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

• Autor(a) principal: Moura, Geovanne Dias de
• Data de Publicação: 2016
• Outros Autores: Macêdo, Francisca Francivânia Rodrigues Ribeiro, Mazzioni, Sady, Kruger, Silvana Dalmutt
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Catarinense da Ciência Contábil (Online)
• Texto Completo: https://revista.crcsc.org.br/index.php/CRCSC/article/view/2152
• topic: Results-based management; Cost of equity; Cost of third party; Brazilian companies; BM&FBovespa.; Gerenciamento de resultados; Custo de capital próprio; Custo de capital de terceiros; Empresas brasileiras; BM&FBovespa.

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.