Flávio Ribeiro

A Relação entre Board Interlocking e as Práticas de Suavização de Resultados

This study aims to investigate the influence of board interlocking in income smoothing practices in public companies with shares traded on the BM&FBOVESPA. To achieve this objective we adopted a sample comprised of 58 Brazilian companies included in the Bovespa index. The study is classified as empirical and analytical and uses as a proxy for income smoothing a metric called the “smoothing factor” (SF), obtained through the factor analysis technique using the metrics EM1 and EM3 from Leuz, Nanda and Wysocki (2003). As independent variables we employed indicators of social network analysis. From a theoretical point of view, the study is relevant and innovates in making the connection between the resource dependence theory, the agency theory and board interlocking. In practical terms, the study shows the effects of the constitutive elements of corporate social networks, arising from the board interlocking structure, on income smoothing accounting practices. Regression with panel data using fixed effects showed that the constituent elements of corporate social networks tend to influence the practice of smoothing in the sample used. The results of the study show that companies that share board members with other organizations which smooth their results tend to adopt this organizational practice more easily, which can be explained by: (i) companies causing variations in performance due to operational decisions or financial reporting choices; and (ii) managers making use of discretionary practices in the reporting of profits.

APROPRIABILIDADE DOS GASTOS COM PESQUISA E DESENVOLVIMENTO EM GRANDES EMPRESAS BRASILEIRAS

O proposito desta pesquisa e abordar a apropriabilidade e o disclosure dos gastos com Pesquisa e Desenvolvimento (P&D) em grandes empresas brasileiras. As empresas analisadas figuram constantemente no relatorio Global Innovation 1000 , estudo da Booz & Company (2008, 2010, 2012) e da Strategy (2014), que estabelece um ranking internacional das mil empresas que mais investem em Pesquisa & Desenvolvimento (P&D). O periodo de analise compreendeu os exercicios de 2010 a 2015, os dados foram obtidos no website da BMF&BOVESPA. Os resultados economicos decorrentes dos projetos envolvendo Pesquisa e Desenvolvimento nao estao, pelos menos junto ao mercado acionario brasileiro, sendo suficientemente divulgados.

APPLICATION OF INFLUENCE OF RESOURCE IN PUBLIC EDUCATION AND HEALTH AREAS WITH SOCIAL INDICES IN MUNICIPALITIES PARANANENSES

This article aims to analyze the relationship between investments in education and health and the IPARDES Municipal Development Index (IPDM) in municipalities of the State of Paraná. This is a descriptive study. In respect to procedures, the study is classified as bibliographical and documentary and adopts a quantitative approach to the problem. The sample comprises 282 municipal districts and covers the period from 2000 to 2012. Preliminarily, the results show that the analyzed variables present positive and significant correlation with the IPDM index, suggesting the existence of an association between social spending and the indicator of social development. However, to identify the causal relationship between the variables, we opted to use the statistical technique of panel data regression analysis, using the fixed effects model. The findings indicate that the investment of public resources in education and health influence significantly the IPDM index (p< 0.01).

DETERMINING FACTORS FOR ACADEMIC PERFORMANCE: A RESEARCH WITH STUDENTS OF ACCOUNTING SCIENCES

The aim of this study is to identify the factors that determine the performance of the UNICENTRO students of Accounting in Prudentópolis and Irati. The research is descriptive and quantitative. The procedures were bibliographical and survey. We used, as a research instrument, a questionnaire adapted from Lay studies (1986), Sobral (2003) and Vicente Miranda and Freitas (2014), which sought to capture the following variables: i) level of procrastination; ii) level of motivation (intrinsic, extrinsic and demotivation); and iii) place chosen by students in the classroom. We administered 154 questionnaires to students of accounting sciences in the municipalities of Prudentópolis and Irati, and obtained 122 valid questionnaires. The main results indicate that the level of procrastination influence negatively the performance, while intrinsic motivation tends to relate positively with this variable. Another interesting finding concerns the influence of gender on performance because, according to our results, women present significantly higher performance.

ANÁLISE DE EFICIÊNCIA: UMA COMPARAÇÃO DAS EMPRESAS ESTATAIS E PRIVADAS DO SETOR DE ENERGIA ELÉTRICA BRASILEIRO

The electric power industry in Brazil has been through uncountable changes throughout the years, especially due to the privatizing of many state power indust...

