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Dissertations |
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1
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JOSÉ DIEGO BRAZ DA SILVA
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THE WINNER'S CURSE IN THE INDEPENDENT AUDIT PUBLIC CONTRACTS
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Advisor : CÉSAR AUGUSTO TIBÚRCIO SILVA
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COMMITTEE MEMBERS :
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CÉSAR AUGUSTO TIBÚRCIO SILVA
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ERIVAN FERREIRA BORGES
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MICHELE RÍLANY RODRIGUES MACHADO
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Data: Jan 21, 2022
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Show Abstract
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Independent auditing is considered a factor that reduces the asymmetry of accounting information for the market. Its independence is a relevant indicator of the quality of its work performed, which seeks to ensure the quality of the accounting information disclosed by companies. The auditor's remuneration is one of the conditions studied that support and influence their independence and, consequently, the quality of the independent audit. Thus, this research aims to analyze the public hiring of independent auditors by state companies under the direct control of the Union that are carried out in the electronic auction modality and the determinants for the occurrence of debasement of audit fees. Anchored in the Theory of Auctions and the Winner's Curse, the study was carried out with a quantitative approach, resulting in a sample of forty-six state-owned companies analyzed, totaling seventy-three observations of contracts carried out in the period 2010 to 2020 documentary research from the minutes of electronic auctions and the collected data were analyzed using Multiple Linear Regression estimated by the method of Ordinary Least Squares – OLS – and complementary test via Quantile Regression. The tests were performed using the statistical software STATA®, version 14.0. The results respond positively to the research hypothesis that the contracting procedure through auction causes a level of competition between auditing firms, increasing the variation of the estimated price and that actually contracted, which positively affects the occurrence of debasement of audit fees of the state-owned companies and the winner's curse for auditing firms. Regarding the hypothesis about the impact of the debasement of fees on the quality of audits carried out in these companies, using earnings management as a proxy, the tests were statistically inconclusive to determine causality and correlation between the existence of degradation and earnings management. However, further testing through OLS Regression model without the constant, the regression result indicates significance for the debasement in relation to earnings management practice. As the main contributions of the study, elements were obtained for professional and regulatory concerns about the effectiveness of the electronic auction for contracting technical independent audit services.
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2
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CÁSSIA MARCELLE DIAS PINHO
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COOPERATIVE GOVERNANCE: ADHESION TO GOOD PRACTICES IN THE CONTEXT OF COOPERATIVES IN FAMILY AND SOLIDARITY AGRICULTURE.
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Advisor : ANAILSON MARCIO GOMES
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COMMITTEE MEMBERS :
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ANAILSON MARCIO GOMES
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EDUARDO TADEU VIEIRA
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JOANA DARC MEDEIROS MARTINS
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WASHINGTON JOSE DE SOUSA
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Data: Feb 22, 2022
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Show Abstract
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This dissertation aims to identify and analyze comparatively through the perception of managers/cooperators the possible mechanisms of cooperative governance adopted in cooperatives of family farming and solidarity in the states of Rio Grande do Norte and Pará, and its specific objectives are to identify the mechanisms of good cooperative governance practices recommended by the Brazilian Cooperative Organization (OCB) and the Brazilian Institute of Corporate Governance (IBGC), in addition to identifying the convergences and divergences of the mechanisms adopted between cooperatives and ordering the most developed mechanisms among them. To achieve the proposed objectives, a semi-structured form was applied with open and closed questions concerning the best governance practices mechanisms elaborated by the OCB and the IBGC. For the analysis of responses, the treatment used was content analysis. Regarding the preliminary results, it was possible to identify that even though cooperatives were considered small, several points of adherence to the governance mechanism items were found in the cooperatives of the two States, as in the categories of analysis related to Cooperates and General Assembly, Administrative Organ, Supervisory and Compliance Authority and Ombudsman and Cooperative Relationship with the Cooperated, however, the category analyzed Advisory and Audit Bodies was not identified any mechanism used in the cooperatives analyzed. Regarding the originality of this dissertation, no other studies focusing on cooperative governance in cooperatives of family farming and solidarity in these states were found. As for the relevance, the economic and social representation of the cooperatives of family farming and solidarity stands out, these have an expressive role in the process of job creation and supply of free trade fairs, markets and supermarkets.
