Nya krav på hållbarhetsrapportering och granskning: Hur påverkas revisionsbyråerna The Big Four?

Bakgrund och problem: Ett ökat fokus på hållbarhet har bland annat kommit till uttryck i en uppdatering av Årsredovisningslagen, vilken innebär att från och med räkenskapsår som inleds efter 31 december 2016 måste ett antal företag upprätta en hållbarhetsrapport. Detta ställer i sin tur krav på de största revisionsbyråerna, The Big Four, vilka nu måste kunna erbjuda sina kunder nya tjänster kopplade till hållbarhet. Detta faktum innebär möjligheter för byråerna, men även vissa svårigheter då det idag ännu inte finns några etablerade standarder som reglerar hållbarhetsgranskningen. Syfte & Frågeställning: Syftet med denna studie är att undersöka hur The Big Four förhåller sig till ett ökat hållbarhetsfokus med nya regleringar som bakomliggande faktor, och hur detta påverkar byråernas metodik vid bestyrkande av hållbarhetsrapporter både idag och i framtiden. Detta görs med utgångspunkt i ett ökat fokus, behov, intresse och krav på hållbarhet i allmänhet. Följande frågeställningar ämnas besvaras: ● Hur reagerar The Big Four idag på ett genom lagkrav ökat hållbarhetsfokus och de eventuella möjligheter respektive utmaningar som uppstår? ● Varför granskar The Big Four hållbarhetsrapporter och hur går de tillväga vid granskning? ● Hur kan hållbarhetsgranskning komma att se ut i framtiden? Teoretisk referensram: Teorikapitlet innefattar en genomgång av vissa områden inom institutionell teori, teorier kopplade till granskning av företags både finansiella, men främst icke-finansiella, rapporter samt teorier om revisionsbyråerna The Big Four och yrkesrollen revisor. Metod: Studien är en kvalitativ undersökning baserad på fyra stycken kvalitativa semistrukturerade intervjuer. Dessa utgör studiens empiri som senare i den tematiska analysen ställs mot studiens teoretiska referensram, vilken är sammanställd utifrån ett antal vetenskapliga artiklar. Empiri: Empirin redogör för de svar, tankar och åsikter som erhölls från respondenterna under de fyra intervjuerna. Kapitlet sammanfattas med en tabell, vilken ämnar ge en överskådlig blick över empirins innehåll. Slutsats: Respondenterna från The Big Four anser generellt att det ökade fokuset på hållbarhet är positivt och de är således förhoppningsfulla inför den framtida utvecklingen inom området. Det finns dock ett antal faktorer som leder till svårigheter för revisorn vid granskning av hållbarhetsrapporter, vilka till stor del beror på avsaknad av vägledande standarder och praxis vilket försvårar utvecklingen av utbildning inom hållbarhetsområdet

A volatilidade do fluxo de capital para economias emergentes: O papel da qualidade institucional do governo e do desenvolvimento do sistema financeiro doméstico

The paper proposes a panel model to the determinants of capital flow volatility to a group of eighteen emerging market economies (EME) in the period of 2000 to 2011. It studies the robustness of the model regarding different volatility measures; analyses several types of gross capital inflow; focusing the role of government institutional quality and the development of domestic financial system (banks, insurance companies, and capital markets - stocks, bonds and derivatives). The eighteen EME analyzed (Argentina, Brazil, Chile, Colombia, Czech Republic, Hungary, India, Indonesia, Malaysia, Mexico, Peru, Philippines, Poland, Russia, South Africa, Thailand, Turkey and Venezuela) represented roughly 95% of the Emerging Markets Bond Index Global (EMBIG) in January 2013, being the biggest destination to international capital flow to EME according to the report of the Bank for International Settlements (BIS, 2009). The main conclusion suggests that a reduction of capital flow volatility can be achieved by the adoption of policies that improve government institutional quality and promote development, stability and efficiency of the domestic financial system

Choque fiscal e a dinâmica da estrutura a termo da taxa de juros no Brasil

The study presents a macro-finance model to analyze the impacts of a fiscal policy shock in the Brazilian term structure of interest rate in the period 1999-2010. Fiscal policy explains a higher proportion of the long-term interest rate variance (25% of the five years rate) comparing to the short-term interest rate (13% of the one month rate); while the monetary policy explains a higher proportion of the short-term variance (23% of the one month rate) comparing to the long-term interest rate (6% of the five years rate). Fiscal policy austerity, represented by an increase in the primary budget surplus, reduces interest rate in general, especially the long-term rate, while the monetary policy, represented by an increase in the SELIC rate increases especially the short-term rate. The results are robust regarding the observed variables choice, to the number of lags in the model, and to the identification hypothesis. The study suggests that fiscal policy represents a large part of the evolution of the Brazilian term structure of interest rate, especially movements related to long-term rate, and indicates the limits of the Monetary Authority and the Central Bank in controlling interest rates and inflation, while contributes to the debate regarding the impact of fiscal shocks over interest rate

