Brazilian Public Companies Research Articles

Análise da Influência do Fluxo de Caixa Livre nos Indicadores de Desempenho Econômico em Companhias Abertas Brasileiras

This study aims to investigate the relationship between Free Cash Flow (FCF) and the economic performance of publicly-held companies listed in Brazil, Bolsa, Balcao [B] 3 . To this end, the influence of FCF on the Economic Performance Indicators (EPI) of these companies was verified, using several variables for the tests. It is a quantitative, descriptive and documentary research. The period analyzed was from 2009 to 2017, with quarterly data, collected on the basis of Economatica ® , totaling a sample of 5,292 company-year observations and 147 companies. To answer the research problem, estimations were made using Ordinary Least Squares (OLS) and via quantile regression with balanced panel data. The calculated FCF metrics presented different statistics, which corroborates the fact that this measure is arbitrary and at the same time subjective. The results of the regressions were also different for each measure. Therefore, the possibility of FCF influencing the EPI of Brazilian public companies is not disregarded, being the signs of the coefficients relative for each variable. Nevertheless, the findings of quantile regressions point to agency problems in the companies listed in [B] 3 , as their sensitivity increases at the highest quantiles. Consequently, the Free Cash Flow Theory cannot be rejected in the Brazilian market.

Internationalization speed and Brazilian companies performance

The companies’ performance that internationalize incurs in alterations along the internationalization process. Besides, this process might happen incrementally with time, slowly, or it can occur quickly, like in companies born global. Face the internationalization influence on companies’ performance and how fast this process occurs, the aim of this paper is to examine the relation between internationalization speed and Brazilian public companies performance, which are part of this paper sample, except by the financial ones, listed on Brazilian multinational ranking by Dom Cabral Foundation (FDC), within the years 2007 to 2014. The data was collected from Economatica database and FDC reports, and analyzed through models of linear regression with panel data, considering two measures for internationalization speed. The results pointed no significant statically relation on the measure of internationalization speed and those companies’ performance. This paper contributes to the literature by providing evidence regarding the effect of speed of internationalization on performance of Brazilian firms, since it is still little explored when compared to studies about the degree of internationalization and performance. For further researches, the use of others internationalization speed and performance variables are suggested.

RELAÇÃO ENTRE IFRS MANDATÓRIO E CRIAÇÃO DE VALOR

Com o intuito de alcançar a convergência contábil, melhorar a comparabilidade e mensuração do valor econômico da firma, as normas IFRS - Internacional Financial Reporting Standards (Normas Internacionais de Informações Financeiras, em português), estabelecidas de forma mandatória no Brasil no ano de 2010, refletem menor custo de capital e consequente criação de valor para as firmas. O objetivo principal da pesquisa foi investigar empiricamente a relação entre IFRS mandatório e criação de valor das empresas de capital aberto não financeiras brasileiras. Foi utilizada uma amostra de empresas brasileiras regularmente negociadas na B3 (Brasil, Bolsa e Balcão) entre 2003 e 2014. O método econométrico utilizado foi diff-in-diff, que isola o efeito do IFRS por meio das características não observadas. Estimaram-se modelos com dados agrupados e painel com efeito aleatório. Para as métricas de criação de valor, foram encontrados efeitos positivos e significantes nas variáveis Q de Tobin e Market-to-Book. Os dados evidenciam que o IFRS mandatório impacta positivamente a criação de valor e mostram o aumento da qualidade nos demonstrativos financeiros.

Analysis of credit risk faced by public companies in Brazil: an approach based on discriminant analysis, logistic regression and artificial neural networks

The aims of the present article are to identify the economic-financial indicators that best characterize Brazilian public companies through credit-granting analysis and to assess the most accurate techniques used to forecast business bankruptcy. Discriminant analysis, logistic regression and neural networks were the most used methods to predict insolvency. The sample comprised 121 companies from different sectors, 70 of them solvent and 51 insolvent. The conducted analyses were based on 35 economic-financial indicators. Need of working capital for net income, liquidity thermometer, return on equity, net margin, debt breakdown and equity on assets were the most relevant economic-financial indicators. Neural networks recorded the best accuracy and the Receiver Operating Characteristic Curves (ROC curve) corroborated this outcome.