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3
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TADEU JUNIOR DE CASTRO GONÇALVES
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CYCLES AND DYNAMIC EFFICIENCY OF SOLID WASTE SERVICE PROVIDERS IN BRAZIL
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Advisor : ALEXANDRO BARBOSA
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COMMITTEE MEMBERS :
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ALEXANDRO BARBOSA
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SEVERINO CESARIO DE LIMA
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PEDRO TIAGO FRANCISCO SIMÕES
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Data: Feb 23, 2022
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Show Abstract
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Understood as a natural product generated by society, the generation of Municipal Solid Waste (MSW) has raised concerns and discussions of global interest, in order to seek technically effective solutions. Whether due to environmental, social or economic impacts, inadequate management of MSW is one of the main reasons for the emergence of the problem. In the field of efficiency, combined with the influence of external factors, such as election years, this study, in the light of the theory of political cycles ,aims to analyze the effects of political cycles on the efficiency of Brazilian solid waste operators. For the execution of the study, the analysis will be divided into two stages. The first stage consists of the application of dynamic network data envelorder analysis, which aims to structure and calculate operators' efficiencies indicators using operational and economic-financial information divisions, comprising the period 2010 - 2019. The second stage consists of identifying effects of political cycles and other variables (political capital, population density, per capita income, transfers and region) on operator efficiency, using econometric modeling. This study becomes relevant because it can help in understanding effective policies, especially in developing countries. It meets originality, because it constructs analysis with specific characteristics for Brazil, besides not being found similar studies after systematic review.
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4
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MARIA DE FÁTIMA FERREIRA SIMPLÍCIO
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ANALYSIS OF THE PROFESSOR'S PERCEPTION ABOUT THE USE OF THE CONCEPTUAL MAP IN THE COURSE OF ACCOUNTING SCIENCES IN THE STATE OF RIO GRANDE DO NORTE.
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Advisor : EDZANA ROBERTA FERREIRA DA CUNHA VIEIRA LUCENA
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COMMITTEE MEMBERS :
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ANDERSON ROBERTO PIRES E SILVA
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ANEIDE OLIVEIRA ARAUJO
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EDZANA ROBERTA FERREIRA DA CUNHA VIEIRA LUCENA
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Data: Mar 11, 2022
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Show Abstract
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The present study aims to analyze the teachers' perception about the use of the conceptual map in the learning process in accounting science courses in the State of Rio Grande do Norte. To achieve it, the methodology of a qualitative approach was used, with a sample composed of 51 professors. The analyzed data were obtained through a questionnaire sent by e-mail. Regarding the structure of the questionnaire, aspects of the sociodemographic profile of the respondents, teacher qualification and questions about the knowledge and application of the conceptual map were addressed. To verify the clarity and precision of the data collection instrument, a pre-test was performed. In addition, in order to verify the reliability of the questionnaire, it was submitted to Cronbach's Alpha test. As for data analysis, closed responses were tabulated and underwent descriptive analysis, while open responses underwent content analysis. The findings indicate that the content covered in the disciplines of the accounting sciences course is favorable to the adoption of the conceptual map, as well as the use of the technique provides the relationship between theory and accounting practice. When applied at the beginning of the discipline, it is capable of activating prior knowledge. When adopted during or at the end of the course, it represents a synthesis and exposition of the knowledge acquired by the student. The methodology used in lectures can help in the understanding and assimilation of the information presented in the slides and, when they are used analysis and debates, learning happens together and those involved acquire greater intimacy with the technique. Teachers reported that they were motivated to use the concept map due to its power of assimilation, absorption, construction of concepts and propositions, synthesis and content fixation. However, some limitations were found in the application, such as inexperience of the students. Others showed resistance, lack of commitment and inefficiency in elaborating the activity. The results show the need for incentives for adoption, such as the inclusion of the technique in the CPP of HEI and teacher training. As a suggestion for future studies, it is recommended to replicate the research nationally or by regions, so that it is possible to study a larger sample and verify if there is convergence or divergence of these results. It is also recommended to apply the technique in any discipline of the course, seeking the perception of professors and students or to identify the occurrence of significant learning through the adoption of the conceptual map.
