Explaining Accounting Policy Practices Under IFRS: The Role of Institutional Factors

Available at SSRN: https://ssrn.com/abstract=2869902 or http://dx.doi.org/10.2139/ssrn.2869902We argue and document that persistent institutional factors determine managerial accounting policy practice under IFRS. In an analysis of accounting choice across thirteen European countries, we study both overt and covert choices, aggregating them to measure their impact over income, thereby focusing on firm overall accounting strategy and not only on individual choices. Our results indicate that institutional factors significantly explain the observed heterogeneity in accounting policy practices and that firm characteristics have a smaller role in explaining them. Capital market structure and tax-alignment are particularly important factor in driving accounting practice. Contrary to the recent emphasis on enforcement as a key institutional factor, our evidence indicates it is a second order factor, when controlling for other institutional factors. Keywords: Accounting policy practices, International differences, IFRS, institutional factors, managerial reporting incentives JEL Classification: M41, M44, M4

Antioxidant potential of two red seaweeds from the Brazilian coasts

In this work, in vitro antioxidant activity of two Brazilian red seaweeds, Gracilaria birdiae and Gracilaria cornea, was characterized. The total phenolic content, the radical-scavenging activity and the antioxidant activity were determined in two solvent extracts of the algae. Liquid chromatography mass spectrometry (LC MS/MS) allowed identification of important antioxidant compounds. The ethanol extract of G. birdiae was found to have the highest value of total phenolic content: 1.13 mg of gallic acid equiv (GAE)/g of extract.The radical-scavenging activity of G. birdiae and G. cornea extracts has been evaluated at different extract concentrations; the IC50 values of ethanolic extracts of G. cornea and G. birdiae were 0.77 and 0.76mgmL 1, respectively, while formethanolic extracts, the IC50 values of G. cornea and G. birdiae were 0.86 and 0.76mgmL 1, respectively. The antioxidant activities of these two seaweeds’ extracts as assessed by the ß-carotene linoleic acid assay were equally high, achieving values of ß-carotene oxidation inhibition of up to 40%. Finally, in the methanolic extracts, LC MS/MS allowed identification in both algae of two important antioxidants: apigenin and gallic acid.B.W.S.S. is the recipient of a fellowship from the Coordenacao de Aperfeicoamento de Pessoal de Nivel Superior (CAPES, Brazil) M.A.C. and J.T.M. are recipients of fellowships from the Fundacao para a Ciencia e Tecnologia (FCT, Portugal) (SFRH/BD/23897/2005 and SFRH/BD/32566/2006, respectively)

Innovation and winemaking by-product valorization: an ohmic heating approach

The by-products of the winemaking process can represent chances for the development of new products. This study focused on the “zero waste” strategy development for by-products generated within winemaking from white and red grape varieties cultivated in the north of Portugal. The phytochemical properties of by-products were identified and characterized. Ohmic heating (OH) as a green extraction method was also applied to grape pomace due to their unknown effects on centesimal and phytochemical compositions. Both protein and carbohydrates were shown to be higher in grape bagasse than in stems. Additionally, red bagasse is richer in bioactive compounds (BC) than white bagasse. The sugar content was 21.91 and 11.01 g/100 g of DW in red and white grape bagasse, respectively. The amount of protein was 12.46 g/100 g of DW for red grape bagasse and 13.18 g/100 g of DW for white. Regarding the extraction methods, two fractions were obtained, a liquid fraction and solid (the remainder after the methodology application). OH presented a higher antioxidant capacity than a conventional (CONV) method. In addition, both extracts presented similar contents of anthocyanins, e.g., delphinidin-3-O-glucoside, petunidin-3-O-glucoside, and peonidin-3-O-glucoside. The solid fraction presented higher amounts of protein and phenols bound to fiber than CONV, which allows its use as a functional ingredient. In conclusion, OH can be an alternative extraction method compared with CONV methods, avoiding non-food grade solvents, thus contributing to circular economy implementation.info:eu-repo/semantics/publishedVersio

Tomato processing by-products valorisation through ohmic heating approach

Tomato by-products from processing industries have a higher potential to be reused as a source of bioactive compounds. Reliable national data on tomato by-products and physicochemical characterisation that will inform and find effective planning on tomato waste management in Portugal is absent. To help obtain this knowledge, selected Portugal companies were recruited to obtain representative samples of by-products generation, and physicochemical composition was evaluated. Furthermore, an environmental-friendly method (the ohmic heating (OH) method, which allows the recovery of bioactive compounds in absence of hazardous reagents) was also used and compared with conventional methods to explore new safe value-added ingredients. Total antioxidant capacity and total and individual phenolic compounds were also evaluated by spectrophotometric and high-performance liquid chromatography (HPLC), respectively. Tomato processing by-products have revealed a higher potential since both collected samples from companies were rich in protein (between 16.3 to 19.4 g/100 g DW, with fibre content ranging from 57.8 to 59.0 g/100 g DW). In addition, these samples contain 17.0 g/100 g of fatty acids (mainly polyunsaturated, monounsaturated and saturated, such as linoleic, oleic, and palmitic acid, respectively). Also, they present mainly chlorogenic acid and rutin as phenolic compounds. After understanding its composition, the OH was applied to determine added-value solutions to tomato by-products. With extractions, two types of fractions were obtained, namely liquid fraction rich in phenols, free sugars, and carotenoids and a solid fraction rich in fibre bound to phenols and carotenoids. This treatment has been shown to have the ability to preserve carotenoids, such as lycopene relative to conventional methods. Nevertheless, new molecules were identified by LC-ESI-UHR-OqTOF-MS analysis, such as phene-di-hexane and N-acethyl-D-tryptophan. According to the results, the OH boosts the potential of tomato by-products and can be directly introduced into the process, contributing to the circular economy and zero by-products.info:eu-repo/semantics/publishedVersio

