Ricardo Luiz Menezes da Silva

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...

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.

Relevance of Fair Value of Brazilian Banks Securities in the Financial Crisis

Purpose – This paper seeks to clarify whether the fair value (FV) of Brazilian banks securities is relevant for investors in times of crisis. Design/methodology/approach – The information gathered for 14 quarters, 2007-2010, of a cross-sectional sample of banks was used for the purpose of explaining the value of shares based on amortized cost and the FV of securities, the book value of equity and the Financial Crisis. The return on shares was regressed based on the realized and unrealized gains and losses on securities, adjusted income and the Crisis. Findings – The results indicated that the FV is relevant. The results also corroborated the hypothesis that, during the Crisis, there was a decrease in the relevance of the FV of securities since the accounting practices adopted in Brazil did not specify how to estimate FV, as required by SFAS157, neither did they require disclosure of the FV hierarchy, as established IFRS7. It was concluded that FV has incremental explanatory power over equity, but not over amortized cost. Furthermore it possible to conclude that quarterly unrealized gains and losses on securities are not relevant, which could be explained by possible tax planning practices, since, in Brazil, the mark-to-market adjustment of securities is only deductible, or taxable, when settled. However, the realized and unrealized gains and losses are value-relevant during the period of Financial Crisis. Originality/value – This study provides empirical evidence about the relevance of fair value during the Financial Crisis in Brazil.

Relação entre a divulgação de pagamentos baseados em ações e os níveis de Governança Corporativa da BM&FBovespa

The Agency Theory foresees a misalignment between the interests of shareholders and managers, because of various utilities. A mechanism that can be used to align the interests corresponds to the share-based payment plan, which proposes to create incentives for the management seeking to maximize the value of the companys value. In addition, companies can adopt differentiated corporate governance practices, which imply greater transparency and legal protection to non-controlling shareholders. The implementation of regulatory Technical Pronouncement of this type of incentive plan is recent, being necessary to study your application. According to research on accounting disclosure (VERRECCHIA, 2001), managers have incentives to make decisions about the level of disclosure of accounting information. This study investigated the relationship between the disclosure of share-based payment and the corporate governance levels of the BM&FBOVESPA. The compliance analysis of the 2011 financial statements of companies with based payment followed the disclosure rules of the CPC 10 (R1). The sample consisted of 156 companies listed on the BM&FBOVESPA that has share-based payment, of which 122 belonged to levels of corporate governance and 34 the traditional segment, evaluated by non-parametric test Wilcoxon-Mann-Whitney. It was concluded that companies belonging to segments of corporate governance has higher disclosure score about share-based payment compared with companies belonging to the traditional listing segment of the BM&FBOVESPA. This is due to the incentives given to managers, such as listing the company on the BM&FBOVESPA and instruments of variable remuneration to align interests such as share-based payment.