Utilidade, Rigor e Transparência

ID: 64698

Authors: Vagner Antônio Marques.

Source: Revista Evidenciação Contábil & Finanças, v. 9, n. 2, p. 1-6, May-August, 2021. 6 page(s).

Document type: Editorial (Portuguese)

Concentration Of Property, Corporate Governance And Capital Structure In The B3 Electricity Segment

ID: 64699

Authors: Flávio Ribeiro, Mauricio João Atamanczuk, Willson Gerigk, Luan Felipe Biscaia.

Source: Revista Evidenciação Contábil & Finanças, v. 9, n. 2, p. 7-25, May-August, 2021. 19 page(s).

Keyword: Capital Structure , Corporate Governance , Electric Power Companies , Property Concentration

Document type: Article (Portuguese) Show Abstract

Objective: This research sought to identify the influence exerted by the concentration of ownership and the level of corporate governance on the indebtedness of companies listed in b3's electricity segment, from 2012 to 2017. Foundation: The study is based on theories of capital structure, concentration of ownership and corporate governance applied to publicly traded companies in the Brazilian electric energy segment. Method: Fifty-eight companies belonging to the electricity sector of the Brazilian stock exchange were analyzed. Data collection was done with the financial statements made available on b3's website. The analyses involved the variables explained: general indebtedness and the composition of indebtedness. And as explanatory the concentration of property; corporate governance; company size; return on equity and financial leverage. The statistical technique used was panel data. Results: The results indicated that both Corporate Governance and The Property Concentration were influential in relation to General Indebtedness and showed no statistical significance to the Composition of Indebtedness, together with the companies of the B3's electricity segment. Contributions: This study proposes to contribute to the discussion that involves the effects of the concentration of ownership of corporate governance in relation to the capital structure of public companies in the electricity sector, this segment, which is dialed as highly regulated by the Federal Government and it has large companies managed by state public entities.

The Influence Of Sociodemographic Variables Income, Gender And Age On Time Preferences

ID: 64700

Authors: Thiago Matheus de Paula Sousa, Felipe Gerhard Paula Sousa, Verónica Lidia Peñaloza Fuentes, Felipe Roberto da Silva.

Source: Revista Evidenciação Contábil & Finanças, v. 9, n. 2, p. 26-42, May-August, 2021. 17 page(s).

Keyword: Behavioral Finance , Exponential Discount , Hyperbolic Discount , Time preferences

Document type: Article (Portuguese) Show Abstract

Objective: The present study aims to analyze individuals’ time preferences, using the following sociodemographic characteristics as parameters: Income, gender, and age. Background: Grounded on behavioral finances, this study draws on Simon's (1957) theory of bounded rationality to analyze individuals’ intertemporal preferences, which are presented as heterogeneous factors that change can according to social and psychological arrangements. Method: We carried out quantitative research through the application of a survey with 133 higher education students. For data analysis, descriptive statistics modules, Student's t-test, and analysis of variance (ANOVA) were applied. Results: Participants showed a pattern of hyperbolic preference, suggesting greater appreciation for immediate consumption than future gratification. Likewise, time preferences are influenced by pecuniary aspects, indicating that the higher the income, the greater the level of individuals’ patience. On the other hand, although younger people have higher levels of impatience, the relationship between age and time preferences was only marginally significant. As for gender, contrary to the literature, it is observed that women have a lower level of patience than men. Contributions: This study contributes to the theoretical-practical expansion of the discussion on intertemporal preferences. Seeking to understand this phenomenon through a more realistic perspective, the results reveal counterarguments to the principles postulated by classical economics. Furthermore, the heterogeneity of individuals' temporal behavior reveals how multiple socioeconomic and psychological conditions can affect economic decision-making.

Analysis Of Investments Based On Dividends Of Brazilian Banks And Coronavirus Effects

ID: 64701

Authors: Alex Santiago Nina.

Source: Revista Evidenciação Contábil & Finanças, v. 9, n. 2, p. 43-60, May-August, 2021. 18 page(s).

