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Journal articles on the topic 'Listed companies in Brazil'

Author: Grafiati

Published: 4 June 2021

Last updated: 1 February 2022

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1

Carvalhal, Andre, and Eduardo Tavares. "Does social responsibility enhance firm value and return in Brazil?" Corporate Ownership and Control 10, no. 2 (2013): 253–57. http://dx.doi.org/10.22495/cocv10i2c2art4.

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This paper analyzes whether corporate social responsibility brings value and enhances returns to shareholders in the Brazilian market. We analyze the companies listed on BM&FBovespa stock exchange using two methodologies (panel regressions and event studies). The results indicate that firms listed in the corporate sustainability index (ISE) of BM&FBovespa have higher price-to-book when compared to companies not listed on ISE. The event study shows that companies that leave ISE show negative abnormal returns. Moreover, firms entering ISE show positive abnormal returns, although results

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2

MENDES-DA-SILVA, WESLEY, and RICHARD SAITO. "STOCK EXCHANGE LISTING INDUCES SOPHISTICATION OF CAPITAL BUDGETING." Revista de Administração de Empresas 54, no. 5 (2014): 560–74. http://dx.doi.org/10.1590/s0034-759020140509.

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This article compares capital budgeting techniques employed in listed and unlisted companies in Brazil. We surveyed the Chief Financial Officers (CFOs) of 398 listed companies and 300 large unlisted companies, and based on 91 respondents, the results suggest that the CFOs of listed companies tend to use less simplistic methods more often, for example: NPV and CAPM, and that CFOs of unlisted companies are less likely to estimate the cost of equity, despite being large companies. These findings indicate that stock exchange listing may require greater sophistication of the capital budgeting proce

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3

Sakai de Macedo, Gabriel Hideo, Joelson Oliveira Sampaio, Eduardo Flores, and Pedro Luiz Aprigio. "Capital structure: Empirical evidences of public and non-public firms in Brazil." Corporate Ownership and Control 12, no. 3 (2015): 223–32. http://dx.doi.org/10.22495/cocv12i3c2p2.

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This study seek to contribute to the literature through research focused on companies listed and not listed on the stock exchange. A survey was used to identify the capital structure of Brazilian companies and relate the results to the Brazilian credit market. The results indicate that most of the investigated companies prefer not to issue convertible debt, as well as the share of firms issuing common shares was small. It was found that firms do not have preference between long-term and short-term debt. Finally, it was also noted that private companies have great concern about the volatility o

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4

Ghani, Alan Nader Ackel, Roy Martelanc, and Eduardo Kazuo Kayo. "Is There a Difference in Credit Constraints Between Private and Listed Companies in Brazil? Empirical Evidence by The Cash Flow Sensitivity Approach." Revista Contabilidade & Finanças 26, no. 67 (2015): 85–92. http://dx.doi.org/10.1590/1808-057x201400260.

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This article analyzes the credit constraints, using the cash flow sensitivity approach, of private and listed companies between 2007 and 2010. According to this approach, the econometric results show that the credit constraints are the same for either private or listed companies. This paper seeks to contribute to the literature because the study of credit constraints of private companies based on cash flow sensitivity in Brazil has been rare.

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Castro, Patricia Reis, Juliana Ventura Amaral, and Reinaldo Guerreiro. "Adherence to the compliance program of Brazil’s anti-corruption law and internal controls implementation." Revista Contabilidade & Finanças 30, no. 80 (2019): 186–201. http://dx.doi.org/10.1590/1808-057x201806780.

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ABSTRACT The aim of this study is to investigate the adherence of Brazilian publicly listed companies to the parameters of the anti-corruption law compliance program as well as its association with internal controls implementation. In light of the accounting scandals and corporate frauds reported in several countries, including Brazil, Law n. 12,846, known as the anti-corruption law, was approved on August 1st, 2013, and Decree n. 8,420, approved on March 18, 2013, regulated this law and defined criteria for the functioning of compliance programs. Considering that compliance programs can affec

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6

Barros, Pedro, and Andre Luiz Carvalhal da Silva. "Do firms controlled by private equity pay higher executive compensation?" Corporate Ownership and Control 12, no. 4 (2015): 364–70. http://dx.doi.org/10.22495/cocv12i4c3p4.

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This study investigates executive compensation on Brazilian companies controlled by private equity funds. Although there is a vast literature on executive compensation in many countries, there are only a few studies on executive compensation in private-equity-controlled companies in Brazil. Our analysis of 657 listed companies in Brazil from 2008 to 2011 show that private-equity-backed firms have higher individual and variable compensation, and better corporate governance standards.

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Guimaraes, Paula, Ricardo P. C. Leal, Peter Wanke, and Matthew Morey. "Shareholder activism impact on efficiency in Brazil." Corporate Governance: The International Journal of Business in Society 19, no. 1 (2019): 141–57. http://dx.doi.org/10.1108/cg-01-2018-0010.

