Revista de Gestão, Finanças e Contabilidade

06-25

Authors: Aline Midori Kuroda, Andrei Aparecido de Albuquerque

The quest for understanding the relationship between the capital structure and investment decisions resulted in many different authors contribution. In the Brazilian economic scenario, an empirical study performed by Albuquerque and Matias (2013) identified the existence of a strong negative relation between finance leverage and investment in Brazilian public companies. The purpose of this study was to investigate whether the theory of finance supports these empirical findings or if there is a discrepancy between the practical behavior and the theoretical rules. To this end, it was performed a bibliographic research of scientific works related with this theme, among them Carneiro, Salles and Wu (2006), Hadlock and Pierce (2010) and Dang (2011). The methodology of this research can be classified as exploratory, according to its purpose, qualitative in terms of approach and bibliographical considering its technical procedures. All the developed analysis led to the formulation of six theoretical propositions that support the relation between financial leverage and investment. The negative and positive effects of debt were considered according to growth opportunities, the supply of credit in the Brazilian context, the raising of risk and cost of capital and the allocation of resources obtained through external funding. Briefly, it can be concluded that these six theoretical propositions could serve as the fundamentals of the relation in question, two being based on the under-investment and overinvestment theories and the other four, on the Brazilian financial market aspects. All of them must be considered in the decision making of a financial manager, especially the related with the financing options.

43-63

Authors: Alexandre Oliveira Silva, José Alves Dantas

This study seeks to address the lack of studies about the impact on capital market of the dividend policy practiced by financial institutions in Brazil. Aims to identify whether there is a relationship between the dividend policy adopted by the financial institutions listed on the BM&FBovespa and its market value. Using data from 25 financial institutions, for the period between the first quarter of 2000 and the second quarter of 2014 was estimated regression with panel data to test that theory applies more appropriately to Brazilian financial institutions - the irrelevance of dividends theory, proposed by Miller and Modigliani (1961), or the relevance of dividends theory, defended, among others, by Gordon (1959). Considering an empirical-analytic approach, the test results confirmed the hypothesis irrelevance of dividend policy in the market value of financial institutions. This study also evidence that smaller banks found, less leveraged, more efficient, under foreign and private capital have greater control relationship between the market value and the book value.

83-107

Authors: Israel José dos Santos Felipe, Anderson Luiz Rezende Mól, Bernardo Borba de Andrade

The present paper has the purpose of investigate the dynamics of the volatility structure in the shrimp prices in the Brazilian fish market. Therefore, a description of the initial aspects of the shrimp price series was made. From this information, statistics tests were made and selected univariate models to be price predictors. It´s presented as an exploratory research of applied nature with quantitative approach. The database was collected through direct contact with the Society of General Warehouses of São Paulo (CEAGESP).The results showed that the great variability in the active price is directly related with the gain and loss of the market agents. The price series presents a strong seasonal and biannual effect. The average structure of price of shrimp in the last 12 years was R$ 11.58 and external factors besides the production and marketing (U.S. antidumping, floods and pathologies) strongly affected the prices. Among the tested models for predicting prices of shrimp, four were selected, which through the prediction methodologies of "One Step Ahead" with 12 periods horizon , proved to be statistically more robust. We concluded that the dynamic pricing of commodity shrimp is strongly influenced by external productive factors and that these phenomena cause seasonal effects in the prices. Through statistical modeling is possible to minimize the risk and uncertainty embedded in the fish market, thus, the sales and marketing strategies for the Brazilian shrimp can be consolidated and widespread.

125-148

Authors: Júlio Lobão, Sofia Cruz Gomes

In this paper we aim to study the relation between fund performance and fund attributes in the Portuguese market. The sample includes 124 equity funds, bond funds and money market funds that traded in the 2004-2011 period. A comprehensive set of fund-specific characteristics, never used before in conjunction in the literature, was considered. The methodology which was adopted had two distinct phases. Firstly, we compared the returns of each category of funds with the appropriate reference markets. Secondly, the fund performance, measured by the Jensen’s alpha, was used in a multi-factor model with panel data in which the independent variables were the fund attributes. The results show that Portuguese funds were, in general, not able to beat the benchmarks which is consistent with the existence of efficient financial markets. Only the fixed income mutual funds performed well. Moreover, it is possible to conclude that, for each category of mutual funds, their characteristics are useful to the investor in the moment of choosing the best funds. For example, in the case of funds that invest in Portuguese stocks, the best performance occurs among older and larger funds, funds with higher costs, funds with good past performance and funds whose trading activity is low.

171-195

Authors: Miguel Lira, Victor Paulo Gomes da Silva

Much of the literature focusing on the construct of „motivation‟ in the public sector feeds the idea that organisational peculiarities of this sector and the individual circumstances of its employees translate into a prevalence of intrinsic motivation and, as a consequence, of the value of intrinsic rewards. However, this assumption has never been scrutinised within the Portuguese public sector; hence, the central goal of this work is, precisely, to offer a contribution to overcome this gap, that is, to provide an answer to the following question: „in general terms, what is the predominant type of motivation among Portuguese civil servants: intrinsic motivation or extrinsic motivation?‟. So as to achieve this goal, we have carried out an empirical study based on the scale „The work preference inventory‟, developed by Amabile, Hill, Hennessey and Tighe (1994). This study involved the survey, through a questionnaire, applied to the non-teaching staff of three public higher education institutions. Although the study, by its nature, is not be generalizable to all Portuguese civil servants, it clearly indicates the prevalence, among these, of intrinsic motivation and, as a consequence, of the value of intrinsic rewards. Yet, not negligible levels of appreciation of extrinsic rewards should be emphasised. This indication has led to a goal of a peripheral nature for the present study: to alert for the possible inadequacy of the performance appraisal system of most Portuguese civil servants, given that this system, in exchange for the performance, only offers extrinsic rewards.