Hasil untuk "Accounting. Bookkeeping"

Márcio Santos Damasceno, Danilo Soares Monte-mor, Karen Zenólia Rocha Rangel

O artigo apresenta uma nova abordagem acerca da aplicação da teoria do propósito negocial como pressuposto de validade para planejamentos tributários à luz do julgamento da ADI 2.446 pelo STF. Analisando acórdãos do CARF, observa-se que a grande maioria invoca a teoria do propósito negocial como forma de validar planejamentos tributários realizados. O julgamento da ADI 2.446 no sentido de inadmitir a interpretação econômica no direito tributário e rechaçar a aplicação dessa teoria, deverá influenciar os julgamentos em andamento no CARF, bem como a busca da via judicial. Ademais, indaga-se se o CARF continuará utilizando de outros conceitos do direito civil, para invalidar os planejamentos tributários realizados pelos contribuintes.

Bagas Tri Erianto, Ani Wilujeng Suryani

Investors obtain information from various sources, including social media, which can make them act irrationally by imitating the decisions of others. This study aims to investigate the impact of influencers endorsements on abnormal stock returns. This event study used 291 Instagram posts by social media influencers. Using Generalized Least Square (GLS), this study demonstrates that endorsement positively affects stock abnormal returns. The endorsement effect appears prior to the post and stops following the endorsement. Endorse was successful in creating a favorable sentiment, so that other investors are interested in making similar decisions to generate abnormal returns. This study shows the short-term effect of endorsements. Therefore, investors need to be aware and make rational decisions.

Xiongyuan Wang, Fei Han, Xuan Peng

ABSTRACTThis study uses text analysis to extract stable supplier information from company annual reports and discusses its impact on the real earnings management strategies used during a private placement period. The results show that companies with stable suppliers conducted more downward real earnings management prior to a private placement than those without such suppliers to form collaborative relationships with suppliers for earnings management. The suppliers mainly assisted majority shareholders in tunnelling, conducting covert methods such as share price discounts and offering cash dividends. This could be driven by the prospect of obtaining more purchases from the company following the private placement. This study is the first to explore how stable suppliers assist companies in conducting real earnings management and majority shareholders with asset tunnelling. The findings contribute to the research on the economic consequences of supplier relationships and the influencing factors of equity financing and real earnings management.

Erstine Erdianti, Lindrawati Lindrawati, Adi Susanto

Laporan keuangan merupakan informasi penting sebagai bentuk pertanggungjawaban manajemen ke investor. Laporan keuangan bersifat historis dimana meskipun informasi yang ada dapat digunakan sebagai prediksi masa depan, namun manajemen sebagai pihak internal perusahaan yang lebih paham kondisi perusahaan akan lebih baik apabila juga mengungkapkan informasi forward-looking dalam rangka memenuhi kebutuhan investor untuk pengambilan keputusan dengan mempertimbangkan prospek perusahaan di masa mendatang. Penelitian ini bertujuan membuktikan secara empiris pengaruh mekanisme tata kelola perusahaan meliputi komisaris independen, kepemilikan manajerial, dan komite audit terhadap pengungkapan informasi forward-looking. Disain penelitian kuantitatif, menggunakan data laporan tahunan. Obyek penelitian digunakan perusahaan manufaktur di BEI. Teknis analisis data berupa analisis regresi linear berganda. Hasil penelitian menunjukkan mekanisme tata kelola perusahaan yang diwakili komisaris independen tidak memiliki pengaruh terhadap pengungkapan informasi forward-looking. Mekanisme tata kelola perusahaan diwakili kepemilikan manajerial dan komite audit berpengaruh positif terhadap pengungkapan informasi forward-looking, hal ini menunjukkan semakin besar kepemilikan saham oleh manajerial dan semakin rutin rapat komite audit mampu meningkatkan pengungkapan informasi forward-looking. Dari hasil penelitian, komisaris independen diharapkan dapat lebih memaksimalkan perannya sebagai pengawas dan mendorong manajemen mengungkapkan informasi selengkap mungkin, termasuk informasi forward-looking.

Norazian Hussin, Mohd Fairuz Md Salleh, Azlina Ahmad et al.

