Editorial

ID: 37739

Authors: Maria de Fátima Araújo Frazão.

Source: Revista de Gestão, Finanças e Contabilidade, v. 4, n. 2, p. 1-3, May-August, 2014. 3 page(s).

Document type: Editorial (Portuguese)

External corporate governance mechanisms: mergers and acquisitions on the brazilian market

ID: 37740

Authors: Mario Augusto Parente Monteiro, Marcelle Colares Oliveira, Rosilene Marcon, Roberta Carvalho de Alencar.

Source: Revista de Gestão, Finanças e Contabilidade, v. 4, n. 2, p. 4-19, May-August, 2014. 16 page(s).

Keyword: corporate governance , external mechanisms , mergers and acquisitions

Document type: Article (English) Show Abstract

The research aims to answer the following question: What is the effectiveness of mergers and acquisitions in the Brazilian market as external corporate governance mechanism? The main objective of the study is to verify if mergers and acquisitions operations in Brazilian market may act as an external mechanism of corporate governance, replacing managers and, as a consequence of changes in management, improving financial performance. The study is exploratory, qualitative in its approach, supported by documentary research on secondary data concerning an intentional sample of Brazilian companies aiming to identify the effect of M&A operations on the corporate governance structure of the acquired firm and on its financial results. Data obtained on the website of the Brazilian Securities and Exchange Commission (CVM), related to Brazilian M&A operations in the period 2005-2010, were analyzed. Although M&A operations in Brazil were found to have disciplinary nature in our sample of firms in the studied period, our results are inconclusive regarding the effectiveness of these transactions and external governance mechanisms.

Book-tax differences and its informational relevance in capital market in Brazil

ID: 37741

Authors: Antonio Lopo Martinez, Renato Rovetta Passamani.

Source: Revista de Gestão, Finanças e Contabilidade, v. 4, n. 2, p. 20-37, May-August, 2014. 18 page(s).

Keyword: book income , Book-tax differences , returns , tax income

Document type: Article (Portuguese) Show Abstract

This article aims to assess the relationship between BTD (Book- Tax Differences) and future corporate earnings. Adjusted to the Brazilian reality model was proposed to test whether BTD contributes to predictability of outcomes (future net income) and return (capital gain on shares). Accordingly, a sample of 130 firms over a period between 2004 and 2009 , it was found by the proposed model, a statistical significance of the influence of BTD in estimating profits and return on shares of Brazilian companies. Furthermore, the model indicated a linear relationship between the dependent variable and independent variables, indicating that the variable parameters should be eonsidered different from zero and within the confidence interval, the absence of autocorrelation and multicollinearity. Thus, we conclude on the existence of informational relevance of Book- Tax Differences for a context parameter estimation results and return with shares of Brazilian companies. I would add that it evidences the perception of the market to differences between accounting income and taxable income, this research offer evidence relevant to identifying the quality and persistence in profits, as well as parameters for evaluating companies, future stock returns, impacts in credit rating and interpretation of taxable income as a measure of company performance.

Pessimism on mondays: an analysis of the day of the week effect in brazilian capital market during periods of crisis and stability

ID: 37747

Authors: Verônica de Fátima Santana, Leandro Manzoli Trovati.

Source: Revista de Gestão, Finanças e Contabilidade, v. 4, n. 2, p. 38-53, May-August, 2014. 16 page(s).

Keyword: Financial Crisis , Irrationality of Capital Market Agents , Monday Effect

Document type: Article (Portuguese) Show Abstract

Whereas the irrationality of capital market agents is accentuated during financial crises, this paper aimed to verify the existence of the Monday Effect during periods of crisis and stability in Brazil through an analysis of the Bovespa Index. In order to do so, the behavior of the index was modeled using time series statistical techniques (autoregressive and conditional heteroscedastic models) comprising the period from January 2003 until April 2012, grouping the data in different series, in order to identify crisis periods. It was identified an average return statistically lower on Mondays only for the periods when Subprime crisis and Euro Crisis took place, suggesting that financial crises are favorable for the existence of the Day of the Week Effect for Mondays. This effect is likely due to the irrationality of the capital market agents which is pronounced in crisis environments, where the feeling of fear is stronger than the analytical foundations for financial assets pricing.

The product market competition, impact on accounting earnings components and stock returns

ID: 37749

Authors: William Brasil Rodrigues Sobrinho, Herbert Simões Rodrigues, Isaac Gezer Silva de Oliveira, José Elias Feres de Almeida.

Source: Revista de Gestão, Finanças e Contabilidade, v. 4, n. 2, p. 54-72, May-August, 2014. 19 page(s).

Keyword: Accruals , Capital Markets , Competition , Stock Returns

Document type: Article (Portuguese) Show Abstract

The product market competition has a disciplining effect for firms, and it can contribute to the improvement of corporate governance and to the reduction of the costs of contracts. Due to the increased flow of information and the possibility of further comparison between firms in the same industry, the competition may limit the discretion of the manager, and even having direct impact on the quality of accounting information. Based on this assumption the present study investigates the relationship between the competitive environment in which the firm is embedded, and the persistence of earnings and its components (accruals and cash flows), to obtain earnings and stock returns of firms in subsequent periods. The model of Dechow (1994), Sloan (1996) and the model adapted from Ali; Hwang; Trombley (2000) were used as a basis. As a proxy for the competition the Herfindahl-Hirschman Index was used. The sample includes public companies listed on the BM&FBovespa during the period of 2006 and 2012. The results, in general, indicate that for the sample analyzed the market structure (competition level) changes the relevance of cash flow and in more concentrated industries the profits and returns are higher.

