Programa de Pós-graduação em Ciências Contábeis
URI Permanente desta comunidade
Navegar
Navegando Programa de Pós-graduação em Ciências Contábeis por Por tipo de Acesso "Acesso Aberto"
Agora exibindo 1 - 10 de 10
Resultados por página
Opções de Ordenação
Item Value relevance do valor distribuído da demonstração do valora adicionado: análise no mercado brasileiro à luz da teoria dos Stakeholders e Shareholders(Universidade Federal de Goiás, 2020-03-10) Couto, Marcia Helena de Andrade; Zanolla, Ercilio; http://lattes.cnpq.br/2535424071298626; Zanolla, Ercilio; Santos, Ariovaldo dos; Machado, Lúcio de SouzaThe objective of this study was to analyse the behaviour of the relevance of the informational content of the distribution of the value of the AVD, according to the interest groups classified in the light of the Stakeholders and Shareholders Theory. The methodology applied was the qualitative and quantitative approach, from 2009 to 2018, in 169 Brazilian companies. The data were organized in a panel, totaling 1,690 observations, and the Ohlson (1995) model of value relevance adjusted according to the survey was used. The Vad variables were classified into VadShare (Shareholders), VadStake (Stakeholders), StakSoc (Social), StakGov (Government) and StakTer (Third Parties) and the research hypotheses based on economic theory. The results showed that Vad provides a more adequate model and has a negative influence on stock prices, confirming the economic theory. The maximization of wealth to shareholders is confirmed in the results of regressions in all interest groups in the distribution of wealth - it was found that the VadShare model is the most appropriate when compared with VadStake, StakSoc, StakGov and StakTer. It was found that the period analyzed, of economic and political crisis, influenced the behavior of the value of the distribution of wealth, the price of shares and the average negative performance. In general, it can be inferred that other factors can impact the stock price. It is important to note that both the discussion of the theory of Shareholders and Stakeholders and the analysis of the empirical evidence may be the awakening of interest in analysis and discussions in academia and greater use and utility of VAD in companies and the market.Item Análise da retenção de caixa e alavancagem financeira como recursos complementares ou substitutos nas empresas brasileiras de capital aberto(Universidade Federal de Goiás, 2018-02-20) Ferreira , Marília Paranaíba; Zanolla, Ercilio; http://lattes.cnpq.br/2535424071298626; Zanolla, Ercilio; Machado, Michele Rílany Rodrigues; Silva, César Augusto TibúrcioThis research investigated whether Brazilian publicly traded companies classified as financially restricted and unrestricted used cash holdings and financial leverage in a complementary or substitutive way, and if the financially restricted companies kept more cash than the unrestricted ones in the period between January 2010 and December 2016. The data were collected quarterly on the basis of Economatica® and the principal components factorial analysis technique was adopted to classify the companies in restricted and unrestricted. The sample with 108 companies, 55 restricted and 53 unrestricted, was analyzed through multiple regressions with unbalanced panel data and the results indicated that 1) in financially restricted companies, cash holdings and financial leverage are complementary sources of financing; 2) cash holdings and financial leverage are sources of substitute financing in financially unrestricted companies; and 3) financially restricted Brazilian companies retained, on average, more cash than unrestricted ones. The theoretical contribution of this study was the construction of a different perspective of the Trade-Off and Pecking Order theories, in the sense that the first treats the resources as complementary and the second as substitutes, and the empirical was the choice of the method used to segregate the companies in financially restricted and unrestricted.Item Análise de características determinantes das escolhas contábeis na demonstração dos fluxos de caixa em empresas da América Latina(Universidade Federal de Goiás, 2018-04-18) Nascimento, Denise Fernandes; Zanolla, Ercilio; http://lattes.cnpq.br/2535424071298626; Carmo, Carlos Henrique Silva do; Ribeiro, Alex MussoiThe cash flow statement is a very important report for accounting users and is one of the ways to provide information about the changes that occur in so-called net assets, financial structure and the ability of companies to change their resources, which moments will be required to receive receipts and payments in the entities in order to adapt to the different situations and opportunities (IAS 7). In this sense, the present study aims to analyze, in a general way, the characteristics associated to the accounting choices in the cash flow statement of open companies in Latin America. The research sample