Mestrado em Ciências Contábeis (FACE)

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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 Tibúrcio
This 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.
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 Pimentel
There 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.
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 Barreiros
This 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.
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 Silva
The 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.
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 Barbosa
Tax 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.
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 de
The 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.
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 da
Using 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.
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 Mussoi
The 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.
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 de
The 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.
Contribuições de red flags para detecção de fraudes corporativas
(Universidade Federal de Goiás, 2020-01-15) Nascimento, Monize Ramos do; Piscoya Diaz, Mário Ernesto; http://lattes.cnpq.br/8921949936090276; Piscoya Diaz, Mário Ernesto; Rech, Ilírio José; Murcia, Fernando Dal-Ri; Pundrinch, Gabriel Pereira
Research has shown the importance of corporate fraud risk red flags from Cressey's (1953) fraud risk theory. Despite presenting false positives, they can identify a fraudulent situation at an early stage. However, the analysis of the use of financial indicators from financial statements has not yet received due attention from scientific research due to their degree of relevance. Thus, there is timely research that has empirically explored the ability of a set of red flags to help identify signs of fraud. In this sense, the objective of this research is to investigate the contributions of red flags obtained from financial reports in the detection of corporate fraud. In order to achieve the proposed objective, non-financial publicly traded companies with shares traded on the Brazilian stock exchange, called B3 (Brasil Bolsa Balcão), were selected, totaling 277 companies. To construct the database used in the variables analyzed, the information present in the companies' explanatory notes, in the Thonsom Reuters® database, on the website of the Commission of Monetary Values (CVM) and the Federal Police, was considered. For the selection of companies, the years between 2008 and 2018 were considered. For the selection of variables, the period was from 2006 to 2018, allowing data to be collected before the fraud occurred. The method chosen was Logistic Regression for panel data. Indicators identified in the literature with potential to identify evidence of fraud were selected. The variables collected were audit firm, debt, inventory increase, profitability and operating losses. The results confirmed the positive association between liability size and fraud risk. For the other red flags addressed, no statistical significance was found to suggest possible contributions. The findings of the research contribute to the discussion of the theme regarding the prevention of corporate fraud.
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 Souza
The 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.
Efeitos da adoção da IFRS 15 no gerenciamento de receitas: uma análise dos países do BRICS
(Universidade Federal de Goiás, 2020-03-11) Braga, Paula Graciely da Silva; Carmo, Carlos Henrique Silva do; http://lattes.cnpq.br/1859940699823861; Carmo, Carlos Henrique Silva do; Machado, Lúcio de Souza; Marques, Vagner Antônio
International accounting standards are guided by principles, offering managers greater judgment and discretion in the preparation of financial statements. In this environment of accounting standards, as of January 2018, the new revenue recognition standard, entitled IFRS 15, is inserted, having as scope more possibilities of choices and judgments on the part of managers. Such discretion offers the possibility to more accurately portray the economic particularities of each company and, on the other hand, it can facilitate the manipulation of discretionary revenues. In view of this, the present research aimed to analyze whether the adoption of IFRS 15 influenced the practice of earnings management through specific accruals of revenues. As specific objectives, we sought to verify whether this influence differs in each country and in each sector. 1116 companies from countries belonging to the acronym BRICS were analyzed, classified in the sectors of telecommunications, software, engineering, construction and real estate, and the automobile sector, covering a time period from 2016 to 2018. To test the research hypotheses, discretionary revenues were estimated through the model developed by Caylor (2010), and later used as a proxy for revenue management. Multivariate regressions were performed with panel data with robust random effects. The results demonstrate that the effectiveness of IFRS 15 positively influenced the practice of revenue management, in other words, from the adoption of the new revenue recognition standard, there was an increase in management levels by revenue accruals. It was also found that the effects of IFRS 15 differ according to the country and the sector, with a significant difference in China in the engineering, construction and real estate sector.
