Dissertação de mestrado em Finanças; The purpose of this study is to provide empirical evidence about the effects of working capital management on the profitability of Portuguese manufacturing firms. In accordance to this purpose, profitability was measured by the return-on-assets ratio and the efficiency of the working capital management was measured by the aggregate summary indicator: net trade cycle. A longitudinal database covering the period 1996- 2006, collected from Instituto Nacional de Estatística (Portuguese Statistical Office), was analyzed under panel data methodology. In line with previous research, the empirical findings of this study provide evidence that there is a negative linear relationship between profitability and net trade cycle. Moreover, a reduction in the average number of days of accounts receivable and in the average number of days of inventories leads to an increase in firm´s profitability. Also a decrease in the average number of days of accounts payable tends to increase profitability. In addition, our study is the first one to test a non-linear relation between profitability and working capital management for a sample of Portuguese firms. Our results suggest a non-linear (concave) relationship between these two variables...

Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais; Neste relatório pretende-se sintetizar o estágio curricular que ocorreu entre Janeiro e Março de 2012 numa empresa do sector automóvel, a Mercedes-Benz. Este relatório compreende três partes fundamentais: a descrição da organização e da sua envolvente; a descrição das actividades desenvolvidas; e, por fim, o balanço crítico dessas mesmas actividades. A Mercedes-Benz é uma empresa do Grupo Daimler, fundada em Abril de 2004, que conta actualmente com 296 colaboradores. As actividades desenvolvidas durante este estágio podem ser agrupadas em duas grandes áreas: Clientes - Controlo de Cobranças; e Fornecedores - Gestão de contas a pagar. Na universidade aprende-se, essencialmente, aspectos teóricos fundamentais às exigências de um profissional. Contudo pelo que se tornou necessário complementar esse conhecimento com uma componente prática, que poderá ser materializada através do estágio. Obtém-se contacto com a vida real, ou seja, com o que realmente acontece no dia-a-dia de uma organização. Chegado ao final do estágio, e feita a avaliação do mesmo, conclui-se que este contribuiu de forma bastante significativa para o desenvolvimento pessoal e profissional...

Master of Science in Business Administration/ Classificação: M0, M1, L2; Trabalho na empresa de BPO Genpact em Bucareste, Roménia como Process Associate Accounts Payable com Português. O cliente com quem trabalho encontra-se em Portugal e expatriou o departamento de Finanças e Contabilidade. Este projeto faz referência às condições para uma ótima colaboração entre os parceiros do processo de outsourcing. Em baixo segue uma visão geral da minha tese. Primeiramente vou explicar a minha motivação para trabalhar numa empresa de BPO. Vou apresentar um dia da minha vida como empregada numa empresa de BPO. Depois vou fazer uma abordagem mais teórica do outsourcing. Vou elaborar uma análise da evolução do processo de outsourcing: como e quando começou; como evoluiu (desde aspectos evidentemente “non-core” terceirizados ate ao outsoursing de processos que parecem “core”); como ganhou vantagem competitiva no contexto da crise económica; como vai desenvolver no futuro: será um aspecto básico duma estratégia empresarial ou perderá importância quando a crise vai se remediar? Depois vou analisar a indústria de outsourcing e os principais competidores deste mercado, incluindo aspectos como market share...

The authors employ a novel dataset on almost 30,000 trade credit contracts to describe the broad characteristics of the parties that contract together; the key contractual terms, such as the discount for early payment; and the days by when payment is due. Whereas prior work has typically used information on only one side of the buyer-seller transaction, this paper utilizes information on both. The authors find that the largest and most creditworthy buyers receive contracts with the longest maturities from smaller suppliers, with the latter extending credit to the former perhaps as a way of certifying product quality. Discounts for early payment seem to be offered to riskier buyers to limit the potential nonpayment risk when credit is extended for non-financial reasons.

This paper provides new evidence on the unique role of trade credit and contracting terms as a way for both sellers and buyers to mange business risk. The authors use a novel and unique dataset on almost 30,000 supplier contracts for 56 large buyers and more than 24,000 suppliers in Europe and North America. The sample of buyers and suppliers includes firms of varying size, investment grade, and sectors. The paper finds evidence in support of four important, and not mutually exclusive, reasons for trade credit: 1) as a method of financing; 2) as a means of price discrimination; 3) as a bond assuring buyers of product quality; and 4) as a screening mechanism to gauge buyer default risk. In particular, the analysis finds that the largest and most creditworthy buyers receive contracts with the longest maturities, as measured by net days, from smaller, investment grade suppliers. In comparison, early payment discounts seem to be used as a risk management tool to limit the potential nonpayment risk of trade credit. Early payment discounts are generally offered to smaller...

