ARTHUR FREDERICO LERNER
PhD in Accounting
Federal University of Santa Catarina (UFSC), Brazil
PhD in Accounting
Federal University of Santa Catarina (UFSC), Brazil
Email: arthurlerner_@hotmail.com
LinkedIn: https://www.linkedin.com/in/arthur-frederico-lerner-a7806631
Lattes: http://lattes.cnpq.br/0511190729079027
Scholar Google: https://scholar.google.com.br/citations?hl=pt-BR&user=QJyKPWMAAAAJ
RESEARCH INTERESTS
Financial Accounting; Corporate Governance; Disclosure and Readability; Board Dynamics; Capital Markets; ESG; Credit Unions; Textual Analysis; Applied Econometrics; Artificial Intelligence in Accounting.
RESEARCH AGENDA
My research agenda investigates how governance structures shape disclosure quality and financial performance, with particular emphasis on board characteristics, gender diversity, and linguistic complexity in regulatory documents. I combine agency theory with econometric identification strategies and computational textual analysis to study transparency and performance outcomes in financial institutions. Ongoing projects extend this framework toward capital markets settings and cross-country analyses.
EDUCATION
PhD in Accounting – Federal University of Santa Catarina (UFSC), Brazil, 2025 - Dissertation focused on governance mechanisms, disclosure, and financial performance in financial cooperatives using econometric and textual analysis methods.
MSc in Controlling and Accounting – Federal University of Rio Grande do Sul (UFRGS), Brazil, 2019 - Dissertation on free cash flow, agency costs, and firm performance in Brazilian listed companies (B3)
BSc in Accounting Sciences – Federal University of Rio Grande do Sul (UFRGS), Brazil, 2016 - Undergraduate thesis on audit reports of Brazilian listed companies, analyzing modified opinions and emphasis paragraphs with implications for financial transparency.
WORKING PAPERS
Lerner, A. F., Flach, L., & Bravo-Urquiza, F. (submitted). Gender diversity and the readability of governance disclosures: Evidence from Brazilian financial cooperatives. Annals of Public and Cooperative Economics. Type: Original paper. Status: Submitted; under review.
PUBLICATIONS (ACCEPTED & FORTHCOMING)
Lerner, A. F., & Flach, L. (2026). Readability of bylaws and financial performance: evidence from Brazilian financial cooperatives. Journal of Economic and Administrative Sciences, 2026. (Early access). https://doi.org/10.1108/JEAS-02-2025-0075
PUBLICATIONS (Other Peer-Reviewed Journal Articles)
Lerner, A. F., & Flach, L. (2026). The impact of governance structures on the financial performance of Brazilian financial cooperatives. Contaduría y Administración, 71(3), 175-202. https://doi.org/10.22201/fca.24488410e.2026.5646
Lerner, A. F., Flach, L., & Bravo-Urquiza, F. (2026). Women, tenure, and performance: exploring leadership dynamics in Brazilian financial cooperatives. Gender in Management: an International Journal, 41(4), 625–645. https://doi.org/10.1108/GM-05-2025-0259
Roncato, S., Medeiros, L. M., & Lerner, A. F. (2026). Effect of regulation on corporate governance practices and the quality of justifications of Brazilian companies. Journal of Financial Regulation and Compliance, 34(2), 177–197. https://doi.org/10.1108/JFRC-10-2024-0215
Stüpp, D. R., Flach, L., Lerner, A. F., & Conesa, I. M. (2026). Accounting conservatism and life cycle stages in Brazilian credit unions. Revista Ambiente Contábil, 18(1). https://doi.org/10.21680/2176-9036.2026v18n1ID42520
Lerner, A. F., & Flach, L. (2024). Auditoria assistida por inteligência artificial com ajustes personalizados e proteção de dados [AI-assisted auditing with customized adjustments and data protection]. Revista Inovação, Projetos e Tecnologias (IPTEC), 12(2), 1–18 (Article e27075). https://doi.org/10.5585/iptec.v12i2.27075
Lerner, A. F., & Flach, L. (2024). Statutory bodies in Brazilian credit cooperatives performance: Which aspects are decisive? Administração de Empresas em Revista, 4, 546–563. https://revista.unicuritiba.edu.br/index.php/admrevista/article/view/7167