consisted of 565 publicly-held companies, financial and non-financial, with annual cash flow statements for the period 2012 to 2016. The survey data were obtained from the Thomson Reuters® database and Economática ® and on the websites of Brazil, Chile and Peru. The logistic regression technique was used to test the seven variables raised from the literature on the subject. We estimated fourteen econometric models, all of them composed by the dependent variable corresponding to the accounting choices allowed for the DFC. The results showed that: (i) the variables: size, company, indebtedness, profitability, negative operating cash flow and BP are not determinants of accounting choices; (ii) most companies do not follow the classification encouraged by IAS-7.Item Empresas familiares x não familiares: impactos das aquisições corporativas no desempenho da empresa e na remuneração dos executivos(Universidade Federal de Goiás, 2018-03-27) Oliveira, Rafael Manoel de; Pimenta, Daiana Paula; http://lattes.cnpq.br/9039708494014835; Pimenta, Daiana Paula; Cunha, Moisés Ferreira da; Porto, Rafael BarreirosThis study aimed to verify if the acquisitions made by family companies generate better performance than those performed by non-family companies, and if there is a difference between the post-acquisition compensation of executives of family companies and executives from non- family companies of Brazilian companies listed in B3 in the period from 2009 to 2016. The research is supported mainly in the agency relations and the alignment of interests between the principal and the agent, studied by the Agency Theory. Data were collected through Thomson Reuters Ikon and the company reference form. Enterprises were classified as familiar or unfamiliar through the involvement and essential approaches. To achieve the objectives, three multiple regressions were estimated: two related to the performance of acquisitions, with data stacked and a sample of 244 acquisitions (86 companies), and one referring to executive compensation, with a sample of 96 companies with panel data not balanced. The results indicated that: i) Brazilian family firms tend to perform better with corporate acquisitions events compared to non-family acquisitions; and (ii) corporate acquisitions have a greater positive impact on the total remuneration of non-family business executives than on family firms. The results are consistent with the Agency Theory, which says that the gap between ownership and control creates agency conflicts and offers greater opportunities for expropriation by managers.Item Os efeitos da concentração de propriedade e da estrutura do conselho de administração nos covenants de debêntures emitidas pelas empresas listadas na bolsa brasileira(Universidade Federal de Goiás, 2018-04-16) Palhares, Cláudia Margareth Gomes; Carmo, Carlos Henrique Silva do; http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4177319U9; Carmo, Carlos Henrique Silva do; Beiruth, Aziz Xavier; Silva, Júlio Orestes daUsing a database of 110 issues of debentures, conducted between 2011 and 2017 by companies listed on the Brazilian stock exchange, it was sought to identify factors of corporate governance of borrowers that affect the amount of financial covenants present in the debenture agreement and the restriction arising from the financial covenant "Net Financial Debt / EBITDA". For the model referring to the number of financial covenants, a regression was estimated by the Ordinary Least Squares method. The results indicate that the companies with greater concentration of ownership by the controlling shareholder, with a larger board of directors, companies belonging to sectors of economic activity of metallic minerals and information technology issued debentures with fewer financial covenants. On the other hand, debentures issued by larger companies, belonging to the leasing of vehicles and equipment and telecommunications and which issued debentures in 2011, presented a greater number of financial covenants. The second model was estimated through logistic regression and the results suggest that companies with greater concentration of ownership, greater size of the board of directors, greater independence of the board of directors, largercompanies, more leveraged and belonging to the public utility sector, were more likely to have a covenant that allows a higher level of indebtedness. The longer maturity of the debt seems to lead companies to issue debentures with a covenant "Net financial debt / EBITDA" that tolerates a lower level of indebtedness. The research provides support to the literature that internal governance mechanisms such as concentration of ownership, size and independence of the board of directors affect the amount of financial covenants and the constraint imposed by the covenant of indebtedness on contracts of debentures of companies that deal in the stock exchange Brazilian As a practical contribution, this study