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This article aims to outline a profile of Controllership research in papers published in the annals of the National Association of Post-Graduate Programs and Research in Business Administration (EnANPAD) meeting and the USP Controllership and Accountancy Congress, from 2001 to 2006. The adopted research methodology comprised an exploratory study, with documentary analysis and a quantitative approach. The research results showed the main themes of these works, the adopted research methods, the different approaches to the study of Controllership, the researchers' affiliations and the bibliography consulted and referenced in the articles. It was concluded that, even though more papers were published in 2005, the volume is still small when compared to other themes focused on at these events. The small number of articles may also have been influenced by the search technique employed for selecting works, using the words Controllership, Controller, Management Accounting and Management Control, contained in the title, abstract or keywords. Nevertheless, this study is relevant to the extent that it contributes to the identifi cation of the qualitative and quantitative evolution of Controllership research in Brazil. [ABSTRACT FROM AUTHOR]

This paper aimed to study poison pills, investigate the conceptual aspects, as well as legal dispositions and other rules applicable. A research of publicly-held firms that use this anti-takeover instrument was done, sampled till June 2006, in order to discover peculiarities in the Brazilian environment. Moreover, as an objective of this paper, some theories that can explain the behavior of managers from poison pill firms were presented, focused on the classical agency problem: managers' interest against firms' interest. This exploratory study should support the development of a new empirical research area in Brazil. Theories here presented can and should be investigated in future research, in order to improve Brazilian literature focused on this matter. Nevertheless, it would be prudent to consider the idiosyncratic aspects of the Brazilian Stock Market and precocity of these poison pill firms in empirical studies, before coming to any conclusion about the figures and measures obtained. [ABSTRACT FROM AUTHOR]

This paper uses equity analysts' forecasts for Brazilian firms to analyze whether there are signifi cant differences between the results from the estimation of equity value when applying the discounted cash flow model (DCF) and the residual income model (OHLSON). The approach used in this research is pioneer, considering that previous papers comparing valuation models in Brazil used researchers' assumptions, based on public information, to implement the valuation models. However, the correct implementation of these models relies on market expectations (i.e. equity analysts) to calculate equity values. Additionally, we evaluate what model (DCF or OHLSON) better explains the Price-to-Book relation for future periods. Conclusions are: i) there are statistically significant differences for estimates of equity value when using discounted cash flow models and residual income models, and ii) Price-to-Book ratios calculated through discounted cash flow models have higher explanatory power for future Price-to-Book ratios than the estimates of this ratio using residual income valuation models. [ABSTRACT FROM AUTHOR]

This paper aims to propose a methodology to evaluate accounting and auditing journals published in English and available in the CAPES Journal Portal. The research is justified by two basic premises: Brazilian accounting research needs international penetration and foreign journals have not been evaluated by CAPES yet. This study sample is composed of the journals that had the words 'accounting' and 'auditing' in their title. Non-academic journals were not analyzed and the final sample consisted of 40 journals. Data were collected from the journals' websites and involved an analysis of the following aspects: editorial board, instructions for authors, aim/focus, blind review, indexation in SCOPUS and Institute for Scientifi c Information, Journal of Citation Report impact factor and temporality ratio. To collect information on the journal's cut rate, e-mails were sent to the chief editors. Based on the proposed methodology, 8 journals received an "A" concept, 20 "B" and 12 "C". The three best evaluated journals according to this study are: Journal of Accounting and Economics (JAE), Accounting Organization and Society (AOS) and The Accounting Review (TAR). This paper aims to contribute to Brazilian literature by proposing an alternative methodology for scientific journal evaluation. [ABSTRACT FROM AUTHOR]

