Submitted by Andre Espozel (andre.espozel@gmail.com) on 2017-04-19T17:47:32Z No. of bitstreams: 1 Dissertação - Andre Espozel - FGV-EPGE.pdf: 856389 bytes, checksum: 16cd3a3bbe1de2cc9ab98b718b21acb8 (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2017-05-04T12:58:29Z (GMT) No. of bitstreams: 1 Dissertação - Andre Espozel - FGV-EPGE.pdf: 856389 bytes, checksum: 16cd3a3bbe1de2cc9ab98b718b21acb8 (MD5) / Made available in DSpace on 2017-05-12T13:05:06Z (GMT). No. of bitstreams: 1 Dissertação - Andre Espozel - FGV-EPGE.pdf: 856389 bytes, checksum: 16cd3a3bbe1de2cc9ab98b718b21acb8 (MD5) Previous issue date: 2017-03-22 / This papers tests theoretical predictions concerning to agent compensation, debt structure and investment in the models of dynamic agency in DeMarzo and Fishman (2007), DeMarzo and Sannikov (2006) and DeMarzo, Fishman, He and Wang (2012). The results related to agent compensation are consistent with the patterns predicted in the models, indicating that the firm-years that the models would have as more likely to pay dividends are indeed the ones more likely to pay; also, among firms that pay dividends, more profits generate higher dividend payments and higher executive compensation, as predicted in the models. The prediction that firms that go well and reach a payment threshold present marginal q equal to average q, and thus after controlling for average q cash flows would not explain investment is also supported by the tests in here. On the other hand, predictions related to the role of the credit line and to the debt structure are not compatible with the results in here. The credit line doesn’t seem to be the provider of financial slack that protects the firm from low cash flows and also doesn’t seem to have the dynamics of being paid when profits are high and being more used when profits are low.

Submitted by Riccardo Bozzeda (rbozzeda1@gmail.com) on 2017-10-05T12:41:04Z No. of bitstreams: 1 Tesi_FGV.pdf: 498038 bytes, checksum: f5b53be07d249e12438bff90982a5a14 (MD5) / Approved for entry into archive by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br) on 2017-10-05T12:56:00Z (GMT) No. of bitstreams: 1 Tesi_FGV.pdf: 498038 bytes, checksum: f5b53be07d249e12438bff90982a5a14 (MD5) / Made available in DSpace on 2017-10-05T16:03:50Z (GMT). No. of bitstreams: 1 Tesi_FGV.pdf: 498038 bytes, checksum: f5b53be07d249e12438bff90982a5a14 (MD5) Previous issue date: 2017-09-22 / This paper provides evidence of the effect of Working Capital Management (WCM) on the performance of Latin America companies. The study also investigates whether the effect of WCM on performance differs between ‘small’ and ‘big’ firms. The paper employs Panel data regression analysis on a sample of 117 non-financial firms over an eleven-year period (2005- 2015). The results show that WCM has a convex relationship with performance. However, the results suggest that WCM is relatively more important for the performance of ‘big’ companies than ‘small’ companies. Overall, the study proves that WCM components do affect the performance of Latin America firms. / Este documento fornece evidências do efeito da Gestão de Capital de Trabalho (WCM) sobre o desempenho das empresas da América Latina. O estudo também investiga se o efeito da WCM no desempenho difere entre empresas ‘pequenas’ e ‘grandes’. O artigo emprega análise de regressão de dados do painel em uma amostra de 117 empresas não financeiras ao longo de um período de onze anos (2005-2015). Os resultados mostram que a WCM tem uma relação convexa com o desempenho. No entanto, os resultados sugerem que o WCM é relativamente mais importante para o desempenho de empresas ‘grandes’ do que empresas ‘pequenas’. Em geral, o estudo comprova que os componentes da WCM afetam o desempenho das empresas da América Latina.

