Suchergebnisse

The purpose of this editorial is to describe financial protectionism as a potentially important determinant of financial reporting outcomes. Fear of foreign capital, or capital xenophobia, spurs financial protectionism. Examining the effects of financial protectionism on financial reporting outcomes potentially permits an expansion of positive accounting theory and, in particular, the political cost hypothesis. I first describe extant literature examining the political cost hypothesis. I then describe national-security related drivers of capital xenophobia. Next, I examine settings in which we can observe variation in financial protectionism. I conclude by positing varied paths by which financial protectionism can affect financial reporting outcomes.

The aim of this study is to analyse the perceptions of internal users regarding the usefulness of financial reporting in the context of decision-making of Portuguese Local Administration. To do this, a survey questionnaire to all municipalities' decision-makers (both technical and political) was carried out. The main findings suggest that usefulness of municipalities' financial reporting, in its current form and content, is high. Nevertheless, this usefulness would increase with the introduction of other information apart from the one that is currently required to disclose. In general, the two different groups of decision-makers – technical and political – have a slightly different behaviour with respect to the usefulness attributed to municipalities' financial reporting, within the context of internal decision-making. The technical decision-makers assign more usefulness than politicians. Additionally, there is a preference, albeit slight, by all users for cash-based budgetary information, although accrual-based information (patrimonial and cost accounting) also reveals a high ...

The study explores the fiscal events of Brazilian municipalities in the period 2002 to 2016, analyzing the relationship between revenues, personnel expenses, size strata, delineations of economic activity, and municipal wealth, considering moments of contraction and national product expansion. The methodology used panel data, with the application of the Hausman specification test, in which the fixed-effect model, in comparison with the random-effects model, proved to be more suitable for determining the variable relationship dependent and independent. The calculation of the Quotient of the Financial Execution Outcome (QFEO) measured the fiscal situation of the federated units. It measured the relationship of the QFEO with other variables, such as the collection profile, the municipal economic activity, the municipality's economic wealth, the expenditure on personal, and the population size. The s results showed that higher personnel expenses negatively impact tax investigations. The best calculations in the QFEO occurred in units where the highest gross domestic product indicators were detected per capita. As for the level of economic activity, the financial preponderance of the agricultural and service sectors revealed better pecuniary conditions. The worst results were found in municipalities with an industrial profile and classified as small. The economic crisis of 2009 resulted in poor fiscal results, while the political/economic crisis of 2015 and 2016 had more appropriate budget responses. ; Este estudio tiene como objetivo explorar los sucesos fiscales de los municipios brasileños en el período 2002 a 2016, analizando la relación entre ingresos, gastos de personal, estratos de tamaño, delineamientos de la actividad económica y riqueza municipal, considerando momentos de contracción y de expansión del producto nacional. El procedimiento metodológico consistió en utilizar una representación de datos en panel, con la aplicación de la prueba de especificación de Hausman, en la que el modelo de efectos fijos, en comparación con el modelo de efectos aleatorios, resultó ser más adecuado para determinar la relación variable dependiente e independiente. El cálculo del índice de resultados de ejecución financiera (QREF) midió la situación fiscal de las unidades federadas y calculó la relación del QREF con otras variables, como el perfil de recaudación, el balance económico municipal, la riqueza económica del municipio, el gasto en personal y el tamaño de la población. Los resultados mostraron que los elevados gastos en personal tienen un impacto negativo en los resultados fiscales, mientras que los mejores cómputos del QREF ocurrieron en unidades donde se detectaron los indicadores más altos del producto interno bruto per cápita. En cuanto al nivel de actividad económica, la preponderancia financiera de los sectores agrícola y de servicios reveló mejores condiciones pecuniarias, destacando que los peores resultados se encontraron en municipios con perfil industrial y clasificados como pequeños. Al final, la crisis económica de 2009 dio lugar a malos resultados fiscales, mientras que la crisis político-económica de 2015 y 2016 transcurrió con respuestas presupuestarias más apropiadas. ; O estudo tem como objetivo explorar as ocorrências fiscais dos municípios brasileiros no período 2002 a 2016, analisando a relação entre as receitas, as despesas com pessoal, os estratos de tamanho, os delineamentos da atividade econômica e as riquezas municipais, considerando momentos de contração e de expansão do produto nacional. O procedimento metodológico consistiu na utilização de uma representação de dados em painel, com a aplicação do teste de especificação de Hausman, em que o modelo de efeito fixo, em confronto com o de efeitos aleatórios, se mostrou mais adequado para apuração da relação da variável dependente e das independentes. O cálculo do Quociente do Resultado de Execução Financeira (QREF) mensurou a situação fiscal das unidades federadas e aferiu as relações do QREF com outras variáveis, tais como o perfil de arrecadação, o balanço econômico municipal, a riqueza econômica da localidade, a despesa com pessoal e o tamanho populacional. As repercussões revelaram que as elevadas despesas com pessoal impactam negativamente as apurações dos resultados fiscais, enquanto que, os melhores cômputos do QREF ocorreram em unidades nas quais foram detectados os maiores indicadores de produto interno bruto per capita. Quanto ao nível de atividade econômica, a preponderância financeira dos setores agrícola e de serviços, revelou melhores condições pecuniárias, ressalvando que nos municípios com perfil industrial e classificados como pequenos foram detectados os piores resultados. No desfecho, a crise econômica de 2009 derivou em resultados fiscais ruins, enquanto que a crise política/econômica de 2015 e 2016 transcorreu com respostas orçamentárias mais apropriadas.