Lavi, E. R., Silva, L. M., & Lerner, A. F. (2024). Práticas de governança corporativa adotadas pelas empresas do agronegócio listadas na B3 [Corporate governance practices adopted by agribusiness firms listed on B3]. Ágora: Revista de Divulgação Científica, 29, 101–123. https://doi.org/10.24302/agora.v29.5142
Sallaberry, J. D., Venturini, L. D. B., Lerner, A. F., & Flach, L. (2024). Income smoothing in Brazilian credit unions: The effects of default. Revista Ambiente Contábil, 16(1), 1–22. https://doi.org/10.21680/2176-9036.2024v16n1ID34807
Venturini, L. D. B., Lerner, A. F., Sallaberry, J. D., & Flach, L. (2023). Precificação do bitcoin antes e durante a pandemia: Uma análise dos seus determinantes [Bitcoin pricing before and during the pandemic: An analysis of its determinants]. Revista de Auditoria, Governança e Contabilidade, 11, 1–14. https://revistas.fucamp.edu.br/index.php/ragc/article/view/2949
Gonçalves, B. O., Lerner, A. F., & Souza, R. B. L. (2022). Relação entre a estrutura de capital e a política de dividendos nas empresas brasileiras que negociam American Depositary Receipts (ADR’s) [Capital structure and dividend policy in Brazilian firms trading ADRs]. Reunir: Revista de Administração, Ciências Contábeis e Sustentabilidade, 12, 87–98. https://doi.org/10.18696/reunir.v12i1.1256
Lerner, A. F., & Flach, L. (2022). Estrutura de capital como determinante das oportunidades de crescimento nas companhias listadas na B3 [Capital structure as a determinant of growth opportunities in B3-listed companies]. Reunir: Revista de Administração, Ciências Contábeis e Sustentabilidade, 12, 16–28. https://doi.org/10.18696/reunir.v12i4.1492
Diehl, W., Souza, R. B. L., & Lerner, A. F. (2022). Gerenciamento de resultados: Uma análise dos ciclos econômicos na mensuração de títulos e valores mobiliários [Earnings management: Economic cycles in the measurement of marketable securities]. Revista de Gestão, Finanças e Contabilidade, 12(1), 1–21 (e221202). https://www.revistas.uneb.br/index.php/financ/article/view/10709
Carvalho, C., Heissler, I. P., Victor, F. G., & Lerner, A. F. (2021). Política de dividendos e o ciclo de vida organizacional: Evidências das companhias listadas na B3 [Dividend policy and the organizational life cycle: Evidence from B3-listed firms]. Revista de Administração de Roraima – RARR, 10, 1–27. https://doi.org/10.18227/2237-8057rarr.v10i0.6044
Oliveira, V. C. M., Orth, C. O., & Lerner, A. F. (2021). A controladoria como um mecanismo interno de governança corporativa: Empresas hospitalares [Controllership as an internal mechanism of corporate governance: Hospital firms]. Cadernos de Ciências Sociais Aplicadas, 18, 115–130. https://periodicos2.uesb.br/ccsa/article/view/7882
Cavalheiro, M. O., Victor, F. G., Lerner, A. F., & Grando, R. M. (2021). Gerenciamento de impressão nas companhias abertas listadas na Brasil, Bolsa, Balcão (B³): O uso do tom anormal nos relatórios de administração [Impression management in B3-listed firms: The use of abnormal tone in management reports]. Gestão e Desenvolvimento, 18(3), 184–211. https://doi.org/10.25112/rgd.v18i3.2453
Lerner, A. F., & Victor, F. G. (2020). Análise da influência do fluxo de caixa livre nos custos de agência em companhias abertas brasileiras [Free cash flow and agency costs in Brazilian listed companies]. RACEF – Revista de Administração, Contabilidade e Economia da Fundace, 10, 80–101. https://doi.org/10.13059/racef.v10i3.660
Orth, C. O., Michaelsen, A. T., & Lerner, A. F. (2020). Lei de Newcomb-Benford e auditoria contábil: Uma revisão sistemática de literatura [Newcomb-Benford law and financial auditing: A systematic literature review]. Gestão e Desenvolvimento, 17(2), 111–135. https://doi.org/10.25112/rgd.v17i2.2035
