Browsing by Issue Date, starting with "2022-10-19"
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- The impact of family control on capital structure on emerging economiesPublication . Burgos, Lisbeth Altagracia Valdez; Lisboa, Inês Margarida Cadima; Costa, Magali PedroFamily firms are the leading pillar of the economy in most emerging and developed economies, representing between 60% to 90% of non-governmental gross domestic product (GDP). Therefore, Family firms’ decisions about their capital structure have a significant weight on a country’s economy, and the study on how the determinants of capital structure is affected by family firms’ decisions has become an important research topic. However, so far, despite the significant expansion of firms from emerging countries in recent years, the studies regarding Latin American family firms are limited. Therefore, the work examined how family governance-related factors impacts capital structure decisions in multinationals firms from Latin America, and how the board of directors and female presence within the board can influence its effect. The work is empirically tested by an unbalanced data panel model using the Generalized Method of Moments (GMM) system of 85 firms from six Latin American countries for the period 2011-2021. The capital structure determinants results were mostly mixed, with family firm control showing a mostly positive effect on the levels of indebtedness, while Gender Diversity showed the contrary effect. Macroeconomic factors demonstrated that they impact the capital structure in emerging economies.
- Non-Financial Reporting and Assurance: A New Opportunity for Auditors? Evidence from PortugalPublication . Eugénio, Teresa; Gomes, Sónia; Branco, Manuel Castelo; Morais, Ana IsabelResearch on auditing professionals’ perceptions of non-financial reporting and its assurance is relatively scarce, and the majority of the existing studies pay little attention to the assurance aspect. Our study contributes to strengthening this type of research by investigating Portuguese audit professionals’ perceptions of non-financial reporting and its assurance. The purpose of the current paper is to identify the perceptions of Portuguese audit professionals about non-financial reporting, particularly the responsibility for its preparation, its mandatory or voluntary natures, and how to improve non-financial reporting and its assurance. We also analyze whether these perceptions are associated with sex and work experience. The perceptions of statutory auditors were surveyed by using a questionnaire. Results allow us to conclude that Portuguese statutory auditors agree that non-financial reporting assurance is an important practice, and that company management should be responsible for the preparation and publication of non-financial reports. They consider that assurance of these reports should be conducted by a statutory auditor and think that the Institute of Portuguese Statutory Auditors should have a more active role in this matter. Notwithstanding, very few of the respondents have experience with this type of assurance, which may explain their acknowledgment of the importance of additional training. Work experience and sex do not influence the perceptions of the auditors. Findings suggest the existence of a positive attitude towards non-financial reporting and its assurance associated with the acknowledgement of its underdevelopment in Portugal. As far as we are aware, our study is the first to focus exclusively on Portuguese auditing professionals’ perceptions concerning non-financial reporting and assurance.