This study investigates how the interaction between leadership style and the management control system (MCS) manifests in product and process innovation practices in family business (FB), considering the variability in understandings and practices related to innovation. The gap addressed concerns the need for a more analytical understanding of how different leadership styles present in the family firm environment interact with the MCS, manifesting themselves in product and process innovation practices. The study provides insights into how leadership and the MCS may denote different product and process innovation practices, contributing both to the literature on innovation in FBs and, from a practical perspective, by highlighting how these elements can foster the continuity and sustainability of FBs. The impact of this research on the field lies in expanding the scope of investigation into the interaction between leadership styles and MCSs, highlighting how these elements, together, are articulated to promote innovation practices in the FB context. An exploratory-descriptive qualitative study was conducted, grounded in an interpretive approach, guided by semi-structured interviews with 15 managers of family-owned food businesses. The results reveal two distinct groups of FBs. The first, focused on the business essence (business orientation), is characterized by innovation practices driven by internal needs and opportunities, with a predominance of referent, expert, and participative leadership styles, associated with the use of belief, diagnostic, and interactive control systems. The second, focused on the market (market orientation), which presents innovation practices guided by external trends, with an autocratic leadership style and greater emphasis on limits and diagnostic control levers. The study contributes by demonstrating how distinct leadership styles, in interaction with the levers of management control, are manifested in innovation practices in FBs.
This study examines the duration of pre-acquisition processes in corporate mergers and acquisitions conducted by acquiring firms listed in emerging economies, as well as the determinants of their completion. Previous studies typically analyze deal duration and deal completion separately, often excluding unresolved transactions and relying on methods that are not designed for time-to-event data. Consequently, the determinants of acquisition survival and completion remain understudied, particularly in emerging economies. In emerging economies, institutional voids, information asymmetries, and higher transaction costs may increase the overall duration of negotiations and the likelihood of deal failure. Despite being a remarkable problem, studies dedicating special attention to the analysis of deal duration and completion are still scarce. Methodologically, this study integrates completed, pending, and abandoned transactions into the same analytical framework, overcoming recurring limitations of the empirical literature in corporate finance. Kaplan-Meier estimators were first employed to provide a descriptive assessment of merger and acquisition (M&A) duration patterns. Subsequently, survival analysis models were applied to estimate the hazard function of acquisition completion, treating abandoned and pending deals as censored data. The analysis is based on 15,376 M&A transactions announced by firms headquartered in nine emerging economies from 2002 to 2021. The results reveal negative duration dependence in M&A transactions, indicating that the probability of deal completion decreases as negotiations remain unresolved. Acquiring firms’ efficiencies, deal characteristics, macroeconomic conditions, and institutional quality significantly affect completion dynamics. The application of such framework also fosters new perspectives on the interpretation of theoretical relationships, encompassing the role of capital market development, broader pro-market institutions, and monetary conditions during the interim period, as well as deal characteristics, such as the role of structure (merger or acquisition) and deal regulation. The study contributes to the literature by applying survival analysis to jointly examine deal duration, completion, and abandonment, by providing an exploratory assessment of M&A duration data, and by offering evidence from a large multi-country sample of emerging economies. Thus, the results offer significant implications for decision-makers and academic literature.
This research aims to analyze the impact of financial regulations on the earnings quality of Brazilian and European football clubs. This study addresses the gap in existing literature covering the impact of regulations on European football by analyzing the impact of Programa de Modernização da Gestão e de Responsabilidade Fiscal do Futebol Brasileiro on Brazilian clubs’ earnings quality and comparing it with the European context. This research is relevant due to the unique financial and regulatory landscape of Brazilian nonprofit football clubs, providing a distinct context for analyzing the impact of financial regulation. Our findings may be of interest to policymakers who could consider implementing similar programs in other countries. The sample comprises 67 football clubs (21 English, 21 Italian, and 25 Brazilian), totaling 976 firm-year observations. The analysis spans from 2010 to 2022 for the Brazilian context and from 2006 to 2022 for the European context. We analyze accruals earnings management and conditional conservatism models to examine the influence of those regulations across Brazilian and European football clubs, comparing the results prior to and after their implementation. Results indicated that regulatory changes have reduced discretionary earnings practices across these countries, indicating their effectiveness in fostering accurate financial reporting and transparency. However, the conditional conservatism analysis further reveals a decrease in conditional conservatism post-regulation in Brazil, with clubs recognizing losses less promptly, while no significant effect was observed in English and Italian clubs. This highlights the complex and divergent impacts of regulations on financial reporting behaviors in the global football industry.
