Marcos Wagner da Fonseca

Governança corporativa e desempenho das empresas diante da crise econômica global de 2008: uma análise de dados em painel

The recent literature on corporate governance (CG) suggests that in addition to the micro and macroeconomic causes for the crisis, serious flaws in the structures of public and private governance contributed to the worsening of the global economic crisis of 2008. Given this scenario, the present research sought to advance in the understanding of the relationship between CG, performance and recessions. The objective was to verify the influence of the quality of the CG in the performance of Brazilian companies listed on Bovespa BM&F in the context of the global economic crisis of 2008. The indicators of performance and corporate governance defined by the theoretical basis were calculated, the behavior of the variables suffered an exploratory analysis from descriptive statistics and an econometric data panel model was used to test the hypothesis. As a main result, this research found that the performance measured by return on assets (ROA) is explained by the quality of corporate governance. The relationship proved to be statistically significant and negative. Was registered a gradual growth of the quality of corporate governance. The behavior of the performance variable, between January 2004 and December 2012, demonstrates clearly the collapse caused in the results of companies with the outbreak of the global economic crisis in 2008. There is evidence that the results at the end of the period of the survey remained distant from the levels observed prior to the crisis. The relationship between the quality of corporate governance in the pre-crisis period and performance proved to be statistically significant and positive.

Teoria dos Jogos: Um Estudo Bibliométrico sobre a Teoria dos Jogos nas Publicações Nacionais de 2004-2013

Dentre as varias areas que ainda influenciam na consolidacao e fortalecimento das Teorias da Administracao, destacam-se as Teorias Economicas, que alem de ser base para diversas correntes, proporcionou a Teoria dos Jogos (TJ), que auxilia no entendimento do processo de decisao de agentes e suas interacoes e tambem da embasamento para a construcao da capacidade de raciocinar estrategicamente, explorando as possibilidades de interacao dos agentes. Portanto pretende-se realizar um trabalho bibliometrico, sobre a producao academica nacional sobre a TJ nas revistas das areas de Administracao, Ciencias Contabeis e Turismo, entre os estratos A1-B2. De acordo com os resultados obtidos percebe-se que a que os estudos em TJ ainda sao incipientes no Brasil.

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.

DÍVIDA PÚBLICA, BANCOS E TRANSMISSÃO DA POLÍTICA MONETÁRIA: UMA AVALIAÇÃO EMPÍRICA DO REGIME DE METAS DE INFLAÇÃO NO BRASIL

This paper aims to discuss whether there is obstruction in the transmission mechanism and, consequently, ineffectiveness of monetary policy in Brazil post-inflation targeting system. For this, the work begins with a descriptive analysis that showed that after the adoption of inflation targeting system, there was a change in the composition of public debt and consolidation of the banking sector, which indicates that monetary policy followed a path of gain effectiveness of monetary transmission and have effective participation in this gain. Broke up, then, for empirical analysis, with the application and estimation of VAR models for the whole period (1996 to 2007) and for the inflation targeting period (2000 to 2007). The results indicate that there is a difference when taking only the inflation targeting period. It was noticed a non-negligible change in the variables behavior between the estimated models for the two periods. The results for the inflation targeting period suggest that there were gains in effectiveness of monetary policy to determine changes in output and inflation. The banks behavior indicates that there is no clear obstructions caused by them in monetary transmission.