Doutorado em Ciências Contábeis

URI Permanente para esta coleção

http://repositorio.ufes.br/handle/10/17543

Nível: Doutorado
Ano de início: 2019
Conceito atual na CAPES: 4
Ato normativo: Homologado pelo CNE, Parecer CES/CNE nº 487/2018 (Portaria MEC nº 609, de 14/03/2019), DOU 18/03/2019, Seção 1, p. 63.
Periodicidade de seleção: Anual
Área(s) de concentração: Contabilidade e Controladoria
Url do curso: https://cienciascontabeis.ufes.br/pt-br/pos-graduacao/PPGCC/detalhes-do-curso?id=1483

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    Accounting fraud and the relevance of corporate information for investors
    (Universidade Federal do Espírito Santo, 2026-03-11) Pain, Patrícia; Marques, Vagner Antônio; https://orcid.org/0000-0001-7210-4552; https://lattes.cnpq.br/8704491263853222; https://orcid.org/0000-0002-0660-226X; http://lattes.cnpq.br/; Macedo, Marcelo Álvaro da Silva; https://orcid.org/0000-0003-2071-8661; https://lattes.cnpq.br/4195343422847965; Martins, Vinícius Gomes; https://orcid.org/0000-0001-7401-9570; http://lattes.cnpq.br/; Aguiar, Andson Braga de; https://orcid.org/0000-0003-4034-4134; https://lattes.cnpq.br/8776692303907234; Girão, Luiz Felipe de Araújo Pontes; https://orcid.org/0000-0002-3639-7340; https://lattes.cnpq.br/2715807534082309
    This doctoral dissertation examines how the publicization of accounting fraud affects the informational relevance of corporate disclosures for investors. Integrating agency theory and the efficient market hypothesis (EMH) with behavioral finance perspectives, particularly mosaic theory, limited attention theory, and dual-process theory, the study conceptualizes accounting fraud as a credibility shock that disrupts the agency contract, alters the price formation pro cess, and reshapes how investors reconstruct firm value. While EMH predicts price adjustments following new information, this dissertation argues that accounting fraud disclosure does more than trigger immediate returns, it intensifies investors’ demand for verification, monitoring, and reinterpretation of subsequent disclosures, thereby increasing overall informational relevance. However, this increase is asymmetrically distributed across investor types. The dissertation comprises three complementary papers. The first paper presents a systematic literature re view (from 2000 to 2024), synthesizing evidence on investor reactions to fraud disclosure and identifying a gap regarding how credibility shocks reshape the process of information integra tion across heterogeneous investors. The second paper provides archival market-level evidence consistent with agency theory and EMH, showing that fraud represents a rupture in the infor mational contract between managers and shareholders. Following accounting fraud disclosure, investors intensify monitoring (reflected in abnormal trading volume and liquidity measures) and react more strongly to new financial disclosures, yet apply persistent valuation discounts. These findings indicate that disclosure relevance increases even though credibility is not fully restored, revealing that market efficiency operates through heightened scrutiny rather than blind incorporation. Building on this market-level trigger, the third paper shifts the analysis to the investor level. Grounded in mosaic theory, it argues that fraud disrupts the informational mosaic previously used to value the firm, requiring reconstruction through greater reliance on assurance, governance, and verification signals. A Delphi study with professional investors (PI) demonstrates that they recalibrate their informational priorities post-accounting fraud, expanding their mosaics and intensifying analytical monitoring. In contrast, an experiment with non-professional investors (NPI), using eye-tracking, mouse-tracking, and choice models, shows that cognitive constraints predicted by limited attention theory and heuristic processing described by dual-process theory limit their ability to reconstruct this mosaic. NPI do not significantly increase engagement with complex or assurance-related disclosures, resulting in lower incremental informational relevance under accounting fraud conditions. Collectively, the f indings support the thesis that the relevance of corporate reports increases when accounting fraud is disclosed, but that this increase is significantly stronger for PI than for NPI. Fraud is therefore not a transitory event but a structural disruption to the informational environ ment, it amplifies monitoring and disclosure relevance at the market level, while simultaneously deepening informational asymmetries at the investor level. By linking classical market theo ries (agency theory and EMH) to behavioral mechanisms of information integration (mosaic, limited attention, and dual-process), this dissertation advances the literature on accounting dis closure, investor behavior, and accounting fraud, and offers implications for disclosure design and regulatory frameworks that explicitly account for investor heterogeneity