This article aims to identify the types of misconceptions in videos that teach accounting concepts on YouTube. While the literature acknowledges the existence of misconceptions in accounting education, studies investigating this phenomenon in non-formal learning environments are scarce. Students often use YouTube to supplement their accounting education, but the manner in which misconceptions manifest, are structured, and are reinforced in accounting videos on the platform remains poorly understood. This study examines a widely accessible environment that influences the learning process. This environment prioritizes relevance and interaction, and it may favor engaging content, even if it is conceptually inaccurate, by enhancing the pedagogical use of videos. However, this environment also perpetuates misconceptions, which could be reduced by improving the quality of digital content. A total of 108 videos related to seven accounting concepts were selected and viewed. Misconceptions were extracted and categorized from these videos through content analysis of the transcripts. The analysis revealed that 35.2% of the videos contained misconceptions, primarily arising from excessive simplification of concepts such as assets and liabilities, as well as the introduction of inappropriate value judgments. Additionally, characteristics such as short duration and fragmented content were identified as factors that exacerbate misconceptions. The results offer three contributions. First, on a theoretical level, this study advances the discussion of misconceptions in accounting education by situating it within the context of digital environments. This broadens a debate that has thus far focused on formal education. Methodologically, the study proposes a systematic protocol for selecting audiovisual content, thereby contributing to greater rigor in research that uses videos as a data source. Practically speaking, the study provides educators and content producers with guidelines for creating more conceptually rigorous audiovisual materials and encourages students to engage with videos more critically.
This study examines the dynamic relationship between economic policy uncertainty (EPU) and equity markets in Brazil, Chile, and Argentina within the context of presidential elections and political episodes from 2010 to 2025. While the literature establishes a negative correlation between policy uncertainty and equity returns, it relies on low-frequency data that cannot capture the immediate market response to high-stakes political episodes. The dynamic conditional correlation (DCC)-generalized autoregressive conditional heteroscedasticity model was used to estimate time-varying correlations between 5-year credit default swap (CDS) spreads and equity indices. To address endogeneity, two-stage least squares was used to examine how presidential elections and political episodes affect these correlations. The Argentine sample is shorter (July 2023 to August 2025) due to data availability for that country. High-frequency analysis revealed a persistent negative co-movement between EPU and equity markets across all three countries. Electoral episodes and social commotions generate statistically significant shifts in DCCs, with the intensity and persistence of these effects varying across institutional contexts. This study documents that abrupt shifts in the uncertainty-equity correlation during political episodes are detectable at daily frequency but absent from monthly analyses. The heterogeneous pattern of responses across Brazil, Chile, and Argentina advances understanding of how institutional fragility and macroeconomic conditions affect the transmission of political risk to financial markets. The study supports investors, risk managers, and regulators in emerging economies by offering a high-frequency framework for monitoring political risk. The findings provide a market-sensitive basis for portfolio management and regulatory oversight during electoral cycles and episodes of institutional instability. This study introduces a high-frequency methodological framework by employing fluctuations as a dynamic proxy for EPU, shifting the analysis from traditional low-frequency indices to a market-based metric capable of capturing real-time volatility. The findings expand the research field of political risk measurement in equity markets and provide practitioners with a more responsive tool for estimating the effects of political shocks.
This study investigates the determinants of money laundering (ML) risk in the Brazilian financial system, addressing the lack of empirical evidence supporting risk-based regulatory models. The results provide partial empirical validation of Brazil’s AML framework, showing that cash transactions and major metropolitan areas are the only robust and persistent determinants of reported ML risk. Using a mixed-methods approach, the research combines a systematic literature review with panel data econometric analysis (2010-2022). The scarcity of empirical studies testing ML risk determinants limits the refinement and comparability of internal risk assessment (AIR) models. Given legal restrictions on access to customer-level data, the study relies on publicly available information to evaluate whether regulatory risk factors effectively explain suspicious transaction reporting. The findings indicate that gross domestic product, border location, mining activity, and informal settlements have limited or unstable explanatory power. The findings contribute by demonstrating that major metropolitan areas should be treated as structural risk-weighting factors in AIR models, supporting more efficient allocation of compliance resources and evidence-based regulatory improvements. The study combines a systematic literature review with panel data econometric analysis of Brazilian federative units from 2010 to 2022. Multiple regression models and Chow structural break tests were employed to assess the stability of risk determinants before and after major regulatory changes.
