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- The conservatism as a cultural value that underlies the financial reporting: Empirical evidence from listed companies in European regulated marketsPublication . Albuquerque, Fábio; Rodrigues, Nuno; Texeira Quirós, Joaquín; Texeira Fernandes Justino, Maria Do RosárioThis paper intends to assess the existence of confirmatory variables of conservatism based on the disclosures made in the financial report. Data were collected from the annual accounts for 2013 and 2014 disclosed by 137 listed entities (non-financial groups) in the European Union (EU) stock indexes: Portuguese Stock Index (PSI)-20, Iberian Index (IBEX)-35, Financial Times Stock Exchange (FTSE)- 100, German Stock Index (DAX)-30 e Stockholm Stock Exchange (OMX)-S30. The content analysis was used as a methodology. After applying multiple linear regression models, the findings indicate that the assessment of the conservatism based on relevance is consistent with the associations suggested in the literature. One of the main contributions of this research is the consideration of the impact of culture on financial reporting, namely through the proposal of a new proxy for the measurement of conservatism based on the financial report.
- Are the cultural accounting values a relevant issue forthe SMEs’ financing options?Publication . Texeira Fernandes Justino, Maria Do Rosário; Albuquerque, Fábio; Texeira Quirós, JoaquínThis paper aims to examine the financing options of the managers/owners of SMEs (small and medium-sized companies) from a point of view that incorporates cultural values, namely, conservatism and secrecy.Data were collected with the use of a questionnaire conducted for managers/owners of a sample of 1629Portuguese SMEs, and with the use of accounting and financial information from the period 2009 to 2011.438 managers/owners provided valid answers, corresponding to a response rate of 27%. Using multivariateregression techniques as a basis, the results showed that a significant number of managers/owners supportedthe negative relationship between conservatism/secrecy and the business financing options associated witha higher risk (debts with costs). The results also showed that a more significant number of managers/ownersof national SMEs choose sources of financing in light of the pecking order theory.