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Purpose This paper aims to investigate the long-term impact of shareholder activism on Brazilian listed companies. Design/methodology/approach This study uses a sample of 194 companies in 2010, 2012 and 2014 and a two-stage data envelopment analysis to generate an efficiency score based on corporate governance, ownership structure and financial characteristics of companies. In the second stage, the study applies a bootstrap truncated regression to identify whether there is a relationship between the efficiency scores and a company-level activism index. Findings The results show a negative corr

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8

Emmanuel, Thiago, Andre Carvalhal da Silva, and Marcos Avila. "Does social responsibility matter for firm performance? Evidence from Brazil." Corporate Ownership and Control 9, no. 3 (2012): 132–41. http://dx.doi.org/10.22495/cocv9i3art11.

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This paper analyses the relationship between social responsibility and financial performance of Brazilian companies. This subject has been largely studied and presents many discussions and different points of view. There are a considerably number of research that tries to link social responsibility and financial performance. However, there is not a fully established consensus about the issue. Despite a great number of empirical researches regarding this subject, there are few studies in the Brazilian market. We analyze 515 Brazilian companies listed on BM&FBovespa from 2001 to 2007 and che

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9

Almeida de Andrade, Norberto, Giuliano Carlo Rainatto, Ricardo Santana, Fernando Rodrigues da Silva, and Wellington Fernando Bastos. "Capital Markets and Corporate Social Responsibility of New York Stock Exchange List Companies: Strategic Analysis of Brazil and China." Business Management and Strategy 11, no. 1 (2020): 72. http://dx.doi.org/10.5296/bms.v11i1.16547.

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The main objective of this study is to verify if the capital structure of Brazilian and Chinese companies that release the Corporate Social Responsibility (CSR) report, listed on the New York Stock Exchange (NYSE), are aligned with the Pecking Order and Tradeoff theories. 2012 to 2019. In order to achieve the research objectives, the identification of the Brazilian and Chinese NYSE-listed companies that publish the Global Reporting Initiative (GRI) report was established; examine whether the capital structures of Brazilian and Chinese companies are underpinned by Tradeoff's theory; examine if

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Flores, Eduardo, Elionor Farah Jreige Weffort, Aldy Fernandes da Silva, and L. Nelson G. Carvalho. "Earnings management and macroeconomic crises." Journal of Accounting in Emerging Economies 6, no. 2 (2016): 179–202. http://dx.doi.org/10.1108/jaee-07-2013-0037.

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Purpose – The purpose of this paper is to investigate whether macroeconomic crises are a motivational factor for earnings management practices by the companies listed in the capital markets of Brazil and the USA. Design/methodology/approach – The sample consisted of 7,932 firm-quarter observations from listed Brazilian companies and 99,931 from listed US companies, covering a 13-year period (1998-2010). The authors developed regression models for the panel data, taking into account discretionary accruals as an earnings management proxy (dependent variable), while crises were regarded as a macr

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TORRES, CAMILA, RICARDO K. S. FERMAM, and ISABEL SBRAGIA. "CDM PROJECTS IN BRAZIL: MARKET OPPORTUNITY FOR COMPANIES AND NEW DESIGNATED OPERATIONAL ENTITIES." Ambiente & Sociedade 19, no. 3 (2016): 199–212. http://dx.doi.org/10.1590/1809-4422asoc142054v1932016.

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Abstract Brazil actively participates in the Clean Development Mechanism (CDM) without having any kind of mandatory requirement. The objective of this study is to map the activities of CDM projects approved by interministerial Commission on Global Climate Change (CIMGC, for its acronym in Portuguese) and to identify new opportunities for CDM validation and verification bodies in Brazil. This paper was done by gathering information on CDM projects approved in Brazil and listed in the portal of the Ministry of Science, Technology and Innovation (MCTI, by its acronym in Portuguese). This research

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Henrique Rocha Felix, Carlos, and Arilda Teixeira. "Tax Aggressiveness and Accounting and Financial Irregularities in Brazil." New Challenges in Accounting and Finance 5 (February 2021): 50–66. http://dx.doi.org/10.32038/ncaf.2021.05.04.

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This paper aimed to analyse whether tax aggressiveness increases the Company probability to incur in accounting and financial irregularities. It was used as a quantitative and descriptive methodology. To measure the aggressiveness level, it used General and Current Effective Tax Rate (ETR) and to estimate the results, Logit Regression. The population of this research were the Companies with shares on Stock Exchanges. The sample was the Brazilian Companies listed on B3 during de period 1999-2017, which corresponded to 4332 observations. Is was divided into two groups: one for treatment, and ano

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Rodrigues, Leonel Cezar, Renata Canela, Alessandra Cassol, Vanessa Alencar, and Jussara Goulart Da Silva. "Innovation and financial performance of brazilian companies: A statistical study period 2009 to 2013." Exacta 13, no. 3 (2016): 427–38. http://dx.doi.org/10.5585/exactaep.v13n3.6102.

