Encontrados 8 documentos, a visualizar página 1 de 1
Audit quality and the market value of cash: the role played by the Big 4 audito...
Manoel, Aviner Augusto Silva; Moraes, Marcelo Botelho da Costa; Perez-de Toledo, Eloisa; Pündrich, Gabriel PereiraDespite the extensive discussion in the accounting literature regarding the importance of internal control for the proper allocation of corporate resources, little is known about the role of auditors as a governance mechanism in reducing agency costs related to cash resources. This study extends the literature that explores differences in audit quality by examining whether perceived audit quality, measured by t...
Determinants of corporate cash holdings in private and public companies: insigh...
Moraes, Marcelo Botelho da Costa; Manoel, Aviner Augusto Silva; Carneiro, JorgeDespite growing academic and media interest in cash management, little is known about the cash-holding behavior of private firms, particularly in emerging economies, and the influence of the cost of carrying cash on their cash levels. This study addresses this gap by analyzing the determinants of cash holdings in private and public companies within the Latin American setting. Additionally, it investigates wheth...
The effects of multinationality on the market value of cash: evidence from Lati...
Manoel, Aviner Augusto Silva; Moraes, Marcelo Botelho da Costa; Carneiro, Jorge; Toledo, Eloisa Perez-deThe aim of this paper is to examine whether the value investors place on cash holdings varies between multinationals and domestic firms from Latin America. Utilizing data from the six largest Latin American economies, our analyses with different proxies of multinationality reveal that investors do not attribute a significant valuation premium, nor do they impose a price discount, on the cash held by Latin Ameri...
Audit quality and the cost of debt in private firms: evidence from the Brazilia...
Manoel, Aviner Augusto Silva; da Costa Moraes, Marcelo Botelho; Santos, David Ferreira Lopes [UNESP]; Pündrich, Gabriel PereiraMade available in DSpace on 2022-05-01T11:39:08Z (GMT). No. of bitstreams: 0 Previous issue date: 2022-01-01; Evidence is mixed regarding the economic benefits achieved by companies hiring large firms to audit their financial statements. The studies approaching this theme concentrate mostly on public companies in developed markets, while the effect on private firms in emerging markets is still an open question....
CASH HOLDINGS IN BRAZIL: A STUDY CONSIDERING THE EFFECTS OF FINANCIAL CONSTRAIN...
Manoel, Aviner Augusto Silva; Moraes, Marcelo Botelho da CostaFirms use of internal and external sources to finance their activities. However, in the presence of imperfections in capital market, such as information asymmetry, agency problems and transaction costs, they may opt for one over another. In this sense, evidence obtained from previous studies suggests that cash holdings are more valuable for restricted companies than for unrestricted ones. Furthermore, the IFRS ...
The Effects of Financial Constraints on Cash Management: A Study with Private F...
Manoel, Aviner Augusto Silva; Moraes, Marcelo Botelho da Costa; Santos, David Ferreira Lopes; Neves, Marcos FavaManaging the cash holdings is one of the central activities of manager, because it is through cash that organizations balance their current and future resource needs, being this decision-making process challenging, especially in emerging markets and in private firms, where financial market constraints restrict the availability and flow of credit to economic activities. In this way, this study analyzes the effec...
Determinants of corporate cash holdings in times of crisis: Insights from Brazi...
Manoel, Aviner Augusto Silva; Moraes, Marcelo Botelho da Costa; Santos, David Ferreira Lopes [UNESP]; Neves, Marcos FavaMade available in DSpace on 2018-12-11T17:36:23Z (GMT). No. of bitstreams: 0 Previous issue date: 2018-01-01; The decision-making process regarding cash allocation, especially in times of recession, is somewhat challenging. Thus, the aim of this study is to evaluate the effects of the financial crisis in cash holdings of privately-held firms in the Brazilian sugarcane industry. For this purpose, a unique, hand-...
CUSTO DO CAPITAL PRÓPRIO EM EMPRESAS BRASILEIRAS DO SETOR SUCROENERGÉTICO: UM E...
Manoel, Aviner Augusto Silva; Eça, João Paulo Augusto; Moraes, Marcelo Botelho da CostaSeguindo a tendência mundial, no Brasil, a partir de 2008, teve início o processo gradual de adoção às Normas Internacionais de Contabilidade (International Financial Reporting Standards - IFRS) da International Accounting Standards Board (IASB). Sendo assim, o presente estudo objetiva analisar se a adoção das IFRS proporcionou redução do custo de capital próprio nas usinas e destilarias do setor sucroenergétic...