O impacto da política fiscal nos spreads soberanos: A austeridade fiscal e a qualidade do ajuste

The objective of this paper is to analyze the role of fiscal policy in the determinants of the sovereign spreads of a group of 23 emerging market countries in the period 1995-2008 focusing on two matters: i) fiscal policy sustainability, known as the accumulation of primary budget surplus, that keeps the debt-to-gdp ratio constant, and ii) the quality of fiscal adjustment, understand as the composition of the primary budget surplus. The paper expands and deals with some limitations in the model proposed by Favero and Giavazzi (2004) to the Brazilian case, and incorporates the debate proposed by Akitoby and Stratmann (2006) regarding the importance of the fiscal policy sustainability as well as the quality of fiscal adjustment in the term premia of sovereign spreads. The results are robust to several model`s specifications, by using instrumental variables, and either one of two different database of fiscal variables. The estimates are significant and with the expected signal, i.e., the higher the fiscal sustainability, the less the debt-to-gdp ratio, the less the market risk aversion, the so-called Type I adjustment (expenditure-based mainly on current expenditures) in detriment of the Type II (tax increase and cuts in public spending), the higher the spread reduction. The paper evidence that once accounted for international financial shocks, fiscal policy sustainability plays a relevant role in determining the sovereign spreads of emerging markets besides contribute as an effective public policy that potentially mitigates spillover effects

Estudio multicentrico sobre factores de riesgo asociados a mortalidad neonatal en el Hospital Carlos Roberto Huembes, Managua, Nicaragua de Enero 2011 a Junio 2012

El presente estudio, se trata de un estudio observacional de tipo analítico, de casos y controles retrospectivo de corte transversal que se realizó en el Departamento de Managua, específicamente en el Hospital Carlos Roberto Huembes en el periodo comprendido de Enero 2011 a Junio 2012. La muestra estuvo constituida por 111 neonatos ingresados a la sala de neonatología del Hospital Carlos Roberto Huembes los cuales fueron seleccionados mediante un muestreo se subdividieron en dos grupos un grupo que representó los casos (neonatos fallecidos) y otro grupo que representó a los controles (neonatos no fallecidos); se seleccionó apareando los casos y los controles según las siguientes variables: edad gestacional, sexo y peso estableciéndose teniendo una relación de 2 controles por cada caso. La recolección de la información se hizo mediante una ficha previamente validada y se procesó en el sistema informático de SPSS versión 22. Se estudiaron un total de 32 factores: 24 factores de riesgo y 8 factores protectores, de la mortalidad neonatal, encontrando 6 factores de riesgo (Apgar < 7 al primer y a los 5 minutos del nacimiento, edad gestacional menor de 37 SG, peso del recién nacido menor de 2,500 gr, presencia de patologías en el recién nacido (sepsis, asfixia, síndrome de distres respiratorio, entre otros) y uso de reanimación neonatal y 2 factores protectores estadísticamente asociados, apego precoz y pinzamiento tardío del cordón umbilical. Aceptamos la hipótesis alternativa de que ―existe asociación entre los factores de riesgo asociados a mortalidad neonatal y se rechaza la hipótesis nula. Una gran parte de estos factores de riesgo son prevenibles siempre que se haga el diagnostico precoz y oportuno así como un adecuado manejo terapéutico orientado mediante normas y protocolos ministeriales con intervenciones oportunas y adecuadas ante la presencia d0e uno o más de estos factores de riesgo ya sea neonatales, concepcionales o preconcepciones. Se recomienda el estricto cumplimiento de las normas relacionadas con la salud materno infantil. Recomendamos Continuar con la capacitación continua y de calidad de personal médico en base a las normativas y protocolos para la atención prenatal, del parto y puerperio y del recién nacido con el fin de recudir los factores de riesgo antes mencionados. Orientar continua a los pacientes que acuden la unidad hospitalaria o en los centros de salud sobre la atención de prenatal y su importancia en la prevención de las patologías maternas y del recién nacido así como el control del puerperio y la importancia de las citas del control de Niño sano. Implementar campañas preventivas para la detección de signos y síntomas durante el embarazo, especialmente los antecedentes patológicos de las madres (anemia, HTA, diabetes), las infecciones y el alto riesgo obstétrico (antecedentes de ARO y óbitos), el fomento de los CPN de calidad