This paper features a case study of one of the main Brazilian banks of the 90's: Banco Nacional S/A (BNSA). The bank had its intervention decreed by Central Bank of Brazil in 1995, after the existence of insolvent assets, originated by fraudulent earnings management, were identified. The study aims to investigate the fraudulent earnings management of BNSA, both in motivational aspects and in relation of the effects in its balance sheet structure. The methodological approach of the study encompasses: (i) an explanatory research, regarding the intended aim of the study; (ii) case study, regarding the applied procedures; and (iii) a qualitative research, regarding the approach to the problem. It was concluded that irreconcilable conflicts of interest might occur between the agent and the principal, according to the Agency Theory. The paper also emphasizes the importance of knowledge of finance information data to identify the main facts, the relevant adjustment and the correct disclosure of the financial condition of an entity. [ABSTRACT FROM AUTHOR]

This paper examines whether default events of public companies in Brazil are predicted by a credit rating system based on accounting ratios. The credit rating system developed uses cluster analysis to classify companies in eight ratings, seven for solvent and one for default companies. The variable used to assign ratings to companies is the probability of default estimated by credit risk model developed by Brito and Assaf Neto (2008). The credit rating system assigns annual ratings to non-financial companies listed on Brazilian stock market from 1994 to 2006. Based on these ratings, several risk migration matrices are generated for the analysis period. The migration matrices show the risk increase of default companies prior to the year of occurrence of default event. Most of these companies are classified in the lowest rating or migrate to lower ratings in the years preceding the default. In addition, mortality rates of firms grow in the credit rating system. These results demonstrate that default events of companies can be predicted by a credit rating system based only on accounting ratios. [ABSTRACT FROM AUTHOR]

This paper examines whether default events of public companies in Brazil are predicted by a credit rating system based on accounting ratios. The credit rating system developed uses cluster analysis to classify companies in eight ratings, seven for solvent and one for default companies. The variable used to assign ratings to companies is the probability of default estimated by credit risk model developed by Brito and Assaf Neto (2008). The credit rating system assigns annual ratings to non-financial companies listed on Brazilian stock market from 1994 to 2006. Based on these ratings, several risk migration matrices are generated for the analysis period. The migration matrices show the risk increase of default companies prior to the year of occurrence of default event. Most of these companies are classified in the lowest rating or migrate to lower ratings in the years preceding the default. In addition, mortality rates of firms grow in the credit rating system. These results demonstrate that default events of companies can be predicted by a credit rating system based only on accounting ratios. [ABSTRACT FROM AUTHOR]

This paper aimed to check if the quantitative accounting model based on the Newcomb-Benford Law (NB-law) is applicable to ISS tax auditing. For this purpose, the result of the quantitative accounting model was confronted with the result of the accounting-fiscal audit registered in the Final Fiscalization report elaborated by the tax authorities of a municipal government in a city in the Brazilian Northeast. A case study was carried out in a publicity company and the analysis period covers the receipts (NFs) issued between 2002 and 2005. For data collection, multiple sources of evidence were used within reach for the study objectives. As for data treatment, descriptive (position and dispersion measures) and inference statistics (hypothesis and significance test and correlation analysis) were used. The results of the case study evidenced the applicability of the model based on the NB-law for the ISS tax auditing process, because this signaled the possible deviations in the issuing and bookkeeping of the receipts, which were confirmed by the results of the fiscalization. [ABSTRACT FROM AUTHOR]

This paper aims to verify to which extent the use of a medical-hospital treatment protocol can promote quality improvement in the services provided by means of process standardization, while at the same time reducing surgical and inpatient costs directly related to the procedure under protocol. The study took place at the Orthopedics Department of the Hospital das Clínicas at the Federal University of Pernambuco and referred to a knee arthroplasty or prosthetic knee replacement procedure. Data was collected during the period from 2004 to 2005 regarding quality indicators and direct surgical and inpatient costs for 89 patients submitted to the procedure under observation. The study looked at two distinct time periods: before and after the implementation of the protocol that involved the entire medical and administrative processes, ranging from the initial contact of the patient at the outpatient service up to the surgery and discharge from the hospital ward. Statistical data analysis made it evident that the protocol implemented at the hospital promoted a reduction in the mean waiting period of three days from time of admission to surgery, of seven days in the overall length of the patient' stay, a mean reduction of 20 minutes in the time of surgery, although no signifi cant cost reduction in the materials consumed during the surgery itself was observed. It also proportioned a reduction in all direct cost categories related to the inpatient period. [ABSTRACT FROM AUTHOR]