Cost optimization of urban public transport: buying or selling a used bus?

ID: 37750

Authors: Ana Paula Rodrigues da Costa, Valcemiro Nossa, Arilda Magna Campagnaro Teixeira, Aridelmo José Campanharo Teixeira.

Source: Revista de Gestão, Finanças e Contabilidade, v. 4, n. 2, p. 73-92, May-August, 2014. 20 page(s).

Keyword: Cost of maintenance , Replacement fleet , Theory of real options , Urban public transport

Document type: Article (Portuguese) Show Abstract

Although the discussion on urban mobility involves the mass transportation modalities, most cities still trust on bus fleets. This research aims to present a model that proposes to identify the moment that may be made the option to sell or buy a used vehicle from the fleet of buses of urban public transport system, through the application of Real Options Theory (TOR). Research indicates that when the vehicle is new maintenance costs are low, basically covering the routine reviews and component replacement, but after a certain age, these costs grow. In this sense a question that always arises is to decide the appropriate time to acquire or dispose of a used vehicle. The theory used in this study, TOR, focuses on the Binomial Model in Discrete Time. Methodologically, the study was carried out with real data of a particular case of the bus fleet that served as support for the construction and testing of the proposed model and relied on data from a traditional bus company of the Espirito Santo state. The proposed model is validated through a numerical example that identifies the time for decision making. In the case study, the model showed the time of the option as of the end of the second year of use of the bus. The methodology and the results awaken to the need for managers to have information resulting data fleets and can make safe decisions, especially the "ideal" time for fleet replacement. For the government, this kind of studies can generate data drafting normative regulatory agencies in order to meet the dealers and public-private partnerships.

Cost management and logistics management: the role of information systems

ID: 37752

Authors: Fernanda Francielle de Oliveira Malaquias, Rodrigo Fernandes Malaquias.

Source: Revista de Gestão, Finanças e Contabilidade, v. 4, n. 2, p. 93-111, May-August, 2014. 19 page(s).

Keyword: Costs , Information Systems , Logistics

Document type: Article (Portuguese) Show Abstract

The main objective of this study was to analyze the relationship between three constructs: Information Systems, Cost Management and Logistics Management. The data was collected through a survey and the final sample was composed by 183 Micro and Small Enterprises (MSEs) located in Uberlândia/MG/Brazil. We used the Confirmatory Factor Analysis to analyze the constructs and the Structural Equation Modeling for testing hypotheses. The quantitative approach was also complemented with graphical analysis and descriptive statistics. The main results indicated low indicators for the use of three constructs tested, which, although not desirable, has been shown aligned with previous studies. Moreover, the proposed theoretical model showed significant adherence to the particular context of the companies belonging to the sample, because positive and significant relationships were found between: i) the intensity of use of Information Systems and Cost Management, and ii) the intensity the use of Information Systems and Logistics Management.

Concentration of business activities: an analysis of business combinations and intangibles assets in Brazil

ID: 37753

Authors: Thiago de Sousa Barros, Ana Maria Gomes Rodrigues.

Source: Revista de Gestão, Finanças e Contabilidade, v. 4, n. 2, p. 112-136, May-August, 2014. 25 page(s).

Keyword: Business combination , goodwill , international accounting standards , price revision clauses

Document type: Article (Portuguese) Show Abstract

Based from the historical precedents of the business concentrationist movement and nuances relating to groups of companies, this article describes the international and Brazilian accounting standards that advocate on this issue, focusing highlighted goodwill and its specificities. Whereas in Brazil, since 1990, have widened these processes of a business combination and that, after 2010, the publication of financial statements by Brazilian companies were conducted in accordance with international standards (IFRS) - changing consubstantially the way companies produce and distribute this data to the market - this research analyzes the acquisitions of shareholdings held by sixty firms during 2011 (sample consisted of companies in the Bovespa Index (Ibovespa) and have highly liquid stocks BM&FBovespa). For this, we used a descriptive and qualitative research, adopting the method of research a content analysis of the consolidated financial statements and audit reports of these firms. The analysis results showed that several companies in the information disclosed is not in tune with the requirements contained in international accounting standards, ensuring not, therefore, the qualitative characteristics of financial information required by this legislation and help users of those statements consolidated to evaluate the nature, risks and financial effects associated with interests in other entities.

Human needs, remuneration and performance evaluation: people management dilemmas in the mix conveniences company

ID: 37755

Authors: Pollyanna Queiroz Moscozo, Roberto Brazileiro Paixão.

Source: Revista de Gestão, Finanças e Contabilidade, v. 4, n. 2, p. 137-153, May-August, 2014. 17 page(s).

Document type: Teaching Case (Portuguese)