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We look at innovation returns in two groups of companies set in Brazil. One group includes innovative companies, referred as 3i’s companies (Innoscence Innovation Index) and listed in the Stock Exchange Values of São Paulo – BOVESPA. The other group is referred as Not 3i’s companies, also listed in Sao Paulo’s BOVESPA. We first did a descriptive and then a regression analysis of performance indicators - net margin, asset profitability, return on equity and on invested capital, with data from companies classified as 3i’s and Not 3i’s in Economatica Report, limited to the period of 2009 to 2013.

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Simões, João José Ferreira, Vitor Gonçalves De Souza, Rafael Cortezão De Mello, Antônio Artur De Souza, and Bruno Pérez Ferreira. "The Impact of BNDES’s Financial Resources on the Market Value of B3-Listed Companies." Contabilidade Gestão e Governança 24, no. 1 (2021): 20. http://dx.doi.org/10.51341/1984-3925_2021v24n1a2.

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Objective: Analyze whether Brazilian Development Bank (BNDES) financial support have increased Brazilian companies market value using a sample comprising 272 observations from 40 companies listed at B3 Stock Exchange, in 2003–2018.Method: Panel data analysis using the One-step system GMM and a non-parametric Kruskal-Wallis H test followed by a Dunn test.Relevance: The relevance of the current study is in its analysis of a possible association between BNDES-granted financing and changes in Brazilian companies’ market value.Results: We did not observe that the financial support from BNDES could

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Bortolon, Patricia Maria, and Annor da Silva Junior. "Determining Factors for Delisting of Companies Listed on BM&FBOVESPA." Revista Contabilidade & Finanças 26, no. 68 (2015): 140–53. http://dx.doi.org/10.1590/1808-057x201500910.

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<p>Traditionally, the capital market has attracted the interest of scholars and researchers, motivated to understand the process of going public and trading securities of companies on a stock exchange. In this research context, an aspect had been neglected, something which indi cates a gap in the body of knowledge about the capital market and corporate governance: delisting of companies. We aim to identify the determining factors for delisting companies from the Commodity & Futures Exchange BOVESPA (BM&FBOVESPA). Methodologically, this research has related a set of variables coll

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Lopo Martinez, Antonio, and Bruno Afonso Ferreira. "Business strategy and tax aggressiveness in Brazil." Journal of Strategy and Management 12, no. 4 (2019): 522–35. http://dx.doi.org/10.1108/jsma-03-2019-0040.

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Purpose The purpose of this paper is to analyse the relationships between company business strategy type and tax aggressiveness for companies listed on the Brazilian Bovespa stock exchange. Design/methodology/approach Following the concepts of Miles and Snow (1978, 2003), we classified company strategies into four types, analyser, defender, prospector and reactor, using data from 2012 to 2016. The authors excluded financial companies due to a differential tax regime. Next, prospector and defender companies were identified, and the relationship of these strategies with tax aggressiveness assess

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17

Almeida, Tatiana Aquino, Cinthya Rachel Firmino de Morais, and Antonio Carlos Coelho. "Gender diversity, governance and dividend policy in Brazil." Revista de Gestão 27, no. 2 (2020): 189–205. http://dx.doi.org/10.1108/rege-03-2019-0041.

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PurposeConsidering that the heterogeneity in the composition of deliberation and management bodies can promote a differentiated impact on earnings distribution policies of companies, the purpose of this paper is to examine the marginal influence of female participation on the board of directors and executive board regarding decisions associated with dividend policy in companies operating in Brazil.Design/methodology/approachThe sample is composed of non-financial companies listed on the B3 Stock Exchange between 2010 and 2015, which encompasses 261 companies (1,084 observations per year). The

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Amaral-Baptista, Marcio Alves, Marcelo Cabús Klotzle, and Maria Angela Campelo de Melo. "CEO DUALITY AND FIRM PERFORMANCE IN BRAZIL: EVIDENCE FROM 2008." Revista Pensamento Contemporâneo em Administração 5, no. 1 (2011): 11. http://dx.doi.org/10.12712/rpca.v5i1.18.

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This research investigates the relationship between CEO duality and the performance of Brazilian firms in 2008. While CEO duality has been the dominant board leadership structure of US corporations, Brazilian firms typically separate the roles of CEO and chairperson. During 2008, some Brazilian firms such as Sadia S/A (a multinational food processing company) adopted a dual leadership structure in an attempt to respond to the global systemic crisis. Using agency and stewardship theory perspectives, we tested our hypotheses with data of Brazilian listed companies. The empirical results indicate

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Santos, Lívia Maria da Silva, Wenner Glaucio Lopes Lucena, Wesley Vieira da Silva, Tatiana Marceda Bach, and Claudimar Pereira da Veiga. "Explanatory Factors of the Environmental Disclosure of Potentially Polluting Companies: Evidence From Brazil." SAGE Open 9, no. 1 (2019): 215824401982954. http://dx.doi.org/10.1177/2158244019829548.

