Revista de Gestão, Finanças e Contabilidade

23-44

Authors: André Aroldo Freitas de Moura, Sylvia Rejane Magalhães Domingos, Augusto Cezar de Aquino Cabral, Sandra Maria dos Santos

The study aims to analyze the disclosure of corporate governance practices by the boards of the companies listed in the banking sector of BM&FBovespa, according to the recommendations of the Code of IBGC. Additionally, it was investigated the isomorphic posture in relation to companies that also have shares traded in the New York Stock Exchange. This research was conducted in the study of all 28 financial institutions listed in BM&FBovespa. This research is descriptive, which adopts the documental analysis and uses the technique of content analysis for data treatment. As for the approach or the nature of the study, the research makes use of qualitative and quantitative methods. It was analyzed 41 corporate governance practices recommended by IBGC. It was established a level of disclosure practices adopted for each company, using the following criteria: were assigned the value 1 (one) for each disclosed practice and assigned 0 (zero) for each practice which was not disclosed or not adopted by the company. The study collected 1148 observations of firms through the recommendations of IBGC. To analyze the results, the corporate governance practices were analyzed in general and segment listing. It was found that the companies have, mostly, low level of disclosure. These companies still have a long way to go to increase transparency and strengthen the capital market to interested users. The isomorphic posture has not been confirmed in this study by the companies of banking sector.

64-84

Authors: Mari Eldionara Rosa Machado, Paulo Sérgio Ceretta, Kelmara Mendes Vieira

Economic crises are not new in the world economy, wherein one of the first occurred in the seventeenth century, the Dutch tulipmania. The latest, a speculative bubble in the real estate market in the United States in 2008, sparked the interest of some researchers in analyzing the behavior of the real estate market in many countries. To mitigate the effects of the crisis that spread across the world, the Brazilian government took several of countercyclical measures, and one of which was to reduce the rules for granting credit in order to increase the supply of financing in various sectors. In the housing market, this credit expansion resulted in a significant increase of prices in real estate, and after that the concern arose of the possibility of a speculative bubble in this sector emerged. Thus, this study will examine whether macroeconomic variables can explain the behavior of the amount of credit to the real estate industry. For this, the methodology used was the method of Ordinary Least Squares - OLS, using the variables listed in the literature to analyze the volume of granting real estate loans. The variables were analyzed in the first differences of logarithms. The estimation results of the study showed that the most significant variables were the differences of the variables benchmark interest rate SELIC, the average income of the main job RENDA and the amount of money available in market M1, in their respective lags. However, estimates made in the explanatory power of the model was not more than about 20%, which may indicate that the variables that explain the behavior of the volume of granting real estate loand were not identified by existing studies in the Brazilian market. It can also be a sign that the behavior of the real estate market is not being explained by economic fundamentals and that is an evidence of a speculative bubble behavior in the sector. One problem of the study is limited data found in property prices to make a more complete analysis. To further study new methods for the analysis of the time series may be used.

107-124

Authors: Pedro Marinho Sizenando Silva, Bruno César Melo Moreira, Gleison de Almeida Francisco

The stock market has grown steadily in recent years, and several indices have also been created in this market, like IGC, ISE and IBOVESPA. Thinking about this market growth, this paper aims to build an optimal portfolio using linear programming, based on companies simultaneously present in the indices: IGC and ISE. The constraints of the problem will be based on indicators of IBOVESPA. The model will be created to meet the restrictions set and to maximize the portfolio return, always comparing with the return of IBOVESPA, with a time horizon from 2007 until 2012. As results, the developed model was capable to provide better returns in fourteen of the twenty two periods under consideration. Besides, the average return considering all the periods was 0,03404 for the proposed model and -0,02086 for the IBOVESPA portfolio.

