In the course of the past three decades, the concept of "plain language" has garnered increasing attention. Recent developments have further solidified this field, given the International Federation for Plain Language's definition of plain language, as well as the introduction of an ISO (International Organisation for Standardisation) Standard for plain language in 2023. These milestones suggest that plain language is set to play a more significant role in public communication. The International Federation for Plain Language defines plain language as communication in which the wording, structure, and design are so clear that the target audience can effortlessly find, understand, and use the information they need. However, this definition has faced criticism for its vagueness. In an effort to refine the definition, the ISO Plain Language Standard was introduced. It includes four governing principles: 1) Readers get the information they need; 2) Readers can easily find what they need; 3) Readers can easily understand what they find; and 4) Readers can easily use the information. Both the definitions of the ISO Standard and the International Federation for Plain Language concentrate on the understandability and usability of information in creating effective plain language documents. In this article, I argue that alongside understandability and usability, user experience should be considered as a third measurable element of success in plain language documents. Although existing research primarily focuses on usability and understanding, it gives limited attention to user experience, whereas I argue that user experience is a crucial factor in the creation of successful plain language documents. More specifically, I explore in this article the preference of respondents for plain language techniques used in documents in an attempt to establish a connection between the user's experience of these techniques and the document's usability and understandability. I also delve into users' overall experience with plain language documents and assess whether there is a correlation between overall experience and users' perceptions of specific plain language techniques. I further analyse users'experiences with plain language techniques within specific contexts, namely the medical, legal, and financial domains, to determine if the context influences their experience. In addition, I investigate the relationship between users'experiences with plain language techniques and extratextual factors, such as qualification, income, home language, the variety of Afrikaans they speak, and their level of engagement with the document's content. This comprehensive analysis aims to clarify the role of user experience in the success of plain language documents and it potentially prompts a reconsideration of experience, in addition to understandability and usability, when creating successful plain language documents. The study employed a quantitative correlational research design to examine the relationship between respondents' experience of plain language techniques, understandability and usability, extratextual factors, and the contexts in which these documents are encountered. Data collection involved a questionnaire-based survey, with 506 respondents participating through convenience sampling. The survey was conducted on the SUNSurvey platform at Stellenbosch University and was shared across social media platforms such as Facebook, Instagram, and WhatsApp to target individuals matching specific population characteristics. Respondents read one of 18 selected plain language documents and answered questions about the documents. Extratextual information, such as respondents' highest qualification level, annual income, home language, the variety of Afrikaans they speak, and the frequency with which they were exposed to the context, were collected. Engagement with the selected document was measured using Likert-scale statements. To assess understanding of the documents, factual questions were included, and usability questions were asked if respondents received one of the six forms that were tested. Experience with the plain language documents was also measured by means of Likert-scale statements. Importantly, respondents'experiences with specific plain language techniques were assessed, allowing them to express their experience with said techniques. The results of the study regarding respondents'experience of the plain language techniques used reveal overwhelmingly positive feedback. The Likert-scale ratings indicated that respondents across various demographic groups had favourable impressions of plain language techniques. This suggests that these techniques not only enhance document usability and understandability but are also well-received by users. The analysis of relationships between different variables yields intriguing findings. While many comparisons did not show statistically significant correlations, the noteworthy results are those that did. When examining respondents 'experiences with plain language techniques in documents across three contexts, no statistically significant relationship could be established, indicating positive experiences with these techniques across all contexts without contextual influence. In terms of understanding, most comparisons revealed a positive relationship between the experience of plain language techniques and understanding. This implies that respondents with more positive experiences better understood the documents, aligning with existing research and suggesting that improved understanding leads to more positive experiences. However, for usability there was no statistically significant relationship between the experience of plain language techniques and document usability, indicating that the study could not establish a clear link between these two factors. When considering extratextual factors, few statistically significant relationships were found. Only the respondents' home language showed a significant relationship with their experience of plain language techniques, suggesting that Afrikaans speakers had more positive experiences. For other extratextual factors, namely qualification, income level, and variety of Afrikaans, there were no significant correlations. In conclusion, this study highlights that positive experiences of plain language techniques are associated with better understandability, emphasising the importance of user experience in creating successful plain language documents. The results are positive for document designers, as diverse groups of people had positive experiences with these techniques, making plain language a tool for improving interactions with public documentation. This study suggests that considering user experience is crucial in defining plain language beyond just usability and understandability.

