Editorial V. 10, N. 3, 2021

ID: 63142

Authors: Ricardo José Rocha Amorim, Francisco Marton Gleuson Pinheiro, Maria de Fátima Araújo Frazão.

Source: Revista de Gestão, Finanças e Contabilidade, v. 10, n. 3, p. 1-4, September-December, 2020. 4 page(s).

Document type: Editorial (Portuguese)

Performance Of Ipos Of Brazilian Companies Financed By Private Equity Funds

ID: 63143

Authors: Vitor Fassio Andrade, Rafael Moreira Antônio, Rafael Confetti Gatsios, Tabajara Pimenta Júnior.

Source: Revista de Gestão, Finanças e Contabilidade, v. 10, n. 3, p. 5-20, September-December, 2020. 16 page(s).

Keyword: Capital Market , IPO , Private Equity , Risk

Document type: Article (Portuguese) Show Abstract

This paper analyzed the relationship between the presence of private equity fund financing in companies that carried out an initial public offering (IPO) and the subsequent behavior of stock returns. Based on the event study strategy, the Abnormal Returns (AR) and the Accumulated Abnormal Returns (CAR) offered by the variations in share prices of the two groups of companies (financed and non-financed by PE funds) were compared. The study sample consisted of 122 IPOs that occurred in the Brazilian market between January 2007 and December 2017, and the mean difference tests indicated that the performance of the actions that did not have the participation of PE was higher in windows of 21 and 126 working days. However, this result is reversed in the 252 window. This implies that the IPOs of companies financed by Private Equity funds perform better when compared to IPOs of companies not supported by these funds. In addition, the study estimated regression models that indicate that the performance of companies with PE participation is higher for the 252-day window. For the other windows, 21 days and 126 days there is no difference between the groups analyzed.

Protections To Shareholder And To Creditor And Dividend Policy: An International Analysis Of Outcome And Substitute Models

ID: 63144

Authors: Ana Cristina Miranda Rodrigues.

Source: Revista de Gestão, Finanças e Contabilidade, v. 10, n. 3, p. 21-39, September-December, 2020. 19 page(s).

Keyword: Creditor rights , Dividends , Outcome model , Shareholder rights , Substitute model

Document type: Article (Portuguese) Show Abstract

This article investigates the mechanisms of protection effects for the shareholder and the creditor on dividend policies, in the light of the outcome and substitution agency models. To support the formulated hypotheses, descriptive statistics, Tobit regressions and the Generalized Moments Method are developed. The empirical results, based on data from 18,607 companies from 40 countries, during the period from 2008 to 2017, suggest that firms located in countries with high shareholder protection and with better investment opportunities are less likely to pay dividends, as they do, indicating the effectiveness of the outcome and substitution models, from the shareholder perspective. From the creditor perspective, the results show that, in a condition of high protection, the creditor restricts the payment of the dividend of firms with greater investment opportunities and, when the debt is poorly protected, companies pay more dividends. Therefore, it is possible to infer that the rights of the shareholders, and not of the creditors, are consistent with the outcome and substitute models agency.

Influence Of Professional Skepticism On Impression Management Of Accounting Information Disclosure

ID: 63145

Authors: Daniel Matthes, Camila Adam, Jules Kout Tene, Paulo Roberto da Cunha.

Source: Revista de Gestão, Finanças e Contabilidade, v. 10, n. 3, p. 40-61, September-December, 2020. 22 page(s).

Keyword: Information Disclosure , Management of Accounting , Professional Skepticism

Document type: Article (Portuguese) Show Abstract

The paper analyzed the influence of professional skepticism on impression management in the disclosure of accounting information. Professional skepticism was analyzed through the variables questioning mind, suspension of judgment, searching for knowledge, interpersonal understanding, self-confidence and self-determination, according to Hurtt's construct (2010). Impression management was analyzed using selectivity, measurement distortion and presentational enhancement variables, according to Cardoso, Leite and Aquino (2018). The research is characterized as descriptive, survey and quantitative. The study sample consisted of 201 students of the Accounting Sciences course of two Public Universities of the State of Santa Catarina. Data analysis was performed using descriptive statistics and OLS regression using the SPSS® software. The survey results demonstrated that the questioning mind feature negatively influences the presentational enhancement and measurement distortion variables, demonstrating that the higher the level of the questioning mind feature in an individual, the less likely it is to be influenced by two of the impression management techniques.

