Clea Beatriz Macagnan

Evidenciação voluntária: fatores explicativos da extensão da informação sobre recursos intangíveis

The reduction of information asymmetry leads to a sound economic distribution with better investment opportunities. From this perspective, this paper aims to investigate factors that affect the extent of voluntary information disclosure by companies listed in the Spanish stock exchange. The statistical technique ordinary least squares was used for the sake of analysis. The results suggest that factors like: firm size, economic industry, debt ratio, level of internationalization, age and difference between common stock value and book value explain the greater extent of information disclosure for intangible resources. In turn, factors like profitability, level of monopoly and floating capital of the company explain the lower levels of information disclosure.

Interest on Equity and Capital Structure in the Brazilian Context

Purpose – The interest paid on own capital can benefit companies in the Brazilian capital market as it can be considered a business expense and is, therefore, deductible as a corporate tax. The purpose of this paper is to assess the impact of interest on equity (IOE) on capital structure decisions. Design/methodology/approach – The initial sample consisted of 524 publicly traded companies from different industries in the Brazilian capital market that were listed on Bovespa. Companies in the finance, insurance and funds industries were excluded from the sample due to the unique features of these financial intermediaries. Some companies in the initial sample were excluded due to a lack of published data, inactivity during the sample period, etc. Thus, the paper excluded those companies that did not have valid observations or failed to publish them. The final sample included 370 companies and covered the nine-year period from 1998 through 2006. Findings – To this end, the authors identified the main determinants of capital structure and analyzed, through panel data, the relationship of IOE in addition to other determinants of capital structure, such as size, profitability, investment opportunities, risk, sales growth, real interest rate and real exchange rate, in corporate debt. The novel contribution of this study is the inclusion and analysis of the IOE in studies on the determination of capital structure of Brazilian companies. A new capital structure scenario was created when Law No. 9.249/95 required changes in legislation, ceasing the restatement of balance sheets and allowing companies to compensate their stockholders through IOE. Before this change, companies could only benefit from the tax benefits of debt, using debt capital. Now, they can also benefit from the use of equity because, by requiting equity through the IOE, deductions of income tax and social contributions on net income are allowed by tax law because the IOE may be considered a financial expense. Originality/value – The authors were not able to find any other publication of a similar study in a review of the extant empirical literature.

CAPITAL HUMANO E O DESEMPENHO ECONÔMICO-FINANCEIRO DE EMPRESAS BRASILEIRAS DO SETOR ELÉTRICO

This paper characterize as empiric study about intangible resources, based in the theory Resource Based View of the Firm (RBV) with the objective of analyzing if relationship exists among the investment in human capital and the economical-financial development of the companies of the electric section, with striped actions in the Brazilian stock exchange. The universe of 26 Brazilian companies of the electric industry, in the period from 2001 to 2008, a sample of 184 representative elements was analyzed. The methodology was of OSM, with data in panel. For representation of the explanatory variable on intangible resources was used Value Added Intellectual Coefficient - VAICTM coefficient, proposed by Pulic (2000). The obtained results are statistically significant, the one that makes possible infer that the companies that invested more in human capital those that obtained better economical-financial acting were. This study, considering the electric segment, it supplies empiric evidences that the companies that invest in human capital and financial capital can obtain better economical-financial acting.

DISCLOSURE OF COMMUNITY INSTITUTIONS OF HIGHER EDUCATION: A STUDY IN THE PERSPECTIVE OF STAKEHOLDERS

This study aimed to identify information deemed relevant by the stakeholders to the disclosure of the social responsibility and confirm their presence in the homepages of Community Institutions of Higher Education – CIHE. For the theory of stakeholders, defined key stakeholders and the priority and theory of legitimacy defined the importance of highlighting the social responsibility of organizations. A form with representative information indicators of social responsibility was created and applied to some groups of stakeholders by means brainstorming and idea writing. As a result, the most valued indicators included products prices and social and environmental projects; and the less were the turnover of employees and executive payment. The general mean of the indicators assessed was 8.3, which confirms the interest for CIHE disclosure. The quantification of presence of these indicators in the homepage of CIHE associated to the ABRUC generated the disclosure ranking.

