The 100th issue of Accounting & Finance Review: Trajectory, present, and future1. CONTEXTUALIZATION AND A BRIEF HISTORY
Throughout its trajectory, the Accounting & Finance Review (A&FR) has experienced other remarkable moments of celebration, such as its anniversaries, including the journal’s 30th anniversary, celebrated in 2019 (Martins & Iudícibus, 2019; Queiroz, 2019). These occasions are especially meaningful because, while they celebrate the A&FR’s pioneering role and leadership in disseminating scientific research results in Accounting, Finance, Actuarial Science, and related fields, they also invite us to reflect on the path already taken, on the present, and on the future we wish to build - without losing sight, of course, of the challenges that lie ahead.
It is this same feeling that inspires this Commemorative 100th Issue of the A&FR. The symbolism of this milestone reflects the advancement of the scientific field, consolidated over time through the accumulation of knowledge since the journal’s first issue. As reported by Professors Eliseu Martins and Sérgio de Iudícibus, the then-called Caderno de Estudos do Departamento de Contabilidade e Atuária of the School of Economics, Business, Accounting and Actuarial Science at the University of São Paulo (FEA/USP) emerged from the need imposed by the growth of stricto sensu graduate programs in accounting in Brazil (Martins & Iudícibus, 2019). Over more than 35 years, the “almost” 100 issues of the journal have influenced accounting thought and the trajectory of accounting in Brazil as a science, as well as the fields of finance, actuarial science, and related areas. Martins and Iudícibus (2019) present the articles that comprised the first issue, which discussed topics such as the twilight or resurgence of accounting, the importance of financial management, the effects of regulatory changes - such as social security and welfare contributions - as well as the relationship between law and accounting. Discussions that, even today, more than 35 years later, remain relevant.
Since its founding, the A&FR has established itself as the main vehicle for scientific communication of research in accounting and related fields in Brazil. Over time, the journal has been led by five editors-in-chief - Jacira Tudora Carastan, Lázaro Plácido Lisboa, Gilberto de Andrade Martins, Fábio Frezatti, and Andson Braga de Aguiar, the latter being its current editor.
A survey prepared by Professor Fábio Frezatti recovers important information about the evolution of the A&FR, covering aspects such as the terms of office of each editor-in-chief, publication frequency and languages, editorial areas, and other distinctive characteristics (Table 1). It is noteworthy that, since its origin, the journal has published articles in three languages (Portuguese, English, and Spanish), reinforcing its international character. The segmentation into research areas was introduced from 2000 onward, and over the last 15 years, the A&FR has adopted a more decentralized editorial structure, with clearly defined roles for the General Editor-in-Chief, Academic Editors-in-Chief, Associate Editors, and ad-hoc Associate Editors.
The longevity and relevance of the A&FR are also the result of the continuous work of various actors who keep its machinery running - reviewers, authors, readers, and the institutional support of the Department of Accounting and Actuarial Science at FEA/USP and the Fundação Instituto de Pesquisas Contábeis, Atuariais e Financeiras (FIPECAFI), its main sponsor. For a more detailed account of the A&FR’s trajectory, we recommend reading the editorial by Martins and Iudícibus (2019).
2. COMMEMORATIVE ISSUE NUMBER 100: DOCUMENTING A LEGACY
Turning now to the proposal for the Commemorative Issue Number 100, it is with great satisfaction that, as authors, readers, reviewers, and editors - past and present - of the A&FR, we feel honored to serve as guest editors of this special issue. This satisfaction is equally shared by the authors of the invited articles, with whom we have interacted since early 2025 and who likewise expressed enthusiasm and a sense of recognition upon receiving the invitation to contribute to this issue.
The proposal conceived by the General Editor-in-Chief, Andson Braga de Aguiar, and embraced by the four of us as guest editors, was that this Commemorative Issue should acknowledge the relevance of the A&FR’s research areas as well as their evolution over time. Accordingly, the objective of Commemorative Issue Number 100 is to offer a perspective that engages, to a greater or lesser extent, with the past, present, and future of each area. Thus, each section of this special issue brings together landmark articles in the respective area throughout the journal’s trajectory, accompanied by critical reflections on future research opportunities connected to real-world problems faced by the field.
