Tarcísio Pedro da Silva

Impacto financiero en el retorno de las acciones en empresas latinoamericanas

Studying falls in equity markets has been a popular topic of research in finance. However, studies have focused on the causes, movements and volatility in stock markets, during and after falls. The characteristics of the shares may explain the impact on the stock market on the performance of individual stocks. Therefore, the aim of this paper is to analyze the financial impact on the income from shares of companies in Latin America. For this purpose data was used to show further shares´ period declines (between December 2007 and December 2012). A descriptive research with a quantitative approach, and documentary research was conducted. For data analysis multiple regression was used. The results show that there are many factors that influence falls in stock markets, and that stock returns vary in each period and for each country. For Mexican companies it was found that stock returns are related to the beta of the action, the ROE per share, book value per share and cash flow. For Argentine companies, yields are relational with the beta of the population, the size of the company, its debts and sales. For Brazilian companies, only sales variables per share and the beta of the actions show to have influence on the profitability of the shares. Therefore, it cannot generalize the reasons causing falls.

FATORES DETERMINANTES DA ESTRUTURA DE CAPITAL DE EMPRESAS BRASILEIRAS DE TECNOLOGIA

O objetivo do estudo foi identificar os fatores determinantes da estrutura de capital de empresas brasileiras de tecnologia. Com o metodo de pesquisa descritivo, por meio de pesquisa documental e com abordagem quantitativa. Foram considerados dados coletados referente aos periodos de 2009 a 2013, A amostra foi composta por 21 empresas, correspondentes aos setores de comunicacoes, telecomunicacoes e industria digital segregadas de acordo com a base de dados da Revista Exame. Os dados foram analisados por meio de dados em painel e foram estabelecidas como variaveis dependentes o Endividamento Geral (ENDG) e o Endividamento de Longo Prazo (ENDLP) e como variaveis independentes estabeleceu-se as Vendas (VEND), Numero de empregados (NEMP), Taxa de crescimento das vendas (TXVend), Retorno dos ativos (ROA), Retorno do patrimonio liquido (ROE), Tipo de capital (CAP) e Tipo de controle (CONTROL). Os resultados indicam que o tamanho (VEND e NEMP) da empresa nao apresenta relacao positiva com a estrutura de capital, a taxa de crescimento (TXVend) das empresas apresenta relacao positiva com a estrutura de capital, a rentabilidade (ROA e ROE) demonstrou uma relacao negativa com a estrutura de capital, assim como essa relacao tambem foi evidenciado no tipo de capital (CAP), porem no que tange ao controle (CONTROL) a relacao estabelecida influencia positivamente na estrutura de capital.

Eficiência Econômica de Empresas de Tecnologia Latino Americanas sob a Perspectiva da sua Estrutura de Capital

O estudo objetivou analisar a eficiencia economica de empresas de tecnologia latino americanas sob a perspectiva da sua estrutura de capital. Para tanto realizou-se uma pesquisa descritiva, por meio de pesquisa documental, com abordagem quantitativa. A amostra compreendeu as companhias abertas latino americanas classificadas no setor de tecnologia da base de dados Thomson ® , no periodo de 2009 ate 2013. As evidencias demonstram que que as empresas brasileiras apresentaram maior nivel de endividamento no periodo de 2009 a 2013. Dessa forma percebe-se que as empresas brasileiras utilizam um maior nivel de capital de terceiros para financiar seus ativos. Em relacao a eficiencia economica medido pelo score de eficiencia obtidos por meio do DEA ® , a partir da estrutura de capital, medidos pelo nivel de endividamento e, dos indices de lucratividade, as empresas brasileiras apresentaram menor eficiencia economica em relacao as demais empresas latino americanas.

Analysis of Financial and Economic Performance Technology Companies Leveraging Information Brazilian and Chilean

The present study aimed to analyze the relationship between financial leverage, debt and economic performance of technology companies in Brazilian and Chilean information. This is a descriptive research through documentary research with quantitative approach. The population comprised the Brazilian and Chilean listed companies classified in the technology and telecommunications Base Thomson ® data sector during the period 2008 to 2012. Through the evidence obtained, we can conclude that Brazil is the country with the highest debt in the years 2008 and 2012, as well as lower return on equity for the same period. Have Chilean firms had higher debt ratio in the years 2009, 2010 and 2011. Regarding the efficiency of enterprises can be seen that in five years there were more Brazilian companies considered efficient with respect to performance and leverage and debt than Chilean companies. Full Paper PDF: http://www.contecsi.fea.usp.br/envio/11contecsi-files/papers/720/submission/director/720-2446-1-DR.pdf