Made available in DSpace on 2010-04-20T20:08:16Z (GMT). No. of bitstreams: 0 Previous issue date: 1995-07-31T00:00:00Z / The aspect concerning to liquidity and solvency evaluation of business enterprises has raised in recent years as a meaningful question of financial analysis, favored by an economic environment of high turbulence, competition, inflation, and accounting and tax rules that change frequently. A meaningful number of financial ratios has been suggested by academic researchers since those classic liquidity ratios arised of balance sheet until those performance measures based on flow statements - income statement and statement of changes in financial position. One of them, the cash flow statement has been built for internal purposes by many corporations, especially those that used to keep sofisticated instruments of operational control. But just a few years ago some countries - such United States, United Kingdom, Canada and New Zealand - began to employ this statement for external disclosure purposes. On opposite of that tendency, legal requirements in Brazil do not motivate another report different of sources and applications of net working capital. Maybe cash flow statement might provide more relevant data about liquidity and solvency to users, and easier information to understand, whose cannot be found elsewhere in financial reports. lt seems to be the case of financial institutions: just in recent period the Banco Central do Brasil (an institution with the function of Federal Reserve in USA) has required a statement on cash basis to that entities. Evidences showed in this research pointed out cash flow statement provides more relevant and understandable information that another whose shows the changes in net working capital. So, it seems to be coherent move the funds concept from net working capital to cash and near cash itens for external purposes. Another aspect, it must be clear that data obtained of income statement - such net profit or net lose - and of cash flow statement - distributed among three fundamental activities of business enterprises - is different and fill distinct goals: lucrativity and liquidity, in respective. In right, there is a tendency on retirement of statement of changes in net working capital in defense of cash flow statement. Many relations might be obtained of cash flow statement, especially those related to cash flow provided (or used) by operations. They are built in a similar way of conventional measures, so they have the same limitations when used alone or to a short period. Like return on investment ratio, there is possibility of manipulations - provided by revenues antecipations or/and payments made after they are due - related some of basic activities of entity. The cash recovery rate means a complex measure of evaluation of liquidity level, both to individual investment projects and to whole business. This ratio has incorporated some improvements introduced by researchers. The index is based on supositions which demands stronger evidence of its validity. The adoption of this ratio in its original format described by IJIRI provides a reasonable approximation to cash from operations/net assets ratio. Another aspect, the approach employed by FLEURIET to derive operational cash flow, on the same way, seems as a aproximated measure to the numerator of cash return ratios. The whole model aids financial analists in liquidity and solvency evaluation of business, and also in identifying their financial structures used and/or caracteristic of the segment focused on, as soon as their relative tendences noted. So that, this model may be employed as a additional instrument to cash flow statement - not ignoring possible differences in understanding the cash and near cash itens concept of funds. The sequence of results on this research demonstrated the meaningfulness and usefulness of short run operational performance measures evaluation, especially cash recovery rate (IJIRI) and operational cash flow/net assets (FLEURIET). The behavior of these ratios through the years helps users in measuring relative payment ability of corporation - its liquidity - in both operational and whole dimensions. These ratios mean, in essence, approximations to cash provided from operations/net or operational assets ratio, whose numerator represents the main activity showed in cash flow statement. At first, the approximation level among those three ratios tends to decrease whatever there would be a higher level of detailed and quality of information disclosed in financial reports. Therefore, higher level of agregation of these reports might lead distortions on those ratios. There is a need for new researches in this way, especially using greater samples and employing analitical data as a way to forecast tendences on business segments. Researches might adopt sofisticated statistical models also. This study just provided technical basis to support new researches. / Trata de uma análise da liquidez e solvência empresarial, na busca de um indicador mais adequado para avaliação do desempenho operacional de curto prazo. Introduz a demonstração de fluxos de caixa, ressalta a importância do item caixa gerado das atividades operacionais, e desenvolve os quocientes taxa de recuperação de caixa e caixa das operações/ativos brutos com base nas metodologias descritas por ljiri e Fleuriet, respectivamente. Apura os índices para uma amostra de companhias de capital nacional industrial, e compara tendências de medidas operacionais diversas.