Overview Of The Literature On Corporate Governance: A Bibliometric Analysis Of The Theoretical Bases And Approaches Most Used In Articles

ID: 63147

Authors: João José Ferreira Simões, Antônio Artur de Souza.

Source: Revista de Gestão, Finanças e Contabilidade, v. 10, n. 3, p. 62-82, September-December, 2020. 21 page(s).

Keyword: bibliometric mapping , Corporate Governance , Finance , VOSviewer

Document type: Article (Portuguese) Show Abstract

In this research, the theoretical bases and the articles most cited in studies on corporate governance were investigated through bibliometric mapping using the software VOSviewer. The sample made up of 2,965 articles was obtained through Web of Science database. The analysis period from 2000 to 2018, was subdivided into three subperiods due to the occurrence of financial events in the United States, and the need for improvements in corporate governance practices was evidenced. It is believed that the improvement of corporate governance practices is the result of the emergence of new proposals presented in the investigated literature, characterizing the relevance of this research. This study contributes to the literature in Finance by presenting the foundations of research on corporate governance through bibliometric mapping and can assist future research by outlining the theoretical bases used after the reported financial stress events. The evidence suggests the predominance of the Agency Theory in the analyzed periods. However, the Property Structure Theory, Stakeholder Theory, Stewardship Theory and Resource Dependency Theory were also observed, which could be associated with the financial events that occurred.

Assessment Of Companies By The Discounted Cash Flow Method: A Study In A Closed Capital Wood Industry

ID: 63146

Authors: Victor Uhdre Grejanin, Vinicius Abilio Martins.

Source: Revista de Gestão, Finanças e Contabilidade, v. 10, n. 3, p. 83-107, September-December, 2020. 25 page(s).

Keyword: Company valuation , Discounted Cash Flow , Market value , Privately held company , Valuation

Document type: Article (Portuguese) Show Abstract

The company valuation process has gained prominence in the last decades. There are several methods that assist in determining the fair value of a company. Among the most used, the discounted cash flow method stands out. However, this model is predominantly used in publicly traded companies. Thus, this research aimed to verify the feasibility of applying, in a privately held company, the business valuation model by means of discounted cash flow. This is the case of a privately held timber extraction and processing company, located in the southern region of Brazil. An applied research was carried out, under the deductive, descriptive method, of an applied nature, under a quali-quantitative approach, carried out through the use of the discounted cash flow method. As a result, the organization's market value was estimated, supported by the manager's growth perspective, combined with the growth rate of the analyzed period. It appears that the discounted cash flow valuation method, despite its use being applied in publicly traded companies, may be applicable for the valuation of privately held companies, taking into account its limitations and the precaution in not biasing the results.

Financial Management In MSEs: A Study Under The View Of Alagoan Experts

ID: 63148

Authors: Amyson Jhonata da Silva, Natallya de Almeida Levino, Carlos Everaldo Silva da Costa.

Source: Revista de Gestão, Finanças e Contabilidade, v. 10, n. 3, p. 108-128, September-December, 2020. 21 page(s).

Keyword: Business finance , Content analysis , Delphi method , Financial management , MSEs

Document type: Article (Portuguese) Show Abstract

Micro and small business in Brazil is an important part of the economy, because is a sector that employs more, but, at the same time, has a high mortality rate. Able to assist this business typology in the financial sphere, there is the consultant. In order to reinforce this hypothesis in a given context, this study aims to understand which are the best practices in financial management from the perspective of Alagoas consultants. The combined methodology joined the data collection - where semi-structured interviews were carried out with 6 consultants in 2019 - by the Delphi method and, for the analysis, the Content Analysis (AC) technique, through the qualitative software QDA Miner and WordStat 8. The results showed that, from the perspective of the consultants, the Micro and small business in Alagoas are deficient in basic practices, as many do not perform the proper management of cash flow and / or working capital.

Clearance Of Liabilities In Judicial Proceedings: An Analysis Of Two Expert Reports With Emphasis On Procedures Used By Experts

ID: 63149

Authors: Udo Strassburg, Katyane Aline Cantu Moreno.

Source: Revista de Gestão, Finanças e Contabilidade, v. 10, n. 3, p. 129-148, September-December, 2020. 20 page(s).

