Revista Mineira de Contabilidade

THE IMPACTS OF FINANCIALIZATION ON ACCOUNTING

2025-12-26T08:59:34-03:00

Financialization can be defined as an accumulation regime under the hegemony of finance (Duménil & Lévy, 2001) or characterized as an asset-based growth regime—a financialized accumulation regime—in which asset markets take center stage, institutional investors become increasingly important, and corporate governance serves as a regulatory instance (Martins, 2024). Finance achieved a hierarchically superior position in terms of power (the State) and through its articulation with other institutional forms. The financialization process solidified primarily in the 1970s and continues to reshape contemporary capitalism (Martins 2024).

Abstract

2025-12-26T08:25:24-03:00

Organized list of titles and subtitles that make up the magazine edition.

THE EFFECT OF COVID-19 ON THE DISTRIBUTION OF DIVIDENDS AND INTEREST ON EQUITY IN THE B3 SUBSECTOR

2025-12-26T08:59:38-03:00

This research aimed to analyze the effect of the COVID-19 pandemic on the distribution of dividends and interest on equity (IOE) among companies listed on B3 in the textiles, footwear, and apparel subsector. A descriptive research approach was used, covering the period from 2018 to 2022, with 2018 and 2019 considered as the pre-COVID-19 period and 2020 to 2022 as the post-COVID-19 period, given that the World Health Organization officially declared the end of the pandemic only in May 2023. For data analysis, descriptive statistics, Spearman’s correlation, and the Mann-Whitney U test were applied. The results indicated a significant reduction in the distribution of dividends and IOE following the onset of COVID-19, suggesting profit retention to maintain working capital, as well as a significant effect on companies’ operating profitability and capital structure.

THE QUALITY OF ACCOUNTING INFORMATION AND SYSTEMATIC RISK IN EMERGING COUNTRIES

2025-12-26T08:59:37-03:00

The study analyzes how the interaction between a country’s informational environment and the quality of accounting information is associated with the sensitivity to systematic risk of companies based in emerging markets.The analysis, based on data from 11,586 non-financial companies extracted from the LSEG Data & Analytics database between 2000 and 2021, comprises 202,193 observations. The results indicate that financial reporting quality is associated with firms’ sensitivity to systematic risk, with variations depending on the metric used: a negative and significant relationship in the Dechow and Dichev (2002) model and a positive and significant relationship in the Modified Jones (1991) model. Additionally, firm-level variables such as leverage and market concentration (measured by the Herfindahl index) influence exposure to systematic risk. These findings can be interpreted through the lens of Agency Theory, as they highlight the importance of financial reporting quality in mitigating information asymmetry between investors and managers. High-quality financial statements can reduce uncertainty and agency costs by aligning market participants’ expectations, thereby affecting asset pricing and corporate volatility. The study’s main contribution lies in demonstrating that financial reporting quality is a key factor in firms’ sensitivity to systematic risk in emerging markets. These results emphasize the need to enhance regulatory frameworks and corporate governance mechanisms to reduce information asymmetry and improve financial market efficiency.

INFLUENCE OF INCOME SMOOTHING AND RESPONSIBLE CORPORATE BEHAVIOR ON THE COST OF CAPITAL

2025-12-26T08:59:40-03:00

The study analyzes the influence of income smoothing and responsible corporate behavior on the weighted average cost of capital (WACC) in publicly traded companies listed on B3. The study follows a quantitative approach, based on 906 observations from 151 companies listed on B3, covering the period from 2016 to 2021. For the analysis, multivariate statistics were applied through balanced panel data with fixed effects. The results indicate that firms with higher levels of income smoothing practices exhibited a significantly lower WACC. Responsible corporate behavior, represented by adherence to the SDGs and inclusion in the ISE portfolio, did not show a relevant effect on WACC, contrary to expectations. However, higher ESG performance showed evidence of significantly reducing WACC. Based on an original empirical test, the findings reveal that the combined effect of income smoothing and responsible corporate behavior does not influence WACC. The managerial contribution of the study suggests that financiers and investors perceive income smoothing more favorably compared to responsible corporate practices. The results may stem from an ongoing maturation phase in the implementation of socio-environmental practices in the national context and/or from the low awareness among investors and financiers regarding the long-term benefits of responsible corporate behavior.

THE PREDOMINANCE OF POSITIVISM IN ACCOUNTING

2025-12-26T08:59:36-03:00

Accounting, as an applied social science, was influenced by philosophical schools of thought that guided its quest for scientific legitimacy. Among these, positivism played a predominant role, prioritizing objectivity, neutrality, and empirical observation as foundations for the construction of accounting knowledge. This influence helped solidify the view that accounting should be based on measurement and representation methods, aligning with the ideal of natural science. However, the dominance of this perspective also creates limitations, especially regarding the understanding of accounting as a social practice. The objective of this essay is to reflect on the methodological possibilities for Brazilian accounting research as ways to enrich the scientific debate and strengthen the development of the field. The study covers four topics: reflections on accounting research in Brazil, positivism in accounting according to Auguste Comte, criticism of positivist research in accounting and a section aimed at understanding critical and interpretive approaches. The essay shows that positivism reduces the complexity of human phenomena to numbers, ignoring the social and cultural dimensions that are essential for a complete understanding of accounting reality. The predominance of positivism also limits innovation and methodological diversity, creating barriers to alternative approaches that could enrich accounting research. This essay highlights the need to integrate critical and interpretive approaches, together with quantitative and qualitative methods that can contribute to the advancement of accounting research in Brazil.