The management of environmental services in Brazilian public airports: The challenges in searching for efficiency

This study discusses the implementation of the Environmental Services Management System (ESMS) in the Brazilian Airport Infrastructure Company, otherwise known as Infraero. Infraero is a state company responsible for 54 public airports in Brazil; in 2017, it conducted more than 1.5 million operations (landings and takeoffs), and transported 108 million passengers, corresponding to 66% of the transportations in Latin America and the Caribbean. The ESMS adopted the concept of management by results, an innovation in Brazilian public companies. The basic premises are the definition of the service flow, the standardization of technical documents, rigorous deadline control and continuous improvement. The system was implemented in April 2017, and evaluated until December of the same year. Throughout the assessment period, a total of 764 environmental demands were registered, with a mean service rate of 3.7 for each workday, presenting a high index for the public sector. Overall, the adoption of the system resulted in an efficiency rate of 95% in the assessed period; moreover, the average monthly delay index was low, ranging from 5.1% in the first month to 0.9% in the last. These results demonstrate that the ESMS is an important tool in improving the efficiency of environmental services in public companies, proven by the high efficiency achieved by Infraero and the high potential for adapting the system to different sectors.

Relatório de sustentabilidade e desempenho das firmas brasileiras de capital aberto

O objetivo deste trabalho foi analisar a associação entre a publicação do relatório de sustentabilidade e o desempenho das empresas abertas brasileiras. Foram coletados dados sobre a publicação do relatório de sustentabilidade das empresas abertas brasileiras listadas na bolsa de valores do Brasil (B3), bem como para variáveis relativas às características das firmas, a saber: desempenho, tamanho e alavancagem. A amostra do estudo contou com todas as empresas abertas brasileiras listadas na B3, exceto as financeiras, por suas especificidades contábeis, com dados disponíveis no período de 2012 a 2016, as quais totalizaram 1.889 observações. Dentre os resultados, observou-se que as empresas que publicam relatório de sustentabilidade possuem médias superiores para as medidas de desempenho, tamanho e alavancagem em relação às firmas que não publicam tal documento. Além disso, os coeficientes de correlação para as variáveis estudadas, dentre outros aspectos, indicaram uma associação positiva e estatisticamente significativa entre a publicação do relatório de sustentabilidade e o desempenho, tamanho da firma e alavancagem financeira.

The Relation Between Operational Efficiency and Tax Aggressiveness in Brazil

This paper studies whether there is a relation between the operational efficiency measured through the Data Envelopment Analysis (DEA) models and the tax aggressiveness of the Brazilian public companies listed on B3 between the period of 2010 to 2015. The main hypothesis is that companies that are more operational efficient are in average less tax aggressive. Or, in other words, we predict that the less operational efficient companies have usually to engage in tax aggressiveness strategies more often. An efficiency score was calculated considering the outputs and inputs of the companies, classifying them according to the Data Envelopment Analysis (DEA) models to determine the relative company’s operational efficiency. The tax aggressiveness was measured by the difference between the Effective Tax Rates (ETR) and the average of ETR of companies from specifics economic sectors. Five relevant economic sectors were evaluated. A Data Panel model was estimated using the fixed effects. Considering the regression of all sectors, the results confirmed the hypothesis that companies that are more operational efficient in average tend to be less tax aggressive. However, when the samples were separated by sectors, only in the Energy and Textile Sectors this relation is significant.

The Extension of the Modified Jones Model With Control Variables: Empirical Finds From the Brazilian Capital Market

The development of accruals models in earnings managements allowed several studies in this area. However, reviews regarding these approaches revealed their weakness related to the control of the sample diversity. In this context, the primary purpose of this study was to analyze how the inclusion of control variables proposed in the literature could improve the robustness of the modified Jones model in the Brazilian stock markets. To identify the most prominent control variables, we reviewed 84 manuscripts, which indicated us the six common control variables employed in accruals models with this purpose: ROA (Return on Assets), Book to Market (BTM), Industry, Financial Leverage, Size, and Timeliness. From this review, we tested the controls in a panel-data with a sample of 8,600 firm-observations collected from the Brazilian public companies on a quarterly frequency between 1999 and 2009. We selected the Brazilian capital market due to its concentration on a few public companies that composed this market. It is important to mention that we did not include years after 2009 due to the Brazilian IFRS adoption. Our results indicate that ROA, BTM, Market Segment and Timeliness were statistically significant, showing an increase in the finds robustness. Other variables did not present significance.

