FACE - Faculdade de Administração, Ciências Contábeis e Ciências Econômicas
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Navegando FACE - Faculdade de Administração, Ciências Contábeis e Ciências Econômicas por Por Orientador "Cruz, Alethéia Ferreira da"
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Item Reservas de caixa e ameaças biológicas: um estudo das políticas de cash holding frente ao choque exógeno causado pela pandemia da COVID-19(Universidade Federal de Goiás, 2021-05-14) Gomes, Poliana Carine Silva; Cruz, Alethéia Ferreira da; http://lattes.cnpq.br/4696821747588199; Cruz, Alethéia Ferreira da; Cruz, Moisés Ferreira da; Tavares, MarceloThe objective of this research is to analyze whether Brazilian publicly traded companies manage their cash reserves when exposed to an exogenous shock, through an almost natural experiment, caused by the pandemic of COVID-19. The study sample included 273 Brazilian companies, listed on B³ and used the OLS Regression method with an estimate of difference-in-differences. The survey results are that the COVID-19 pandemic positively impacted the cash reserves of the companies analyzed, both using the year 2019 and the year 2018 as an exogenous pre-shock period. It was also identified that macroeconomic variables such as GDP, interest rates and inflation have an influence on cash retention in times of health crises. It is understood that this growth in cash reserves after exogenous shock is mainly due to the presence of uncertainties in the generation of future cash flows, encouraging an increase in the levels of cash reserves to manage fixed costs and business maintenance and avoiding the need to use third party capital, given the preference for liquidity. It was also identified that financially restricted companies retained cash to a lesser ext ent than unrestricted companies.Item O impacto do Big Data na performance das firmas de capital aberto no Brasil(Universidade Federal de Goiás, 2023-07-04) Mello, Ivan Ribeiro; Cruz, Alethéia Ferreira da; http://lattes.cnpq.br/4696821747588199; Cruz, Alethéia Ferreira da; Albuquerque, Pedro Henrique Melo; Cunha, Moisés Ferreira daThere is a common belief that companies should actively engage in Big Data strategies to remain competitive. However, companies' ongoing concern is related to estimating the value of gains and expenses involved in acquiring or developing these solutions. In this context, this study seeks to answer the following research question: What is the impact of using Big Data on the performance of publicly traded companies in Brazil? Therefore, its objective is to measure the impact of using Big Data on the performance of publicly traded companies in Brazil from 2010 to 2022. Thus, this research replicates the model of Cappa et al. (2020) in the Brazilian context, using mobile application data made available by companies on the Google Play Store as an objective proxy for the available Big Data for each of them; with the Resource-Based View (RBV) as the fundamental theoretical framework. Data was collected from three different sources: Refinitiv Eikon©, the Brazilian Securities and Exchange Commission (CVM), and the Google Play Store, using Robotic Process Automation (RPA) through the PyAutoGUI library in Python. The results show that the impact of Big Data in 2022 is less significant than observed in previous research, and that from 2010 to 2022, the increasing adoption of the strategy by various firms in almost all evaluated sectors indicates that the application of Big Data seems to have generated positional and unsustainable competitive advantage. In this sense, the main contributions of this study are related to demystifying Big Data as a concept that still represents a cutting-edge innovation. The findings suggest that investing in Big Data still makes sense, but without the belief that it is something capable of solving any problems simply because it is a technology investment.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 Retenção de caixa e estratégias de gerenciamento de risco corporativo(Universidade Federal de Goiás, 2020-03-19) Sousa, Elizamar Costa; Cruz, Alethéia Ferreira da; http://lattes.cnpq.br/4696821747588199; Cruz, Alethéia Ferreira da; Barboza, Flávio Luiz de Moraes; Pimenta , Daiana PaulaThis study aims to analyze the impact of corporate risk management strategies on cash holding decisions in publicly traded Brazilian companies listed on B3, based on an empirical model. The strategies being evaluated are the use of political connection and the use of hedge as tools for corporate liquidity. In order to achieve the proposed objective, in the first analysis, the relationship between political connection and cash holding is observed with a regression evaluation with panel data using the stacked OLS technique. In the second analysis, based the theoretical model of Disatnik et. al. (2014), shows how corporate hedge and corporate liquidity policy facilitates greater dependence on economic liquidity, with a new empirical approach between cash and other types of hedging instruments. Based on these considerations, the paper explores and discusses constructs related to the political connections of companies and the use of corporate hedge. The results demonstrate the following evidence: the relationship between members of the board of directors, executive officers or corporate committees as elected politicians suggests a greater volume of cash reserves for companies, showing evidence that there is a political connection through this association; by evaluating the types of hegde used by companies, it is possible to notice an increase in the use of these instruments in Brazilian companies. These results contribute to consolidate the relevance of political issues in corporate strategy, as well as to explore the theoretical integration between cash holding and financial derivatives as risk management instruments.Item A influência dos traços de personalidade na alfabetização financeira de indivíduos(Universidade Federal de Goiás, 2020-07-17) Tavares, Verônica Gonçalves; Cruz, Alethéia Ferreira da; http://lattes.cnpq.br/4696821747588199; Cruz, Alethéia Ferreira da; Pimenta, Daiana Paula; Borsatto, Jaluza Maria Lima Silva; Cunha, Moisés Ferreira da; Barboza, Flávio Luiz de MoraesFinancial literacy consists of three dimensions and demonstrates the ability of a citizen to have good financial behavior, knowledge and attitudes in order to promote better financial decisionmaking throughout life and, consequently, provide well-being in relation to finances. However, psychological approaches, such as personality traits, which are uniquely attributed to each citizen, have not been considered in the analysis of this specific capacity of the population to verify how these traits influence financial literacy. The aim of this paper is to understand the influence of personality traits on the financial literacy of university students. To capture information on personality traits, financial literacy and sociodemographic characteristics, a data collection instrument was applied, containing ninety-eight questions to two hundred and thirty-seven university students from selected Higher Education Institutions (HEIs), in the region metropolitan area of the capital of the State of Goiás. To test the research hypotheses, the data were submitted to multiple linear regression analysis by Ordinary Least Squares (OLS) and, for robustness test, to analysis through logistic regression based on the Generalized Structural Equations (GSEM logit). The results showed that only the statistically significant personality traits, conscientiousness and intellect, positively affect the level of financial literacy in the sample, both for OLS and for the logistic regression based on the GSEM logit. In short, the more aware and intellectual a person is, the greater the level of perceived financial literacy or the likelihood of perceiving. As a contribution, this work brought a modern expectation of the effects of human personality on financial literacy and considering the method of logistic regression by GSEM, the results showed that the conceptual model is robust.