Liabilities and court-supervised reorganization: an analysis of behavior in public companies

Detalhes bibliográficos
Autor(a) principal: Silva, Diego Lemos da
Data de Publicação: 2022
Outros Autores: Gomes, Débora Gomes de, Frare, Anderson Betti
Tipo de documento: Artigo
Idioma: por
eng
Título da fonte: Revista Brasileira de Contabilidade e Gestão
Texto Completo: https://www.revistas.udesc.br/index.php/reavi/article/view/21879
Resumo: The objective of the study has been to analyze the behavior of liabilities after compliance with the court-supervised reorganization process in order to verify if the compliance is signaling that companies meet the objective of the process, that is, if they are fulfilling the passive liabilities assumed and are continuing their activities with optimization of their financial capacity, in this way indicating to the market the search for economic and financial reestablishment. The research is quantitative and to achieve its objective balance sheet data and income statements were collected from 38 companies of the Brazilian Stock Exchange from 2011 to 2018, where 19 companies are under court-supervised reorganization process and 19 are not. Thus, the behavior of the liability balances of the companies has been verified for the study period linked to indebtedness and liquidity financial ratios to verify if the companies that are undergoing reorganization have reduced their liabilities with consequent optimization of the ratios. To reach this objective, a panel data regression model has been estimated. As a result of the survey, this study has found that approximately 65% of the companies that comply with the court-supervised reorganization process have a high degree of bank debt at the time of recovery, and this group is the main component of their liabilities. In addition, it has also been found that compliance with the reorganization plan indicates that companies use the reorganization process as an alternative to avoid bankruptcy and that they have difficulty recovering their financial and economic ability.
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spelling Liabilities and court-supervised reorganization: an analysis of behavior in public companiesPasivo y recuperación judicial: un análisis de comportamiento en empresas que cotizan en bolsaPassivo e recuperação judicial: uma análise de comportamento em empresas de capital abertorecuperação judicialpassivoteoria da sinalizaçãocontabilidade financeirafinanceiracomportamento empresarialempresas de capital abertoliabilitiescourt-supervised reorganizationsignaling theoryfinancial accountingfinancialbusiness behaviorpublic companiesrecuperación judicialpasivoteoría de la señalizacióncomportamiento empresarialempresas públicasThe objective of the study has been to analyze the behavior of liabilities after compliance with the court-supervised reorganization process in order to verify if the compliance is signaling that companies meet the objective of the process, that is, if they are fulfilling the passive liabilities assumed and are continuing their activities with optimization of their financial capacity, in this way indicating to the market the search for economic and financial reestablishment. The research is quantitative and to achieve its objective balance sheet data and income statements were collected from 38 companies of the Brazilian Stock Exchange from 2011 to 2018, where 19 companies are under court-supervised reorganization process and 19 are not. Thus, the behavior of the liability balances of the companies has been verified for the study period linked to indebtedness and liquidity financial ratios to verify if the companies that are undergoing reorganization have reduced their liabilities with consequent optimization of the ratios. To reach this objective, a panel data regression model has been estimated. As a result of the survey, this study has found that approximately 65% of the companies that comply with the court-supervised reorganization process have a high degree of bank debt at the time of recovery, and this group is the main component of their liabilities. In addition, it has also been found that compliance with the reorganization plan indicates that companies use the reorganization process as an alternative to avoid bankruptcy and that they have difficulty recovering their financial and economic ability.El objetivo del estudio fue analizar el comportamiento de los pasivos luego de adherirse al proceso de recuperación judicial, con el fin de verificar si la adhesión está indicando que las empresas cumplen con el objetivo del proceso, es decir, si están cumpliendo con las obligaciones pasivas asumidas y teniendo continuidad de sus actividades con optimización de la capacidad financiera, indicando al mercado la búsqueda de la recuperación económica y financiera. La investigación es cuantitativa y para alcanzar el objetivo fueron recolectados datos de los balances patrimoniales y estados del resultado de 