Keyword: Banks , Coronavirus , Investments , Payouts

Document type: Article (Portuguese) Show Abstract

Objective: To compare the returns of investment portfolios with monthly contributions, for the period from 2014 to 2019, considering three common shares in the banking sector, the Treasury SELIC and an asset that replicates the Ibovespa. Fundamentals: Earnings-based investments have been studied from a theoretical point of view (in theories such as Irrelevance, Relevance, Tax Preference and Agency) and empirically (simulations of portfolios composed by good earnings distributors). There is no scientific consensus on the effectiveness of this approach, whereas in Brazil, it has been supported from a legal point of view (mandatory payment of earnings), methodological (an example of the Décio Bazin method) and practical (results selected by investors such as Luíz Barsi Filho), with the banking sector standing out as one of the most promising. Method: Analysis of returns and Sharpe Ratio of simulated investment portfolios, considering payouts, concentration, diversification, fair price and opportunity reserve. Results: The returns on investments in bank shares, based on payouts methods, outperform fixed and variable income benchmarks. These returns can be enhanced by the adoption of mechanisms such as diversification, fair price and opportunity reserve. The moments after the falls in March 2020, due to the coronavirus crisis, were good for buying shares. Contributions: Disclosure of the benefits of the stock market to the Brazilian population, which still invests little in the stock exchange.

Optimal Ratio Evaluation And Hedge Effectiveness Of Agricultural Commodities Negotiated At B3 With Garch-Bekk Model Use

ID: 64702

Authors: Diego Pitta de Jesus, Felipe Araújo de Oliveira, Sinézio Fernandes Maia.

Source: Revista Evidenciação Contábil & Finanças, v. 9, n. 2, p. 61-81, May-August, 2021. 21 page(s).

Keyword: B3 , BEKK-GARCH , Commodities , Hedge , Optimal Ratio

Document type: Article (Portuguese) Show Abstract

Objective: To estimate the optimal ratio and hedge effectiveness for the main commodities traded at B3. Fundamentals: The futures market through futures contracts provides the economic agent called a hedger to protect itself from the volatility of the spot market. Futures contracts allow such an agent to "lock" the price of the financial product up to the maturity date by paying a premium to the trading counterparty, that is, the hedger can eliminate the risk of market price variation via a hedge transaction. . Method: The estimations of the optimal ratios and hedge effectiveness were performed using a GARCH-BEKK model. For comparison purposes, a static model was also used, in this case, the MQO model. The commodities that have B3 futures contracts chosen were crystal sugar, live cattle, 6/7 Arabica coffee, hydrated ethanol, corn and soybeans. The time window used was from December 2013 to December 2016 with daily frequency. Results: Estimating the ratios and effectiveness considering the entire sample does not produce satisfactory hedge coverage. However, when we treat structural breaks from fractionation of the series and apply an HP filter, performance improves significantly. Contributions: Test the performance of the BEKK model with a large group of commodities and, at the same time, seeking to improve the efficiency of the hedge with the application of a time series smoothing filter and with the treatment of structural breaks through the series fractionation. Provide the agricultural producer with an ideal hedge position in real time, allowing abrupt changes in the market to be incorporated into the risk position, thus ensuring that agribusiness management is more efficient and realistic.

Systemic Marginal Contribution Of The Financial Sector To The Brazilian Stock Market In World Crises: Supplies, European Debt And Covid-19

ID: 64703

Authors: Aline Moura Costa da Silva, Verônica Auxiliadora Gomes Batista, Yasmin Caroline Santiago dos Santos, Thayrone Baptista de Freitas, Jássia dos Santos Barbosa.

Source: Revista Evidenciação Contábil & Finanças, v. 9, n. 2, p. 82-95, May-August, 2021. 14 page(s).

Keyword: Contagion effect , CoVaR , Financial sector , Systemic risk , World crises

Document type: Article (Portuguese) Show Abstract

Objective: To analyze a risk contribution of the financial sector to the risk of the Brazilian stock market, considering the following global crises: of subprimes (jul/2007-dec/2008); European debt (may/2010-dec/2012; and Covid-19 (dec/2019-mar/2020).. Background: Because it is capable of changing several generalized forms, systemic risk and the contagion effect are subjects that are constantly studied in the finance literature. In addition, the financial sector, because the interaction with other economic sectors, is considered one of the sectors most susceptible by the economy. Method: To achieve the objective proposed in this article, the risk management model called Conditional Value at Risk (CoVaR), by Adrian and Brunnermeier (2016), was used. The sample includes the real daily returns of the representative indices of the financial sector and the Brazilian stock Market, collected by the Economatica database, and the analyzed period started in January 2007, ended in March 2020, with a total of 3,268 observations. Results: The main results suggested for the period of world crisis, except for European debt, contribute to the risk of the financial sector to the Brazilian stock market and cause an increase in calm consumption. In addition, in the Covid-19 crisis, the risk contribution was the highest among the observed economies. Contribution: The findings can assist academics, investors, regulators and taxes in better assessing the effects of a global crisis on a country's drive market, as well as identifying the sensitivity of the financial sector in stress studies, making it possible for measures to be adopted for the supervision of the crisis.