Gerenciamento de resultados, custo da dívida e trade off entre as estratégias de gerenciamento: evidências do mercado brasileiro
(Universidade Federal de Goiás, 2020-03-18) Almeida, Gabriel Queiroz de; Diaz, Mario Ernesto Piscoya; http://lattes.cnpq.br/8921949936090276; Carmo, Carlos Henrique Silva do; http://lattes.cnpq.br/1859940699823861; Carmo, Carlos Henrique Silva do; Diaz, Mario Ernesto Piscoya; Zanolla, Ercilio; Paulo, Edilson
The objective of this study was to investigate the relationship between Earnings Management by Real Earnings Management (REM) and by Accruals Earnings Management (AEM) in the cost of debt of Brazilian publicly traded companies, as well as to investigate how debt could impact the trade-off between these same strategies. Searching indications of how the characteristics of each strategy and the ability of creditors to perceive earnings management would impact the cost of debt and how the manager would direct earnings management as a whole, in light of the cost of debt. Hypotheses 1 and 2 were based on the assumption that creditors would perceive the informational asymmetry and the potential risks of the two earnings management strategies, thus there would be a positive association between the strategies and the cost of debt. Hypothesis 3, was developed taking into account the characteristics of each earnings management strategy, the manager would adjust the way in which they are used if pressured by the cost of debt. The study was conducted in a set of Brazilian non-financial publicly traded entities in the period from 2010 to 2018. The management strategies were estimated using the Roychowdhury (2006) models for Real Earnings Management and the Pae (2005) and Jones (1991) models for Accrual Earnings Management. The analysis was performed through the implementation of statistical techniques (univariate, bivariate and multivariate), such as quantile regressions, logit, panel data and GLS. The results indicated for hypotheses 1 and 2 that management trough REM is not perceived in a satisfactory manner and misinterpreted in the case of REM by discretionary expenditures, indicated by the negative association found, which can be explained by a certain lack of sophistication of the brazilian market in perceiving REM, after all, it is considered more difficult to perceive. About the accruals, the sign found was the same found in the literature and according to the established hypothesis, creditors are able to perceive the abnormal movement of accruals and include it in the required compensation. The results of hypothesis 3 indicated that the cost of debt is capable of impacting how managers use earnings management strategies, with a reduction in REM and an increase in AEM the higher the cost of debt is. Estimation through 2SLS was also carried out to resolve any inconsistency related to endogeneity (simultaneity), the results indicated that it is the perception of creditors that drives the association, therefore the manager is not so concerned with debt issues when applying earnings management techniques, thus tending to manage in search of issues related to compensation and the stock market. The results contribute to the research in earnings management and indicates the inability of the corporate debt market to perceive and incorporate REM into debt costs efficiently.
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 Paula
This 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.
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 Moraes
Financial 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.
Características dos fundos de pensão e de suas patrocinadoras que influenciam o funding: evidências do mercado brasileiro
(Universidade Federal de Goiás, 2021-04-15) Moraes Filho, Osmar Pereira de; Rech, Ilírio José; http://lattes.cnpq.br/5540005217517516; Rech, Ilírio José; Pereira, Antonio Gualberto; Botinha, Reiner Alves
The objective of this dissertation is to verify which characteristics of pension funds and their sponsors influence the level of funding of BD plans. The research is based on the financial corporate perspective, which presupposes that pension funds are managed for the benefit of the shareholders of the sponsoring companies. Two databases were used: the first with data from the sponsors, in the period from 2010 to 2019; and the second, with data from pension funds, in the period from 2010 to 2018, with the 2019 cut due to lack of data. For the investigation of the influences, we used univariate nonparametric (descriptive and Wilcoxon- Mann-Whitney test), bivariate (Spearman correlation coefficient), and multivariate (quantile regression) statistical techniques. Regarding the characteristics of the sponsors that influence funding: the level of insolvency and corporate governance, showed negative influence, while the market risk and the total remuneration of executives showed positive influence. Within pension funds: the risk (after control of other variables in the multivariate analysis) and the return on investments showed positive influence over funding, while the remuneration of the directors and the percentage of members of the deliberative board elected by the participants negatively influence funding. Regarding the actuarial premises, there was a difference in the premises reported by the sponsors and their pension funds, mainly in the premises: interest rates, retirement and family composition. The research contributes mainly to the following stakeholders: to investors, assisting them in understanding funding policies, therefore improving the pricing of pension components; to creditors, assisting the understanding of funding policies, therefore, improving the assessment of the impact of supplementary pension on the debtors' ability to pay; for regulators, pointing out possible improvements of the standards, in order to approximate the rules of the CPC and PREVIC; finally, for employees, as inappropriate fundings may compromise employee benefit payments.
Fraudes corporativas: uma análise dos seus determinantes e do seu efeito sobre o desempenho das empresas brasileiras de capital aberto
(Universidade Federal de Goiás, 2021-05-14) Scarinci, Thaís Ferraz Barbosa; Pimenta, Daiana Paula; http://lattes.cnpq.br/9039708494014835; Pimenta, Daiana Paula; Borsatto, Jaluza Maria Lima Silva; Cruz, Alethéia Ferreira da
Despite the relevance and impact of corporate fraud in the Brazilian market, little is known about the reasons for its occurrence. Previous studies have focused on the prevention and detection of fraud, disregarding what may be the determining factors of this behavior by companies in Brazil. Aiming to fill this gap, this study aimed to identify the determinants of corporate fraud in publicly traded Brazilian companies. As well as verifying the effects of experience in corporate fraud on the market performance of companies. Variables pointed out in the fraud literature in previous studies that are directly linked to the environment in which the firm is inserted and the internal characteristics of the firm itself were used in order to verify whether these variables can be considered as determinants of illegal corporate behavior. Additionally, it was analyzed whether the experience in corporate fraud interacts with the characteristics of the firm and the environment to explain the performance of the companies. Through Logistic Regression, it was identified that profitability, risk of bankruptcy, auditing company, size, political connections, economic scenario and sector are some internal and external characteristics of the company that contribute to explain the occurrence of this illegal behavior, thus determining the probability of occurrence of corporate fraud in the Brazilian market. Subsequently, through multiple linear regression, it was identified that in the presence of fraud experience, only the risk of bankruptcy ceases to be significant in economic and financial performance, allowing the inference that the greater the company's experience in engaging in fraud and the greater your risk of bankruptcy, the greater your performance (measured using Tobin's Q).
