Mission statement is important to companies, especially as a strategic communication tool with stakeholders. Innovation is also important to companies and has its implications on performance. This study examines the relationship between financial performance and explicitly communicating innovation in mission statement. The study uses a quantitative approach with logistic regression to test empirical hypotheses related to revenues, profits, change in assets and market value, and their relationship with explicitly communicating innovation in mission statements. The conclusion is that among all the financial performance indicators considered, only market value represents a strong and significant result, indicating a positive relationship with explicitly communicating innovation.

Em 2016, cerca de 35 milhões de brasileiros ainda não contava com acesso à água tratada e 100 milhões não possuíam atendimento com rede de esgotamento sanitário. Posto que a melhoria do serviço público seja um imperativo, faz-se necessário o investimento de mais de R$ 20 bilhões de reais anualmente até 2033, valor utópico se considerarmos o cenário de restrição orçamentária dos entes federativos. Nesse contexto, a presença de entidades privadas no setor de saneamento básico vem sendo amplamente discutida como uma solução para esse obstáculo ao desenvolvimento nacional. Entretanto, existem barreiras institucionais para a atuação do setor privado que são justificadas por uma ideologia baseada em argumentos que não exploram a complexidade e a realidade atual do setor. A presente pesquisa propôs averiguar se o fato de a propriedade da companhia de saneamento ser pública ou privada impacta na qualidade da provisão dos serviços, na eficiência operacional e na conjuntura financeira das empresas. Isso de maneira a responder se o aumento da participação privada no setor deve ser barrado ou incentivado dentro de um arranjo institucional adequado. Embora o maniqueísmo que percebe o gestor privado como homo economicus e gestor público como supremamente interessado no bem-estar seja bastante disseminado, as análises deste trabalho não mostraram resultados de indicadores sociais consistentemente melhores para empresas públicas e nem que renunciam à eficiência operacional e financeira em prol da prosperidade social. Chega-se à conclusão de que o dilema público-privado não deve ser um empecilho para a execução de políticas. A presença do setor privado não é prejudicial ao consumidor, mas sim necessária em um cenário de crise econômica e com diversas barreiras à execução de obras. Desse modo, as diretrizes governamentais precisam trabalhar para fortalecer o ambiente institucional, não apenas através de suporte, mas também colaborando com a presença das empresas privadas no setor de saneamento básico. / In 2016, around 35 millions of Brazilians still didn\'t have access to clean water and more than 100 millions didn\'t receive sanitation services. For the universalization to be accomplished until 2033, as it is predicted in the National Plan (Plansab, 2014), more than R$ 20 billions must be invested every year, which is utopic if we consider the cenarium of budget restriction of the Union, States and Municipalities. In this context, the presence of private entities in the sanitation sector is more and more discussed as a solution for this obstacle to the national development. However, there are institutional barriers for their action, justified by an ideology based in assertions that do not explore the complexity and the current situation of the sector. This dissertation intends to ascertain if the fact of the propriety of the company is public or private affects the quality of the services, in a social, operational and financial analysis. It intends to answer if the increase of the private presence in the sector should be contained or incentivized, in a proper institutional arrangement.

