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A Gestão do Capital de Giro (GCG) é um dos principais processos da gestão financeira, no entanto, o comportamento dos gestores na tomada de decisão pode ser influenciado por fatores não previstos na racionalidade econômica. Assim, o objetivo deste estudo é compreender a GCG em uma grande empresa de laticínio de Minas Gerais, a partir da abordagem comportamental das finanças. Optou-se pela estratégia de pesquisa baseada em um caso único, combinando ferramentas de análise quantitativa e qualitativa. Verificou-se que as contas de maior liquidez são aquelas influenciada por mais vieses comportamentais. Os vieses presentes na tomada de decisão condizem ainda com o perfil conservador indicado pela análise da GCG pelo Modelo Fleuriet. Notou-se ainda que o trade-off teórico “liquidez e rentabilidade” não ocorre, visto que um maior nível de liquidez pode ser ocasionado justamente pela maior rentabilidade e capacidade de geração de caixa da empresa frente ao setor

The aim of this study is to assess the economic viability of a medium-sized sugarcane farm applying a diversification strategy, including the possibility of managerial flexibility in changing its portfolio over time. There is a theoretical gap in the economic evaluation of diversified production systems in farm space. We assessed one diversified structure for the sugarcane agricultural farm that included land areas dedicated to the rotational cultivation of soybean/corn, corn/peanut, and corn/green manure. We considered the managerial flexibility when replacing sugarcane culture. Primary and secondary data were used based on the agricultural context of São Paulo State, Brazil, where the modal profile of medium-sized producers in the region was defined with the support of technicians from the leading agricultural cooperative and sugarcane suppliers association. The results indicate that the diversification strategy for the investigated context generates: lower financial risk for the farm, higher potential return on investment, and higher economic value added.

Evidence is mixed regarding the economic benefits achieved by companies hiring large firms to audit their financial statements. The studies approaching this theme concentrate mostly on public companies in developed markets, while the effect on private firms in emerging markets is still an open question. This research explores this gap by analyzing whether private firms in the Brazilian sugarcane industry audited by a Big 4 have a lower cost of debt than those audited by a non-Big 4. For that, a unique, hand-collected, dataset was used. This paper contributes to the literature by providing evidence of the role of audit institutions in an environment lacking studies on private firms��� financial reports, especially in emerging economies. The empirical analysis does not indicate that the cost of debt is negatively influenced by the verification of financial statements by a high-quality auditor. Banks and credit unions, as the primary funding sources of the industry, condition the cost of debt reduction to the levels of tangibility, leverage, and profitability. We also contribute to the literature by demonstrating that lenders may have other soft information sources, obtained through banking relationship, which may substitute higher-quality auditor. The results hold after robustness checks and endogeneity concerns.

Made available in DSpace on 2021-06-25T11:09:58Z (GMT). No. of bitstreams: 0 Previous issue date: 2020-11-01 Brazil is one of the largest food suppliers in the world. The country faces new challenges to remain competitive considering the dynamism of Brazil´s agribusiness sector, with the need to balance agricultural production with environmental preservation. New technologies that result in sustainable production systems that provide yield gains are necessary. This study aims to economically analyse a conservationist system conducted during 10 consecutive years. The treatments were the combination of summer and winter crops under no-tillage system. The summer crop sequences (sown in October/November) were (i) continuous maize cultivation, (ii) continuous soybean, and (iii) soybean/maize rotation. The winter crops (sown in February/March) were (i) maize, (ii) sunflower, (iii) oilseed radish, (iv) pearl millet, (v) pigeon pea, (vi) grain sorghum, and (vii) sunn hemp, consisting of 21 treatments. An investment analysis was performed based on a discounted cash flow. The capital asset pricing model (CAPM) was used to define the discount rate. The data were extrapolated to a typical property of 50 hectares. The results indicate that the yield gain is significant in the conservationist system adopted and superior to that reported in the national average. The minimum attractiveness rate was high for all the treatments. The adoption of soybean and maize rotation, with maize as off-season provided the best economic alternative. The second best alternative is the soybean monoculture with maize as off-season, widely adopted in Brazil for its great agronomic benefit. In conclusion, the investment costs are high, making the small-scale production of soybean and maize not sustainable in the long term. Furthermore, an idleness of the defined machinery and labour capacity was observed. However, the production of maize or sunflower in the off-season resulted in a positive operational cash flow in all treatments. Market Analyst at Center for Advanced Studies on Applied Economics (Cepea) University of Sao Paulo, Av. Pádua Dias, 11 - CEP 13418-900 Sao Paulo State University (Unesp), Via de Acesso Prof. Paulo Donato Castellane s/n - CEP 14884-900 Sao Paulo State University (Unesp), Via de Acesso Prof. Paulo Donato Castellane s/n - CEP 14884-900

Made available in DSpace on 2021-06-25T11:05:21Z (GMT). No. of bitstreams: 0 Previous issue date: 2020-09-28 This study aimed to analyze the business model, the strategy, and the innovation capacity of a Brazilian food industry. To this end, methodologically, a case study was conducted based on data collected by interviews marked by the Business Model Canvas and Innovation Octagon, which were validated with the software IRAMUTEQ. The results constitute a business model supported by an internal structure of research and development, aimed at the launch of new products with greater added value, directed towards the demands of consumption, and regulation. This competitive scenario differs from the results of other research, mainly with regard to the low level of investment in research and development, the incremental nature of innovations, the dependence on basic commodities, and the lack of effectiveness in innovative activities. Eixo Tecnológico de Gestão e Negócios Centro Estadual de Educação Tecnológica Paula Souza - CEETPS Faculdade de Ciências Agrárias e Veterinárias Universidade Estadual Paulista - UNESP Faculdade de Ciências Agrárias e Veterinárias Universidade Estadual Paulista - UNESP