Estudos do ISCA

Editorial

2020-01-14T16:55:59+00:00

O nº18 da série IV da Revista Estudos divulga várias temáticas que, centradas na investigação em Contabilidade e no seu referencial normativo, na investigação em Gestão e em Finanças empresariais, denotam a natureza multidisciplinar dos vários estudos científicos e pedagógicos ao serviço do conhecimento em geral e das instituições e sua inserção no meio, em particular, num contexto de profundas mudanças normativas, económicas e financeiras. (...)

Investment grants as transactions without consideration in the acquisition process of tangible fixed assets, in Portuguese Polytechnic Institutes

2020-01-14T16:55:58+00:00

The objective of this article is to highlight the importance of tangible fixed assets in Portuguese Polytechnical Higher Institutions (HEIs) and, on the other hand, to analyze the changes arising from the introduction of the new Accounting Standardization System for Public Administrations (SNC-AP), at the level of subsidy financing as transactions without consideration for the acquisition of these assets.
We chose the qualitative methodology, supported by multiple case studies, and analyzed the annual accounts of the polytechnic HEI in the period between 2010 and 2015. With the imminent adoption of SNC-AP, main differences in the recognition and measurement of tangible fixed assets, in relation to the POC-Education, were identified and analyzed.
We conclude that tangible fixed assets have great importance in the financial structure of polytechnic HEIs, that investment grants have a high weight on total tangible fixed assets and that investment grants awaiting recognition as income in the financial structure have a negative impact on the financial position of the polytechnic HEI; the positive impact of the adoption of the SNC-AP on the structure of the polytechnic HEI balance sheets, due to the change in the accounting of investment grants (POC-Educação) as transfers without charges (SNC-AP).

The impact of short-term management on the profitability of the Portuguese companies in the construction sector

2020-01-14T16:55:56+00:00

The aim of this study is to analyze the effects of working capital management on the profitability of Portuguese firms in the construction sector. For this purpose, longitudinal data were collected from the SABI database between 2008 and 2016. The research hypotheses were tested using panel data methodologies. Our results provide evidence of a negative linear relationship between the profitability and working capital management indicator, which is consistent with several previous studies. It also appears that a reduction in the average number of days of inventories and an increase in the average number days of payables leads to an increase in the profitability of construction companies. However, unlike the previous research, we find evidence of a convex relationship between the profitability and working capital management.
In addition, we also analyze the differences in the working capital management policies during the most recent financial crisis relative to the post-crisis period. In this context, firms must adjust working capital policies in line with the business cycle.

The relationship between capital structure and dividend policy: Evidence from Euronext Lisbon firms

2020-01-14T16:53:54+00:00

The capital structure and the dividend policy are widely studied in the corporate finance field, but the results are not consensual. A vast number of studies assume the exogenous relationship between the capital structure and the respective explanatory variables, been the same for the dividend policy. Recently, academics have questioned the hypothesis that the relationship between capital structure and dividend policy is endogenous, meaning that capital structure and dividend policy decisions affect each other. In this context, this paper wants to analyse the relationship between the capital structure and the dividend policy, considering a sample of Portuguese firms, and a panel data. To the best of our knowledge, this is the first study to analyse this relationship in Portugal. We conclude that the pecking order was the most adequate theory to explain the capital structure. In addition, we find no evidence to support the irrelevance hypothesis of dividends.

Research on conservatism: a bibliometric analysis

2020-01-14T16:53:52+00:00

Conservatism is defined in two ways: conditional and unconditional. The conditional conservatism is a result of the asymmetric registration of "good news" and "bad news" and the unconditional conservatism relates to accounting standards discretionarity.
In this context, the main objective of this study is to describe and analyze the process of accounting research on conservatism, from 2008 to 2018, based on a bibliometric approach. The present study is essential to complement this knowledge.
Findings confirm that accounting research on conservatism is scant. Although in recent years a progressive advance and a strong interest have been demonstrated. However, there is a greater interest in research on conditional conservatism and a small number of proposed measures on unconditional conservatism. However, this topic still represents an area that deserves to be explored in the accounting literature.

Manipulation of results in impairment losses on accounts receivable: a study of companies with quoted prices in Portugal

2020-01-14T16:53:50+00:00

The financial information plays an important role in the decision making by the managers and stakeholders of any company. Thus, to ensure the quality of financial statements should be an important goal of an organization. However, there are numerous incentives that lead to the earnings management, which leads to the distortion of accounting information. One of the means of earnings management, through a specific accrual, is in the recognition of impairment losses on accounts receivable.

The objective of this study is to analyze if exist earnings management in the recognition of impairment losses on accounts receivable by listed companies in Portugal, between 2010 and 2017, as well as identify the determinants of recognition of those losses.