A presente pesquisa tem como objetivo identificar a relação entre a riqueza criada e o desempenho econômico-financeiro das cooperativas agropecuárias no Brasil. As cooperativas são organizações econômicas intermediárias, que prestam serviços aos associados, satisfazendo suas necessidades econômicas particulares. O fato é que além das sobras, que pode ser uma estratégia das cooperativas a partir dos interesses dos associados, as cooperativas também prestam serviços, como assistência técnica, orientação, compra de insumos/produtos, comercialização, agregando valor e gerando riqueza aos associados. Assim, avaliar os resultados de uma cooperativa e o seu desempenho da mesma forma com que uma empresa, cuja finalidade é a maximização do lucro, é avaliada pode não ser o mais adequado. Identificou-se, então, a necessidade de buscar outra maneira que possa contribuir na mensuração dos resultados das cooperativas. A riqueza criada é uma maneira de avaliar o desempenho econômico e social de uma organização e, é evidenciada na Demonstração do Valor Adicionado. Para tanto, identificou-se a relação entre o valor adicionado produzido pela cooperativa e os índices econômico-financeiros relevantes na avaliação de desempenho das cooperativas agropecuárias, por meio do método estatístico de regressão de dados em painel, considerando 34 cooperativas agropecuárias brasileiras durante 5 anos consecutivos e, realizou-se um estudo de caso em uma cooperativa agropecuária da amostra a fim de identificar qual é o valor agregado produzido pela cooperativa e qual a sua estratégia de distribuição do valor adicionado ao produtor rural associado. Os resultados evidenciam que há variáveis de tamanho, rentabilidade e network inseridas no modelo que contribuem para explicar a riqueza gerada pelas cooperativas da amostra. A variável venda líquida, utilizada como proxy para tamanho, a margem de vendas, utilizada como proxy para rentabilidade e o fato da cooperativa participar de uma cooperativa central, proxy para network são significativas e estão relacionadas positivamente com a riqueza criada. / This research aims to identify the relationship between the value added and the financial performance of agricultural cooperatives in Brazil. Cooperatives are economic intermediary organizations that provide services to members, satisfying their particular economic needs. The fact is that besides the leftovers, which can be a strategy of cooperatives based on the interests of the members, the cooperatives also provide services such as technical assistance, guidance, purchase of inputs/products, marketing, adding value and generating value to members. Thus, evaluating the results of a cooperative and its performance in the same way that a company whose purpose is profit maximization, is valued may not be the most appropriate. Then, we identified the need to find another way to contribute to the measurement of the results of cooperatives. The value added is a way to evaluate the economic and social performance of an organization and is shown in the Value Added Statement. For this, we identified the relationship between the added value produced by the cooperative and the relevant economic and financial indicators in assessing the performance of agricultural cooperatives, using the statistical method of panel data regression considering 34 Brazilian agricultural cooperatives during five years consecutive and performed a case study in an agricultural cooperative of the sample in order to identify what is the value added produced by the cooperative and what is its distribution strategy of value added to the associated farmers. The results show that there are varying size, profitability and inserted into the network model that can contribute to the value added by the cooperatives of the sample. Net sales variable, used as a proxy for size, sales margin, used as a proxy for profitability and the fact that the cooperative part of a central cooperative proxy for network are significant and are positively related to value added.

Dans les années 1990 et 2000, de nombreux clubs de football professionnel (CFP) ont été inscrits sur les marchés boursiers. Le succès des IPO sur les marchés du football, en particulier dans le domaine des performances sportives et financières, est incertain. Ainsi, nombreux recherches académiques empiriques ont été préconisées pour examiner la performance financière des IPO dans ces clubs. De telles recherches ont révélé que la performance financière des clubs cotés a diminuée. La plupart de ces recherches indiquent qu'il existe une relation entre la performance sportive et la performance financière dans ces clubs. Cependant, les chercheurs n'ont pas déterminé les facteurs de ce phénomène. Pour combler cette lacune dans la littérature antérieure, la thèse vise à identifier les facteurs déterminants de la performance sportive et financière listés dans CFP et à les comparer avec les déterminants des performances sportives et financières des CFP au Moyen-Orient.Cette thèse fournit d'autres preuves empiriques sur la relation entre la performance sportive et la performance financière dans les CFP listés. Le plus important est que les résultats de la thèse fournissent un nombre de facteurs déterminants qui affectent la performance sportive et financière dans les CFP. Parmi les résultats intéressants, on peut citer l’existence de facteurs similaires et différents entre les clubs de football européens et les clubs de football du Moyen-Orient. Cela semble être confirmé par le fait que le marché et les tournois et les règlements sont différents. De plus, l’impact des spectateurs est un résultat intéressant, dans lequel leur effet sur la performance financière est indirect, alors qu’il est direct sur la performance sportive. Cependant, la juste valeur du club est incertaine en raison du manque de divulgation et de détail des informations comptables. Nous suggérons donc d'améliorer la gouvernance d'entreprise pour améliorer la transparence et la responsabilité. De plus, la thèse suggère que la perspective de la gestion stratégique est un facteur important pour traiter la