Made available in DSpace on 2010-04-20T20:52:02Z (GMT). No. of bitstreams: 3 129981.pdf.jpg: 17685 bytes, checksum: e95d4aeeb8d8bf7a179ada24e9002e97 (MD5) 129981.pdf: 308873 bytes, checksum: fdaeeb83e019b4b3da3069e95dd3028d (MD5) 129981.pdf.txt: 170683 bytes, checksum: fb6c1b3c5c0b56eaf18ff3b8a774eab0 (MD5) Previous issue date: 2006-11-21T00:00:00Z / Tomando como base o referencial teórico existente, o presente trabalho estuda os fatores determinantes da estrutura de capital das empresas brasileiras abertas e fechadas, com base em uma amostra de 6.396 empresas dos anos de 2000, 2001, 2002, 2003 e 2004, em um total de 31.980 observações. Utilizando o procedimento econométrico de análise de dados em painel, foram realizados testes com base nos modelos de pooled OLS sem dummies de tempo, pooled OLS com dummies de tempo, efeitos fixos, efeitos aleatórios e primeiras diferenças. Para cada um destes modelos, foram feitas regressões para o endividamento de curto prazo(Y1), de longo prazo(Y2) e total(Y3). Os fatores tangibilidade, rentabilidade, liquidez, tamanho da empresa, taxa de crescimento do ativo, giro do ativo, taxa de imposto paga pela empresa, natureza do capital (aberto/fechado), segmento de atuação (classificação industrial) e o fato de uma empresa pertencer a grupo econômico apresentaram evidências de serem fatores que influenciam na estrutura de capital das empresas. Os fatores non debt tax shields (benefícios fiscais não provenientes do endividamento), idade da empresa e região geográfica de localização da empresa não se mostraram conclusivos. E, por último, os fatores singularidade e origem do capital (nacional privado, nacional estatal e estrangeiro) pareceram não exercer influência sobre o grau de endividamento das empresas. / Based on the existing literature, the present work studies the determinants of the capital structure of the Brazilian companies with open and closed capital. The sample was composed of 6.396 companies with information of the years of 2000, 2001, 2002, 2003 and 2004, in a total of 31.980 observations. Using the econometrical procedure of analysis of panel data, tests were made based on the models of pooled OLS without dummies of time, pooled OLS with dummies of time, fixed effect, random effect and first differences. For each one of these models, regressions were made for the short-term indebtedness (Y1), long-term indebtedness (Y2) and total indebtedness (Y3). The factors tangibility, profitability, liquidity, size of the company, growth of total assets, assets turnover, tax rate of company, nature of capital (opened/closed), economic segment (industrial classification) and the fact that a company belongs to an economic group have presented evidences to be factors that influence the capital structure of the companies. The factors non debt tax shields (tax benefits not proceeding from the indebtedness), age of the company and geographic region of location of the company have not revealed conclusive. And, finally, the factors singularity and origin of capital (national private, national state and foreign) have seemed not to exert influence on the degree of indebtedness of the companies.

Submitted by Pedro Zappa (pzappa@fgvmail.br) on 2011-09-01T14:46:26Z No. of bitstreams: 1 Governança Corporativa e a Velocidade de Ajuste - Final.pdf: 655183 bytes, checksum: da6ae09f858531e936e35f6f04110265 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2011-09-26T18:27:18Z (GMT) No. of bitstreams: 1 Governança Corporativa e a Velocidade de Ajuste - Final.pdf: 655183 bytes, checksum: da6ae09f858531e936e35f6f04110265 (MD5) / Made available in DSpace on 2011-09-26T18:27:26Z (GMT). No. of bitstreams: 1 Governança Corporativa e a Velocidade de Ajuste - Final.pdf: 655183 bytes, checksum: da6ae09f858531e936e35f6f04110265 (MD5) Previous issue date: 2011-05-20 / This study aims to examine the relationship between corporate governance and the speed of adjustment to the optimal capital structure of companies listed on BM&FBovespa between 1998 and 2009, from the perspective of the Dynamic Trade-Off Theory. The level of corporate governance was measured on the basis of different listing segments of the BM&FBovespa, with some control variables used to determine the optimal leverage. The results indicate that firms with better governance have lower degree of leverage and adjust more quickly towards the optimum. / O presente trabalho tem por objetivo analisar a relação entre governança corporativa e a velocidade de ajuste para a estrutura ótima de capital das empresas listadas na BM&FBovespa entre 1998 e 2009, sob o prisma da teoria do Trade-Off Dinâmico. O nível de governança corporativa foi medido com base nos segmentos de listagem diferenciada da BM&FBovespa, tendo sido utilizadas algumas variáveis de controle para a determinação da alavancagem ótima. Os resultados indicam que empresas com melhor governança têm menor grau de alavancagem e se ajustam mais rapidamente em direção ao ótimo.

