Márcio André Veras Machado

Análise do impacto da substituição da DOAR pela DFC: um estudo sob a perspectiva do value-relevance

Over the past 40 years, several studies have discussed the relevance of accounting information. These are the so-called value-relevance studies of accounting information. In these studies, accounting variables are used to try and explain stock price behavior. The focus is to verify, through regression analysis, if certain accounting information has information contents for the capital market. That is the context for this article, which aims to analyze the impact of replacing the SSAF (Statement of Sources and Applications of Funds) by the SCF (Statement of Cash Flows), implemented through changes in Brazilian accounting standards valid for the financial year 2008. Therefore, it analyzes the question about the value relevance of the operational sources of funds (ORO) from SSAF and operating cash flow (FCO) from the SCF, for the years 2005 to 2007, of non-financial publicly-traded corporations listed in the database Melhores e Maiores of FIPECAFI-EXAME. Empirical evidence supports that the replacement of the SSAF by the SCF was beneficial for accounting information users in Brazil, although previous studies have pointed to the SSAF as a richer statement in terms of information, i.e. a statement that allows ursers to extract more information. A plausible explanation for this finding is that the SCF is na easier to understand and more user-friendly statement, especially for users who are less familiar with accounting, so that it is more used.

Does the Liquidity Effect Exist in the Brazilian Stock Market

The purpose of this article is to analyze whether the liquidity effect exists in the Brazilian stock market. In addition to analyzing the liquidity effect, this article evaluated the capacity of CAPM and the Fama-French three-factor model (1993) in explaining it. For such purpose, the companies with shares traded in Bovespa were analyzed, in the period from 1995 to 2008. According to the results obtained, it can be concluded that there is a liquidity premium in the Brazilian market, regardless of the proxy used. The monthly premium varied from 0.83% to 2.19%, not adjusted for risk, and from 1.77% to 2.78%, adjusted for risk pursuant to CAPM, and from 1.24% to 3.04%, adjusted for risk according to the three-factor model, respectively. It was also observed that the liquidity premium was not restricted to the month of January, and that there were no substantial modifications when different periods were used in the analysis. In view of such evidence, the hypothesis of this article, that there is a liquidity premium in the Brazilian market, cannot be rejected. Moreover, it was observed that both CAPM and the three-factor model fail to explain the liquidity effect. The results obtained in this study can instigate the establishment of corporate policies which alleviate the liquidity costs, i.e., which improve the liquidity of the securities negotiated, reducing, as a result, the capital cost. By doing so, a company can increase its market value, improving the liquidity of its securities and shares, since the lower the capital cost, the greater the value of the company.

RESPONSABILIDADE SOCIAL IMPACTA O DESEMPENHO FINANCEIRO DAS EMPRESAS

Fundamentado na teoria dos stakeholders, o presente estudo tem por objetivo verificar, por meio da regressao linear multipla, se a responsabilidade social, representada pelos indicadores sociais e ambientais, liquidos de encargos sociais compulsorios e tributos, causa impacto no desempenho financeiro das empresas. Para atingir o objetivo da pesquisa, foram analisados o desempenho financeiro e os indicadores sociais de 237 empresas, pertencentes a 15 setores da economia, no periodo de cinco anos. Como proxy do desempenho financeiro, variavel dependente do modelo, utilizou-se a receita liquida, conforme correlacao canonica, e da responsabilidade social os indicadores sociais liquidos de encargos sociais e tributos extraidos do balancos social. Foram incluidas, tambem, na analise empirica, variaveis de controle, de modo a garantir a robustez da analise. Tais variaveis foram: setor, representadas por variaveis dummies, e o tamanho, tendo como proxy as vendas. Os resultados evidenciaram haver um impacto positivo da responsabilidade social no desempenho das empresas, no que tange aos indicadores internos e externos, nao se podendo rejeitar as hipoteses 1 e 2 da pesquisa. Quanto aos indicadores ambientais, nao ha indicios de que podem acarretar impactos, positivos ou negativos, no desempenho financeiro das empresas estudas, rejeitando-se, assim, a hipotese 3 da pesquisa.