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5
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IZA LEILLA CARLOS DA SILVA
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THE PARADOXES OF AGIL AND ADAPTIVE GOVERNANCE IN THE CONTEXT OF THE CRISIS: Learning from the Covid-19 pandemic.
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Advisor : VICTOR BRANCO DE HOLANDA
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COMMITTEE MEMBERS :
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ANAILSON MARCIO GOMES
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LUCIANA GONDIM DE ALMEIDA GUIMARÃES
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VICTOR BRANCO DE HOLANDA
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Data: Mar 14, 2022
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Show Abstract
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With the covid-19 pandemic, the entire world had to readjust to a scenario relatively unknown to what it was used to. Governments needed to respond to the crisis in an agile and adaptive way in order to reduce the negative impacts generated on society. In the Brazilian states, each government has different characteristics, Rio Grande do Norte had one of the highest lethality rates in the northeast region, so this research started with the following question: How the paradoxes of public governance in Rio Grande do Norte have been behaving in relation the Covid-19 pandemic? And its general objective was to analyze the response of the paradoxes of the government of the state of Rio Grande do Norte in relation to the covid-19 pandemic. Analyzes were carried out on the electronic portals created by the government to explain the data on the epidemiological crisis, as well as semi-structured interviews with government leaders from Rio Grande do Norte who were directly linked to the actions taken by the state. The government monitored the data using advanced technology, following the population in social isolation, beds occupied by patients, mortality level, etc., making it possible for quick decision-making through decrees and ordinances to contain the spread of the disease and the collapse in the local health system.
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6
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VICTOR SANDEJE DANTAS ALVES
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THE MANAGEMENT OF QUARTERLY DISCRICTIONAL ACCRUALS IN THE LATIN AMERICAN MARKET
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Advisor : CLAYTON LEVY LIMA DE MELO
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COMMITTEE MEMBERS :
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ADILSON DE LIMA TAVARES
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CLAYTON LEVY LIMA DE MELO
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CRISTIAN BAU DAL MAGRO
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Data: Mar 24, 2022
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Show Abstract
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Based on the Signaling Theory, Agency Theory and Informational Asymmetry, the objective of this study is to analyze how the level of quarterly earnings management by discretionary accruals behaves in open market companies in Latin America. For this purpose, information will be collected from a sample of 616 companies present in Argentina, Brazil, Colombia and Mexico, as they stand out for their higher GDP, and the growing economic participation worldwide. In this way, the quarterly discretionary accruals from 2015 to 2019 will be estimated as a proxy for earnings management (2005). Then, a second regression will be used with the quarterly discretionary accruals and the dummies variables referring to each quarter and country, controlled by the variables of Size, Operating Cash Flow, Growth and Indebtedness, collected in the Thomson Reuters ® database. To achieve the proposed objective, the data will be organized through a panel and the descriptive statistics of the information will be analyzed.
