Purpose -To analyze recognition of impairment losses in tangible and intangible assets, and their relevance to investors in companies listed in the Lisbon and Madrid Stock Exchange (2007-2011). Findings -We found that the amount of impairment losses showed an upward trend, and that these losses are most significant among intangibles, especially goodwill (GW). We also found that the probability of recognition of impairment losses is positively influenced by the dimension of entities and negatively by market value (p < 0.10). Portuguese export-oriented companies have a higher probability of not recognizing impairments. However, Portuguese companies with higher market values have greater probability of recognizing impairment losses, contrary to the sample as a whole, in which the relationship is negative (p < 0.10). The results also suggest that there is a smoothing effect on results because of impairments, especially in IBEX35 companies. As to the relevance of impairment losses to market value, we confirm a significant negative relationship, in line with conclusions from previous studies. MethodologyOriginality/value -This study contributes to the introduction of the cultural factor in this analysis, highlighting the differentiated behaviors between Portuguese and Spanish companies.

Purpose -To analyze the extent to which recognition of impairments in goodwill is associated with periods of negative results before these losses (big bath practices). To determine whether indebtedness and the capital market restrict the recognition of such losses in big bath practices.Design/methodology/approach -Quantitative empirical study based on accounting and market data of companies listed on the Lisbon and Madrid stock exchanges (2007)(2008)(2009)(2010)(2011)(2012)(2013)(2014)(2015), supported by multivariate regression models estimated using the generalized moments method (system GMM).Findings -Impairment in goodwill is relevant in big bath practices, and there is great discretion in the use of this accrual. It can be concluded that companies adjust to capital market cycles. The positive relationship between the level of indebtedness and the impairment in goodwill suggests that any penalties from creditors do not condition the recognition of the impairments.Originality/value -There is evidence of big bath practices being associated with companies with negative results and of the role of debt and capital markets as explanatory factors of big bath strategies that use impairments in goodwill.

In this study a theoretical model of five dimensions is explained -Rest (1986) ethical decision making process; Jones (1991) moral intensity; need for cognition; personal attributes and financial information -in order to understand the conditions that lead policymakers to manipulate information and to understand the ethical issues in decision-making that lead or not, to a more useful accounting. The sample, by convenience, consisting of 442 individuals and this empirical study was conducted through a survey by an online questionnaire. Data collection was performed using SurveyMonkey software and the model analysed by Structural Equation Analysis method. A structural model was obtained, seeming to indicate that the process of ethical and moral intensity decisions is associated with the individual need for cognition. The utility of accounting, preparation and presentation of financial statements are positively related to the educational level. In this sense, the results and the profitability of capital influence the moral intensity, it seems possible to conclude about the positive influence of academic ethics intention and accounting utility.Keywords: Ethics, utility, accounting, behavioural, need for cognition. ResumoNeste estudo é explicado um modelo teórico de cinco dimensões -Rest (1986) processo de tomada de decisão ética; Jones (1991) intensidade moral; necessidade de cognição; atributos pessoais e informações financeiras -com o objetivo de compreender as condições que levam os legisladores a manipular informações e a compreender as questões éticas na tomada de decisões que conduzem ou não a uma contabilidade mais útil. A amostra, por conveniência, composta por 442 indivíduos e o presente estudo empírico foram realizados através de um questionário online. A recolha de dados foi efetuada utilizando o software SurveyMonkey e o modelo foi analisado pelo método de Análise de Equações Estruturais. Foi obtido um modelo estrutural, que parece indicar que o processo de decisão ética e de intensidade moral está associado à necessidade individual de cognição. A utilidade da contabilidade, preparação e apresentação das demonstrações financeiras estão positivamente relacionadas com o nível educacional. Nesse sentido, os resultados e a rentabilidade do capital influenciam a intensidade moral, parecendo possível concluir sobre a influência positiva da intenção ética académica e da utilidade da contabilidade.Palavras-chave: Ética, utilidade, contabilidade, comportamento, necessidade de cognição.

The current organizational environment, characterized by uncertainty, requires the need for comprehending a complex set of variables and relations. Understanding, decision-making, and judging of information are daily processes that managers perform; these processes are often influenced by individual characteristics in terms of information processing. Among the several determining attributes of managers’ performance presented in the literature is the need for cognition. Despite its importance, studies with samples of Portuguese managers are still scarce, so that through a sample of 442 managers who are members of the executive body of Portuguese microenterprises, this study examined (a) the factor structure of the Need for Cognition Scale–18 items (Cacioppo & Petty, 1982), (b) the scale’s reliability, and (c) the invariance of its factor structure across gender and across professional activity (through a sample of nonmanagers, n = 344). Our analyses support a structure with three factors (Commitment of Cognitive Effort, Preference for Complexity, and Desire for Understanding), with good reliability and validity. The Scale showed variance between genders and between samples, which makes it less generalizable and more susceptible to population type. We also found significant differences in the levels of need for cognition between genders, in the factors Commitment of Cognitive Effort and Preference for Complexity. The sample of managers had significantly higher levels of need for cognition compared with the sample of nonmanagers. Collectively, these findings provide compelling evidence in support of the Need for Cognition Scale for managers and other professionals. However, more research is warranted to investigate the scale measurement invariance.

