José Maria Dias Filho

Governança empresarial, riscos e controles internos: a emergência de um novo modelo de controladoria

O exercicio dos poderes de governanca dentro de uma empresa depende em alto grau da implantacao de um sistema de identificacao, avaliacao e controle dos riscos que cercam a gestao dos recursos nela investidos. Como os que exercem a governanca nao tem poder executivo, fatalmente um desses riscos e o de agenciamento, segundo o qual os administradores dos recursos empresariais, ao darem prioridade aos seus proprios interesses, podem nao aplica-los da forma mais adequada aos acionistas/proprietarios. A governanca deve, pois, cercar a administracao dos recursos empresariais com um sistema de controle de gestao. Esse sistema, que deve levar em consideracao os riscos que sao inerentes aos negocios e compreende o controle da custodia, do desempenho e da qualidade da informacao, e, neste artigo, conceituado e descrito em termos das linhas gerais da sua composicao e principais instrumentos. Demonstra-se, finalmente, que tais controles devem ser feitos de forma integrada e unificada num unico orgao e que esse orgao deve ser a Controladoria, que deve ser reformulada e ter um posicionamento na estrutura organizacional das empresas totalmente independente dos orgaos de administracao. Essas sao as bases do chamado novo modelo de Controladoria.

Do Environmental Disasters Impact on the Volume of Socio-Environmental Investment and Disclosure of Brazilian Companies?

Abstract This research investigated the impact that environmental disasters have on the volume of socio-environmental disclosure and investments of Brazilian companies from 1997 to 2012. News on environmental disasters was collected through a search engine, the companies responsible for the disasters were identified, and the research technique of content analysis was used to analyze the research data, which included the sustainability reports, annual reports, and management reports of the companies responsible, and also of other enterprises belonging to the same economic sector, dating from two years before and two years after the accident. The sentences were categorized according to the methodology used by Deegan, Rankin, and Voght (2000). The Mann–Whitney test was used in order to set the level of socio-environmental disclosure and investment before the occurrence of the accident and then compare it to the level of disclosure and investment after the accident. As a result, it was shown that the companies reported a higher volume of socio-environmental disclosure in the two years after the occurrence of the accidents – with statistical significance of 2.9%. Statistically significant variations of 8.2% and 0.7% were found in the totals of contributions to society and in environmental investments, respectively. On the other hand, there was no statistically significant variation in the internal social indicators. The relevance of this research is the study of events to understand how environmental disasters can influence voluntary disclosure practices of Brazilian companies, through the lens of the legitimacy theory.

As respostas das empresas brasileiras às mudanças climáticas: uma análise à luz da teoria da legitimidade

According to the Legitimate Theory, the organizations establish practices of social appreciation to ensure its continuity, which hence the hypothesis that, the bigger the company or more sensitive for the sector in relation to environmental issues, the greater will be the disclosure of practices. In addition, the present study aimed to verify how the size or sector of a company could affect the disclosure of their practices to cope with climate change. For this reason, we carried out a study with a sample composed of 22 companies present in the portfolio of Corporate Sustainability Index (CSI), in the year 2014, and listed on BM&FBOVESPA, who responded to a questionnaire on climate change. Based on the assumptions of the Legitimate Theory, in order to test the hypotheses formulated, we used the Kruskal Wallis test. The results indicated that there is no significant relationship between size and disclosure, but not between industry and disclosure program, which allows us to conclude that the size of the organization interfere positively in their level of environmental disclosure.

GERENCIAMENTO DE RESULTADOS: UM ESTUDO DAS EMPRESAS DO SETOR DE TELECOMUNICAÇÕES NO BRASIL

O objetivo do estudo foi verificar se as empresas de telecomunicacoes brasileiras listadas na BM&FBovespa adotam praticas de gerenciamento de resultados em funcao do nivel de endividamento ou para reduzir a variabilidade dos lucros. O estudo abrangeu quatorze empresas de telecomunicacoes no periodo de 2005 a 2010. O exame da relacao entre despesas com depreciacao e amortizacao nao apresenta resultados conclusivos do ponto de vista estatistico. Porem, o teste para itens extraordinarios foi validado estatisticamente e sinaliza que nas empresas analisadas nao ha indicios de gerenciamento de resultados com itens extraordinarios, para a reducao da variabilidade dos lucros ou em funcao do nivel de endividamento. Assim, os resultados sugerem que, num setor regulado, o gerenciamento pode ser minimizado pelo efeito regulacao e, assim, a necessidade de incorrer em custos de agencia seria menor.