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O reconhecimento dos Ativos Fiscais Diferidos (AFD) é normatizado pela Deliberação da CVM de n. 599/09, no entanto, existe margem dentro desses critérios para um maior ou menor nível de reconhecimento destes ativos, influenciando no lucro e composição do patrimônio das empresas. O estudo objetivou descrever os fatores influenciadores do reconhecimento de ativos fiscais diferidos (AFD) em empresas do Ibovespa. A pesquisa foi descritiva, com análise documental e abordagem quantitativa. A amostra foi composta por 59 empresas brasileiras do Ibovespa, a análise compreendeu o período de 2009 a 2017 e os dados foram obtidos no site da B3. Por meio de um exame de conteúdo e regressão de dados em painel, os resultados indicam que a variável endividamento não apresentou relação significativa com o Índice de AFD na amostra da pesquisa, divergindo do resultado da maioria dos estudos anteriores. A variável rentabilidade financeira apontou uma relação negativa e significativa na maior parte das especificações com o Índice de AFD. As variáveis T1(logaritmo natural da receita de vendas) e T2 (logaritmo natural do valo do ativo total) reportam relação significativa e negativa com o nível de IAFD. Este resultado pode estar relacionado com a mudança institucional (IFRS), sugerindo a necessidade de pesquisas futuras que permitam a identificação de explicações e fatores relacionados de forma concreta ao nível de AFD das empresas brasileiras.
The issue of conflict of interest and information asymmetry underlies the relationship between management, sponsors, and pension fund participants. The governance system aimed at mitigating the conflict of interest and information asymmetry appears as practices that, even with the cost, could contribute to the effectiveness of the pension fund investments. In this context, the present study aimed to investigate empirically how the extent of Brazilian pension funds governance practices is affected by the nature of the sponsoring entity. With a sample of 208 observations collected manually, representing 104 pension funds, from 2013 and 2017, we analyzed the impact of the sponsorship on the governance of the Brazilian pension funds. We measured governance using a governance index composed of 34 indicators, built on the Brazilian pension fund legislation, guidelines and recommendations issued by public bodies, and the governance literature. The result of this study indicates that, contrary to the initial expectations of the survey, a state-controlled company sponsorship explains a better level of governance. This study contributes to a better understanding of how the adoption of governance practices works, especially with the reported cases of corruption in Brazilian pension funds.
This study investigates the association between debt characteristics and the probability of impairment recognition for firms that have been through economic shocks. These debt characteristics are debt level, type of creditor, the ratio of short-term debt to total debt, and the amount of net debt issued in the period. From a broad sample of IFRS reporting stock-listed firms from 16 countries, I identified likely economic shocks through a combination of persistently high book-to-market ratios, low returns on assets and low F-Scores. Through logistic regressions, I analyzed whether the firm's debt characteristics are associated with the firm's probability of recognizing impairment losses. Results suggest that the probability of recognizing impairment losses increases when the firm has exchange-traded debt, and it also increases when leverage increases, even though in some specifications it increases at decreasing rates. Results also show that the ratio of short-term debt to total debt and the amount of net debt issued in the period do not have a consistently significant association with impairment recognition, even though theory predicts these variables should affect the probability of recognizing impairment losses. This study contributes to the impairment and conditional conservatism literature by showing that the difference in levels of asymmetry of information between the firm and its creditors influence the demand for conditional accounting conservatism.
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