Die definisies van sowel die International Federation for Plain Language as die ISO Gewone Taal Standaard beklemtoon dat verstaanbaarheid en bruikbaarheid noodsaaklik is vir die skep van optimale gewonetaaldokumente. In hierdie studie voer ek egter aan dat daar 'n derde meetbare element van gewonetaaldokumente is wat 'n effek op die sukses daarvan het, naamlik die manier waarop die verbruiker die gewonetaaldokumente ervaar. Vir hierdie studie is ' n kwantitatiewe korrelasionele navorsingsontwerp gebruik om die verhouding tussen respondente se ervaring, verstaanbaarheid, en bruikbaarheid van gewone-taaldokumente, asook respondente se persoonlike eienskappe, en die kontekste waarin die gewonetaaldokumente voorkom, te bepaal. Opnamenavorsing met 'n vraelys as die data-insamelingsinstrument is uitgevoer en 506 respondente het aan die studie deelgeneem. Die resultate van die studie dui daarop dat respondente oor die algemeen positiewe ervarings met gewonetaaltegnieke in dokumente gehad het. Verder is 'n sterk positiewe verhouding tussen die ervaring en die verstaanbaarheid van die gewonetaaldokumente gevind. Dit dui aan dat 'n positiewe ervaring tot 'n beter begrip van die dokumente bydra. Dit is egter nie die geval met bruikbaarheid nie, aangesien geen statisties beduidende verhouding hier gevind is nie. Wat betref buitetekstuele faktore, het slegs huistaal 'n statisties beduidende invloed op die ervaring van gewonetaaltegnieke gehad. Die resultate van hierdie studie dui dus daarop dat ervaring 'n belangrike faktor is in die sukses van gewonetaaldokumente, en gevolglik oorweeg moet word om ervaring as een van die elemente in die definisie van gewone taal in te sluit.

Abstract Purpose Our research examined the impact of readability on the understandability of notes to the financial statement and investigated the influence of a glossary on understandability. Theoretical framework Previous studies have treated readability and understandability as synonymous, but understandability is a broader concept influenced by contextual complexity, syntax, and individual characteristics. Design/methodology/approach We conducted an experiment involving 111 participants in Brazil with a background in accounting. We manipulated components of the Flesch readability metric and assessed their impact on understandability, as measured by the Meaning Identification Test. Findings Enhancing the readability of financial statement notes did not improve their understandability. However, participants' overall comprehension abilities and personal characteristics were found to significantly influence understandability. Additionally, the inclusion of a glossary of technical terms had a positive impact on understandability only for users with limited prior knowledge. Practical & social implications of research Researchers should consider alternative metrics to assess understandability. Standard setters and regulators should reconsider the effectiveness of presenting a glossary. Investors can advocate for improved text quality measures and the presentation of high quality information. Originality/value Most readability studies focus on reports written in English, and they are mainly applied to Anglophone countries. Our study extends this area of research in Brazil to reports written in Portuguese. Additionally, it highlights the need to explore the relationship between readability and understandability, as traditional readability formulas may not fully capture the comprehensibility of a text. synonymous complexity syntax Designmethodologyapproach Design methodology approach 11 accounting Test However Additionally knowledge information Originalityvalue Originality value English countries Portuguese 1

Abstract Background Psoriasis is a chronic, systemic inflammatory disease with a worldwide prevalence of approximately 2%. Currently, despite the difficulties faced every day by patients and physicians in low-resource countries, literature describing the exact needs of psoriasis treatment in Latin America remains scarce. Objective To investigate the unmet needs in psoriasis treatment in Latin America. Methods The authors conducted a systematic review following PRISMA statements in PubMed, Embase, and LILACS of studies published from January 2011 to March 2021 addressing challenges in psoriasis treatment in Latin America. Results The search strategy identified 3,837 articles, of which 19 were included in the final analysis. Most were from Brazil (58%; n = 11), all were observational, and most were cross-sectional (84%; n = 16). Difficulties faced by psoriasis patients in Latin America included the high prevalence of opportunistic and endemic infections (42% of the studies addressed this matter; n = 8), delay in diagnosis (5%; n = 1), work productivity impairment (16%; n = 3), limited access to medication/medical care (37%; n = 7), poor adherence to treatment (5%; n = 1) and poor adherence to guidelines (11%; n = 2). Study limitations Number and quality of studies currently available on this subject. Conclusions Current psoriasis guidelines do not always account for epidemiological, financial, and cultural characteristics. Most studies available are from Brazil, which might not accurately represent Latin America as a whole. In a region where neglected diseases and scarce resources remain a reality, it is imperative that dermatological training be offered to primary care providers, allowing for standardized conduct and earlier diagnosis. chronic 2 2% Currently lowresource low resource countries PubMed Embase 201 202 3837 3 837 3,83 articles 1 analysis 58% 58 (58% 11, 11 , 11) observational crosssectional cross sectional 84% 84 (84% 16. 16 . 16) 42% 42 (42 matter 8, 8 8) 5% 5 (5% 1, 16% (16% 3, 3) medicationmedical medication medical 37% 37 (37% 7, 7 7) 11% (11% 2. 2) subject epidemiological financial characteristics whole reality providers 20 383 83 3,8 (58 (84 4 (4 (5 (16 (37 (11 38 (8 ( (1 (3