Purpose – This study aims to examine the relationship between the attributes of audit firms (Big 4, audit fees, busy season, audit firm tenure and audit partner gender) and the impact of these attributes on key audit matters (KAM) readability in Malaysia. Design/methodology/approach – The auditor's reports and financial data were analysed from a sample of FTSE 100 Malaysia-listed companies for the fiscal years 2017–2019, consisting of 258 observations. Panel regression analyses were conducted to evaluate the possible associations between audit firm attributes and KAM readability. The Flesch reading ease score and Coleman–Liau index were applied to measure KAM readability. Findings – The findings show that female audit partners significantly impact KAM readability; further analysis also revealed that companies audited by Big 4 audit firms and higher audit fees tend to report a more readable KAM disclosure in the FTSE 100 in Malaysia. Originality/value – The regression results provide empirical evidence of the influence of audit firm attributes on KAM readability. This study also examined important corporate governance players, such as external auditors and those charged with governance, who form the audit committee's qualities when analysing the determinants of KAM reporting variations in Malaysia.

Shahla Talari, Fatah Behzadian, Mehdi Safari gerayli et al.

Changing the nature of behavioral knowledge in the auditing profession from purely classical processes in the development of auditors' functions to philosophical and cognitive processes has increased the quality of work life in this field. The purpose of this study is to present a model of auditors' psychological well-being and evaluate identified themes in the auditing profession. This study employs an exploratory methodology with analytical elements. Because of the lack of an integrated framework regarding the recognition of auditors' psychological well-being dimensions, we identified the study's themes through 12 interviews and coded them using thematic analysis. Then, using two processes of fuzzy Delphi analysis and classic Delphi, we analyzed the reliability of the organizing and basic themes. In the quantitative part, to explain the themes confirmed from the Delphi analysis stage in the audit professional functions, we applied the fuzzy network analysis. In this study, according to the theoretical saturation point in thematic analysis, 12 accounting experts participated, and in the quantitative part, 30 auditors with more than five years of experience in the auditing profession who had work experience and technical knowledge participated. The results of the study in the qualitative part indicate the existence of three overarching themes, six organizing themes, and 38 basic themes. Also, based on the result of the Delphi analysis, it was determined that from the total of 38 basic themes, 17 final themes were entered into the fuzzy network analysis in the form of six organizing themes, and the findings showed that the most effective organizing theme of psychological well-being in the context of professional auditing functions is the theme of perception stimulation of auditors. Findings also revealed that strengthening the internal locus of control is the most effective aspect of psychological well-being in auditing.  1- IntroductionExpanding behavioral sciences' influence on auditing in recent decades has transformed auditors' traditional approaches and professional roles, enhancing the quality of auditing reports. This is due to the interplay between professional judgment and auditing standards within the auditors' behavioral and cognitive domains. (Zhao et al,2023). A significant development in auditing knowledge is the concept of psychological well-being. Psychological well-being encompasses auditors' emotional and mental states, their overall life and career satisfaction, as well as their mental efficiency and functionality (Broberg et.al, 2020). According to Chen et al. (2022), well-being is closely tied to an individual's perception of their experiences, leading to higher mental satisfaction and more qualified roles in professional responsibilities. In essence, psychological well-being results in positive emotions, a sense of purpose, autonomy, and the ability to form meaningful relationships with others (Mahmoudi and Sajadi Nejad, 2022). Literature ReviewWhen investigating the findings of a study in the field of Disease Psychology, a group of psychologists, guided by Seligman et al. (1999), concluded that despite significant achievements in developing effective therapies, focusing on the causes of diseases, especially mental ones, can lead to a reduction in fatal diseases in society. They aimed to explore the factors contributing to increased productivity in people's lives and embarked on a new cycle of studies to assess individual capabilities. This effort ultimately led to the development of a gradual psychological well-being approach within the domain of positive psychology. Therefore, one prominent focus in recent years has been on psychological well-being, which seeks to redefine the professional life of individuals through the lens of positive psychology (Haghayeghi and Moghaddam Zadeh, 2022). O’Driscoll et al. (2004) were pioneers in formalizing the concept of