Contabilidade Gestão e Governança

The Journal of Accounting, Management and Governance (JAMG) is a journal that emerged in 2009 from the partnership between the Multi-Institutional and Interregional Accounting Postgraduate Programme in the University of Brasília and Federal University of Paraíba and Federal University of Rio Grande do Norte and the Postgraduate Programme in Management of the University of Brasília. The joint effort of these programmes aims to leverage the knowledge and governance dissemination of public, private, and third sector organizations developed by national researchers. With a proposal to become a national reference periodical, Journal JAMG adopts the best editorial practices of international journals and the recommendations and standards of Qualis/CAPES, which evaluates the quadrennium journal along with the evaluation of the performance of the graduate programs.

JAMG succeeds the former scientific journal UnB Contábil, with a history of publications started in 1998, without interruptions, whose experience has been absorbed for the management of the new periodical, including the same identification number of internationally accepted documents and information (ISSN). Until 2007, the editions of the newspaper UnB Contábil were printed. As of 2008, the editions became available only in an electronic medium through a website.

The JAMG is an online journal with free and immediate access to texts published since 1998 (from the former Unb Contábil), in order to allow the rapid and wide dissemination of the knowledge produced, using for this the digital platform of the Electronic System of Journal Publishing - SEER - offered by the Brazilian Institute of Information in Science and Technology (IBICT).

The JAMG consists of a journal of a general nature and that complies with empirical texts and theoretical essays from the area of administration and accounting. There is no privilege for specific theoretical or methodological contributions. What is important is that the text is relevant, that is, it makes some contribution to the advancement of scientific knowledge and / or practical application and has been elaborated with scientific rigor (See Ethics Policy here!)

The journal is divided into two sections:

  • Private and Third Sector Management & Accounting – Accepts articles of strategy and economy of private and third sector companies; controller; management accounting; financial, credit and capital markets; actuary; accounting for external users; corporate governance; marketing; innovation; entrepreneurship; technological management; quality, productivity, people management; teaching and research in business administration and accounting; and emerging issues in accounting and management;
  • Public Management and Accounting – Accepts public management and accounting articles; teaching and research in public administration; society and state; public governance, social management; social movements; public policies and emerging issues in public and accounting administration.

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Vol 24, No 1 (2021)

Dear readers,


In 2020, a new epidemic spread throughout the world and, in just a few months, everyone's daily lives became an unprecedented tragedy. Even so, we are tirelessly moving towards the production and dissemination of knowledge. As a result of this effort, we present to the community our first issue of 2021, in which we contemplate a selection of papers that demonstrate the relevance of knowledge in the field of accounting and administration. Here, we privilege papers that demonstrate in-depth discussion about the financial market, governance and student training.

Each paper presents the most diverse contributions to the field and renews our spirit by pointing out evidence and advances from the perspective of accounting, management and governance.

In the first paper, the authors seek to discuss how the economic context affects the relationship between corporate governance and stock market volatility in the financial market. The analysis is made within the scope of the paper “Evidence of the Economic Context in the Relationship Between Corporate Governance and Stock Market Volatility in the Brazilian Public Companies”. In particular, this paper points out that corporate governance and its internal mechanisms, when analyzed together with the Gross Domestic Product, are elements that contribute to the occurrence of less stock market volatility in Brazilian companies listed on B3.

In the context of the paper “The Impact of BNDES’s Financial Resources on the Market Value of B3-Listed Companies”, the authors suggest that the results of the research may contribute to the elaboration of an efficient financing policy for Brazilian companies, given the significant BNDES' performance in certain segments of the Brazilian business community. The results show that companies that raised funds at a rate subsidized by the BNDES did not show an increase in market value, evidencing the policy of allocating resources subsidized by society and its real effectiveness in adding value and generating wealth.

Another paper also concerned with the capital market in Brazil, whose theme is focused on the “Dividend Policy and Recession Periods: Evidence in the Brazilian Capital Market”, points out that, in periods of low economic growth, there is a greater distribution of dividends, a behavior that seeks to provide investors with a signal to reduce asymmetry and uncertainty in times of greater volatility in economic activity.

