The objective of this study was to measure the technical and scale efficiencies of milk-producing farms in the state of Minas Gerais, considering different production levels, and also to identify the determining factors of their technical efficiency. The analyses were carried out using both Data Envelopment Analysis (DEA) and an econometric Tobit model. The data consisted of information collected in 2005 relating to 771 milk-producing farms. The results indicated that most of the farms exhibit technical inefficiency problems. Small farmers have the potential to expand their production and productivity, increasing technical efficiency, since they were performing with increasing returns to scale. The large farmers presented the best measures of technical efficiency, which is explained, partly, by factors such as access to rural credit, training and technical support.
O objetivo deste artigo foi mensurar as eficiências técnica e de escala de propriedades produtoras de leite do Estado de Minas Gerais, considerando diferentes estratos de produção, e identificar os fatores determinantes desta eficiência. Utilizaram-se como modelos analíticos a Análise Envoltória de Dados (DEA) e um modelo econométrico Tobit e, como base de dados, informações de 771 propriedades produtoras de leite. Os resultados obtidos indicaram que a maior parte das propriedades apresenta ineficiência técnica. Os pequenos produtores têm potencial para expandir suas produções e produtividades, aumentando a eficiência técnica, visto que estão operando com retornos crescentes a escala. Os grandes produtores foram os que apresentaram as melhores medidas de eficiência técnica, explicada, em parte, pela presença de fatores como acesso ao crédito rural, treinamento e assistência técnica

Este trabalho buscou investigar o desempenho das Cooperativas de Economia e Crédito Mútuo de Minas Gerais, fundamentando-se no conceito de eficiência e considerando o seu papel de instituições de desintermediação financeira entre os seus membros associados. A mensuração da eficiência deu-se por meio da Análise Envoltória de Dados (DEA), a partir de indicadores contábeis e financeiros de 105 cooperativas de crédito que compuseram o escopo da pesquisa, no ano de 2003. Os fatores condicionantes da eficiência foram identificados por meio do modelo Tobit. Os resultados expõem as limitações de eficiência das cooperativas de crédito, principalmente no que se refere à subutilização dos recursos produtivos, ao passo que se assevera a importância de se acompanhar o desempenho dessas organizações como fator de manutenção e sustentabilidade desses empreendimentos.
This paper objective was to investigate the efficiency of Minas Gerais state credit cooperatives. In the study, the conceptual bases of efficiency are interpreted based on the role played by the cooperatives in supplying financial services to their members. The efficiency was measured by using Data Envelopment Analysis in a sample of 105 credit cooperatives, in the year of 2003. The efficiency factors were identified by using a Tobit model. The results exposed the limitations of efficiency presented by credit cooperatives and verified that they under utilized the productive resources. Finally, the paper argues about the importance of monitoring the cooperative performance to hold the sustainability of their business

RESUMOO risco de liquidez nas instituições financeiras está associado ao desequilíbrio entre os ativos negociáveis e passivos exigíveis. Outros fatores também afetam a liquidez das cooperativas de crédito, como a maior utilização da cooperativa para empréstimos do que para depósitos e a incapacidade em promover a diversificação geográfica e de produtos. Nesse sentido, este estudo objetivou verificar, a partir de indicadores financeiros, qual é o risco de liquidez das cooperativas de economia e crédito mútuo de Minas Gerais e quais os determinantes desse risco. Foi utilizado o modelo de regressão logit multinomial, sendo as cooperativas classificadas em muito baixo, baixo, médio, alto e muito alto risco de liquidez. Os resultados analisados indicaram que valores menores dos indicadores utilização de capital de terceiros e provisionamento e valores maiores dos indicadores depósito total/operações de crédito e logaritmo do total de ativos tornam essas instituições mais líquidas.Palavras-chave: cooperativas de economia e crédito mútuo; risco de liquidez; logit multinomial; Minas Gerais. ABSTRACTLiquidity risk in financial institutions is associated to balance between working capital and financial demands. Other factors that affect credit union liquidity are an unanticipated increase of withdrawals without an offsetting amount of new deposits, and the lack of ability in promoting the product geographical diversification. The objective of this study is to analyze Minas Gerais state credit union liquidity risk and its factor determinants. Financial ratios and the multinomial logit model are used. The cooperatives were classified in five categories of liquidity risk: very low, low, medium, high and very high. The empirical results indicate that high levels of liquidity are related to smaller values of the outsourcing capital use, immobilization of the turnover capital, and provision ratios. So, they are associated to larger values of the deposit total/credit operations, and asset growth ratios.

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Resumo: O cálculo do Imposto sobre a Propriedade Predial e Territorial Urbana (IPTU) tem como base o valor venal do imóvel, geralmente estabelecido na planta de valores genéricos (PVG) Abstract: The calculation of the Tax on Land and Urban Property (IPTU) is based on property market value, usually established in the city plant of general values (PVG). However, there are municipalities, especially small ones that do not collect IPTU taxes. This is due to outdated real state register, in addition to the lack of qualified personnel, financial resources and robust and easy methodology to determine real state market value. Therefore, this work aims to combine the spatial regression model and location factor modeling to determine the market value of each property in a small city for the generation of the table of general values (PVG). The study was conducted in the city of São Gotardo/MG. One hundred and eighty-four samples of residential real state assessments made by Caixa Econômica Federal in 2012 and 2013 were used. Aiming to analyze the application of spatial models, four multiple regression models were generated based on the logarithm dependent variables on the total and unit values, and the independent variables related to the construction characteristics of the constructions, according to previous studies. Additional variables related to the land characteristics were also tested. For the models with spatial error dependence, a spatial error model was generated to determine a new homogenized variable encompassing the location factor (VH), which was used as an independent variable on a new linear regression model. The best regression model was selected based on the compliance of assumptions of the linear regression model and the analysis of the lowest Dispersion Coefficient. The model with the logarithm dependent variable on the unit values and the homogenized variable as independent, showed the best results and observed all the assumptions. Thus, it was demonstrated that the homogenized variable improves the performance of the linear regression model, since it includes the property location factor in the independent variables.