This study examines how zombie status and zombie prevalence are associated with key corporate financial decisions in 25 emerging market economies over 2002-2021. While prior literature focuses on advanced economies, evidence for emerging markets remains limited, particularly regarding cross-country heterogeneity and the systemic effects of zombification on non-zombie firms. Using firm-level data, we estimate three-level hierarchical models (time-firm-country) to disentangle firm- and country-level effects, complemented by robustness checks. Zombie status is associated with lower investment, lower dividends, lower cash holdings, higher borrowing costs, higher market risk, and higher research and development. Importantly, a higher country-level share of zombie firms is also associated with changes in the financial decisions of non-zombie firms, indicating spillover effects. These findings document the hidden cost of zombification, reflected in its impact on otherwise healthy firms. Zombification is associated with broader financial distortions affecting both distressed and healthy firms. By emphasizing its systemic and cross-country nature, the study provides insights for policymakers concerned with financial stability, credit allocation, and corporate governance in emerging economies.
ABSTRACT This study examines the impact of environmental, social, and governance (ESG) performance and its three pillars on financial distress (FD) in Latin American firms from 2011 to 2022. It also investigates whether the interaction between ESG performance and FD affects firm performance (return on assets [ROA]). The existing literature shows important limitations in understanding the relationship between ESG practices and FD. Although some studies have examined these constructs separately, empirical evidence integrating both remains scarce, particularly in emerging economies. Moreover, no studies were identified that simultaneously analyze these effects within the Latin American context, revealing a substantial gap that this research aims to address. We employ a multilevel regression model estimated by maximum likelihood (ML), using a sample of 963 firms, comprising 11,724 firm-year observations. This approach allows us to control for firm-specific, country-specific, and temporal effects, providing robust evidence on the ESG, FD, and performance nexus. Findings indicate that ESG is positively associated with FD in models excluding lagged FD, but this relationship becomes negative when lagged FD is included, a pattern consistent across all ESG pillars. While ESG positively affects ROA, this relationship reverses when interacting with FD, reflecting the short-term costs and long-term benefits of ESG adoption. This study contributes to the literature by demonstrating how ESG practices influence FD and firm performance in emerging markets. It provides valuable guidance for managers, investors, creditors, regulators, and other stakeholders, showing that ESG investments can reduce financial vulnerability, improve access to cheaper financing, and enhance corporate reputation. The findings underscore the strategic role of ESG as a tool for risk mitigation and long-term value creation in Latin American firms.
RESUMEN El trabajo busca mostrar un panorama del estado de la investigación contable en un contexto poco estudiado como es Hispanoamérica, es decir, los países del continente americano con habla hispana. Se busca responder preguntas como: ¿Cuáles son las áreas que más predominan en la investigación contable y cuáles han sido poco desarrolladas en Hispanoamérica?, entre otras preguntas. El artículo aporta en un tema poco estudiado que corresponde a la investigación contable en Hispanoamérica, identificando el estado por países y por áreas, así como de las temáticas que se están estudiando y otras por desarrollar. La investigación contable es un tema que cobra cada vez mayor importancia, considerando su impacto en la academia, en las organizaciones y en la sociedad. El trabajo corresponde a un punto de partida para contribuir a la mejora de la investigación contable en Hispanoamérica, ya que, identificando puntos fuertes y por desarrollar, se propone consolidar y potencializar la investigación partiendo de este diagnóstico detallado. Se utiliza una metodología basada en la información de Google académico, base que incluye los investigadores y las publicaciones y en la que se puede determinar el país de origen, se construye una base de datos, se definen unos criterios, se sistematiza la información, y se analizan los documentos más citados por área. Por otra parte, se consultan las revistas categorizadas en Q1 para revisar la participación en este tipo de publicaciones de alto impacto. Los principales resultados están asociados con la participación importante de países como Colombia y Ecuador, con la cantidad de publicaciones en finanzas y sostenibilidad, mientras se presenta una incipiente investigación en áreas como contabilidad pública, género y contabilidad y tecnología.
