Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-09-20T13:16:21Z No. of bitstreams: 2 Cleber Roberto dos Santos.pdf: 318189 bytes, checksum: 7e6e199deeffd080afb3168854fbbf19 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-09-20T13:16:21Z (GMT). No. of bitstreams: 2 Cleber Roberto dos Santos.pdf: 318189 bytes, checksum: 7e6e199deeffd080afb3168854fbbf19 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-02-06 / This paper investigates the relationship between related party transactions and firm performance for Brazilian companies. Additionally, we analyze the relationship between these transactions and corporate governance quality. In order to measure these relationships, it was adopted a statistical model of panel data for a sample of 107 companies in the period from 2011 to 2015. The results indicate that related party transactions are frenquent and have significant amounts among the companies in our sample. There was a substantial increase in the incidence and value of these operations between 2011 and 2014, with a same proportion decrease in 2015, that is possibly related to the disclosure of new instruction CVM 552/14, which became effective in 2015. Futrthermore, we found a negative and significant relationship between the firm performance and the financial relevance of the related party transactions. Furthermore, a negative and significant association was observed between corporate governance and related party transacions. Overall, the results corroborate the conflict of interest hypothesis, it indicating a possible market disapproval for related party transactions and/or an undestanding of the potential of minority shareholder expropriation mechanism provided by such transactions. / O presente trabalho investiga a rela????o entre transa????es entre partes relacionadas e o desempenho das companhias brasileiras. Adicionalmente, ?? analisada a rela????o da incid??ncia destas transa????es e as pr??ticas de governan??a corporativa. Para mensurar estas rela????es utilizou-se do modelo de dados em painel para uma amostra de 107 empresas no per??odo de 2011 ?? 2015. Os resultados indicam que as transa????es entre partes relacionadas s??o frequentemente utilizadas e possuem montantes significativos nas empresas que comp??em a amostra. Verifiou-se um aumento substancial na incid??ncia e valor destas opera????es entre 2011 e 2014, com um decr??scimo de mesma propor????o em apenas um ano em 2015, relacionado poss??velmente pela divulga????o da nova instru????o CVM 552/14, que passou a vigorar em 2015. Adicionalmente, observou-se rela????o negativa e significante entre o desempenho das companhias e a relev??ncia das transa????es entre partes relacionadas frente o ativo e a receita das empresas. Al??m disso, foi observada rela????o negativa e significante entre governan??a corporativa e a vari??vel relativa a transa????es entre partes relacionadas com o ativo total das companhias. No geral, os resultados da pesquisa corroboram com a hip??tese de conflito de interesse, indicando poss??vel desaprova????o do mercado para as transa????es entre partes relacionadas e/ou entendimento do potencial mecanismo para expropria????o dos minorit??rios propiciados por tais transa????es.

Made available in DSpace on 2015-12-03T18:33:15Z (GMT). No. of bitstreams: 1 Eduardo_Pereira_Alencar.pdf: 864195 bytes, checksum: 49414a0dda4258b4ba2907032c458c67 (MD5) Previous issue date: 2015-08-21 / The contingency theory is premised a better fit between the internal contingency factors to the company and its external environment. From this perspective the research sought to understand the influence of contingencies factors: external environment to the company's operations and size, about the intensity in the use of the financial indicators and financial and non-financial value drivers on the brazilian chemical sector. Data were obtained by applying the questionnaire, multiple regression analysis was used to investigate the influence of the environment and size in intensity of use of value drivers. The results show that the uncertainty of the environmental factor influenced the intensity of use forming a basic set which mostly has financial drivers and financial indicators, but non-financial drivers were also validated in the regression to a lesser extent, the size influenced financial indicators and non-financial drivers the basic set of drivers and indicators formed can be seen as the best fit to environmental uncertainty and the size of the sample companies / A teoria da conting??ncia tem por premissa um melhor ajuste entre os fatores contingenciais internos ?? empresa e seu ambiente externo. Sob essa perspectiva a pesquisa procurou compreender a influ??ncia dos fatores contingenciais: ambiente externo ??s opera????es da empresa e porte, sobre a intensidade de uso dos indicadores financeiros e direcionadores de valor financeiro e n??o financeiro no segmento qu??mico brasileiro. Os dados foram obtidos pela aplica????o de question??rio, a an??lise de regress??o m??ltipla foi utilizada para verificar a influ??ncia do ambiente e porte na intensidade de uso dos direcionadores de valor. Os resultados apontam que a incerteza do fator ambiental influenciou a intensidade de uso formando um conjunto b??sico que em sua maioria possui direcionadores e indicadores financeiros, por??m direcionadores n??o financeiros tamb??m foram validados na regress??o em menor quantidade, o porte influenciou indicadores financeiros e direcionadores n??o financeiros, um conjunto b??sico, de direcionadores e indicadores formado pode ser vista como a que melhor se ajusta ?? incerteza ambiental e ao porte das empresas da amostra