Resumo: Estudos anteriores sugerem que o impairment do goodwill esteja associado a um aumento no custo de capital próprio. No entanto, pouca atenção tem sido dada à influência dos ambientes institucionais nessa associação. No presente estudo, essa associação foi investigada em diferentes ambientes institucionais. Usando a Capital IQ, foram coletados dados de demonstrações contábeis divulgadas entre 2010 e 2019 de 18.905 empresas sediadas em 42 países. Esses países foram classificados em dois grupos: alto nível de enforcement e auditoria e baixo nível de enforcement e auditoria. Foi desenvolvido um modelo de associação entre o custo de capital próprio e o impairment do goodwill testado com os dados organizados em painel. Os coeficientes da regressão foram estimados individualmente para cada um dos grupos e comparados pelo teste de Wald. Os resultados permitem concluir que o aumento no custo de capital próprio associado ao impairment do goodwill é observado com maior intensidade em países de baixo nível de enforcement e auditoria. Isso revela que a aplicação da IAS 36 em diferentes ambientes pode ter consequências econômicas diferentes, o que deve ser levado em consideração quando se discute a qualidade das normas. Resumo entanto estudo IQ 201 18905 18 905 18.90 4 painel Wald 3 normas 20 1890 1 90 18.9 2 189 9 18.

Abstract: Previous studies suggested that goodwill impairment is associated with an increase in the cost of equity, however little attention has been paid to the influence of institutional environments on this association. In this study, we investigated this association in different institutional settings. Using Capital IQ, we collected data from financial statements released between 2010 and 2019 from 18,905 companies based in 42 countries. These countries were classified into two groups: those with a high level of enforcement and audit and those with a low level of enforcement and audit. An association model was developed between the cost of equity and goodwill impairment, tested using the panel data. Regression coefficients were estimated individually for each group and compared using the Wald test. Based on the results, we concluded that the increase in the cost of equity associated with goodwill impairment is observed more intensely in countries with low levels of enforcement and auditing. This reveals that the application of IAS 36 in different environments can entail different economic consequences, which need to be taken into account when discussing the quality of standards. Abstract study settings IQ 201 18905 18 905 18,90 4 groups test results auditing 3 consequences standards 20 1890 1 90 18,9 2 189 9 18,

Resumo Este estudo tem como objetivo determinar o impacto de uma fusão e aquisição (F&A) no desempenho do banco consolidador em relação a seus concorrentes, tanto na abordagem de intermediação quanto na de rentabilidade, além de propor uma métrica de ranking de F&A para uma análise de desempenho mais precisa. Embora alguns estudos avaliem o desempenho dos bancos em F&As, a explicação de seu impacto sobre as instituições no mercado pode ser mais bem explorada com a proposição de uma métrica financeira-operacional, diferente das avaliações pelo mercado acionário, complementada com o ponto de vista das estratégias organizacionais que aparecem na literatura como essenciais para a continuidade da desenvoltura do tema. Avaliar as consequências das F&As de bancos e entender suas intenções proporciona uma melhor gestão tanto das instituições quanto dos aspectos socioeconômicos do país. Também fornece diretrizes e novas ferramentas de avaliação de desempenho para acadêmicos, gerentes e funcionários do governo nos processos de F&A. O método de pesquisa é quantitativo-qualitativo. Na abordagem quantitativa, foi utilizada a técnica de análise por envoltória de dados (DEA, do inglês data envelopment analysis) com um segundo estágio de regressão linear múltipla. O banco de dados foi formado por informações das demonstrações financeiras dos bancos de 2000 a 2018 (representando o CAMELS), complementadas com informações macroeconômicas e de estrutura de mercado. Na abordagem qualitativa, o impacto dessas variáveis regredidas foi determinado no estágio quantitativo para quatro estudos de caso, que são os "Quatro Grandes" bancos que representam aproximadamente 87% do mercado financeiro brasileiro. Embora alguns estudos abordem o tema da relação entre a eficiência e as F&As, este estudo mostra que não há uma relação clara e direta entre as F&As e o desempenho (a eficiência) dos bancos no mercado. Os resultados sugerem que os bancos realizam as F&As por outros motivos além da busca por eficiência, deixando a eficiência como consequência da operação. Este artigo contribui para a proposição de uma nova métrica de mensuração da eficiência das F&As, cuja função é estabelecer um ranking e relativizar a análise do desempenho dos bancos em relação ao mercado como um todo, permitindo a visualização do efeito relativo em relação aos concorrentes. FA F A (F&A concorrentes rentabilidade precisa FAs As financeiraoperacional, financeiraoperacional financeira operacional, operacional financeira-operacional acionário país acadêmicos quantitativoqualitativo. quantitativoqualitativo qualitativo. qualitativo quantitativo-qualitativo quantitativa DEA, DEA (DEA analysis múltipla 200 201 representando CAMELS, CAMELS , CAMELS) qualitativa caso Quatro Grandes 87 brasileiro operação todo 20 8 2