The paper discusses the main features that distinguish inter-firm international trade finance from alternative sources of financing. On the one hand, inter-firm trade finance could help overcome informational problems associated with other lending relationships; on the other, it may contribute to propagate shocks due to the interconnection among firms along credit chains. The paper evaluates the potential effects of a financial crisis on the use of trade credit for firms operating in developing countries. It argues that while the advantages of trade credit might remain largely unexploited due to poor legal institutions, the disadvantages might be exacerbated because of these firms greater exposure to a default chain. Based on these arguments, a menu of choices is identified for what policymakers can do to boost firms access to inter-firm trade finance in times of crisis.

The Enron crisis offered a dramatic reminder to regulators around the world that reliable accounting standards are essential for markets to work efficiently and fairly. Harvey Pitt, chairman of the regulatory agency responsible for the monitoring of accountants in the United States (the Securities and Exchange Commission) from 2001 to 2003, argued that the crisis revealed two problems with accounting that needed to be addressed by the regulators. The first problem is that the accountants may have gotten some of the accounting wrong. The second, and more important, problem is that they may have gotten a lot of the accounting right. This volume describes a set of rules with which utilities monopolies should be able to comply without threat to a fair return on their business, while at the same time ensuring the accountability of all players. Regulators in many member countries of the organization for economic co-operation and development and in the electricity sector in many developing countries use these rules. There is no reason why they should not be of value to regulators of all public service providers that enjoy strong residual monopoly rights. Ultimately...

This paper provides evidence of the presence and relevance of a credit-chain amplification mechanism by looking at its implications for the correlation of industries. In particular, it tests the hypothesis that an increase in the use of trade-credit along the input-output chain linking two industries results in an increase in their correlation. The analysis uses detailed data on the correlations and input-output relations of 378 manufacturing industry-pairs across 44 countries with different degrees of use of trade credit. The results provide strong support for this hypothesis and indicate that the mechanism is quantitatively relevant.

This paper studies the decision of firms to extend trade credit to customers and its relation with their financing decisions. The authors use a novel firm-level database of Chinese SMEs with unique information on market power in both output and input markets and on the amount, terms, and payment history of trade credit simultaneously extended to customers (accounts receivable) and received from suppliers (accounts payable). The analysis shows that suppliers with relatively weaker market power are more likely to extend trade credit and have a larger share of goods sold on credit. Examination of the importance of financial constraints reveals that access to bank financing and profitability are not significantly related to trade credit supply. Rather, firms that receive trade credit from their own suppliers are more likely to extend trade credit to their customers, and to "match maturity" between the contract terms of payables and receivables. This matching practice is more likely used when firms face strong competition in the product market (relative to their customers)...

The Governemnt of Ghana has been preparing public expenditure reviews annually since 1993, by adopting relevant thematic areas to highlight important issues of public expenditure management in Ghana. These reviews have indicated lapses in the mechanism through which public expenditures were made and also provided the basis for assessment of expenditure priorities of government. Since education is the largest spending sector of the economy, the 1999 public expenditure review is focused on improving the quality of education through increased efficient and effective use of resources. Under Ghana vision 2020, improving access to quality education in the country has been identified as one of the focal points for government to achieve its aim of ensuring efficient education in the country. Education and training are thus being structured to meet the current manpower needs of the country as well as satisfy the intellectual and skill requirement of a technology-based growing economy.

The purpose of this public expenditure review is 1) to present an overall diagnosis of public expenditure management, which the Government of Latvia can use in their policy reviews and budget oversight and management; and 2) to present a path for reforms in the short and medium term that will help the authorities set a track toward meeting some of the key long-term objectives already endorsed by the Government. The report is organized as follows: After the Introduction, Chapter 2 assesses recent macroeconomic developments and structural reforms in Latvia. The focus is on dynamic of growth, the fiscal stance, and the external accounts. Chapter 3 examines fiscal performance within an aggregate budget constraint. It shows that, in principle, Latvia has had an excellent record in fiscal restraint, as measured by the progressive reduction in the fiscal deficit since 1994. However, this achievement has required expenditure adjustments during the year, which has produced adverse effects on expenditure management. Chapter 4 reviews the budget process...