Purpose: This study demonstrates that sales force management capability (SFMC) is a driver to financial performance when influenced by marketing orientation. Wherefore, the researchers explore how each SFMC ́s dimension (salesforce structuring, talent management, and customer targeting) contributes on the relation between MO and financial performance. Methodology: A survey (n=223) was applied in Information and Communication Technology (ICT) companies in Brazil. Structural equation modeling allowed us to understand how the sales management forces capability ́s dimensions influence the relation between market orientation and financial performance intensity. Findings: It is demonstrated that MO influences the three SFMC capability dimensions (salesforce structuring, talent management, and customer targeting), mainly customer targeting and talent management. Furthermore, it is shown that the relation between MO and financial performance is mediated by SFMC capability. Theoretical contributions: This study contributes to the marketing literature by showing that MO may be applied jointly to SFMC in order to improve performance. Furthermore, it is demonstrated that SFMC to enhance financial performance. Consequently, this study promotes a better understanding of the process in which MO may be related to SFMC, and how each specific dimension of SFMC influences financial performance. Practical contributions: Marketing managers and sales managers should sharing information about the market to achieve better financial results and competitive advantage. Also, practitioners should use market information strategically to segmenting and positioning sales force. In addition to customers, competitors, and environmental forces, petitioners should make an effort to manage their organizational resources better. Firms should use market information to improve performance and engage marketing managers to support sales investment.

O objetivo deste estudo é analisar as respostas a pressões e os padrões de resiliência financeira que emergem nos regimes próprios de previdência social (RPPS) municipais. A análise agrega à abordagem tradicional de resiliência financeira discutindo a vulnerabilidade que emerge da interação entre patrocinador e RPPS, estimulada muitas vezes pelo efeito lock-in da regulação federal que restringe o espaço para respostas transformativas. O tema de resiliência financeira tem sido aplicado como governos reagem a crises, mas não aplicado aos fundos de pensão. Contudo, o objetivo de longo-prazo desses fundos justaposto às pressões de curto prazo induz os gestores à posição paradoxal ao tentarem assimilar as pressões. O impacto do artigo para fundos de pensão e para a regulação está na proposição de que a crescente vulnerabilidade dos regimes RPPS vem do fraco cinturão de governança que protege tais fundos, e que a correção desta questão seria necessária e válida para qualquer reforma que venha a ser feita na política de previdência social no país . Em um mixed-methods sequencial, foram realizadas entrevistas com gestores de fundos, consultores e representantes da Secretaria de Previdência (SPREV) do Ministério da Fazenda, para levantar as respostas usualmente dadas pelos fundos para assimilar as pressões financeiras que surgem. Em seguida, quatro respostas típicas foram analisadas com dados contábeis e financeiros para detectar o nível de uso dessas respostas em mais de 1,8 mil fundos de 2014 a 2016. A partir da frequência das respostas adotadas por cada fundo, foi proposto o padrão de resiliência financeira predominante e como os gestores dos fundos reagem à vulnerabilidade gerada pela ação da prefeitura. Foi observado que as prefeituras acomodam pressões orçamentárias interrompendo repasses ao fundo ou reduzindo alíquotas, e com isso aumentam a vulnerabilidade do fundo. Os gestores dos fundos por sua vez usam a carteira de investimentos para pagar benefícios, reforçando a vulnerabilidade. Esse é um padrão fraco de resiliência financeira, que reforça a vulnerabilidade dos fundos. Discute-se ao final que tal padrão surge devido a falhas de governança e ao efeito lock-in proposto em Pike, Dawley & Tomaney (2010), que reduz o espaço de gestores darem soluções mais transformadoras e ativas em busca de sustentabilidade financeira. ; The objective of this study was to analyze the responses and the repetitive pattern of financial resilience which emerge within the civil servants' pension funds (RPPS, in Portuguese) of local governments in Brazil. The analysis extends the traditional financial resilience approach discussing the emergence of vulnerability from the sponsor and RPPS interaction, often stimulated by the lock-in effect from the federal regulation, which constrains the space for transformative responses. Financial resilience is a concern usually applied to governments' response to crises, but not for pension funds. However, the long-term objective of such funds when juxtaposed to short-term pressures conduce a paradoxical standpoint for fund's managers absorbing the pressures. The impact of this article to the pension funds and the regulatory field is the proposition that the growing vulnerability of RPPS regimes comes from the insufficient governance belt protecting them, which would be a necessary and applicable remedy to any pension funds reform the country decides to take . It was applied a sequential mixed-method approach, starting by interviews with fund managers, actuarial consultants and representatives of the Ministry of Finance's Pension Secretariat (SPREV), to identify the usual responses to emerging financial pressures which affect the funds' financial performance. Secondly, four from the identified typical responses were selected and analyzed through financial and accounting data to detect the response for about 1,8 thousand funds from 2014 to 2016. Based on the frequency of the adopted responses by each fund, it was proposed a recurrent financial resilience pattern, and how the managers' responses vary according to the vulnerability provoked by the City Hall's decisions. It was observed that the City Halls accommodate budgetary pressures failing to transfer or downsizing the contributions to the fund, increasing the fund's vulnerability. The managers consequently respond subjoining the reserves to pay pensioners, reinforcing the fund's vulnerability. Such response is a weak resilience pattern, which reinforces the funds' vulnerability due to governance gaps and the lock-in effect proposed by Pike, Dawley & Tomaney (2010), which constrains the local agents' capacity to perceive and find solutions more transformative and actives looking for financial sustainability.