Editorial V. 8, N. 1, 2018

ID: 54405

Authors: Ricardo José Rocha Amorim, Francisco Marton Gleuson Pinheiro.

Source: Revista de Gestão, Finanças e Contabilidade, v. 8, n. 1, p. 1-3, January-April, 2018. 3 page(s).

Document type: Editorial (Portuguese)

Dividend Policy: Study of Determining Factors for Companies in the Public Utility Sector

ID: 54406

Authors: Francisco Ivander Amado Borges Alves, Yuri Romeiro Guedes, Jackeline Lucas Souza.

Source: Revista de Gestão, Finanças e Contabilidade, v. 8, n. 1, p. 4-21, January-April, 2018. 18 page(s).

Keyword: Dividends , Fatores Determinantes , Public Utility

Document type: Article (Portuguese) Show Abstract

Dividend policy is one of the strategic decision-making that can influence the value of a company. It is related to the evaluation of how much, how and when to distribute the profits obtained to its shareholders, and is therefore considered attractive to investors. This research aims to analyze the determinants of the dividend distribution of Brazilian companies operating in the Public Utility sector. The research is quantitative, descriptive and documentary, with the sample delimited in 56 companies, which published their statements for the period from 2010 to 2016, totaling 380 observations. The logit regression (associated dummy if there were or not distribution of dividends) and the regression with data in panels with fixed effect (value of the dividends) were used to analyze the data collected in the descriptive statistics. The findings indicated that size and profitability contribute positively to the company's probability of distributing dividends, in contrast to the fact that the existence of an agreement between shareholders had an inverse effect on this probability (logit model). In addition, the shareholder agreement positively influenced the value of the dividends, while the complexity (compensation of managers) had an inverse impact on the dividend value (model with panel data).

Accounting Choice in the Insurance Market: A Study on the Classification of Deferred Selling Costs

ID: 54407

Authors: Carlos Alberto dos Santos Correa, Felipe Ramos Ferreira.

Source: Revista de Gestão, Finanças e Contabilidade, v. 8, n. 1, p. 22-32, January-April, 2018. 11 page(s).

Keyword: Accounting Choices , Insolvency , Insurance Companies

Document type: Article (Portuguese) Show Abstract

This study evaluates the management of accounting information in the Brazilian insurance market. More specifically, it analyzes the determinants of choosing the accounting record of the Deferred Sales Cost. This classification is directly related to the calculation of industry insolvency indicators. In this way, insurers with low solvency levels would have the incentive to make accounting choices that would influence the maintenance of their indicators, at least at the minimum levels required by the regulatory body. In order to carry out the research, data were used from the system of statistics of the regulatory agency and financial statements of the companies of the national insurance market, from 2013 to 2015. The results are consistent with the fact that the insurers make accounting choices with the objective of attaining minimum solvency indicators.

Financial Slack and Business Innovation in Brazil

ID: 54408

Authors: David Ferreira Lopes Santos, Matheus Moreira dos Santos Guevara, Santiago Valcacer Rodrigues.

Source: Revista de Gestão, Finanças e Contabilidade, v. 8, n. 1, p. 33-50, January-April, 2018. 18 page(s).

Keyword: Ability to innovate , Availability of Resources , Brazilian industry

Document type: Article (Portuguese) Show Abstract

This research analyzes the influence of financial slack on the level of investments in business innovation in Brazil between 2010 and 2014. The positioning of this research seeks to contribute to a better understanding of the controversial relationship between the strategy based on financial slack and capital expenditure with innovation resources, by exploratory model. The sample comprises the 100 largest non-financial companies listed in the São Paulo Stock Exchange. The innovation investments were taken by disclosure of the explicative notes and management reports between the years 2011 to 2014. The financial slack was stratified into available, recoverable and potential. The data were constructed from the Financial Reports from 2010 to 2013. The regression analysis was performed using balanced panel data with the weighted least squares technique. The results show that the available financial slack has a significant impact on investments in innovation and the recoverable financial slack partially, only the slack with marketing influence investments in innovation. The evaluation of the empirical model brings new evidence for the theme, especially for the Brazilian reality.