This report is a companion report of the Country Financial Accountability Assessment. It presents an institutional analysis of the budget process, which is the process by which the government allocates funds to spending agencies. It analyzes the participants in the decision-making process related to spending and the institutions involved in the budgetary and financial management of government operations, as well as the modalities of preparation and execution of the budget. The report also updates the findings of the 1997 Public Expenditure Review concerning fiscal sustainability and the size and composition of public expenditure, which is discussed in an international context. Finally, the report provides recomendations on how to improve the management of public resources.

Ukraine has several strengths, such as an educated workforce, strong bookkeeping skills, and commitment to reforms, and a long-term vision of joining the European Union. In order to strengthen existing public financial accountability, Ukraine will need to build on its strength by undertaking several measures. Experience in many other countries shows that several required changes entail reaching political consensus, reforming existing institutions, or creating new institutions. This suggests that a realistic timetable for improvement in public financial accountability will have to stretch over several years and will depend on strong leadership from the top. The most important areas for action are: bringing revenues under the scope of independent external auditors; introducing the concept of internal audit; strengthening the capacity of the Accounting Chamber to conduct financial statement audits; strengthening the accountability of state owned enterprises; introducing international accounting standards for selected enterprises; adopting international best practices for licensing of audit professionals; and strengthening the disciplinary committee of the Chamber of Auditors to provide effective oversight. Other measures needed are to: train deparmtnetal staff in implementing program budgeting; fully implementing the Budget Code; expediting the implementing of the Treasury modernization project; and implementing standardized automated accounting and reporting systems.

Further, governments are using information and communication technologies (ICT) as tools to reduce transaction costs and processing time, and increase government revenues. Further, the potential to access public services at home or at a local Internet kiosk empowers citizens in rural areas, including women and minorities. Access to relevant public information on rights and benefits, inheritance and family laws, health care, and housing can be provided through the Internet or mobile phone which translates to easier access and less time than traveling to or queuing up at government departments. The Royal Government of Cambodia (the Government) has taken various initiatives regarding the streamlining of ICTs in administration functions and several core agencies have invested or are planning on investing in information systems, databases of various types, websites, communications networks, etc. However, this figure will be significantly higher when the cost for ICT components under sector projects, such as under education...

Esta tesis doctoral se plantea con el objetivo de profundizar en el estudio de las decisiones financieras a corto plazo en la empresa. El activo y pasivo corriente tiene gran importancia en las empresas, como muestra el importante peso que tesorería, clientes, o proveedores representan dentro del balance. Sin embargo, a pesar de su importancia, la literatura financiera se ha centrado fundamentalmente en el estudio de las políticas de inversión y financiación a largo plazo. Por tanto, la finalidad de esta tesis es analizar los efectos de la inversión en tesorería y clientes, así como el uso de la financiación de proveedores en el valor y la rentabilidad de la empresa. La tesis está estructurada en tres partes. La primera parte comprende los capítulos 1 y 2, y se destina al análisis de la tesorería. La segunda parte incluye los capítulos 3 y 4, que analizan el crédito comercial desde el punto de vista de la inversión en clientes (crédito comercial concedido). La última parte, Capítulo 5, investiga el valor del crédito comercial recibido (acreedores comerciales). En primer lugar (Capítulo 1), se estudia la relación entre los niveles de tesorería mantenidos por las empresas y su valor. Los resultados muestran una relación no lineal entre la tesorería y valor de la empresa (forma de U invertida). Adicionalmente y consistente con lo anterior...

The topics for this review were determined by the Government in consultation with a core group of donors at a workshop in Brussels organized by the European Commission in November 2000. The Government suggested reviewing public expenditures at the regional level, starting with three regions. This public expenditure review (PER) marks the first explicit attempt at Regional PERs. This integrated report draws on draft reports from the January-April 2000 mission as well as from a workshop held in Addis Ababa during September 17-18, 2001. The theme amd the focus topics for this PER emerged out of consultations between the Ethiopian governmentand a core donor group at a workshop in Brussels organized by the European Commission in November 2000. This PER is set on three premises: 1) It is thematically set in the context of the Poverty Reduction Strategy Paper and the Heavily Indebted Poor Countries document; 2) It focuses on getting a better understanding of the budgetary institutions, systems and processes at the regional level; and 3) the PER analysis and recommendations are intended to harmonize with the sequence and pace of the Government of Ethiopia's Expenditure Management and Control Program.

