Programa de Pós-graduação em Ciências Contábeis

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Análise da relação entre a divulgação de gestão de riscos corporativos e o gerenciamento de resultados em empresas brasileiras
(Universidade Federal de Goiás, 2022-04-05) Duarte, Jheneffer Silva Santos; Carmo, Carlos Henrique Silva do; http://lattes.cnpq.br/1859940699823861; Carmo, Carlos Henrique Silva do; Rech, Ilírio José; Pereira, Antonio Gualberto
The risk management disclosure is a way for companies to disclose to the stock market the risks to which they are exposed and how they manage these risks to bring better decision-making capacity to both their managers and their stakeholders. The objective of this study is to analyze the relationship between risk management disclosure and earnings management in Brazilian companies. The risk management disclosure can indicate better quality of financial reports and companies with better quality of financial reports, in turn, can have a negative influence on their accruals-based management and a positive influence on real earnings management. In addition, it can impact the trade-off between these earnings management. The sample consists of 182 companies listed on B3 between 2012 and 2020. To analyze earnings management, the Pae (2005) model was used to calculate accruals-based management and the Roychowdhury (2006) model for the calculation of real earnings management. To calculate risk management disclosure, two indices were measured, one called rigorous and the other, tolerant, applying a checklist in the companies' Reference Form as required by CVM Instruction no. 480/2009 as amended by CVM Instruction n. 586/2017. The trade-off between manipulation by accruals and by real activities was also used to identify whether the risk management disclosure impacts the exchange of these two types of earnings management. As control variables, the study adopted profitability, size, growth and sector. Through the GLS regression, the results allow us to say that the high risk management disclosure, both in its rigorous and tolerant criteria, decreases the use of accruals-based management. On the other hand, the high risk management disclosure doesn’t increase the use of real earnings management. The results also showed that, through the risk management disclosure, the two types of earnings management used for the analysis of the study can be treated as complementary. These results mainly contribute to the decision-making of stakeholders regarding investments in companies and expand the national studies that until now were concentrated on only one of the tools that is part of the risk management disclosure, the internal control.
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.
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.
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.
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.
Contribuição do popular financial reporting para a compreensibilidade da informação contábil em universidades públicas brasileiras
(Universidade Federal de Goiás, 2023-03-07) Santos Filho, Manoel Francelino dos; Rech, Ilírio José; http://lattes.cnpq.br/5540005217517516; Rech, Ilírio José; Machado, Michele Rílany Rodrigues; Zuccolotto, Robson
Improving the comprehensibility of accounting and financial information in the public sector can stimulate citizen interest in checking government actions more closely, democratically bringing them closer to active participation in the public sector. In this context, the main objective of this study was to investigate the contribution of popular financial reporting - PFR in improving the understanding of accounting information by users of accounting at Brazilian public universities. The research was based on aspects of the Theory of Communication, and covered subjects that dealt with transparency in Public Administration, disclosure of accounting information in the public sector, and the PFR. The target audience consists of employees and students from the Federal University of Goias – UFG and the Federal University of South and Southeast Para – Unifesspa. Data were collected via Google's electronic questionnaire, in person, and via email, from August 27 to October 23, 2022. Methodologically, an approach was used with qualitative analysis, interpretation of information and descriptive texts from the perception of the survey respondents, and quantitative analysis, through statistical techniques that included descriptive statistics and inferential statistics. The results showed that the information reported through popular financial reporting was more comprehensible than that presented in traditional accounting reports, suggesting that the PFR has a better understanding capacity than the current reports. Also, regarding the PFR, better user satisfaction rates were observed regarding aspects related to clarity, format, form, appearance, and usefulness when compared to traditional accounting reports. In addition, it was possible to present two basic characteristics for the elaboration and presentation of the PFR: formal characteristics and content characteristics. It contributes to the discussion about the elaboration and use of the PFR, in addition to demonstrating that this type of report can help to improve comprehensibility and transparency within the scope of Brazilian public universities.
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.
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.
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.
Fatores determinantes de book-tax differences nas empresas da cadeia produtiva do agronegócio
(Universidade Federal de Goiás, 2022-08-11) Papacosta, Bárbara Tonaco; Rech, Ilírio José; http://lattes.cnpq.br/5540005217517516; Rech, Ilírio José; Zanolla, Ercílio; Lima, Nilton Cesar
The objective of the present study is to verify the determining factors of book-tax differences (BTD) in companies in the agribusiness chain. In this way, the influence of internal characteristics of companies, of the agribusiness production chain (structural factor) and of tax expenditures (factor at country level) on BTD total, temporary (BTDT) and permanent (BTDP) was verified. As dependent variables, BTD, BTDP and BTDT were used. As independent variables, the links in the chain (upstream, core and downstream), profitability, change in fixed assets, sales variation, presence of biological assets, R&D investiment and liquidity were used as proxies for determinants. Data were extracted from the Thomson Reuters Eikon database and analyzed using panel data regression and hierarchical linear model (HLM). With the help of the NAICS classification, companies with shares on the stock exchange of eight countries in the period 2012 to 2020 were selected. The determining factors were analyzed considering the total and segmented sample according to the activity developed in the production chain. In companies with upstream activity, profitability, the pandemic period and tax expenditures can be considered as determining factors of BTD and BTDP. In the core, the change in fixed assets, sales growth, profitability, liquidity and tax expenditures were identified as determining factors for BTD and BTDP, while in companies with downstream activity, profitability, liquidity, debt and interaction between debt and biological assets were confirmed. As for BTDT, only the change in fixed assets and liquidity were considered determining factors in companies with upstream activities, while, in the core and downstream activities, only profitability. Considering the total sample, it was found that profitability, liquidity, debt, pandemic period, size, tax expenditures, presence of biological assets and the interaction between profitability and R&D are determining factors of BTD and BTDP in agribusiness. As for BTDT, sales growth, profitability, liquidity, debt, tax expenditures, investments in R&D and its interaction with profitability were revealed as determining factors. The multilevel analysis did not confirm the structural factors as determinants of BTD, BTDT and BTDP. The study contributes to the decision making of investors and makers of government policies focused on agribusiness.