This study investigates the relationship between environmental, social, and governance (ESG) practices and the cost of debt (CoD) for publicly traded non-financial Brazilian companies from 2014 to 2023. This study analyzes the relationship between ESG quality and the CoD, a topic less explored than the link between ESG and the cost of equity. Existing research mainly focuses on developed economies or cross-country analyses, providing limited evidence for emerging markets. By examining Brazil – where regulators have long encouraged and recently mandated ESG disclosure and its use in credit assessments – the study addresses this gap. It offers timely evidence on how ESG transparency and performance affect credit pricing, financial outcomes, and the mitigation of institutional weaknesses, especially in industries with higher environmental and social risk exposure. Understanding how ESG factors shape financing conditions is vital for investors, lenders, and corporate managers seeking to align sustainability with capital allocation and risk management, especially in markets with higher institutional uncertainty. The empirical analysis uses panel regressions with firm fixed effects as the main approach, complemented by the difference-generalized method of moments to address endogeneity and simultaneity, with consistent results. The CoD is measured by interest expenses over interest-bearing liabilities, ESG performance by Refinitiv Eikon scores, and controls include firm characteristics and macroeconomic variables. Empirical evidence shows that superior ESG performance is significantly associated with a lower CoD for Brazilian firms. The governance pillar has the strongest and most consistent impact, while the environmental pillar has marginal significance and the social pillar shows no meaningful relationship. These findings underscore that strong governance reduces perceived credit risk and financing costs in emerging markets. They also highlight the need for greater standardization of ESG taxonomies and the integration of environmental and social risks into credit risk assessments.
O objetivo deste trabalho é analisar a relação entre a propriedade estatal (PE) e as práticas de tax avoidance das empresas listadas no mercado de capitais brasileiro. A pesquisa preenche duas lacunas. A primeira refere-se à ausência de métricas capazes de capturar a influência proporcional do Estado na estrutura de propriedade das empresas, superando o uso de variáveis binárias. A segunda diz respeito à escassez de abordagens teóricas integradas que expliquem a relação entre PE e práticas de tax avoidance. A estrutura de propriedade é central para a governança corporativa e assume especial importância em economias emergentes, como a do Brasil, nas quais o Estado atua como formulador de políticas públicas e acionista relevante. O estudo contribui para o avanço teórico, metodológico e prático da literatura sobre tax avoidance, oferecendo evidências de que a presença estatal tende a mitigar práticas tributárias agressivas, com implicações para gestores, investidores e formuladores de políticas públicas. Com base em empresas listadas na B3 S.A. – Brasil, Bolsa, Balcão no período de 2010 a 2023, aplicaram-se modelos de mínimos quadrados ordinários e regressão quantílica. A presença do Estado na estrutura de propriedade das empresas inibe práticas agressivas de tax avoidance, promovendo uma gestão tributária mais conservadora e alinhada ao interesse público. O estudo oferece três contribuições principais: i) inovação metodológica ao modelar a PE como componente contínuo da estrutura acionária; ii) aprimoramento da mensuração do comportamento tributário ao propor ajustes na taxa efetiva de impostos diferencial normalizada, tornando-a mais aderente ao contexto brasileiro; e iii) integração inédita das teorias da agência, dos custos de transação e dos direitos de propriedade em um arcabouço unificado que explica a influência estatal sobre o comportamento tributário corporativo.
