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Information and Communication Technologies (ICTs) can provide a set of benefits to companies, such as efficiency gains in managerial activities, cost reduction and faster communication with consumers. The ICT literature has studies showing the positive impact that the IT adoption can generate on the company’s performance. ICT benefits are also extensive to small business, but their particular characteristics do not always support their adoption by these enterprises, especially when they are enterprises situated in developing countries. In this context, the aim of this paper was to identify how the ICT adoption and the ICT intention of use are in Brazilian small firms. We have used a case study and we have collected data from four enterprises. In order to collect the data, we used qualitative interviews, direct observation and documental analysis. The main results have shown that the owner’s characteristics, the understanding of the ICT benefits, the ICT complexity and the costs/time related to training people are factors associated with the ICT adoption and intention of use. Based on the literature review and on the empirical evidence, we have found that there is an opportunity cost related to postponing the decision of the ICT investments. We also discuss the role of geographical localization of the enterprises, which can contribute to the ICT literature.

Purpose The purpose of this study is to analyze the perception of accountants in relation to the complexity of accounting for financial instruments and in relation to the disclosure of financial instruments in annual reports. Both aspects are relevant for the external users, and for the firms’ internal management. Design/methodology/approach The database comprises questionnaires answered by accountants from Brazil and Chile. Data were analyzed based on reliability statistics and multivariate regression analysis. Findings The main results indicate that accountants perceive the accounting for derivatives, hedge accounting, fair value measurement of financial instruments and the respective disclosure of these operations as a complex issue. These findings are interesting considering that there are detailed accounting standards relating to financial instruments. Research limitations/implications The results indicate that education and gender affect the perception of complexity about accounting of derivatives. Practical implications Findings from this research show that accountants do perceive derivatives as complex items for accounting, particularly accounting for hedges. Social implications The results can motivate some initiatives for training activities and for teaching academic content about financial instruments in undergraduate courses. Originality/value To the best of the authors’ knowledge, this is the first study that tests some personal characteristics of accountants (namely, professional experience, education and gender), in contrast to their perceptions about complexity of accounting for derivatives.

The aim of this article is to investigate the relationship between mutual fund international diversification strategy in assets from emerging and developed markets, and fund performance and...

PurposeThe purpose of this paper is to analyze the effect of the interaction between liquidity constraints and tax planning on the performance of Brazilian investment funds, since liquidity constraints reduce precipitated withdrawals, allowing tax planning operationalization.Design/methodology/approachThe sample of this study is comprised of 8,008 Brazilian multimarket funds, considering the period from January 2004 to September 2017. The authors considered tax planning, lockup periods and minimum balance of investment as independent variables, and the authors used the Sharpe ratio as a proxy for performance. To test the study hypothesis, the authors employed regression models with panel data.FindingsThe main findings indicate some evidences that investment funds which implement, at the same time, liquidity constraints with tax planning have an extra risk-adjusted return index. This result can represent a premium registered by investment funds with have enough resources to achieve competitive advantage. Nevertheless, the result for the main hypothesis was not robust to different forms of performance measurement.Originality/valueThis study promotes an interaction between finance and organizational strategy, since it employs aspects of strategy theories to support the implications that the internal resources of investment funds, such as their liquidity constraints and tax planning, may exert on their performance. In addition, this study advances by providing new evidences about liquidity constraints in investments funds, which have the potential to contribute with the operationalization of strategy and tax planning of funds’ managers.

Objetivo do trabalho: Identificar características associadas à adoção de práticas de gestão financeira por produtores rurais do Triângulo Mineiro. Método: Aplicou-se questionários a 113 produtores rurais de 20 cidades do Triângulo Mineiro. O teste das hipóteses foi realizado a partir da análise de regressão multivariada. Após a obtenção dos resultados, testes adicionais, que abrangeram a utilização de variáveis de interação e a análise fatorial, foram realizados para verificar a robustez do modelo. Resultados e contribuições do artigo: Identificou-se por meio deste estudo que a idade do produtor, o conhecimento dos custos de produção, a participação em treinamento sobre gestão financeira e a percepção sobre a relevância da gestão financeira são fatores relacionados à adoção de práticas relacionadas a esta. As possíveis contribuições deste estudo residem na compreensão das características gerenciais de produtores rurais de uma importante região do agronegócio brasileiro, além de revelar informações que podem subsidiar estratégias do poder público, sindicatos rurais, cooperativas rurais, instituições financeiras e demais interessados no aperfeiçoamento da gestão rural.

