Editorial

ID: 37845

Authors: Maria de Fátima Araújo Frazão.

Source: Revista de Gestão, Finanças e Contabilidade, v. 2, n. 2, p. 1-1, May-August, 2012. 1 page(s).

Document type: Editorial (Portuguese)

Value of the company and its relation to capital structure, profitability: an empirical study of 1000 best companies listed in mMagazine Exame

ID: 37846

Authors: Rômulo Rosa de Lima, Thays Rosa de Lima, Idalberto José das Neves Júnior.

Source: Revista de Gestão, Finanças e Contabilidade, v. 2, n. 2, p. 2-18, May-August, 2012. 17 page(s).

Keyword: Capital Structure and Profitability , Classical Theory , Market Value of the Company , Multiple Regression , Theory of Modigliani and Miller

Document type: Article (Portuguese) Show Abstract

An important decision that any company should take is to think how it is financed, whether their resources will be their own or from third parties. There are two schools of thought, the Classical Theory (1952) and Modigliani and Miller (1958). The classical theory is in the idea that the market value of the company is influenced by how the entity financed its resources, going against the current theory of Modigliani and Miller proposed that in an ideal world the way the company capital structure no influence on its market value. Through this contradiction, the article aims to discuss the relationship between sources of financing, results and their impact on market value in 1000 (thousand) best companies in Brazil, listed in magazine exame, july edition of 2010. This analysis was performed using multiple regression, which listed the traditional indices of profitability and rates of capital structure with the market value of the companies analyzed. As a result, there was a correlation between the dependent variables and their effected only when the sector by regression analysis. In analyzes that considered all cases of the population the hypotheses were not confirmed.

Analysis of the feasibility of exchange of air conditioning equipment alternative for reducing operating costs: A case study at an institution of primary and secondary education

ID: 37847

Authors: Luiz Felipe de Araújo Pontes Girão, João Marcelo Alves Macêdo, Vinícius Gomes Martins, Augusto Cezar da Cunha e Silva Filho.

Source: Revista de Gestão, Finanças e Contabilidade, v. 2, n. 2, p. 19-34, May-August, 2012. 16 page(s).

Keyword: Accounting-Information Management , Cost reduction , Education institution , Investment Analysis

Document type: Article (Portuguese) Show Abstract

The Accounting through financial statements, aims to support its users with general information about the reporting entity information. However, general information may not be useful enough for the internal user can act more competitively in a new market. The study aimed to screen the general to present the importance of accounting information in managerial decision-investment in a secondary school, analyzing the exchange of air conditioning equipment in three rooms of the institution, in order to highlight the reduction of operating costs for the entity. Thus, it was used as the main tool for case study analyzing the Net Present Value of investment in exchange for the equipment to determine the viability of the investment or not. As a secondary tool was used to calculate Payback Time showing how long the investment will be recovered. He came to the result that the exchange of equipment in two of the three cases analyzed is feasible, from an economic standpoint. The case presented should be considered not viable from the perspective of other variables such as customer satisfaction, eg, without showing objective of this study.

The just-in-time effects over the organization’s financial performance

ID: 37848

Authors: Danilo Lacerda Borges, Ana Carolina Vasconcelos Colares, Silvério Antônio do Nascimento.

Source: Revista de Gestão, Finanças e Contabilidade, v. 2, n. 2, p. 35-46, May-August, 2012. 12 page(s).

Keyword: Financial Performance , Just-in-time , Production Systems

Document type: Article (Portuguese) Show Abstract

Many processes have been developed with the objective of reducing business costs and increasing the efficiency of these on the market, standing out the Just-in-Time because it’s widely publicized and known. This article aimed to identify with effects the implementation of just-in-time brings about the financial performance of companies. For this we sought along the main national and international literature which impact on performance was found in the practice of just-in-time companies. It was found that the just-in-time is positively related to corporate performance. It was also found that firm size, time of use of just-in-time and their relationships affect this system. We conclude that this research is an important support for students and researchers develop future empirical research by raising and bringing together diverse opinions about the relationship between just-in-time and the financial performance.

Independent audit in the third sector organizations: a study of the perception of accountants and non-accountants

ID: 37849

Authors: Selma Austricliano de Souza, César Valentim de Oliveira Carvalho Junior, Kátia Silene Lopes de Souza Albuquerque.

Source: Revista de Gestão, Finanças e Contabilidade, v. 2, n. 2, p. 47-60, May-August, 2012. 14 page(s).

