Financial, Macroeconomic and Corporative Management Indicators to Predict the Insolvency of B3 Companies

Detalhes bibliográficos
Autor(a) principal: Bezerra, Elenildo Santos
Data de Publicação: 2019
Outros Autores: Lagioia, Umbelina Cravo Teixeira, Pereira, Mércia de Lima
Tipo de documento: Artigo
Idioma: eng
por
Título da fonte: Contabilidade, Gestão e Governança
Texto Completo: https://revistacgg.org/index.php/contabil/article/view/2011
Resumo: Objective: To analyze the effect of financial, macroeconomic and descriptive (qualitative) corporative management indicators to predict insolvency of Brazil, Bolsa, Balcão (B3) (Brazil, Stock market, Bench) companies, between the years of 2006 and 2016.Method: Logistic regression was estimated according to unbalanced panel data, after choosing the best predictive variables for the model, utilizing the backward stepwise model. The sample is based on 55 publicly-traded non-financial corporations.Originality/relevance: When macroeconomic and corporative management variables are inserted, the expectation is that the company’s insolvency condition have another explanatory alternative in order to cut down on the negative aspects that such a condition imposes upon the concerned parts.Results: The number of the model’s correct classifications was 89.5% and pseudo R-squared = 0.4872. Results show that the financial indicators, just as verified by other works, are fine predictors of company insolvency. Moving onto the corporative management indicators utilized, p-value results do not dismiss the theoretical relationship that management elements might be linked to corporation insolvency. Regarding macroeconomic factors, only one variable (among 5) showed a value of statistical significance according to the definitions.Theoretical and methodological contributions: Results may justify why only the variable gross domestic product (among the macroeconomic ones) has presented a significant statistical relationship with the predictive model, as organization management may overcome issues caused by macroeconomic variables.
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spelling Financial, Macroeconomic and Corporative Management Indicators to Predict the Insolvency of B3 CompaniesIndicadores Financeiros, Macroeconômicos e de Governança Corporativa na Previsão de Insolvência em Empresas da B3Insolvency predictionFinancial indicatorsMacroeconomic indicatorsCorporative management indicators.Previsão de insolvênciaIndicadores financeirosIndicadores macroeconômicosIndicadores de Governança Corporativa.Objective: To analyze the effect of financial, macroeconomic and descriptive (qualitative) corporative management indicators to predict insolvency of Brazil, Bolsa, Balcão (B3) (Brazil, Stock market, Bench) companies, between the years of 2006 and 2016.Method: Logistic regression was estimated according to unbalanced panel data, after choosing the best predictive variables for the model, utilizing the backward stepwise model. The sample is based on 55 publicly-traded non-financial corporations.Originality/relevance: When macroeconomic and corporative management variables are inserted, the expectation is that the company’s insolvency condition have another explanatory alternative in order to cut down on the negative aspects that such a condition imposes upon the concerned parts.Results: The number of the model’s correct classifications was 89.5% and pseudo R-squared = 0.4872. Results show that the financial indicators, just as verified by other works, are fine predictors of company insolvency. Moving onto the corporative management indicators utilized, p-value results do not dismiss the theoretical relationship that management elements might be linked to corporation insolvency. Regarding macroeconomic factors, only one variable (among 5) showed a value of statistical significance according to the definitions.Theoretical and methodological contributions: Results may justify why only the variable gross domestic product (among the macroeconomic ones) has presented a significant statistical relationship with the predictive model, as organization management may overcome issues caused by macroeconomic variables.Objetivo: Analisar o efeito de indicadores financeiros, macroeconômicos e descritivos (qualitativos) de governança corporativa na previsão de insolvência de empresas da Brasil, Bolsa, Balcão (B3), entre os anos de 2006 e 2016.Método: Foi estimada a regressão logística com dados em painel não balanceado, após a escolha de melhores variáveis preditoras do modelo, utilizando o método backward stepwise. A amostra se baseia em 55 empresas não financeiras de capital aberto.Originalidade/relevância: Ao inserir variáveis macroeconômicas e variáveis de governança corporativa, espera-se que a condição de insolvência de empresas tenha mais uma alternativa explicativa, a fim de diminuir os aspectos negativos que tal condição impõe sob as partes relacionadas.Resultados: O número de classificações corretas do modelo foi de 89,5%, com um valor de Pseudo R2 = 0.4872. Os resultados revelam que os indicadores financeiros, assim como verificado em outros trabalhos, são bons preditores de insolvência de empresas. Em relação aos indicadores de governança corporativa utilizados na pesquisa, os resultados do p-value não rejeitam a relação teórica de que elementos de gestão podem estar relacionados a insolvência de empresas. No tocante a fatores macroeconômicos, apenas uma (dentre 5) variável mostrou um valor de significância estatística conforme o definido.Contribuições teóricas/metodológicas: Os resultados podem justificar o fato de apenas a variável produto interno bruto (dentre as macroeconômicas) tenha apresentado relação estatística significativa com o modelo de previsão, uma vez que a gestão das organizações pode superar dificuldades causadas por variáveis da macroeconomia.Contabilidade Gestão e Governança2019-12-15info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttps://revistacgg.org/index.php/contabil/article/view/201110.51341/1984-3925_2019v22n3a6Contabilidade Gestão e Governança; v. 22 n. 3 (2019); 405-4221984-39251984-3925reponame:Contabilidade, Gestão e Governançainstname:Universidade de Brasília (UnB)instacron:UNBengporhttps://revistacgg.org/index.php/contabil/article/view/2011/PDF_Enhttps://revistacgg.org/index.php/contabil/article/view/2011/PDF_PtCopyright (c) 2019 Revista Contabilidade, Gestão e Governançainfo:eu-repo/semantics/openAccessBezerra, Elenildo SantosLagioia, Umbelina Cravo TeixeiraPereira, Mércia de Lima2020-04-29T11:41:22Zoai:oai.jamg.cloud:article/2011Revistahttp://www.revistacgg.org/index.php/contabilPUBhttps://revistacgg.org/index.php/contabil/oaijamg.cgg@gmail.com1516-70111984-3925opendoar:2020-04-29T11:41:22Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)false
dc.title.none.fl_str_mv Financial, Macroeconomic and Corporative Management Indicators to Predict the Insolvency of B3 Companies
Indicadores Financeiros, Macroeconômicos e de Governança Corporativa na Previsão de Insolvência em Empresas da B3
title Financial, Macroeconomic and Corporative Management Indicators to Predict the Insolvency of B3 Companies
spellingShingle Financial, Macroeconomic and Corporative Management Indicators to Predict the Insolvency of B3 Companies
Bezerra, Elenildo Santos
Insolvency prediction
Financial indicators
Macroeconomic indicators
Corporative management indicators.