Caminhos para o investimento privado nas economias emergentes: As características institucionais e os spreads corporativos

The study analyses the role of institutional characteristics of a country (governance) and the domestic financial system (depth, efficiency, stability, and capital openness) in determinants of emerging market corporate bond spreads issued in international market. We propose an econometric panel data with corporate bond spreads of CEMBI Broad Diversified Index in the period of 2002-2011 to twenty emerging economies. The sovereigns analyzed: Argentina, Brazil, Chile, China, Colombia, India, Indonesia, Kazakhstan, South Korea, Malaysia, Mexico, Peru, Philippines, Russia, Singapore, South Africa, Thailand, Turkey, Ukraine and Venezuela corresponded to roughly 80% of CEMBI Broad Diversified Index in July 2013. We conclude that policies that promote financial liberalization, capital openness, fiscal austerity, development of domestic financial system and improve governance institutional characteristics as rule of law and regulatory quality have the potential to reduce emerging market corporate bond spreads, especially in moments of global risk aversion. Results indicate that initiatives looking forward the improvement of institutional government apparatus and capital market development may help emerging market companies to increase the share of private capital investment

O fortalecimento do sistema financeiro doméstico e o fluxo de capital para economias emergentes

The objective of this is study is to assert the role of domestic financial system as mitigating of sudden stops episodes and driver of capital flows in a group of 14 emerging economies in the period of 1999-2013, especially in face of unfavorable external environment such as high international interest rate or global risk aversion. The countries analyzed - Argentina, Brazil, Chile, Colombia, Indonesia, Malaysia, Mexico, Peru, Philippines, Russia, South Africa, Thailand, Turkey and Ukraine, represented in August 2014 roughly 80% of the Embi Plus and 60% of Embi Global. We work with distinct types of capital flows: Inflow of Foreign Direct Investment (FDI), Inflow of Portfólio (stocks, bonds, derivatives and other investments) and Net Capital (inflow and outflow of all types of capital). The result support evidence that the development of domestic financial system allows an increase of capital flow and a decrease of sudden stops probability. This fact support public policies that improve development and strength of domestic financial system in emerging economies

Choques macroeconômicos e a probabilidade de permanecer empregado ou desempregado

This exercise contributes to the literature that relates macroeconomic cycle with the labor market, estimating an Favar model to Brazil with four variables - degree of utilization, inflation rate, Selic rate and real exchange rate - and a latent variable that summarizes the state of the labor market, which is represented with the odds of being employed, stay employed and remain unemployed in different demographic groups. The shocks - demand, supply, monetary, foreign exchange and social - are identified, using the signal response of a structural macroeconomic model, the Dynamic Stochastic General Equilibrium (DSGE). The results confirm that the labor market is affected by cycle through the fluctuations of contracts

Value of risk scores in the decision to palliate patients withruptured abdominal aortic aneurysm

Background: The aim of this study was to develop a 48‐h mortality risk score, which included morphology data, for patients with ruptured abdominal aortic aneurysm presenting to an emergency department, and to assess its predictive accuracy and clinical effectiveness in triaging patients to immediate aneurysm repair, transfer or palliative care. Methods: Data from patients in the IMPROVE (Immediate Management of the Patient With Ruptured Aneurysm: Open Versus Endovascular Repair) randomized trial were used to develop the risk score. Variables considered included age, sex, haemodynamic markers and aortic morphology. Backwards selection was used to identify relevant predictors. Predictive performance was assessed using calibration plots and the C‐statistic. Validation of the newly developed and other previously published scores was conducted in four external populations. The net benefit of treating patients based on a risk threshold compared with treating none was quantified. Results: Data from 536 patients in the IMPROVE trial were included. The final variables retained were age, sex, haemoglobin level, serum creatinine level, systolic BP, aortic neck length and angle, and acute myocardial ischaemia. The discrimination of the score for 48‐h mortality in the IMPROVE data was reasonable (C‐statistic 0·710, 95 per cent c.i. 0·659 to 0·760), but varied in external populations (from 0·652 to 0·761). The new score outperformed other published risk scores in some, but not all, populations. An 8 (95 per cent c.i. 5 to 11) per cent improvement in the C‐statistic was estimated compared with using age alone. Conclusion: The assessed risk scores did not have sufficient accuracy to enable potentially life‐saving decisions to be made regarding intervention. Focus should therefore shift to offering repair to more patients and reducing non‐intervention rates, while respecting the wishes of the patient and family