Resumo Objetivo: O estudo tem como objetivo analisar a relação entre a rentabilidade e a alavancagem conservadora das empresas brasileiras. Originalidade/valor: O estudo contribui para a literatura ao investigar a rentabilidade como um determinante fundamental da alavancagem conservadora das empresas brasileiras, sendo possível entender se essa influência é baseada numa perspectiva de flexibilidade ou de restrição financeira. Design/metodologia/abordagem: A pesquisa se caracteriza como descritiva, documental e quantitativa. A amostra do estudo foi constituída por 271 empresas de capital aberto e 8.823 empresas de capital fechado. Os dados foram coletados na base Refinitiv Eikon para o período entre 2012 e 2019 (oito anos). Para a análise dos dados, o estudo utilizou a regressão logística no software Stata. Resultados: Os resultados indicam que, em média, 5,05% das empresas de capital aberto possuem alavancagem zero, e 29,08% das empresas de capital fechado possuem alavancagem contábil inferior a 5%. No contexto das empresas de capital aberto, quanto mais rentável a empresa, maior a probabilidade de apresentar alavancagem quase zero, corroborando a perspectiva da flexibilidade financeira. Já para as empresas de capital fechado que são menos rentáveis, há maior probabilidade de apresentarem alavancagem zero, o que coaduna com a perspectiva da restrição financeira.
Purpose: The study aims to analyze the relationship between profitability and conservative leverage of Brazilian companies. Originality/value: The study contributes to the literature by investigating profitability as a fundamental determinant of the conservative leverage of Brazilian companies, making it possible to understand whether this influence is based on a perspective of flexibility or financial constraint. Design/methodology/approach: The research is characterized as descriptive, archival, and quantitative. The study sample consisted of 271 public companies and 8,823 private companies. Data were collected in the Refinitiv Eikon database between 2012 and 2019 (eight years). For data analysis, the study used logistic regression in Stata software. Findings: The results indicate that, on average, 5.05% of public companies have zero leverage, and 29.08% of private companies have book leverage below 5%; in the context of public companies, the more profitable the company, the greater the probability of having almost zero leverage, corroborating the perspective of financial flexibility. Less profitable private companies are likelier to have zero leverage, which is consistent with the view of financial constraint.
In Goiás, seasonal forests structure studies are scarce, especially in fragments located in legal reserves, subject to human disturbances. Therefore, the study aimed to perform the phytosociology of a fragment of a rural property, in a seasonal semideciduous forest. We evaluated structure, richness, diversity, dispersion mechanisms, ecological groups, and species distribution patterns found in the study and floristic links between Cerrado, Amazon and Atlantic Forest. In a one-hectare sample plot, all live trees with a diameter at breast height ≥ 10 cm were measured. The values of density and basal area were 561 ind.ha-1 and 26.2 m².ha-1, respectively. We recorded 37 species with diversity indices (H’) of 2.36 and evenness (J’) of 0.65. Toulicia reticulata, Chaetocarpus echinocarpus, Bocageopsis mattogrossensis and Nectandra cuspidata were species with the highest importance value, corresponding to 69% and 65% of all density and basal area, respectively. Fabaceae obtained the highest floristic richness, with six species, although it was little represented in terms of abundance. Our results suggest that the fragment is a mature forest in good conservation status. This is reinforced by the high size of trees, in addition to the predominance of zoochoric (83.8%) and secondary (92.1%) individuals in the survey.
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