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This research aims at identifying explanatory factors of the environmental disclosure of potentially polluting Brazilian companies listed on the São Paulo Security, Commodities, and Futures Exchange (BM&FBOVESPA), from 2005 to 2015. Financial and environmental disclosure information of 182 Brazilian companies of the high-, medium-, and low-polluting potential sectors were collected. Data were analyzed through content analysis of documents and Regression with Panel Data. Results indicate that the company’s size, profitability, internationalization, and sustainability report are explanatory

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Cardoso, Ricardo Lopes, André Carlos Busanelli de Aquino, Jose Elias Feres de Almeida, and Antonio Jose Barbosa das Neves. "Discretionary accruals, liquidity and corporate governance index in Brazil." Corporate Ownership and Control 5, no. 3 (2008): 26–33. http://dx.doi.org/10.22495/cocv5i3p3.

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This study investigates if the level of discretionary accruals (DAs) is different for companies whose corporate governance level is certified by Bovespa compared to those ones that are not. And also for companies whose stocks negotiated at Bovespa have high liquidity compared to the ones with low liquidity. The main purpose is to comprehend the phenomenon of accounting choices (measured as DAs), its incentives and counter-incentives. In this context, the issues were: i) Is there any difference of DAs intensity between certified and non-certified companies, considering the corporate governance

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Beuren, Ilse Maria, and Elza Terezinha Cordeiro Muler. "Controllership institutionalisation process of corporate governance in Brazilian companies." Corporate Ownership and Control 7, no. 1 (2009): 318–29. http://dx.doi.org/10.22495/cocv7i1c2p7.

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The aim of the article was thus to verify how the Controllership institutionalization process takes place in corporate governance companies in Santa Catarina State – Brazil. Research was carried out by means of a multi-case study with a qualitative approach. Five companies were selected, but four answered the questionnaire, all listed in Bovespa’s corporate governance. The research found only one company underwent a restructuring process in controllership. In this, the institutionalization process involved the system and sub-systems used in the company, encompassing every task and practice. Th

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Mendes-da-Silva, Wesley, Theodore E. Christensen, and Vernon J. Richardson. "Determinants of internet financial disclosure in an emerging market: lessons from Brazil." Corporate Ownership and Control 5, no. 2 (2008): 379–92. http://dx.doi.org/10.22495/cocv5i2c3p7.

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Disclosure transparency is one of the pillars of good corporate governance. Moreover, the digital age has produced a dramatic shift in the corporate communication paradigm. As a result, companies increasingly use the Internet as a means of disseminating and disclosing financial information to shareholders, analysts and other interested capital market participants. This research examines the determinants of voluntary disclosure of financial information on the Internet by Brazilian firms. Cross-sectional analyses based on 291 non-financial companies listed on the São Paulo Stock Exchange in 2002

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Carvalhal, Andre, and Luiz Souza. "Private equity and corporate governance in Brazil." Corporate Ownership and Control 12, no. 1 (2014): 187–92. http://dx.doi.org/10.22495/cocv12i1c1p4.

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This work studies how the activism of institutional investors, specifically private equity funds, influences the development of corporate governance in Brazil. We analyze the control and ownership structure of Brazilian publicly listed companies in order to identify the presence of private equity funds as shareholders. Corporate governance is evaluated through three alternative proxies: a broad governance index, listing on Novo Mercado and presence of American Depositary Receipts (ADRs). Our results indicate a positive influence of private equity funds on the quality of corporate governance pr

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Holtz, Luciana, and Alfredo Sarlo Neto. "Effects of Board of Directors' Characteristics on the Quality of Accounting Information in Brazil." Revista Contabilidade & Finanças 25, no. 66 (2014): 255–66. http://dx.doi.org/10.1590/1808-057x201412010.

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One of the board of directors' responsibilities is to monitor the quality of information disclosed in financial reports. The board's structural and compositional characteristics can affect the quality of reported accounting information. The aim of this study was to investigate the effects of the board's structural and compositional characteristics on the quality of accounting information of companies listed on the Brazilian Securities, Commodities, and Futures Exchange (Bolsa de Mercadorias e Futuros - BM&FBovespa). Specifically, the characteristics studied were the size and independence o

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Mendes-Da-Silva, Wesley, Luciana Massaro Onusic, and Daniel Reed Bergmann. "The Influence of E-disclosure on the Ex-Ante Cost of Capital of Listed Companies in Brazil." Journal of Emerging Market Finance 13, no. 3 (2014): 335–65. http://dx.doi.org/10.1177/0972652714550928.

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Sanfelice, Camila Peripolli, Milena Silva de Oliveira, Marivane Vestena Rossato, and Larissa Degenhart. "Desempenho Econômico-Financeiro e os Investimentos Socioambientais de Empresas do Sul do Brasil ## Economic-Financial Performance and Socio-Environmental Investments of Companies in Southern Brazil." Amazônia, Organizações e Sustentabilidade 9, no. 2 (2020): 273. http://dx.doi.org/10.17648/aos.v9i2.2085.

