Mestrado em Ciências Contábeis (FACE)

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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.
Percepção da qualidade no ensino superior: análise discente de uma IES filantrópica
(Universidade Federal de Goiás, 2022-11-30) Assunção, Artur Ribeiro de; Araújo, Kleber Domingos; http://lattes.cnpq.br/8035478885167477; Araújo, Kleber Domingos; Silva, Júlio Orestes da; Pereira, Antonio Gualberto
The objective of this study is to highlight the students' perception of the relationship between organizational management strategy indicators and innovation with the quality of teaching at a philanthropic IES. To measure the quality of teaching, an adaptation was used with theoretical indicators on the Organizational Management Strategy and innovation with the addition of the HEDPERF model by Firdaus (2006). As a statistical model to support and analyze the collected data, Structural Equation Modeling (SEM) analysis techniques were applied in order to explain the relationship between dependent and independent variables simultaneously, through Partial Least Square (PLS). The management results that both the Organizational Strategy and Innovation Performance are associated with the perception of Teaching Quality in a philanthropic IES. This contribution to the literature by providing a survey on the respect of measurement in Brazil from the point of view of disks, considering only the criteria of organizational management strategy and innovation quality. In a similar way, the research brings practical contributions in the sense of highlighting which points of improvement to be observed by the institutional management an end of evolution in the provision of educational services. Therefore, as research limitations, we highlight the restriction of the selected sample and the impossibility of generalizing the results, since only one educational institution that fits into this category of philanthropic HEI was evaluated. Another restriction concerns the investigated factor, as this study considered exclusively the student's perspective, discarding the others.
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 da
There 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.
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.
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.
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.
Relação entre alfabetização financeira e atitude monetária
(Universidade Federal de Goiás, 2022-06-14) Gomes, Rafaela Avelina; Souza, Emerson Santana de; http://lattes.cnpq.br/3765687234109597; Cunha, Moisés Ferreira da; Noriller, Rafael Martins; Souza, Emerson Santana de
Financial literacy is a set of knowledge, attitudes and behaviors that help people make better financial decisions in the monetary context of their lives. Knowing the factors that affect people's attitude towards money can help them shape themselves economically and have desirable attitudes. The main purpose of this research is to examine the relationship between monetary attitude and financial literacy of university students. In order to do that, a descriptive and quantitative approach was used, using statistical methods confirmatory factor analysis and of logistic regression analysis, using STATA software. Data collection was carried out in a virtual environment, through the availability of professors and contact with students from undergraduate programs in Administration, Accounting and Economics at the Federal University of Goias (UFG). To collect the data, a survey-type questionnaire was applied in an online environment, consisting of 3 blocks of questions, totaling 78 questions, which resulted in a final sample of 182 valid answers. The results showed that only the dimensions monetary attitude, retention time, is statistically significant in relation to the level of financial literacy of university students, showing that those individuals who plan their financial future responsibly monitor their financial situation. The dimensions power prestige, distrust and anxiety were not statistically significant.
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.
Transações com partes relacionadas: evidências de comparabilidade e honorários de auditoria em empresas abertas do mercado brasileiro
(Universidade Federal de Goiás, 2022-02-24) Lima, Ana Claudia Santo; Carmo, Carlos Henrique Silva do; http://lattes.cnpq.br/1859940699823861; Carmo, Carlos Henrique Silva do; Ribeiro, Alex Mussoi; Machado, Lúcio de Souza
This research has aims to identify the influence of related party transactions (RPTs) on the comparability of financial statements and audit fees of publicly traded companies in the Brazilian market. Two opposing argument have been consolidate in the literature in relation to RPTs: the first one maintains that related transactions can be used by a group of companies with the aim of reducing costs, sharing resources and even obtaining gain; the second argument, supported by the agency theory emphasizes that these transactions can be used opportunistically to expropriate resources from entites based on the assumption that RPTs can have effect on the quality of accounting information. To this end, the premise was adopted that RPTs can reduce the comparability of financial reports and subsequently increase auditors fees, as comparability helps to improve audit efficiency and accuracy. The cauculation of the comparability measure was performed using the method of similarity of the accounting function by DeFranco et al. (2021), audit fees were collected from the reference form and measured using the natural logarithm, in agreement with the research by Habib et al. (2015) and Al-Dhamari et al. (2018). Regarding transactions with related parties, asset weighted RPTs were adopted (Hasnan et al., 2016; Shin et al., 2019; Jalan et al., 2020) to investigate the relationship with comparability. On the other hand, we chose to use RPTs in their logarithm form (Habib et al., 2015; Pratama, 2018; Ali et al., 2021) to verify the relationship with audit fees. Regard to data analysis, to establish the relationship between RPTs and comparability, the multivariate analysis of quantile regression was adopted, using quantiles 0.25,0, 0.50 and 0.75, in which the lowest, medium and highest levels of comparability are analyzed; in terms of RPTs and audit fees, they were estimated using panel data. The results found suggest that purchase and total RPTs negatively impact the quality of information, as they reduce the comparability of companies that have medium and maximum levels of comparability; moreover, the related sales, purchases and totals transactions are complex and increase the risk of material misstatement, resulting in higher fees. This research contributes to the expansion of the literature, by adding evidence of the relationship between RPTs and the quality of accounting information in the Brazilian context. In addition to bringing complications for investors, analysts and auditors, by indicating that comparability is reduced for companies have average and maximum comparability, harming the decision making process and that sales, purchases and totals RPTs are a risk to the audit process, so they need to be analyzed more accurately. Finally, the findings also provide a warning to standard setters regarding the protection of minority shareholders, as related transactions can be used to obscure accounting information.
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.
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.
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).
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.
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.
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.
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.
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.
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.

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