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Search Results: 1 - 10 of 8043 matches for " Valéria Gama Fully Bressan "
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Análise da domina??o de membros tomadores ou poupadores de recursos nas cooperativas de crédito mineiras
Bressan, Valéria Gama Fully;Braga, Marcelo José;Bressan, Aureliano Angel;
Economia Aplicada , 2012, DOI: 10.1590/S1413-80502012000200006
Abstract: the aim of this study was to identify the dominance behavior in credit unions affiliated to the sicoob-crediminas system in minas gerais state, brazil. borrower-dominated unions are those that offer low borrowing rates and also low saving rates, while saver-dominated unions practice higher rates for savings as well as for loans. the results indicate that sicoob-crediminas unions are dominated by borrowing members, with better savings and loan rates, in comparison to the rates committed by the banking system.
Análise de insolvência das cooperativas de crédito rural do estado de Minas Gerais
Bressan, Valéria Gama Fully;Braga, Marcelo José;Lima, Jo?o Eustáquio de;
Estudos Econ?micos (S?o Paulo) , 2004, DOI: 10.1590/S0101-41612004000300006
Abstract: credit unions are an alternative to make possible to the agricultural producer access for credit obtaining. the reduction of the official agricultural loan program and the implementation of the monetary stabilization plan of 1994 caused changes in the brazilian financial system. so, the objective of this study was to evaluate, from the financial structure, the state of solvency of the rural credit unions, by the verification of financial indicators. it was used the logit model and the sample was formed from the credit unions of the minas gerais state, brazil, between 1998 and 2001. the results indicated that the relevant ratios for insolvency prediction were capitalization, volunteer covering e total capitation growth. it was also verified that, in august 2001, 98,6% of the agricultural credit cooperatives were in solvency state, suggesting the importance and effectiveness of system as a supplier for the credit needs of the agricultural producers.
Avalia??o de estratégias financeiras das cooperativas de cafeicultores do estado de Minas Gerais
Bressan, Valéria Gama Fully;Braga, Marcelo José;Lima, Jo?o Eustáquio de;
Revista de Economia e Sociologia Rural , 2002, DOI: 10.1590/S0103-20032002000400002
Abstract: coffee producer cooperatives need to have a capital structure coherent with their associates' objectives and administered to maintain the organization?s competitiveness. for this, it is important that the cooperative?s financial section?s strategies lead to the creation of a financial surplus to pay creditors, assist the associates, and provide the cooperative a financial return. using the logit model, our study evaluates both the financial strategies employed by coffee producer cooperatives in the state of minas gerais to maximize surpluses and the influence of different financial indicators on the occurrence or non-occurrence of these surpluses. it was verified that the analyzed cooperatives? business strategies concentrate on the management of sales and that the occurrence or non-occurrence of surpluses was explained by asset turnover and the profitability of sales.
Ana Carolina Vasconcelos Colares,Valéria Gama Fully Bressan,Wagner Moura Lamounier,Danilo Lacerda Borges
Revista de Contabilidade do Mestrado em Ciências Contábeis da UERJ , 2012,
Abstract: Sendo o Balan o Social o principal meio de divulga o das informa es socioambientais das empresas noBrasil, surge o seguinte questionamento: é possível ao usuário da informa o contábil distinguir diferen asentre as empresas que participam do índice de Sustentabilidade Empresarial (ISE) e as demais empresasque n o participam por meio dos indicadores contidos no Balan o Social? Por meio da análise deregress o pelo modelo Logit, constatou-se que n o há evidências de que os indicadores do Balan o Socialse relacionem com a variável dependente qualitativa, sugerindo que os usuários dessa informa o n oconseguem capturar as diferen as entre as empresas participantes ou n o do ISE. O problema encontrado éque os stakeholders n o conseguem prever por meio de informa es disponíveis no mercado quaisempresas poder o se eleger futuramente ou que empresas poder o deixar de fazer parte do ISE nos anosvindouros.
