Financial, Macroeconomic and Corporative Management Indicators to Predict the Insolvency of B3 Companies
Autor(a) principal: | |
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Data de Publicação: | 2019 |
Outros Autores: | , |
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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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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1798315268140695552 |