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ResumoA sociedade vem exigindo que organizações mantenham uma postura de responsabilidade socioambiental. A partir destas exigências estas têm se preocupado em investir em ações que minimizam o impacto negativo gerado, pois seus resultados são obtidos a partir do uso de recursos naturais, humanos e financeiros. Nesse contexto, o objetivo deste estudo consiste em analisar se o desempenho econômico-financeiro influencia os investimentos socioambientais de empresas do Sul do Brasil. A pesquisa classifica-se como descritiva, documental e quantitativa, por meio da regressão linear múltipla. O perío

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Malaquias, Rodrigo F., Anderson Martins Cardoso, and Gabriel Alves Martins. "IFRS and Stock Returns: An Empirical Analysis in Brazil." Binus Business Review 7, no. 2 (2016): 179. http://dx.doi.org/10.21512/bbr.v7i2.1593.

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In recent years, the convergence of accounting standards has been an issue that motivated new studies in the accounting field. It is expected that the convergence provides users, especially external users of accounting information, with comparable reports among different economies. Considering this scenario, this article was developed in order to compare the effect of accounting numbers on the stock market before and after the accounting convergence in Brazil. The sample of the study involved Brazilian listed companies at BM&FBOVESPA that had American Depository Receipts (levels II and III

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Murro, Eduardo Vinícius Bassi, Guilherme Bittencourt Teixeira, Ilse Maria Beuren, Luciano Márcio Scherer, and Gerlando Augusto Sampaio Franco de Lima. "RELATIONSHIP BETWEEN ORGANIZATIONAL SLACK AND INNOVATION IN COMPANIES OF BM&FBOVESPA." RAM. Revista de Administração Mackenzie 17, no. 3 (2016): 132–57. http://dx.doi.org/10.1590/1678-69712016/administracao.v17n3p132-157.

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ABSTRACT Purpose: The goal of this study is to identify the relationship of absorbed, non-absorbed and potential slack with the innovation of companies of sectors members of the sectoral ranking of innovation in the Brazilian Index of Innovation (IBI) listed in BM&FBovespa. Originality/gap/relevance/implications: Organizational slack and innovation have been objects of study internationally, but still represent a research gap in Brazil. Also there were not identified studies using the intangible asset to measure innovation and the possible relations with the organizational slack measures.

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Forti, Cristiano Augusto Borges, Fernanda Maciel Peixoto, and Denis Lima e. Alves. "Determinant Factors of Dividend Payments in Brazil." Revista Contabilidade & Finanças 26, no. 68 (2015): 167–80. http://dx.doi.org/10.1590/1808-057x201512260.

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<p>This study identifies factors that shaped cash disbursement distribution policies employed by Brazilian public companies listed on the Brazilian Securities, Commodities and Futures Exchange (BM&FBOVESPA) from 1995 to 2011. Relationships between Dividends/Total Assets and potential determinants discussed in the literature, including firm size, corporate governance, profitability, leverage, market to book, liquidity, investment, risk, profit growth, information asymmetry and agency conflict, are examined. The following econometric methods are employed: (1) Tobit, given the nature of

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Black, Roberto, and Sílvio Hiroshi Nakao. "Heterogeneity in earnings quality between different classes of companies after IFRS adoption: evidence from Brazil." Revista Contabilidade & Finanças 28, no. 73 (2017): 113–31. http://dx.doi.org/10.1590/1808-057x201702750.

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ABSTRACT This paper aims to investigate the existence of heterogeneity in earnings quality between different classes of companies after the adoption of the International Financial Reporting Standards (IFRS). IFRS adoption is generally associated with an increase in the quality of financial statements. However, companies within the same country are likely to have different economic incentives regarding the disclosure of information. Thus, treating companies equally, without considering the related economic incentives, could contaminate earnings quality investigations. The case of Brazil is anal

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Lopo Martinez, Antonio, José Enrique Teixeira Reinoso, Rafael Moreira Antonio, and Rogiene Santos. "Financial Derivatives, Hedge Accounting and Tax Aggressiveness in Brazil." Contabilidad y Negocios 15, no. 29 (2020): 19–39. http://dx.doi.org/10.18800/contabilidad.202001.002.

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This study investigated the relationship between the use of financial derivatives by non-financial corporations and tax aggressiveness in Brazil. In research on the American market, evidence was identified that non-financial entity users of financial derivatives were more tax aggressive. However, there is no reason to assume that this behavior is replicated in the Brazilian market, since tax legislation does not offer the same economic incentives, i.e., since it imposes limits on the tax deductibility of losses with these financial instruments, except in derivatives’ well-documented and proven

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Bueno, Giovana, Rosilene Marcon, Andre Leonardo Pruner-da-Silva, and Fabio Ribeirete. "The role of the board in voluntary disclosure." Corporate Governance: The International Journal of Business in Society 18, no. 5 (2018): 886–910. http://dx.doi.org/10.1108/cg-09-2017-0205.

