Editorial V. 9, N. 1, 2019

ID: 59880

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

Source: Revista de Gestão, Finanças e Contabilidade, v. 9, n. 1, p. 1-3, January-April, 2019. 3 page(s).

Document type: Editorial (Portuguese)

Tax Aggressiveness of Brazilian Companies with Related-Party Transactions Abroad

ID: 59881

Authors: Antonio Lopo Martinez, Joy Dawey Ribeiro da Silva.

Source: Revista de Gestão, Finanças e Contabilidade, v. 9, n. 1, p. 4-16, January-April, 2019. 13 page(s).

Keyword: Effective Tax Rate , Quantile regression , Related parts , Tax Aggressiveness

Document type: Article (Portuguese) Show Abstract

The present study aims to measure the fiscal aggressiveness of Brazilian companies with transactions between related parties abroad, whose question is whether such firms are more aggressive thanthose who do not have overseas investments, using the ETR- Effective taxation as a measure of tax aggressiveness. As a technique for analyzing tax aggressiveness, Quantileregression is used, which allows the analysis of different quantiles of the distribution of dependent variables. The hypothesis tested verifies the relationship between tax aggressiveness and investment participation abroad, controlling its relevance (weight) in the company’s total assets. The results showed the existence of a positive relationship between tax aggressiveness and the presence of overseas investments. However, this relationship is not constant throughout all levels of tax aggression and the weight of investments abroad in the total investment of the economic group.

Relationship between Executive Remuneration and Economic and Financial Performance in Brazilian Companies

ID: 59882

Authors: Maurício Leite, Nelson Hein.

Source: Revista de Gestão, Finanças e Contabilidade, v. 9, n. 1, p. 17-36, January-April, 2019. 20 page(s).

Keyword: DP2 , Economic Performance , Financial Performance , Quadratic Regression , Remuneration of executives

Document type: Article (Portuguese) Show Abstract

This study aimed to analyze the relationship between executive compensation and economic and financial performance in Brazilian companies. Descriptive research was carried out, with a quantitative approach and documentary analysis. The research population comprised the companies listed on the IBrX50. The sample include 36 companies, with the period of analysis between the years 2012 and 2017, totaling 216 observations.The results showed that fixed remuneration (RFX) has a negative relationship with economic and financial performance, while short-term (RVCP) and total variable remuneration (RMT) showed a positive relationship. Long-term variable remuneration (RVLP), on the other hand, presented a statistically non-significant positive relationship. Through quadratic regression, it was demonstrated that the components of executive remuneration have a positive and significant relationship, with the exception of total remuneration (RMT), with economic and financial performance to an optimum point of performance. From this optimum point, the economic and financial performance becomes decreasing.

Hedge Accounting and Reclassification of Financial Instruments: The Impact on the Brazilian Firms Value

ID: 59883

Authors: Lais Neves Borgheti, Ricardo Luiz Menezes da Silva, Paula Carolina Ciampaglia Nardi.

Source: Revista de Gestão, Finanças e Contabilidade, v. 9, n. 1, p. 37-57, January-April, 2019. 21 page(s).

Keyword: Financial Instruments , Hedge Accounting , Market Value , Reclassification

Document type: Article (Portuguese) Show Abstract

To manage market risks companies can use several strategies including hedge accounting. This accounting practice can be used for earnings management and could reduce the value of companies, as indicated in the literature. In this context, the objective is to analyze the impact of the practice of hedge accounting and the reclassification of financial instruments on the value of firms. To this end, the study was based on publicly traded companies, listed on B3, in the years 2014 and 2015. Information on the adoption of accounting practices was obtained in the notes to the financial statements. After inference and statistical analysis, through Ordinary Least Squares, it is clear that the results did not show a statistically significant relationship between hedge accounting and the firm's value, nor between reclassification of financial instruments and the firm's value. This result is due to the absence of a cash effect, without the impact on the expected cash flow, due to the adoption of accounting practices, which leaves the investor indifferent in relation to such practices.

The Impact of Derivatives on the Management of Winner Brazilian Hedge Funds Considering their Risk and Return

ID: 59884

Authors: Flávia Vital Januzzi, Pedro Henrique da Rocha Leans, Luiza Guedes Ferreira.

Source: Revista de Gestão, Finanças e Contabilidade, v. 9, n. 1, p. 58-79, January-April, 2019. 22 page(s).

Keyword: Derivatives , Hedge Funds , Winner Funds

Document type: Article (Portuguese) Show Abstract

Managers to reverse deficits or increment the return of investments funds frequently adopt the derivative usage. Although, there is a literature gap related to thistopic inside the context of winner hedge funds. By this way, this paper aims to verify if managers of hedge funds with the higher performance in the last semester that also invested more in derivatives in the subsequent semester, raised the level of risk and return offered to unitholders. For such we evaluated a sample of 727 Brazilian hedge funds. As main method, we highlight the use of GMM, applied to panel data. The results pointed that managers of winner funds, that increase the derivative usage, also amplify the total and systematic risk of these funds. However, a higher adjusted return was also offered to this fund unitholder (qualified or not). In practical, even if this strategy related to derivative usage do not generate a decrease in investor wealth, this fact do not exempt managers from the responsibility of using risk management tools as well as disclosing operations implemented with derivatives (and their risks) for the investors, especially the least qualified ones.

Feedback Trading Effect in Cryptocurrencies with High Frequency Data

ID: 59885

Authors: Cláudia Cristina Bozza, Marcelo Cabus Klotzle, Antonio Carlos Figueiredo Pinto, Paulo Vitor Jordão da Gama Silva.

Source: Revista de Gestão, Finanças e Contabilidade, v. 9, n. 1, p. 80-98, January-April, 2019. 19 page(s).

Keyword: Cryptocurrencies , Feedback Trading , VAR Model

Document type: Article (Portuguese) Show Abstract

This study aimed to evaluate the feedback trading effect in cryptoassets Bitcoin, Ethereum, Litecoin and Dash, using a vector autoregressive system as proposed by Hasbrouck (1991). This effect seeks to evaluate the use of past data to make future decisions, using high frequency data, divided into four periods (day, hour, minute and second) in order to analyse the Feedback trading in cryptocurrencies and it intends to collaborate for the subfield of Behavioral finance, once there are few studies evaluating the investment in digital market under a behavioral perspective. The result suggest that there is a negative feedback trading effect in all cryptocurrencies for models using data aggregated by second and minute. The results also indicates that for Litecoin and Dash there is a negative feedback trading effect for data aggregated by hour.

'In this Business Worth it to Invest?': Natura S.A’s Case

ID: 59886

Authors: Sabrina Rafaela Pereira Borges, Tamires Sousa Araújo, Henrique Rodrigues Rosa, Lísia de Melo Queiroz, Moisés Ferreira da Cunha.

Source: Revista de Gestão, Finanças e Contabilidade, v. 9, n. 1, p. 99-117, January-April, 2019. 19 page(s).

Keyword: Consulting , Investment , Natura , Stock market , Valuation

Document type: Teaching Case (Portuguese) Show Abstract

The context of the 2015 economic crisis has shaken many investments in the Brazilian stock market. This case highlights this panorama and its importance for the evaluation of companies. Based on that, the case seeks to show the way for financial investment decision making in order to find the economic value of a company in the cosmetics industry. Specifically, the objective case is: (a) to show that changes in the economic scenario impact the valuation of a company; (b) identify the challenges of conducting an evaluation of an enterprise; (c) presenting to the public a situation that they must make the decision to invest or not in a company; (d) provide details of how the financial estimates are made.