Azzolini, K. M. G., & Lerner, A. F. (2020). Eficiência operacional e financeira dos institutos federais de educação, ciência e tecnologia: Um estudo por análise envoltória de dados (DEA) [Operational and financial efficiency of Brazilian federal institutes: A DEA study]. Revista Científica da AJES, 9(18), 26–42. https://www.revista.ajes.edu.br/index.php/rca/article/view/337
Lerner, A. F., Machado, V. N., Vendruscolo, M. I., & Victor, F. G. (2020). Valor justo das commodities agrícolas como determinante do lucro líquido das companhias abertas brasileiras [Fair value of agricultural commodities as a determinant of net income in Brazilian listed firms]. Contabilidade Vista & Revista, 31, 122–147. https://doi.org/10.22561/cvr.v31i2.5682
Lerner, A. F., & Victor, F. G. (2020). Análise da influência do fluxo de caixa livre nos indicadores de desempenho econômico em companhias abertas brasileiras [Free cash flow and economic performance indicators in Brazilian listed companies]. NAVUS – Revista de Gestão e Tecnologia, 10, 1–23. https://doi.org/10.22279/navus.2020.v10.p01-23.1227
Bertoldi, P. F., Orth, C. O., & Lerner, A. F. (2019). Análise dos relatórios de auditoria das companhias listadas na B3 – Brasil Bolsa Balcão S.A. [Analysis of the audit reports of companies listed on B3 – Brasil Bolsa Balcão S.A.]. Revista de Administração e Contabilidade da UNIFAT, 11(2), 36–54. https://reacfat.com.br/reac/article/view/196
Pereira, M. T., Lerner, A. F., Rodrigues, R., & Vendruscolo, M. I. (2019). Acidente ambiental em Mariana-MG: Um estudo dos impactos econômicos e financeiros nas empresas responsabilizadas [Environmental accident in Mariana-MG: A study of the economic and financial impacts on the responsible companies]. Ágora: Revista de Divulgação Científica, 24, 44–66. https://doi.org/10.24302/agora.v24i0.2081
Lerner, A. F., Pereira, M. T., & Vendruscolo, M. I. (2019). Desafios do processo de convergência das International Financial Reporting Standards (IFRS) nos Estados Unidos da América: uma análise de estudos recentes [Challenges of the IFRS convergence process in the United States: A review of recent studies]. RASM, 9(1), 45–67. https://ssrn.com/abstract=4999787
Lerner, A. F. (2019). Um estudo sobre as modificações de opinião do auditor independente nas empresas do segmento Tradicional – BOVESPA [A study on changes in the independent auditor’s opinion in BOVESPA’s Traditional segment]. RICADI, 7, 11–38. https://urisaoluiz.com.br/site/wp-content/uploads/2020/01/Revista-7%C2%AA-edi%C3%A7%C3%A3o-1-Artigo-01.pdf
Lerner, A. F., Machado, V. N., & Souza, R. B. L. (2018). Uma análise acerca das mudanças na contabilização de ativos biológicos portadores: um estudo nas empresas listadas na B3 [An analysis of changes in the accounting of bearer biological assets: Evidence from B3-listed firms]. Revista de Informação Contábil, 12(4), 53–72. https://doi.org/10.34629/ric.v12i4.53-72
ACADEMIC POSITIONS
Federal University of Santa Catarina (UFSC), Brazil
Teaching Assistant (Teaching Practicum), Quantitative Accounting | 2022–2023
Federal University of Rio Grande do Sul (UFRGS), Brazil
Undergraduate Teaching Monitor, Audit II | 2023
Undergraduate Teaching Monitor, Analysis of Financial Statements | 2022
Undergraduate Teaching Monitor, Audit I | 2022
Undergraduate Teaching Monitor, Accounting Theory | 2020
Teaching Assistant (Teaching Practicum), Corporate Accounting II | 2018
Teaching Assistant (Teaching Practicum), Accounting Theory | 2018
Teaching Assistant (Teaching Practicum), Intermediate Accounting | 2018
Undergraduate Teaching Monitor, Audit and Applied Accounting Skills | 2016
RESEARCH PROJECTS & GROUPS
Researcher – Governance, Compliance & Auditing Research Group (UFRGS), 2022–present.
Researcher – CNPq/SESCOOP Project (UFSC): Board characteristics and governance practices as drivers of performance in Brazilian credit unions, 2022–present.
Researcher – NETEC Group – Center for Studies on Work & Teaching in Accounting (UFSC), 2021–present.
Researcher – ContEx Study Group (UFRGS), 2017–present.