WHAT DOES THE MARKET SEEK? COMPETENCIES AND SKILLS REQUIRED IN CONTROLLER JOB POSTINGS FOR REMOTE WORK

2025-12-26T08:59:39-03:00

The present research is situated within the broader discussion on the profile required by the Brazilian labor market for the position of controller in a remote work environment. In this context, the objective of the study was to analyze the professional competencies, as well as the social and personal skills, demanded in remote-work controller positions advertised in Brazil. To this end, job postings published on the LinkedIn platform between June 1st and October 1st, 2022, were examined, resulting in the identification of 74 vacancies consistent with the profile under investigation. These vacancies were subjected to co occurrence network analysis based on the Jaccard coefficient, which enabled the mapping of the skills, characteristics, and functions inherent to the controllership professional in the remote work modality. The findings indicate that the main functions assigned to controllers are related to management, mastery of controllership practices, problem-solving, financial analysis, and teamwork. Regarding personal and professional skills and competencies, communication abilities, competitive differentiation among candidates, technological skills, and adequate knowledge for effective problem- solving stood out. The results highlight the need to develop specific characteristics and attributes among professionals in this field in order to meet market demands and cope with the heightened competitiveness in the sector, thereby increasing their prospects for employability.

ABUNDANCE PARADOX THEORY

2025-12-26T08:59:39-03:00

This study analyzes the behavior of liquidity, capital structure, and profitability indicators of healthcare companies listed on B3 before, during, and after the Covid 19 pandemic, using the Abundance Paradox Theory. The research employs a quantitative approach, utilizing a sample of 23 healthcare companies listed on the B3. The analysis period covers quarterly data from 2018 to 2024. The results of Friedman’s repeated-measures test indicated that the pandemic had a direct impact on the healthcare sector. In the early stages of the pandemic, the sector experienced a positive shift in its economic and financial performance; however, this trend reversed in the post-pandemic period, consistent with the Abundance Paradox Theory. Liquidity indicators improved during the pandemic but declined after it ended. The equity structure remained stable before and during the pandemic, but third-party capital increased afterward. Profitability indicators highlighted the economic euphoria that affected the sector, which was later reversed in the post-pandemic phase. The Abundance Paradox Theory, as supported by the data, proved to be a valuable analytical tool for examining periods of economic euphoria that affect specific economic sectors. This study contributes to the literature by demonstrating the applicability of this theoretical framework to the analysis of other sectors during periods of resource abundance, thereby helping to anticipate conditions that may hinder the sustainable development of companies and the broader economy.

INCENTIVES, MOTIVATION, AND PERFORMANCE OF EMPLOYEES

2025-12-26T08:59:35-03:00

The purpose of our study was to evaluate the effect of incentive provision on the performance of employees from the operational sector of a garment manufacturing firm. Therefore, we conducted a case study with a mixed-method approach, involving structured questionnaires applied to employees, in which we obtained 29 answers, interviews with two managers, and statistical analysis of performance data provided by the firm, covering a period of 213 days, between March 2022 and October 2023. Results show that incentives have a positive and immediate impact on performance, especially in the short term. Peaks in productivity were observed on days when incentives were provided, as well as on the days leading up to the incentive distribution. However, this effect tends to gradually diminish in the subsequent days. Panel data analysis revealed that the positive effect is partially significant and only for the day before the incentives are distributed. Factors such as clarity in goal setting and a healthy work environment were highlighted as essential for maximizing the positive effects of incentives. The study emphasizes the importance of management strategies based on reward systems aligned with organizational objectives, contributing to more effective people management practices. Furthermore, the research provides data for the formulation of organizational policies that promote greater engagement and productivity in industrial settings.

REVISTA MINEIRA DE CONTABILIDADE

2025-12-26T08:08:32-03:00

Quarterly publication
Volume 26, n.3, september/december 2025
ISSN 2446-9114

Editor's Note

2025-12-26T08:12:46-03:00

In 2025, we can highlight the fact that the Revista Mineira de Contabilidade (RMC) maintained its Q2 classification in the 2024 Journal Impact indicator, based on the 5-year impact criterion without self-citation, published by the Scientific Periodicals Electronic Library (SPELL®), which is maintained by the National Association of Postgraduate Studies and Research in Administration (Anpad). Furthermore, all articles that are published in the RMC editions are available in Portuguese and English. This context leads us to celebrate the publication of our latest edition, number 3, volume 26, of the 3rd quarter of 2025.