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Robbing Peter to Pay Paul: Earnings management practices in Brazilian SOEs
Silva, Nadjara Davi; Peixoto, Fernanda Maciel; Barboza, Flavio; Tizziotti, Catarine Palmieri PitanguiObjective:The accounting information can be manipulated in order to change the perception of the minority shareholders about the real situation of the firm. In case of state-owned enterprises (SOEs), they can have their wealth expropriated by the politicians and bureaucrats’ opportunistic behavior, which is an incentive to the earnings management (EM) practice. This study aims to analyze the state ownership eff...
Determinants of delisting in Brazil: does the ownership and control structure i...
Cordeiro Júnior, Edson Carlos; Peixoto, Fernanda Maciel; Carvalho, LucianaThis article aims to investigate the relationship between voluntary delisting and ownership / control structure, especially if piramidal structures influence the probability of delisting in Brazil. A sample of the study involves all companies listed on B3, from 2012 to 2017, a period in which 153 voluntary descriptions were recorded in the country. The selected method was a logistic regression, since the depend...
SEPARAÇÃO ENTRE PROPRIEDADE E CONTROLE E SUA RELAÇÃO COM DESEMPENHO E VALOR DE ...
Peixoto, Fernanda Maciel; Buccini, Aline Rabelo AssisInitially this research performs a diagnosis of the current situation of ownership and control structure of Brazilian public companies traded on the São Paulo Stock Exchange in 2004, 2006 and 2008. Then, it seeks to identify a possible relationship between the concentration of voting rights and the concentration of rights over the cash flow with performance and value of the companies. For that purpose, it uses ...
Retenção de caixa, desempenho operacional e valor: um estudo no mercado de capi...
Forti, Cristiano Augusto Borges; Peixoto, Fernanda Maciel; Freitas, Kellen SilvaThe classical theory of cash management states that cash holding may negatively affect the profits of firms. The aim of this study is to investigate the relationship between cash holdings and operational performance of Brazilian publicly traded firms. Using panel data from 167 Brazilian firms from 1995 to 2009 and applying the pooled-OLS and system-GMM methods, it is possible to establish a strong and statistic...