METHODS & DATA
Econometric methods: OLS, Fixed Effects, Instrumental Variables (2SLS), GMM, Propensity score matching (PSM).
Textual analysis: readability indices, linguistic complexity, sentiment and tone analysis.
Programming & software: R, Python, Stata.
Databases: financial statements, governance datasets, regulatory filings, textual corpora.
ACADEMIC SERVICE
Ad hoc reviewer, International Review Of Financial Analysis, 2025 - present
Ad hoc reviewer, FAPESC (research grant proposals), 2024 – present
Ad hoc reviewer, Revista de Administração da UFSM (Brazilian Journal of Management), 2024 – present
Ad hoc reviewer, Revista da Informação Contábil (RIC), 2024 – present
Ad hoc reviewer, Prospectus – Perspectivas Qualitativas em Contabilidade e Organizações, 2022 – present
Ad hoc reviewer, Contabilidade Vista & Revista, 2022 – present
Ad hoc reviewer, Contexto (UFRGS), 2021 – present
Ad hoc reviewer, NAVUS – Revista de Gestão e Tecnologia, 2020 – present
Ad hoc reviewer, Práticas em Contabilidade e Gestão, 2020 – present
Ad hoc reviewer, Revista de Administração Contabilidade e Economia da Fundace (RACEF), 2019 – present
INTERNATIONAL EXPERIENCE
Spain – Visiting PhD researcher, University of Seville (Sep–Oct 2024).
Portugal – Conference presentation, XXI AECA International Meeting, Faro (2024).
PROFESSIONAL POSITIONS
Regional Accounting Council of Rio Grande do Sul (CRCRS), Brazil
Technical Advisor | Aug 2024 – Present
Prepare technical briefs on accounting and tax reform, support regulatory study commissions, and coordinate with regional representatives to align institutional initiatives and inform executive leadership. Involved in regulatory monitoring and professional governance matters.
Meinhart Economic Management, Brazil
Controlling Assistant | Feb 2022 – Jul 2022
Supported financial reporting activities, balance sheet adjustments, cost center allocation, and preparation of management reports.
Breidenbach Accounting, Brazil
Accounting Assistant | Apr 2020 – Jan 2022
Assisted in bookkeeping, tax compliance procedures, and payroll-related accounting services for small and medium-sized enterprises.
Moore Stephens Independent Auditors, Brazil
Audit Assistant II | Dec 2015 – May 2016
Executed substantive testing, reviewed accounting processes and internal controls, and supported financial reporting verification.
Deloitte Touche Tohmatsu, Brazil
Audit Assistant (Big Four) | Sep 2014 – Jul 2015
Performed audit procedures including inventory counts, internal control testing, documentation review, and preparation of audit working papers in accordance with professional standards.
AWARDS & HONORS
2nd Place in the ABDE–BID National Award – Category 3 – OCB System: Development and Credit Cooperativism, Brazilian Development Association (ABDE) and Inter-American Development Bank (BID), 2025.
2nd Place in the National CollabCoop Confebras Award for Credit Cooperatives, CONFEBRAS, 2025.
Finalist in the National Hackathon Award with the project titled “AI-Co-Piloted Auditing with Custom Adjustments and Data Protection” IBRACON – Institute of Independent Auditors of Brazil, 2024.
Best Works in the Technological Works category at the 13th UFSC Congress of Controllership and Finance, titled "Development of a Power BI Dashboard for Credit Union Management," Federal University of Santa Catarina (UFSC), 2023.
Best paper in the Financial Accounting category, titled "Accounting Conservatism in Brazilian Credit Cooperatives," 12th UFSC Congress of Controllership and Finance, 2022.
Best Papers Award, titled "Bitcoin Cryptoasset Pricing Before and During the Pandemic: an Analysis of its Determinants," 52nd World Continuous Auditing and Reporting Symposium, 2022.
Best paper in the Scientific Initiation category, awarded article titled "Relationship between capital structure and dividend policy in Brazilian companies trading American Depositary," XIV anpcont Congress | National Association of Graduate Programs in Accounting Sciences, 2020.
2nd Best paper in the External User Accounting category, titled "Fluctuation of Agricultural Commodities Value as a Determinant of Open Companies' Results Volatility," III UFRGS Accounting Congress (PPGCONT-UFRGS), 2018.
LANGUAGES
Portuguese (native); English (advanced); German (basic).