shows that companies issuing debentures may seek substitute mechanisms for the use and restriction of financial covenants and thus avoid the restrictions arising from these contractual clauses.Item Mudanças na relevância da informação contábil para o mercado de capitais nos últimos 20 anos: evidências do Brasil(Universidade Federal de Goiás, 2018-04-13) Queiroz, Igor Toledo de; Cunha, Moisés Ferreira da; http://lattes.cnpq.br/9314013762582069; Cunha, Moisés Ferreira da; Carmo, Carlos Henrique Silva do; Almeida, José Elias Feres deThe present paper aimed to provide evidences about the value relevance of accounting information to capital markets through the years. As specific objectives, the research aimed to investigate what is the trend around the value relevance, and if, on average, the adoption of IFRS made the information more value relevant. To the former investigation a cross section regression was adopted, and to the later, a pooled data regression. This paper adopts the classic Ohlson (1995) modelo, that regresses price on earnings per share and book value per share, with the addition of control variables accordingly to Balahandran and Mohanram (2011): industry and ocurrence of loss. Concerning the trend, the evidences indicate that there was a trend of loss of relevance before the adoption of IFRS, and a trend of increase of relevante after. The pooled data regression provided a higher R 2 after the adoption of the IFRS and a higher inclination coefficient for earnings and book value, which suggest that the adoption increased the value relevance of accounting information. This evidence is in general, in the same direction as the presented literatature. Moreover, the research observed contrary evidences to works that investigate relevance over time: in Brazil, book value per share has a declining trend while earnings per share has a increasing trend. These results should be observed with caution, since some national researches indicate that the increase in relevance is sometimes also associated with the governance practices adopted by firms.Item Há perdas por ineficiência nas carteiras de investimentos dos regimes próprios de previdência municipais?(Universidade Federal de Goiás, 2018-06-14) Roriz, Ataualpa Veloso; Cruz, Alethéia Ferreira da; http://lattes.cnpq.br/4696821747588199; Cruz, Aletheia Ferreira da; Rech, Ilírio José; Lima, Diana Vaz deThe objective of this research is to verify if the investment portfolios of the Brazilian municipal RPPS are allocated efficiently. If not, what are the losses from their sub-optimal allocation? In order to answer these questions, a review of relevant studies was carried out on: portfolio theory, risk measures, measures of performance, measures of loss by sub-optimization, optimization of portfolios in pension funds and, finally , RPPS and portfolio optimization in RPPS. The investigation of the literature evidenced the lack of consensus among the studies that were proposed to study the existence of losses from sub-optimization in the municipal RPPS, therefore, a gap in the literature was seen, which this work intends to contribute. The database was assembled with primary data from the 30 largest and 30 smallest RPPSs, obtained from the respective DAIRs from the end of the first two months of the years 2012 to 2015. Theoretical portfolios were set up on the Economática platform and later these were exported to the software statistic R. Algorithms of calculations of the loss measures via Return Loss and Return Sharpe Ratio Loss were implemented under different measures of risk and, consequently, of performance. The results indicated losses from sub-optimization for all measures of performance and benchmarks. There were RPPSs that, even with the legal scenario restricted by Resolutions CMN 3,922 / 2010 and CMN 4,604 / 2017, had small subotimization losses, which indicates that the inefficiencies of the portfolios are not only due to the restrictions imposed by the legislation.Item Avaliação de desempenho e remuneração de executivos em empresas familiares brasileiras(Universidade Federal de Goiás, 2018-02-27) Santos, Thaisa Renata dos; Silva, Júlio Orestes da; http://lattes.cnpq.br/2817057269143517; Silva, Júlio Orestes da; Pimenta, Daiana Paula; Gonzaga, Rosimeire PimentelThere is evidence that in family companies, performance indicators are used to a lesser extent for the evaluation of executives, and that the remuneration of these directors tends to be lower when compared to other companies characterized as non-familiar. Besides that, it is assumed that the agency relationship is distinct in family firms, where agency costs may be less prevalent, impacting performance evaluation plans and executive compensation. In this sense, this study aims to verify the influence of the family in the evaluation of performance and in the remuneration of executives in Brazilian publicly traded companies. To analyze the relationships, the survey was