Although they represent areas of significant contribution and application in markets and organizations, and have also shown substantial growth in academic research, the areas of Auditing and Taxation (created in September 2025) and Public Sector Accounting, Finance, and Auditing (created in June 2024) were not included in this issue. This is because they were only recently incorporated into the journal’s scope and, for this reason, do not yet have an editorial archive aligned with the historical perspective of this Commemorative Issue.
In addition to the articles representing the more established research areas, the A&FR Commemorative Issue also includes two additional articles. One seeks to analyze the themes being published in the A&FR in comparison with international journals, providing a comprehensive view of the similarities between the topics addressed in the A&FR and those in international journals, as well as identifying opportunities for themes that the Brazilian scientific community may explore. The other article is a replication of one of the most cited works in the A&FR’s history, revisiting the literature and empirical results in a contemporary context. Thus, the A&FR Commemorative Issue comprises nine invited articles: seven dedicated to discussing the journal’s thematic areas, one focused on a comparative analysis between these areas and international journals, and one replication article. Table 2 presents the list of the nine selected articles, as well as the list of invited authors.
Building on this opening, we invite you, the reader, to join us as we present the articles that make up the A&FR’s Commemorative Issue Number 100.
Fábio Frezatti, Ilse Beuren, and Claudio Wanderley provide a diagnosis of articles in the field of Management accounting and controllership published in the A&FR. The study considers 153 articles clearly identified as belonging to the field (“inside the door”), as well as others that engage with the internal perspective of organizations. The authors structure their diagnosis around the concept of management accounting, addressing the topics investigated, the theoretical approaches to constructs, and the methods employed, thereby offering an evolutionary view. In a critical vein, Frezatti et al. (2026) discuss recent trends in the field, summarized as “from technique to strategy” and “theory and context as catalysts,” as well as the field’s dialogue with emerging topics such as governance, organizational behavior, ESG (Environmental, Social, and Governance), and organizational justice. Finally, they project future directions by suggesting the expansion of themes (especially digitalization and sustainability), the adoption of multiparadigmatic approaches and constructs, and the appreciation of diverse methodological perspectives.
One of the recurring topics in the A&FR’s Financial accounting area is explored by Antônio Lopo Martinez. The author offers a systematic analytical-narrative review of research on earnings management in Brazil (2000-2025), integrating methods, findings, and mechanisms, with emphasis on the A&FR’s editorial role. The article consolidates best practices (industry benchmarks, fixed effects, clustering, sensitivity tests) and proposes a 2026-2030 research agenda guided by credible identification, replicability, and regulatory usefulness, across five fronts: accruals-real activities trade-offs; specific International Financial Reporting Standards (IFRS); governance and auditing mechanisms; integration of text and numbers; and digital transformation. Martinez (2026) provides a synthesis useful to researchers (a map of validity and gaps), regulators and auditors (prioritization of oversight), and information users (warning signals). He reorganizes the field (channels, conditions, and limits of earnings management), standardizes protocols for the Brazilian context, reinforces the cumulative nature of the literature, and brings the national debate closer to international standards.
Fernanda Finotti Cordeiro delivers an in-depth analysis of the emergence, development, and future perspectives of the area Financial markets and firm-stakeholder integration. She begins by discussing classical works of Modern Finance Theory and Corporate Finance Models, such as Markowitz (1952), Tobin (1958), Modigliani and Miller (1958), Black and Scholes (1973), and the factor models of Fama and French (1992). Subsequently, research in the area evolved by analyzing the effects of market imperfections, such as financial constraints, agency conflicts, and issues related to corporate governance. Among emerging themes, Finotti (2026) highlights bounded rationality and behavioral finance, which seek to understand why individuals often make decisions that are non-optimal from the standpoint of a rational model. She concludes by providing evidence of how the A&FR has contributed - and continues to contribute - to the development of research in this field.
Considering the relevance of financial information to capital markets, Tatiana Albanez revisited the literature in the field and updated one of the landmark studies published in the A&FR in 2009, with the aim of investigating whether the results would remain unchanged or whether new evidence would emerge from updated data and the use of different proxies and models. Thus, taking into account the evolution of the Brazilian credit and capital markets over the past decade, the author examines the impact of information asymmetry on the financing decisions of companies listed on the Brazilian market between 2010 and 2023, and analyzes the alignment of the results with pecking order theory. The evidence obtained by Albanez (2026) - using panel data models in which firms’ leverage is explained by different proxies for information asymmetry (with emphasis on the bid-ask spread) and control variables - provides a new panorama of the impacts of information asymmetry on corporate financing decisions, reflecting changes and developments in the Brazilian credit and capital markets.
