Purpose
The purpose of this study is to argue for the need for more critical-reflective teaching-learning experiences in finance teaching, capable of promoting changes in students’ frames of reference toward sustainability. The aim was to evaluate the levels of reflection and the transformative learning experiences perceived by undergraduate students enrolled in three finance disciplines at a Business Administration course of a Brazilian business school. This course has been the object of pedagogical experience toward sustainability teaching-learning for some years.
Design/methodology/approach
The authors used mixed data. For quantitative data, the authors collected 188 questionnaires, as well as 160 student-written reports for qualitative data.
Findings
Incorporating sustainability topics into finance disciplines, longitudinally, stimulates critical reflection and transformations in students’ mindsets toward sustainable rationality in finance. Despite the high number of agreements with reflection and critical reflection levels, emphasis only on the theoretical discussion of sustainability presuppositions does little to contribute to the practical application of concepts.
Research limitations/implications
Although the study was conducted in a particular Business School, the authors expect that the results can be replicated and improved in comparative studies, encouraging transformative learning in the teaching-learning of finance.
Practical implications
The results show the potential and limitations of the experiences studied and its implications for theoretical and didactics in finance teaching. The discussions and the examples of practical activities presented can bring contributions to educators, professors and researchers.
Originality/value
Few studies in finance seeks to evaluate pedagogical experiences from the point of view of students’ learning, especially in relation to the development of a new rationality.
Prior studies concentrated on the misuse of accounting information systems and did not explore the effectiveness of internal control systems with a view to curb corporate frauds. This study abridged the aforementioned gap. The study rallied around the question of which procedures are deemed appropriate or not in the internal control procedures to mitigate the risks of fraud in organisations. We carried out an interpretative and critical analysis on the issue. Based on the aforementioned, we conclude that corruption and misappropriation of assets are frauds combated more efficiently and effectively with the complainants channel, mechanisms of internal control and rules of compliance; while frauds in financial statements usually linked to higher echelon are more appropriately mapped and traced by external auditors.
Esta pesquisa apresenta o desenvolvimento de um modelo de otimização da gestão de riscos, através da identifi cação de uma estratégia de hedge que maximiza a esperança dos lucros. O modelo fundamenta-se na premissa de que fatores de riscos, além de afetar os resultados das empresas, podem, também, estar correlacionados com as oportunidades futuras de investimento. O modelo proposto incorpora os custos advindos de um endividamento adicional bem como os benefícios da disponibilidade de recursos internos. O trabalho está desenvolvido da seguinte forma: (1) discussão dos aspectos teóricos relacionados ao tema de gestão de riscos no contexto da teoria de fi nanças; (2) apresentação da metodologia adotada para o desenvolvimento do modelo; (3) derivação dos passos fundamentais que orientaram o modelo matemático, destacando as especifi cações das variáveis relevantes e os mecanismos de simulação e (4) apresentação dos principais resultados do modelo de hedge ótimo, dentre os quais se destacam: aumento da esperança dos lucros, redução da incerteza em relação aos investimentos, maior estabilidade do nível ótimo de investimento e de endividamento e menor fl utuação dos resultados da empresa, decorrente da redução do nível de risco fi nanceiro.Palavras-chave: Gestão de Riscos; Riscos Financeiros; Hedge Ótimo; Otimização da Gestão de Riscos.
ABSTRACT
This research presents an optimization model for risk management, through the development of a hedge strategy that maximizes the expected profi t of a company. The model is based on the premise that
Resumo O crédito direto ao consumidor é concedido de forma massificada por meio de modelos informatizados de credit scoring que visam eliminar os maus pagadores, assim evitando prejuízos financeiros decorrentes da inadimplência. No entanto, ao recusarem os maus pagadores, esses modelos, balanceados por critérios meramente financeiros, também recusam um grande número de bons pagadores, o que pode reduzir o potencial de ganhos da empresa varejista. Esta pesquisa teve por objetivo mostrar que, incluindo a margem operacional para definir o ponto de corte para concessão de crédito, a rentabilidade da empresa pode melhorar. Foram utilizadas a medida estatística Receiver Operating Characteristic (ROC) e a abordagem de Stein (2005) para construir simulações em torno de valores reais praticados no mercado, as quais permitiram confirmar que, ao flexibilizar o ponto de corte levando em consideração a margem operacional, o resultado geral da empresa pode ser maximizado.
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