The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements. The objective of an audit of financial statements is to enable an auditor to express an opinion as to whether the financial statements are prepared, in all material respects, in accordance with International Financial Reporting Standards or another identified financial reporting framework. The auditor's opinion is expressed in by using the phrase 'give a true and fair view' or 'present fairly, in all material respects'. The auditor and the client's management have separate and distinct responsibilities. The auditor is responsible for forming and expressing an opinion on the financial statements. The client's management, on the other hand, bears responsibility for preparing and presenting the financial statements. Management's responsibilities are not relieved by the fact that the statements are audited. An auditor must comply with general principles of an audit. These require an auditor to: 1) comply with the 'Code of Ethics for Professional Accountants' issued by the IFAC (or a national Code of Ethics...

This report provides an assessment of the corporate sector accounting, financial reporting, and auditing practices in Suriname, with the aim of assisting the Government of Suriname's efforts to strengthen private sector accounting and auditing practices and enhance financial transparency in the corporate sector, so as to support the Government's objective of private sector-led growth and deepened integration with the international economy. This ROSC A&A aims to support the government's objectives of improving the investment climate and fostering private sector growth, in particular through: (a) designing a solid legal and regulatory framework governing the accounting and audit profession in Suriname, (b) improving the technical skills of accounting and audit practitioners, and (c) enhancing the institutional capacity of the country's accounting professional body and educational institutions. The ROSC A&A focuses on the institutional framework regulating accounting and auditing practices, and the comparability of national accounting and auditing practices with international standards and best practice...

Este estudo objetivou analisar e evidenciar os reflexos contábeis decorrentes do cancelamento das despesas públicas dos restos a pagar da União. A identificação, a análise e a discussão foram possíveis a partir da coleta de dados das contas públicas, disponibilizadas pela Secretaria do Tesouro Nacional (STN), no período de 1999 a 2003. Definiu-se a hipótese nula de que os reflexos contábeis decorrentes do cancelamento das despesas dos restos a pagar não são significativos em relação às despesas liquidadas. Foram utilizadas as pesquisas exploratórias, bibliográficas, documental, qualitativa e quantitativa. Os resultados revelaram que o cancelamento das despesas públicas dos restos a pagar refletiu contabilmente no valor das despesas que foram consideradas liquidadas e divulgadas pelos poderes e órgãos da União: diminuição das despesas, incorporação de ativos a maior, estorno de exigibilidade, aumento de resultado do sistema financeiro.; This study intended to analyze and evidence the accounting reflexes due to the cancellation of public expenditures unpaid at the Fiscal yearend of the Union. Related identification, analysis and discussion were based on data of Governmental accounts, made available by the National Treasurey Secretariat (STN)...

O setor de varejo no Brasil tem apresentado constantes transformações e mudanças nos últimos anos,acompanhando as tendências econômicas no país e no mundo. O objetivo do estudo é fazer uma análise da implantaçãode uma ferramenta chamada de Portal Financeiro, na área de contas a pagar e receber de uma empresa do varejo, quevisa tornar os processos entre a empresa e seus fornecedores mais rápidos e dinâmicos, a fim de reduzirem custos e obterrespostas mais eficientes em seus mercados. Para isso, foi realizada uma pesquisa em dois momentos diferentes com osfornecedores que utilizam a ferramenta para identificar qual a satisfação deles com as funcionalidades e os benefícios quepassaram a ter com tempo. O software SPSS versão 17 foi utilizado para a realização de análise descritiva e o teste Qui-Quadrado para avaliar possíveis alterações nas respostas dos fornecedores nos dois momentos da pesquisa. No que dizrespeito à dimensão econômico / financeira, a introdução do Portal Financeiro alterou positivamente a relação entre osfornecedores e a empresa pesquisada, além dos processos que eles desempenham para as atividades de contas a pagar ereceber.; The retail sector in Brazil has experienced constant changes in recent years...