Credit unions play a relevant role in providing microcredit and other financial services. Because such financial cooperative organizations have drawn the attention of a significant and growing academic literature, a bibliometric study becomes essential. This study comprehensively analyzes the literature on credit unions using the leading indices for bibliometric examination: Elsevier's Scopus and Clarivate Analytics' Web of Science databases. Our searches reveal a high level of complementarity between the databases concerning the subject. Their combined use has enabled us to extensively trace the evolution of studies on the subject regarding volume and impact. We identify the major countries, journals, authors, articles, intellectual basis and topics. Further, using CiteSpace, we have mapped the networks of co-authorship, co-citations, and co-keywords in credit union research. The findings allow us to conclude that economics and business finance are the principal areas of credit union research although articles in sociology and history were also observed. Finally, by investigating contemporary co-keywords clusters and future research directions, we identify four main avenues of research: economic performance, corporate governance, accounting and disclosure and, credit union to bank comparisons regarding customer relationships and technology.

Resumo: Neste artigo objetivou-se discutir os impactos do Initial Public Offering (IPO) no desempenho econômico-financeiro de empresas brasileiras listadas na B3. Esses impactos foram analisados em termos de: crescimento das vendas, rentabilidade dos ativos, rentabilidade do patrimônio líquido e lucratividade das vendas. Para alcançar os objetivos, foi utilizada a base de dados das empresas que realizaram IPO no período de 2008 a 2013. Na pesquisa apresentaram-se fundamentos teóricos e informações advindas de pesquisas e instituições compreendendo revisão da literatura, temas relativos às decisões de financiamento, oferta pública inicial de ações e desempenho econômico-financeiro de empresas por meio de indicadores. A metodologia, de forma geral, tratou-se de pesquisa explicativa e quantitativa. As demonstrações financeiras foram coletadas por meio dos relatórios financeiros disponíveis no site de cada empresa e também no site da B3. A amostra final contemplou 28 empresas de diversos tamanhos e setores. Mais especificamente, foi utilizada metodologia de estatística multivariada com modelos econométricos de regressão linear múltipla em dados em painel. Com base nessa discussão, os resultados encontrados sugerem que a realização do IPO gerou impacto positivo no crescimento das receitas líquidas de vendas. Por outro lado, o IPO resultou em impacto negativo no desempenho das empresas em termos de rentabilidade dos ativos e patrimônio líquido. Por fim, a variável IPO não apresentou significância no modelo de lucratividade das vendas medida pela margem líquida. Palavras-chave: Decisões de financiamento. Mercado de capitais. IPO. Desempenho de empresas.   Impacts of the initial public offer of shares in economic and financial performance of brazilian companies in B3   Abstract: The article aimed to discuss the impacts of the IPO on the economic-financial performance of Brazilian companies listed in B3. These impacts were analyzed in terms of: sales growth; profitability of assets; return on shareholders' equity; and profitability of sales. In order to reach the objectives, the database of the companies that carried out the IPO between 2008 and 2013 was used. The research presented theoretical foundations and information from researches and institutions, including literature review, financing decisions, initial public offering of stock and economic-financial performance of companies through indicators. The methodology, in general, was an explicative and quantitative research. The financial statements were collected through the financial reports available on each company's website and also on the B3 website. The final sample included 28 companies of different sizes and sectors. More specifically, a multivariate statistical methodology was used with multiple linear regression econometric models in panel data. Based on this discussion, the results suggest that the IPO generated a positive impact on the growth of net sales revenues. On the other hand, the IPO resulted in a negative impact on the performance of companies in terms of the profitability of assets and shareholders' equity. Finally, the IPO variable was not significant in the sales profitability model measured by the net margin. Keywords: Financing decisions. Capital market. IPO. Performance of companies.

