Relação entre governança corporativa e gerenciamento de resultados: um estudo em empresas brasileiras listadas na BM&FBOVESPA

The objective of this work was to identify a possible relation between corporate governance, through the structure of the boards of directors and the levels of earnings management of Brazilian public companies. The study is characterized as a descriptive, of a hypothetical-deductive nature, with quantitative approach guided by the estimation model proposed by Kang and Sivaramakrishnan (1995). The sample was comprised by 56 companies, analyzed in the period from 2011 to 2014. The information on the companies were extracted from Economatica databank. For the data analysis, we used multivariate techniques, such as Pearson correlation and panel data in POLS, Fixed Effects and Random Effects approaches. Furthermore, we applied the mean comparison test ANOVA. The results obtained show that, generally, the organizations tend to follow the profile of boards of directors recommended by the codes of corporative governance. However, the characteristics of the composition of the board, regarding its size and the duality of positions that are not yet sufficient to be considered capable of inhibiting the discretionary practice of the studied companies. Relative the control variables, only size and return on equity presented no significant relation with result management. It is important to highlight that literature point many factors that explain the different impacts caused by the formation of the administration board in different regions or countries. Among the factors pointed, we highlight the legal system of the country, the economic and political development, the importance of the capital market, and the level of accounting education.

Aspectos nutricionais do baru (Dipteryx alata Vog.) em casa de vegetação e em campo

With the objective of evaluating the response of baru (Dipteryx alata Vog.) to nutrient limitation and to the different levels of fertilization, seven experiments were conducted. Experiment 1: Nutritional limitation in greenhouse. We employed 12 treatments in a completely randomized design with eight replicates. Experiment 2: Levels of liming and P in greenhouse. The experimental design was completely randomized in a factorial scheme with four levels of liming (V23.2% (natural soil), V45%, V65% and V85%) and four doses of P (0, 100, 300 and 500 mg kg -1 of P). Experiment 3: Doses of N in greenhouse. We used seven treatments (0, 75, 150, 225, 300, 375 and 450 mg kg -1 of N) in a completely randomized design. Experiment 4: Doses of K in greenhouse. We used seven treatments (0, 75, 150, 225, 300, 375 and 450 mg kg -1 ) in a completely randomized design. Experiment 5: Levels of liming under field conditions. We used four treatments (V6.7% (natural soil), V35%, V55% and V75%) in a randomized blocks design. Experiment 6: doses of P under field conditions. We used five treatments (0, 23.67, 53.34, 106.67 and 213.36 kg ha -1 of P 2O5) in a randomized blocks design. Experiment 7: Doses of N under field conditions. We used five treatments (0, 30, 60, 120 and 240 kg ha -1 of N) in Latin square. In greenhouse, the evaluations were conducted at eight months (for experiments 1 and 2) and 12 months (for experiments 3 and 4) after seeding, when the measurements of height and root collar diameter of the seedlings. Subsequently, the plants were harvested and separated into shoot and root system, for weighing and evaluating dry biomass gain. In the field, the evaluations were conducted at six, 12, 18, 24 and 30 months (for experiments 5 and 6) and at six, 12 and 18 months (for experiment 7). In these experiments, we evaluated the survival of the seedlings, height of the plants and diameter of the stem at soil height. The data obtained were submitted to analysis of variance, mean tests and regression analysis. In conclusion, during the phase of seedling formation, the species is little demanding in S and B, negatively responds to liming, positively responds to phosphate fertilization and does not respond to nitrogen and potassium fertilization. In the field, in general, the species does not respond to the application of P or to liming, and is negatively influenced by the application of elevated doses of nitrogen.