Samuel Durso develops a theoretical essay in which he critically analyzes the historical panorama of the field of Accounting education and research worldwide, in Brazil, and particularly within the A&FR. He projects recent institutional, technological, and academic movements that have affected research in the field. As noted by the author, studies tend to converge on the themes of “Curriculum & Instruction” and “Students,” with a predominance of quantitative approaches. Durso (2026) highlights emerging trends in the Brazilian context that open new research opportunities, such as the recent National Curriculum Guidelines (DCNs) for the Accounting Sciences program, the requirement for extension-based education in higher education, and changes in the criteria for evaluating national scientific output (CAPES - Coordination for the Improvement of Higher Education Personnel). Added to this are the impacts of technological advances, especially Artificial Intelligence, as well as sociopolitical and generational issues that influence student profiles and challenge pedagogical practices.
João Vinícius de França Carvalho examines the historical evolution of Actuarial research published in the A&FR between 2006 and 2025. The article highlights the growing methodological sophistication of actuarial studies and identifies emerging themes that connect Brazilian research to international trends on financial stability and sustainability. The results of this historical mapping reveal a consistent focus on the sustainability of social security and pension systems amid diversification of financial and insurance risks, solvency concerns, and regulatory changes. Carvalho (2026) also discusses how research in the field can address new social and regulatory challenges, demonstrating its potential to strengthen public policies, increase financial resilience, and support evidence-based regulation.
Ruth Alejandra Patiño-Jacinto and Carlos Castaño-Ríos recognize the Hispanic environment, composed of researchers active in Central and South American countries where Spanish is the main spoken and written language. Based on an analysis of prominent authors in the region - whether by citation volume or publications in high-impact journals - the authors identify the main areas and themes of accounting research in Latin America, highlighting finance, sustainability, and financial accounting, as well as latent topics such as technology, gender, and public sector accounting. They also map the countries with the greatest prominence (Colombia and Ecuador) and the scientific collaboration networks formed in the region. They conclude with a call for consolidating and strengthening dialogue within the Hispano-American accounting community, so that it may establish itself as a reference in the international arena.
Representing the area of Emerging issues, Christopher Napier offers a critical view of accounting history, as one of the leading figures in the international consolidation of this field. He revisits his classic discussion of “research directions” and identifies three main approaches in accounting history research - understanding the past (Traditional Accounting History, TAH), contextualizing accounting (New Accounting History, NAH), and “new positivism” - highlighting different perspectives and seminal articles. The author emphasizes the importance of theory, as well as five stages for its use in accounting history research, for example, to stimulate the creation and refinement of new concepts and to ensure a coherent narrative that is faithful to the evidence and sensitive to context. Napier (2026) also analyzes methodological evolution, including opportunities generated by the digitization of archives and greater access to historical sources. He notes the maturation of research in various countries and regions, highlighting seven comparative dimensions - period, places, people, practices, propagation, products, and profession. He concludes that “history is not only a legitimate activity in accounting, but a necessary one for understanding how we arrived where we are and where we may go in the future (e100-8).”
Isabel Lourenço and Dante Viana Jr. compare studies published in the A&FR with those in leading international accounting journals over the period 2015-2025. The international journals analyzed were The Accounting Review (TAR), Accounting, Organizations and Society (AOS), Contemporary Accounting Research (CAR), Journal of Accounting Research (JAR), Journal of Accounting and Economics (JAE), and Review of Accounting Studies (RAST). The article highlights key research areas and ongoing debates in the accounting field, in the A&FR (nine areas) and in international journals (seven areas). Lourenço and Viana Jr. (2026) present an analysis of each area. Despite differences in emphasis, both publication contexts (the A&FR and international journals) share two key research areas: Auditing and Taxation. The authors’ findings are relevant insofar as they provide a structured understanding of how accounting research is developed across different publication outlets, as well as guidance for academic inquiry toward areas of potential impact.