Made available in DSpace on 2016-08-29T11:13:29Z (GMT). No. of bitstreams: 1 tese_8962_DISSERTAÇÃO JULIANA (CORRETA).pdf: 2516588 bytes, checksum: add8398ce3b529944e1d54de73f2531b (MD5) Previous issue date: 2015-11-17 / FAPES / Objetivou-se neste trabalho investigar quais são os efeitos das Hipóteses da Teoria Positiva da Contabilidade (TPC) na Qualidade da Informação Contábil, a qual pode ser determinada pelas medidas de relevância, tempestividade, conservadorismo condicional e gerenciamento de resultados das informações divulgadas nas Demonstrações Financeiras. A amostra foi composta de observações de empresas com liquidez de pelo menos 0,001 das ações negociadas na BM&FBOVESPA, no período de 2010 a 2014, coletadas no sistema Comdinheiro. As observações foram segregadas em grupos cujos gerentes podem sofrer influência similar dos fatores descritos nas Hipóteses TPC e foram criadas dummies para esses grupos. Com o intuito de analisar e comparar os grupos de empresas cujos gestores podem sofrer maior ou menor influência foram utilizadas duas análises de regressões em dados em painel com erros-padrão robustos e agrupamento por empresa. Primeiramente, foram rodados os modelos originais em cada grupo, separadamente. Em seguida, foram analisados os modelos com interações das dummies dos grupos com as variáveis originais dos modelos de relevância, tempestividade, conservadorismo condicional e gerenciamento de resultados. Os resultados evidenciaram que os efeitos das hipóteses da Teoria Positiva da Contabilidade nas métricas de Qualidade da Informação não são uniformes e variam conforme os controles utilizados. Contudo, é possível verificar que pode existir influência na Relevância da Informação Contábil pela Hipótese dos Planos de Incentivos e Hipótese dos Custos Políticos; na Tempestividade pela Hipótese dos Custos Políticos; no Conservadorismo Condicional pela Hipótese dos Planos de Incentivos e, no Gerenciamento de Resultados, por todas as Hipóteses da TPC analisadas neste estudo. / This study aimed to investigate what are the effects of the Positive Accounting Theory (PAT) on the Quality of Accounting Information, which may be determined by the measures of value relevance, timeliness, conditional conservatism and earnings management of the information available on the Financial Statements. The sample was composed by observations of companies with minimum liquidity of 0,001 of the shares traded at BM&FBOVESPA, during the period of 2010 and 2014, collected from the Comdinheiro tool. The observations were divided into groups whose managers may suffer similar influence of the factors described in Hypotheses TPC and dummies were created for these groups. In order to analyze and compare companies of groups whose managers may suffer a higher or lesser influence were used two analyzes regressions on Panel Data with robust standard errors and grouping by firm. Firstly, it was run the original models of each group, separately. Afterwards, it was analysed the models with dummies interactions of the groups with originals variables of the relevance models, conditional conservatism and result management. The results showed that the effects of the assumptions of Positive Accounting Theory in Information Quality metrics are not uniform and vary according to the controls used. However, it is possible to check that there may exist influence on Accounting Relevance Information by the Bonus Plan Hypothesis and Size Hypothesis; on the Timeliness by the Size Hypothesis; on the Conditional Conservatism by the Bonus Plan Hypothesis and, on the Results Management, by all PAT Hypothesis analysed in this study.