38 empresas de la bolsa de valores brasileña en el período de 2011 a 2018, 19 de las cuales están en proceso de recuperación judicial y 19 que no forman parte del proceso. De esta forma, se verificó el comportamiento de los saldos de pasivos de las empresas a lo largo del período de estudio vinculado a índices financieros de endeudamiento y liquidez, con el fin de verificar si las compañías que están en recuperación judicial tuvieron reducción de sus pasivos con consecuente optimización en los índices. Para lograr el objetivo se estimó un modelo de regresión con datos de panel. Como resultado de la investigación se encontró que aproximadamente el 65% de las empresas que se adhieren al proceso de recuperación judicial tienen un alto grado de endeudamiento bancario al momento de la recuperación, siendo este grupo el principal componente de sus pasivos. Además, se verificó que la adhesión al plan de recuperación señala que las empresas utilizan el recurso del proceso de recuperación como alternativa para evitar quiebra y tienen dificultad para retomar su capacidad financiera y económica.O objetivo do estudo foi analisar o comportamento dos passivos após a adesão ao processo de recuperação judicial, no intuito de verificar se a adesão está sinalizando que as empresas atendem ao objetivo do processo, ou seja, se estão cumprindo as obrigações passivas assumidas e tendo continuidade de suas atividades com otimização da capacidade financeira, indicando ao mercado a busca pelo reestabelecimento econômico e financeiro. A pesquisa é quantitativa e para alcance do objetivo foram coletados dados dos balanços patrimoniais e demonstrações do resultado de 38 empresas da bolsa de valores brasileira no período de 2011 a 2018, sendo 19 empresas que estão em processo de recuperação judicial e 19 que não fazem parte do processo. Dessa forma, foi verificado o comportamento dos saldos de passivos das empresas ao longo do período de estudo atrelado a índices financeiros de endividamento e liquidez, no intuito de verificar se as companhias que estão em recuperação judicial tiveram redução de seus passivos com consequente otimização nos índices. Para alcance do objetivo foi estimado um modelo de regressão com dados em painel. Como resultado na pesquisa constatou-se que aproximadamente 65% das empresas que aderem ao processo de recuperação judicial possuem elevado grau de endividamento bancário na época da recuperação, tendo esse grupo como principal componente de seu passivo. Além disso, verificou-se que a adesão ao plano de recuperação sinaliza que as empresas utilizam o recurso do processo de recuperação como alternativa para evitar falência e possuem dificuldade de retomar sua capacidade financeira e econômica.Universidade do Estado de Santa Catarina — UDESC2022-06-29info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttps://www.revistas.udesc.br/index.php/reavi/article/view/2187910.5965/2316419011202022115Revista Brasileira de Contabilidade e Gestão; Vol. 11 No. 20 (2022); 115-132Revista Brasileira de Contabilidade e Gestão; Vol. 11 Núm. 20 (2022); 115-132Revista Brasileira de Contabilidade e Gestão; v. 11 n. 20 (2022); 115-1322764-747110.5965/2764747111202022reponame:Revista Brasileira de Contabilidade e Gestãoinstname:Universidade do Estado de Santa Catarina (UDESC)instacron:UDESCporenghttps://www.revistas.udesc.br/index.php/reavi/article/view/21879/14523https://www.revistas.udesc.br/index.php/reavi/article/view/21879/14524Copyright (c) 2022 Diego Lemos da Silva, Débora Gomes de Gomes, Anderson Betti Frarehttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessSilva, Diego Lemos daGomes, Débora Gomes deFrare, Anderson Betti2024-02-29T14:28:32Zoai::article/21879Revistahttps://www.revistas.udesc.br/index.php/reavi/indexPUBhttps://www.revistas.udesc.br/index.php/reavi/oairbceg.ceavi@udesc.br || paulo.barth@udesc.br2764-74712764-7471opendoar:2024-02-29T14:28:32Revista Brasileira de Contabilidade e Gestão - Universidade do Estado de Santa Catarina (UDESC)false
dc.title.none.fl_str_mv Liabilities and court-supervised reorganization: an analysis of behavior in public companies
Pasivo y recuperación judicial: un análisis de comportamiento en empresas que cotizan en bolsa
Passivo e recuperação judicial: uma análise de comportamento em empresas de capital aberto
title Liabilities and court-supervised reorganization: an analysis of behavior in public companies
spellingShingle Liabilities and court-supervised reorganization: an analysis of behavior in public companies
Silva, Diego Lemos da
recuperação judicial
passivo
teoria da sinalização
contabilidade financeira
financeira
comportamento empresarial
empresas de capital aberto
liabilities
court-supervised reorganization
signaling theory
financial accounting
financial
business behavior
public companies
recuperación judicial
pasivo
teoría de la señalización
comportamiento empresarial
empresas públicas
title_short Liabilities and court-supervised reorganization: an analysis of behavior in public companies