Abstract This study aims to determine the impact of an M&A on the performance of the consolidating bank in relation to its competitors in both the intermediation and profitability approaches, in addition to proposing an M&A ranking metric for a more accurate performance analysis. Although some studies assess the performance of banks in M&As, the explanation of their impact on institutions in the market can be better explored by proposing a financial-operational metric, different from valuations by the stock market, complemented with the point of view of organizational strategies that appear in the literature as essential for the continuity of the resourcefulness of the topic. Assessing the consequences of bank M&As and understanding their intentions provides better management of both institutions and the country's socioeconomic aspects. It also provides guidelines and new tools for performance evaluation for academics, managers, and government officials on M&A processes. The research method is quantitative-qualitative. In the quantitative approach, the data envelopment analysis (DEA) technique with a second stage of multiple linear regression was used. The database was formed by information from the banks' financial statements from 2000 to 2018 (representing the CAMELS), supplemented with macroeconomic and market structure information. In the qualitative approach, the impact of these regressed variables was determined in the quantitative stage for four case studies, which are the Big4 banks that represent approximately 87% of the Brazilian financial market. Although some studies deal with the topic of the relationship between efficiency and M&As, this study shows that there is no clear and direct relationship between M&As and the performance (efficiency) of banks in the market. The results suggest that banks carry out M&As for reasons other than the search for efficiency, leaving efficiency as a consequence of the operation. This article contributes to the proposal of a new metric for measuring the efficiency of M&As, whose function is to establish a ranking and relativize the analysis of banks' performance in relation to the market as a whole, allowing the visualization of the relative effect vis-à-vis competitors. MA M A approaches MAs As financialoperational operational countrys country s aspects academics managers processes quantitativequalitative. quantitativequalitative qualitative. quantitative-qualitative approach DEA (DEA used 200 201 representing CAMELS, CAMELS , CAMELS) Big 87 (efficiency operation whole visàvis vis à 20 8 2

ABSTRACT This paper verifies whether and how the country’s cultural dimensions moderate the relationship between the quality of the audit firm and the level of earnings management. The sample is formed by 88,428 observations from 18,842 companies in 23 countries, covering the period from 2011 to 2018 in an unbalanced panel. The dimensions of national culture were based on the GLOBE project, and the level of earnings management was estimated by Dechow et al. (1995). The results show that national culture influences the monitoring of the largest auditing firms and benefits companies in preparing financial statements. Such results suggest a relationship of audit bias due to cultural aspects, which may compromise the quality of accounting information. countrys country s 88428 88 428 88,42 18842 18 842 18,84 2 countries 201 panel project al 1995. 1995 . (1995) statements aspects information 8842 8 42 88,4 1884 1 84 18,8 20 199 (1995 884 4 88, 188 18, 19 (199 (19 (1 (