147-166

Authors: Ines Liani Menzel Warken, Veridiana Jéssica Henn, Fabricia Silva da Rosa

This study seeks to evaluate the environmental sustainability level in the Fronteira Sul Federal University (UFFS), campi of Chapecó/SC, using the Social Environmental Assessment Model (SESM) developed by Freitas (2013). To reach the proposed goal, it is applied a questionnaire of Environmental Education with 229 questions, answered by the Sustainability Department of the UFFS. The collected data were analyzed quantitatively using the Phinx software and treated by MS Excel software, used to prepare the networks. The results show that the UFFS achieve a 53,09% over the general index of sustainability (on a 0 to 100% scale), representing that the Institution applies Environmental Sustainability primarily to meet legal requirements

20-37

Authors: Antonio Lopo Martinez, Renato Rovetta Passamani

This article aims to assess the relationship between BTD (Book- Tax Differences) and future corporate earnings. Adjusted to the Brazilian reality model was proposed to test whether BTD contributes to predictability of outcomes (future net income) and return (capital gain on shares). Accordingly, a sample of 130 firms over a period between 2004 and 2009 , it was found by the proposed model, a statistical significance of the influence of BTD in estimating profits and return on shares of Brazilian companies. Furthermore, the model indicated a linear relationship between the dependent variable and independent variables, indicating that the variable parameters should be eonsidered different from zero and within the confidence interval, the absence of autocorrelation and multicollinearity. Thus, we conclude on the existence of informational relevance of Book- Tax Differences for a context parameter estimation results and return with shares of Brazilian companies. I would add that it evidences the perception of the market to differences between accounting income and taxable income, this research offer evidence relevant to identifying the quality and persistence in profits, as well as parameters for evaluating companies, future stock returns, impacts in credit rating and interpretation of taxable income as a measure of company performance.

54-72

Authors: William Brasil Rodrigues Sobrinho, Herbert Simões Rodrigues, Isaac Gezer Silva de Oliveira, José Elias Feres de Almeida

The product market competition has a disciplining effect for firms, and it can contribute to the improvement of corporate governance and to the reduction of the costs of contracts. Due to the increased flow of information and the possibility of further comparison between firms in the same industry, the competition may limit the discretion of the manager, and even having direct impact on the quality of accounting information. Based on this assumption the present study investigates the relationship between the competitive environment in which the firm is embedded, and the persistence of earnings and its components (accruals and cash flows), to obtain earnings and stock returns of firms in subsequent periods. The model of Dechow (1994), Sloan (1996) and the model adapted from Ali; Hwang; Trombley (2000) were used as a basis. As a proxy for the competition the Herfindahl-Hirschman Index was used. The sample includes public companies listed on the BM&FBovespa during the period of 2006 and 2012. The results, in general, indicate that for the sample analyzed the market structure (competition level) changes the relevance of cash flow and in more concentrated industries the profits and returns are higher.

93-111

Authors: Fernanda Francielle de Oliveira Malaquias, Rodrigo Fernandes Malaquias

The main objective of this study was to analyze the relationship between three constructs: Information Systems, Cost Management and Logistics Management. The data was collected through a survey and the final sample was composed by 183 Micro and Small Enterprises (MSEs) located in Uberlândia/MG/Brazil. We used the Confirmatory Factor Analysis to analyze the constructs and the Structural Equation Modeling for testing hypotheses. The quantitative approach was also complemented with graphical analysis and descriptive statistics. The main results indicated low indicators for the use of three constructs tested, which, although not desirable, has been shown aligned with previous studies. Moreover, the proposed theoretical model showed significant adherence to the particular context of the companies belonging to the sample, because positive and significant relationships were found between: i) the intensity of use of Information Systems and Cost Management, and ii) the intensity the use of Information Systems and Logistics Management.

137-153

Authors: Pollyanna Queiroz Moscozo, Roberto Brazileiro Paixão

The teaching case presents a real challenge experienced by Pedro, the new Vice President of Mix Utilidades, to structure the sector of people in the company, in light of the hierarchy of needs proposed by Maslow. The restructuring is mainly related to the definition of the remuneration policy and performance evaluation methodology that will be used by the organization. Throughout the case presents the questions raised by President Marcos on the effectiveness of the proposed changes by Pedro. The case lets you explore three main areas of discussion: Maslow's hierarchy of needs (Maslow pyramid concept, defining each need and examples related to the case and the professional activities of the students); remuneration and motivation (relationship between pay and motivation, among variable remuneration and motivation and differences between these two types of remuneration to staff motivation), performance evaluation (concept and objectives of performance evaluation, who should evaluate the performance and what those roles should be defined and evaluated and possible uses assessment of competency). This study can be used in undergraduate degree in Business Administration and postgraduate courses related to Management, Business Management, Negotiation, Organizational Psychology, Compensation and Career, among others.