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    Dinâmicas dos impostos implícitos e ciclo de vida das empresas : uma análise quantitativa das corporações listadas na [B]3
    (Universidade Federal do Espírito Santo, 2024-02-22) Silva, Raimundo da; Martinez, Antonio Lopo ; https://orcid.org/0000-0001-9624-7646; http://lattes.cnpq.br/7735660007039816; Sarlo Neto, Alfredo ; https://orcid.org/0000-0002-6722-7192; http://lattes.cnpq.br/6622807481766856; https://orcid.org/0000-0003-3746-8945; http://lattes.cnpq.br/; Moreira, Rafael de Lacerda ; https://orcid.org/0000-0001-9963-0114; http://lattes.cnpq.br/4935080818009353; Reina, Donizete ; https://orcid.org/0000-0001-6217-2324; http://lattes.cnpq.br/6775492728267435 ; Rezende, Amaury José ; https://orcid.org/0000-0003-3057-6097; http://lattes.cnpq.br/8601479989110069; Carvalho Junior, César Valentim de Oliveira ; https://orcid.org/0000-0003-0387-0872; http://lattes.cnpq.br/5157332400230339
    In national and international accounting-tax literature, most research focuses on obtaining evidence related to explicit taxes, with research on implicit taxes being little disseminated. Implicit taxes are conceptualized as lower pre-tax rates of return on investments that used tax incentives. Implicit tax theory further predicts that after-tax rates of return will be the same for all firms, in a perfectly competitive market. However, theory has already demonstrated that there are different levels of implicit taxes, given the existence of markets that are not perfectly competitive. On the other hand, the literature on the life cycle of companies has obtained evidence that profitability is maximized in the mature phase of the life cycle stages, with above-normal profits being generated, which makes competition from other companies more intense. By carrying out quantitative research on Brazilian companies listed on Brasil Bolsa Balcão - [B]3, and based on the interaction between the theory of implicit taxes and the theory of the company life cycle, this thesis sought to obtain evidence that Companies that are in the accounting-financial cycles of introduction, growth, shakeout and decline bear a lower implicit tax burden than companies that are in the accounting-financial cycle of maturity. This thesis also sought to obtain evidence whether companies are able to retain the benefits obtained from the use of tax incentives, given the lower implicit tax burden. In addition to Ordinary Least Squares (OLS), tests were also carried out using Quantile Regression (RQ), to obtain evidence whether the relationship between the various characteristics of the stages of the accounting-financial cycle and the effective tax rate varies with the throughout the distribution and to verify the existence of various levels of implicit taxes. The results obtained corroborated the proposed hypotheses, as well as being in line with the life cycle theory and the implicit tax theory. Thus, the results provided evidence that companies located in the accounting-financial cycles of introduction, growth, shakeout and decline have a lower implicit tax burden than companies in the mature accounting-financial cycle. Still in line with previous studies on implicit taxes, it was also found that companies in the accounting-financial cycles of introduction, growth, shakeout and decline are able to retain (pass on to shareholders) the tax benefits obtained by reducing their tax rates explicit, that is, implicit taxes do not completely eliminate the benefits obtained from the use of tax incentives. Likewise, the existence of several levels of implicit taxes can be seen, which is in line with previous studies, since the general framework of research on 6 implicit taxes supports that the more a market diverges from being perfectly competitive, the lower the proportion of implicit taxes