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7
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HELLEN BOMFIM GOMES
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RELATIONSHIP OF GOVERNANCE MECHANISMS WITH THE PERFORMANCE OF BRAZILIAN COMPANIES: EVIDENCE IN THE LIGHT OF AGENCY AND SIGNALING THEORIES
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Advisor : ADILSON DE LIMA TAVARES
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COMMITTEE MEMBERS :
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ADILSON DE LIMA TAVARES
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DIOGO HENRIQUE SILVA DE LIMA
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WENNER GLAUCIO LOPES LUCENA
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Data: Apr 13, 2022
Ata de defesa assinada:
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Show Abstract
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In the light of agency theory and signaling theory, this study aims to investigate if there is a relationship between the adoption of corporate governance mechanisms and the performance of companies listed on B3. For this, information was collected from the reference forms, bylaws, and press releases about the corporate governance structure of 227 non-financial companies. The information necessary for the estimation of performance, which in the case of the present study, was measured by Tobin's Q and ROA and, alternatively, by market value and ROE, as well as the control variables inserted in the econometric model, were obtained through the Thomson Reuters Refinitiv Eikon® database, covering the period from 2010 to 2019. Based on the results, it was found that the presence of women on the boards, voluntary disclosure and listing at Level 2 and New Market levels of corporate governance are positively related to operational performance, and the size of the boards has a negative relationship. In the case of market performance, in addition to the mechanisms related to operational performance, the presence of independent members on the board and the adoption of anti-takeover defenses are added in a positive relationship, and shareholder concentration and CEO duality are negatively related. The results showed that, for an environment of informational asymmetries, corporate governance mechanisms work as signals to the market. The increase in information provided by these mechanisms can directly impact the reduction of agency costs and, therefore, increase its performance.
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8
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MARCOS AURÉLIO SALES FILHO
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EFFECTS OF MANAGEMENT CAPACITY OF MANAGERS ON THE FINANCIAL CONDITION
OF LARGE BRAZILIAN MUNICIPALITIES.
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Advisor : SEVERINO CESARIO DE LIMA
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COMMITTEE MEMBERS :
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ALEXANDRO BARBOSA
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JOSEDILTON ALVES DINIZ
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SEVERINO CESARIO DE LIMA
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Data: Jun 14, 2022
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Show Abstract
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Although there are theoretical arguments about the benefits of organizational factors in the financial condition, there are few studies on how these factors affect municipal and state governments finances in Brazil. This study aimed to verify the influence of managerial capacity of managers on the financial condition of large Brazilian municipalities. The theoretical foundation is based on the theory of human capital and the theory of financial condition, in addition to the support of empirical studies. Based on the theoretical framework, hypotheses were elaborated that the education and experience of mayors, as well as the education of administration and finance directors, and civil servants, can positively influence the financial condition of local governments. To measure the financial condition, indicators proposed by the by Vieira (2019) were chosen. Based on these indicators, factor analysis by principal components was used as recommended in Rusca et al. (2015) and Bunce and Goldberg (1979). To measure the managerial capacity of managers, education and experience were used as proxies. The study covered the 100 largest Brazilian municipalities in terms of GDP, from 2009 to 2019 and used the Generalized Least Squares (GLS) regression technique to test the proposed hypotheses. The results revealed that the mayor's schooling and experience related to public management contribute to improve the financial condition. Regarding the schooling of administration and finance directors, it was also found that professional qualification has a positive influence on the financial condition. Finally, regarding the education of public servants, a positive effect was found on the financial condition, revealing the importance of the educational level of the entire public administration in the government financial manangemnt. The research results corroborates to the human capital literature related to the financial condition, serving as instrument to support public finance management.