Analysis of the Accounting and Financial Performance of Familiar and Non-Familiar Companies

ID: 54409

Authors: Luís Antônio Gióia Ettore, Vinicius Mothé Maia.

Source: Revista de Gestão, Finanças e Contabilidade, v. 8, n. 1, p. 51-67, January-April, 2018. 17 page(s).

Keyword: Accounting and Financial Analysis , Agency Conflict , Familiar Companies , Performance

Document type: Article (Portuguese) Show Abstract

The research aimed to investigate if there are differences between the familiar and non-familiar companies and what would be these differences from a financial-accounting point of view. For this purpose, the companies listed on the Ibovespa Index were compared, from 2010 to 2016, with the companies identified as familiars classified in terms of: management, control and ownership. For this, a descriptive analysis of financial-accounting indicators was carried out based on a parametric and non-parametric analysis of variance. The results suggest that when there are significant differences between the groups, non-familiar firms are preferable to familiar firms from the point of view of the analyzed indicators, thus being better investment options for the market agents.

The Omission of the State in the Management of Municipal Public Transport in Acopiara/CE: Socio-Economic Reflections from Local Perceptions

ID: 54410

Authors: Estêvão Lima Arrais, Ives Romero Tavares do Nascimento, Francisco Raniere Moreira da Silva.

Source: Revista de Gestão, Finanças e Contabilidade, v. 8, n. 1, p. 68-82, January-April, 2018. 15 page(s).

Keyword: Acopiara/CE , Northeast Brazil , Pau de Arara , Public Transport Management

Document type: Article (Portuguese) Show Abstract

This article aims to understand the consequences of the omission of public power in the management of public transportation in the municipality of Acopiara, Ceará, from the perspective of the social actors that relate to it. In this process, the presence of the Pau de Arara truck in the transportation of people and goods between the head office of the municipality and its districts stands out, although it is contrary to the traffic laws of Brazil. To understand the question on the screen, a Case Study was conducted, using official statistical data and interviews with representatives of specific population groups. With the information obtained, it was observed that the Pau de Arara, although it is the only transportation option, is seen as proof of the inertia of public mobility policies, and contributes to reducing the consumption power of the inhabitants of the region, since it hinders the commercial relations between the countryside and the city. Thus, it is up to the local Public Administration to adopt measures to improve the management of public transportation in the municipality, observing the needs of users.

Management and Effectiveness of Pnage: The Experience of Modernization in the State of Sergipe Under Analysis

ID: 54411

Authors: Rosiane Chagas.

Source: Revista de Gestão, Finanças e Contabilidade, v. 8, n. 1, p. 83-99, January-April, 2018. 17 page(s).

Keyword: Effectiveness , Management , Modernization , PNAGE , Public Governance

Document type: Article (Portuguese) Show Abstract

The National Program to Support the Modernization of Management and Planning of the States and the Federal District (PNAGE) was an administrative reform effort coordinated by the federal government, aimed at modernizing structures and processes of state governments. The general objective of this article is to understand how PNAGE is carried out in Sergipe; which is broken down into the following specific objectives: (1) to characterize PNAGE from public governance in terms of management and effectiveness; and (2) analyze the PNAGE in Sergipe. PNAGE is approached in terms of public governance, particularly management and effectiveness, and based on this approach the analysis of PNAGE in Sergipe is developed. For this analysis, a qualitative research was carried out using a case study subsidized by documentary research and interview. It was verified in this analysis that the government of Sergipe presented specific advances in relation to the six areas of PNAGE performance and its final products, located in projects of specific secretaries. From this analysis, it is concluded that the modernization within the state government of Sergipe as a whole is still far from being realized in terms of management and effectiveness.