In the context of governance, which encourages an excellence management system with policies increasingly aligned with the organizational purpose, other efforts by authors in this issue stand out. Here, the intention of the authors to objectively delineate the outlines of this concept is observed, which promotes the transformation in organizations based on the complexity of the treated theme.

We therefore have a trio of papers that bring an expanded discussion about instruments and good practices. The first of them “Corporate Governance and Profitability of Closed Entities of Complementary Pension Funds”, presents evidence of the non-relationship between the profitability obtained by the investments made by the Funds and the adoption of good corporate governance practices. Despite the results, the authors caution that these should be viewed parsimoniously, given the need to improve these practices that ensure greater effectiveness of internal actions in the analyzed segment.

The paper “Antecedents of the Management Control System in Credit Cooperatives in Southern Brazil” demonstrates that as control levers are used in a balanced way they become an important instrument in promoting the strategic renewal of credit unions, especially ragarding the reduction of uncertainty.

In turn, the paper "Impact of Amendments to IAS 16 and IAS 41 on the Economic-Financial Position of Brazilian Sugar-Energy Companies” demonstrates that the changes promoted in the aforementioned provisions have brought losses to the comparability of the accounting information of the analyzed companies, which requires greater users' attention to its use in the decision-making process related to the standard's transition period (from 2015 to 2017).

In relation to the discussion of global governance, we present the paper “Are more Transparent Countries also more Democratic?”, which brings relevant results about the existence of the relationship between fiscal transparency and degree of democracy, in a sample of several countries. It should be emphasized that, from the perspective of the authors and the empirical evidence, fiscal transparency provides subsidies to the exercise of social control, stimulating the maturation of democracy, which tends to become a cycle of control that enables the promotion of accountability.

Finally, we resume and deepen the debate on motivation and stress in the process of training students. In the paper “Relationship between Academic Motivation and Perceived Stress: a study with Accounting Science Students”, evidence of the relationship between stress and academic demotivation is presented, which is more prevalent in female students. In this discussion, the authors suggest the need to accompany students in the training process. It is, in fact, an opportunity for reflection that stimulates and deepens the teaching role in the sense of being a transformational agent in the training process.

In the set of papers presented here, overcoming yet another challenge was considered: to continue the dissemination of scientific knowledge, with a positive balance and a varied collection. Clearly, there is always room for improvement, which is why readers' suggestions will always be welcome.

Therefore, we have a theoretical diversity and a wealth of themes. Thus, we, editors of JAMG, hope that our readers have an excellent and profitable reading!


The new editors, starting in 2021,

Rodrigo de Souza Gonçalves

Andrea de Oliveira Gonçalves

Table of Contents



Scientific Article (Private and Third Sector Management & Accounting)

Vanessa Noguez Machado, Lauren Dal Bem Venturini, Márcia Bianchi, Marco Antônio dos Santos Martins
João José Ferreira Simões, Vitor Gonçalves de Souza, Rafael Cortezão de Mello, Antônio Artur de Souza, Bruno Pérez Ferreira
Camila Teresa Martucheli, João Eduardo Ribeiro, Eduardo Amat Silva, Antônio Artur de Souza, Juliano Lima Pinheiro
Renata Mendes de Oliveira, Ilse Maria Beuren, Ernesto Fernando Rodrigues Vicente
Edvalda Araújo Leal, Guilherme Ravazzi Squincalha, Taís Duarte Silva
Marcos Paulo Rodrigues de Souza, Pery Francisco Assis Shikida
Anderson Betti Frare, Vagner Horz, Alexandre Costa Quintana, Ana Paula Capuano da Cruz

Scientific Article (Public Management and Accounting)

Rodrigo Silva Diniz Leroy, Antônio Carlos Brunozi Júnior, Lucimar Antônio Cabral de Ávila