Submitted by Marcio Gabrielli (marcio.gabrielli@fgv.br) on 2018-07-04T02:39:03Z No. of bitstreams: 1 Tese_MFG_final_ecadernação.pdf: 2878379 bytes, checksum: 28ebd84c3ad4ad62d72a2e31828c8dc3 (MD5) / Approved for entry into archive by Debora Nunes Ferreira (debora.nunes@fgv.br) on 2018-07-10T17:35:41Z (GMT) No. of bitstreams: 1 Tese_MFG_final_ecadernação.pdf: 2878379 bytes, checksum: 28ebd84c3ad4ad62d72a2e31828c8dc3 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-07-10T17:42:11Z (GMT) No. of bitstreams: 1 Tese_MFG_final_ecadernação.pdf: 2878379 bytes, checksum: 28ebd84c3ad4ad62d72a2e31828c8dc3 (MD5) / Made available in DSpace on 2018-07-10T17:42:11Z (GMT). No. of bitstreams: 1 Tese_MFG_final_ecadernação.pdf: 2878379 bytes, checksum: 28ebd84c3ad4ad62d72a2e31828c8dc3 (MD5) Previous issue date: 2018-06-05 / Este trabalho analisou os motivos que levam empresas brasileiras a realizarem emissões de títulos de dívida no mercado internacional. Para tanto, utilizou-se a lei que estabeleceu a taxação sobre os derivativos cambiais (anunciada em 26/07/2011, implementada em 16/09/2011 e revogada em 12/06/2013), vigente durante o período do então Ministro da Fazenda Guido Mantega, como um evento quase-natural para analisar se a probabilidade de emissão no mercado internacional é afetada por uma medida governamental. Constatou-se uma redução na probabilidade de emissão de bônus por empresas brasileiras no mercado internacional durante a vigência da lei, ao passo que se constatou um aumento desta probabilidade para emissões no mercado interno, sugerindo um efeito de substituição. Este efeito estaria ligado ao fato de que a taxação dos derivativos cambiais teria gerado uma quebra da paridade coberta das taxas de juros, pois o custo de emissão no mercado nacional teria ficado mais baixo do que o custo no mercado internacional quando computado o valor do hedge cambial. Este efeito foi evidenciado de forma mais clara ao se constatar que ele afetou de forma diferente empresas que apresentavam exposições distintas em relação à variação cambial. Empresas exportadoras líquidas, para as quais a dívida em moeda estrangeira funcionaria com o hedge natural de suas operações, foram menos afetadas que as empresa importadoras líquidas, as quais necessitariam realizar o hedge cambial de suas dívidas em outras moedas, para não incorrerem em uma maior exposição cambial. Desta forma, foi possível evidenciar que as empresas agem na direção de captar recursos no mercado que lhes possibilite o menor custo final de captação, buscando 'janelas de oportunidade' entre os mercados local e internacional – já incorporado o valor do hedge para eliminação dos riscos cambiais – para decidir onde emitir seus títulos de dívida. Estes resultados também possibilitam argumentar que o governo foi capaz de influenciar a decisão de financiamento – uma tomada de decisão interna das empresas a respeito da emissão de dívida no mercado local ou internacional – assim como afetar o seu (delas) custo de captação e consequentemente seu custo de capital. / This paper analyzes the reasons that lead Brazilian companies to issue debt securities in the international market. For this purpose, the law that established the taxation on foreign exchange derivatives (announced on 07/26/2011, implemented on 09/16/2011 and revoked on 06/12/2013), in force during the period of the then Minister of Fazenda Guido Mantega, was used as a quasi-natural event to analyze whether the probability of issuance in the international market is affected by a governmental measure. A reduction in the probability of issuance of bonds by Brazilian companies in the international market during the period of the law was observed, while an increase in this probability for domestic issues was observed, suggesting a substitution effect. This effect would be related to the fact that the taxation of foreign exchange derivatives would have generated a break in the covered interest rate parity, since the cost of issuance in the domestic market would have been lower than the cost of issuance in the international market after computing the hedge cost of the foreign exchange risk. This effect was more clearly evidenced by the fact that it affected in a different way companies with different foreign exchange exposures. Net exporting companies, for which the foreign exchange debt would function as a natural hedge of their operations, were less affected than net importing companies, which would need to hedge their foreign exchange debts in order not to incur in a larger foreign exchange exposure. In this way, there were evidences that companies act in the direction of raising funds in the market that allows them the lowest final funding cost, seeking 'windows of opportunity' between local and international markets – already incorporating the foreign exchange hedge cost – in order to decide in which market to issue their debt securities. These results also make it possible to argue that the government was able to influence corporate internal financing decision – debt issuance in domestic or international markets – as well as affect its funding costs and hence its cost of capital.

