Análise da relação entre gerenciamento de resultados e custo de capital em empresas brasileiras listadas na BM&FBOVESPA

Geovanne Dias de Moura; Francisca Francivânia Rodrigues Ribeiro Macêdo; Sady Mazzioni; Silvana Dalmutt Kruger

doi:10.16930/2237-7662/rccc.v15n44p9-23

Analysis of the relationship between results-based management and cost of equity in Brazilian companies listed in BM&FBOVESPA

Authors

Geovanne Dias de Moura Universidade Comunitária da Região de Chapecó - UNOCHAPECÓ
Francisca Francivânia Rodrigues Ribeiro Macêdo Universidade Estadual Vale do Acaraú – UVA
Sady Mazzioni Universidade Comunitária da Região de Chapecó - UNOCHAPECÓ
Silvana Dalmutt Kruger Universidade Comunitária da Região de Chapecó – UNOCHAPECÓ

DOI:

https://doi.org/10.16930/2237-7662/rccc.v15n44p9-23

Keywords:

Results-based management, Cost of equity, Cost of third party, Brazilian companies, BM&FBovespa.

Abstract

The study aimed at analyzing the relationship between results-based management and the company's cost of equity and its third party in Brazilian companies listed in BM&FBovespa. To this end, a descriptive research was conducted through documentary analysis and quantitative analysis of the data from 2010 to 2013 from a sample of 217 companies. The results revealed that the cost of equity rose in the period of 2010 to 2013. With respect to the cost of third party, when analyzed by Kd variable, it was found out a slight decrease from 31,81% to 28,37%. When analyzing the cost of third party by Ki variable, it was noticed an increase from 23,94% to 30,13% between 2010 and 2013. As for management, the results showed significance for the low proportion managements, especially since 2011. The results also showed that, among the analyzed companies, those with lower results-based management did not have lower cost of equity and third party.

Author Biographies

Geovanne Dias de Moura, Universidade Comunitária da Região de Chapecó - UNOCHAPECÓ

Doutor em Ciências Contábeis e Administração pela Universidade Regional de Blumenau - FURB. Professor da Universidade Comunitária da Região de Chapecó - UNOCHAPECÓ. Endereço: Avenida Senador Attílio Fontana, 591-E, Bairro Efapi | 89.809-000 | Chapecó/SC | Brasil.

Francisca Francivânia Rodrigues Ribeiro Macêdo, Universidade Estadual Vale do Acaraú – UVA

Doutora em Ciências Contábeis e Administração pela Universidade Regional de Blumenau – FURB. Professora da Universidade Estadual Vale do Acaraú – UVA. Endereço: Avenida da Universidade, 850, Bairro Betânia | 62.040-370 | Sobral/CE | Brasil.

Sady Mazzioni, Universidade Comunitária da Região de Chapecó - UNOCHAPECÓ

Silvana Dalmutt Kruger, Universidade Comunitária da Região de Chapecó – UNOCHAPECÓ

Doutoranda em Contabilidade pela Universidade Federal de Santa Catarina - UFSC. Professora da Universidade Comunitária da Região de Chapecó - UNOCHAPECÓ. Bolsista do Programa UNIEDU Pós-graduação. Endereço: Avenida Senador Attílio Fontana, 591-E, Bairro Efapi | 89.809-000 | Chapecó/SC | Brasil.

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Published

2016-04-06

How to Cite

Moura, G. D. de, Macêdo, F. F. R. R., Mazzioni, S., & Kruger, S. D. (2016). Analysis of the relationship between results-based management and cost of equity in Brazilian companies listed in BM&FBOVESPA. Revista Catarinense Da Ciência Contábil, 15(44), p. 09–23. https://doi.org/10.16930/2237-7662/rccc.v15n44p9-23

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Issue

Vol. 15 No. 44 (2016): Janeiro-Abril

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Articles

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