ISCAP - Contabilidade - Comunicações em eventos científicos
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- Information environment euality andidiosyncratic return volatility: evidence from UKPublication . Pereira, Cláudia; Cerqueira, AntónioThis paper examines the cross-section relation-ship between the quality of a firm’s information environment and idiosyncratic return volatility, for a sample of UK firms listed on the London Stock Exchange. Using panel data, we find that poor accruals quality is statistically associated with higher firm-specific return volatility. This association also holds for other measures used for the quality of the information environment: dispersion in analysts’ forecasts, the innate component of accruals quality, which reflects the uncertainty about the nature of the firm’s business and the discretionary component of accruals quality, which is related to managerial discretionary choices. More specifically, we find that adding the dispersion in analysts’ forecasts increases the explanatory power for idiosyncratic volatility of the remaining measures of the quality of the information environment. Our results are consistent with the noise-based approach of idiosyncratic volatility. These findings are likely to contribute to the debate on whether idiosyncratic return volatility captures more firm-specific information being impounded into stock prices or essentially reflects noise.
- Transparência financeira nas paróquias portuguesasPublication . Bandeira, Ana M.; Meira, Deolinda; Silva, Paula CristinaAtualmente exige-se cada vez mais que as entidades, quer privadas, quer públicas, incluindo as entidades da economia social, sejam transparentes. Assim, também as paróquias, entidades que fazem parte do setor da economia social por força do art.4º da Lei n.º 30/2013, devem evidenciar essa transparência, quanto à origem e destino dos seus recursos, divulgando a sua informação económica e financeira a todos os interessados. Cientes desta problemática, a escolha deste tema deveu-se ao facto da informação financeira das paróquias não ser acessível. Assim, este estudo tem como objetivo refletir e identificar os instrumentos jurídicos e contabilísticos que permitem a adequada transparência do relato financeiro por parte destas entidades. Para a concretização deste objetivo, depois do devido enquadramento teórico do regime jurídico e contabilístico das paróquias, procedeu-se a um estudo empírico no qual, após a recolha de dados com recurso à página eletrónica do Anuário Católico, foram identificadas 4373 paróquias existentes no país. De seguida aferiu-se quantas possuíam website na internet e foram identificadas 630 paróquias, que representam cerca de 14,4% do total da população. De seguida a população alvo foi agregada por diocese de forma a permitir uma análise da dispersão geográfica a nível nacional e efetuou-se uma análise ao conteúdo dos websites de forma a verificar quantas paróquias disponibilizaram informação financeira entre 2011 a 2015. Os resultados do estudo mostram que o número de paróquias, com website e que utilizam este meio para apresentar o relato financeiro, é muito reduzido. Verificou-se ainda que as demonstrações financeiras elaboradas pelas paróquias não estão de acordo com as regras definidas pelo normativo contabilístico aplicado às Entidades do Setor Não Lucrativo e que não existe uniformização na prestação de contas. Para além disso, constatou-se que a internet não é utilizada para a divulgação da informação financeira, mas para as atividades sociais e iniciativas de solidariedade. Por fim, consideramos que este estudo pode ser um contributo importante para: (i) permitir um melhor conhecimento das paróquias, numa perspetiva jurídica e contabilística; (ii) alertar para a importância destas entidades nas comunidades em que estão inseridas; (iii) sensibilizar o legislador para a necessidade de consagrar expressamente a obrigatoriedade de estas entidades aplicarem o normativo contabilístico das Entidades do Setor Não Lucrativo.
- Transparência das IPSS na Região Autónoma da Madeira: estudo empíricoPublication . Ornelas, Tomásia; Bandeira, Ana M.; Meira, DeolindaO novo estatuto das Instituições Privadas de Solidariedade Social (IPSS), previsto no Decreto-Lei n.º 172-A/2014, de 14 de novembro, veio exigir a publicação das contas no sítio institucional eletrónico destas instituições até ao dia 31 de maio do ano seguinte a que dizem respeito (art.º 14.º-A). Perante este problema, o objetivo principal deste trabalho é o de sensibilizar as IPSS para as exigências legais que decorrem daquela recente alteração ao Estatuto que as enquadra e, como objetivo específico, procuramos ainda averiguar o nível de transparência das IPSS na Região Autónoma da Madeira (RAM). Para o efeito realizou-se um estudo empírico tendo como população-alvo as cinquenta e cinco Instituições Particulares de Solidariedade Social (IPSS), registadas naquela região, de modo a averiguar a transparência dessas entidades na Região Autónoma da Madeira. Para o efeito recorreu-se a dois métodos de investigação, método quantitativo e método qualitativo para aferir o grau de transparência destas entidades na RAM. Os resultados mostraram que ao nível da transparência ainda existe um elevado número de IPSS da RAM que não cumprem as regras legais.