In this paper, we analyze the disclosure level of financial instruments provided by companies of the mining industry, located in Latin America region. The sample is comprised of 72 firms from Brazil, Chile, Peru and Mexico. The main results indicate that companies located in Mexico provide the higher levels of disclosure both for IFRS-07 and for IFRS-09 requirements. The size of firms is also a variable that affects disclosure. We also build a panorama regarding some challenges for firms to disclose full information following IFRS-09. Furthermore, the results of this paper indicate that companies should use the potential benefits of Internet and disclosure more information regarding financial instruments.

Studies about new technologies are needed in order to better understand their adoption and the potential challenges related with their diffusion. This research was developed to analyze mobile banking use and its determinants considering a longitudinal approach. We collected data in a country where mobile banking is still in its early adoption stages: Brazil. Our sample is comprised of observations from three different periods: the first sample with data from December 2014 to January 2015; the second sample with data from May to June 2016; and the third sample with data from November to December 2017. Using a quantitative approach, we observed that mobile banking use has increased during the period. This effect was also significant in the bivariate analysis even with a control for the level of personal innovativeness in information technology (IT) among the respondents who participated in the survey. Moreover, the perception of trust, ease of use, social influence, and task characteristics related to mobile banking also have registered an increase. The main contribution of this study is related with the quantitative analysis of the effect of time in the use of mobile banking (and in some determinants of its use) in an emerging economy.

Recently, foreigners have been responsible for negotiating more than half of the shares issued by the companies listed in the Brazilian Stock Market. In order to understand the characteristics of c...

The literature on serious games (SGs) indicates that they are very useful tools to improve the teaching/learning process. In this paper, we analyze some potential benefits of a SG on academic performance of undergraduate accounting students. The database is comprised of scores obtained by students during an undergraduate discipline related with accounting history. The game was presented to the students during the academic semester of the discipline; they also developed an academic activity using the concepts of this game. The main results of the paper indicate that students who used the game and scored the maximum grade in this activity also registered higher indexes of academic performance in such discipline. These results reinforce the benefits of the SG to interact with undergraduate students and teach academic content.

This paper intends to contribute to the literature on investment funds in emerging markets by looking at the performance of multimarket funds in Brazil from a manager perspective. The aim of the paper was to analyze whether some characteristics of investment fund managers, as well as their portfolio holdings, can affect fund performance. In emerging countries both portfolio asset allocation and manager characteristics can help explain differences in the fund performance, which increases the relevance of this study. Therefore, the impact of this research lies in its revealing a significant relationship between risk-adjusted return and the portion of portfolios allocated to fixed or variable income, which seems that have not been explored in the context of emerging economies yet. A total of 6,002 multimarket funds were analyzed, covering the period between September 2009 and December 2015, using panel data with robust standard errors clustered by funds. We also employed robust statistics in order to assess some potential biases due to outliers, by analyzing the breakdown point in the estimated models. It should be noted that portfolio composition (allocation of portfolios into variable income and fixed income) was the most important factor in explaining a potential change in the performance of Brazilian multimarket funds. Also important were the effectiveness of the management of these funds, that is, the best risk-adjusted returns were delivered by less experienced managers, funds investing more in fixed income, managers with more funds under management, and larger funds.

