Joséte Florencio dos Santos

Evolução da Qualidade das Práticas de Governança Corporativa: um Estudo das Empresas Brasileiras de Capital Aberto Não Listadas em Bolsa

This article analyzes the evolution of the quality of corporate governance practices by Brazilian companies that are non listed on the stock exchange from 2003 through 2007. The data were collected through System DIVEXT of the CVM. As a proxy for determining the quality of corporate governance practices, the Corporate Governance Index of the Brazilian Companies Unlisted on Stock Exchange was used, calculated from a set of 14 binary and objective questions. The results of the research show that half of the companies under study had a good level of governance. Concerning the Transparency dimension, the findings showed that there had been an improvement in the drafting of financial reports and that legal deadlines were being met. Furthermore, approximately half of the companies had contracted some form of global auditing. In the Composition and Functioning of Advice there were no signs of improvement, due to less concern over demands concerning the number of members, independence and length of mandate. The results of the Structure of Control and Behavior show that the vast majority of the companies had no agreements between shareholders. This is a positive improvement in good governance practices.

Previsões de razões ótimas de hedge para a manga exportada brasileira

Este estudo preve as razoes otimas de hedge efetivas na mitigacao do risco de preco da manga exportada brasileira, em mercado de futuros. Foram coletados 300 precos medios mensais US

Analysis of asset pricing models under an epistemic approach of positivism/post-positivism and constructivism

FOB/ kg de manga entre 1989 e 2013 no site Alice-Web2. Foram usados os modelos ARIMA para prever os precos futuros. Elaborou-se 48 cenarios para cada abordagem de hedging empregada no estudo: Variância Minima, Media-Variância e BEKK-GARCH. Os contratos futuros com vencimento de 05 e 09 meses tiveram as melhores medias na efetividade do hedge (35% e 36%), com razoes otimas de hedge de 86,5% e 75,1%, em posicoes vendidas. Em termos praticos, o modelo dinâmico BEKK-GARCH teve resultados satisfatorios de hedge somente em periodos grandes, apontando assim a sua sensibilidade para com o tamanho e a prevalencia das abordagens estaticas de hedge em periodos pequenos.

Análisis de los modelos de valoración de activos en un enfoque epistemológico del positivismo, post-positivismo y constructivismo

This article aimed to conduct an epistemological evaluation of research methods in finance by means of an analysis of asset pricing models under the philosophical currents of positivism/post-positivism and constructivism. Thus, we explain the adequacy of these models to society, understanding that the phenomena under study are not repetitive, but subject to analysis. We show evidence that the asset pricing models have methodological characteristics that fit both positivism and post-positivism, as well as constructivism, considering the possibility to misrepresent the hypotheses and their adequacy to investors subjectivities. The results obtained in this theoretical survey suggest that classical finance and their subsequent behavioral contributions highlight positivist methods subject to misrepresentation of hypotheses and, as a consequence, a science under construction, demonstrating the complementarity between the epistemological views presented.This article aimed to conduct an epistemological evaluation of research methods in finance by means of an analysis of asset pricing models under the philosophical currents of positivism/post-positivism and constructivism. Thus, we explain the adequacy of these models to society, understanding that the phenomena under study are not repetitive, but subject to analysis. We show evidence that the asset pricing models have methodological characteristics that fit both positivism and post-positivism, as well as constructivism, considering the possibility to misrepresent the hypotheses and their adequacy to investor’s subjectivities. The results obtained in this theoretical survey suggest that classical finance and their subsequent behavioral contributions highlight positivist methods subject to misrepresentation of hypotheses and, as a consequence, a science under construction, demonstrating the complementarity between the epistemological views presented.