carried out through data collection in 110 publicly traded companies, from 2010 to 2016. The data was analyzed through statistical analysis, using the moderation technique to capture the influence of the family in the use of performance evaluation indicators of the executives. The results indicated that the family influence perceived by the family's presence in the company has a direct relation with the total remuneration and with the variable remuneration provided to the executives. However, the relationship between the use of performance evaluation indicators for executives' remuneration was only verified when the influence of the family has a moderating role in this relationship. The findings show that, when family firms use some indicator of organizational performance evaluation in the process of evaluating executives' performance, the variable remuneration conceived tends to be smaller. On the other hand, when using indicators for short and long-term performance evaluation, the provision of incentives in Brazilian family enterprises is greater. In addition, when family companies make use of some indicator, in a short- and long-terms, the greater the total remuneration of the executives of the statutory board in Brazilian family-owned companies tends to be. Therefore, the influence of the family in the company affects the relation of performance evaluation and compensation of the executives, aligning the use of performance evaluation indicators according to the interests of the family and consequently influencing the remuneration spent.Item O programa poroduzir - Goiás e o impacto na promoção de emprego, renda e arrecadação local(Universidade Federal de Goiás, 2018-04-12) Silva, Alexandre Rezende; Araújo, Kleber Domingos de; http://lattes.cnpq.br/8035478885167477; Araújo, Kleber Domingos de; Suzart, Janilson Antonio da Silva; Cardoso, Larissa BarbosaTax incentives are mechanisms used by governments to promote private investment, with the objective of local development. However, the fiscal waiver, promoted by the States, which benefits a first location, incites other states to adopt the same strategy, causing a tax dispute, known as fiscal war. The Brazilian literature points the State of Goiás as one of the most active in promoting development through tax exemptions. The current tax incentive policy in the State is the Produzir Program, which emphasizes on employment and income generation and on the reduction of social and regional inequalities. Similar to other programs, Produzir is also a target for praise and criticism. However, the literature has pointed out the inexistence of conclusive evidence on the impact of these programs on important variables, such as: (i) employment, (ii) income and (iii) local collection. In this way, the present work propounds to investigate the impact of fiscal incentives on the variables exposed above, analyzing data on the municipalities of Goiás, from 2005 to 2014. Was used the regression method with panel data. The results of the econometric models pointed out that the renounced ICMS revenue, through Produzir - Goiás: (i) do not affect the job creation; (ii) has an effect on the increase in average income; and (iii) does not increases the collection of local taxes. However, there is still a need to deepen this area of research in light of its importance for local development. The assessment of tax incentive programs can be hampered both by a lack of data, as the lack of standardization of information.Item O valor da empresa, a concentração de propriedade e o custo da dívida nos mercados emergentes: uma evidência dos Brics(Universidade Federal de Goiás, 2018-04-09) Silva, Cassia Neves da; Cunha, Moisés Ferreira da; http://lattes.cnpq.br/9314013762582069; Cunha, Moisés Ferreira da; Pimenta, Daiana Paula; Flores, Eduardo da SilvaThe literature goes back to the fact that emerging markets have characteristics that are not relevant to the developed markets, among them the concentration of stocks and the cost of debt. Among emerging markets, the BRICS - Brazil, Russia, India, China and South Africa are economic powers. Therefore, this research aims to analyze whether the concentration of ownership and the cost of debt interfere in the value of the company in the BRICS in the period from 2007 to 2016, after the subprime crisis. For this purpose, publicly traded companies from these countries, financial and non-financial, were selected in the period to compose the sample, analyzed by quantile regression. In the results, China presented the lowest debt costs of the economic group. And the stock concentration does not affect the cost of debt in Brazil, but in China and Russia the lower the share concentration, the higher the cost of debt. In India only companies with Tobin's 50% lower Qs are shown to be negatively influenced. Finally, the cost of debt was relevant in companies with lower market values, proving to be irrelevant in companies with higher value.