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).
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.
Gestão de riscos e transparência dos gastos com a pandemia SARS-CoV2: um estudo nos estados brasileiros
(Universidade Federal de Goiás, 2023-10-04) Rosa, Aline de Freitas Valadão; Machado, Michele Rílany Rodrigues; http://lattes.cnpq.br/8001352972115912; Machado, Michele Rílany Rodrigues; Rosim, Daniela; Silva, Júlio Orestes da
During the SARS-CoV-2 pandemic, there was flexibility in the ways of acquiring products and services to meet the emergency situation that Brazil was experiencing, with this came the need for greater disclosure of expenses in order to mitigate risks in Public Administration. Bearing in mind that this is one of the objectives of Risk Management, the problem of this research arose, which is to verify whether there is an association between risk management (RM) and the transparency of spending on the SARS-CoV-2 pandemic. The objective of this research is to verify whether there is an association between transparency in the public sector and risk management during the pandemic period. This is a quantitative-quali research. Data collection techniques were through questionnaires and search for information on government portals such as CGE, CGU, TCE. Data processing was carried out via Excel and statistical analyzes were carried out using Stata16® statistical software, using chi-square association and the Kendall tau-b test to verify the correlation between risk management and transparency. It was found that Brazilian States were concerned about complying with the Transparency Law, creating portals to disclose expenses related to the pandemic, however, in the vast majority, the information is difficult to access and/or understand. The results of this study show that the implementation of Risk Management in Brazilian States did not bring changes in the forms of accountability, that is, it did not impact the transparency of spending on the SARS-CoV-2 pandemic. The contribution of this study stands out as the attempt to establish a relationship between risk management and public transparency.
Gestão de riscos e transparência dos gastos com a pandemia sars-cov2: um estudo nos estados brasileiros
(Universidade Federal de Goiás, 2023-10-04) Rosa, Aline de Freitas Valadão; Machado, Michele Rílany Rodrigues; http://lattes.cnpq.br/8001352972115912; Machado, Michele Rílany Rodrigues; Rosim, Daniela; Silva, Júlio Orestes da
During the SARS-CoV-2 pandemic, there was flexibiiity in the ways of acquiring products and services to meet the emergency situation that Brazii was experiencing, with this carne the need for greater disclosure of expenses in order to mitigate risks in Pubiic Administration. Bearing in mind that this is one of the objectives of Risk Management, the probiem of this research arose, which is to verify whether there is an association between risk management (RM) and the transparency of spending on the SARS-CoV-2 pandemic. The objective of this research is to verify whether there is an association between transparency in the pubiic sector and risk management during the pandemic period. This is a quantitative-quaii research. Data collection techniques were through questionnaires and search for information on government portais such as CGE, CGU, TCE. Data processing was carried out via Excei and statisticai anaiyzes were carried out using Stata16® statisticai software, using chi-square association and the Kendall tau-b test to verify the correiation between risk management and transparency. It was found that Braziiian States were concerned about compiying with the Transparency Law, creating portais to disclose expenses reiated to the pandemic, however, in the vast majority, the information is difficult to access and/or understand. The results of this study show that the impiementation of Risk Management in Braziiian States did not bring changes in the forms of accountabiiity, that is, it did not impact the transparency of spending on the SARS-CoV-2 pandemic. The contribution of this study stands out as the attempt to estabiish a reiationship between risk management and pubiic transparency.
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.
A influência das características dos gestores no reconhecimento do valor do Goodwill em empresas da B3
(Universidade Federal de Goiás, 2023-05-14) Miranda Filho, Silvio Silva; Machado, Michele Rílany Rodrigues; http://lattes.cnpq.br/8001352972115912; Carmo, Carlos Henrique Silva do; http://lattes.cnpq.br/1859940699823861; Rech, Ilírio José; http://lattes.cnpq.br/5540005217517516; Rech, Ilírio José; Lemes, Sirlei; Carmo, Carlos Henrique Silva do
The measurement of transaction values in merger and acquisition processes, as well as the recognition of the value paid for future profitability expectations - goodwill, affect the financial position and public perception of the company (Detzen et al, 2012). Studying the factors that affect the formation of goodwill is relevant due to the possible impact of recognizing its value on the company's balance sheet structure. In this sense, the objective of this research is to investigate the influence of manager characteristics on the recognized value of goodwill in publicly traded companies on the B3 exchange, which have undergone M&A processes. To achieve the proposed objective, publicly traded companies with shares traded on the Brazilian stock exchange, called B3 (Brasil Bolsa Balcão), were selected. To compose the database with the analyzed variables, information from the balance sheet reports of all companies on the B3 exchange between the periods of 2010 and 2021 was collected to verify and catalog companies that recognized values as goodwill. After defining which statements have these records, the explanatory notes in financial reports were analyzed to collect transaction values in M&A operations. Additionally, other relevant information was validated and manually collected. Managerial information was obtained from non-financial reports and/or through manual search on various websites. The final sample of the research comprises 281 companies. Multivariate regression was used to estimate the impact of financial incentive and personal characteristics of managers on the recognized value of goodwill. The results confirmed the positive association of the variable of received bonuses and the negative association of the variable of age with the recognized value of goodwill. The findings of the research contribute to the discussion of the subject from the perspective of cognitive, empirical, and personal values, as it relates to the dynamics of decision-making based on managerial characteristics.
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.
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.
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.
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.

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