Análise dos modelos de precificação de ativos sob uma abordagem epistêmica do positivismo/pós-positivismo e do construtivismo

This article aimed to conduct an epistemological evaluation of research methods in finance by means of an analysis of asset pricing models under the philosophical currents of positivism/post-positivism and constructivism. Thus, we explain the adequacy of these models to society, understanding that the phenomena under study are not repetitive, but subject to analysis. We show evidence that the asset pricing models have methodological characteristics that fit both positivism and post-positivism, as well as constructivism, considering the possibility to misrepresent the hypotheses and their adequacy to investors subjectivities. The results obtained in this theoretical survey suggest that classical finance and their subsequent behavioral contributions highlight positivist methods subject to misrepresentation of hypotheses and, as a consequence, a science under construction, demonstrating the complementarity between the epistemological views presented.This article aimed to conduct an epistemological evaluation of research methods in finance by means of an analysis of asset pricing models under the philosophical currents of positivism/post-positivism and constructivism. Thus, we explain the adequacy of these models to society, understanding that the phenomena under study are not repetitive, but subject to analysis. We show evidence that the asset pricing models have methodological characteristics that fit both positivism and post-positivism, as well as constructivism, considering the possibility to misrepresent the hypotheses and their adequacy to investor’s subjectivities. The results obtained in this theoretical survey suggest that classical finance and their subsequent behavioral contributions highlight positivist methods subject to misrepresentation of hypotheses and, as a consequence, a science under construction, demonstrating the complementarity between the epistemological views presented.

Estrutura de capital das empresas do Brasil e China mediante a crise financeira mundial

This article aimed to conduct an epistemological evaluation of research methods in finance by means of an analysis of asset pricing models under the philosophical currents of positivism/post-positivism and constructivism. Thus, we explain the adequacy of these models to society, understanding that the phenomena under study are not repetitive, but subject to analysis. We show evidence that the asset pricing models have methodological characteristics that fit both positivism and post-positivism, as well as constructivism, considering the possibility to misrepresent the hypotheses and their adequacy to investors subjectivities. The results obtained in this theoretical survey suggest that classical finance and their subsequent behavioral contributions highlight positivist methods subject to misrepresentation of hypotheses and, as a consequence, a science under construction, demonstrating the complementarity between the epistemological views presented.This article aimed to conduct an epistemological evaluation of research methods in finance by means of an analysis of asset pricing models under the philosophical currents of positivism/post-positivism and constructivism. Thus, we explain the adequacy of these models to society, understanding that the phenomena under study are not repetitive, but subject to analysis. We show evidence that the asset pricing models have methodological characteristics that fit both positivism and post-positivism, as well as constructivism, considering the possibility to misrepresent the hypotheses and their adequacy to investor’s subjectivities. The results obtained in this theoretical survey suggest that classical finance and their subsequent behavioral contributions highlight positivist methods subject to misrepresentation of hypotheses and, as a consequence, a science under construction, demonstrating the complementarity between the epistemological views presented.

Conselho de Administração: uma análise da influência nos níveis de endividamento

Desde a decada de 50, diversas pesquisas buscam compreender as variaveis classicas que determinam a estrutura de capital das empresas. Mas apenas recentemente encontram-se evidencias da influencia de outros aspectos, tais como as variaveis institucionais e macroeconomicas, que tambem expliquem essa estrutura de capital. Nesse contexto, os periodos de recessao e crise financeira vem se tornando relevantes para novas pesquisas. Este trabalho teve como objetivo principal analisar as estruturas de capital das empresas do Brasil e da China, mediante a crise financeira mundial iniciada nos Estados Unidos em 2007. Esta e uma pesquisa de carater descritivo e explicativo, com o uso da abordagem quantitativa. Tem-se como populacao da pesquisa as empresas listadas nas Bolsas de Valores dos dois paises analisados, relacao da qual foram excluidas as empresas do setor financeiro, que apresentavam patrimonio liquido negativo e nao dispunham de informacoes suficientes na base de dados Compustat no periodo de 2002 a 2011, formando-se assim a amostra do estudo. Para a analise dos dados foi utilizado o modelo de painel desbalanceado com efeitos fixos. Os resultados expoem uma relacao inversa entre crise subprime e o endividamento de todas as empresas do estudo, alem de expor a importância dos fatores macroeconomicos na definicao da estrutura de capital, assim como das relacoes que comprovam o previsto pelas teorias de Tradeoff e Pecking Order. Assim, em momentos de crise financeira, ha um indicativo para que as empresas ajustem a estrutura de capital.