Paula Carolina Ciampaglia Nardi

Gerenciamento de resultados e a relação com o custo da dívida das empresas brasileiras abertas

Sob a teoria de agencia e as premissas de gerenciamento de resultados, o objetivo do trabalho foi estudar a relacao entre o gerenciamento de resultados (GR) e o custo da divida (Ki) das empresas brasileiras abertas, no periodo de 1996 a 2007. Os pressupostos levantados, por meio da literatura existente, sao de que, almejando melhores condicoes contratuais, como o custo da divida, o custo atual ou passado motiva a empresa a gerenciar o resultado corrente para obter melhores condicoes de custo futuro ou corrente. Dessa forma, as empresas, intencionalmente, procurariam gerenciar seus resultados, motivadas pelo custo da divida. Todavia, ha apoio teorico para que a relacao entre essas variaveis seja unidirecional, com o GR influenciando o custo da divida, sustentando a segunda hipotese. Para chegar ao objetivo, o trabalho utilizou, como proxy de GR, o modelo para calculo dos accruals discricionarios proposto por Kang e Sivaramakrishnan (1995). As analises foram baseadas no teste nao-parametrico U de Mann-Whitney, seguidas do teste de especificacao de Hausman para a analise de simultaneidade, finalizando com a regressao com dados dispostos em painel com correcao de Newey-West. Os testes de media apontaram para uma relacao positiva entre GR e Ki, mas o teste de simultaneidade nao indicou haver inter-relacao entre as variaveis. Contudo, os resultados das regressoes em painel indicaram que o Ki nao influencia o GR, mas que ha uma relacao positiva, em que quanto maior o GR, maior o custo da divida, ou seja, este e influenciado por aquele.

A RELAÇÃO ENTRE GERENCIAMENTO DE RESULTADOS CONTÁBEIS E O CUSTO DE CAPITAL DAS COMPANHIAS ABERTAS BRASILEIRAS

The purpose of this study was to investigate the relationship between the accounting earnings management and the cost of capital of Brazilian companies. The data were obtained from Economatica® in the period from 2004 to 2006. The models Modified Jones, Teoh and KS were used for calculating the discretionary accrual, proxy for earnings management, which represents the independent variable in this study. The representative measures of cost of capital, or dependent variables were: beta (cost of equity), Ki and Kd (cost of debt). To investigate the relationship between management performance and the borrowing cost for companies, descriptive statistics, Pearson and Spearman’s correlation, and average differences were analyzed through the non-parametric Mann-Whitney test. As result, there was a positive relationship between earnings management and cost of debt. However, it was not possible to find any relations between earnings management and cost of equity.

O impacto da migração das empresas para os níveis diferenciados de governança corporativa da BM&F Bovespa sobre o risco e o retorno de suas ações

Resumen pt: A transparencia das informacoes e importante para se ter uma diminuicao na assimetria das mesmas. Quanto mais informacoes de qualidade ha sobre o negocio...

Influência da Opinião do Auditor no Retorno das Ações das Empresas Brasileiras de Capital Aberto

No que diz respeito a reducao da assimetria informacional em decisoes de investimentos, os investidores podem diminuir incertezas na avaliacao de uma empresa, ao analisar o relatorio de auditoria independente, uma vez que ele e capaz de atestar a fidelidade as normas contabeis das informacoes divulgadas pelas empresas. Nesse contexto, o objetivo deste estudo foi analisar a relacao entre a opiniao divulgada no relatorio do auditor independente e o retorno das acoes das empresas brasileiras de capital aberto. Foi considerado o periodo de 2010 a 2014, mediante analise de correlacao, teste de Mann Whitney e regressao com dados dispostos em painel. Estatisticamente, os resultados nao foram conclusivos quanto ao impacto do tipo de opiniao da auditoria no retorno das acoes. Houve indicios de que ha reacao negativa do mercado frente aos relatorios com enfase e reacao positiva na presenca de relatorios limpos e com ressalva, o que pode significar que a publicacao de um relatorio com ressalva pode gerar maior ganho para a empresa do que o prejuizo dessa publicacao. A pesquisa aponta para a necessidades de revisao e reflexao, tanto pelas empresas de auditoria quanto pelos orgaos reguladores, quanto a representatividade da atuacao do auditor no mercado de capitais.

Determinantes dos Honorários de Auditoria das Empresas Brasileiras de Capital Aberto

The studies on the determinants of audit fees in Brazil became possible with the mandatory disclosure of audit expenses in 2009. Thus, the objective of this research was to identify the determinants of the fees paid by Brazilian publicly traded companies to independent auditors in 2010 to 2014. The analysis took place through regression with data arranged in panel. Size, performance, complexity, audit firm size, adoption of corporate governance practices, audit rotation, industry and litigation risks have all been found to have an impact on the fees. Therefore, the aspects that can be used by companies for the purpose of information management or that require more auditing timefor signaling points of greater risks are highlighted. In addition, understanding the determinants allows companies to plan future expenditures with audit fees and assists regulators and inspectors in defining and comparing key determinants of firms for identifying abnormal payments. These results complement the research in Brazil, Australia, Bangladesh, Norway, Bahrain, England, Jordan, Kuwait, USA, Malaysia, Nigeria, Abu Dhabi, Italy and Indonesia.

The responsibilities of the board: The level of compliance of Latin Americans’ companies to the OECD principles of corporate governance

Purpose of article – Board of Directors are characterized as essential elements in the structure of corporate governance. Hence, this study aimed at identifying the governance practices of Latin-American companies in relation to the fifth principle – “Responsibilities of the Board” – recommended by the Organization for Economic Cooperation and Development (OECD) for this region (Brazil, Argentina, Mexico, and Chile). Design/methodology/approach – To that end, the legislation and corporate practices of companies in the four countries were studied so as to identify legal provisions on the subject and additional procedures adopted by such companies comparatively to OECD recommendations. Findings – The results showed that Mexico was the country with the highest level of full compliance with OECD recommendations, followed by Argentina, Brazil, and lastly by Chile. They also showed that a lot of improvement still needs to be made so as to ensure the responsibilities of the board in terms of integrity, efficacy remuneration dissemination, and technical competence. Research limitations/implications – This study was restricted to only four countries in Latin America: Brazil, Argentina, Mexico, and Chile. This procedure is justifiable by the fact that OECD designed its recommendations based on these four countries. It is also important to point out that this study has focused only on Principle V of OECD (2004), concerning the Responsibilities of the Board of Directors. Originality/Value of article – This study is justified by the need to understand and disseminate Latin-American practices in face of the region-specific governance recommendations designed by OECD, notably on the behavior of the Board of Directors. This region has developing countries with an active stock market. The region presents great potential for economic development, hence the need for these types of studies.