psychological well-being within the framework of positive psychology. They emphasized the infusion of happiness and satisfaction into personal performance as a fundamental achievement of this concept.On the other hand, Gurel (2009) emphasizes active participation in the professional environment as key to defining psychological well-being. It involves individuals striving to experience positive self-efficacy and creating a balanced career while attributing meaning to their work relationships. Furthermore, Clark et al. (2007) view psychological well-being as an affective state. They assert that motivation in one's job is driven by the happiness and vitality derived from personal performance, which in turn fosters emotional attachment to one's job. Despite varying definitions of psychological well-being, it is evident that a deeper understanding of this concept is essential for greater effectiveness in the profession. MethodologyThe current study serves a developmental purpose and has an exploratory nature in its results. Furthermore, it adopts a combined approach in data collection. Given the lack of a coherent framework in previous studies for the phenomenon under investigation within the auditing profession, our study aims to present a multi-dimensional model using thematic analysis and the approach outlined by Attride-Stirling (2001) across three coding stages and interviews. In other words, in the first stage, it is attempted to present the themes of the auditors’ psychological well-being model in the form of a multi-dimensional model via analyzing the qualitative part and relying on thematic analysis process. The underlying philosophy of our study combines elements of volunteerism in the universe philosophy with structuralism in the philosophy of science. ResultsGiven the inductive and comparative nature of this study, the basic themes of auditors' psychological well-being are identified in the qualitative phase through thematic analysis. The reliability of these themes is then assessed using both Delphi Fuzzy and Delphi Classic analyses. The study proceeds to identify the most influential themes within the auditors' psychological well-being model through network analysis, specifically employing Fuzzy Analytic Network in the field of auditing. Therefore, thematic analysis was used in the first step to determine the themes related to the auditors’ psychological well-being. Thematic analysis serves as an administrative process that examines the foundations and concepts of the current issue through concurrent content analysis in related studies and interviews to define its dimensions. Typology of thematic analysis according to Attride-stirling (2001) is applied in the present study. The results indicated that strengthening the internal locus of control within the auditing profession (C13) is considered the most critical theme in enhancing psychological well-being in the auditing profession. This theme draws attention to bolstering the professional functions of independent auditors. This basic theme is considered among the organizing themes which stimulate the auditors’ perception and pervasive theme of individual mechanisms in reinforcing psychological well-being. DiscussionThe aim of this study is to conduct a network analysis within the auditors' psychological well-being model to define key factors in the auditing profession. Thematic analysis was chosen to present the model since there was no existing theoretical framework for developing the dimensions of psychological well-being in auditors' professional roles in this study. In total, a hexagonal model was constructed, consisting of three overarching themes, six organizing themes, and 38 basic themes. These themes were developed through 12 interviews with experts and three coding stages, guided by the theoretical saturation point, and were introduced as contributing factors to the development of auditors' psychological well-being. Confirming reliability of the organizing and basic themes was required as two important constructs in the presented model in the qualitative part with the purpose of determining the most effective theme in the auditors’ psychological well-being. Through two separate Delphi Fuzzy and Delphi Classic processes, it was initially found that the six organizing themes displayed high generalizability within recognized categories as pervasive themes. Secondly, out of the 38 primary themes, 21 basic themes were eliminated during two rounds of Delphi Classic analysis based on two criteria: mean and agreement coefficient. As a result, 17 basic themes were confirmed and incorporated into the Fuzzy Analytic Network process. ConclusionTwo key results emerged from the prioritization of organizing and basic themes in the analytical process. Prioritizing organizing themes revealed that the most impactful theme on psychological well-being in the field of professional auditing is 'stimulating the auditors’ perception' (C1), with a relative weight of 0.286, placing it at the top of the matrix. Conversely, 'reinforcing internal locus of control' (C13) was identified as the most crucial basic theme for enhancing psychological well-being in the auditing profession, highlighting its potential significance in strengthening the professional functions of independent auditors.