Os fundos de investimento têm se tornado uma opção acessível e com expressiva participação no mercado financeiro, até mesmo para pequenos investidores. A literatura aponta alguns fatores que afetam sua rentabilidade, geralmente relacionados à estrutura do fundo e ao portfólio escolhido pelos gestores. Além disso, as recentes alterações nos padrões contábeis brasileiros podem ter também afetado a rentabilidade dos fundos, a partir da postulada melhoria na qualidade da informação e consequente redução na assimetria informacional. Neste contexto, o objetivo do presente estudo foi analisar a relação entre a adoção das IFRS pelas empresas abertas e a rentabilidade dos fundos de ações brasileiros. Trata-se de uma pesquisa descritiva com abordagem quantitativa, realizada por meio de uma pesquisa documental. Utilizou-se uma amostra de fundos de investimento em ações do tipo Sustentabilidade/Governança e de 27 empresas de capital aberto, das quais 9 realizaram a adoção voluntária ao padrão contábil internacional no ano de 2008. O período analisado foi de Janeiro de 2007 a Setembro de 2013. Os resultados da pesquisa não se mostraram alinhados às hipóteses iniciais, pois houve maior correlação da rentabilidade dos fundos com a rentabilidade das ações das empresas antes da adoção obrigatória, ou seja, quando elas não adotavam as normas IFRS.

This study addresses the challenges for development in Latin America considering the framework of a contemporary technological advancement: the Internet of Things (IoT). Based on this framework, this paper shows the diffusion of IoT-related aspects in three different dimensions: individuals (demand), environment, and technology offer. The low availability of secure Internet servers, the low widespread rate of Internet adoption, inequalities in access to electricity, and adult illiteracy represent important challenges to be faced in Latin America. These variables directly affect IoT diffusion; thus, this paper also presents further directions in this field.

Social, human and economic dimensions of development demand relevant attention in developing and developed countries. In this paper, we explore the role of information technology IT for development in an emerging economy: Brazil. Through our analysis and discussion, we highlight relevant issues to be considered by information systems IS literature. For example, we observed IT advances in the health area, and these advances include telemedicine, applications focused on cancer, applications for prescription process, electrocardiogram in the clouds, and remote tele-monitoring of chronic patients. During the literature review, we also found two initiatives in Brazil that help in the fight against cancer and HIV with IT use. These and other measures have a direct effect on social and human development. We indicate a special attention to the importance of government actions and of the internet to leverage the relationship between IT investments and development in emerging economies.

The weekday effect is characterized by a behaviour pattern in stock returns connected with certain days of the week. Several studies on this subject have been published in conferences and journals. However, the analysis of this anomaly with returns of investment funds still represents an opportunity for new studies. Thus, the aim of this research is to analyse the Monday Effect in Brazilian hedge funds that do not have redemption restrictions. We collected daily returns from 2162 hedge funds, comprising a total of 2,689,791 observations from January/2005 to March/2014. To test the hypotheses, we used panel data, and we also employed a quantitative test to evaluate the presence/absence of unit root. The main results showed that, on average, Mondays showed lower returns than the other days of the week. Furthermore, inflation rate seems to be a relevant variable to better understand this result with data from emerging economies.

There are strong arguments about the positive effect of information and communication technologies (ICTs) on companies’ performance. This effect is also extensive for micro and small enterprises (MSEs), which tend to adopt ICTs in lower levels in comparison with large companies. In this context, this paper has two goals: to analyze the effect of firms’ size on (a) the relationship between strategic planning and ICTs use; (b) the relationship between ICTs use and interaction with customers. The sample of the study comprises 171 Brazilian MSEs, and we used confirmatory factor analysis and structural equation modeling to test our hypotheses. The main results indicated that even in small companies, size is an important variable to explain the antecedents and consequents of ICTs use. The positive effect of ICTs use was stronger among small companies, reinforcing the relevance of technology for them.

The recent history shows that computers have a significant effect in society. The benefits from Information Technology (IT) reach both enterprises and people. When small firms use IT resources to create unique capabilities, even indirectly they improve their conditions to meet Corporate Social Responsibilities (CSR). Considering this scenario, the aim of this paper is to analyze the effect of IT use on the CSR of small firms. We tested the relationships between the constructs using confirmatory factor analysis and structural equation modeling, with a database comprised of 173 Brazilian small firms. Our results showed a positive and significant relationship between IT use and the four categories of CSR. In this way, we observed that IT contributes to companies, and also affects people that work in these enterprises. Corporate social obligations of firms and IT investments should be combined to generate unique capabilities, improving competitive advantage through the interaction of technology and people. The results of the paper extend the discussion about IT benefits to companies and to society. This paper analyzes the effect of IT use on Corporate Social Responsibilities of small firms.We tested and analyzed a database comprised of 173 Brazilian small firms.Results showed relationships between IT use and the four categories of Corporate Social Responsibilities.Investments in IT presented a positive effect on legal obligations.The most significant impact of the IT use was in the economic responsibility.