DETERMINANTS OF THE CAPITAL STRUCTURE COMPANIES IN INFORMATION TECHNOLOGY BRAZILIAN

Aim of this research from a set of factors, verify the determinants of capital structure of brazilian companies information technology. The study is characterized as descriptive, documental analysis on a sample of six companies and quantitative approach. The study period comprised the first quarter of 2008 to the fourth quarter of 2012. The findings show that firms with better current ratio utilize less the resources for short and long run as form of financing. Already, most profitable companies in its total assets and high levels of tangible assets are less indebted in the long term and in total, so have more internal resources available for investments. Finally, it is concluded that technology companies of brazilian documentary evidence of indebtedness are supported in the Pecking Order theory. Full Paper PDF: http://www.contecsi.fea.usp.br/envio/11contecsi-files/papers/728/submission/director/728-2451-1-DR.pdf

LÍMITE DE RIESGO DE CRECIMIENTO POSITIVO DE LAS ACTIVIDADES DE CREDITO COOPERATIVA DE CRÉDITO .

La gestion del riesgo de la actividad crediticia es fundamental para garantizar la continuidad y el desempeno financiero de la empresa. En las uniones de credito atencion a este riesgo permite la reduccion de las perdidas, ademas de los cargos por intereses y menos (Ahlin, LIN, mayo de 2010). El estudio tiene por objeto establecer el umbral de exposicion positiva al crecimiento de las actividades de prestamo de las cooperativas de credito. Teoria Financiera fundamenta la investigacion, con la determinacion del riesgo derivado del resultado positivo mayor de lo previsto, el riesgo natural en las actividades (Kaldor, 1939). Se analizo una muestra de 10 cooperativas de credito con datos para el periodo de 2001 a 2010. Modelo de Verhulst (1845) se utilizo para establecer el riesgo de limite de riesgo natural y positiva de las cooperativas de credito. Los espectaculos de analisis de datos, en las condiciones actuales, el rango de crecimiento por riesgo de optimizacion muestra una trayectoria positiva en que las cooperativas puedan mejorar el desempeno de la actividad crediticia. Llegamos a la conclusion de que el limite de exposicion positiva determina el grado de desarrollo posible, manteniendo el rendimiento equilibrado, fue posible establecer los parametros actuales y los resultados de las cooperativas de credito, con la observacion de que supere este limite, las cooperativas vienen en el entorno turbulento, lo que contribuye al establecimiento de los objetivos institucionales, asi igualo la actividad de credito en las cooperativas de credito.

Analysis of ROA on different profit presentation forms in the level 1 companies of the corpora te governance of Bovespa

The objective of the article is to analyze Rates of Return on Assets (ROA) as they appear in different forms of profit statements of companies listed in level 1 of the Bovespa corporate governance. The research methodology is descriptive: data collected from a cross-section sample using a quantitative approach. The population is composed of 36 public companies, all members of level 1 of Bovespa corporate governance. Accounting Statements from 2005 were examined in order to calculate the Rates of Return on the Assets (ROA) on the Operational Accounting Profit (LOC), on the Total Profit (LA) and on the Net Profit of each company according to Law n° 6.404/76 (LLEI), and to classify them according to their returns. The results of the classification of the companies using geometric average and discriminant analysis are similar to each other. Regarding the companies, only Klabin S.A., Cia. Fiacao, Tecidos Cedro e Cachoeira and Aracruz Celulose S.A. diverge in their group classifications in the application of the methods. It is concluded that discriminant analysis classifies companies that presented rates between 0.95% and 5.38% in Group 1 (Low Return), companies from 5.55% to 9.59% in Group 2 (Medium Return), and the smallest group, composed of 9 companies, in Group 3 (High Return), with rates between 11.61% and 23.49%. Key words: analysis of ROA, profit statement, corporate governance.

