Logistical performance: impact of the use of a logistical tool of self-assessment by first tier suppliers of the automotive industry

ID: 8028

Autoria: Alexandre Reis Graeml, Jurandir Peinado, Marco Aurélio Kurrle, João Alberto Schaicoski.

Fonte: Brazilian Business Review, v. 8, n. 3, p. 1-19, Julho-Setembro, 2011. 19 página(s).

Tipo de documento: Artigo (Inglês) Ver Resumo

This paper evaluates the perception of an automotive company assembling commercial transport vehicles and its suppliers about the effectiveness of a tool implemented for the assessment of logistical performance (MMOG/LE). At a preliminary stage of the research, the perception of suppliers had been captured through a survey in which 28 companies participated. Unstructured interviews were conducted with two professionals from the automotive company’slogistics area, after they became aware of the results of the research with the suppliers, to get these professionals’ opinion about the implementation of MMOG/LE at the company’s main direct suppliers. The automotive company also gave access to internal documentation tracking the suppliers’ performance, when these suppliers provided objective evidence that the logistical performance has been constantly improving, which is attributed, at least in part, to the utilization of the assessment tool by the company and by its suppliers.

Editorial

ID: 8027

Autoria: Antonio Lopo Martinez.

Fonte: Brazilian Business Review, v. 8, n. 3, p. 1-2, Julho-Setembro, 2011. 2 página(s).

Tipo de documento: Editorial (Inglês)

Modeling and forecasting a firm’s financial statements with a VAR – VECM model

ID: 8029

Autoria: Otávio Ribeiro de Medeiros, Bernardus Ferdinandus Nazar Van Doornik, Gustavo Rezende de Oliveira.

Fonte: Brazilian Business Review, v. 8, n. 3, p. 20-39, Julho-Setembro, 2011. 20 página(s).

Tipo de documento: Artigo (Inglês) Ver Resumo

This paper reports the development and estimation of a Vector Autoregressive (VAR) econometric model representing the financial statements of a firm. Although the model can be generalized to represent the financial statements of any firm, this work was carried out as a case study, where the chosen company is Petrobras S/A. The methodology comprises correlation analysis, unit root tests, cointegration analysis, VAR modeling, Granger causality tests, in addition to impulse response and variance decomposition methods. Besides the endogenous financial statement variables, an exogenous variable vector was utilized including the Brazilian GDP, domestic and foreign interest rates, the international oil price, the exchange rate, and country risk. The model’s final version is a Vector Error Correction Model (VECM), which takes into account the cointegrating relationships among the endogenous variables. After estimation and validation, the model is used to forecast the firm’s financial statements. Estimates for the exogenous variables and dividend forecasts were also used to estimate the firm’s market value. The results are apparently robust and might contribute to the field of financial planning and forecasting.

Influence of variation of liquidity in asset pricing: panel analysis of the brazilian market for the period january 2000 to june 2008

ID: 8030

Autoria: Kelmara Mendes Vieira, Paulo Sérgio Ceretta, Juliara Lopes da Fonseca.

Fonte: Brazilian Business Review, v. 8, n. 3, p. 40-63, Julho-Setembro, 2011. 24 página(s).

Tipo de documento: Artigo (Inglês) Ver Resumo

The influence of liquidity on return on assets has been subject of much research in recent years, from the point of view of individual assets as well as considering the liquidity of the market as a whole. This study aims to evaluate the influence of change in liquidity in the pricing of assets. The measures of liquidity consisted of variations in the quantity of securities, in the number of trades and in financial volume, as well as these variables weighted by the Bovespa index and also the same variables lagged. The sample is made up of the shares traded in the São Paulo Stock Exchange. Monthly data were collected for the period of January 2000 through June 2008. The results show that return on assets is positively influenced by the Bovespa index and by variations in liquidity. In general, it is thecompanies with the lower liquidity levels that show the highest positive variations of their own liquidity, therefore, having higher returns.

Segmento varejista: sazonalidade das vendas e resultados financeiros

ID: 8031

Autoria: José Marcos Carvalho de Mesquita, Henrique Cordeiro Martins.

Fonte: Brazilian Business Review, v. 8, n. 3, p. 64-82, Julho-Setembro, 2011. 19 página(s).

Tipo de documento: Artigo (Inglês) Ver Resumo

This paper aims at analyzing financial performances of retail industries prone to seasonality in sales. Specifically for the Brazilian economy, three sectors had their seasonal variation pattern identified, namely: 1) hyper- and supermarkets; 2) textile, clothing, and footwear; and 3) furniture, and household appliance. Results point out a stable sales pattern in supermarket sector in comparison to the other sectors, which have peak-and-valley patterns. Subsequently, a discriminant analysis was performed to find out differences among financial indices of Brazilian companies, according to their sales patterns. According to analysis of financial ratios, companies with higher seasonal variation performed significantly better in terms of cash ratio and return on equity, whereas the other indices, debt ratio and assets turnover, account for no statistically significant differences. Building on discriminant analysis, cash ratio was found to be the most important index for discrimination.

Inflation expectation and implicit inflation: does market research provide accurate measures?

ID: 8032

Autoria: Flávio de Freitas Val, Claudio Henrique da Silveira Barbedo, Marcelo Verdini Maia.

Fonte: Brazilian Business Review, v. 8, n. 3, p. 83-100, Julho-Setembro, 2011. 18 página(s).

Tipo de documento: Artigo (Inglês) Ver Resumo

In recent years bonds indexed to inflation rates have experienced a tremendous growth in trading volumes. These securities have become an important tool for the diversification of investors' portfolios, to liability management and especially to gauge the expectations of monetary authorities. In this environment, this study contributes as it presents an amended methodology to estimate the inflation risk premium and in applying different methodologies in the Brazilian market. The results indicate that implicit inflation measures with or without adjustment of the inflation risk premium return the smallest forecast errors in relation to the IPCA of measurement period.

A utilização de ferramentas de contabilidade gerencial nas empresas do Estado do Espírito Santo

ID: 8033

Autoria: Aridelmo José Campanharo Teixeira, Rosimeire Pimentel Gonzaga, Angélica de Vasconcelos Silva Moreira Santos, Valcemiro Nossa.

Fonte: Brazilian Business Review, v. 8, n. 3, p. 101-119, Julho-Setembro, 2011. 19 página(s).

Tipo de documento: Artigo (Inglês) Ver Resumo

The present study tried, through empirical-analytical analysis, to find companies in the State of Espírito Santo utilizing modern management accounting tools, as well as study the possible link between the utilization of modern and traditional tools and the financial performance of the companies in the sample. The sample consisted of the companies listed in the FUCAPE Business School database. This database contains the records of the Top 200 companies in the State of Espírito Santo included in the ranking published by Findes magazine in its 2007 and 2008 edition, with information of the period 2008-2009. Data collection was performed by personal interviews in loco. The multinomial logistic regression technique was utilized for data analysis. Evidence was found that companies in the State of Espírito Santo utilize traditional as well as modern management accounting tools. The results also suggest a non-random even though weak link between economic performance and the traditional management accounting tools.