30-51

Authors: Jailson da Conceição Teixeira de Oliveira, Bruno Ferreira Frascaroli

This study intended to analyze which are the relations between the emission of public offers of shares and the following variables: interest rate, industrial production, inflation rate, and the return of assets of the brazilian capital market. The series that analyzed in this paper were obtained from IPEA and BM&FBOVESPA, in a monthly frequency, from january 1998 to january 2012. Given the fact that the all the variables were found stationary it was adopted the Vector Autorregression model. It was recurred to the techniques of Variance Decomposition and Impulse Response Functions to verify the significance of shocks on these variables on the emission of pubic offer of shares and it was found that most of the deviations caused on the variance are explained by variations on this variable itself, with a participation higher then 90%, along ten months. After it, there are the variables Selic and IPCA. In Parallel it was applied the Granger Causality test, that indicated that all variables affect the emission of public offers, except Ibovespa.

77-89

Authors: Aziz Xavier Beiruth, Talles Vianna Brugni, Luiz Paulo Fávero, Antonio Oscar Santos Goes

This paper investigates whether there is association between the level of corporate governance, measured by special segments of the São Paulo Stock Exchange (BOVESPA) and the opportunity in the disclosure of financial reports to the market. To achieve the proposed objective we have collected data on 170 firms of BMF&Bovespa related to disclosure dates of annual statements of companies listed in differentiated corporate governance levels for the years 2012 and 2013 and associated with the respective corporate governance levels via correspondence analysis (ANACOR). Evidence points to a greater association between the companies of the Novo Mercado and disclosure of financial statements on dates closer to the end of the period required for disclosure suggesting a replacement relationship between the level of corporate governance and disclosure of firms.

107-122

Authors: Gilberto Sarfati, Marília Mian Ferlim

Tradicionalmente, a experiência de trabalho internacional é decorrente da expatriação pela empresa. Entretanto, muitos executivos buscam empregos em outros países por iniciativa própria: trata-se da Experiência Internacional Auto Iniciada (EIA). Este artigo explora as motivações dos franceses que buscam a EIA no Brasil. A metodologia utilizada foi qualitativa, por meio de entrevistas semiestruturadas até a saturação, o que resultou em sete entrevistas com franceses em EIA no Brasil. Os resultados obtidos permitiram agrupar os EIAs entrevistados nas categorias de motivação apontadas na literatura. Foi possível entender a influência da família nas decisões, a relevância da proximidade cultural e a atratividade da economia brasileira. O grupo estudado foi atraído ao Brasil essencialmente em função de oportunidades econômicas e pela simpatia pela cultura brasileira. O artigo contribui com a literatura e a prática de gestão de pessoas em ambientes multiculturais ao identificar fatores de atração de executivos qualificados para o mercado de trabalho brasileiro e ao abordar um tema pouco explorado na literatura nacional.

144-161

Authors: Wellington de Oliveira Massardi, Luiz Antônio Abrantes

Since the promulgation of the 1988 Constitution, municipalities have benefited from the fiscal decentralization process, either by increasing the revenue available because of intergovernmental transfers or the expansion of tax powers. However, the increase in disposable income came with responsibilities related to public services that were previously funded by the Union this scenario, the balance between own revenue and intergovernmental transfers constitutes a challenge within the context of fiscal federalism. Within the federation, the Brazilian state of Minas Gerais is presented more economic and social heterogeneity, moreover, is also the state with the largest number of municipalities, thus, the present study aims to classify municipalities miners in relation the composition of its revenues. To achieve this goal, we used a cluster analysis method for k-means, being established four groups of different municipalities in relation to the composition of the total collection, taking into account the level of exploitation of own tax base and dependence on transfers intergovernmental.