Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-03-16T12:14:05Z No. of bitstreams: 1 Camila Roberta Ananias.pdf: 1607405 bytes, checksum: f9f134d9b4be38fd8bbd4004304ea2f1 (MD5) / Made available in DSpace on 2018-03-16T12:14:05Z (GMT). No. of bitstreams: 1 Camila Roberta Ananias.pdf: 1607405 bytes, checksum: f9f134d9b4be38fd8bbd4004304ea2f1 (MD5) Previous issue date: 2018-02-26 / The present study looked for how to know the impact of the Brazilian economic recessive situation, as this has influenced the pricing policy of accounting remunerations. The future of accounting in Brazil has been bringing changes regarding the virtual accounting firms that provide the service in an on-line and digital way, acting technologically with the client. The general objective was to reflect on the ways in which the market prices are priced and the technological world reality in accounting firms. The research approach was qualitative and descriptive, whose objective was to analyze the pricing characteristics used by accounting firms, the use of the questionnaire was employed. The study concluded that the accounting entrepreneur should measure in each remuneration, the hours provided, the costs involved, the margin of costs, the taxation for the definition of the price and the limit of the discount, if any. The study showed that there are accounting offices that do not have pricing criteria for their remunerations. The work has helped to alert managers of accounting firms to rethink pricing / O presente estudo procurou conhecer o impacto da situação econômica recessiva brasileira e como ela tem influenciado a política de preços dos honorários contábeis. O futuro da contabilidade no Brasil vem trazendo mudanças para as empresas contábeis virtuais que prestam serviço de modo on-line e digital, atuando tecnologicamente com o cliente. O objetivo geral foi refletir sobre formas e tendências da precificação no mercado quanto aos custos e sobre a realidade mundial tecnológica existente nas empresas de contabilidade. A abordagem da pesquisa foi qualitativa e descritiva. Para analisar as características de precificação utilizadas por empresas contábeis foi empregado o uso de questionário. A conclusão deste estudo é que o empresário contábil deve mensurar, em cada honorário, as horas prestadas, os custos envolvidos, a margem, a tributação para a definição do preço e o limite do desconto, se houver. Demonstrou que ainda existem escritórios de contabilidade que não têm critério de precificação dos seus honorários. O trabalho contribuiu para alertar gestores de empresas contábeis sobre a necessidade de repensar formas de precificação

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-11-18T16:34:14Z No. of bitstreams: 2 ANATOLI DIAS ORLOVAS.pdf: 380790 bytes, checksum: ed39ab77e72e71915d8186a36ca1276b (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-11-18T16:34:14Z (GMT). No. of bitstreams: 2 ANATOLI DIAS ORLOVAS.pdf: 380790 bytes, checksum: ed39ab77e72e71915d8186a36ca1276b (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-03-28 / The objective of this study is to verify if the use of multiples for valuation of companies during their initial public offering is a good predictor of their stock prices. For this study, 71 IPO???s from the Brazilian market that met the selection criteria were analyzed among 117 IPO???s that were approved by the CVM during the period from 2004 to 2014, using the three valuation multiples with higher incidence of recommendations among the analyzed scientific studies surveyed for the elaboration of this work: Price to Book, Price to Earnings and Enterprise Value to EBITDA. This study has compared the multiples of IPOs with the same multiples of companies belonging to the same sector of activity (peers), in two distinct moments: (i) the day of the IPO's and (ii) the day before of the IPO. The analysis was structured in three models: (i) relating the multiple of the IPO to the mean, median and harmonic mean of this same multiple for their peers, (ii) adding dummies related to the year of IPO in the previous model and (iii) adding variables related to size, leverage and return to the previous model. For all models, MQO regressions were performed. As a result, the work found statistical significance to the multiple Price to Earnings when the mean was used in the Model III, showing significance with the use of the difference of returns. Statistical significance was also founded to the multiple Enterprise Value to EBITDA when the mean was used to the Model I, which show the best adjustments demonstrated by R??, although it did not find statistical significance for the Price to Book multiple. / O trabalho a seguir tem por objetivo analisar se a utiliza????o de m??ltiplos para a avalia????o de empresas no momento de sua abertura de capital ?? um bom previsor para o pre??o das a????es destas empresas. Para este trabalho foram analisados 71 IPO???s do mercado brasileiro que atenderam aos crit??rios de sele????o entre os 117 IPO???s que foram aprovadas pela Comiss??o de Valores Mobili??rios ??? CVM, durante o per??odo de 2004 a 2014, utilizando-se dos tr??s m??ltiplos com maior incid??ncia de recomenda????es entre os estudos pesquisados para a elabora????o deste trabalho: Price to Book, Price to Earnings e Enterprise Value to EBITDA. O trabalho comparou os m??ltiplos dos IPO???s com os mesmos m??ltiplos de empresas pertencentes ao mesmo setor de atua????o (peers), em dois momentos distintos: (i) o dia da estreia do IPO na bolsa e (ii) o dia de negocia????es anterior a esta estreia. As an??lises foram estruturadas em 3 modelos, sendo: (i) relacionando o m??ltiplo do IPO com a m??dia, mediana e m??dia harm??nica deste mesmo m??ltiplo para seus peers, (ii) acrescentando dummies referente ao ano da emiss??o do IPO ao modelo anterior e (iii) acrescentando vari??veis relacionadas ao tamanho, alavancagem e endividamento ao modelo anterior. Para todos os modelos, foram realizadas regress??es MQO. Como resultado, o trabalho encontrou signific??ncia estat??stica para os m??ltiplos Price to Earnings quando utilizada a m??dia para o Modelo III, apresentando signific??ncia com a utiliza????o da diferen??a dos retornos. Encontrou tamb??m signific??ncia estat??stica para o m??ltiplo Enterprise Value to EBITDA, quando utilizada a m??dia para o Modelo I, o qual apresentou melhores ajustes demonstrados pelo R??, embora n??o tenha encontrado signific??ncia estat??stica para o m??ltiplo Price to Book.

