Revista de Gestão, Finanças e Contabilidade

02-18

Authors: ômulo Rosa de Lima, Thays Rosa de Lima, Idalberto José das Neves Júnior

An important decision that any company should take is to think how it is financed, whether their resources will be their own or from third parties. There are two schools of thought, the Classical Theory (1952) and Modigliani and Miller (1958). The classical theory is in the idea hat the market value of the company is influenced by how the entity financed its resources, going against the current theory of Modigliani and Miller proposed that in an ideal world the way the company capital structure no influence on its market value. Through this contradiction, the article aims to discuss the relationship between sources of financing, results and their impact on market value in 1000 (thousand) best companies in Brazil, listed in magazine exame, july edition of 2010. This analysis was performed using multiple regression, which listed the traditional indices of profitability and rates of capital structure with the market value of the companies analyzed. As a result, there was a correlation between the dependent variables and their effected only when the sector by regression analysis. In analyzes that considered all cases of the population the hypotheses were not confirmed.

47-60

Authors: Selma Austricliano de Souza, César Valentim de Oliveira Carvalho Júnior, Kátia Silene Lopes de Souza Albuquerque

Many processes have been developed with the objective of reducing business costs and increasing the efficiency of these on the market, standing out the Just-in-Time because it’s widely publicized and known. This article aimed to identify with effects the implementation of just-in-time brings about the financial performance of companies. For this we sought along the main national and international literature which impact on performance was found in the practice of just-in-time companies. It was found that the just-in-time is positively related to corporate performance. It was also found that firm size, time of use of just-in-time and their relationships affect this system. We conclude that this research is an important support for students and researchers develop future empirical research by raising and bringing together diverse opinions about the relationship between just-in-time and the financial performance.

68-79

Authors: Ramon Kael Benassi Bachmann, Sayuri Unoki de Azevedo, Ademir Clemente

The objective of this study is to examine what is the relation between the level of corporate governance and dividends payment regularity in traded companies listed on BM&FBOVESPA, over 2001 to 2010. Companies listed on stock exchange composed three samples, segregated according to (i) payment of dividends to common stockholders, (ii) preferential or (iii) total of dividends paid by the company. Coefficients of variation (CV) of the series of dividends payment from companies in the analyzed period were used as a metric to represent regularity. About the levels of corporate governance, were assigned two metrics: a simple (NG), giving 1 point per year that the company was framed at some level, which considers them in accordance with the time of framing; and another balanced (NGP), giving a point per year framed at Level 1 (N1), 2 points per year at Level 2 (N2) and 3 points per year in the New Market (NM), which considers the time of framing in the governance and the kind of level. In the analysis was used Pearson correlations to examine what is the type of relation between CV and NG and between NG and NGP, both for the three samples. The results indicate that the time of framing in some level of governance, except the traditional one, seem to be inversely related to the regularity of dividends payment, reaffirming possible income managements (income smoothing) in not framed companies or in companies that have been framed recently. It was also found that the kind of corporate governance level is related only with the regularity of dividends payment to preferential stockholders.