Value relevance do nível de evidenciação do ativo intangível nas companhias de capital aberto brasileiras

Este trabalho teve como objetivo verificar a influência do nível de evidenciação do ativo intangível (NEAI) na value relevance de companhias de capital aberto brasileiras. A amostra de pesquisa é composta por 75 companhias de capital aberto com intangível superior a zero que compõem a carteira de maio a agosto de 2017 do ÍBRx100 na B3. Para mensurar o nível de evidenciação do ativo intangível foi elaborada uma métrica a partir da NBC TG 04 R4 (2017), composta por 14 itens, enquanto a relação entre o NEAI e a value relevance foi feita mediante regressão múltipla. A coleta de dados ocorreu por meio das notas explicativas integrantes das DFP anuais consolidadas de 2016. Os resultados apontaram um nível de evidenciação médio de 62,93%, sendo discrepante a diferença entre o maior e o menor (91,09%). Em relação à influência do NEAI na value relevance resultou significativa estatisticamente, com um poder explicativo de 38,09%.

A influência da família tem algum efeito? Análise da remuneração dos executivos das empresas familiares e não familiares

Este estudo investiga se a presença da família na empresa influencia a remuneração executiva, cujo objetivo pode estar voltado para a preservação dos valores da família. Os resultados obtidos, a partir da análise dos dados de 110 empresas brasileiras de capital aberto, durante 2010 a 2016, mostram que a influência familiar, captada pela presença da família na empresa, possuí relação direta com a remuneração fornecida aos executivos. Tal resultado indica que tanto a remuneração total quanto a remuneração variável de executivos são menores nas empresas familiares, e uma menor proporção da remuneração variável em seus sistemas de incentivos se comparadas às empresas não familiares brasileiras.

Cash holdings and corporate governance: The effects of premium listing in Brazil

Although some studies have analysed the effects of corporate governance practices on cash holdings, this study is the first, to the best of our knowledge, to analyse the effects of a non-mandatory premium listing that was designed to establish a higher standard of governance set by Brazilian public companies. The creation of a domestic and non-mandatory premium listing in 2000 offers a unique opportunity to analyse the relation of its adoption on cash holdings. For this purpose, we used a sample of Brazilian companies between 2001 and 2014. The results indicate, after controlling for endogeneity through the Generalized Method of Moments (GMM) by dynamic panel data, that only firms listed in the New Market (NM), where companies can only issue shares with voting rights, obtained positive significance. Therefore, the issuance of only voting shares reduces agency costs and managerial entrenchment, and consequently reduces the expropriation of the cash holdings, given its vulnerability. In this way, the results obtained in this study contribute to the literature, especially for emerging markets where the use of non-voting shares is common, by pointing out that investors can have greater confidence on cash holdings management in companies where only voting shares are allowed.

Revisitando os determinantes da distribuição de dividendos: uma análise em empresas brasileiras

Objetivo: A presente pesquisa teve por objetivo investigar os determinantes da política de dividendos em companhias abertas brasileiras.
 Metodologia: Realizou-se uma pesquisa descritiva, com abordagem quantitativa, por meio de pesquisa documental. A população da pesquisa compreendeu as empresas de capital aberto ativas na BM&FBovespa em 2017, tendo como amostra 293 empresas entre os anos de 2010 e 2016, totalizando 1.746 observações.
 Resultados: Os resultados demonstraram que a rentabilidade (RENT), o tamanho da empresa (TAM) e a distribuição de dividendos no ano anterior (DIVANT) são os fatores que contribuem de forma positiva e significativa para a maior probabilidade das empresas em distribuir parte dos seus resultados em forma de dividendos, enquanto o endividamento (END) apresentou relação negativa e significativa.
 Contribuições do Estudo: Este estudo traz uma importante contribuição para a expansão da literatura de finanças, especialmente no que tange a identificação dos determinantes da política de dividendos em companhias aberta brasileiras na medida em que oferece resultados empíricos passíveis de comparação e confrontamento com os resultados contraditórios encontrados na literatura revisitada contribuindo, dessa forma, para com a atual agenda de produção científica acerca desta temática.