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Purpose Since 2012, the Brazilian Stock Exchange has recommended that listed companies inform them if they have conducted voluntary disclosure. The purpose of this study is to describe the voluntary disclosure by companies listed in the B3 in Brazil and to analyze which characteristics of the board of directors influence this disclosure. Design/methodology/approach The study involves quantitative research using a sample of 285 companies and 575 reports from 2011 to 2014. A fixed-effects regression model with panel data was used for the analysis. Findings The results were statistically signific

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Mrzygłód, Urszula, Sabina Nowak, Magdalena Mosionek-Schweda, and Jakub M. Kwiatkowski. "What drives the dividend decisions in BRICS countries?" Oeconomia Copernicana 12, no. 3 (2021): 593–629. http://dx.doi.org/10.24136/oc.2021.020.

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Research background: We examine the dividend payout policies across companies listed on the main stock exchanges in Brazil, Russia, India, China, and South Africa (BRICS). Unlike the highly developed capital markets, the literature regarding dividend policy on BRICS? stock exchanges is scarce.  Purpose of the article: The purpose of this paper is threefold: verification of the existence of dividend smoothing pattern; selection of the significant drivers that affect both dividend levels and dividend smoothing; examination of differences between dividend policy of cross- and single-listed

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Leite, Rodrigo, and Andre Carvalhal. "Firm age, value, performance and corporate governance in Brazil." Corporate Ownership and Control 13, no. 4 (2016): 8–12. http://dx.doi.org/10.22495/cocv13i4p1.

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Several articles analyze the life cycle of firms and identify throughout time that their performance has an inverted U shape. Firms achieve an optimal level and, thereafter, decline due to lack of flexibility and difficulties to keep up with market changes. The objective of this study is to investigate whether there is a relation between firm age, value and performance in Brazilian companies, and we verify if firm age has an affect on their governance practices. We analyze 250 Brazilian listed firms from 2002 to 2009. Our results indicate that the relation is not shaped as an inverted U in Bra

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Lima, Lauro Vinício de Almeida, and Márcia Reis Machado. "The repulsive effects of the tax burden on the generation of wealth in Brazil." Revista de Administração da UFSM 13, no. 5 (2020): 941–58. http://dx.doi.org/10.5902/1983465936042.

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Purpose – This research was aimed at verifying the influence of the tax burden on the value added produced by publicly traded companies listed in Brazil Bolsa Balcão (B3).Design/methodology/approach – The study had a quantitative approach and the sample period was from 2010 to 2016. Given the complexity of the Brazilian tax burden – characterized by high tax rates and confusing legislation – and the importance of value added as an accounting metric with economic impact, this research relied on the public choice theory and the elasticity of taxable income to analyze the relationship between the

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Silva, Aldy Fernandes da, Elionor Farah Jreige Weffort, Eduardo da Silva Flores, and Glauco Peres da Silva. "Earnings management and economic crises in the brazilian capital market." Revista de Administração de Empresas 54, no. 3 (2014): 268–83. http://dx.doi.org/10.1590/s0034-759020140303.

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The 2008 economic crisis challenged accounting, either demanding recognition and measurement criteria well adjusted to this scenario or even questioning its ability to inform appropriately entities' financial situation before the crisis occurred. So, our purpose was to verify if during economic crises listed companies in the Brazilian capital market tended to adopt earnings management (EM) practices. Our sample consisted in 3,772 firm-years observations, in 13 years - 1997 to 2009. We developed regression models considering discretionary accruals as EM proxy (dependent variable), crisis as a m

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Carrer, Giovana, and Tiago Slavov. "Tax aggressiveness and CEO overconfidence in the stock market: Evidence from Brazil." Investment Management and Financial Innovations 18, no. 1 (2021): 165–76. http://dx.doi.org/10.21511/imfi.18(1).2021.14.

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This study examines the association between tax aggressiveness and overconfidence in 277 Brazilian stock market listed companies from 2010 to 2017, with the supposition (based on optimal capital ownership structure theory) that the greater a manager’s overconfidence, the more aggressive the company’s tax decisions. Overconfidence is measured in an innovative way in which normalizing excess acquisitions and excess investments using the company’s market value and then combining these two variables with indebtedness to capture, more directly, the possible effects of overconfidence on the corporat

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Vancin, Daniel Francisco, and Jairo Laser Procianoy. "Os Fatores Determinantes do Pagamento de Dividendos: o Efeito do Obrigatório Mínimo Legal e Contratual nas Empresas Brasileiras." Brazilian Review of Finance 14, no. 1 (2016): 89. http://dx.doi.org/10.12660/rbfin.v14n1.2016.53448.