RESUMEN La investigación tuvo como objetivo verificar si y cómo las dimensiones culturales del país moderan la relación entre la calidad de la firma de auditoría y el nivel de gestión de ganancias. La muestra estuvo compuesta por 88.428 observaciones de 18.842 empresas ubicadas en 23 países, abarcando el periodo de 2011 a 2018 en un panel desequilibrado. Las dimensiones de la cultura nacional se basaron en el proyecto GLOBE y el nivel de gestión de resultados se estimó según Dechow et al. (1995). Los resultados presentan evidencia de que la cultura nacional influye en el seguimiento realizado por las mayores firmas auditoras y proporciona beneficios a las empresas en lo que respecta a la preparación de estados financieros. Tales resultados sugieren una relación de sesgo de auditoría debido a aspectos culturales, lo que puede comprometer la calidad de la información contable. ganancias 88428 88 428 88.42 18842 18 842 18.84 2 países 201 desequilibrado al 1995. 1995 . (1995) financieros contable 8842 8 42 88.4 1884 1 84 18.8 20 199 (1995 884 4 88. 188 18. 19 (199 (19 (1 (

RESUMO Esta pesquisa teve como objetivo verificar se e como as dimensões culturais do país moderam a relação entre a qualidade da firma de auditoria e o nível de gerenciamento de resultados. A amostra foi composta por 88.428 observações de 18.842 empresas localizadas em 23 países, abrangendo o período de 2011 a 2018 em um painel desbalanceado. As dimensões da cultura nacional foram baseadas no projeto GLOBE, e o nível de gerenciamento de resultados foi estimado conforme Dechow et al. (1995). Os resultados apresentam evidências de que a cultura nacional tem influência no monitoramento exercido pelas maiores firmas de auditoria e conferem benefícios às empresas no que tange à elaboração das demonstrações contábeis. Tais resultados sugerem relação de parcialidade da auditoria em virtude de aspectos culturais, o que pode comprometer a qualidade da informação contábil. 88428 88 428 88.42 18842 18 842 18.84 2 países 201 desbalanceado GLOBE al 1995. 1995 . (1995) contábeis contábil 8842 8 42 88.4 1884 1 84 18.8 20 199 (1995 884 4 88. 188 18. 19 (199 (19 (1 (

ORIENTATION: The importance of corporate governance in a public pension fund. RESEARCH PURPOSE: Determining the disclosure of corporate governance principles in a South African public pension fund. MOTIVATION FOR THE STUDY: Media reports have reported on the mismanagement and governance concerns of a public pension fund, creating concern for public pension fund members where membership is mandatory. RESEARCH DESIGN, APPROACH AND METHOD: The article followed a qualitative approach and used a content analysis. The content was extracted from a public pension fund's 2017-2021 annual reports. The content was analysed using a corporate governance framework. MAIN FINDINGS: A sound theoretical checklist framework for corporate governance was established. The public pension fund annual reports were investigated against each principle. The research revealed that the fund fully disclosed the majority of the King IV principles with room for improvement. PRACTICAL/MANAGERIAL IMPLICATIONS: The study is significant in that it guides organisations with a checklist to review corporate governance. Furthermore, it offers pension fund members more clarity regarding the fund's management from the annual reports. CONTRIBUTION/VALUE-ADD: A framework was established based on the 17 principles of the King IV report to examine if corporate governance is disclosed in South African organisations' annual reports. Annual reports on their own may not be sufficient to review the fund's management, and further studies are recommended to evaluate financial statements and day-to-day operations.

This article analyses the importance of the solvency capital requirement (hereafter SCR) and the minimum capital requirement (hereafter MCR) formulae and why an insurer's external auditor should audit these and disclose its contents in the insurer's financial statements. When calculating the SCR, the reason for requiring such a disclosure is to allow the Prudential Authority an opportunity to understand whether the assumptions, parameters and techniques (also referred to as economic considerations) applied by actuaries comply with section 36 of the Insurance Act 18 of 2017. Administrative costs and written premiums are considered when calculating the MCR, although written premiums could be subjected to different interpretations, which might affect this formula. Accordingly, had Constantia Insurance Company Limited's auditor audited these formulae in 2018 and disclosed their contents in the financial statements, the Prudential Authority would have commenced liquidation procedures in 2019, not choosing instead to wait and monitor the company's solvency requirements on a weekly basis for four years. As a result, owing to the lack of transparency in the financial statements and non-compliance with the SCR and MCR, Constantia spent nearly R733 000 000 over the three-year period to fund its business activities.

Abstract The research examines the relationship between the macroeconomic aggregates of the National Accounts and the Financial Accounts. The research is of an applied type with a qualitative approach, with bibliographic and documentary analysis procedures, including the analysis of the economic activities of “Empresa Internacional S.A”, to demonstrate the interrelationship and equivalence of the accounting economic statements. It was identified that there is a common starting point between the National Accounting and the Financial Accounting, since the macroeconomic aggregates and ledger accounts resort to the accrual basis, use double entry and coincide in the periodicity of their publications. It is shown that the economic and accounting statements are interrelated because both arise from the same and unique fact (economic activity), which only differs in the way in which each one observes it from their own analytical perspective, consequently the proximity is consolidated. between National Accounting and Financial Accounting. The continuous investigation of this field of research by economists, accountants and even statisticians is proposed for the continuous improvement of the information.

