Mestrado em Ciências Contábeis (FACE)
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Navegando Mestrado em Ciências Contábeis (FACE) por Por Orientador "Zanolla, Ercilio"
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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.