title_full Liabilities and court-supervised reorganization: an analysis of behavior in public companies
title_fullStr Liabilities and court-supervised reorganization: an analysis of behavior in public companies
title_full_unstemmed Liabilities and court-supervised reorganization: an analysis of behavior in public companies
title_sort Liabilities and court-supervised reorganization: an analysis of behavior in public companies
author Silva, Diego Lemos da
author_facet Silva, Diego Lemos da
Gomes, Débora Gomes de
Frare, Anderson Betti
author_role author
author2 Gomes, Débora Gomes de
Frare, Anderson Betti
author2_role author
author
dc.contributor.author.fl_str_mv Silva, Diego Lemos da
Gomes, Débora Gomes de
Frare, Anderson Betti
dc.subject.por.fl_str_mv recuperação judicial
passivo
teoria da sinalização
contabilidade financeira
financeira
comportamento empresarial
empresas de capital aberto
liabilities
court-supervised reorganization
signaling theory
financial accounting
financial
business behavior
public companies
recuperación judicial
pasivo
teoría de la señalización
comportamiento empresarial
empresas públicas
topic recuperação judicial
passivo
teoria da sinalização
contabilidade financeira
financeira
comportamento empresarial
empresas de capital aberto
liabilities
court-supervised reorganization
signaling theory
financial accounting
financial
business behavior
public companies
recuperación judicial
pasivo
teoría de la señalización
comportamiento empresarial
empresas públicas
description The objective of the study has been to analyze the behavior of liabilities after compliance with the court-supervised reorganization process in order to verify if the compliance is signaling that companies meet the objective of the process, that is, if they are fulfilling the passive liabilities assumed and are continuing their activities with optimization of their financial capacity, in this way indicating to the market the search for economic and financial reestablishment. The research is quantitative and to achieve its objective balance sheet data and income statements were collected from 38 companies of the Brazilian Stock Exchange from 2011 to 2018, where 19 companies are under court-supervised reorganization process and 19 are not. Thus, the behavior of the liability balances of the companies has been verified for the study period linked to indebtedness and liquidity financial ratios to verify if the companies that are undergoing reorganization have reduced their liabilities with consequent optimization of the ratios. To reach this objective, a panel data regression model has been estimated. As a result of the survey, this study has found that approximately 65% of the companies that comply with the court-supervised reorganization process have a high degree of bank debt at the time of recovery, and this group is the main component of their liabilities. In addition, it has also been found that compliance with the reorganization plan indicates that companies use the reorganization process as an alternative to avoid bankruptcy and that they have difficulty recovering their financial and economic ability.
publishDate 2022
dc.date.none.fl_str_mv 2022-06-29
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://www.revistas.udesc.br/index.php/reavi/article/view/21879
10.5965/2316419011202022115
url https://www.revistas.udesc.br/index.php/reavi/article/view/21879
identifier_str_mv 10.5965/2316419011202022115
dc.language.iso.fl_str_mv por
eng
language por
eng
dc.relation.none.fl_str_mv https://www.revistas.udesc.br/index.php/reavi/article/view/21879/14523
https://www.revistas.udesc.br/index.php/reavi/article/view/21879/14524
dc.rights.driver.fl_str_mv Copyright (c) 2022 Diego Lemos da Silva, Débora Gomes de Gomes, Anderson Betti Frare
https://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2022 Diego Lemos da Silva, Débora Gomes de Gomes, Anderson Betti Frare
https://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv Universidade do Estado de Santa Catarina — UDESC
publisher.none.fl_str_mv Universidade do Estado de Santa Catarina — UDESC
dc.source.none.fl_str_mv Revista Brasileira de Contabilidade e Gestão; Vol. 11 No. 20 (2022); 115-132
Revista Brasileira de Contabilidade e Gestão; Vol. 11 Núm. 20 (2022); 115-132
Revista Brasileira de Contabilidade e Gestão; v. 11 n. 20 (2022); 115-132
2764-7471
10.5965/2764747111202022
reponame:Revista Brasileira de Contabilidade e Gestão
instname:Universidade do Estado de Santa Catarina (UDESC)
instacron:UDESC
instname_str Universidade do Estado de Santa Catarina (UDESC)
instacron_str UDESC
institution UDESC
reponame_str Revista Brasileira de Contabilidade e Gestão
collection Revista Brasileira de Contabilidade e Gestão
repository.name.fl_str_mv Revista Brasileira de Contabilidade e Gestão - Universidade do Estado de Santa Catarina (UDESC)
repository.mail.fl_str_mv rbceg.ceavi@udesc.br || paulo.barth@udesc.br
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