performance financière non durable des CFP, en particulier à long terme afin de mesurer la juste valeur du club. Cela a conduit à gagner en pertinence compte tenu de l’importance de la gestion stratégique dans les futures recherches universitaires. Ainsi, nous pouvons poser la question suivante: dans quelle mesure l’introduction en bourse est-elle durable dans les clubs de football professionnels? / In 1990s and 2000s many professional soccer (PSCs) clubs have been listed IPO in stock markets. The success of IPO in soccer markets, especially in the field of sports and financial performance is uncertain. Thus, number of empirical academic researches have been advocated to examine financial performance of IPO in these clubs. Such researches found financial performance of listed clubs is declined. Most of those researches indicate there is relationship between sports performance and financial performance in those listed clubs. However, researchers have not determine the factors of this phenomenon. To bridge this gap in the past literature, thesis aims to identify the determining factors of sports and financial performance in listed PSCs and to compare them with determinants of sports and financial performance of PSCs in Middle East.This thesis provides further empirical evidence on the relationship between sports and financial performance in listed PSCs. More importantly, results of thesis provide number of determining factors that affect sports and financial performance in PSCs. An interesting results, there are some similar and dissimilar factors between European soccer clubs and Middle east soccer clubs. This seemed to be confirmed by the fact that market and tournament and regulations are different. Furthermore, impact of spectators is interesting result, in which their effect on financial performance is indirect, while direct on sports performance. Yet, fair value of club is uncertain because lack of disclosure and detail accounting information. Thus, we suggest improving corporate governance to enhance transparency and accountability. Moreover, thesis suggest that strategic management perspective is important factor to treat unsustainable financial performance of PSCs, especially in long term in order to measure fair value of club. This lead to gain more relevance considering the importance of strategic management in future academic researches. Thus, we can raise the following question is to which extent IPO is sustainable in professional soccer clubs?

Na medida em que se toma conhecimento do processo de reestruturação gerencial e profissionalização do setor sucroalcooleiro, surge a necessidade de verificar se os novos modelos de gestão de RH adotados suportam o crescimento e mantém a competitividade das usinas, contribuindo de forma efetiva para a criação de valor. Neste caso, como as organizações têm adotado práticas diferenciadas e poucos são os estudos que mostram, efetivamente, se sua aplicação reflete um bom desempenho financeiro, avaliar a relação do papel da gestão de RH no desempenho financeiro pode contribuir para esclarecer sua abrangência, tanto em termos dos desafios quanto em termos dos benefícios organizacionais gerados por esta mudança. Para tanto foi realizada uma pesquisa qualitativa descritiva com o estudo de três casos específicos. Os dados foram coletados por meio de fontes primárias, questionários e entrevistas semi-estruturadas, e também, por meio de fontes secundárias complementares. O embasamento teórico foi feito a partir da abordagem de cinco temas centrais: evolução do conceito de RH, a administração de RH em mudança, a administração estratégica de RH, a gestão de RH e o desempenho organizacional e, por fim, o agronegócio sucroalcooleiro. Os resultados da pesquisa evidenciaram papéis de gestão de RH divergentes, que diferenciam as usina pelo nível de instrução e/ou grau de adoção de determinadas práticas. No entanto, ao se fazer as análises das relações entre os papéis de gestão de RH apresentados pelas usinas e seu desempenho financeiro observou-se que a usina B, que possuía a maior orientação estratégica entre as demais, obteve os melhores resultados financeiros na safra 2007/08. Desta forma, conclui-se que, existe uma relação positiva entre a gestão de RH e o desempenho financeiro das usinas, e além disso, as usinas com maior orientação estratégica apresentam resultados melhores. / As we noted the process of management restructuring and professionalization of sugaralcohol sector, there is a need to ascertain whether the new management adopted HR support growth and maintain the competitiveness of plants, contributing effectively to the creation of value. In this case, as the organizations have adopted different practices and there are few studies that show, actually, if your application reflects a good financial performance, evaluate the role of HR management in financial performance may help to clarify its scope, both in terms of the challenges in terms of the benefits generated by this organizational change. For this was a descriptive qualitative research to the study of three specific cases. Data were collected through primary sources, questionnaires and semi-structured, and also through additional secondary sources. The theoretical basis was made from the approach of five central themes: evolution of the concept of HR, administration of HR change in the strategic management of human resources, management of HR and organizational performance and, finally, the sugar-alcohol sector agribusiness. The survey results showed the roles of HR management divergent to distinguish the plants by level of education and/or degree of adoption of certain practices. However, when doing the analysis of relations between the roles of HR management provided by mill and its financial performance showed that the plant B, which had the greatest strategic guidance from the others, received the best financial results in 2007/08 season. Thus it appears that there is a positive relationship between HR management and financial performance of plants, and moreover, the plants with more strategic orientation have better results.