Submitted by Sabrina Rocha Andrade (sabrina_andrade88@hotmail.com) on 2018-09-03T20:41:03Z No. of bitstreams: 1 Dissertacao Sabrina Andrade_FINAL.pdf: 1234290 bytes, checksum: 666ad49bc10ef2b4fc83146b16b6aaee (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2018-09-04T14:41:50Z (GMT) No. of bitstreams: 1 Dissertacao Sabrina Andrade_FINAL.pdf: 1234290 bytes, checksum: 666ad49bc10ef2b4fc83146b16b6aaee (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-09-05T12:37:15Z (GMT) No. of bitstreams: 1 Dissertacao Sabrina Andrade_FINAL.pdf: 1234290 bytes, checksum: 666ad49bc10ef2b4fc83146b16b6aaee (MD5) / Made available in DSpace on 2018-09-05T12:37:15Z (GMT). No. of bitstreams: 1 Dissertacao Sabrina Andrade_FINAL.pdf: 1234290 bytes, checksum: 666ad49bc10ef2b4fc83146b16b6aaee (MD5) Previous issue date: 2018-08-06 / As empresas normalmente se alavancam através de emissão de dívida e fazem isso para gerenciar suas necessidades financeiras e/ou operacionais. A teoria de trade off defende que administradores busquem um nível estático e pré-determinado de endividamento para maximizar o valor da empresa. Portanto, é esperado que saltos na alavancagem não sejam frequentes e eventuais desvios em relação ao nível ótimo sejam rapidamente corrigidos. Este trabalho analisou a estrutura de capital das empresas listadas na B3, de 2010 a 2016, a fim de verificar se a teoria de trade off pode explicar o comportamento observado durante esse período. Foi constatado que, embora não retornem prontamente ao nível anterior de alavancagem, as empresas permaneceram em níveis compatíveis com o ótimo, o que é consistente com a teoria de trade off e sinaliza que flexibilidade financeira é também uma preocupação. / Firms normally leverage their capital structure through debt issuance, in order to manage their financial and operational needs. Trade off theory suggests that managers must aim at a pre-determined and static leverage target to maximize the firm’s value. Therefore, one should not expect to observe frequent jumps in leverage, and any difference between optimal and observed leverage would be promptly corrected. This paper studied the capital structure of companies listed at B3, from 2010 to 2016, aiming to investigate if trade off theory can be used to explain their behavior during this period. It was observed that, although companies do not return to previous leverage levels quickly, they tend to stay around optimal levels, which is consistent with trade off theory and suggests that financial flexibility is also a concern.

Made available in DSpace on 2016-08-29T11:13:29Z (GMT). No. of bitstreams: 1 tese_8962_DISSERTAÇÃO JULIANA (CORRETA).pdf: 2516588 bytes, checksum: add8398ce3b529944e1d54de73f2531b (MD5) Previous issue date: 2015-11-17 / FAPES / Objetivou-se neste trabalho investigar quais são os efeitos das Hipóteses da Teoria Positiva da Contabilidade (TPC) na Qualidade da Informação Contábil, a qual pode ser determinada pelas medidas de relevância, tempestividade, conservadorismo condicional e gerenciamento de resultados das informações divulgadas nas Demonstrações Financeiras. A amostra foi composta de observações de empresas com liquidez de pelo menos 0,001 das ações negociadas na BM&FBOVESPA, no período de 2010 a 2014, coletadas no sistema Comdinheiro. As observações foram segregadas em grupos cujos gerentes podem sofrer influência similar dos fatores descritos nas Hipóteses TPC e foram criadas dummies para esses grupos. Com o intuito de analisar e comparar os grupos de empresas cujos gestores podem sofrer maior ou menor influência foram utilizadas duas análises de regressões em dados em painel com erros-padrão robustos e agrupamento por empresa. Primeiramente, foram rodados os modelos originais em cada grupo, separadamente. Em seguida, foram analisados os modelos com interações das dummies dos grupos com as variáveis originais dos modelos de relevância, tempestividade, conservadorismo condicional e gerenciamento de resultados. Os resultados evidenciaram que os efeitos das hipóteses da Teoria Positiva da Contabilidade nas métricas de Qualidade da Informação não são uniformes e variam conforme os controles utilizados. Contudo, é possível verificar que pode existir influência na Relevância da Informação Contábil pela Hipótese dos Planos de Incentivos e Hipótese dos Custos Políticos; na Tempestividade pela Hipótese dos Custos Políticos; no Conservadorismo Condicional pela Hipótese dos Planos de Incentivos e, no Gerenciamento de Resultados, por todas as Hipóteses da TPC analisadas neste estudo. / This