The methodology used is based on a quantitative analysis, constructing regression models to analyze, on the one hand, the determinants in the recognition of impairment losses in accounts receivable and, on the other hand, the existence of practices of earnings management. Data collection was done through the SABI database, complemented by the content analysis of the reports available at the CMVM.

We conclude that the turnover, changes in accounts receivable, indebtedness, size and type of auditor are determinants of the recognition of impairment losses on accounts receivable. We also conclude that listed companies seem to manipulate results through impairment losses on accounts receivable, more specifically through income smoothing, especially in the post-crisis period, and via big bath during the period of crisis.

Our study contributes to the evidence that IAS/IFRS, despite being recognized as high quality standards, are permissible to earnings management, given the discretion and flexibility associated with them.

The use and impact of technology tools on audit support: the perspective of the official auditors

2020-01-14T16:53:48+00:00

Auditors, in order to increase the effectiveness and efficiency of audit procedures and, consequently, their performance, had to adopt certain technological tools to support auditing. They are able to monitor the volume, variety and complexity of the data to be audited, and the speed with which they are produced, as a result of the dematerialization of the processes and the digital transformation that today's companies face. The main objective of this dissertation is to highlight the changes in the auditing procedures caused by the introduction of the technological tools to support the Audit, namely in the effectiveness and efficiency of the procedures. In addition, the work aims to also understand the tasks in which these tools are used, identifying the advantages of its adoption and exploring its current use by auditors. In order to respond to these objectives, a questionnaire survey was conducted to the Official Chartered Accountants (ROC) of Portugal. The main conclusions show that there is a great variety of technological tools used by ROCs in Portugal, the most used being Microsoft Excel. This tool facilitates the analysis work and preparation of audit procedures. It is also concluded that ROCs are generally satisfied with the contribution of the use of these tools to the effectiveness and efficiency of audit procedures, and this is more meaningful in the procedures "Risk Identification and Assessment", "Audit Work Papers" And "Data Analysis". They also consider that the tools they use are prepared to keep pace with the new trends and challenges imposed on the Audit.

Reasons and impediments to the purchase of green vehicles and the influence of Corporate Social Responsibility

2020-01-14T16:53:47+00:00

In the last decades the environmental concern has been increasing. One of the measures being implemented is limiting the circulation of vehicles with higher gas emissions, in city centers, and at the same time raising awareness of the acquisition of green vehicles (electric, hybrids and plugins) as a form of reducing the ecological footprint.

This dissertation studies the behavior of the Portuguese consumer in the decision to buy green vehicles, focusing in particular on the understanding of the various reasons and impediments to the purchase of green vehicles and in the perception of the influence of corporate social responsibility. A qualitative study was developed using 5 focus groups held between May and October 2018. In these discussion groups participated 24 Portuguese adults aged 24 and 67. The results show that the economic-financial component and the technical and functional vehicles are relevant variables in the decision-making of the consumer, in the characteristics of green acquisition of green vehicles. The environmental benefits and the compatibility of the same with their beliefs / values are factors that tend to gain importance in the decision making of the consumer, as the new generation acquires purchasing power. The social norms and pressure as well as the CSR activities developed by the companies, namely by the producers and sellers of green vehicles do not influence the behavior of the consumer, in the acquisition of a green vehicle but the consumer manifests the desire to identify with a group of family and friends. The consumer who appreciates the new technologies is not more likely to buy a green vehicle given the price of them. Finally, measures are suggested to promote the consumption of this type of vehicles, with less environmental impact.

The relationship between capital structure and dividend policy: Evidence from Euronext Lisbon companies

2020-01-14T16:53:45+00:00

Both the capital structure and the dividend policy themes have been the subject of intensive study, but without major conclusions. There are several studies that assume the exogenous relationship between the capital structure and the respective explanatory variables, and the same is verified for the dividend policy. Recently, academics have been questioning the hypotheses of the relationship between capital structure and dividend policy being endogenous, meaning capital structure decisions influence dividend policy ones and vice-versa.

The main objective of this paper is to find evidence to confirm an eventual relationship between the capital structure and the dividend policy. Therefore, an econometric model as built, based on two different methodologies, to allow the confirmation, or not, of the objective previously described, as well as understand which factors are determinants in the capital structure theme and in the dividend policy puzzle.

This study, as far as we know, is the first to try out this analysis between the two themes, considering the economic and business context of Portugal. Thus, no evidence was found to confirm the existence between the capital structure and the dividend policy of the Euronext Lisbon companies. However, evidence was found that allows the conclusion that the pecking order theory is the most adequate in the explanation of the capital structure theme and evidence was found of the non-acceptance of the irrelevance hypothesis of dividends.