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The aim of this study was to analyse the applicability of management tools associated with technical assistance to family dairy farms with the aim of identifying and correcting weaknesses. A total of 100 dairy farms located in the mesoregion of the Acre Valley, in the Western Amazon, were analysed from March 2016 to March 2017. The data used were collected via a semi-structured form containing 549 questions, through on-site observation and from the owners during the diagnosis. To define the weaknesses, a multidisciplinary team used the brainstorming management tool. The main weaknesses obtained using the GUT Matrix, in descending order, were: a lack of drinking fountains, no vaccination of all heifers against brucellosis, low body condition of cows at calving, and a calving interval longer than 12 months. Based on the ranking of the weaknesses, the research team defined the management tools to be used to correct or at least mitigate the weaknesses: PDCA, 5W2H, and/or a fishbone diagram. Among the 20 most graded weaknesses, the management tools used by the extensionist technician obtained significant results in solving the problems. It was concluded that it is possible to adapt and apply the management tools used in other activities to dairy farming and that they can be used continuously for management or specifically to establish a plan or project.

RESUMOO estudo teve como objetivo identificar os principais indicadores econômico-financeiros determinantes em operações de fusões e aquisições (F&A) na indústria de tecnologia no Brasil, na perspectiva das empresas adquirentes. O modelo quantitativo adotado foi a Regressão Logística -Logit -, utilizando como variável dependente a ocorrência ou não de F&A e como variáveis independentes os indicadores econômico-financeiros dispostos em uma série de dados em painel, com períodos trimestrais de 2009 a 2017. Os resultados permitem inferir que os determinantes de fusões e aquisições, na ótica da empresa adquirente, situam-se no capital de terceiros (CT) e no tamanho da firma (TA). Como resultado contraditório, foram identificados o retorno sobre o patrimônio líquido (ROE), o retorno sobre o ativo (ROA), a liquidez geral (LG) e o valor econômico agregado (EVA). Observa-se que o capital de terceiros é um importante fator para que a firma financie suas atividades, enquanto o tamanho da empresa representa o aumento do total de ativos. No que se refere ao (ROA) e ao (ROE), esses podem estar sendo compensados pelo aumento do tamanho da firma. No que tange ao (EVA), houve destruição de valor aos acionistas, que pode estar relacionada ao período analisado, insuficiente para que empresas do setor industrial de tecnologia obtenham retornos em curto prazo.Palavras-chave: Fusões e aquisições; Indústria de tecnologia; Regressão logística. ABSTRACTThe purpose of this study was to analyze the main economic and financial ratio determinant in mergers and acquisitions in the technology industry in Brazil from the perspective of the ______________________________________________________________________________ Revista Contabilidade, Gestão e Governança · v. 21 · n. 3 · p.420-438 · set. /dez. 2018 421 acquiring firms. The quantitative model used was the logistic regression -Logitusing as a determinant variable the M&A event and as an independent variable the economic and financial indicators arranged in time series panel data in a series of quarterly data from 2009 to 2017. The results allowed to infer that mergers and acquisitions determinants were found from the perspective of the acquiring firm, the third-party equity (CT) and the firm size (TA). Contradictory results, statistically relevant despite negative, were identified in the return on equity (ROE), return on assets (ROA), general liquidity (LG) and the economic value added (EVA). It was observed that third-party equity is an important factor for the firm to finance its activities, while the firm size represents the increase in total firm assets. With regard to the negative (ROA) and (ROE), it appears that this may be compensated by the increase in the size of the firm. Regarding the EVA there has been a loss of value to shareholders after the M&A and this could be related to the period analyzed being insufficient for firms in the technology industry to obtain short-term returns

The aims of the present article are to identify the economic-financial indicators that best characterize Brazilian public companies through credit-granting analysis and to assess the most accurate techniques used to forecast business bankruptcy. Discriminant analysis, logistic regression and neural networks were the most used methods to predict insolvency. The sample comprised 121 companies from different sectors, 70 of them solvent and 51 insolvent. The conducted analyses were based on 35 economic-financial indicators. Need of working capital for net income, liquidity thermometer, return on equity, net margin, debt breakdown and equity on assets were the most relevant economic-financial indicators. Neural networks recorded the best accuracy and the Receiver Operating Characteristic Curves (ROC curve) corroborated this outcome.

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