Previsão de insolvência
Indicadores financeiros
Indicadores macroeconômicos
Indicadores de Governança Corporativa.
title_short Financial, Macroeconomic and Corporative Management Indicators to Predict the Insolvency of B3 Companies
title_full Financial, Macroeconomic and Corporative Management Indicators to Predict the Insolvency of B3 Companies
title_fullStr Financial, Macroeconomic and Corporative Management Indicators to Predict the Insolvency of B3 Companies
title_full_unstemmed Financial, Macroeconomic and Corporative Management Indicators to Predict the Insolvency of B3 Companies
title_sort Financial, Macroeconomic and Corporative Management Indicators to Predict the Insolvency of B3 Companies
author Bezerra, Elenildo Santos
author_facet Bezerra, Elenildo Santos
Lagioia, Umbelina Cravo Teixeira
Pereira, Mércia de Lima
author_role author
author2 Lagioia, Umbelina Cravo Teixeira
Pereira, Mércia de Lima
author2_role author
author
dc.contributor.author.fl_str_mv Bezerra, Elenildo Santos
Lagioia, Umbelina Cravo Teixeira
Pereira, Mércia de Lima
dc.subject.por.fl_str_mv Insolvency prediction
Financial indicators
Macroeconomic indicators
Corporative management indicators.
Previsão de insolvência
Indicadores financeiros
Indicadores macroeconômicos
Indicadores de Governança Corporativa.
topic Insolvency prediction
Financial indicators
Macroeconomic indicators
Corporative management indicators.
Previsão de insolvência
Indicadores financeiros
Indicadores macroeconômicos
Indicadores de Governança Corporativa.
description Objective: To analyze the effect of financial, macroeconomic and descriptive (qualitative) corporative management indicators to predict insolvency of Brazil, Bolsa, Balcão (B3) (Brazil, Stock market, Bench) companies, between the years of 2006 and 2016.Method: Logistic regression was estimated according to unbalanced panel data, after choosing the best predictive variables for the model, utilizing the backward stepwise model. The sample is based on 55 publicly-traded non-financial corporations.Originality/relevance: When macroeconomic and corporative management variables are inserted, the expectation is that the company’s insolvency condition have another explanatory alternative in order to cut down on the negative aspects that such a condition imposes upon the concerned parts.Results: The number of the model’s correct classifications was 89.5% and pseudo R-squared = 0.4872. Results show that the financial indicators, just as verified by other works, are fine predictors of company insolvency. Moving onto the corporative management indicators utilized, p-value results do not dismiss the theoretical relationship that management elements might be linked to corporation insolvency. Regarding macroeconomic factors, only one variable (among 5) showed a value of statistical significance according to the definitions.Theoretical and methodological contributions: Results may justify why only the variable gross domestic product (among the macroeconomic ones) has presented a significant statistical relationship with the predictive model, as organization management may overcome issues caused by macroeconomic variables.
publishDate 2019
dc.date.none.fl_str_mv 2019-12-15
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://revistacgg.org/index.php/contabil/article/view/2011
10.51341/1984-3925_2019v22n3a6
url https://revistacgg.org/index.php/contabil/article/view/2011
identifier_str_mv 10.51341/1984-3925_2019v22n3a6
dc.language.iso.fl_str_mv eng
por
language eng
por
dc.relation.none.fl_str_mv https://revistacgg.org/index.php/contabil/article/view/2011/PDF_En
https://revistacgg.org/index.php/contabil/article/view/2011/PDF_Pt
dc.rights.driver.fl_str_mv Copyright (c) 2019 Revista Contabilidade, Gestão e Governança
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2019 Revista Contabilidade, Gestão e Governança
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv Contabilidade Gestão e Governança
publisher.none.fl_str_mv Contabilidade Gestão e Governança
dc.source.none.fl_str_mv Contabilidade Gestão e Governança; v. 22 n. 3 (2019); 405-422
1984-3925
1984-3925
reponame:Contabilidade, Gestão e Governança
instname:Universidade de Brasília (UnB)
instacron:UNB
instname_str Universidade de Brasília (UnB)
instacron_str UNB
institution UNB
reponame_str Contabilidade, Gestão e Governança
collection Contabilidade, Gestão e Governança
repository.name.fl_str_mv Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)
repository.mail.fl_str_mv jamg.cgg@gmail.com
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