The purpose of this research is to contribute to the understanding of the debate surrounding strategic human resource management (SHRM) and organisational performance. The relationship between SHRM and organisational performance has been a heavily deliberated issue over the last decade. A survey of literature on SHRM and its impacts in terms of performance reveals that empirical results on this topic are, as yet, inconclusive. Whilst some studies have found the impact to be positive, the results from several other studies cast doubts concerning the overall efficacy of (positive) HR practices on firms' performance. Moreover, researchers have argued that there is a need for additional studies on the HRM-performance link, and that further investigations in different contexts are required. This study responds to the call of researchers, and is conducted in a new non-Western context in the country of Jordan. The work contributes to our understanding of HR practices' impacts on employee turnover rate as well as on the actual and perceived financial performance of organisations. The empirical analysis is based on theoretical propositions which state that motivated employees, through good HR practices, remain in their positions longer and contribute positively to the overall financial performance of organisations. Rigorous statistical testing of the data on the population of financial firms shows that careful recruitment and selection, training, and internal career opportunities all have a positive impact in terms of reducing employee turnover. Training, in particular, is found to have a strong positive impact on actual and perceived financial performance. The findings do not support the indirect HRM-performance relationship mediated by employee turnover. The study provides strong support for the universalistic approach that a group of best HR practices will continuously and directly generate superior performance for the companies. We also find no evidence to support the notion that bundles or complementarities of HR practices impact better on financial performance than individual HR practices. We test the impact of strategic HR involvement (involving HR functions in the overall strategic process of the company) and HR devolvement (delegating the day-to-day HR issues to line managers) on organisational performance. Our results show that financial performance can be enhanced and employee turnover rate decreased by involving HR directors in the overall strategic decision-making process of the companies. The results indicate that the alignment of HRM with organisational strategy would improve the financial performance of the companies; however, our results suggest that the devolvement of routine HR issues to line managers may not be positively related to the financial performance of the companies or negatively related to employee turnover.