- Does idiosyncratic return volatility capture information or noise?Publication . Pereira, Cláudia; Cerqueira, AntónioThis paper examines the association between earnings management and firm-specific return volatility for a sample of firms listed on the London Stock Exchange. Identifying the determinants of idiosyncratic volatility has been a topical issue since the Campbell et al. (2001) study which documents a noticeable increase in average firm-level volatility across time. Using panel data, we find that poor information environments resulting from earnings management is associated with higher firm-specific return volatility. This finding is consistent with the noise-based approach of firm-specific return volatility. In addition we provide empirical evidence that such association gets stronger when combining accruals quality and the dispersion in analysts’ forecast to describe a poor information environment. These findings are likely to contribute to the debate on whether firm-specific return volatility captures more firm-specific information being impounded in stock prices or essentially reflects noise.
- Does earnings management affect idiosyncratic volatilityPublication . Pereira, Cláudia; Cerqueira, AntónioThis paper examines the association between earnings management and firm-specific return volatility for a sample of firms listed on the London Stock Exchange. Identifying the determinants of idiosyncratic volatility has been a topical issue since the Campbell et al. (2001) study which documents a noticeable increase in average firm-level volatility across time. Using panel data, we find that poor information environments resulting from earnings management is associated with higher firm-specific return volatility. This finding is consistent with the noise-based approach of firm-specific return volatility. In addition we provide empirical evidence that such association gets stronger when combining accruals quality and the dispersion in analysts’ forecast to describe a poor information environment. Furthermore, we find that poor information environment, leverage and the intensity of information disclosure tend to increase idiosyncratic return volatility, while older, more profitable and larger firms tend exhibit lower levels of idiosyncratic volatility. These results are likely to contribute to the debate on whether firm-specific return volatility captures more firm-specific information being impounded in stock prices or essentially reflects noise.
- The Importance of the Competences Learned in the First JobPublication . Bertuzi da Silva, Rui; Silva, PaulinoThis paper presents the results from a study conducted about the importance in the first job, of learned skills acquired at Business Simulation (BS) courses from the degree of Accounting and Administration at ISCAP / IPP. BS courses are part of the curriculum of the Accounting and Administration degree since 2003 and are an alternative to the internship to have access to the National Chamber of Accountants. In these courses, some important skills for the accountant profession are taught. These skills and competences are in line with the ones that are defined by some of the most important international organisations in this area. One of them is AICPA - American Institute of Certified Public Accountants – that defined a set of core values and core competences that Certified Public Accountants must have to perform their job [1]. This research had a qualitative approach in which semi-structure interviews were conducted to BS former students that had already started their first job. The interviews followed a structure that intends to understand some important topics, such as learned and not learned (but important) skills and competences, and strengths and weaknesses of the courses. From previous studies, we obtained information from the students’ perception of general and specific skills and competences before entering the job market. The results obtained over the last years were very favourable in terms of the skills learned and the methodology used. BS courses are provided in a simulated business environment with a learning by doing approach. The present study intends to complement and reinforces in practice the results obtained previously, since the interviewees are no longer students, but professionals. The results demonstrate that former students value in their job learned skills during BS courses, such as teamwork, communication skills, time planning and management. As they have contact with other ERP (Enterprise Resource Planning) systems, they also pointed out the need to change the non-user-friendly software in BS courses. Nevertheless, they admit the most important in BS courses learning activities were not the means (software and hardware), but especially the aims (the acquired skills and competences).
- Using a Change Management Game to Improve Human Resources Management SkillsPublication . Silva, Paulino; Bertuzi da Silva, Rui; Elger, MartinIn a very changing business environment in which mergers and acquisitions are frequent, it is fundamental for a manager to know how to deal with these happenings. It is recognized today that employees are the best asset of enterprises, and so it is fundamental to maintain them motivated especially during transforming situations. Change Management is about facts in the context of business management and administration. The focus lies on items that are not measurable and not documentable in the business world. Nevertheless, these items have a very important important impact in connection with the strategic change process of a company and their staff members. In this paper we present some lessons learned from the experience of the use of a Change Management Game at ISCAP/IPP, as a result of a partnership with Cooperative State University Baden- Württemberg, a German University. For this study, a qualitative research approach was in place, since we used qualitative methods, mainly observation and semi-structured interviews. ISCAP/IPP is a business school of higher education that provides diverse programmes of studies in business areas: accounting and management, marketing, international commerce, business communication, secretary management, etc. Nevertheless, students miss some skills related with the human resources management, which can be improved through this learning experience. There are some important issues that participants need to consider in a company change process, namely national and regional differences, company specific differences, staff functions, visible things (such as room design), not visible things (such as strategy), invisible barriers of the employees towards the change and the new, published and public opinion about the company and its staff, hidden agendas, and outside presentations. The participant team, which has the function of Change Managers guides and instructs the organisation through the different phases of the change process. The Change Management Game includes 5 phases of change: 1) Attention; 2) Motivation; 3) Qualification 4) Commitment; and 5) Internalization. In each phase participants use interventions in order to improve the level of commitment of employees. The interventions of each phase have a higher ranking focus than the individuals which have to take part. Thus before each phase of the game the team has to discuss which interventions will be applied. Afterwards the individuals who fit to the planned interventions and/or who have to take part are put in them. It is the aim of the participants to bring almost all types of human personality within the organisation to personal action in the change project. Participants need to be deeply engaged to participate as active and effective persons to perform adequately the new tasks. At ISCAP-IPP we used the Change Management Game having a multicultural and interdisciplinary background for several editions, having the participation of students from different areas of studies and from several countries, including Portugal, Germany, Romania, Lithuania, France, just to mention a few. Feedback from students so far, was very positive, as they consider to participate again in a similar experience if they have the opportunity.