ANOMALIAS E RETORNO ACIONÁRIO: EVIDÊNCIAS EMPÍRICAS DO MERCADO BRASILEIRO

Este artigo teve por objetivo analisar se anomalias de valor associadas a padroes comumente documentados no comportamento dos precos das acoes existem no mercado acionario Brasileiro. Especificamente, este trabalho examina os retornos anormais produzidos por estrategias baseadas nos efeitos tamanho da empresa, book-to-market (B/M), estrategia momento, lucro/preco, fluxo de caixa/preco, liquidez e alavancagem, denominadas de anomalias de valor. Alem de analisar tais anomalias, este artigo avalia a capacidade do CAPM e do modelo de tres fatores de Fama e French (1993) em explica-las. Para isso, em junho de cada ano, iniciando em 1995 e terminando em 2008, todas as acoes foram ordenadas de forma decrescente e divididas em cinco carteiras, conforme a variavel de interesse. Os resultados apresentados indicam evidencias da existencia do efeito liquidez, momento e indice BM, porem, nesse caso, contrario ao previsto na teoria. Por outro lado, nao ha evidencias que suportem a existencia dos efeitos lucro/preco, fluxo de caixa/preco, tamanho e alavancagem.

Análise de preferência declarada para estudar a utilidade da produção de oleaginosas

Abstract The aim of the present research was to perform a discreet choice preference analysis model and assess the oilseeds offer, through Stated Preference data, considering that the Brazilian Law 11.097/2005 establishes compulsory introduction of biodiesel in the Brazilian energy matrix, guaranteeing its demand. Descriptive survey methodology was used. The universe of this study comprised median and small national producers, adding up to a sample of 114 valid answered questionnaires. Quantitative model with Stated Preference Analysis of data treatment was used. Among the main results of this study, it was possible to verify that the most important attributes were economic return and existence of satisfactory national technical assistance. The variable extracted oil content is presented as unimportant to national producers’ choice. A suggestion for further studies is the application of similar researches to other Brazilian cities and States. Keywords Logistic. Oilseeds. Biodiesel. Stated preference.

Análise da relevância do ebitda versus fluxo de caixa operacional no mercado brasileiro de capitais

O presente estudo teve por objetivo central analisar a relevância, dentro da perspectiva do value relevance, do EBITDA (earnings before interest, taxes, depreciation and amortization). Concomitantemente, como objetivo secundario, busca-se comparar a relevância desse indicador, que e uma informacao de carater nao obrigatorio, de acordo com as normas contabeis brasileiras (nongaap information), com o Fluxo de Caixa Operacional (FCO), informacao essa obrigatoria e normatizada pelo CPC 03 – Demonstracao dos Fluxos de Caixa. Para tanto, o presente estudo, descritivo e explicativo, de abordagem empirico-positivista, recorreu a analise regressao (pooling). A amostra foi composta de empresas nao financeiras de capital aberto; sendo para tanto, utilizadas 687 unidades de analise, referentes ao periodo de 2006 a 2010. Os resultados apontam que o EBITDA pode realmente representar uma proxy adequada do FCO, visto que os dois possuem correlacao. Alem disso, observou-se que o EBITDA apresenta maior poder de explicacao do comportamento do preco das acoes do que o FCO, apesar de ambos se mostrarem significativos. Por fim, os resultados mostram que o FCO so se mostra como conteudo informacional marginal relevante apos a primeira fase do processo de convergencia as normas internacionais de contabilidade, iniciado no Brasil no exercicio de 2008, que torna obrigatoria a publicacao da DFC, onde se encontra a informacao de FCO, enquanto o EBITDA aparece sempre como uma informacao relevante.