The Institutionalization of Family Offices in Brazil

This study identifies identify the organizational characteristics of family offices (FOs) in Brazil. This article was developed through a content analysis of 22 interviews conducted with persons involved in 13 different FOs, two family enterprise executives, and one private banker. The study’s relevance relates to changes in Brazil’s economic structure, which have principally been caused by an increase in companies going public and in merger and acquisition transactions. These changes have contributed to increasing the volume of resources available for investment by families that retain control of the affected organizations. These families have begun to search for mechanisms to preserve their private property within the structure of FOs. This study also revealed that MFOs seek to provide multiple business families with differentiated services within their areas of activity. However, one must question the extent to which these organizations simply take advantage of the FO concept for marketing purposes. In contrast, SFOs are primarily established by Brazilian business families to separate company affairs from family matters, thereby increasing the professionalization of the family business. Moreover, because of the complexity of tax-related issues in Brazil, certain families create SFOs because they wish to optimize their tax statuses. The desires to resolve questions of succession and to implement financial resource management also motivate the creation of FOs in Brazil.

FAMILY OFFICE: estrutura organizativa de gestao de riqueza familiar

O presente artigo analisou publicacoes sobre o tema family offices (estruturas organizativas administram a riqueza da familia e prestam todo tipo de servicos para as mesmas). Esta estrutura organizativa pode ser utilizada como parte do plano de governanca familiar. Family offices surgiram, inicialmente, para auxiliar as familias no gerenciamento do produto gerado pelo negocio: a riqueza. Atualmente, os family offices podem prestar todo o tipo de servico profissional. Os resultados encontrados mediante a analise realizada permitem concluir que ha pouca pesquisa cientifica sobre family office , tanto nacional, quanto internacionalmente. Analisou-se uma amostra de 37 (trinta e sete) artigos, dos quais, 32 (trinta e dois) sao de autoria internacional e 5 (cinco) sao de autoria nacional. Os artigos foram escritos no periodo de 2001 a 2011. Ha um predominio de trabalhos opinativos (sem apresentar rigor cientifico) abrangendo 70% (setenta por cento) da amostra. Apenas 5% (cinco por cento) apresentam abordagem empirica. Esses resultados demonstram que ha uma lacuna a ser preenchida com pesquisas empiricas sobre family office tanto no Brasil, quanto no exterior.

Governança corporativa e assimetria de informação: uma revisão desta relação

Falar em governanca corporativa significa discutir a minimizacao da assimetria de informacao existente entre a empresa e os diversos agentes envolvidos (acionistas, credores, fornecedores e empregados). Este artigo objetivou investigar a metodologia utilizada para medir a assimetria informacional em estudos internacionais sobre tema governanca corporativa. Para isso, foi realizada uma pesquisa exploratoria de abordagem qualitativa por meio da tecnica bibliografica, centrando-se nos artigos abrangidos pela base de dados da Capes, sem restricao de periodo ou de idioma. Os resultados mostram que quase metade dos artigos investigados nao definiram uma proxy para a assimetria de informacao. Dentre os que definiram, verificou-se uma grande variedade de proxies e percebe-se que nao ha um metodo consolidado para a mensuracao da assimetria de informacao. Mas, ha uma tendencia a utilizacao de duas tecnicas dominantes. Os resultados mostram tambem que mais de quarenta por cento dos artigos investigados nao estabeleceram uma relacao clara e consistente entre a assimetria de informacao e a governanca corporativa. Dentre os que estabeleceram, verificou-se que ha diversas relacoes descobertas pelos autores entre a assimetria de informacao e os determinantes da governanca corporativa das empresas; porem, a maior parte delas isoladas.