Resumen La investigación examina la relación entre los agregados macroeconómicos de la Contabilidad Nacional y los estados financieros de la Contabilidad Financiera. La investigación es de tipo aplicada con un enfoque cualitativo, con procedimientos de análisis bibliográfico y documental. Para demostrar la interrelación y equivalencia de los estados económicos contables, se identificó que existe un punto de partida común entre la Contabilidad Nacional y la Contabilidad Financiera, ya que los agregados macroeconómicos y las cuentas contables recurren a la base del devengado, utilizan la partida doble y coinciden en la periodicidad de sus reportes. El resultado de la investigación demuestra que, los estados económicos y contables están interrelacionados porque ambos surgen de un mismo y único hecho (la actividad económica), el cual solo difiere en la forma en que cada uno lo observa desde su propia perspectiva analítica, consecuentemente se consolida la proximidad entre la Contabilidad Nacional y la Contabilidad Financiera,

Abstract The objective of this study was to analyze the differences between the means of the financial indicators of Peruvian and Chilean fishing companies in the period 2018-2021. This research with a mixed approach and DEXPLOS design, used ANOVA of one factor to test the hypothesis. The sample consisted of five companies. It was found that there are significant differences between the means of the indicators analyzed in the study period, standing out in the analysis Austral Group from Peru and Camanchaca from Chile. One limitation corresponded to the limited availability of previous similar studies, which implies that this research work is unprecedented. In this work an analysis of the management of the operations was not included and other variables inherent to the fishing sector were not considered, however, the business management finally ends up being reflected in the Financial Statements and consequently in the financial indicators. It is recommended to carry out similar studies to compare the results found with companies in the fishing sector of other countries, in such a way that the model is validated or improved with other proposals.

Resumen El objetivo de este estudio fue analizar las diferencias entre las medias de los indicadores financieros de empresas pesqueras peruanas y chilenas en el periodo 2018-2021. Esta investigación de enfoque mixto y diseño DEXPLOS, utilizó ANOVA de un factor para comprobar la hipótesis. La muestra estuvo conformada por cinco empresas. Se halló que sí existen diferencias significativas entre las medias de los indicadores analizados en el periodo de estudio, destacando en el análisis Austral Group de Perú y Camanchaca de Chile. Una limitación correspondió a la escasa disponibilidad de estudios previos similares, lo que implica que este trabajo de investigación es inédito. En este trabajo no se incluyó un análisis de la gestión de las operaciones y no se consideraron otras variables inherentes al sector pesquero, sin embargo, la gestión empresarial finalmente termina reflejándose en los Estados Financieros y en consecuencia en los indicadores financieros. Se recomienda realizar estudios similares para comparar los resultados hallados con empresas del sector pesquero de otros países, de tal forma que se valide el modelo o mejorar el mismo con otras propuestas.

Abstract In several countries, mining contributes more than most sectors to economic growth. But the activity is marked by cyclical behaviour, including booms in the price of metals-such as that which occurred in the period 2004-2012. Therefore, it is important for investors to identify the financial performance of companies in the sector. This study aims to analyse the levels of liquidity, solvency, and profitability of Peruvian mining companies listed on the S&P/BVL Mining Index for the period 2004-2020, given the contribution of mining to GDP growth and employment in Peru. We utilise a quantitative approach, collecting data from the companies’ financial statements through Bloomberg. The research design is non-experimental, based on a descriptive, comparative, and longitudinal approach. For the statistical analysis, descriptive statistics tests and Student's t-test were carried out. Analysis of the results reveal that the liquidity, solvency, and profitability of this group of companies exhibited a better performance during the metal-price boom period, with a marked decrease in the following period.