RESUMO O presente artigo tem como objetivo examinar a evolução temática e a trajetória metodológica das pesquisas sobre Ciências Atuariais publicadas na Revista Contabilidade & Finanças (RC&F), avaliar suas principais contribuições intelectuais e apontar caminhos promissores para pesquisas futuras. Apesar de sua relevância, as pesquisas sobre atuária no Brasil permaneceram fragmentadas, com integração limitada entre os estudos tradicionais sobre previdência e domínios emergentes, como a análise de seguros, as finanças climáticas e a gestão de riscos. Nenhum estudo anterior no Brasil mapeou sistematicamente esses desenvolvimentos ou articulou uma agenda de pesquisa unificada que relacionasse a Atuária às finanças, Contabilidade e sustentabilidade. Ao documentar a contribuição histórica da RC&F e delinear direções futuras, este estudo amplia a compreensão de como a pesquisa em Atuária pode abordar novos desafios sociais e regulatórios. Ele mostra o potencial da disciplina para fortalecer as políticas públicas, aumentar a resiliência financeira e apoiar a regulamentação baseada em evidências. O artigo posiciona a RC&F como uma plataforma fundamental para a publicação de artigos sobre Atuária na América Latina e propõe uma agenda voltada para o futuro, conectando a pesquisa brasileira às tendências internacionais e promovendo a colaboração, a interdisciplinaridade e uma maior visibilidade global para a área. Para tanto, foi realizada uma revisão qualitativa e longitudinal de todos os artigos da RC&F relacionados à Atuária (2006-2025). A análise combinou mapeamento bibliográfico, classificação temática e avaliação metodológica para identificar tópicos dominantes, tendências emergentes e lacunas estruturais na pesquisa. O artigo oferece um mapeamento histórico abrangente dos estudos atuariais publicados na RC&F entre 2006 e 2025, com análise de 47 artigos. Os resultados revelam um foco consistente na sustentabilidade da previdência social, das aposentadorias e das pensões, complementado, nos últimos anos, pela diversificação em direção a riscos financeiros e de seguros, solvência e regulamentação. O artigo destaca a crescente sofisticação metodológica dos estudos atuariais e identifica novas fronteiras de pesquisa, como seguros de saúde, riscos climáticos e cibernéticos, e estruturas de solvência baseadas nas International Financial Reporting Standards, conectando a Atuária aos debates globais sobre estabilidade financeira e sustentabilidade.
ABSTRACT This paper investigates the relationship between executive stock option-based compensation and share repurchases among publicly traded firms in Brazil. This study contributes to the literature by shedding light on an underexplored dimension of share repurchase activity in the Brazilian market, highlighting its relationship with governance mechanisms. While traditional finance theory predicts investor indifference between dividends and share repurchases, subsequent research shows that firms frequently favor repurchases due to considerations such as capital structure management, signaling effects, and managerial incentives. In particular, executives with stock option-based compensation may have strong personal incentives to initiate repurchase programs, as buybacks can support stock prices and directly increase the value of their holdings. Although stock repurchases remain relatively modest in Brazil compared to the United States of America, our evidence shows that they have meaningful implications for corporate governance, particularly executive compensation schemes. The results suggest that repurchases are not merely an alternative payout mechanism but also a channel through which managers may increase the private benefits extracted from the firm. The empirical analysis employs panel data regression models with firm and year fixed effects to assess the link between executive compensation structures and the magnitude of share repurchases. Additionally, we apply a panel logistic regression model to investigate whether firms with stock-based executive incentives are more likely to undertake repurchases above the mean level. We also conduct a series of robustness checks to ensure the consistency of results across specifications. We show that firms incorporating stock option-based compensation into executive pay packages engage in significantly larger share repurchases. This evidence suggests that managers may strategically use repurchase programs to amplify personal wealth, calling into question the extent to which stock-based incentives truly align managerial and shareholder interests. These findings are pertinent not only for investors seeking to interpret firms’ payout decisions but also for regulators and policymakers concerned with the effectiveness of corporate governance mechanisms governing executive compensation and payout policies.
RESUMO Neste artigo, a evolução da teoria de finanças, área de estudo voltada à alocação de recursos escassos em fins alternativos sob condições de incerteza, é apresentada, destacando-se três momentos: as finanças clássicas, marcadas pelo advento das teorias microfundamentadas aplicadas ao ambiente corporativo e da relação desse ambiente com o mercado de capitais; as imperfeições de mercado, capazes de alterar as normativas clássicas representadas pela restrição financeira, custos de agência e mecanismos de controle sugeridos pela governança corporativa; e os temas emergentes que, baseando-se na racionalidade limitada do agente, buscam incorporar o comportamento do decisor às normativas clássicas já ajustadas pelas imperfeições de mercado. Por fim, apresenta-se um panorama da área de mercado financeiro e integração empresa/stakeholders na Revista Contabilidade & Finanças ao longo dos últimos anos, finalizando com uma provocação sobre o futuro das pesquisas na área.