Lupak, Ruslan, Boiko, Ruslan, Kunytska-Iliash, Marta et al.

The need to improve public administration of import dependency was characterized (in the example of Ukraine) and the signs of its influence and interconnection with ensuring the state’s economic security are characterized. The methodological sequence of import dependency evaluation is substantiated. Using Hotelling’s method of transformation (the method of principal components), the multiplicative form is presented and the integral index of import dependency of the country’s economy is calculated. Harrington’s interval scale is used to summarize the results of the integral evaluation of import dependency. The results of the evaluation have confirmed the high level of import dependency of the Ukrainian economy and clear tendencies for its strengthening, which is critically threatening to the country’s economic security. Using the tool of multivariate dynamic regression modeling, a statistically significant correlation between the level of import dependency and the country’s economic security is established. The economic and mathematical descriptive model of state management of the state’s economic security is formed, which is embedded in a methodical approach to strategizing the state policy of import substitution. The purpose of the state management of import substitution, the parameters of ensuring the country’s economic security agreed with it, the strategic priorities of the state policy of import substitution and the indicators of their implementation are determined.

VALENTINA Bereziuk

This article examines the formation of an integrated information management system of the interstate customs audit within the Eurasian Economic Union. It systematizes the reasons of the problems related to foreign trade activities and customs in Kazakhstan and highlights the principles of creation and operation of an integrated information management system for customs audit. The performance of the customs audit authorities largely depends on relevance, completeness and reliability of the information they use. An effective system of customs control and audit should provide the objective and reliable information on the use of the EAEC resources in accordance with the principles of legality, efficiency and effectiveness of the public authorities’ activity.The problems of information support of customs audit stated in the article can be solved by means of establishing the integrated interstate information and economic environment.

Yolanda Beatriz Caballero Pérez, Julian Alberto Gutiérrez López

Articulo de investigación

Fernando Gutiérrez Hidalgo

Presentación número 26

Atika Jauharia Hatta

Penelitian ini bertujuan untuk menginvestigasi hubungan antara variabel makroekonomi dan return saham di Indonesia. Sampel terdiri dari 58 observasi dari data Bursa Efek Indonesia pada tahun 1990 hingga 2004. Penggunaan data tersebut dikarenakan pada tahun 1997 di Indonesia terdapat structural break pada data yang disebabkan oleh krisis ekonomi. Kontribusi dari penelitian ini adalah penggunaan pengujian akar unit Zivot-Andrews untuk mengakomodasi data structural break tersebut. Hasil analisis regresi yang dilakukan dengan menggunakan EngleGranger dan Gregory-Hansen untuk pengujian kointegrasi menunjukkan bahwa hanya variabel output dan nilai tukar yang mempengaruhi keseimbangan hubungan jangka panjang return saham. Hasil yang konsisten juga ditunjukkan oleh model koreksi kesalahan. Kata kunci: keseimbangan jangka panjang, return saham, variabel makroekonomi, kointegrasi, error correction model.

D. A. A. E. Кунaнбaевa Тaубaлды

Экономикaлық ғылым мен экономикaлық дaму тәжірибесі көрсеткендей, жaңa технологиялaр мен инновaцияның енгізілуі – экономикaның дaмуынқaмтaмaсыз етеді. Көптеген дaмығaн елдердің тәжірибесі көрсеткендей, бүгінде инновaциялық қызмет – әлемдегі көшбaсшы елдердің мемлекеттік экономикaлық сaясaтының бaсты мaңызды бaғыты болып тaбылaды. Ғылыми-техникaлық сaясaт инновaциялық процестерді жaндaндыруғa, жaңa технологиялық құрылымдaрды енгізуге, ұлттық ғылыми-техникaлық әлеуетті жaндaндыруғa, ғылым мен өндіріс aрaсындaғы aлшaқтықты aзaй- туғa, индустриялық қызметті ынтaлaндыруғa, озық шетел технологиясының нaқты трaнсферті мен хaлықaрaлық стaндaрттaрды енгізуді қaмтaмaсыз етеді. Бұл мaқaлaдa Қaзaқстaн Республикaсындaғы инновaциялық қызметтің негізінде технопaрктердің дaмуы олaрдың бүгінгі дaғдaрыс кезеңіндегі aлaтын aйрықшa орны қaрaстырылғaн. Технопaрктер өндіріс пен ғылымды бaрыншa жaқындaстыру жaғдaйындa ғaнa мүмкін болaтын, республикaмыздa құрылғaн ұлттық инновaциялық жүйенің негізін қaлaушы элемент болып тaбылaды. Кaк покaзывaет опыт экономической нaуки и экономического рaзвития, внедрение инновaции и новых технологий-обеспечивaет рaзвитие экономики. Опыт многих рaзвитых стрaн покaзывaет что инновaционaя деятельность сегодня в мире, является вaжным нaпрaвлением госудaрственной экономической политики стрaн-лидеров. Нaучно-техническaя политикa – состaвнaя чaсть социaльно-экономической политики. Основными целями нaучно-технической политики являются рaзвитие инновaционных процессов, рaционaльное рaзмещение и эффективное использовaние структуры новых технологий, увеличение рaзвития нaучно-технического потенциaлa, реaлизaция индустриaльной деятельности, обеспечение эффективности и конкурентоспособности продукции. В дaнной стaтье рaссмaтривaется роль и рaзвитие структур технопaрков в Республике Кaзaхстaн. Технопaрки являются основополaгaющим элементом создaвaемой в республике нaционaльной инновaционной системы. Глaвнaя зaдaчa, которaя стaвится перед технопaркaми – посредством предостaвления в пользовaние инициaторaм инновaционных проектов производственных площaдей и коллективных бизнес-услуг обеспечить блaгоприятные условия для коммерциaлизaции нaучных рaзрaботок.