Resource Based View: Study of the Financial Crisis Impact of Heterogeneity on Performance of Brazilian Companies Publicly Traded

This work is willing to check the impact of the Financial Crisis 2008 in the heterogeneity of the performance of Brazilian publicly traded companies between 2004 and 2013. From a sample of 331 listed companies not financial, this quantitative, descriptive and documentary research conducted mean differences tests on three performance measures. Profitability indicators of companies listed on the BM&FBovespa, return on assets, return on equity and growth rate of sales, were calculated from information provider of data to the financial market, BloombergTM. Research products reveal the sales growth rate as more sensitive variable to the repercussions of the global financial crisis, in which they found statistically significant differences in seven of nine sectors studied. Heterogeneity tests between sectors show differences between them, but without much dispersion in individual scores. Deemed to be, therefore, that there is evidence of heterogeneity of the performance of the analyzed companies, being consistent with the findings of Poter and McGahan (1997) and Eriksen and Knudsen (2003).

Atribuições e dificuldades dos controladores internos municipais na região da Amcespar (PR)

The Internal Control has established itself as a relevant tool for improving public management. Its activities promote compliance with constitutional principles and guide public officers of mistakes occurred in administrative activities. To contribute effectively to the Public Administration, this study aims to identify the main attributive activities of internal controllers of municipal public agencies, region of AMCESPAR, opposite the present-day panorama of Applied Accounting Public Sector, besides highlighting the difficulties encountered in the exercise of its functions. The methodological procedures are applied exclusively through the data collection design, possessing descriptive nature, using quantitative and qualitative approach, which was applied a structured questionnaire. Of the ten municipalities in the sample, it obtained nine questionnaire responses. The results suggest that the main responsibilities of internal controllers are the effective participation in public hearings, periodic check issued and payments made commitments, to investigate the indices required monitoring and supervision of the adequacy of the LOA as the PPA guidelines. The main difficulties encountered suggest the lack of legal support to subsidize the decisions of controllers; the lack of prior idealization of activities to be carried out by the Public Administration; the absence of the establishment of mechanisms to prove the responsible fiscal management, and the lack of integration between sectors of Public Administration.

Indicadores de Capital de Giro e Estabilidade do Beta: Um Estudo no Mercado de Capitais Brasileiro

O estudo objetiva analisar a relacao dos indicadores de capital de giro e o grau de risco (beta) da empresa no mercado de capital aberto no periodo de 2005-2011. A pesquisa caracteriza-se como do tipo descritivo, realizada por meio de estudo documental. A amostra foi representada por 30 empresas pertencentes ao Indice Bovespa. Com o proposito de responder a questao de pesquisa foi utilizado o modelo de dados em painel com efeitos aleatorios por meio do software Gretl 1.9.9. Os resultados indicam uma relacao positiva e significativa a 1% entre o risco e a necessidade de capital de giro das empresas e uma relacao negativa com o saldo em tesouraria. Os resultados indicam que empresas com necessidade de capital tendem ser mais arriscadas e o saldo em tesouraria positivo tendem a minimizar o risco das organizacoes.

Impacts of Financial Crisis of 2008: A Study on the Variation Beta Coefficient in Brazilian Capital Markets

Com o objetivo de identificar os efeitos da crise f inanceira de 2008 no nível de risco de mercado, a presente pesquisa buscou analisar a exis tência de diferença entre as médias dos coeficientes beta dos modelos CAPM antes e após a c rise. A amostra compreendeu 31 empresas participantes do Índice da Bolsa de Valore s de São Paulo (IBOVESPA). Após a realização dos testes paramétricos constatou-se que a amostra não apresentava característica normal. Diante disso, adotou-se o Teste não-paramét ico de Kruskal-Wallis para testar a seguinte hipótese de pesquisa: H 0a crise financeira de 2008 não afetou o risco das empresas brasileiras que constituem o Índice Ibovespa. Os te stes estatísticos indicaram que as empresas demonstraram uma redução do nível de risco após a c rise, fato esse que contraria os resultados de alguns estudos da área. Em relação à análise dos setores, notou-se que dentre os 14 setores com representação na pesquisa, destacamse os setores de água e esgoto, energia elétrica, siderúrgica e metalúrgica, transporte e s rviços e veículos e peças que apresentaram diferença significativa entre as médias do risco en tre os períodos pré e pós-crise.