Keyword: Independent Audit , Reliability , Third Sector

Document type: Article (Portuguese) Show Abstract

This study aimed to identify the perception of accountants and non-accountants regarding the possible contributions the Independent Audit prints on reliability and transparency of financial statements of Third Sector Organizations, and see if there is a significant difference between the perceptions of these two groups. The independent audit is a technique performed by professional independent organization that verifies whether the financial statements were prepared in accordance with prevailing accounting standards and principles. It is a tool that subsidizes management techniques, project design, strategic planning and fundraising, an instrument of corporate governance. In the Third Sector organizations, a public performance of the institutions of civil society that is scoped to the public good, one realizes the need to improve the reliability and transparency in the financial statements, since obtains resources from the private sector, government and individuals to finance their activities. In seeking to answer the question of this research, the following methodological procedures have been adopted: a review of the literature relevant to the topic, the application of a questionnaire to a sample accessibility to graduate students in the areas of accounting and finance, accountants and no counters in the city of Salvador, Bahia. In data analysis, the scale "Degree of reliability independent audit" was validated according to their dimensionality, reliability and convergence. By analyzing the descriptive statistics, there was a high degree of reliability in the independent audit for the two groups. Then the univariate analysis of covariance (ANCOVA) confirmed no significant difference regarding the perceptions analyzed, thus confirming the initial analysis of the descriptive statistics. We conclude that accountants and non-accountants assign a high degree of credibility to external audit to improve the reliability and transparency of financial statements of nonprofit organizations, also checking that there is no significant difference between the perceptions of accountants and non-accountants. These findings point to the need for further investigations in other regions of the country, from the scale built and validated.

Design of work used in solidarity: solidarity economy center experience of Bahia-CESOL

ID: 37850

Authors: Leandro Teixeira e Silva.

Source: Revista de Gestão, Finanças e Contabilidade, v. 2, n. 2, p. 61-67, May-August, 2012. 7 page(s).

Keyword: Supportive economy , Technology , Work

Document type: Article (Portuguese) Show Abstract

The purpose of this study is to investigate the concepts used in labor solidarity enterprises, being developed from the experience of the Solidarity Economy Centre of Bahia (CESOL) - a program of implementation of Economics Solidarity, which currently supports 17 projects in the state. Among these projects, we highlight four associations that operate in fairly representative CESOL, the Art of making art, the Association of Artisans of Bahia - Adaba, the Association of Culture and Art - Cultuarte and the Association of Artisans of Lauro de Freitas - AALFI. In this article, the sample was delimited search the Art of making art as a field of study. When seeking information about the developments and applied technology, realized the wealth of experience and diversity of works exhibited, sharing the same space by integrating a network of development that make and change as the exchange of experiences and philosophy of solidarity economics favor dialogue, interaction and learning between associations that are in the initial process of incubation and associations that are structurally more organized because they are more time integrating the incubation process developed by CESOL.

Regularity of dividends payment and corporate governance: a study in traded companies listed on BM&FBovespa

ID: 37851

Authors: Ramon Kael Benassi Bachmann, Sayuri Unoki de Azevedo, Ademir Clemente.

Source: Revista de Gestão, Finanças e Contabilidade, v. 2, n. 2, p. 68-79, May-August, 2012. 12 page(s).

Keyword: Corporate Governance , Dividends Payment , Regularity

Document type: Article (Portuguese) Show Abstract

The objective of this study is to examine what is the relation between the level of corporate governance and dividends payment regularity in traded companies listed on BM&FBOVESPA, over 2001 to 2010. Companies listed on stock exchange composed three samples, segregated according to (i) payment of dividends to common stockholders, (ii) preferential or (iii) total of dividends paid by the company. Coefficients of variation (CV) of the series of dividends payment from companies in the analyzed period were used as a metric to represent regularity. About the levels of corporate governance, were assigned two metrics: a simple (NG), giving 1 point per year that the company was framed at some level, which considers them in accordance with the time of framing; and another balanced (NGP), giving a point per year framed at Level 1 (N1), 2 points per year at Level 2 (N2) and 3 points per year in the New Market (NM), which considers the time of framing in the governance and the kind of level. In the analysis was used Pearson correlations to examine what is the type of relation between CV and NG and between NG and NGP, both for the three samples. The results indicate that the time of framing in some level of governance, except the traditional one, seem to be inversely related to the regularity of dividends payment, reaffirming possible income managements (income smoothing) in not framed companies or in companies that have been framed recently. It was also found that the kind of corporate governance level is related only with the regularity of dividends payment to preferential stockholders.