The objectives of this paper are to present some results of a research carried out in four large chemical companies operating in Brazil and to describe these companies' organizational performance measurement and evaluation systems. This is an exploratory and descriptive research based on multiple case studies, in accordance with a literature review on this subject. At the end, some conclusions and recommendations are presented, despite the limitations characteristic of the applied methodology. [ABSTRACT FROM AUTHOR]

This paper analyzes companies' motives to voluntarily disclose the SCF - Statement of Cash Flows in the Brazilian capital market, using the theoretical frame of Voluntary Disclosure Theory. Based on Verrecchia's (2001) model, five hypotheses are constructed to relate voluntary disclosure of SCF to other variables. These hypotheses are tested with data from public companies listed on BOVESPA, Bolsa de Valores de São Paulo, which voluntarily disclosed SCF from 2000 to 2004. Univariate statistical mean difference tests and multivariate logistic regression are used. Empirical evidence suggests a strong positive correlation between voluntary disclosure of SCF and previous voluntary disclosure of SCF; and positive with the weight the firm places on outsiders' perceptions. A positive correlation is also perceived with company performance; a negative correlation with disclosure costs; and negative with the degree of information asymmetry. A control variable is also used, related to companies that participate in ADRs, American Depositary Receipt Programs. A positive correlation is perceived between disclosure of SCF and companies' participation in ADR Programs. [ABSTRACT FROM AUTHOR]

This paper analyzes classic models used in international academic literature to estimate discretionary accruals, which are an empirical proxy to detect earnings management. Additionally, it provides evidence that Brazilian public companies practice earnings management in response to capital market incentives. Initially, some important concepts are clarified, such as accruals and discretionary accruals. After a critical analysis of the main accruals model, the Kang & Silvaramakrishnan model (1995) was implemented in the context of Brazilian companies, which is technically considered the most accurate model for Brazil. To check the robustness of the model, circumstances were investigated where there were strong incentives to practice earnings management. The results confirm the earnings management hypothesis. Evidences were documented that Brazilian public companies manage their earnings to: a) Avoid reporting losses; b) Sustain recent performance and c) Worsen the current net income in order to have better future results (take a bath). [ABSTRACT FROM AUTHOR]

This paper presents an application of a new Asset/Liability Management model in a Brazilian Defined Benefit pension fund. The proposed model is a portfolio management tool that adopts a static approach. The uncertainty of assets is included in the model as a penalty that depends on a risk aversion parameter and on the volatility of risk factors. The application of the model to a real asset allocation problem shows that the tool represents a simple and accurate approach to pension fund management. [ABSTRACT FROM AUTHOR]

Organizational performance analysis is always a source of great discussion. Questions on which indicators to use and how to consolidate them so as to establish a fair performance assessment criterion are present in several studies and in companies' daily reality. In this sense, this paper presents a modeling proposal for this problem through the use of the Data Envelopment Analysis (DEA). The goal is to find a relative performance ratio that is capable of conjugating financial profitability and risk indicators in organizational performance analysis. In other words, each company's ratio is an integrated combination of several performance vectors and a function not only of its own performance, but also of the performance of other analyzed companies. Insurance companies from four segments were part of the research sample: 25 auto, 10 health, 13 life and retirement and 18 of numerous coverage, which were operating in Brazil in 2003, listed in the Gazeta Mercatil -- Balanço Financeiro Magazine ranking (2004) about the performance of the best insurance companies and other financial institutions. [ABSTRACT FROM AUTHOR]