This paper investigates the relationship between investor sentiment, short-termism, and the cost of debt in the Brazilian capital market. Specifically, it examines whether investor sentiment amplifies the impact of short-termism on debt costs and whether short-term-oriented firms can effectively reduce financing costs by exploiting optimistic market conditions. The study addresses a gap in the literature by exploring how investor sentiment interacts with short-termism in shaping corporate financing behavior, particularly in emerging markets characterized by weaker governance and limited information quality. By highlighting the limited role of sentiment and the importance of investment horizon in debt pricing, this study contributes to the behavioral corporate finance literature and offers empirical evidence from a market context often overlooked in global studies. The findings suggest that prioritizing long-term fundamentals over sentiment-driven strategies helps firms lower borrowing costs. This has implications for managers, investors, and policymakers seeking to foster financial stability and sustainable value creation through governance aligned with long-term strategic horizons. We analyze a panel of 136 non-financial firms listed on B3 S.A. – Brasil, Bolsa e Balcão (2010-2023), employing a dynamic system generalized method of moments estimator to address potential endogeneity. Additionally, we apply a pecking order framework to assess differences in capital structure decisions across investment horizons and sentiment conditions. Our results show that firm-level fundamentals, particularly higher capital expenditures and long-term investment orientation, are associated with lower debt costs, while investor sentiment has no significant direct effect. Firms with lower stock turnover, reflecting long-horizon investor bases, benefit from reduced financing costs. Under the pecking order analysis, long-horizon firms do not consistently adhere more closely to the financial hierarchy when considering cash flow deficits. However, when debt changes are driven by sentiment, deviations from the hierarchy are more pronounced among short-term-oriented firms.
The study aims to analyze the use of forensic accounting to investigate financial crimes in Iran, where the profession is just flourishing. Although forensic accounting has become a worldwide phenomenon, its practicality and efficacy in the new markets are not known, especially in Iran. The themes in the existing literature are mostly about developed countries, while little evidence exists about the setting of the middle or low-income countries. This study has, therefore, bridged the gap by discussing through data how this discipline helps in the fight against crime in the non-Western context. Rising financial crimes undermine economic stability and investor confidence in these settings, making this research timely and relevant. It shows how forensic accounting reduces regulatory risk in jurisdictions with weaker control systems. The results of the study are of a highly practical nature for emerging markets’ policymakers, legislative authorities, control organs, and institutions of higher education. A descriptive survey methodology was employed in this study. The sample was made up of 291 out of 318 judicial experts who were randomly chosen from such fields as accounting, auditing, taxation, investment, and insurance throughout Iran. The questionnaire with confirmatory factor analysis and Cronbach's Alpha validation was applied as the main tool for data collection. Data were then computed using SPSS and PLS. The study provides evidence that forensic accounting is an important tool in preventing financial crimes. In addition, the study suggests that the performance of forensic accountants is shaped by the following demographics: age, educational level, and area of expertise. This study has implications for the understanding of the role of forensic accounting as a prevention mechanism in the context of emerging economies.
Este artigo teve como objetivo verificar a relação entre a divulgação de informações qualitativas e a persistência das medidas quantitativas não-GAAP (generally accepted accounting principles – princípios contábeis geralmente aceitos) de resultado recorrente em bancos brasileiros. Pesquisas anteriores concentram-se, majoritariamente, na efetividade das medidas quantitativas não-GAAP, como a composição das exclusões. Há escassez de estudos que abordam a qualidade das informações qualitativas não-GAAP e sua influência sobre as métricas financeiras reportadas. Com a ampliação dos debates sobre a regulação das informações não-GAAP, esta pesquisa destaca-se ao trazer evidências do contexto bancário brasileiro, no qual as medidas quantitativas não-GAAP são reguladas, mas não as qualitativas. Os resultados fortalecem os argumentos a favor da regulação também das divulgações qualitativas. A pesquisa contribui diretamente para os usuários das informações não-GAAP e para reguladores do mercado bancário, ao indicar que melhorias nas divulgações qualitativas podem elevar a utilidade e a confiabilidade das métricas quantitativas no processo decisório. Foi utilizado o modelo de persistência dos lucros de 31 bancos brasileiros (abertos e fechados) que divulgaram informações não-GAAP trimestrais no período de 2010 a 2023. As informações qualitativas foram transformadas em um índice para a análise empírica.
