Ewerton Alex Avelar

As Variáveis Macroeconômicas e o Desempenho do Setor Têxtil Brasileiro / The Macroeconomic Variables and The Performance of the Brazilian Textile Sector

O objetivo geral da pesquisa apresentada neste artigo foi analisar a influencia de variaveis macroeconomicas sobre o desempenho economico-financeiro das empresas abertas do setor textil e de vestuario brasileiro. Os dados secundarios foram essencialmente coletados a partir das demonstracoes financeiras dessas empresas junto a Plataforma Quantum®. No total, a amostra consistiu de dados trimestrais de 26 empresas durante o periodo de 2010 e 2015. Os dados trimestrais sobre as variaveis macroeconomicas foram coletados junto a portais publicos como os do Instituto Brasileiro de Economia e Estatistica e do Banco Central. Para a analise dos dados coletados, foram empregadas as seguintes tecnicas: estatistica descritiva e analise de regressao com dados em painel. Esta ultima tecnica foi empregada para estimar modelos que explicassem a influencia de variaveis macroeconomicas sobre os diferentes indicadores financeiros das empresas analisadas. Verificou-se que as empresas do segmento de Fios e Tecidos tendem a ter sua liquidez inferior a das demais empresas, assim como apresentaram maiores indicadores de endividamento. Constatou-se, ainda, uma influencia significativa da taxa de câmbio sobre o endividamento das empresas. Salienta-se que a inflacao foi uma variavel macroeconomica que nao se mostrou significativa em nenhum dos modelos estimados. Palavras-chave: Variaveis Macroeconomicas. Desempenho economico-financeiro. Setor Textil e de Vestuario. ABSTRACT This paper aimed at analyzing the influence of macroeconomic variables on the financial performance of public companies which belong to Brazilian textile-apparel industry. The secondary data were collected especially from the companies’ financial statements through the Quantum® System. In total, we analyzed quarterly data of 26 companies from 2010 to 2015. The quarterly data about macroeconomics variables were collected from public sites as Brazilian Institute of Economics and Statistics and the Central Bank. The following techniques were applied for analyzing the collected data: descriptive statistics and panel data regression analysis. This type of regression analysis was employed for estimating models which explain the influence of macroeconomics variables on the different financial ratios of selected companies. It was verified that the companies of the segment of Yarns and Fabrics tend to present a lower liquidity and higher indebtedness than other companies. Moreover, it was observed a significant influence of exchange rate on the companies’ indebtedness. It is important to note that the inflation was the only macroeconomic variable that was not significant among all the estimated models. Keywords: Macroeconomic Variables. Financial Performance. Textile-apparel industry.

Análise Da Influência De Variáveis Contábeis E De Mercado Sobre Dividendos Pagos / Analysis Of The Influence Of Market And Accounting Variables On Paid Dividends