A influência do Market Timing e do estágio do ciclo de vida na realização de oferta pública de ações

This study aimed to determine, by logistic regression, if the occurrence of market timing and the lifecycle stage influence the decision to carry out an equity public offering in Brazilian companies. The analysis focuses on whether the probability of a company making an equity public offering is negatively related to the BM index, future returns, number of years of life and size. The sample was composed by non-financial companies with stock traded on BMFBovespa. As main results, can be concluded that there is a inverse relationship between probability of equity public offering and the lifecycle stage. On the other hand, there were no evidence confirming the relationship between the BM index and the decision to carry out a equity public offering, as required by the market timing theory. Finally, no evidence was found that companies take advantage of market opportunities to issue stocks. However, evidence was found that the majority of equity public offerings was carried out by young and small companies.

Persistence and Relevance of Accruals: Evidences from the Brazilian Capital Market

The main objective in this research is to analyze the persistence and relevance of accruals, as well as the existence of the accrual anomaly in the Brazilian capital market. Therefore, this study is conducted by three research hypotheses: (i) the accruals are less persistent than the cash flows in the explanation of future earnings; (ii) the market does not correctly recognize the information contained in the accruals; and (iii) extraordinary gains can be obtained when using the magnitude of the accrual levels as an investment strategy. The population included all non-financial companies traded on the Sao Paulo Stock Exchange (BMF&BOVESPA) between January 1st 1995 and December 31st 2011. The results indicated that the estimated coefficient of the accrual persistence was lower than the cash flow coefficient, thus sustaining the first research hypothesis. In the second part of the research, it was verified that the market correctly prices the accrual component of earnings, as a positive and statistically significant relation exists between accruals and future stock returns, which was not expected. Finally, the results found in the third hypothesis sustain the non-existence of the accrual anomaly in the Brazilian market, as the hedge portfolios were positive in only five out of 15 years under analysis. The results obtained in this study can encourage the establishment of policies to reduce the information asymmetry, making the improper transfer of wealth to companies with a low earnings quality impossible.

CUSTOS E FORMAÇÃO DE PREÇOS NO AGRONEGÓCIO

Este trabalho tem por objetivo analisar a gestao de custos e o processo de formacao de precos das agroindustrias paraibanas. A pesquisa envolveu um estudo empirico com 20 empresas do setor da agroindustria pertencentes a sete atividades distintas. Os dados foram obtidos atraves da aplicacao de um questionario. Observou-se que a maioria das empresas possui sistema de custos ou alguma forma de estrutura de custos, sendo o gerente geral o responsavel pelo registro dos custos do processo produtivo. Quanto aos fatores limitantes para implantacao do sistema de custos, parte das empresas analisadas alegou que a contabilidade gerencial fornece dados suficientes para gestao dos seus negocios. Constatou-se que o principal criterio utilizado no processo de formacao do preco de venda das empresas analisadas foi o mark-up, aplicando-o sobre o custo de producao. Uma parcela das empresas pesquisadas utiliza o mark-up sobre valor da materia-prima.

Dynamic analysis and the financing of the needs of working capital of the small and middle companies located in the city of João Pessoa, PB: an exploratory study

This article has as purpose to analyze how the small and middle companies have been financing its working capital needs. The analysis was developed using the dynamic model of financial analysis, that made possible to measure the variables working capital need, treasury balance, net working capital, own circulating capital, long-term debt, and the thermometer of the Financial Situation, in the period from 2001 to 2003. The data were collected within 20 companies in seven sections of the Brazilian economy. It was verified that most of the companies analyzed was not capable to finance its working capital needs based on their own financial system. The companies used, in its majority, short-term debt, generally of larger cost and of smaller term. The small and middle companies analyzed, presented an unsatisfactory financial situation, with positive values for working capital need and net working capital and negative for treasury balance. The amount of net working capital was not enough to finance working capital needs and those companies needed to run over the financing of onerous sources of short term, to assure the covering on behalf of working capital need that net working capital was not capable to finance. The companies analyzed shown dependent of bank loans of short term to finance its operations. Key words: working capital, small and middle business, dynamic analysis.