Abertura ou não de capital no Brasil: uma análise prática da percepção dos executivos financeiros

Abstract

This study investigated the aspects and reasons why Brazilian firms go public, from the viewpoint of chief financial officers (CFOs). From the BM&F Bovespa and the magazine Valor Investe, we selected 113 Brazilian firms that had successfully completed an Initial Public Offerings (IPO) between January 2004 and December 2010, and firms those that are large enough to go public, but have not attempted an IPO. Following Brau and Fawcett (2006), we surveyed the CFOs about their perceptions at the time of the IPO. The most findings were: (1) the main motivation for going public was to reduce the cost of capital; (2) general market conditions were crucial to the timing of the IPO; (3) underwriters were selected based on overall reputation, quality of the research department, and industry expertise; (4) the use of a Big-4 accounting firm was seen as a positive sign by the respondents; (5) the overallotment option of shares to stabilize prices was considered the most important IPO process issue; and (6) the main reason for remaining private was to preserve decision-making control and ownership.

Análise das Demonstrações Contábeis: um estudo contemplando a emissão de ações no BANRISUL S.A.

“…É difícil precisar o custo exato de uma emissão de ações, tendo em vista que os procedimentos variam de uma entidade para outra, de acordo com a organização interna existente antes do início do processo (STEFFEN;ZANINI, 2014;OLIVEIRA, 2016). Por isso, cada empresa deve realizar uma análise detalhada antes de decidir por essa forma de captação de recursos, certificando-se de que os custos serão cobertos e que os recursos obtidos serão suficientes para os investimentos pretendidos (BOMFIM; SANTOS; PIMENTA JUNIOR,…”

problématique de la cotation boursière

“…À sa clôture, seules ces trois (03) sociétés étaient cotées sur le compartiment des actions. Une situation alarmante, quand on sait que la quasi-totalité des entreprises camerounaises sont surendettées (Institut National de la Statistique, 2018) et gagneraient à améliorer leur pouvoir de négociation avec les autres acteurs via le marché (Steffen et Zanini, 2014 ;Klein et al, 2002 ;Pagano et al, 1998). Malheureusement, on observe que plus de la moitié des entreprises privées et publiques sont totalement absentes des marchés financiers, aussi bien sur le compartiment des actions que ceux des obligations, malgré le grand avantage financier que ce processus apporterait à leur performance.…”