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.

Rotulagem como mecanismo de compartilhamento de informações com agentes da cadeia produtiva do café

The Agroindustrial System coffee after decades of state regulation has become a decentralized economic activity. This situation compelled most of the actors in the production chain to resort to self r egulatory systems offered by certification agencies, which have specific criteria and procedures. However the diversity criteria of the agencies do not offer resources able to ensure efficient management of the governance structure. There is a need to reduce the asymmetry of information, which is possible through the sharing of data compatible with the production tracking feature. This work is supported in this contextualized problem, based on Transaction Cost Theory and the use of qualitative and quantitative research methodologies. The first part of the work seeks to know the procedures required by leading regulatory agencies in Brazil, with perspective to emphasize the similarities and compatibilities between them, which was reached after analysis of standards and comparison of similarities. Next is registered the operation and the coffee traceability of the structure, in order to identify, through observation, documental and bibliographical analysis, the systems in place and traceable information in line with the recommendations of the coffee certification. Finally, he sought to create a labeling model that allows to generate and share information about the product from the field to the sale for consumption. The information obtained in the previous steps were the basis for data collection with the production chain agents through a structured questionnaire administered to 618 agents of the production chain, whose answers were treated by multivariate methods of statistical analysis. The results showed that actors in the chain are in favor of inclusion and sharing information related to rural production and economic and environmental data. This knowledge enabled develop a labeling model where the information sharing agents is an efficient mechanism to mitigate the governance problems identified.