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9
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CARLOS AUGUSTO ESPINOLA GUIMARÃES
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EXPLANATORY FACTORS FOR THE PAYMENT CAPACITY OF BRAZILIAN MUNICIPALITIES, TAKING CAPAG/STN AS INDICATOR
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Advisor : MAURICIO CORREA DA SILVA
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COMMITTEE MEMBERS :
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ALEXANDRE RABÊLO NETO
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EDMILSON JOVINO DE OLIVEIRA
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MAURICIO CORREA DA SILVA
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Data: Aug 24, 2022
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Show Abstract
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The classification of the analysis of the payment capacity of the States, the Federal District and the Municipalities claiming a guarantee or guarantee from the Union is carried out based on the indicator called CAPAG, prepared by the National Treasury Secretariat (STN). This investigation aims to highlight among a set of factors, which explain the payment capacity of Brazilian municipalities, using the CAPAG/STN indicator as a proxy. Based on the theoretical perspective of the Public Choice Theory and the governmental financial condition, fiscal factors, personal characteristics of mayors and environmental factors that can explain the payment capacity of Brazilian municipalities were selected. Data from 4,516 municipalities in the year 2020 were used. The others were excluded due to lack of data. Statistical analysis was performed using logistic regression, using information available on the websites of the National Treasury Secretariat (STN), Brazilian Institute of Geography and Statistics (IBGE) and Superior Electoral Court (TSE). The results revealed as explanatory factors: the limit of the total expenditure with personnel of the Executive Branch, the limit of the consolidated net debt, the limit of internal and external credit operations; the commitment of cash availability with remaining payables and other financial obligations; in addition to the characteristics of the managers, such as age (over 59 years old) and political experience, the result obtained in the SICONFI ranking, GDP per capita, territorial size (small, medium and large municipalities when compared to small size I) and location (the municipalities of the Southeast and South regions in relation to those of the Northeast). As a theoretical contribution, the investigation advances in the literature by presenting with novelty variables of fiscal indicators, SICONFI ranking, age and gender of managers as explanatory factors of the ability to pay. For voters, the research contributes to the understanding of factors that can signal an improvement in the choice of future public managers and expands the discussion on the improvement of public management.
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10
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MARIANA CÂMARA GOMES E SILVA
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Integrated Reporting, Cost of Debt and Accounting Results Management: Evidences in Brazil
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Advisor : ADILSON DE LIMA TAVARES
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COMMITTEE MEMBERS :
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ADILSON DE LIMA TAVARES
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KLÉBER FORMIGA MIRANDA
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RENATO HENRIQUE GURGEL MOTA
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Data: Aug 26, 2022
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Show Abstract
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This study aims to analyze the influence of the integrated report on the relationship between the cost of debt and management of accounting results, in order to provide evidence regarding the role of integrated and quality information in the pricing of the cost of debt by creditors. To this end, the sample will be composed of a publicly traded Brazilian company listed on Brazil, Bolsa Balcão [B]3, considering the period from 2016 to 2019. The cost of debt will be measured by the ratio between financial expenses and onerous liabilities contained in the financial reports. Data regarding the voluntary disclosure of an integrated report will be collected in reference forms, annual reports and integrated reports, available on the websites of the Securities and Exchange Commission (CVM), [B]3 and companies, following the guidelines established by the International Integrated Reporting Council (IIRC). And the management of accounting results will be measured through the estimation of discretionary accruals. To carry out the analysis, three regression models will be used, based on the technique of statistical modeling of unbalanced panel data.