UM ESTUDO SOBRE A EVIDENCIAÇÃO DO AJUSTE A VALOR PRESENTE NAS EMPRESAS LISTADAS NA BM&FBOVESPA

RESUMO O objetivo desta pesquisa consiste em identificar o grau de observância as orientacoes sobre evidenciacao contabil praticada pelas empresas listadas na BMF (ii) comercio; servicos e transporte; (iii) industria basica; e (iv) industria manufatureira. Os resultados indicam que, no geral, as empresas ficaram com um indice de 70,9% de aderencia as normas, o setor que apresentou maior nivel de aderencia foi o da construcao, com 80,8% de aderencia; e o setor que menos atendeu as normas foi o da industria manufatureira, com 65,4%. Palavras-chave: Assimetria Informacional; Evidenciacao; Comite de Pronunciamentos Contabeis; Ajuste a Valor Presente. ABSTRACT The aim of this research has been to identify the degree of compliance with the standards on accounting disclosure practiced by companies listed on the BMF (ii) trade and transport services; (iii) basic industry; and (iv) manufacturing. The results indicate that, in general, companies were left with an index of 70,9% adherence to standards, the sector with the highest level of adherence was the construction industry, with 80.8% of adhesion and the sector that less fulfilled the standards was the manufacturing sector, with 65.4%. Keywords: Informational asymmetry; Disclose; Comite de Pronunciamentos Contabeis; Present Value Adjustment.

DISCLOSURE DE OPERAÇÕES DE DERIVATIVOS: EVOLUÇÃO E GRAU DE CUMPRIMENTO DA INSTRUÇÃO CVM N° 235/95 E DELIBERAÇÃO CVM N° 550/08

Resumen pt: O objetivo do presente estudo e analisar a evolucao e o grau de cumprimento do disclosure de informacoes de operacoes com instrumentos derivativos das co...

Disclosure of derivatives: evolution and the compliance degree of CVM instruction n. 235/95 and CVM deliberation n. 550/08

O objetivo do presente estudo e analisar a evolucao e o grau de cumprimento do disclosure de informacoes de operacoes com instrumentos derivativos das companhias Aracruz Celulose, Suzano Papel e Celulose, Votorantim Papel e Celulose, Sadia e Perdigao, em consonância com a instrucao CVM n° 235/95 e resolucao CVM n° 550/08, no periodo de 2004 ao primeiro trimestre de 2009. Observou-se que as empresas nao atenderam a totalidade das exigencias do Informativo CVM n° 235. O cumprimento da instrucao foi parcial em todas as companhias. O nivel de disclosure foi menor quanto aos aspectos relacionados a politica de atuacao e controle, e foi inexistente em todos os casos quanto a divulgacao dos riscos associados. As companhias nao apresentaram evolucao do grau de cumprimento da instrucao. E nao foram encontradas diferencas significativas entre o grau de disclosure sobre as operacoes de derivativos entre o grupo de que sofreram perdas vultosas (Aracruz, Sadia e VCP) e demais empresas (Perdigao e Suzano P.C.). Quanto ao cumprimento dos aspectos de evidenciacao exigidos pela deliberacao CVM no 550, observou-se um imediato crescimento do nivel de disclosure e uma evolucao entre o terceiro trimestre de 2008 e o primeiro de trimestre de 2009, periodo em que as companhias acabaram por evidenciar plenamente as exigencias da deliberacao. Os resultados encontrados dao suporte aos argumentos de que nao ha evidencias suficientes para sugerir que a regulamentacao melhore a qualidade da informacao contabil. Do mesmo, tambem nao ha evidencias suficientes para afirmar que a disciplina de mercado seja suficiente para garantir o nivel de disclosure adequado. Portanto, pode existir uma complementaridade entre estes dois elementos. Palavras-chave: evidenciacao, derivativos, instrucao CVM n° 235/05, deliberacao CVM n° 550/08.