study aimed to investigate what are the effects of the Positive Accounting Theory (PAT) on the Quality of Accounting Information, which may be determined by the measures of value relevance, timeliness, conditional conservatism and earnings management of the information available on the Financial Statements. The sample was composed by observations of companies with minimum liquidity of 0,001 of the shares traded at BM&FBOVESPA, during the period of 2010 and 2014, collected from the Comdinheiro tool. The observations were divided into groups whose managers may suffer similar influence of the factors described in Hypotheses TPC and dummies were created for these groups. In order to analyze and compare companies of groups whose managers may suffer a higher or lesser influence were used two analyzes regressions on Panel Data with robust standard errors and grouping by firm. Firstly, it was run the original models of each group, separately. Afterwards, it was analysed the models with dummies interactions of the groups with originals variables of the relevance models, conditional conservatism and result management. The results showed that the effects of the assumptions of Positive Accounting Theory in Information Quality metrics are not uniform and vary according to the controls used. However, it is possible to check that there may exist influence on Accounting Relevance Information by the Bonus Plan Hypothesis and Size Hypothesis; on the Timeliness by the Size Hypothesis; on the Conditional Conservatism by the Bonus Plan Hypothesis and, on the Results Management, by all PAT Hypothesis analysed in this study.

Submitted by Daphne Breyer (daphne@breyer.com.br) on 2018-10-13T14:41:49Z No. of bitstreams: 1 Daphne Breyer_Diversidade em Conselhos de Administração - Uma Análise da Realidade Brasileira_Versão Completa.pdf: 968049 bytes, checksum: 41f34796e7a4cbfeea095cd7ef57d267 (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2018-10-25T19:41:14Z (GMT) No. of bitstreams: 1 Daphne Breyer_Diversidade em Conselhos de Administração - Uma Análise da Realidade Brasileira_Versão Completa.pdf: 968049 bytes, checksum: 41f34796e7a4cbfeea095cd7ef57d267 (MD5) / Made available in DSpace on 2018-10-29T19:20:41Z (GMT). No. of bitstreams: 1 Daphne Breyer_Diversidade em Conselhos de Administração - Uma Análise da Realidade Brasileira_Versão Completa.pdf: 968049 bytes, checksum: 41f34796e7a4cbfeea095cd7ef57d267 (MD5) Previous issue date: 2018-10-05 / Este estudo constrói uma base de dados inédita para analisar se a diversidade de gênero em conselhos de administração no Brasil adicionou valor para o acionista no período entre 2010 e 2017. Como estratégia de mensuração regredimos os excessos dos retornos sobre o patrimônio líquido das empresas - excessos em relação ao retorno de mercado (ROE menos o retorno do Ibovespa) contra o percentual de mulheres no conselho de administração. Utilizamos o método dos mínimos quadrados com dados referentes às empresas de capital aberto listadas na bolsa brasileira (B3) que apresentaram liquidez em bolsa superior à 1%. Controlamos os resultados para heterogeneidade dos conselhos adicionando os seguintes regressores: idade dos conselheiros, tamanho e independência do conselho. Concluímos que existe uma relação positiva e estatisticamente significativa entre uma maior presença de mulheres em conselhos de administração e geração de valor nas empresas, quando a geração é mensurada pelo excesso do retorno sobre o patrimônio líquido em relação ao retorno médio de mercado / This study builds an unprecedented database to analyze whether gender diversity in boards of directors in Brazil added shareholder value in the period between 2010 and 2017. As a measurement strategy we regressed the excesses of returns on companies 'stockholders' equity - excesses in relation to the market return (ROE less Ibovespa's return) against the percentage of women on the board of directors. We used the least squares method with data referring to publicly traded companies listed on the Brazilian stock exchange (B3), which had liquidity on the stock exchange of more than 1%. We control the results for heterogeneity in boards by adding the following regressors: age of board members, size, and board independence. We conclude that there is a positive and statistically significant relationship between a greater presence of women in boards of directors and a greater generation of value in companies, when generation is measured by the excess of return on equity in relation to the average return of the market