Effects Of Adverse Selection On Supplementary Health Coverage Rate

ID: 64704

Authors: Matheus Saraiva Alcino, Reinaldo Antônio Gomes Marques, Luísa Pimenta Terra.

Source: Revista Evidenciação Contábil & Finanças, v. 9, n. 2, p. 96-112, May-August, 2021. 17 page(s).

Keyword: Adverse selection , Population coverage , Pricing , Risk , Supplementary health

Document type: Article (Portuguese) Show Abstract

Objective: The aim of this paper is to highlight how the effects of pricing structure from a health insurance portfolio may affect the loss population coverage. Theoretical foundation: Winssen et al. (2018), trhought the study of yours, showed that netherlands health insurancer's adverse selection could be neutralized if they adopted diferent premium values by sex and 28 age groups, and a better structured risk classification with it. Method: The chosen method is a quantitative study using actuarial and statistics technics to calculate the risk, adverse selection, and populational coverage rate. Firstly, two approaches to risk calculation have been proposed. Then, it was created five hypothetical health insurance pricing possibilities. Finally, it is shown some comparative perspective among the pricing rules to reach the expected coverage of a health insurance portfolio. Results: The effects in population loss coverage are sensible to the degree of demand of the population for health insurance. Generally, as individualized rate increases, the expected population covered decreases. Contribution: This paper is unprecedented in Brazil, that quantifies the effects of pricings rules and potential coverage population.

Determinants Of Financing Using Leasing And Debt In Brazil

ID: 64705

Authors: Vicente Lima Crisóstomo, Bruno Goes Pinheiro, Jackeline Carvalho Auzier.

Source: Revista Evidenciação Contábil & Finanças, v. 9, n. 2, p. 113-132, May-August, 2021. 20 page(s).

Keyword: Capital Structure , Debt , Leasing

Document type: Article (Portuguese) Show Abstract

Objective: The paper aims to investigate the determinants of financing using leasing and debt in the Brazilians companys. Background: Some theories try to explain how firm attributes affect firm capital structure, as is the case of the Pecking Order, Trade-Off, and Agency Costs. Firm debt structure can be composed of different fundraising instruments, such as bank debt, corporate bonds and leasing, among others. Literature has searched for debt determinants while there is a need for works focusing the leasing determinants. Method: The sample is a panel data with 1,846 firm-year observations of non-financial companies listed in Brasil, Bolsa, Balcão (B3), in the period of 2010-2019. Data were collected from the Economática system and quantitative analysis was performed using descriptive statistics, correlation and regression analysis. Results: The findings reveal a compatible behavior with the Pecking Order Theory of the Brazilian firm by detecting a negative effect of cash flow and dividends on debt. The availability of capital stock (Plant, Property and Equipment), which may serve as collateral, growth opportunities, and firm size are important factors that favor long-term and total debt to finance investment. Contributions: The research contributes to the capital structure research, by incorporating leasing as an alternative source of funding. In addition, the research provides practical applicability, as the financing decisions are crucial to the firm, and may impact firm value.

Macroeconomic Variables And Capital Structure: Public Finance And Insurance Companies In Latin America And Asia

ID: 64706

Authors: Rafael Martins Noriller, Caio Augusto Franco Lucas, Rosemar José Hall, Maria Aparecida Farias de Souza Nogueira, Ducineli Régis Botelho.

Source: Revista Evidenciação Contábil & Finanças, v. 9, n. 2, p. 133-142, May-August, 2021. 10 page(s).

Keyword: Asia , Capital Structure , Financial Institutions , Latin America , Macroeconomic Variables

Document type: Article (English) Show Abstract

Objective: This article analyzes the relationship between macroeconomic variables and the capital structure of public finance and insurance companies in Latin America and Asia. Fundamentals: Modern finance theory and macroeconomics Method: Multiple regression with Newey-west estimate for a sample of 372 public finance and insurance companies from Latin America and Asia. Results: The data analysis showed that the interest rate, exchange rate and GDP had a negative relationship with the capital structure. In other words, the increase (decrease) in the interest rate, exchange rate and/ or GDP will have a negative (positive) impact on the CS. It is concluded that macroeconomics interferes with the capital structure of financial institutions in Latin America and Asia. Contributions: The results may contribute to external users, especially investors and creditors of public finance and insurance companies in Latin America and Asia. This study also contributes to the discussion on the impact of macroeconomics on the capital structure, specifically complementing previous studies.