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2018-05-25T15:09:10Z No. of bitstreams: 2 NAT??LIA MAGDALENO XAVIER.pdf: 1158119 bytes, checksum: 1d0477dc6d7720059cd5324db77e2905 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-05-25T15:09:10Z (GMT). No. of bitstreams: 2 NAT??LIA MAGDALENO XAVIER.pdf: 1158119 bytes, checksum: 1d0477dc6d7720059cd5324db77e2905 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-05-16 / Managers are always looking for innovation for their companies, but are often pressured to behave in a certain way, on account of an existing law, an established standard or seeking acceptance / legitimation. In this paper, we sought to identify and analyze the formation of sales price with the managers and verify the isomorphism evidence in the practices adopted in micro and small businesses in the region of Grande ABC Paulista. Since sales price is a vital decision for businesses regardless of size, area of focus, location or age, as there are several factors that influence this process and some different methods can be used to define it. It is a descriptive and quali-quantitative research, whose data were collected in two stages. In the first stage, in-depth interviews were conducted with nine managers of these businesses. The content analysis to was applied to the interpretation of the findings, seeking subsidies for the sequence of the investigation. It was possible to perceive that there is no pattern in the pricing process among the interviewees. About 50% reported having a logical process, and other 50% more intuitive; all the managers participating in the interviews stated that they were attentive to the market reaction on their price, consider mainly the price of their competitors and its own cost structure, but assign diferente degrees of importance. After conducting the interviews, the 122 questionnaires have applied to managers of micro and small business in Grande ABC Paulista region. It was verified that researched managers are aware of the strategic importance of pricing strategic, and the most most used pricing method among micro and small business in Grande ABC Paulista region is mixed sales price method, and it was possible to verify that there is isomorphism evidence in this process, especially the mimetic mechanism, despite haven???t appear in a strong and explicit way. / Os gestores est??o sempre em busca de inova????o para suas empresas, mas muitas vezes s??o pressionados a se comportar de forma semelhante ??s outras empresas, por conta de uma lei, um padr??o estabelecido ou em busca de aceita????o/legitima????o. Neste trabalho, buscou-se identificar e analisar evid??ncias de isomorfismo nas pr??ticas de forma????o do pre??o de venda junto aos gestores de micro e pequenas empresas da regi??o do Grande ABC Paulista. Visto que pre??o de venda ?? uma decis??o vital para as empresas independente do porte, ??rea de atua????o, localiza????o ou idade, visto que h?? v??rios fatores que influenciam este processo, e m??todos diferentes podem ser usados para defini-lo. ?? uma investiga????o descritiva, qualitativa e quantitativa, cujos dados foram coletados em duas etapas. Na primeira etapa foram realizadas entrevistas em profundidade com nove gestores dessas empresas. Aplicou-se a an??lise de conte??do para interpreta????o dos achados, buscando subs??dios para a sequ??ncia da investiga????o. Constatou-se que n??o h?? um padr??o no processo de forma????o de pre??o de venda entre os entrevistados. Cerca de 50% afirmaram ter um processo l??gico, e os outros 50% mais intuitivo; todos os participantes das entrevistas declararam estar atentos ?? rea????o do mercado ao seu pre??o; consideram, principalmente, o pre??o dos seus concorrentes e a sua pr??pria estrutura de custos, mas atribuem graus de import??ncia diferentes. Ap??s a realiza????o das entrevistas foram aplicados 122 question??rios a gestores de micro e pequenas empresas da regi??o do Grande ABC Paulista. Constatou-se que os gestores pesquisados tem consci??ncia da import??ncia estrat??gica da decis??o de forma????o de pre??o, e que o m??todo de forma????o de pre??o de venda mais usado entre as micro e pequenas empresas da regi??o do Grande ABC Paulista ?? o misto, e foi poss??vel verificar que h?? evid??ncia de isomorfismo nesse processo, com destaque para o mecanismo mim??tico, apesar de n??o aparecer de maneira forte e expl??cita.