Este artigo apresenta os resultados de uma pesquisa que visou analisar a influencia de variaveis contabeis e de mercado sobre os dividendos e juros sobre capital proprios pagos por empresas brasileiras, classificadas no Indice Dividendos (IDIV), da Bolsa de Valores, Mercadorias e Futuros de Sao Paulo, (BM&FBOVESPA). Para o desenvolvimento do estudo, foram coletados dados referentes a distribuicao de dividendos e indicadores contabeis e de mercado de 22 (vinte e duas) empresas brasileiras nao financeiras classificadas no IDIV entre os anos de 2010 e 2013. Os dados foram coletados a partir do software Economatica ® e analisados com base no modelo de dados em painel (com presenca de efeito fixo). Salienta-se que, para enquadrar as empresas conforme o valor de mercado, foi avaliada a sua insercao nos indices Small Cap (SMLL) e Mid-Large Cap (MLCX). Verificou-se a influencia significativa do investimento em ativo imobilizado e outros ativos nao circulantes das empresas sobre a politica de dividendos (ha uma tendencia ao autofinanciamento) em ambos os modelos desenvolvidos (para SMLL e MLCX). Constatou-se, ainda, a importância da segregacao das empresas de acordo com a classificacao da BM&FBOVESPA em SMLL e MLCX, pois, com excecao do valor do investimento ativo imobilizado e outros ativos nao circulantes, as variaveis contabeis e de mercado que apresentaram resultados significativos foram bastante distintas. Palavras-chave: Politica de dividendos. Variaveis contabeis. Variaveis de Mercado. Indice Dividendos (IDIV). ABSTRACT This paper presents the results of a research that aimed at analyzing the influence of market and accounting variables on the dividends and interest on equity paid by Brazilian companies classified on the Dividends Index of BM&FBOVESPA. It was employed data related to distribution of dividends and financial and market ratios about 22 non-financial companies classified on Dividends Index between 2010 and 2013. These data were collected from software Economatica ®. They were analyzed through panel data model (fixed effect). It was important to note the classification of the companies in two groups for analyzing: Small Cap (SMLL) e Mid-Large Cap (MLCX). It was verified the significant influence of fixed assets on the dividends policies (there is a general tendency to retain earnings) in both developed models. Moreover, we observed the relevance of distinction of companies (provide for BM&FBOVESPA) in SMLL and MLCX. It was important because (except by the investment in fixed assets), the accounting and market significant variables diverge between the models. Keywords: Dividend Policy. Market variables. Accounting variables. Dividends Index.

Evaluation of information systems focusing on users’ satisfaction: a study developed at metropolitan region of Belo Horizonte – MG

This paper presents the results of a research developed in organizations located at metropolitan region of Belo Horizonte in Minas Gerais state. The research aimed at evaluating: (a) the information systems (IS) used by the organizations; (b) the information provided by the IS; and (c) the satisfaction of IS’s users. The study was based on a questionnaire applied to 335 users of several ISs at 161 different companies. It was used the following techniques for analyzing data: (i) descriptive statistics; (ii) exploratory factor analysis; (iii) Kolmogorov-Smirnov test; (iv) analysis of variance (ANOVA); and (v) Tukey test. It was verified that the users evaluated as “good” every analyzed attribute of IS and the process of providing information. Moreover, the most satisfied users usually responded positively the presented attributes. Full Paper PDF: http://www.contecsi.fea.usp.br/envio/11contecsi-files/papers/803/submission/director/803-2488-1-DR.pdf

Analysis of information flows of the cost management system in hospitals

The costs management can create value and increase the competitiveness of organizations. In hospitals, this issue is also important due to the usual complexity of these organizations. Thus, this paper presents a case study developed in a voluntary hospital in the city of Belo Horizonte-MG. This research aimed at analyzing the information flows of hospital activities, with focus on the limitations of the cost management system. It was verified some needs of the analyzed cost management system : (i) evolving their information flows through the review process; (ii) improving the definition of the activities from each industry and internal communication; (iii) improving internal controls by investing in automated controls through the work of the information technology industry (IT); and (iv) aligning effectively routines and processes to strategic objectives. Full Paper PDF: http://www.contecsi.fea.usp.br/envio/11contecsi-files/papers/764/submission/director/764-2468-1-DR.pdf

AN ANALYSIS OF THE INFORMATION SYSTEMS USED TO SUPPORTFINANCIAL AND COST MANAGEMENT

This paper presents the results of a research that aimed at analysing the management reporting systems (MRS) and the decision support systems (DSS) used to aid the financial and costing management in a corporate environment. Four cases studies were carried out in companies from different sectors, located in the Belo Horizonte Metropolitan area. It was possible to conclude that the MRS and the DSS used by the studied companies do not satisfactorily meet the users information needs regarding financial and cost management; being cost management the less supported by information. The main limitations are lack of flexibility in the reports, in the case of MRS, and the non-integration with other information systems in use by the company. One can say that the managers should make investments in more effective information systems in order to improve the decisions related to financial and cost management, which are essential to increase the companys competitivity.