RESUMO: Analisa-se a relevância do resultado integral versus resultado líquido das componentes do outro resultado integral, considerando os fatores ano e setor, para o preço e retorno dos títulos cotados na Euronext Lisbon. Com base nos relatórios e contas consolidadas do período 2010-2015 (36 empresas e 211 observações), procura-se aferir se as componentes do resultado integral acrescentam poder explicativo ao resultado líquido e, recorrendo aos modelos do preço e do retorno, se são incorporadas no valor de mercado. A análise comparada dos modelos permite conclusões mais robustas e pertinentes sobre a utilidade do outro resultado integral. Confirma-se uma diferença estatisticamente significativa entre o resultado integral e o resultado líquido. Numa análise anual e sectorial, essa diferença não é consistente, sugerindo o efeito das características de cada setor e a natureza irregular (valor e sinal) das componentes do outro resultado integral em cada ano. Essa informação é refletida no valor das ações quando é material ou sinaliza riscos de mercado. As conclusões são consistentes com outros estudos e são pertinentes para as entidades normalizadoras e reguladoras, por permitir equacionar a informação a detalhar no resultado integral, para analistas e investidores, pela natureza dos impactos esperados na formação do valor de mercado. PALAVRAS-CHAVE:Euronext Lisbon, outro resultado integral, resultado integral, resultado líquido, valor de mercado. Contabilidad y Finanzas USEFULNESS OF THE OVERALL RESULT FOR MARKET VALUE: THE CASE OF EURONEXT LISBONABSTRACT: This research aims to study the importance of the global result compared to the net result of the components of another global result, considering the year and the sector factors, for the price and return of the securities traded on the Euronext Lisbon. Based on the reports and consolidated accounts (36 companies and 211 observations) with quoted securities (2010)(2011)(2012)(2013)(2014)(2015), the goal is to know if the components of the comprehensive financial results have an explanatory power, and if such results are valued by investors in the price and return model. The option for the comparative analysis of models allows more solid and relevant conclusions. A statistically significant difference between the global result and the net result is confirmed. A statistically significant difference between the overall result and the net result is confirmed. However, it is not consistent within the analysis for each year or sector, which shows the influence of each sector's characterictics and the irregular nature (value and signal) of the components of other global results for each year. It is confirmed this information is reflected on the market value when it is material or signals market risks. The results of this research are consistent with other studies, but limited by the size of the sample and the small size of some sectors. However, this study contributes to the literature on this subject since results validate the controversy about the relevance of a glo...

No abstract

ResumoConsiderando a escassa investigação em que o objeto de análise são os futuros decisores (estudantes), avalia-se em que medida a intensidade moral, e as suas dimensões, está associada à tomada de decisão ética. Foram igualmente consideradas as variáveis ideologia ética, religiosidade e sociodemográficas (idade e género), como fatores potencialmente associados. Desenvolveu-se um estudo quantitativo, com recurso a questionário. Os resultados confirmam parcialmente as expetativas dos autores e do quadro teórico subjacente, dado que identificam algumas associações entre a intensidade moral, a religiosidade e os atributos sociodemográficos e a tomada de decisão ética. São apresentadas reflexões sobre as implicações na estrutura curricular dos cursos de gestão e recomendam-se estudos adicionais, para melhor compreender os fatores subjacentes à tomada de decisão ética.Palavras-chave: tomada de decisão ética; ideologia ética; intensidade moral; religiosidade. AbstractConsidering the scarcity of research about students as future decision-makers, this study aims to assess to what extent moral intensity, and its dimensions, is associated with ethical decision-making. The variables ethical ideology, religiosity and sociodemographic variables (age and gender) were also considered as potentially associated factors. A quantitative research method was used and data was collected using a questionnaire applied to 87 management students. The findings partially confirm the authors' expectations and the underlying theoretical framework, suggesting some associations between moral intensity, religiosity and sociodemographic attributes, and ethical decision-making. Reflections on the implications of the curricular structure of management courses are presented and additional studies are recommended to better understand the factors underlying ethical decision-making.

Resumo O presente estudo investiga os fatores que influenciam a entrada de novas empresas na indústria transformadora portuguesa no período de 1996-2007. Confirma-se de uma forma global as conclusões de estudos anteriores, designadamente Fotopoulos e Spence (1998), Nystrom (2007), entre ouros. A dimensão do mercado e as condições macroeconómicas do período anterior são fatores importantes na decisão de entrada. O estudo confirma ainda uma forte relação positiva entre entradas e saídas de empresa do período anterior. Foram encontradas evidências de que as barreiras à entrada são pouco significativas. Este facto associado à elevada rotação empresarial sugere uma fraca capacidade de adaptação das empresas ao mercado, designadamente pela sua incapacidade de realizar os investimentos necessários para a sobrevivência e crescimento. Os resultados sugerem ainda uma relação não linear, na forma de "U" invertido, entre lucros da indústria e novas entradas, facto que introduz uma nova linha de investigação sobre o tema. Palavras-chave. Dinâmica empresarial, entrada, custos irreversíveis, indústria transformadora, barreiras à entrada e saída.