The main purpose of this study is to analyze the adoption of mobile banking by farmers and some of its potential determining factors. Our sample comprises 115 complete questionnaires answered through the paper-and-pencil method. The respondents are farmers who have properties located close to 20 different cities in Brazil, specifically in the state of Minas Gerais. We employed the confirmatory factor analysis to evaluate the constructs and the structural equation modeling to test the study hypotheses. The main results indicate that perceived ease of use, perceived usefulness, and trust are the main constructs related to the use of mobile banking by the farmers who answered the questionnaire. However, the relationship between social influence and the use of mobile banking was negative. This result is opposite to the one usually found in the literature. This research contributes to expand the understanding about the benefits of information technology to the financial routine of farmers, since they operate in a relevant economic sector in Brazil.

We developed this paper in order to better understand the effects of being innovative in the use of Information Technology (IT). Through a measure for listed companies that are innovative in IT use, we developed a quantitative analysis considering the investments made by institutional investors in these companies. As institutional investors, the sample includes observations from 2,880 mutual funds, since managers of these funds are presumed to be experts in choosing good companies to invest financial resources. Regarding the companies’ stocks, the final sample of this study is comprised of 592 observations during the period from 2013 to 2015. The main result obtained in this paper indicates that “innovative companies in IT use” receive more investments from institutional investors when compared with the other firms. These results are robust to other variables presented by academic literature as relevant factors to understand resources allocation in financial market.

Trust is essential for Mobile Banking (MB) adoption and usage. MB technology has the potential to improve people's quality of life and to bring efficiency to banks. In this paper, MB trust was addressed in Brazil, a developing country that has an enormous potential for expansion of banking services. We used Confirmatory Factor Analysis and Structural Equation Modeling to analyze the database, which was composed of 1077 questionnaires. In this study sample, determinants of trust had similar behavior when compared to determinants of trust previously pointed out in the literature. Our discussion indicated a kind of information asymmetry that could be mitigated in order to build trust in MB and promote its adoption. However, we observed a negative relationship between trust in MB and undergraduate course area (dummy variable for undergraduate courses in technology). The inclusion and analysis of this new variable, especially in developing countries, may contribute with the literature on MB adoption. We studied mobile banking trust in Brazil where has a high potential for expansion of banking services.We analyzed the database, which was composed of 1077 questionnaires using structural equation model.We found the information asymmetry for trust in mobile banking and promote its adoption.We observed a negative relationship between trust and undergraduate course area.Theoretical and practical implications are discussed in the paper.

This article analyzes the level of disclosure of financial instruments in the financial statements of Brazilian companies in light of the requirements of the International Accounting Standards Board (IASB). We examined the annual reports of a sample of 24 nonfinancial firms provided to the Brazilian and the American capital markets for the years from 2002 to 2006. The main results are that the reports to the Brazilian market have an average disclosure level that it statistically inferior to the level of the reports released to the American market, and firms in regulated sectors, firms with a longer history of issuing ADRs and larger firms show higher levels of disclosure.

A pesquisa de Moraes, Bobsin e Lana (2006), envolvendo os sete periódicos internacionais mais específicos e relevantes da área de Tecnologia da Informação (TI), durante o período de janeiro de 2000 a dezembro de 2005, mostrou que existe um fato unânime para os pesquisadores: os investimentos realizados em TI apresentam um efeito positivo e significante no desempenho das empresas. Diante de resultados como este, e conhecendo os benefícios que a TI pode gerar para as organizações, apresentou-se a seguinte questão de pesquisa: por que os gestores postergam investimentos em TI? Foi esta a questão norteadora deste trabalho, acompanhada da análise das potenciais causas e consequências decorrentes da decisão de postergação. A questão foi respondida por meio da realização de um estudo de caso e os principais resultados indicaram que a existência de funcionários que contam com alto nível de confiança dos gestores, por serem membros da mesma família por exemplo, pode ser um dos fatores que levam à postergação de investimentos em TI. Essa postergação ocorreria em razão do não surgimento de conflitos gerenciais que aparentemente comprometessem o desempenho da empresa, não sendo percebida a necessidade de ferramentas adicionais para a gestão. The study conducted by Moraes, Bobsin and Lana (2006), involving the seven most specific and relevant journals in the field of Information Technology (IT)from January 2000 to December 2005 showed that there is a unanimous fact for researchers: the investments in IT have a positive and significant effect on company performance. Faced with results like this, and knowing the benefits that IT can bring to organizations, the following research question is posed: why do managers postpone investments in IT? This was the guiding question of this work, together with the analysis of the potential causes and consequences of decision postponement. The question was answered by a case study and the main results indicate that the existence of employees who are highly trusted by and in the confidence of managers, such as members of the same family, may be one of the factors that lead to the postponement of IT investments. This postponement may occur because of the absence of management conflicts; therefore, the need for additional management tools is not perceived.