Avalia??o de insolvência em cooperativas de crédito: uma aplica??o do sistema Pearls
Bressan, Valéria Gama Fully;Braga, Marcelo José;Bressan, Aureliano Angel;Resende Filho, Moisés de Andrade;
RAM. Revista de Administra??o Mackenzie , 2011, DOI: 10.1590/S1678-69712011000200006
Abstract: this study aimed at estimating the insolvency probability for credit unions from the state of minas gerais, conditioned on the pearls system financial ratios which is recommended by the world council of credit unions, a system whose main objective is to enable performance monitoring of individual credit cooperatives, helping their managers to find solutions to deficiencies of these institutions. in this study, insolvency was classified as the cooperative wich: failed to send statements to the central bank of brazil, had negative equity or negative adjusted net worth, or even if it were classified in the following situations by the central bank of brazil: paralyzed, in liquidation, canceled/closed and in ordinary liquidation. from a database of 9,456 observations collected from a sample of 112 cooperatives affiliated to sicoob-crediminas between january 1995 and may 2008, a set of logit class models were estimated. the results obtained with the best fit allow us to infer that the financial ratios "allowance for loan losses/ allowances required for overdue loans", "non-financial investments/total assets", "non-earning assets/total assets", and "services income/ managerial expenses" were the most relevant in determining the likelihood of insolvency of cooperatives in our sample. these results support the hypothesis that the monitoring of financial accounting ratios of the pearls system, which has not been the focus of the traditional analysis of balance sheets, is important for determining the probability of insolvency of credit unions, assisting their managers in identifying risk factors, as well as in creating a benchmark for comparing the performance of cooperatives, facilitating the supervision process by regulators. however, expansion of the estimated results for subsequent periods and other credit unions in brazil must be done carefully, with alternative specifications to be evaluated in order to capture changes in the economic and administrative structure of the
O seguro depósito induz ao risco moral nas cooperativas de crédito brasileiras?: um estudo com dados em painel
Bressan, Valéria Gama Fully;Braga, Marcelo José;Bressan, Aureliano Angel;Resende-Filho, Moisés de Andrade;
Revista Brasileira de Economia , 2012, DOI: 10.1590/S0034-71402012000200002
Abstract: conflicting interests and imperfect monitoring can induce financial institutions covered by the deposit insurance to run into more risk than the level aimed by its fund administrator. we test if the establishment of the deposit insurance (fgs) of the brazilian cooperative credit system (sicoob) did not induce moral hazard. we use a panel composed of monthly data for 180 credit unions (61.43% of cooperatives affiliated to sicoob). panel data models' estimates using the basel index as proxy for the risk exposure of cooperatives indicate that the fgs induced the moral hazard problem.
Sistemas de equa??es de demanda por carnes no Brasil: especifica??o e estima??o
Resende Filho, Moisés de Andrade;Bressan, Valéria Gama Fully;Braga, Marcelo José;Bressan, Aureliano Angel;
Revista de Economia e Sociologia Rural , 2012, DOI: 10.1590/S0103-20032012000100002
Abstract: we use alternative specifications of the almost ideal demand system (aids) to estimate the aggregate demand in brazil for beef, pork, chicken, other consumption goods, and their elasticities. we detect the need for using time trend variables in models' equations so that we found an upward trend for the demand of each type of meat and a downward trend for other consumption goods. the dummy variable for the prices stabilization macroeconomic real plan indicated it has not changed demands. according to marshallian own-price elasticities, meat demands are inelastic and demand for other consumption goods is elastic. cross-price marshallian and hicksian elasticities confirm beef, pork and chicken are substitutes. expenditure elasticities show that all goods are normal, except for pork, which is an inferior good. as personal consumption expenditure is likely to increase over time, ceteris paribus, meat consumption will lose importance to other consumption goods, beef consumption will lose importance to chicken and pork consumption will lose importance to the other two types of meat.
Análise dos determinantes do endividamento das empresas de capital aberto do agronegócio brasileiro
Bressan, Valéria Gama Fully;Lima, Jo?o Eustáquio de;Bressan, Aureliano Angel;Braga, Marcelo José;
Revista de Economia e Sociologia Rural , 2009, DOI: 10.1590/S0103-20032009000100004
Abstract: studies involving capital structure and the identification of its determinants are relevant issues in the field of corporate finance management research. in this regard, the present study intends to evaluate the determinants of corporate leverage in the brazilian agribusiness sector using the model of rajan and zingales (1995). in the definition of the sample there were selected 26 companies that are classified in one of three subdivisions of the brazilian agribusiness sector: a) the agriculture or cattle raising; b) inputs or production factors and c) processing and distribution sector, using as reference the cna classification. the study used data from the economatica? database, with the adoption of panel data methods. the results indicated that the variables tangibility of assets, growth opportunities, size and profitability were statiscally significant as determinant factors of the debt structure of brazilian agribusiness companies. it is also possible to conclude that the model estimated by panel data generated results that are compatible with those suggested by the pecking order theory.