- Business simulation before and after ENTRE4FUTURE PROJECT: lessons learnedPublication . Silva, Paulino; Silva, Rui Bertuzi Da; Mesquita, AnabelaThis paper presents lessons learned from the changes introduced to Business Simulation (BS) courses at ISCAP / IPP as a result of the participation in the international project “Entre4Future – Simulation for Entrepreneurship”. Besides the exchange of professional experience among teachers, researchers and students, Entre4future Project intends to develop outputs, such as teaching methodologies and innovative contents to prepare young people to be entrepreneurs. Partners from different levels of education (vocational schools, high and higher education institutions) and from the business world (Chambers of Commerce and Industry) were selected to be part of the project. BS courses are part of the Accounting and Administration degree since 2003 and methodologies used are in some way innovative, as the aim is to provide the students the possibility to work in a real (but simulated and risk free) business environment. Although some previous studies demonstrated the importance of BS for profession life of accounting and administration students, it was recognized that when it comes to develop entrepreneurial skills there were small gaps identified. In order to overcome this problem and using the knowledge acquired with the Entre4future project additional training was provided to students. After a deep analysis of the BS curriculum and the Entre4Future curriculum, additional training was provided in order to prepare students in areas they were not prepared sufficiently with BS. The paper shows the very positive perception of students to this initiative and gives some clues to a possible inclusion of this new training in BS courses, which are part of the programme of studies of the Accounting and Administration degree.
- The Use of a Business Game to Improve Decision-Making Process in ManagementPublication . Silva, Paulino; Mello, Ricardo; Mello, FabianeIn competitive business environments as the ones we live today, it is even more important for a manager to make better decisions. The classical model of decision making assumes managers have access to all the information needed to reach a decision. So, managers can make their decisions by ranking their preferences among existing alternatives. Unfortunately, it is very common that managers do not have access to all needed information to decide. Incomplete information leads to a high risk in the decision-making process. However, worse than that is not knowing what to do even having the information needed to decide. In this paper we present some lessons learned from the experience of the utilization of a Business Game at ISCAP/IPP, as a result of a partnership with UNIS-MG, a Brazilian University from Minas Gerais. For this study, a qualitative research approach was in place, since we used qualitative methods, mainly observation and semi-structured interviews. ISCAP/IPP is a business school of higher education that provides diverse programmes of studies in business areas: accounting and management, marketing, international commerce, business communication, secretary management, etc. Nevertheless, students miss some skills related with the decision-making process in management. In this learning experience students from different backgrounds improve their decision-making process in several ways: i) improve their knowledge about the organization; ii) understand the mind frame (from the background) used by colleagues to make their decisions; iii) interpret formal and informal documents available not only internally (such as financial statements), but also externally (such as macroeconomic projections and market reports); iv) realize that a manager needs to be more that an accountant or marketer, but most of times a mix of different backgrounds at the same time.
- The Entre4Future projectPublication . Silva, Paulino; Mesquita, Anabela; Bertuzi da Silva, RuiThis paper presents some of the results already achieved in the European project titled "Simulation for Entrepreneurship - ENTRE4FUTURE". Seven organizations from six different countries participate in this project. Organizations are from two different groups. We have a group of five educational organizations from Romania (project leader), Portugal, Spain, Austria and Denmark. The second group is constituted by two affiliates of chambers of commerce of Romania and Cyprus. The purpose of ENTRE4FUTURE is the exchange of professional experience in matters relating to teaching methodologies, with the curricula of the business simulation and the methodology used in the business simulation courses as an effective method in entrepreneurship for education among young people, the use of the innovative technologies in the business simulation courses between two levels of education - high school and university. The project had its start in 2014 and the end will be in 2016. By this time some results have already been achieved, which passed through the creation of the project website, the reports of the three meetings already held, the presentation of a new curricula for the business simulation courses and a first draft of the Good Practice Guide "Simulation for entrepreneurship".
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