Reni Yendrawati

<p><em>This study sought to determine the relationship between the professionalism of auditors as independent variables with the dependent variable is the level of materiality considerations in the process of auditing the financial statements. Respondents are professionals working in the public accounting firm in the city of Yogyakarta, both as an intern, junior auditors, senior auditors, supervisors, managers and partners. With nonprobabilitas sampling method, this research seeks to collect information from respondents available at the time of the study to provide information needed in research. Questionnaires are used as a tool to measure the variables used in the study. The hypothesis was tested using kendall tau nonparametric statistical methods to determine whether there is a relationship between the level of professionalism of the auditor's consideration of materiality in the process of auditing the financial statements. From the tests carried out showed that the auditors professionalism variables associated significantly and positively associated with variable levels of materiality considerations in the process of auditing the financial statements are indicated by = 0.570. Each dimension of professionalism of auditors, namely: dedication, social obligations, self-reliance, confidence in the regulatory profession, relationships with colleagues is significantly and positively associated with variable levels of materiality considerations. That relationship suggests that the more an auditor that has a high dedication to the profession, have a high awareness that the audit profession is a profession that is trusted by the people, has the mental attitude of self-contained, have confidence in the quality of self and peers who are equally understand the work of auditing and having relations with other professions will be able to make extensive consideration materiality levels better.</em><em></em></p>

Itzhak David Simão Kaveski, Antonio Maria da Silva Carpes, Roberto Carlos Klann

O presente artigo tem por objetivo identificar os fatores que explicam o nível de divulgação relativo ao CPC 27 – Ativo Imobilizado, por empresas listadas no segmento do Novo Mercado de Governança Corporativa da BM&FBovespa, considerando como seus prováveis determinantes as variáveis tamanho, imobilizado total, endividamento e rentabilidade do imobilizado. O estudo caracteriza-se como descritivo, conduzido por meio de análise documental e abordagem quantitativa. A população é composta de 109 empresas em 2011, abrangendo uma amostra de 106 empresas. Para coleta dos dados foi elaborado um check list composto de 17 itens baseados no Pronunciamento Técnico CPC 27. A técnica de análise, buscando alcançar a proposta de pesquisa, deu-se por meio de regressão linear múltipla. Nos resultados encontrados, verificou-se uma relação positiva significativa entre o ativo imobilizado das empresa e o índice de evidenciação, verificado pelos itens correspondentes aos requisitos mencionados no CPC 27. No que tange às variáveis determinantes do processo de evidenciação, verificou-se que “Imobilizado” está positivamente associado à divulgação de informações sobre ativo imobilizado. Já a “Rentabilidade” está negativamente associada à divulgação. Não se verificou associação significante entre “Endividamento” e “Tamanho” com a divulgação de informações sobre imobilizado. É necessário considerar, ainda, o baixo fator explicativo das variáveis determinantes da evidenciação recomendada pelo CPC 27 e a necessidade de se estender a investigação dentro do tema, possibilitando comparações e extração de novas evidências conclusivas.<br> This article aims at identifying the factors that explain the level of disclosure concerning the CPC 27 - Fixed Assets, for companies listed on the New Market segment of Corporate Governance of BM&FBovespa. The probable determinants are considered the size variations, the total assets, debt and return on assets. The study is characterized as descriptive, carried out through documentary analysis and quantitative approach. The population is made of 109 companies in 2011, covering a sample of 106 companies. For data collection a checklist which consists of 17 items based in IAS 27 were designed. The analysis technique, seeking to achieve the research proposal, was made through multiple linear regression. The results show a meaningful and positive relationship between the fixed assets of the company and the disclosure index, checked by the items corresponding to the requirements in CPC 27. In the determinant variables of the disclosure process, it was found that "Property" is positively associated with the dissemination of information on fixed assets. Have the "profitability" is negatively associated to disclosure. There was no significant association between "Indebtedness" and "Size" to the information disclosure on assets. It must also be considered the low explanatory factor of the determinant variables of disclosure recommended by CPC 27 and the need to extend the investigation deep into the issue, by allowing comparisons and extraction of new conclusive evidences.