This research aims to verify if the information supplied to the stock market on the intention of adhesion to the Differentiated Levels of Corporate Governance on the São Paulo Stock Exchange generates abnormal returns in the stock prices of these companies. Adherence to this market is expected to result in the growth of company image, negotiability of its papers and the amount of information disclosed to its investors. An event study, based on the assumptions of MacKinlay (1997), was used for the empirical research, with a sample of 18 companies that send the relevant information to the market. Non-parametric regression was applied to test the parameters of the market model of the event study. This tool was taken from the bibliography by Dombrown, Rodriguez and Sirmans (2000) and Lima (2005). The results of the event study demonstrated no abnormal returns in the prices of the companies stocks, demonstrating that information about adherence to the Differentiated Levels of Corporate Governance on the São Paulo Stock Exchange was not important for the market. Despite the results and conclusions, some research limitations must be taken into account, such as: the conclusions were been restricted to the sample, the variable and the econometric tool. [ABSTRACT FROM AUTHOR]

There is an aspect in taxation which has not called the attention of researchers: its operational cost, that is, the costs the fiscal administration and taxpayers incur to have taxes paid and to comply with the bureaucratic aspects of taxation. It has already been calculated that the compliance costs of taxation correspond to 0.75% of GDP in average listed companies and can be as high as 5.82% of GDP in companies with less than R$ 100 million in sales per year. This paper deals with another operational cost of taxation: the costs the Brazilian Federal Administration has to administer federal taxation. We present a survey of the costs in other countries and in Brazil, attempting to picture the taxation costs incurred by different federal administrative entities. The survey shows that the public administration faces great difficulties to adequately control its accounts and that there is lack of uniformity and transparency. Another aspect is the fact that the Government is involved in more than 90% of judicial processes, being the main responsible for delays in federal courts. The administrative costs of taxation correspond to 1.35% of tax revenues and 0.36% of GDP. The total of operating costs of taxation correspond to 1.11% of GDP or R$ 16.8 billion. Finally, we propose measures to improve the system and reduce its costs. [ABSTRACT FROM AUTHOR]

There is an aspect in taxation which has not called the attention of researchers: its operational cost, that is, the costs the fiscal administration and taxpayers incur to have taxes paid and to comply with the bureaucratic aspects, of taxation. It has already been calculated that the compliance costs of taxation correspond to 0.75% of GDP in average listed companies and can be as high as 5.82% of GDP in companies with less than R$ 1O0 million in sales per year. This paper deals with another operational cost of taxation: the costs the Brazilian Federal Administration has to administer federal taxation. We present a survey of the costs in other countries and in Brazil, attempting to picture the taxation costs incurred by different federal administrative entities. The survey shows that the public administration faces great difficulties to adequately control its accounts and that there is lack of uniformity and transparency. Another aspect is the fact that the Government is involved in more than 90% of judicial processes, being the main responsible for delays in federal courts. The administrative costs of taxation correspond to 1.35% of tax revenues and 0.36% of GDP. The total of operating costs of taxation correspond to 1.11% of GDP or R$ 16.8 billion. Finally, we propose measures to improve the system and reduce its costs. [ABSTRACT FROM AUTHOR]

There is an aspect in taxation which has not called the attention of researchers: its operational cost, that is, the costs the fiscal administration and taxpayers incur to have taxes paid and to comply with the bureaucratic aspects of taxation. It has already been calculated that the compliance costs of taxation correspond to 0.75% of GDP in average listed companies and can be as high as 5.82% of GDP in companies with less than R$ 100 million in sales per year. This paper deals with another operational cost of taxation: the costs the Brazilian Federal Administration has to administer federal taxation. We present a survey of the costs in other countries and in Brazil, attempting to picture the taxation costs incurred by different federal administrative entities. The survey shows that the public administration faces great difficulties to adequately control its accounts and that there is lack of uniformity and transparency. Another aspect is the fact that the Government is involved in more than 90% of judicial processes, being the main responsible for delays in federal courts. The administrative costs of taxation correspond to 1.35% of tax revenues and 0.36% of GDP. The total of operating costs of taxation correspond to 1.11% of GDP or R$ 16.8 billion. Finally, we propose measures to improve the system and reduce its costs. [ABSTRACT FROM AUTHOR]