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11
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ANNANDY RAQUEL PEREIRA DA SILVA
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CHARACTERISTICS OF BRAZILIAN CEOS AND RESULTS MANAGEMENT
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Advisor : ATELMO FERREIRA DE OLIVEIRA
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COMMITTEE MEMBERS :
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ADILSON DE LIMA TAVARES
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ATELMO FERREIRA DE OLIVEIRA
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Kallyse Priscila Soares de Oliveira
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Data: Nov 11, 2022
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Show Abstract
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This research, supported by Agency Theory, Senior Theory and Accounting Choices Theory, aimed to investigate the relationship between the specific characteristics and skills of Brazilian CEOs (Chief Executive Officer) and Earnings Management (GR). For this, the time lapse from 2016 to 2019 was used, comprising the non-financial companies listed in Brasil, Bolsa, Balcão (B3). The characteristics studied were: Remuneration, Duality, Age, Gender, Education, Term of Office, Participation in Board of Directors (CA) Meetings and CEO Familiarity. The information regarding the data of the CEOs was collected in the Reference Form (FR) available on the B3 website, and the others in the Economática® database. The EM was measured by discretionary accruals, using the model of Pae (2005), thus, a sample of 198 companies was used and a regression was performed using the Pooled model. Regarding the descriptive statistics, it was found that the average remuneration of the Brazilian CEO is R$3,833,894.00, they have an average of 53 years and a term of office of around two years. Brazilian companies had an average size of 14.57, average ROIC (Return on Invested Capital) of 4.31, average leverage of 0.89 and average age of 47 years. For the dummy variables, it was found that 45.92% of Brazilian CEOs hold the role of director and chairman of the board, 97.89% are male, only 29.34% of CEOs participate in Board meetings and 26.44 % have family ties with the company. For the BigFour and Corporate Governance (GC) variables, 73.42% of Brazilian companies are audited by BigFour and 58.55% are included in one of the different GC levels. Regarding the training area of CEOs, the business area (Administration, Accounting Sciences or Economics) represented only 33.28% of the training of CEOs. As for the results of the econometric model, it was found that significant results were found for three variables: Duality (DUAL), Term Time (MAND) and Familiarity (FAM), confirming the hypotheses H2, H6 and H8, however, the variables Remuneration ( REM), Age (IDA), Gender (GEN), Training Area (FORM) and Participation in Board meetings (REU) were not statistically significant, leading to the non-acceptance of hypotheses H1, H3, H4, H5 and H7. In this way, it is concluded that the only variables that impact EM in the Brazilian companies studied is the CEO having dual positions, being in the early years of the mandate and being familiar, going against what the High-Echelon Theory defends, that all other specific traits and abilities influence the GR.
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12
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ANGELICA MARIA CONSTANTINO DE MOURA
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ECONOMIC CYCLES AND DIVIDEND PAYMENTS: A STUDY IN THE BRAZILIAN MARKET
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Advisor : RENATO HENRIQUE GURGEL MOTA
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COMMITTEE MEMBERS :
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RENATO HENRIQUE GURGEL MOTA
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MARCELO DANIEL ARAUJO ERMEL
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KLÉBER FORMIGA MIRANDA
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Data: Dec 12, 2022
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Show Abstract
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This study aims to analyze the behavior of the dividend distribution of publicly traded Brazilian companies according to the effects of economic cycles, comparing the phases defined by Schumpeter (1935) with the NBER model. Noting that the studies of cycles with 4 phases are important because it seeks to observe more economic phases, thus contributing to the market (investors) who will have more information about the behavior of dividends. For this, information was collected from 360 publicly traded companies listed in the market infrastructure company B3 between 1997 and 2021, a period that comprises the main crises of the Brazilian market: effect of the devaluation of the Real (1999), real estate crisis (2008), great Brazilian recession (2014-2016) and the crisis caused by the Covid pandemic (2019-2020). Data were obtained through the Thomson Reuters Refinitiv Eikon® database, using the tobit regression model to treat them. It was observed in the study that there is a significant relationship between dividend payments and the recessive economic cycle of Schumpeter's model, concluding that during this phase there is a greater distribution of dividends compared to periods of contraction, recovery and expansion.