Resumen La minería es uno de los sectores que más contribuye con el crecimiento de la economía de varios países, con comportamientos cíclicos como el denominado boom del precio de los metales, que se generó en el periodo 2004-2012, lo que genera el interés de los inversionistas de identificar el desempeño financiero de las empresas de este sector. En este sentido, este artículo tiene como objetivos analizar el nivel de liquidez, solvencia y rentabilidad de las empresas mineras peruanas del S&P/BVL Mining Index en el período 2004-2020, considerando que la minería es una de las actividades que más contribuye con el crecimiento del PBI y con la generación de puestos de trabajo en el Perú. Para tal efecto, la investigación tiene un enfoque cuantitativo, mediante la recolección de datos de los estados financieros de las empresas a través de Bloomberg. El diseño es no experimental, con un nivel descriptivo, comparativo y longitudinal. Asimismo, para el análisis estadístico se han realizado pruebas de estadística descriptiva y prueba de hipótesis de t de Student. Del análisis de los resultados, se destaca que la liquidez, solvencia y rentabilidad de este grupo de empresas ha presentado un mejor desempeño en el período denominado boom del precio de los metales, con una clara disminución en el período posterior a este ciclo.

RESUMEN El análisis financiero es una herramienta que permite realizar cotejos relativos de distintos negocios y facilitar la toma de decisiones de inversión, ingresos, beneficios, capital de trabajo, financiación, planes de acción, control de operaciones, entre otros. La investigación se trazó como objetivo alcanzar una caracterización diagnóstica que posibilite a los actores económicos comprometidos con la organización o directamente actuantes la adopción de las decisiones con mayor nivel de pertinencia. La investigación se concibió sobre la base del paradigma de positivista investigación. Se aplicó un diseño no experimental de corte transversal y de nivel descriptivo, apoyado en el análisis documental disponible. El muestreo desarrollado posibilitó identificar 600 sujetos correspondientes a micro, pequeños y medianos empresarios. El estudio aplicado a las empresas industriales indica que en el año 2019 alcanzaron el 46,11%, en el 2020 bajó al 43,96% -debido a la pandemia- y en el 2021 el margen subió al 46,04%, lo que implica que en la época crítica las empresas debieron estar pendientes de las amenazas por la caída de las ventas, la disminución de los márgenes de utilidad y el incremento del periodo medio de cobro. Se concluye que el proceso de planeación debe integrar la planificación estratégica y financiera, la primera va desde la definición del negocio hasta la determinación de objetivos y estrategias, incluyendo al análisis prospectivo, la segunda toma como principal plus la planificación estratégica y desde allí se inicia la cuantificación monetaria hasta los estados financieros analizados y proyectados, para una correcta toma de decisiones.

ABSTRACT Financial analysis is a tool that makes it possible to make relative comparisons of different businesses and facilitate decision-making on investment, income, profits, working capital, financing, action plans, and control of operations, among others. The objective of the research was to achieve a diagnostic characterization that would enable the economic actors involved in the organization or directly involved to make the most relevant decisions. The research was conceived on the basis of the positivist research paradigm. A non-experimental, cross-sectional and descriptive design was applied, supported by the available documentary analysis. The sampling made it possible to identify 600 subjects corresponding to micro, small and medium-sized entrepreneurs. The study applied to industrial companies indicates that in 2019 they reached 46.11%, in 2020 it dropped to 43.96% -due to the pandemic- and in 2021 the margin rose to 46.04%, which implies that in the critical period the companies had to be aware of the threats due to the fall in sales, the decrease in profit margins and the increase in the average collection period. It is concluded that the planning process must integrate strategic and financial planning, the first goes from the definition of the business to the determination of objectives and strategies, including prospective analysis, the second takes strategic planning as the main plus and from there starts the monetary quantification until the financial statements are analyzed and projected, for correct decision making.

RESUMEN Los requerimientos de las Normas Internacionales de Información Financiera (NIIF) deben ser acogidos para la preparación de los estados financieros en las empresas. El tratamiento contable de los inventarios establecidos por la Normas Internacionales de Contabilidad NIC 2, da cuenta del modo en que se debe estimar el valor de los mismos. En este sentido, esta investigación plantea actividades de control y monitoreo del deterioro del valor de las existencias, considerando que dichos resultados generan un gran impacto en los estados financieros, como el activo más significativo en INSPA CIA LTDA. Se aplicó un estudio no experimental con alcance descriptivo-explicativo. Entre los principales resultados, se determinó que en INSPA CIA LTDA, el deterioro de los inventarios no incidió en las cuentas patrimoniales, no obstante, si afectó a la estructura financiera. En consecuencia, se elaboraron matrices que contienen parámetros de control, gestión y tratamiento contable de los inventarios.