Keyword: Assets investigation , Expertise , Reports

Document type: Article (Portuguese) Show Abstract

Expertise in asset verification requires extensive knowledge of the entire range of procedures that exist in a company. Adverse situations, such as the departure of a partner, can generate doubts between the parties, mainly related to the function and financial amount for each one of the parties. If there isn’t an amicable agreement, the case is brought to justice so that, through a referee, the decision can be taken regarding the determination of these values. The purpose of this research is to analyze and compare two expert reports for valuing assets, emphasizing procedures used by the accounting experts. As a result, the first investigation deals with a partial dissolution of the company due to disagreements, and the second process deals with a partial dissolution of the company due to the death of one of the associate. It was evidenced that the reports followed the legal formalities, sinning in some aspects, such as lack of detail in technical or scientific analysis. Other findings are the differences in views and methodological approaches. It is evident that the two reports reached the intended objective, but left some doubts, because in the view of those who analyzed the report, some information were not clear, which could be useful for the magistrate, in decision-making. Each report has its specificities and must be individual, following the intuitions of each accounting expert.

Strategy In The Logistics Management Of The Supply Chain: A Multi-Case Study With Solution Companies For The Mining Sector

ID: 63150

Authors: Daniel Barbosa Cabral, Marcos Augusto Lima Luz, Queren Hapuque Gomes Souza, Zildinéia Santos Vieira.

Source: Revista de Gestão, Finanças e Contabilidade, v. 10, n. 3, p. 149-165, September-December, 2020. 17 page(s).

Keyword: Logistics , Management , Mineral sector , Strategy , Supply chain

Document type: Article (Portuguese) Show Abstract

This article aims to investigate how the business strategy is adopted in the logistics management of the supply chain of companies in the field of solutions for mining. Qualitative research is exploratory in nature. Multiple case studies were carried out in three large and multinational companies in the segment of solutions for the mining sector. Managers were interviewed at company and answered a semi-structured questionnaire. The results were analyzed using the content analysis technique. In addition, a SWOT matrix and a flowchart of logistical processes were prepared for each company visited. The results indicated that supply chain logistics management strategies have contributed to the management of inventories, transportation, storage and order processing, thus increasing the efficiency of the companies' strategic business logistics processes.

Expenditures On Education, Health And Public Security: A Relation To Homicide Rates In The Municipalities Of Brazil

ID: 63151

Authors: Miguel Angel Rivera Castro, Lindomar Pinto da Silva, Thiago Henrique Carneiro Rios Lopes.

Source: Revista de Gestão, Finanças e Contabilidade, v. 10, n. 3, p. 166-187, September-December, 2020. 22 page(s).

Keyword: Criminality , Education , Health , Public security , Public spending

Document type: Article (Portuguese) Show Abstract

This work identified the relation of homicide rates in Brazilian municipalities with spending on education, health and public safety. The data were obtained from the CENSO of IBGE, DATASUS and Public Finance Bulletin Brazil, prepared by National Treasury Secretariat (STN), for years 2000 and 2010. The results for the year 2010 indicate that expenditures on education and culture were different from what was expected, because were positive and significant. This suggests a positive relationship between spending on education and culture and homicide rate. However, this result occurred when controlling for the percentage of individuals over 15 years with elementary education. This variable, in turn, was negative and significant for the year 2010. That is, the higher the percentage of individuals with that level of education, lower the homicide rates. On the other hand, spending on health and public safety indicates that greater investments in these areas tend to reduce these crimes. Other variables used in the econometric model also showed to be significant, especially the characteristics of the neighboring municipalities.

Governmental Open Data Management: From Model To Practice

ID: 63152

Authors: Janyluce Rezend Gama, Douglas Roriz Caliman.

Source: Revista de Gestão, Finanças e Contabilidade, v. 10, n. 3, p. 188-206, September-December, 2020. 19 page(s).

Keyword: Acces to information , Management processes , Open data

Document type: Article (Portuguese) Show Abstract

The disclosure of open government data follows a growing trend in recent years, reaching all spheres of government. The objective of the study is to investigate the management of open government data and the achievement in practice of the expected objectives in view of its availability and publication. It has a qualitative approach, using documentary research to prospect for data and information. To this end, it was decided, based on an international reference model for the adoption of open data management, the Open Data Charter, to make comparisons of the open data plans published by four public institutions, two of which are nationwide and two international governments, aiming at understanding the level of adherence of these plans to the principles and objectives of the DAGs proposed in the reference model. The open data plans that were in force at these institutions at the date of data collection in 2018 were analyzed. The results allow us to state that actions related to community participation and interactions with society need to be promoted in the management processes. The study contributes with a reference model of open government data that meets the demands of citizens for information, transparency, better public services and spaces for participation in public management.