How does the market view interests in jointly controlled entities?

Este estudo tem como objectivo de analisar a forma como os investidores avaliam os investimentos financeiros das entidades, nomeadamente em entidades conjuntamente controladas. Para isso, irá ser analisado se os activos e passivos deste tipo de entidades são semelhantes aos activos e passivos das empresas detentoras deste tipo de investimentos ou se são considerados que os riscos e benefícios associados activos e passivos estão apenas subjacentes às entidades conjuntamente controladas. De forma a analisar esta questão irá ser utilizado um modelo de valorização utilizado pelo Landsman et al. (2008). Neste modelo são incluídos indicadores como os activos, passivos e resultado liquido das empresas detentoras de investimentos em entidades conjuntamente controladas, assim como, os activos e passivos das entidades conjuntamente controladas. Os resultados são baseados em comparações de coeficientes dos activos e passivos. Os resultados apontam que os investidores avaliam os activos e passivos das entidades conjuntamente controladas de forma semelhante aos activos e passivos da empresa detentora deste tipo de investimentos, o que vem sustentar adopção do modelo proporcional ao invés da equivalência patrimonial. Consequentemente, este estudo fornece uma forte contribuição para o debate internacional que existe neste momento relativo a esta matéria, nomeadamente ao projecto de convergência do International Accounting Standards Board (IASB), que procura remover a opção existente na International Accounting Standard 31 (2003), Interests in Joint Ventures (IAS 31), entre o método proporcional e equivalência patrimonial para entidades conjuntamente controladas.This study addresses whether the market views the venturers share of jointly controlled entities assets and liabilities as assets and liabilities of the venturer or whether the risks and rewards associated with the venturers’ share of jointly controlled entities assets and liabilities reside with the jointly controlled entities. We estimate a cross-sectional valuation model based on that used in Landsman et al. (2008). The key valuation model is one that includes measures of the venturer’s assets, liabilities and net income and also measures of the venturer’s share of jointly controlled entities’ assets and liabilities. Findings are based on comparisons of asset and liability coefficients. They suggest that investors view the venturer’s share of jointly controlled entities assets and liabilities similarly to the assets and liabilities of the venturer and thus support the adoption of proportionate consolidation as a feasible alternative to the equity method. Therefore, it provides a useful contribution to the international debate on this issue, including to the International Accounting Standards Board (IASB) joint convergence project to find a consensual solution and remove the option of accounting for interests in jointly controlled entities from International Accounting Standard 31 (2003), Interests in Joint Ventures (IAS 31)

Do firms with a more international board comply better with IFRS disclosure requirements?

JEL Classification: M41 – Accounting; M48 - Government Policy and RegulationThis study analyses the effect of the internationalisation of the board members on the level of compliance with the disclosure requirements of IFRS 3 in Brazil. Based on a framework that combines Upper Echelons Theory and Resource Dependence Theory, we hypothesise that a higher proportion of foreign board members and/or a higher proportion of board members with training abroad is associated with a higher level of compliance with IFRS 3 disclosure requirements. The results of this study confirm our hypothesis, i.e., Brazilian firms with more foreign board members or/and with more board members with training abroad comply better with IFRS 3 requirements. These findings shed light on the discussion of the effect of board members' characteristics on mandatory disclosure; they are also important to policy makers who are interested in achieving optimal board composition.Este estudo analisa o efeito da internacionalização da administração no nível de cumprimento da divulgação obrigatória exigida pela IFRS 3 no Brasil. A base teórica deste estudo combina duas teorias - Upper Echelons Theory and Resource Dependence Theory. Com base nestas teorias criou-se as seguintes hipóteses: uma maior proporção de membros estrangeiros na administração das empresas e/ou uma maior proporção de membros da administração com formação no estrangeiro está associada ao um aumento do nível de cumprimento da divulgação obrigatória da IFRS 3. Os resultados deste estudo confirmaram as hipóteses, ou seja, empresas brasileiras com mais administradores estrangeiros ou com mais administradores com formação no estrangeiro cumprem mais com a divulgação obrigatória exigida pela IFRS 3. Estes resultados levantam a discussão de que as características individuais dos membros da administração podem afetar a o cumprimento da divulgação obrigatória. Estes resultados são também importantes para os reguladores que estejam interessados em encontrar a composição da administração ideal

Evaluation of a quality improvement intervention to reduce anastomotic leak following right colectomy (EAGLE): pragmatic, batched stepped-wedge, cluster-randomized trial in 64 countries

Background Anastomotic leak affects 8 per cent of patients after right colectomy with a 10-fold increased risk of postoperative death. The EAGLE study aimed to develop and test whether an international, standardized quality improvement intervention could reduce anastomotic leaks. Methods The internationally intended protocol, iteratively co-developed by a multistage Delphi process, comprised an online educational module introducing risk stratification, an intraoperative checklist, and harmonized surgical techniques. Clusters (hospital teams) were randomized to one of three arms with varied sequences of intervention/data collection by a derived stepped-wedge batch design (at least 18 hospital teams per batch). Patients were blinded to the study allocation. Low- and middle-income country enrolment was encouraged. The primary outcome (assessed by intention to treat) was anastomotic leak rate, and subgroup analyses by module completion (at least 80 per cent of surgeons, high engagement; less than 50 per cent, low engagement) were preplanned. Results A total 355 hospital teams registered, with 332 from 64 countries (39.2 per cent low and middle income) included in the final analysis. The online modules were completed by half of the surgeons (2143 of 4411). The primary analysis included 3039 of the 3268 patients recruited (206 patients had no anastomosis and 23 were lost to follow-up), with anastomotic leaks arising before and after the intervention in 10.1 and 9.6 per cent respectively (adjusted OR 0.87, 95 per cent c.i. 0.59 to 1.30; P = 0.498). The proportion of surgeons completing the educational modules was an influence: the leak rate decreased from 12.2 per cent (61 of 500) before intervention to 5.1 per cent (24 of 473) after intervention in high-engagement centres (adjusted OR 0.36, 0.20 to 0.64; P < 0.001), but this was not observed in low-engagement hospitals (8.3 per cent (59 of 714) and 13.8 per cent (61 of 443) respectively; adjusted OR 2.09, 1.31 to 3.31). Conclusion Completion of globally available digital training by engaged teams can alter anastomotic leak rates. Registration number: NCT04270721 (http://www.clinicaltrials.gov)