3. ACKNOWLEDGEMENTS AND RECOGNITIONS
We would like to conclude this editorial by thanking the General Editor-in-Chief, Prof. Andson Braga de Aguiar, for the invitation, as well as each of the thirteen authors who contributed to the preparation of articles that not only revisit the A&FR’s trajectory but also point to new paths and help guide our gaze toward the future. We also extend our thanks to all editors, staff members, authors, reviewers, readers, and sponsors - in short, to the entire academic community that has contributed to the journal’s long-standing and successful trajectory.
The symbolism of this Commemorative Issue Number 100 of the A&FR is undoubtedly significant. We therefore express our best wishes for the journal’s continued success, so that it may continue to play a leading role in shaping thought and advancing knowledge in accounting, finance, actuarial science, and related fields.
This is a milestone that deserves to be celebrated by all of us!
References
-
Albanez, T. (2026). Impacts of information asymmetry on the capital structure of companies listed in the Brazilian market: Revisiting the literature, models, and results. Accounting & Finance Review, 37(100), e100-4. https://doi.org/10.1590/1808-057x2026100-4.en
» https://doi.org/10.1590/1808-057x2026100-4.en -
Carvalho, J. V. F. (2026). Brave New Risks: Tracing the evolution of actuarial research from Accounting & Finance Review to the frontiers of Actuarial Science. Accounting & Finance Review, 37(100), e100-6. https://doi.org/10.1590/1808-057x2026100-6.en
» https://doi.org/10.1590/1808-057x2026100-6.en -
Cordeiro, F. F. (2026). Financial markets and firm-stakeholder integration: Looking to the past and looking to the future. Accounting & Finance Review, 37(100), e100-3. https://doi.org/10.1590/1808-057x2026100-3.en
» https://doi.org/10.1590/1808-057x2026100-3.en -
Durso, S. O. (2026). Education and research in accounting: Lessons from the past and future perspectives. Accounting & Finance Review, 37(100), e100-5. https://doi.org/10.1590/1808-057x2026100-5.en
» https://doi.org/10.1590/1808-057x2026100-5.en -
Frezatti, F., Beuren, I. M., & Wanderley, C. A. (2026). Evolution, contributions, impacts, and implications of management accounting and controllership in Accounting & Finance Review, 37(100), e100-1. https://doi.org/10.1590/1808-057x2026100-1.en
» https://doi.org/10.1590/1808-057x2026100-1.en -
Lourenço, I. & Viana Jr., D. B. C. (2026). Comparing research frontiers: A machine-learning analysis of the research published in Accounting & Finance Review and in international leading accounting journals. Accounting & Finance Review, 37(100), e100-9. https://doi.org/10.1590/1808-057x2026100-9.en
» https://doi.org/10.1590/1808-057x2026100-9.en -
Martinez, A. L. (2026). Earnings management in Brazil (2000-2025): Synthesis, evidence, and a research agenda. Revista contabilidade e finanças 37(100), e100-2. https://doi.org/10.1590/1808-057x2026100-2.en
» https://doi.org/10.1590/1808-057x2026100-2.en -
Martins, E., & Iudicibus, S. D. (2019). Trinta anos da Accounting & Finance Review: passado, presente, sonhos para o futuro. Accounting & Finance Review, 30, 301-306. https://doi.org/10.1590/1808-057x201990310
» https://doi.org/10.1590/1808-057x201990310 -
Napier, C. J. (2026). Research directions in accounting history: Reflections and prospects. Accounting & Finance Review, 37(100), e100-8. https://doi.org/10.1590/1808-057x2026100-8.en
» https://doi.org/10.1590/1808-057x2026100-8.en -
Patiño-Jacinto, R. A. & Rios, C. E. C. (2026). Accounting research in Hispano-America: Developments, trends, and challenges - an analysis based on scientific output. Accounting & Finance Review, 37(100), e100-7. https://doi.org/10.1590/1808-057x2026100-7.en
» https://doi.org/10.1590/1808-057x2026100-7.en -
Queiroz, B. (2019, agosto). Accounting & Finance Review completa três décadas. Gente da FEA https://www.fea.usp.br/fea/noticias/revista-contabilidade-financas-completa-tres-decadas
» https://www.fea.usp.br/fea/noticias/revista-contabilidade-financas-completa-tres-decadas
-
3
This is a bilingual text. This Editorial was originally written in Portuguese and published under the DOI https://doi.org/10.1590/1808-057x20269052.pt
-
4
This Editorial was specially produced by the authors for Issue 100 of Accounting & Finance Review, at the invitation of the General Editor-in-Chief.