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This study seeks to identify the effects of the mandatory dividend in determinants of companies listed on the BM&FBovespa to pay dividends, demonstrating that the methodology proposed is a step forward in the pursuit of these determinants, mirroring the reality of actual willingness to pay. To accomplish this was used a tobit model with instrumental variables, separating the sample into three groups: the Complete Sample, ABOVE group and MINIMUM group. In total, were analyzed 1531 dividend distributions from 2007 to 2013. It was found that there is strong empirical evidence that companies p

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Granzotto, Alberto, and Igor Bernardi Sonza. "Estrutura de controle e performance financeira: Uma análise de empresas brasileiras listadas e deslistadas, negociadas no Brasil e nos Estados Unidos." Brazilian Review of Finance 17, no. 2 (2019): 56. http://dx.doi.org/10.12660/rbfin.v17n2.2019.77353.

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The present work sought to identify the influence of the control structure on the accounting and market performance of listed and delisted Brazilian companies traded only on B3 as compared to those with a double listing with the US (ADRs). For this purpose, linear regressions were applied by GMM-Sys with unbalanced panel data. It was evidenced that for companies traded only on B3, the control structure is negatively related to efficiency while listed and positively related when delisting occurs, prevailing shareholder conflict. This context is inverse to that found in the analysis of ADRs, whe

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Oliveira, Isaac Gezer Silva de, Sâmela Pedrada Cardoso, Ricardo Santos Dias, and Pedro Borges Júnior. "Influence of Female boardroom presence on firm value: An analysis on companies listed on B3." Revista de Negócios 23, no. 3 (2019): 49. http://dx.doi.org/10.7867/1980-4431.2018v23n3p49-57.

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In recent decades women have had substantial advances in access to higher education and the labor market, but these achievements were not reflected in the high ranking of companies. The participation of women in executive positions in the advisory board of large corporations in Brazil and in the world is still incipient. In this sense factors such as patriarchy, male chauvinism, sexism, among other advances not allow the presence of women at the top of large companies, even when this presence is associated with better performance. Thus, work on the assumption that thinking gender diversity of

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Mendes-da-Silva, Wesley. "Small Worlds e Board Interlocking no Brasil: Estudo Longitudinal das Redes Corporativas, 1997-2007." Brazilian Review of Finance 9, no. 4 (2011): 465. http://dx.doi.org/10.12660/rbfin.v9n4.2011.3176.

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Social Network Analysis (SNA) is an emerging research field in finance, above all in Brazil. This work is pioneering in that it is supported by reference to different areas of knowledge: social network analysis and corporate governance, for dealing with a similarly emerging topic in finance; interlocking boards, the purpose being to check the validity of the small-world model in the Brazilian capital market, and the existence of associations between the positioning of the firm in the network of corporate relationships and its worth. To do so official data relating to more than 400 companies li

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Wandroski Peris, Renata, Eduardo Contani, José Roberto Ferreira Savoia, and Daniel Reed Bergmann. "Does better corporate governance increase operational performance?" Corporate Governance: The International Journal of Business in Society 17, no. 3 (2017): 524–37. http://dx.doi.org/10.1108/cg-03-2016-0063.

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Purpose This study aims to examine the association between the adoption of corporate governance practices and operational performance in companies listed on the Brazilian Stock Exchange. Design/methodology/approach The sample comprises the 80 largest companies in market value present in the Brazil Stocks Index in 2014. Principal component and cluster analyses techniques are used to evaluate performance and capital structure, and a regression model is applied to identify the relationship between key variables. Findings The findings show that the incidence of a high level of corporate governance

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Gavira-Durón, Nora, Octavio Gutierrez-Vargas, and Salvador Cruz-Aké. "Markov Chain K-Means Cluster Models and Their Use for Companies’ Credit Quality and Default Probability Estimation." Mathematics 9, no. 8 (2021): 879. http://dx.doi.org/10.3390/math9080879.

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This research aims to determine the existence of inflection points when companies’ credit risk goes from being minimal (Hedge) to being high (Ponzi). We propose an analysis methodology that determines the probability of hedge credits to migrate to speculative and then to Ponzi, through simulations with homogeneous Markov chains and the k-means clustering method to determine thresholds and migration among clusters. To prove this, we used quarterly financial data from a sample of 35 public enterprises over the period between 1 July 2006 and 28 March 2020 (companies listed on the USA, Mexico, Bra

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Alves Júnior, Edilson Divino, and Fernando Caio Galdi. "The informational relevance of key audit matters." Revista Contabilidade & Finanças 31, no. 82 (2020): 67–83. http://dx.doi.org/10.1590/1808-057x201908910.