[pt] A partir das últimas décadas do século XX, as empresas passaram a ser pressionadas por novas demandas da sociedade no sentido de apresentarem um comportamento mais consciente e sustentável. Visando se adequar a este novo paradigma, a maior parte das médias e grandes empresas têm dirigido suas estratégias e ações para os aspectos ambiental e social. A gestão ambiental figura como ferramenta imprescindível para nortear tais ações. O objetivo desta dissertação é compreender e categorizar as práticas ambientais adotadas por empresas brasileiras e verificar se elas influenciam seus desempenhos econômico-financeiros. Foram coletados dados de fontes secundárias sobre as iniciativas ambientais das empresas (Revista Análise Gestão Ambiental), bem como sobre seus indicadores financeiros (Revista Exame, BOVESPA, demonstrativos oficiais das empresas). Os dados foram tratados estatisticamente com o software SPSS 17.0. Foram analisadas algumas taxonomias de gestão ambiental propostas até o presente momento e verificado se as posturas das empresas pesquisadas se enquadravam nas mesmas. Para tanto, utilizou-se a ferramenta twostep cluster analysis. Em um último momento, os indicadores financeiros dos grupos de empresas encontrados, em função do tipo de gestão ambiental adotada, foram analisados por meio das ferramentas estatísticas MANOVA e ANOVA para verificar se havia diferenças entre o desempenho econômico-financeiro desses grupos. Os resultados desta análise para a amostra de 142 empresas sugerem que as práticas de gestão ambiental podem ser classificadas em duas categorias distintas - empresas mais reativas e mais proativas - e que não há diferenças significativas entre o desempenho econômicofinanceiro desses grupos. / [en] Since the last decades of the 20th century, businesses have been pressured by new demands of society in order to present a more conscious and sustainable behavior. Aiming to adapt to this new paradigm, most medium to large sized companies have directed their strategies and actions to recognize environmental and social concerns. Environmental management has become an essential tool to guide and promote these sometimes new corporate values. The goal of this dissertation is to understand and categorize the environmental practices by Brazilian companies and see if they influence their economic and financial performances. Data were collected from secondary sources about the environmental initiatives of enterprises (Magazine Análise Gestão Ambiental), as well as on its financial indicators (Magazine Exame, BOVESPA website and the official statements of the companies). The data were statistically analyzed with SPSS 17.0 software. Some proposed taxonomies of environmental management were analyzed and were verified if the behavior of the companies surveyed fit them. For this purpose, the tool TwoStep cluster analysis was used. In the end, the financial indicators of the groups found, depending on the type of environmental management adopted, were analyzed by means of ANOVA and MANOVA statistical tools to see if there were differences between the financial performance of these groups. The results of this analysis for the sample of 142 companies suggests that environmental management practices can be classified into two distinct categories companies more reactive and more proactive and that there are not significant differences between the financial performance of these groups.

While the market of high-class apartment in Vietnam remains rather „quiet‟, the medium and low-price apartment segments are attracting investors‟ interest and becoming scarce because the demand is growing faster than the supply (VietRees,2009). Moreover, apartments for low-income people draw the attention of more buyers due to reasonable price matching their affordability.Investors in Vietnam have begun to re-consider the market and found out a great demand for accommodation from low-income population. Most of them are from different provinces in Ho Chi Minh City (HCMC) so they don‟t have proper houses. According to a recent statistics, more than 80% of HCMC citizens in the age range from 18 to 35 have to live with their family; more than 90% of the immigrated young people have to live in rented houses; more than 30% of the total number of families have to live in houses of less than 36m2; thousands of families have to live in houses below minimum standards (Xay Dung, 2009). Most of the rest have to rent houses with very poor living conditions. Especially, the majority of Vietnam populations who are young, dynamic and usually rush to big cities for jobs having high demand to own an apartment even when they are still single. Hence, we can see that the housing market for low-income earners is full of potential and quite attractive.~ ii ~By modeling main risk factors in Monte-Carlo simulation on financial performance of the project in HCMC, the findings demonstrate that the period of loan and apartment selling price (positive risk factors) make financial performance of the project increase faster than other risk factors (including inflation rate) that decrease the profit of the project. Besides policies and flexible financial systems, risk management should be implemented regularly to control these risk factors from the beginning to the end of the project. Therefore, I could support the entrepreneurs to plan economic strategy specifically and effectively such as recommending how to make both state-owned and private projects successful and create profits for investors at an acceptable degree of risks as well as how to bring accommodation to low-income people with reasonable prices.The project will provide accommodations for approximately 2000 people. This number may not be large enough to create a significant social impact. However, if this business model and my research bring to good result, making benefits for its inhabitants and profits for the investors, it can be multiplied in larger scale and scope, hence creating more practical socio-economic benefits. It can be said that this project is the seed, laying premises for bigger project afterwards.For these reasons, I hope that this study is useful not only to investors, researchers, and low-income people in Vietnam but also to those in Sweden.