Brazilian Credit Union Member Groups: Borrower-dominated, Saver-dominated or Neutral Behavior?
Valéria Gama Fully Bressan,Marcelo José Braga,Moisés de Andrade Resende Filho,Aureliano Angel Bressan
BAR. Brazilian Administration Review , 2013,
Abstract: Theoretical models concerning Credit Unions (CUs) suggest that the type of CU domination determines the way it allocates the monetary value it generates. A borrower- (saver-) dominated CU benefits borrower (saver) members at the expenses of saver (borrower) members, and a neutral CU equally benefits its member groups.This paper applies direct measure of monetary benefits to each member group (Patin & McNiel, 1991a) to testfor the existence of dominated behavior in Brazilian CUs, and is the first to apply panel data regressions to identify the determinants of CUs behavior. We use a unique panel data with 40,664 observations taken from 533 CUs affiliated with the largest Brazilian cooperative network. Results indicate Brazilian CUs are dominated by borrowers, but behave close to neutrality. Panel regression estimates show that common or multiple bond type,size and overdue loans of a CU have no effect on its behavior, the greater the total amount of loans over social capital and adjusted equity over total assets are the more likely a CU is borrower dominated, and the greater the age and current operational expenses over total asset of a CU are the more likely a CU is saver dominated.
Avalia o de insolvência em cooperativas de crédito: uma aplica o do sistema pearls.
Valéria Gama Fully Bressan,Marcelo José Braga,Aureliano Angel Bressan,Moisés de Andrade Resende Filho
Revista de Administra??o Mackenzie , 2011,
Abstract: O presente estudo objetivou estimar as probabilidades de insolvência das cooperativas de crédito do Estado de Minas Gerais, condicionadas aos indicadores contábeis financeiros do sistema Pearls, o qual é recomendado pelo Conselho Mundial do Cooperativismo de Poupan a e Crédito. Esse sistema tem como principal objetivo possibilitar o monitoramento do desempenho de cooperativas de crédito singulares, auxiliando os seus administradores a encontrar solu es para deficiências dessas institui es. No presente estudo, classificou-se como insolvente a cooperativa que deixou de enviar balan os para o Banco Central do Brasil, possuía patrim nio líquido negativo ou patrim nio líquido ajustado negativo, ou ainda que se encontrasse classificada nas seguintes situa es com o Banco Central do Brasil: paralisada, em liquida o extrajudicial, cancelada/encerrada e em liquida o ordinária. A partir de uma base de dados de 9.456 observa es coletadas de uma amostra de 112 cooperativas filiadas ao Sicoob-Crediminas, no período entre janeiro de 1995 e maio de 2008, modelos da classe Logit foram estimados. Os resultados obtidos com o melhor ajuste permitem inferir que os indicadores “opera es de crédito vencidas/carteira classificada total”, “capital institucional/ ativo total”, “ativos n o direcionados com a atividade-fim da cooperativa/ativo total” e “rendas de presta o de servi os/despesas administrativas” foram os mais relevantes na determina o da probabilidade de insolvência das cooperativas na amostra. Tais resultados corroboram a hipótese de que o monitoramento de índices contábeis financeiros do sistema Pearls, os quais n o têm sido o foco da análise tradicional de balan os, é importante para a determina o da probabilidade de insolvência de cooperativas de crédito, ao auxiliar seus administradores na identifica o dos fatores de risco, bem como na cria o de um referencial para compara o do desempenho das cooperativas, facilitando o processo de supervis o por parte dos órg os reguladores. No entanto, a amplia o dos resultados aqui obtidos para períodos posteriores e outras cooperativas de crédito brasileiras deve ser feita com cuidado, de tal modo que especifica es alternativas devem ser avaliadas para captar mudan as na conjuntura econ mica e na estrutura administrativa das cooperativas, as quais podem influenciar nos indicadores contábeis e financeiros destas.
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