Plant extracts as potential bioactive food additives

Plant extracts have been proposed as antimicrobial agents and health-promoters to be included in a variety of food products. In this sense, this work aimed to evaluate the bioactivities of infusions, decoctions and hydroethanolic extracts of six aromatic plants, namely, basil, lemon balm, lavender, sage, spearmint, and tarragon. The novelty of this study is related to the recent trend to replace chemical additives with more natural, plant-based ones, to meet consumers’ demands. The results highlighted the antimicrobial, antioxidant, and anti-inflammatory effects of several of these extracts, thus emphasising their capability to prevent food spoilage and promote health benefits. In this sense, our research revealed the potential of some plant extracts as potential food additives.The authors are grateful to the EU PRIMA program and the Portuguese Foundation for Science and Technology (FCT) for funding the ArtiSaneFood project (PRIMA/0001/2018) and for financial support through national funds FCT/MCTES to CIMO (UIDB/00690/2020). This study was supported by FCT under the scope of the strategic funding of UIDB/04469/2020 unit and BioTecNorte operation (NORTE-01-0145-FEDER-000004) funded by the European Regional Development Fund under the scope of Norte2020—Programa Operacional Regional do Norte. This work has been supported by the Ministry of Education, Science and Technological Development of Republic of Serbia (451-03-68/2020-14/200007).B.N.S. wishes to acknowledge the financial support provided by FCT through the Ph.D. grant SFRH/BD/137801/2018. R.C.C., L.B., U.G.-B. and J.P. (CEECIND/01011/2018) acknowledge the national funding by FCT, P.I., through the Institutional Scientific Employment Program contract. The project Healthy-PETFOOD is acknowledged, for the contract of C. Caleja (Healthy-PETFOOD (POCI-01-0247-FEDER-047073)), as well as the Project Mobilizador Norte-01-0247-FEDER-024479: ValorNatural®, for the contract of E. Pereira.info:eu-repo/semantics/publishedVersio

Application of a lab-made electronic nose for extra virgin olive oils commercial classification according to the perceived fruitiness intensity

An electronic nose, comprising nine metal oxide sensors, has been built aiming to classify olive oils according to the fruity intensity commercial grade (ripely fruity or light, medium and intense greenly fruity), following European regulated complementary terminology. The lab-made sensor device was capable to differentiate standard aqueous solutions (acetic acid, cis-3-hexenyl, cis-3-hexen-1-ol, hexanal, 1-hexenol and nonanal) that mimicked positive sensations (e.g., fatty, floral, fruit, grass, green and green leaves attributes) and negative attributes (e.g., sour and vinegary defects), as well as to semi-quantitatively classify them according to the concentration ranges (0.05 to 2.25 mg/kg). For that, unsupervised (principal component analysis) and supervised (linear discriminant analysis: sensitivity of 92% for leave-one-out cross validation) classification multivariate models were established based on nine or six gas sensors, respectively. It was also showed that the built E-nose allowed differentiating/discriminating (sensitivity of 81% for leave-one-out cross validation) extra virgin olive oils according to the perceived intensity of fruitiness as ripely fruity, light, medium or intense greenly fruity. In conclusion, the gas sensor device could be used as a practical preliminary non-destructive tool for guaranteeing the correctness of olive oil fruitiness intensity labelling.The authors are grateful to the Foundation for Science and Technology (FCT, Portugal) for financial support by national funds FCT/ MCTES to CIMO (UIDB/00690/2020), to CEB (UIDB/04469/2020) and to BioTecNorte operation (NORTE-01-0145-FEDER-000004) and Project “GreenHealth - Digital strategies in biological assets to improve wellbeing and promote green health” (Norte-01-0145-FEDER-000042) funded by the European Regional Development Fund (ERDF) under the scope of Regional Operational Program North 2020. ´Itala Marx acknowledges the Ph.D. research grant (SFRH/BD/137283/2018) provided by FCT. Nuno Rodrigues thanks the National funding by FCTFoundation for Science and Technology, P.I., through the Institutional Scientific Employment Program-contract.info:eu-repo/semantics/publishedVersio