O objetivo deste estudo é investigar a relação entre a formalização integral e o desempenho econômico-financeiro em micro e pequenas empresas brasileiras (MPEs).A formalização integral foi considerada sob as dimensões: societária, gerencial e fiscal.A formalização societária contempla ações entre os proprietários que poderão levar ao bom andamento da sociedade empresarial e à remuneração adequada do capital investido na empresa. A base conceitual é a profissionalização da sociedade (MOREIRA JÚNIOR, 2006; DRUCKER, 1995; BERNHOEFT e CASTANHEIRA, 1995, entre outros) e a observação de normas civis brasileiras que tratam das relações entre pessoas físicas e jurídicas. Os conceitos planejamento e controle financeiro (FREZATTI, 2003; WELSCH, 1983) e competências gerenciais (LE BOTERF, 2003; DUTRA, 2004; FLEURY e FLEURY, 2001) foram abordados para dar sustentação à formalização gerencial. A formalização fiscal, entendida pela estruturação da empresa, física e financeiramente, para o cumprimento das regras estabelecidas pelos governos e passíveis de fiscalização e autuação (MONTAÑO, 1999; ZANGARI JÚNIOR, 2007). Os conceitos relativos ao desempenho econômico-financeiro foram analisados no sentido de evidenciar a relação deste com a competitividade, ganho de eficiência e eficácia, criação de valor para o negócio, geração de caixa para os investidores e continuidade do negócio (COPELAND, et al., 2002; RAPPAPOR, 2001; EHRHARDT e BRIGHAM, 2012; ELKINGTON, 1999). A amostra deste estudo é não-probabilística e formada por 100 empresas que manifestaram o interesse em participar. Foram utilizados dados primários, coletados por levantamento de campo (survey), utilizando entrevista focalizada e a técnica do balanço perguntado(MARTELANC, 1998). Submeteram-se os dados a técnicas descritivas multivariadas, inclusive modelagem de equações estruturais. As hipóteses foram construídas na suposição de que o desempenho econômico-financeiro se dá pela formalização societária, gerencial e fiscal e que a expectativa de sobrevivência aumenta com melhor desempenho econômico-financeiro. Os resultados comprovaram que a formalização societária, a gerencial e a fiscal têm relação estatística positiva, significante e indireta com o desempenho econômico-financeiro e este explica a expectativa de sobrevivência das empresas estudadas. O achado é relevante visto que traz um novo meio para tratar dos problemas da informalidade e sobrevivência das micro e pequenas empresas brasileiras, porém requer avanços e novos estudos. / This study aims to investigate the relationship between full formalization and economic and financial performance of Brazilian micro and small companies (MSCs). The full formalization was considered under tree the dimensions: corporate, managerial and fiscal. The corporate formalization encompasses actions among the owners that may lead to the good progress of the corporate society and the adequate remuneration of the capital invested in the company. The conceptual basis is the professionalization of society (MOREIRA JÚNIOR, 2006; DRUCKER, 1995; BERNHOEFT and CASTANHEIRA, 1995, among others) and the observation of Brazilian civil norms that deal with relations between individuals and legal entities. The concepts of planning and financial control (Frezatti, 2003; Welsch, 1983) and managerial competencies (LE BOTERF, 2003; DUTRA, 2004; FLEURY and FLEURY, 2001) were approached to support management formalization. The fiscal formalization, understood by the structuring of the company, physically and financially, for the fulfillment of the rules set up by the governments and are subject to inspection and assessment (MONTAÑO, 1999; ZANGARI JÚNIOR, 2007). The concepts related to economic and financial performance were analyzed in order to show the relationship between this and competitiveness, achieve efficiency and effectiveness, create value for the business, generate capital for investors and business continuity (Edwards et al., 2002). Sample of this study is non-probabilistic and consists of 100 companies that showed interest in participating. The primary data employed was collected by field survey, using a focused interview and the requested balance technique (MARTELANC, 1998). Data were submitted to multivariate descriptive techniques, including modeling of structural equations. The hypotheses were constructed under the assumption that economic and financial performance is obtained through corporate, managerial and fiscal formalization, and also that the expectation of business survival increases with a better economic-financial performance. The results showed that corporate, managerial and fiscal formalization have a positive, significant and indirect statistical relationship with economic and financial performance and this explains the expected business survival of the companies studied. The finding is relevant since it brings a new way of dealing with the problems of informality and business survival of micro and small Brazilian companies, but it requires advances and new studies.