A influência dos mecanismos internos e externos da governança corporativa no desempenho das aquisições corporativas
(Universidade Federal de Goiás, 2021-05-14) Carvalho, Misley Ferreira Viana de; Pimenta, Daiana Paula; http://lattes.cnpq.br/9039708494014835; Pimenta, Daiana Paula; Borsatto, Jaluza Maria Lima Silva; Soares, Juliano Lima
Acquisitions are important strategic operations that can result in success when there is positive performance or failure when value is destroyed. The search for the performance of corporate acquisitions combined with the demand for corporate governance issues boosted the development of this research. This study aims to analyze how the internal and external mechanisms of corporate governance influence the performance of corporate acquisitions of publicly traded American companies. The study was carried out with secondary data, organized in a panel, for acquisitions made by American publicly traded companies, in the period from 2009 to 2019, estimated using the Ordinary Least Squares (OLS) regression model. The results demonstrate that the internal mechanisms, representative of the associations' learning history, the ownership structure mechanism, specifically, the presence of ownership concentration in the property, has a positive association of 7% in the performance of the acquirers. Regarding the influence of external mechanisms, those that occur in the environment external to the organization, three positive results were found, results and indicators of the association with the performance of acquisitions, such as the hiring of consultancy in the acquisition operation, the presence of institutional investors in the ownership and the density of the acquisition sector, with 12.8%, 4% and 0.01%, respectively. Additionally, interactions between internal and external mechanisms of corporate governance that influence the performance of acquisitions were found. This study presents theoretical and practical contributions to identify corporate governance mechanisms of companies that are more likely to obtain the best performance when making acquisitions, which can be explored both by research, as well as by management and defined parties.
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, Marcelo
The 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.
A influência das subvenções e assistências governamentais no desempenho econômico das empresas do agronegócio brasileiro
(Universidade Federal de Goiás, 2021-07-27) Maia, Gilson Ribeiro; Rech, Ilírio José; http://lattes.cnpq.br/5540005217517516; Rech, Ilírio José; Machado, Lúcio De Souza; Pereira, Ivone Vieira
The granting of Government Grants and Assistance is part of the government's fiscal policy and its purpose, among many others, is to help companies to develop activities that are important for economic development, in addition to providing mechanisms that improve the social actions demanded by society. In this context, this research examines whether Government Grants and Assistance influence the economic performance of Brazilian agribusiness companies listed on B3 S.A (Brasil, Bolsa, Balcão). To reach the goal, 59 companies were analyzed in the period from 2014 to 2019, using the Return on Assets (ROA) and the Return on Equity (ROE) as performance variables. The independent variables that formed the Government Grants and Assistance were collected from the notes, from the tax incentive reserves and from subsidized loans obtained from the Banco Nacional de Desenvolvimento Econômico e Social (BNDES). As control variables, the size of assets (TAM), tax aggressiveness measured by the Book Tax Difference (BTD) and the Effective Tax Rate (ETR), net revenues (REC), region of location of subsidized companies (REG) were used and the classification of companies into groups upstream and downstream of the agricultural activity in relation to the agribusiness production chain (MAJ). The information was taken from Economatica® and from the BNDES website. The statistical technique adopted to analyze the data was through multiple regression analysis with panel data. The results indicate that subsidized loans impact the performance measured by ROA, which is not verified with other isolated grants; as for the variables that measure tax aggressiveness, the Book Tax Difference (BTD) showed positive statistical significance (1%) for the same performance indicator. Through the econometric models, it was noticed that the return on equity (ROE) indicator, in principle, is not effective to measure a possible influence relationship by Government Grants and Assistance. The variables net revenue (REC) and MAJ also showed statistical significance in part of the models, but the variables size (TAM) and region (REG) were not able to contribute, ceteris paribus, in explaining the influence of Government Grants and Assistance on performance of the companies studied. It is concluded that there is no evidence that Government Subsidies and Assistance, alone, influence the performance of companies, however, subsidized loans obtained from the BNDES demonstrate statistical significance for subsidized agribusiness companies.

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