Formulation, characterization, and cytotoxicity evaluation of lactoferrin functionalized lipid nanoparticles for riluzole delivery to the brain

Amyotrophic lateral sclerosis (ALS) is a neurodegenerative disease with a very poor prognosis. Its treatment is hindered by a lack of new therapeutic alternatives and the existence of the blood–brain barrier (BBB), which restricts the access of drugs commonly used in ALS, such as riluzole, to the brain. To overcome these limitations and increase brain targeting, riluzole-loaded nanostructured lipid carriers (NLC) were prepared and functionalized with lactoferrin (Lf), facilitating transport across the BBB by interacting with Lf receptors expressed in the brain endothelium. NLC were characterized with respect to their physicochemical properties (size, zeta potential, polydispersity index) as well as their stability, encapsulation efficiency, morphology, in vitro release profile, and biocompatibility. Moreover, crystallinity and melting behavior were assessed by DSC and PXRD. Nanoparticles exhibited initial mean diameters between 180 and 220 nm and a polydispersity index below 0.3, indicating a narrow size distribution. NLC remained stable over at least 3 months. Riluzole encapsulation efficiency was very high, around 94–98%. FTIR and protein quantification studies confirmed the conjugation of Lf on the surface of the nanocarriers, with TEM images showing that the functionalized NLC presented a smooth surface and uniform spherical shape. An MTT assay revealed that the nanocarriers developed in this study did not cause a substantial reduction in the viability of NSC-34 and hCMEC/D3 cells at a riluzole concentration up to 10 μM, being therefore biocompatible. The results suggest that Lf-functionalized NLC are a suitable and promising delivery system to target riluzole to the brain.info:eu-repo/semantics/publishedVersio

Total soluble solids from banana: evaluation and optimization of extraction parameters

Banana, an important component in the diet of the global population, is one of the most consumed fruits in the world. This fruit is also very favorable to industry processes (e.g., fermented beverages) due to its rich content on soluble solids and minerals, with low acidity. The main objective of this work was to evaluate the influence of factors such as banana weight and extraction time during a hot aqueous extraction process on the total soluble solids content of banana. The extract is to be used by the food and beverage industries. The experiments were performed with 105 mL of water, considering the moisture of the ripe banana (65%). Total sugar concentrations were obtained in a beer analyzer and the result expressed in degrees Plato (°P, which is the weight of the extract or the sugar equivalent in 100 g solution at 20 °C), aiming at facilitating the use of these results by the beverage industries. After previous studies of characterization of the fruit and of ripening performance, a 22 full-factorial star design was carried out, and a model was developed to describe the behavior of the dependent variable (total soluble solids) as a function of the factors (banana weight and extraction time), indicating as optimum conditions for extraction 38.5 g of banana at 39.7 min.Gabinete de Relações Internacionais da Ciência e do Ensino Superior (GRICES), Portugal.Fundação de Amparo à Pesquisa do Estado de São Paulo (Fapesp), Brasil.Coordenação para Aperfeiçoamento do Ensino Superior (CAPES), Brasil.Fundação para a Ciência e Tecnologia (FCT), Portugal

Antioxidant compounds recovery from Juçara residue by thermal assisted extraction

This study aimed to recover bioactive compounds by solid-liquid extraction from the agro-industrial residue obtained during juçara fruits processing into pulp. A preliminary study using different solvents (methanol, ethanol and water) indicated ethanol in aqueous solution as the best solvent for antioxidants recovery. Then, a Box-Behnken design was applied considering as independent variables the solvent composition (3070% ethanol in water), temperature (3070 °C) and time (3060 min), in order to evaluate the effects of these factors on antioxidant activity in juçara extract. Results showed that the extracts with higher antioxidant activity were obtained using 30% ethanol at 70 °C for 60 min; measurements included ABTS and DPPH assays, determination of total phenolic content and total monomeric anthocyanins. Furthermore, the effect of pH in antioxidants recovery was evaluated. For this purpose, the 30% ethanol solution was acidified to pH 1 and 2 with HCl. Principal component analysis showed the formation of three distinct groups: one characterized by high bioactive compounds content (pH 1.0), another with superior antioxidant activity (pH 5.75, non-acidified), and finally the group at pH 2 presenting the worst concentrations in the evaluated responses. HPLC analysis showed the presence of cyanidin-3-O-rutinoside and cyanidin-3-O-glucoside in the extracts. Therefore, the conventional solid-liquid extraction using renewable solvent can be successfully applied to recover bioactive compounds from juçara residue, which can be used by different food industries.The authors gratefully acknowledge the institutions: Coordenação de Aperfeiçoamento Pessoal deEnsinoSuperior (CAPES), Universidade Federal do Rio de Janeiro, Embrapa Agroindústria de Alimentos and University of Minho by the financial support of the research work and Juçaí Alimentos for the juçara residue. Ricardo N. Pereira gratefully acknowledge to Portuguese Foundation for Science and Technology (FCT) the financial grant with reference SFRH/BPD/ 81887/2011.info:eu-repo/semantics/publishedVersio