ABSTRACT The requirements of the International Financial Reporting Standards (IFRS) must be followed for the preparation of financial statements in companies. The accounting treatment of inventories established by the International Accounting Standards (IAS 2), shows how the value of inventories should be estimated. In this sense, this research proposes activities of control and monitoring of the deterioration of the value of inventories, considering that such results generate a great impact on the financial statements, as the most significant asset in INSPA CIA LTDA. A non-experimental study with descriptive-explanatory scope was applied. Among the main results, it was determined that in INSPA CIA LTDA, the deterioration of inventories did not affect the equity accounts, however, it did affect the financial structure. Consequently, matrices containing parameters of control, management and accounting treatment of inventories were developed.

Resumen Se analizó el efecto que tiene la morosidad en las carteras de crédito sobre la rentabilidad de una Institución Microfinanciera, a través del análisis fundamental con proyección de estados financieros, sensibilización del indicador de rentabilidad y formulación de escenarios macroeconómicos con incrementos en el costo del financiamiento de los créditos. Los resultados demuestran el efecto contraproducente sobre la rentabilidad al registrar altos índices de morosidad, aunque el modelo de negocio de la empresa es lo suficientemente sólido como para afrontar aumentos persistentes en la morosidad. Fortalecer las estrategias operativas y promover la investigación en la industria microfinanciera costarricense y latinoamericana, es primordial para mejorar su desempeño y facilitar la inclusión financiera.

Abstract The effect of default in loan portfolios on the profitability of a Microfinance Institution was analyzed through fundamental analysis with projection of financial statements, awareness of the profitability indicator and formulation of macroeconomic scenarios with increases in the cost of financing. The results show the counterproductive effect on profitability of high default rates, although the company's business model is robust enough to cope with persistent increases in default. Strengthening operational strategies and promoting research in Costa Rican and Latin American microfinance industry is essential to improve its performance and financial inclusion.

ABSTRACT This research analyzes the effects of exchange rate uncertainties on the investment of publicly traded companies in Brazil. Based on a theoretical framework and a review of the literature on the relationship between foreign exchange and investments, an empirical investigation was carried out by using the dynamic data analysis for 24 sectors of the manufacturing industry, grouped into four sectors according to the intensity of the factors used in production: (i) intensive in natural resources; (ii) labor intensive; (iii) intensive in scale; and (iv) intensive in technology. The database comprises the period of 1997 to 2019 and was obtained from the financial statements of 309 companies in the manufacturing industry extracted from the Economática database, in addition to variables obtained from Ipeadata and the Brazilian Central Bank (BCB). In line with the theoretical and empirical literature on the subject, the main empirical results of the research indicated that the estimated coefficient of the exchange rate volatility was not significant only for the group of companies whose intensity of productive factors are natural resources. For all other groups, this coefficient was statistically significant, indicating that exchange rate volatility affects the investment of the domestic industries, especially those intensive in technology, in the considered period. Brazil investments 2 production i (i resources ii (ii iii (iii scale iv (iv technology 199 201 30 BCB. BCB . (BCB) subject groups industries 19 20 3 (BCB 1

RESUMO Esta pesquisa analisa os efeitos da incerteza cambial sobre o investimento das empresas de capital aberto no Brasil. A partir de um referencial teórico e da revisão da literatura sobre a relação entre câmbio e investimentos, procedeu-se uma investigação empírica por meio da análise de dados em painel dinâmico para 24 setores da indústria de transformação, reagrupados em quatro setores segundo a intensidade dos fatores empregados na produção: (i) intensiva em recursos naturais; (ii) intensiva em trabalho; (iii) intensiva em escala; e (iv) intensiva em tecnologia. A base de dados compreende o período 1997-2019 e foi obtida dos demonstrativos financeiros de 309 empresas da indústria de transformação extraídos da base Economática, além de variáveis obtidas junto ao Ipeadata e Banco Central do Brasil (BCB). Em linha com a literatura teórica e empírica sobre o tema, os principais resultados empíricos da pesquisa indicaram que o coeficiente estimado da variável volatidade cambial só não foi significativo para o grupo de empresas cuja intensidade de fatores produtivos são os recursos naturais. Para todos os demais grupos, este coeficiente foi estatisticamente significante, indicando que volatilidade da taxa de câmbio afeta o investimento das indústrias domésticas, em especial aquelas intensivas em tecnologia, no período considerado. investimentos procedeuse procedeu se 2 produção i (i naturais ii (ii trabalho iii (iii escala iv (iv tecnologia 19972019 1997 2019 1997-201 30 Economática BCB. BCB . (BCB) tema grupos significante domésticas considerado 1997201 199 201 1997-20 3 (BCB 199720 19 20 1997-2 19972 1 1997-