Cleomir Waiczyk, Eduardo Rolim Ensslin

O aumento da produção científica, aliado à evolução tecnológica, gerou uma quantidade de publicações que é incompatível com os processos tradicionais de busca e seleção de materiais para dar suporte à pesquisa. Assim, esta pesquisa objetivou identificar, por meio do instrumento ProKnow-C, artigos com reconhecimento científico e alinhados ao tema sobre avaliação da produção científica de pesquisadores disponíveis na literatura internacional e realizar uma bibliometria. Como resultado, identificou-se 15 artigos para compor o Portfólio Bibliográfico, onde se evidenciou: “Scientometrics” como periódico mais presente; “An index to quantify an individual’s scientific research output” como artigo mais citado e van Raan como autor de destaque.

Noelia Araújo Vila, José Antonio Fraiz Brea, Valeria Paül Carril

Paralelamente a la evolución social y económica actual, en la que la economía de experiencias ya es una realidad, emergen nuevas tipologías turísticas acordes a la presente demanda experiencial. El turista busca sensaciones y emociones, por lo que el sector turístico diversifica su oferta adaptándose a este deseo. Aparece así el turismo activo, modalidad perteneciente a un campo mayor, el turismo de naturaleza, en auge el día de hoy por el incremento de turistas interesados en las actividades que lo componen. El presente artículo parte de dicho concepto para a continuación, detallar las tipologías que forman parte del mismo y finalmente realizar un análisis de la oferta de turismo activo del territorio español, territorio que a priori se presenta favorable para este tipo de actividades.

Valéria Farinazzo Martins, André Brasiliano, Luiz Fernando Fernandes

Este artigo traz um estudo do uso de interfaces do usuário baseada em voz no auxílio ao aprendizado de língua estrangeira, inserida no contexto de melhorar atividades práticas de escuta e compreensão de textos, bem como a pronúncia correta de palavras. Para tanto, através de técnicas de reconhecimento e síntese de voz, foi desenvolvida a aplicação VAL, que segue uma metodologia específica para o desenvolvimento de aplicações VUI.

Jair Oliveira, Cleci Grzebieluckas

O estudo teve como objetivo quantificar os materiais reciclados pela Cooperativa de Produção de Resíduos Sólidos de Tangará da Serra e analisar se houve evolução na quantidade e valores entre o primeiro semestre de 2010 e primeiro semestre de 2011. É uma pesquisa de natureza exploratória e descritiva com abordagem quali-quantititiva. Os instrumentos de coleta utilizados foram roteiro estruturado e entrevistas abertas. Os resultados indicaram que houve uma redução de 7,41% na quantidade e de 22,75% nos valores das vendas entre o primeiro semestre de 2010 e o 2011. Esta redução se deu em virtude de que a cooperativa não conseguiu fazer aproveitamento do excedente devido o limitado número de cooperados que não conseguem classificar o montante de resíduos coletados no município. As maiores dificuldades destacadas pelos membros da diretoria da Cooperativa e por alguns associados foi que existe a necessidade de uma melhor infraestrutura do local, maior apoio nas questões gerenciais e burocráticas demandando uma assessoria que auxilie nos trâmites administrativos, comerciais e gerenciais.

Paulo Aguiar do Monte, Pedro Lopes Araújo Neto, Thaiseany Freitas Rego

As mudanças observadas na estrutura econômica do Brasil e mundial acarretaram a necessidade da escolha e adoção de um processo de avaliação de empresas que determinasse o valor justo das organizações. Dentre os métodos de avaliação, o maior destaque foi dado à metodologia do Fluxo de Caixa Descontado (FCD) que se baseia no desconto dos fluxos futuros de caixa. Neste contexto, o presente artigo tem o objetivo de estimar o valor econômico da Aracruz S.A. a partir das informações contidas em seus demonstrativos contábeis, da variação da cotação de suas ações negociadas na BOVESPA, dos índices oficiais de taxas de juros e da taxa de crescimento prevista para o País. O resultado encontrado mostrou que o valor das ações da Aracruz Celulose S.A se aproximou do valor observado pelo método patrimonial, embora tenha se distanciado do valor cotado na BOVESPA, indicando, portanto, a inexistência de goodwill.