The literature indicates that the characteristics of managers, including behavioural biases, affect corporate investment/financing decisions. In this paper, we analyse a specific bias that, up to t...

O objetivo geral deste trabalho consistiu em analisar a relação entre os dias de segunda-feira com a rentabilidade proporcionada pelos fundos de investimentos multimercados brasileiros. A base final de análise foi composta por 3.337 fundos multimercados, totalizando 3.529.808 observações para dados diários, no período de janeiro/2005 a setembro/2013. Com a utilização da análise de regressão com dados em painel, levando-se em consideração variáveis de controle apontadas pela literatura como relevantes, os principais resultados indicaram que o efeito segunda-feira também ocorre no segmento de fundos de investimento, sendo intensificado por períodos de crises financeiras. Contudo constatou-se que esse efeito não foi uniforme entre todas as subcategorias de fundos multimercados. Os resultados foram persistentes entre fundos cujo prazo de resgate é D+0, bem como foram robustos ao controle pela série de retornos do Ibovespa. A discussão foi ancorada principalmente na Teoria de Finanças Comportamentais, buscando-se assim potenciais explicações para essa anomalia de mercado. The aim of this paper was to analyze the relationship between Mondays and the profitability provided by Brazilian hedge funds. We used a data basis composed of 3,337 hedge funds, totaling 3,529,808 observations of daily data, during the period from January 2005 until September 2013. To test the hypothesis, we used regression with panel data and we inserted control variables in the model that the literature points out as relevant. The main results showed that the Monday effect also occurs in the hedge funds segment and this effect is intensified in periods of financial crisis. However, we show that the effect is not consistent across all sub-categories of hedge funds. The results were persistent for funds which don't have a redemption period, as well as for the control for the Ibovespa daily returns. The discussion was mainly based on Behavioral Finance Theory in seeking potential explanations for this anomaly.

The aim of this study was to analyze the impact of interaction between external com- munication, internal information processing and internal logistics in the financial control of Brazilian Micro and Small Enterprises. It was characterized as a survey with a quantitative approach, and the applied statistics consist of confirmatory factor analysis and structural equation models, based on a sample of 183 companies. Considering a significance smaller that 0.05, the main results have presented that internal information processing and internal logistics showed a positive and significant relation - ship with financial control. Internal logistics and external communication also proved to be positively and significantly correlated.

Os preços de venda de produtos de uma empresa podem ser fixados com base nos custos, no mercado ou em uma combinação de ambos. Neste artigo tem-se por objetivo geral identificar as diferenças entre os preços praticados com base no mercado e os preços baseados na estrutura de custos das empresas. Para tanto, realizou-se um estudo de caso em uma clínica dermatológica que realiza atendimentos clínicos, estéticos e cirúrgicos situada na região do Triângulo Mineiro. A clínica atua com pioneirismo e tem destaque no mercado nacional principalmente pela competência do corpo clínico e pelos altos investimentos em tecnologia de ponta, possuindo um dos mais modernos e avançados Centros de Laser do país. Os resultados obtidos mostram que as duas formas de determinação do preço de venda - com base em custos e com base no mercado - geram valores diferentes e incoerentes. Os impactos dessas diferenças para a gestão desta clínica, no tocante à contribuição para a competitividade, além de uma possível política de descontos, também são pontos comentados no artigo.