Os modelos de análise e decisão de concessão de crédito buscam associar o perfil do tomador de crédito à probabilidade do não pagamento de obrigações contraídas, identificando assim o risco associado ao tomador e auxiliando a firma a decidir pela aprovação ou negação da solicitação de crédito. Atualmente este campo de pesquisa tem ganhado importância no cenário nacional - pela intensificação da atividade de crédito no país com grande participação dos bancos públicos neste processo - e internacional - pelo aumento das preocupações com potenciais danos à economia derivados de eventos de default. Tal quadro fez com que fossem construídos e adaptados diversos modelos e métodos à análise de risco de crédito tanto para consumidores como para empresas. Estes modelos são testados e comparados com base na acurácia de previsão ou de métricas de otimização estatística. Este é um procedimento que pode não se mostrar eficiente do ponto de vista financeiro, ao mesmo tempo em que dificulta a interpretação e tomada de decisão por parte da firma quanto a qual o melhor modelo, gerando uma lacuna pelo desprendimento observado entre a decisão de qual o modelo a ser adotado e o objetivo financeiro da empresa. Tendo em vista que o desempenho financeiro é um dos principais indicadores de qualquer procedimento gerencial, o presente estudo objetivou preencher a esta lacuna analisando o desempenho financeiro de carteiras de crédito formadas por técnicas de aprendizagem estatística utilizadas atualmente na classificação e análise de risco de crédito em pesquisas nacionais e internacionais. A pesquisa selecionou as técnicas: análise discriminante, regressão logística, redes bayesianas Naïve Bayes, kdB-1, kdB-2, SVC e SVM e aplicou tais técnicas junto à base de dados German Credit Data Set. Os resultados foram analisados e comparados inicialmente em termos de acurácia e custos por erro de classificação. Adicionalmente a pesquisa propôs o emprego de quatro métricas financeiras (RFC, PLR, RAROC e IS), encontrando variações quanto aos resultados produzidos por cada técnica. Estes resultados sugerem variações quanto a sequência de eficiência e consequentemente de emprego das técnicas, demonstrando a importância da consideração destas métricas para a análise e decisão de seleção de modelos de classificação ótimos. / Analysis and decision credit concession models search for relating the borrower\'s credit profile to the nonpayment probability of their obligations, identifying risks related to borrower and helping decision firm to approve or deny the credit request. Currently this search field has increased in Brazilian scenario - by credit activity intensification into the country with a large public banks sharing - and in the international scenario - by growing concerns about economy potential damages resulting from default events. This position leads the construction and adaptation of several models and methods by credit risk analysis from both consumers and companies. These models have been tested and compared based on prediction of accuracy or other statistical optimization metrics. This proceed is eventually not effective when analyzed by a financial standpoint, in the same time that affects the understanding and decision of the enterprise about the best model, creating a gap in the decision model choice and the firm financial goals. Given that the financial performance is a foremost indicator of any management procedure, this study aimed to address this gap by the financial performance analysis of loan portfolios formed by statistical learning techniques currently used in the classification and credit risk analysis in national and international researches. The selected techniques (discriminant analysis, logistic regression, Bayesian networks Naïve Bayes , 1 - KDB , KDB - 2 , SVC and SVM) were applied to the German Credit Data Set and their results were initially analyzed and compared in terms of accuracy and misclassification costs. Regardless of these metrics the research has proposed to use four financial metrics (RFC, PLR, RAROC and IS), finding variations in the results of each statistical learning techniques. These results suggest variations in the sequence of efficiency and, ultimately, techniques choice, demonstrating the importance of considering these metrics for analysis and selection of decision models of optimal classification.