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.

Análise energética da madeira e do carvão de híbridos entre Corymbia citriodora (Hook.) K.D. Hill & L.A.S. Johnson e Corymbia torelliana (F. Muell.) K.D. Hill & L.A.S. Johnson

This research aimed to evaluate the wood and charcoal quality of hybrids clone of the crossing C. citriodora with C. torelliana in two different locations for charcoal production. Seven with 3,75 years old clones, planted at country of Itamarandiba – MG, and six 6,42 years old clones, planted in Dionísio – MG, were studied. For wood and charcoal quality analysis, samples were collected along the stem of the trees until the commercial height. Properties study of the wood was done by chemical analysis, basic density, superior heat power, and thermogravimetric analysis. The wood samples were carbonized in laboratory conditions with heating rate of 1.67 0 C.min -1 , starting at 100 0 C until 450 0 C and keeping on this temperature for 30 minutes. It were determined the carbonizations gravimetric yield, all in dry basis. The wood quality was evaluated based on the chemical immediate analysis, relative apparent density, and gross heating value. The experiment was installed according to the completely randomized design, with five repetitions. The collected data were submitted to analysis of variance and, when the evaluated effects were significant by “F” test, was applied the Scott-Knott test at 5% probability for multiple comparisons. For correlation analysis, Pearson correlation coefficient, tested by the "t" test at 5% probability was used. Results showed variability of wood between the genetic materials evaluated in relation to place and plant crossing. The thermal analysis of the wood showed significant variation between clones and it was possible to differentiate two stages of degradation (hemicelluloses and cellulose). The majority of the clones presented satisfactory properties for the charcoal production, while, clone 3, planted in Itamarandiba, obtained the best performance due it have the higher yield and energetic efficiency, thus, achieving the best potential for charcoal production. However, clone 9, planted in Dionísio, was the less indicated for charcoal production since it presented the lowest energetic efficiency, gravimetric yield, and densities.