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13
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RICELLIANO DE SOUZA CARDOSO
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INFLUENCE OF GOVERNMENT FINANCIAL CONDITION ON THE PROBABILITY OF RE-ELECTION OF BRAZILIAN MAYORS
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Advisor : SEVERINO CESARIO DE LIMA
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COMMITTEE MEMBERS :
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ANAILSON MARCIO GOMES
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JOSEDILTON ALVES DINIZ
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SEVERINO CESARIO DE LIMA
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Data: Dec 19, 2022
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Show Abstract
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The preservation of financial health is a fundamental requirement for sustainable and independent government management, however, in recent years, several Brazilian municipalities have been facing financial problems. This controversial fiscal situation directly impacts the ability to provide public services and the economic growth of the subnational entities, in view of the financial unavailability for their own funding and also the unfeasibility of resources for investment by the public authorities. Additionally, studies on political cycles have demonstrated the relationship between fiscal management as an instrument of self-promotion for electoral purposes, showing that the fiscal structure has considerable potential to be used to achieve political-electoral incentives, especially reelection. Considering the potentially opportunistic behavior of the rulers, as presupposed by the theory of political cycles, and the need for an efficient and effective economic-financial management to maintain the good financial condition of the municipalities, this research aims to investigate the extent to which the financial condition of the municipalities Brazilians influences the probability of reelection of mayors in municipal elections. For this, a sample of 568 municipalities was composed and the period between 2016 and 2020 was analyzed. For empirical analysis, the logistic regression technique was used. The results of the study indicated that the municipality classified as having a solid financial condition presents an increase in the probability of reappointment of the respective municipal mayors by about 0.09%, confirming the hypothesis that the more solid the financial condition, the greater the probability of reappointment of the mayor. On the other hand, classifying the financial condition as fragile results in a reduction in the probability of reappointment of municipal mayors by approximately 0.14%, also confirming the second hypothesis that predicted a lower probability of reappointment of mayors in municipalities with the weakest financial condition. These findings contribute to the literature by making it possible to understand how the government's financial condition impacts the political environment and consequent policy decisions. It also adds new perspectives to social control, ratifying the need for accountability of public managers and preventive, sustainable and strategic actions to improve financial solvency through technical and scientific criteria. Finally, it contributes to the electoral process insofar as it helps to understand the maturity level of the average Brazilian voter to value or punish rulers with an opportunistic bias who prefer more noticeable spending as opposed to the most necessary.
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14
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JOSÉ MATHEUS BARBOSA DE SOUSA
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COMPARATIVE ANALYSIS OF THE ECONOMIC AND FINANCIAL PERFORMANCE OF BRAZILIAN COMPANIES IN THE PUBLIC UTILITY SECTOR
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Advisor : ALEXANDRO BARBOSA
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COMMITTEE MEMBERS :
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ALEXANDRO BARBOSA
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ATELMO FERREIRA DE OLIVEIRA
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DANIEL KNEBEL BAGGIO
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Data: Dec 28, 2022
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Show Abstract
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The present work aims to identify the relevant components of the economic-financial performance of the public utility sector and their respective similarities in relation to the results observed between the Energy, Gas, Water and Sewage services. Discussing aspects about the importance of comparative analysis and the ideals of Institutional Theory that companies that operate in similar conditions present similar performances, the research has a quantitative and descriptive character. For this purpose, 15 economic and financial indicators calculated using financial data collected manually and available in the Financial Statements released by these organizations were analyzed from 2010 to 2021. The final result of the Exploratory Factor Analysis with 8 indicators was the extraction of 3 factors that explain 78.84% of the variance of the original data, with Factor 01 entitled Indebtedness, Factor 02, Liquidity and Factor 03, Profitability. The evidence found shows that within the Brazilian Public Utility Sector, the components of economic and financial performance Debt (Factor 01), Liquidity (Factor 02) and Profitability (Factor 03) are statistically different depending on the type of service they provide, and that energy service providers do not have better results if analyzed broadly. As for the comparison between publicly traded and privately held companies, the performance components were different depending on the service they provide, highlighting the publicly traded energy companies that presented the best results in all components in relation to the other companies providers of gas, water and sewage services. In addition, it was possible to identify performance differences between companies with private or public management, highlighting the influence that subsidies can have on the performance of public companies, mainly in Gas and Water and Sewage. The findings corroborate previous studies and endorse the research regarding the consideration of specific characteristics of organizations in their performance analyzes and their influence on the similarity of their performances.
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