ANALYSIS OF INVESTMENTS IN COMPANIES OF TECHNOLOGY:INSTRUMENTS USED BY SANTA CATARINA'S COMPANIES

Now, the process of investments in the companies inn general is focused in the risk of the investment. The use of then economic resources, in technology companies, obeys the samen orientations, and the focus is in the permanent evaluation of then undertaken expenses compared with the expected benefits in then project. This work looked for to analyze the instruments used inn the analysis of investments by the technology companies for newn products. For so much, an exploratory study was accomplished, ofn bibliographical nature, with qualitative approach, accompanied of an case study in the small ones and averages companies of associatedn technology ACCEPTS her - Association Catarinense of Companies ofn Technology. The used instrument was application of a questionnairen on techniques of analysis of investments. With the structured data,n it was made an analysis and interpretation of the results,n identifying the criterion of decision that took to the companiesn opt her for such answers. He identified the instruments of analysisn of investments more used by the technology companies when of then development of new products. Among them, the research pointed then Cash flow, as used. In fact, the cash flow is one of then instruments of easy application and use among the methods ofn analysis of investments.

A INFLUÊNCIA DA CULTURA ORGANIZACIONAL NO DESENVOLVIMENTO DE UM SISTEMA DE INFORMAÇÕES ANALISADO PELOS NÚMEROS ÁUREOS

Assistance activities developed by non-profit entities are relevant for society. Therefore, State defines policies to motivate the maintenance and creation of non-governmental entities which contribute with their primordial purpose of collective well-being. By disregarding certain taxes to which it would be entitled, State enables those benefited entities to help better the underpriviledged. In the case of Beneficent Entities of Social Assistance (EBAS) which are the object of this study, State, besides granting them tax immunity, offers them exemption from social contributions. However, that exemption is conditioned by opting for the Certificate of Beneficent Entity of Social Assistance (CEAS), solely granted to the entity that – among other requirements — would apply annually at least twenty percent of its annual gross revenue to needy people, gratuitously. Consequently, EBAS need to opt either for the payment of social contributions or for the CEAS, accomplishing the necessary gratuitousness. Those situations generate new accounting elements which influence the EBAS property dynamics. Having said that, our study proposes a methodology to register and evidence property variations that happen in a beneficient entity, triggered by its option for the CEAS, in order to satisfy needs for information of the accounting services users. n nKeywords: Beneficient entities. Social assistance. Accounting Evidence.This research has investigated whether Brazilian open companies manage their results with the purpose of reducing their variability. The data encompassing the period from 1995 to 1999 were collected from the Economatica system. Some specific accounts’ effects were empirically controlled, verifying their impacts on the variability of results: depreciation expenses, provision for doubtful debtors and non-operational results are examples of monitored elements. The study has pointed out that, at the moment of deciding on expenses amount to be recognized, the concern with the reduction of variability of results is a conditioning factor. Taking these observations into account, one should be careful when analyzing adopted cost allocation methods, because they can be strategically defined to influence the accounting result. n nKeywords: Management. Accouting results. Brazilian open companies.This article has as its objective to present a study of the impact of tax costs of the investment destined to the expansion of a metallurgical plant in Brazil, compared with the tax load that would occur if such the investment were made in other countries, specifically, the USA, Canada and Chile. The study has been developed within the context of recognition that certain events which provoke effects upon the level of competitiveness of companies are beyond their action range. Among such events, the tax load, an integral element of government macroeconomic policies, has been considered in this study. The multiple case study method was used to measure the tax cost of a planned investment, contemplating the effective legislation in each of the examined countries. Results of the study allow concluding that, among the four countries under analysis, Brazil presents the largest tax cost, significantly greater than the other countries, which offer fiscal incentives, including a negative tax load. Among the remaining three countries, the company competitiveness has been favoured according to the following order: by Chile, the USA and Canada. n nKeywords: Capital goods. Tax cost. Competitiveness.The companies have always acted in order to maintain the best levels of productivity and the biggest competitive advantages with respect to market. Nowadays, when knowledge has been considered the fundamental element or resource in economy, it becomes necessary to conserve it, so that one could transfer it to the successors in case those who possess it now were no longer in the company. In this article, a product of a review and analysis of specialized literature, it is sought to present some aspects which shed light on why and how knowledge conservation and transfer (knowledge continuity management) are seen as strategy that enables costs to be reduced in organizations. To achieve this proposal, tentative answers will be given to the following questions: a) How can organizations conserve and transmit noperating knowledge to maintain knowledge continuity?, b) Which are organizations’ costs when operating knowledge is created?, c) Why do conservation and transmission of operating knowledge become competitive advantage for organizations?, d) Why can knowledge conservation and transmission be seen as a strategy to reduce costs? n nKeywords: Knowledge conservation and transfer. Costs of operating knowledge creation. Costs reduction