Comparability of accounting choices in the statement of cash flow: Evidence from Brazil

Our objective was to determine comparability levels among the accounting choices in the Statements of Cash Flows (SCF) of Brazilian public companies and to discover factors that could explain these choices. Accounting choices were analyzed for the disclosure of the following SCF items: interest expense, interest income, income tax and social contribution on net profits, dividends, interest on own capital received, dividends and interest on own capital paid. The Herfindahl index (H index) was used to calculate comparability and logistic regression to identify variables that could affect the classification of SCF items. We found high levels of comparability for the classification of interest income, moderate for dividends and interest on own capital paid and low for the interest expense, income tax and social contribution, dividends and interest on own capital received. The H index was low in 2010 but increased gradually over time, suggesting improvements in the quality of accounting information. We also found evidence that the size of the Brazilian public company, indebtedness, profitability, book-to-market, and negative operating cash flows affected the choice of item classification in SCF. These results may be useful for accounting choice theory since they suggest that Brazilian listed companies use accounting choices to manage cash flows.

Capital structure of Brazilian public companies: normality, global financial crisis and economic recession

<p>This article aims to identify the determinants of the capital structure of Brazilian companies and compare it with financial theories. In addition, the normality periods (2007, 2009–2014) and financial crisis periods (2008 and 2015) will be considered in the analysis. The sample has 114 Brazilian public companies in the periods from 2007 to 2015. The methodology used for data analysis was multiple regression for panel data. The results showed that there are differences between the determinants of the capital structure in periods of crisis and of normality. Some of the hypotheses tested were accepted. These hypotheses relate financial theory to empirical analysis. Finally, the research contributed by demonstrating the main determinants of the capital structure in the analyzed periods, showing changes between such determinants.</p>

Explorando os laços do capitalismo no Brasil: a forma e o conteúdo das estratégias de governança corporativa da BNDESPAR

Resumo O artigo investiga as estratégias societárias utilizadas pela BNDESPAR para atuar como acionista nas companhias abertas brasileiras. A literatura de Direito e Desenvolvimento divide suas análises em três momentos: aquele em que o protagonismo estatal no processo de desenvolvimento econômico era consenso; o período subsequente, em que as transações de mercado foram priorizadas na formulação de política; e o atual momento, que comporta um ambiente de coordenação entre ferramentas públicas e privadas para o desenvolvimento e questiona a instrumentalidade do Direito. Embora a regulação voltada ao mercado de capitais no Brasil seja constante objeto de crítica, inúmeras reformas pró-acionista minoritário foram verificadas. A análise das participações realizadas pela BNDESPAR em período recente mostra que a subsidiária consegue fazer uso de ferramentas societárias típicas das transações de mercado para manter nas mãos do Estado potencial decisório em companhias abertas. Além de contribuir para a literatura crítica da regulação do mercado de capitais, sugerindo que a regulação societária no Brasil tem um viés pró-acionista minoritário, este artigo contribui para a literatura de Direito e Desenvolvimento. A descrição empírica minuciosa de um mecanismo de intervenção do Estado na economia para viabilizar projetos de desenvolvimento é oferecida, mecanismo anteriormente estudado de modo parcial.

Audit Rotation And Earnings Quality: An Analysis Using Discretionary Accruals

This article aims to measure the effect of the audit firm rotation on the earnings quality of Brazilian public companies listed on BM&FBOVESPA in the period from 2008 to 2015. We use discretionary accruals as a measure of earnings quality, using two approaches: earnings management and the estimation errors. Results show that audit firm rotation reduced the volume of discretionary accruals and, thus, increases the earnings quality, when these are measured from the perspective of earnings management. However, we do not observe the effect of audit firm rotation on earnings quality when the discretionary accruals are measured from the perspective of accounting estimation errors. The results also show that companies that rotate audit firms voluntarily have greater discretionary accruals and, consequently, lower earnings quality.

