitivos estão associados ao aumento da probabilidade de desobediência tributária das empresas listadas na B3. Método: Foi desenvolvido um modelo logit em painel estimando a probabilidade de uma empresa ser desobediente a partir das variáveis independentes complexidade tributária, parcelamentos especiais, probabilidade de fiscalização, custos de fiscalização, taxa Selic e utilidade esperada, controladas pela liquidez corrente, EBITDA e tamanho da empresa. Resultados: A pesquisa identificou que a complexidade tributária e os parcelamentos especiais repetitivos aumentam a probabilidade da desobediência tributária das empresas listadas na B3. Os resultados também evidenciaram que a baixa probabilidade de fiscalização, assim como os altos custos de fiscalização, a necessidade de caixa e a utilidade esperada afetam positivamente a probabilidade da desobediência tributária nas empresas analisadas. A partir desses resultados, entende-se que o Brasil deve reduzir a sua complexidade tributária desnecessária. Contribuições: Compreender os determinantes e as consequências da desobediência tributária no Brasil é significativo para melhor gestão dos recursos escassos da fiscalização, bem como norteia políticas públicas eficientes para geração de emprego e renda para a população. Assim, a pesquisa contribui com toda a sociedade ao evidenciar a necessidade de uma reforma tributária que reduza a complexidade tributária desnecessária e facilite a compreensão das leis tributárias
O Fator Moderador da Reputação Corporativa sobre a RSC na Agressividade Fiscal
No full textObjective: This study analyzed the influence of corporate reputation (CR) as a moderator of the effect of corporate social responsibility (CSR) on the tax aggressiveness of companies listed on B3. Method: The sample included 106 publicly traded companies listed on the Brazilian stock exchange from 2010 to 2021, generating 1,272 observations. The panel data model was used for data analysis. The proxy for CR was the Exame Magazine Yearbook classification. For CSR, the Refinitiv Eikon® ESG score was collected. The Normalized Differential ETR was used as a proxy for tax aggressiveness. Results: The results showed a negative relationship between tax aggressiveness and CR and no statistical significance between tax aggressiveness and CSR. However, the relationship is reversed when CR moderates CSR, which can be explained by the Moral Licensing Theory, in which companies with moral credits (represented by CR and high levels of CSR) would use their moral license to be more aggressive. Contributions: This study proposes the Normalized Differential ETR, a measure of tax aggressiveness intended to obtain greater precision and reliability. Additionally, an innovative contribution is the analysis of the moderating role of CR on the effect of CSR on aggressiveness.Objetivo: O trabalho analisou a influência da reputação corporativa (RC) como fator moderador da responsabilidade social corporativa (RSC) na agressividade fiscal das empresas da B3. Método: A amostra totalizou 106 empresas de capital aberto listadas na bolsa de valores brasileira, no período de 2010 a 2021, gerando assim 1.272 observações. Foi utilizado o modelo de dados em painel para análise dos dados. A proxy para RC foi a classificação do Anuário da Revista Exame. Para RSC, foi coletada a pontuação ESG da Refinitiv Eikon®. A ETR Diferencial Normalizada foi utilizada como proxy para agressividade fiscal. Resultados: Os resultados mostraram relação negativa entre agressividade fiscal e RC, quanto à agressividade e RSC, não houve significância estatística. Contudo, a relação se inverte quando a RC modera a RSC, o que pode ser explicado pela Teoria do Licenciamento Moral, em que empresas com créditos morais (representadas pela RC e níveis altos de RSC conjuntamente) utilizariam de sua licença moral para serem mais agressivas. Contribuições: O trabalho propõe uma medida de agressividade fiscal que visa maior precisão e confiabilidade, a ETR Diferencial Normalizada. Assim como agrega com mais uma análise acerca do tema, avaliando o fator moderador da RC e RSC sobre a agressividade
