Revista de Gestão, Finanças e Contabilidade

Number v.4, n. 3, 2014

05-22
A COMPARATIVE STUDY OF EBITDA AND OPERATING CASH FLOW IN BRAZILIAN COMPANIES OF THE TELECOMMUNICATIONS SECTOR

Authors: Angélica Tavares Moreira, Graciela Dias Coelho Jones, Marcelo Tavares, Lara Cristina Francisco de Almeida Fehr, Onofre Antônio da Silva Filho

Abstract

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The objective of this study is to evaluate whether there is significant difference between the EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and Operational Cash Flow of telecommunications companies in 2010 and 2011. For this was a descriptive study with a quantitative approach, using the technical procedures of bibliographic and documentary research. Were used as the scope of this work five telecommunications companies listed on the BM&FBOVESPA (Americel, CTBC, Embratel, Telefonica and Tim) who reported EBITDA in its financial statements in the period analyzed. The analysis appealed both to the interaction of all data between the years 2010 and 2011 as the interaction between the same quarters. To verify the occurrence of significant differences, were used analysis of variance in randomized blocks and as the quarters corresponding to a source of variation in time, were chosen to analyze the data in the plot scheme subdivides the time. There was, first, the normal distribution of data as the presumption model. Thus, were applied the analysis of variance and, finally, to compare the means, in order to check whether there are significant differences between EBITDA and the FCO, were used the test of Scott-Knott. The results found that the companies analyzed, with regard to the analysis of all data between the years 2010 and 2011 and the first and second quarters of the quarters in the analysis, there were significant differences between the two indicators. However, in the third and fourth quarter results showed no significant difference between EBITDA and FCO.

23-44
CORPORATE GOVERNANCE UNDER THE PERSPECTIVE OF ISOMORPHISM: A BMFBOVESPA BANKING INDUSTRY APPROACH

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

Abstract

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Number of views: 333

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.

45-63
CRITICAL ANALYSIS OF MANAGERIAL ACCOUNTING UNDER THE PERSPECTIVE OF ACCOUNTING PROFESSIONAL: A STUDY IN COMPANIES OF SUGAR ALCOHOL SECTOR INTERIOR OF SÃO PAULO

Authors: Camila Roberta Camin, Vanessa Cristina Marciano, Ivan Carlin Passos, Eduardo de Brito, Luiz Eduardo Gaio

Abstract

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Number of views: 316

This research presents a critical analysis of management accounting from the perspective of accounting professionals who perform their duties in the sugar and alcohol industries located in the state of São Paulo. The aim of this study is to demonstrate the vision of these professionals about the importance of using management accounting in the management and decision making process. The methodology used in the preparation of this research is characterized as empirical-analytic of descriptive character and the premise adopted for data collection consisted in an electronic questionnaire (survey). The main results of the survey indicates that 80% of respondents blame the lack of accounting information as a cause of organizational failure, and 100% agree totally and partially to mounting losses and low competitiveness are linked to improper use of accounting information in the decision-making process of the companies working in the sector. The work contributes to the research in the area, demonstrating the importance of management accounting in the perception of professionals as essential to the management of the business and the survival of organizations and present a professional profile in the industry, most are post-graduate and gender men's

64-84
THE RELATIONSHIP BETWEEN THE MACROECONOMIC VARIABLES AND THE GRANTING OF CREDIT IN THE REAL ESTATE MARKET BRAZILIAN

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

Abstract

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Number of views: 323

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.

85-106
DEBT AMORTIZATION AND SIMPLE INTEREST: THE CASE OF PAYMENTS IN AN ARITHMETIC PROGRESSION

Authors: Clovis José Daudt Lyra Darrigue Faro

Abstract

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Number of views: 465

With the argument that, necessarily, compound interest implies anatocism, the Brazilian Judiciary has been determining that, specially for the case of debt amortization in accordance with the so called Tabela Price, when we have constant payments, simple interest must be used. With the same determination occurring in the case of the Constant Amortization Scheme, when the payments follow arithmetic progressions. However, as simple interest lacks the property of time subdivision, it is shown that, as in the case of constant payments, the adoption of simple interest in the case of payments following an arithmetic progression results in amortization schemes that are financially inconsistent. In the sense that the determination of the outstanding principal in accordance with the prospective, retrospective and of recurrence methods lead to conflicting results. To this end, four different variations of the use of simple interest are numerically analyzed.

107-124
LINEAR PROGRAMMING APPLIED TO FINANCE - BUILDING A GREAT PORTFOLIO INVESTMENT

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

Abstract

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Number of views: 589

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.

125-146
SECTORIAL FACTORS AND THEIR INFLUENCE ON PRIVATE HIGHER EDUCATION IN BRAZIL: A MULTICASE STUDY IN SEVEN HIGHER EDUCATION INSTITUTIONS

Authors: Ricardo Viana Carvalho de Paiva, Danilo de Melo Costa, Francisco Vidal Barbosa, Raquel Garcia Gonçalves, Ernani Viana Saraiva

Abstract

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Number of views: 314

The private sector of education has been increasing its participation in Brazilian higher education. Between 1997 and 2007, the respective sector grew 394%, which represents an average of 17.30% per annum. However, from the year 2008 it can be seen that this expansion cycle came to an end, as the growth has stagnated in most reasonable rates around 3%, creating more challenges and the need of professionalization of the sector (HOPER, 2009). From this scenario, this work proposes to conduct a study of sectorial factors that influence private higher education in Brazil, in order to provide data and information for decision making by the government, maintainers groups, institutions maintained, and the whole community. For this, we conducted an exploratory study, of qualitative nature, by means of bibliographic data collection and interviews with managers from seven private higher education institutions nationally recognized. The results showed that there is a strong influence of the sectorial factors in private institutions of higher education, which should then monitor them properly. The executives interviewed highlighted the importance of these factors, which can turn into big enemies or powerful allies, in a scenario ever more challenging and competitive

147-166
SUSTAINABILITY MANAGEMENT: A STUDY OF SOCIO-ENVIRONMENTAL SUSTENTABILITY LEVELS IN A HIGHER EDUCATION FEDERAL INSTITUTION

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

Abstract

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Number of views: 332

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

167-177
VICTÓRIA GROCERY: CHALLENGES AND SURPRISES IN THAT “BE ENTREPREUNER”

Authors: Ana Claudia Afra Neitzke, Romualdo Douglas Colauto, Veronica Eberle de Almeida

Abstract

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Number of views: 295

The analytical framework outlined in the case at hand presents a business woman facing management decisions that impact business’ financial welfare. Lacking funds for both venture opening and short and long term support strategies, Amelia often resorts to family resources, and as a result, the financial crisis gets worse. Inasmuch, the case illustrates the importance of using financial controls in small businesses. However, it does not limit itself to this, since it describes everyday situations directly related to these businesses. The crime of embezzlement is also contextualized by the case, regarding the poor attitude of the accounting professional. The situation narrated actually happened with an entrepreneur who, while not possessing managerial skills, decided to open a business. Although centered in the perspective of a single subject, the case above fits into the story of many Brazilian entrepreneurs - since the lack of managerial expertise reveals one of the main reasons factors related to mortality in these businesses. Fateful situations in the context of failures in management process and insufficient working capital of small enterprise may lead to the early death of business.