A PERSISTÊNCIA DA BOOK-TAX DIFFERENCES NAS COMPANHIAS ABERTAS BRASILEIRAS APÓS A ADOÇÃO DO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

A persistência da book-tax differences (BTD), ou seja, a autocorrelação dessa variável entre períodos consecutivos, pode ser utilizada para identificar a persistência do lucro contábil e do lucro tributável de maneira conjunta. A oscilação desses lucros provavelmente aumentou após a adoção das International Financial Reporting Standards (IFRS), provocando a redução da persistência da BTD. Porém a adoção efetiva das IFRS na prática das empresas do Brasil, país de origem code law, possivelmente demore a ocorrer. Assim, o objetivo desta pesquisa é investigar o comportamento da persistência da BTD nas companhias abertas brasileiras após a adoção das IFRS. A amostra composta por 842 observações do período de 2004 a 2015, foi testada por meio de “generalised method of moments” (GMM) e “autoregressive process” AR(1). Os resultados sugerem persistência dos três tipos de BTD (total, temporária e permanente) no horizonte temporal de estudo. A BTD temporária revelou menor nível de persistência. Além disso, os resultados sugerem redução da persistência dos três tipos de BTD após a adoção das IFRS, sendo a BTD temporária a mais afetada. Infere-se que o aumento de escolhas contábeis, o subjetivismo responsável e a representação fidedigna, inerentes à adoção das IFRS, podem provocar oscilações nos lucros reduzindo a persistência da BTD.

Are pension funds good monitors?

Pension funds, when they acquire common shares of companies in the capital markets, start to participate more actively in the decision-making of boards of directors and, through their representatives, in the monitoring of managers. The aim of this study is to determine whether pension funds are good monitors. This is done by identifying the influence of the control structure of pension funds over the financial performance and the market value of Brazilian public companies. Using dynamical models of linear and non-linear regressions estimated by GMM-Sys in an unbalanced panel from 1995 to 2015, it is shown that pension funds do not play a good monitoring role, as the control structure of these funds is negatively related to the financial performance of a company or, in other words, the higher the stake, the worse the performance of the company. A possible reason for this is that pension funds invest in the capital markets for portfolio diversification, are not concerned with specific decision-making in companies and have few monitoring skills, thus generating conflicts that go against the objective of maximizing the value of the company. Also, the study identifies the fact that investors give a higher value to the shares of firms in which domestic public funds have investments, even without proof that such funds improve the profitability of companies.

Honorários de auditoria e Book-Tax Differences

As diferenças entre o lucro contábil e o lucro tributável, denominadas internacionalmente de Book-Tax Differences (BTD), podem aumentar os riscos e esforços do auditor, elevando os honorários da auditoria. A pesquisa verifica se existe relação entre os tipos de BTD e os honorários de auditoria que foram pagos pelas companhias abertas brasileiras no período de 2010 a 2014. Diferente dos estudos internacionais, apenas a BTD positiva (lucro contábil maior que o lucro tributável) apresentou relação com os honorários. O maior gerenciamento de resultados e evasão fiscal, que geram a BTD positiva, historicamente presentes em países civil law, podem justificar essa diferença de resultados em relação a outros países em que os efeitos foram testados. A BTD positiva pode representar uma “bandeira vermelha” para auditores, investidores, analistas e reguladores avaliarem a qualidade das informações contábeis. Discute-se a relevância de aprofundar a análise de como os honorários de auditoria variam com os diversos tipos de BTD, em diferentes setores de atividade e origens legais de países.

The extension of the modified Jones model with control variables: empirical findings from the Brazilian capital market

The development of accruals models in earnings managements allowed several studies in this area. However, regarding these approaches revealed their weakness related to the control of the sample diversity. In this context, the primary purpose of this study was to analyse how the inclusion of control variables proposed in the literature could improve the robustness of the modified Jones model. To identify the most prominent control variables were reviewed 84 manuscripts indicating us the six common control variables employed in accruals models with this purpose: return on assets (ROA), book to market (BTM), industry, financial leverage, size, and timeliness. From this review, we tested the controls in a panel-data with a sample of 8,600 firm-observations collected from the Brazilian public companies on a quarterly frequency between 1999 and 2009. Our results indicate that ROA, BTM, market segment and timeliness were statistically significant, showing an increase in the robustness of findings.