The main goal of this article is to offer a performance model based on the principles and practices of corporate governance applied to agricultural cooperatives. The research uses a quantitative approach based on a survey of agricultural cooperatives established in Brazil. The procedures focused on the descriptive analysis of empirical results, the use factor, and discriminant analysis. Factor analysis reported two dimensions of governance (reliability and transparency) and three of performance (financial control, profitability, and sustainability). The discriminant analysis allowed us to distinguish cooperatives with the best governance practices and those with the best performance. This study presents a performance model based on structured governance principles and practices.
O objetivo deste estudo foi analisar a influência da gestão do capital de giro no desempenho econômico e financeiro das empresas do agronegócio brasileiro, a partir das variáveis do Modelo de Fleuriet e dos indicadores de rentabilidade. De natureza descritiva e tendo como universo da pesquisa as empresas listadas na bolsa de valores de São Paulo [B3], no período de 2011 a 2017, do segmento econômico do agronegócio. As principais constatações do Modelo de Fleuriet foram de que a necessidade de capital de giro é positiva para mais de 92% das empresas, mesmo comportamento apresentado pela maioria das empresas brasileiras, onde 55% delas, apresentam uma estrutura de financiamento do capital de giro inadequada. Além disso, somente 33% apresentam liquidez e rentabilidade positiva, o que reforça a importância da estratégia de financiamento do capital de giro adequada às características do negócio e a extensão de seu ciclo financeiro.
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