RESUMO O estudo compara os artigos publicados na Revista Contabilidade & Finanças (RC&F) com os de revistas internacionais de contabilidade de primeira linha ao longo da última década. O objetivo é oferecer uma visão abrangente dos tópicos analisados em cada contexto, destacando as principais áreas de atividade de pesquisa e os debates em andamento no campo da contabilidade nessas publicações. Ao mapear e comparar o panorama temático da RC&F com o de revistas internacionais de primeira linha, o estudo fornece uma compreensão estruturada de como a pesquisa contábil é desenvolvida em diferentes veículos de publicação. Esses resultados podem servir de base para a definição de agendas de pesquisa futuras e para a orientação da investigação acadêmica em áreas de alta relevância e impacto potencial. Nossa abordagem de mineração de texto possibilita a descoberta de padrões e tendências emergentes, frequentemente ignorados em revisões manuais. As informações obtidas por meio dessa análise podem subsidiar a estratégia acadêmica, apoiar o desenvolvimento do currículo e orientar as prioridades de financiamento, promovendo, em última instância, pesquisas mais direcionadas e impactantes dentro da disciplina de contabilidade. Nossa análise é baseada em um conjunto de dados composto por 277 artigos publicados na RC&F e 3.652 artigos publicados em revistas internacionais de contabilidade de primeira linha, classificadas como Association of Business Schools (ABS) 4* e ABS 4, no período de 2015 a 2025. Usando a linguagem de programação Python, aplicamos o algoritmo de alocação latente de Dirichlet (latent Dirichlet allocation, ou LDA) para extrair tópicos dos resumos e identificar padrões latentes e estruturas temáticas dentro do corpus de pesquisa. Para a RC&F, o modelo identifica nove tópicos distintos: sistemas de controle; questões relacionadas ao orçamento; desempenho organizacional; questões relacionadas a financiamento e crédito; questões atuariais e de seguros; tributação; gerenciamento de resultados; auditoria; e mercados financeiros e retornos de investimento. Em revistas internacionais de primeira linha, a solução LDA identifica sete tópicos: auditoria; anúncios de resultados e previsões de resultados de analistas; divulgação corporativa; contabilidade e mercados de capitais; tributação; sistemas de controle gerencial; e modelagem empírica em contabilidade financeira. Apesar das diferenças de ênfase, todas as publicações compartilham dois tópicos (auditoria e tributação), indicando ao menos algumas áreas de convergência entre os estudos contábeis brasileiros e internacionais.
RESUMO Esta pesquisa parte do trabalho de Albanez e Valle (2009), atualizando dados, proxies e modelos, com o intuito de investigar os impactos da assimetria informacional sobre as decisões de financiamento de companhias listadas no mercado brasileiro no período de 2010 a 2023. Na última década, poucos estudos foram elaborados no Brasil nessa temática, utilizando dados de oferta de compra e venda de ações (bid e ask price) para um retrospecto tão longo. Ademais, é importante investigar se a inserção de novas proxies e as mudanças no ambiente macroeconômico nacional, ocorridas no período em análise, são capazes de alterar os resultados obtidos anteriormente por Albanez e Valle (2009). A definição da estrutura de capital não é uma decisão trivial e traz impactos diretos sobre o custo de capital total da companhia, consequentemente, afetando a riqueza gerada ao acionista. Analisar os determinantes dessas decisões tem sido o foco de muitos trabalhos na área de finanças. O mercado de crédito e de capitais passou por profundas transformações na última década, impactando o processo de tomada de decisão financeira das companhias brasileiras. A atualização de estudos na área se faz necessária para investigar quais os efeitos dessas mudanças sobre a estrutura de capital das companhias. Para tanto, foram utilizados modelos de dados em painel em que a alavancagem das firmas é explicada por diferentes proxies para assimetria informacional (com destaque para o bid-ask spread) e variáveis de controle. Como resultado principal, verifica-se que, quanto maior a assimetria de informação entre os investidores, maior o uso de dívida como fonte de financiamento pelas companhias, visando evitar os custos mais severos de seleção adversa do capital próprio, como previsto pela teoria de pecking order. As evidências obtidas nesta pesquisa fornecem um novo panorama dos impactos da assimetria informacional sobre as decisões de financiamento das empresas, refletindo também as mudanças e evolução do mercado de crédito e de capitais brasileiro.
