João Zani

Fricções financeiras e a substituição entre fundos internos e externos em companhias brasileiras de capital aberto

The present study aimed to document the effects of financial constraints on the negative relationship between cash flow and external funds, a phenomenon associated with the Pecking Order Theory. This theory suggests that companies subject to more expensive external funds (financially constrained firms) should demonstrate a stronger negative relationship with cash flow than companies subject to minor financial frictions (financially unconstrained firms). The results indicate that the external funds of constrained firms consistently present less negative sensitivity to cash flow compared with those of unconstrained companies. Additionally, the internal funds of constrained companies demonstrate a positive sensitivity to cash flow, whereas those of unconstrained companies do not show any such significant behavior. These results are in accordance with the findings of Almeida and Campello (2010), who suggest the following: first, because of the endogenous nature of investment decisions in constrained companies, the complementary relationship between internal and external funds prevails over the substitutive effects suggested by the Pecking Order Theory; and second, the negative relationship between cash flow and external funds cannot be interpreted as evidence of costly external funds and therefore does not corroborate the Pecking Order Theory.

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.

Estrutura de capital e estratégia em mercados competitivos: uma análise empírica da relação

An extensive body of research has identified several determinants of capital structure. Several characteristics of the companies have been listed as factors influencing capital structure, eg, size, growth opportunities, profitability, tax shields and proportion of fixed assets. Some studies have examined the use of the financial structure as a strategic variable in competitive products market. However, there is little empirical evidence about effect of these conditions on the capital structure. The purpose of this research was to investigate the interaction between capital structure and competitive strategy in the market of goods and supplies. For this, it estimated a simultaneous equation model and the use of the methods of ordinary least squares (OLS), minimum tables in two stages (2SLS) and the generalized method of moments (GMM). The evidence found in this study confirm the influence of capital structure on competitive strategy in product markets and supplies and vice versa. This study also presents a contribution from a methodological point of view, given the novelty of the application of estimation methods 2SLS and GMM, to test the determinants of capital structure in the Brazilian market. The results are robust even from different operational definitions and econometric specifications.

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.

Venture Capital e Private Equity: apenas capital financeiro ou muito mais do que isso? O caso de três empresas do Sul do Brasil.

O artigo tem como objetivo verificar em que medida as acoes declaradas por empresas jornalisticas se aproximam ou se distanciam da ideia de contencao presente na teoria da sociedade de risco, esbocada pelo sociologo alemao, Ulrich Beck e outros.O mercado GLS possui um papel de destaque na populacao brasileira. Observando a lacuna de estudos nessa area, esta investigacao se propoe a examinar o seguinte problema de pesquisa: Quais sao as respostas internas dos consumidores gays entrevistados durante a experiencia de consumo nos hoteis? As respostas internas sao reacoes emocionais dos consumidores provocadas pelos estimulos do ambiente de servicos, caso sejam julgadas pelos clientes como sendo positivas essas respostas, pode-se alcancar a sua fidelidade. Buscando descobrir as perspectivas dos respondentes, desenvolveu-se uma pesquisa qualitativa.O fenomeno da aglomeracao industrial incorpora em seu dinamismo fatores indutores de mudanca, crescimento e desenvolvimento regional, onde as empresas que se situam no aglomerado se beneficiam das economias externas geradas e das vantagens oriundas das atividades colaborativas realizadas com os diversos agentes locais. A identificacao dos desafios relacionados com o desenvolvimento de um arranjo produtivo local (APL), possibilita um adequado alinhamento de esforcos atraves de uma governanca local focada na busca de maiores niveis de integracao, competitividade e sustentabilidade regional.

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.

The traditional accounting indicators: relevance to explain the firm value in the context of the new economy. The brazilian case

We live in the era of the new economy, characterized by the great importance of intangible assets to the detriment of the traditional physical assets. This brings a big challenge to accounting, since the accounting standard is very conservative and almost does not allow the recognition of these intangibles. Besides the fact that the standard is very conservative, the measurement and the disclosure of the intangibles are not easy. The effect of the big distance between the market value of shares and their book value is well-known. Thus many authors advocate changes in the rule in order to incorporate these new kinds of assets in financial statements (Elliot and Jacobson, 1991; Guthrie, 2000; Sengupta, 1998). If this is so, current accounting is losing relevance as reliable information to its users, particularly in the capital market. This paper tries to check whether this is really happening in the Brazilian market. Thus, it discusses the stock price as a function of two important traditional accounting indicators: the earnings per share and the book value per share, using Ohlson’s (1995) model, in a period of 22 years, between 1987 and 2008. The results, however, against the expectation of many authors, do not show a loss of relevance of the traditional accounting indicators. Instead, there is an increase in the explanatory power of the variable earning per share as an explanation of the stock prices in the Brazilian market. Key words: traditional accounting indicators, new economy, stock prices.