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ABSTRACT This paper aims to investigate whether the key audit matters (KAMs) contained in the annual standardized financial statements (SFSs) of Brazilian listed companies have contributed with informational relevance for investors. The study fills a gap in the literature by evaluating the Brazilian market’s reaction to the disclosure of the information contained in the KAMs, which became mandatory for listed companies to disclose in their financial statements as of the 2016 fiscal year. The topic under analysis is of practical relevance as the use of KAMs in the independent auditor’s report i

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FERREIRA, TALIEH SHAIKHZADEH VAHDAT, and ORLEANS SILVA MARTINS. "RELATIONSHIP ANALYSIS BETWEEN DISCLOSURE ON THE INTERNET, RISK AND RETURN IN LATIN AMERICAN COMPANIES." RAM. Revista de Administração Mackenzie 18, no. 2 (2017): 154–83. http://dx.doi.org/10.1590/1678-69712016/administracao.v18n2p154-183.

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ABSTRACT Purpose: This study sought to examine the extent to which the internet it is utilized as a tool for the disclosure of corporate information, facilitating the transparency of companies in relation to their stakeholders. Originality/gap/relevance/implications: This study differs from previous as it fills a gap in the literature to relate a disclosure measure on the internet with the risk and return of companies in Latin America, since this literature is only possible to identify studies that analyze these variables independently or with respect to other factors. Key methodological aspec

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Baioco, Vitor Gomes, and José Elias Feres de Almeida. "Effects of the audit committee and the fiscal council on earnings quality in Brazil." Revista Contabilidade & Finanças 28, no. 74 (2017): 229–48. http://dx.doi.org/10.1590/1808-057x201703250.

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ABSTRACT This study evaluates the effects of the audit committee and the fiscal council with their different characteristics on earnings quality in Brazil. The proxies of earnings quality used are: relevance of accounting information, timeliness, and conditional conservatism. The sample consists of Brazilian companies listed on the Brazilian Securities, Commodities, and Futures Exchange (BM&FBOVESPA) with annual liquidity above 0.001 within the period from 2010 to 2013. Data were collected from the database Comdinheiro and the Reference Forms of companies available on the website of the Br

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Lorencini, Fernando Drago, and Fábio Moraes da Costa. "Accounting choices in Brazil: identifying the characteristics of publicly traded companies that opted to maintain versus derecognise deferred assets." Revista Contabilidade & Finanças 23, no. 58 (2012): 52–64. http://dx.doi.org/10.1590/s1519-70772012000100004.

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The issuance of Brazilian Law 11.638/2007 is a critical step in the convergence of the Brazilian Generally Accepted Accounting Principles (GAAPs) towards International Financial Reporting Standards. After the law was implemented and later modified by Provisional Executive Order 449/2008 (converted into Law 11.941/2009), certain accounting choices were allowed during the transition period. The Brazilian GAAPs allowed for restructuring costs and costs related to opening a new facility to be recognised as assets. As a transitional provision, companies were allowed to choose between maintaining or

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Cescon, José Antonio, Roberto Frota Decourt, and Luciana de Andrade Costa. "INVESTMENTS IN COMPANIES WITH NEGATIVE EQUITY: THE RETURN IS WORTH THE RISK?" Revista Gestão Organizacional 14, no. 2 (2021): 229–50. http://dx.doi.org/10.22277/rgo.v14i2.5637.

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This study analyzed the return and risk of an investment portfolio, composed only of shares of companies listed in B3 that presented Negative Equity (NE), in the period from 1998 to 2019. Considering the Efficient Market Hypothesis (FAMA, 1970), the rationality of investors, the stock market on the stock exchange, in relation to companies with PLN, theoretically should not be active or provide abnormal positive returns to investors, since, technically, companies would be insolvent. The method used was to build a portfolio for assets that had at least one year of trading on the stock exchange a

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Martins, Henrique Cordeiro, Carlos Alberto Gonçalves, and Daniel Jardim Pardini. "Corporate governance at work: the attributes and roles of boards in Brazilian companies." Corporate Ownership and Control 7, no. 3 (2010): 33–43. http://dx.doi.org/10.22495/cocv7i3p3.

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The board of directors is seen as the central governance instrument, promoting interaction between stakeholders and promoting high performance, organization sustainability and return to investors. The practices and strategic definitions of corporative governance are considered of great importance today for corporations, due to the size and to the complexity of their structures (like M _ Forms structures) and the different forms in which they are presented: in networks, associations, partnerships, mergers and acquisitions. The aim of this article is to analyze the constitution of boards of dire

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Bhatia, Aparna, and Binny Makkar. "Stage of development of a country and CSR disclosure – the latent driving forces." International Journal of Law and Management 62, no. 5 (2020): 467–93. http://dx.doi.org/10.1108/ijlma-03-2020-0068.

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Purpose The purpose of this paper is to investigate the impact of various determinants at the country level, the industry level, the firm level and the corporate governance (CG) level on the extent of corporate social responsibility (CSR) disclosure in the group of developing and developed nations. Design/methodology/approach The data set comprises 310 companies listed on stock exchanges of developing and developed markets (Brazil – IBrX 100, 42 companies; Russia – Broad Market Index; 48 companies; India – Bombay Stock Exchange (BSE) 100, 50 companies; China – Shanghai Stock Exchange (SSE) 180

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