https://repositorio.ufu.br/handle/123456789/18923 2026-09-23T15:09:09Z https://repositorio.ufu.br/handle/123456789/50350 Title: Impacto das variáveis econômicas nos custos e preço de venda dos milhos safra e safrinha Abstract: Corn plays a strategic role in the Brazilian economy, being one of the most relevant crops for agribusiness, contributing both to domestic supply and to international trade. It is an agricultural commodity widely used in human consumption, animal feed production, and several industrial segments, such as ethanol, starches, and by-products. In Brazil, corn production is characterized by two distinct production cycles: the first crop (summer corn), cultivated mainly during the rainy season, and the second crop (corn safrinha), planted after soybean harvest, especially in the Midwest region, which currently accounts for the largest share of national production. In view of increasing economic volatility and market uncertainties, this study aimed to analyze the relationship between economic variables and the production costs and selling prices of first- and second-crop corn in the main producing regions of Brazil from 2015 to 2024. Specifically, the study sought to identify which economic factors exert the greatest impact on cost structures and on corn price formation. The methodology adopted a quantitative approach, using secondary data obtained from official sources such as CONAB, IBGE, the Central Bank of Brazil (BACEN), and IPEA. Econometric models with panel data were estimated. The economic variables analyzed included Gross Domestic Product (GDP), inflation, interest rate (SELIC), exchange rate, and country risk. The results indicate that the exchange rate has a statistically significant impact on corn selling prices, particularly for second-crop corn, reflecting its greater exposure to the international market. Interest rates and country risk showed a relevant influence on production costs, highlighting the role of agricultural financing and risk perception in the cost structure. Inflation mainly affected operating costs, while GDP showed a positive relationship with prices, signaling higher demand during periods of economic expansion. These findings support the Contingency Theory framework, as corn cost management and price formation depend on producers’ ability to adapt to changing economic conditions. The study contributes to the empirical literature on corn production in Brazil and provides managerial insights for agribusiness decision-making, supporting the formulation of more efficient strategies in environments marked by economic volatility. 2026-02-27T00:00:00Z https://repositorio.ufu.br/handle/123456789/49552 Title: Indicadores socioeconômico-financeiros como red flags de risco de insolvência em Operadoras de Planos de Saúde Abstract: Predicting insolvency represents a critical challenge for the stability of Brazil's supplementary healthcare system. Health plan operators (HPOs) face increasing financial, demographic, and regulatory pressures, reinforcing the need for early warning systems capable of identifying insolvency risk signals (red flags). This study aims to analyze socioeconomic and financial indicators that contribute as warning signals (red flags) to identifying insolvency risks in Brazilian health plan operators. The theoretical framework is grounded in Signaling Theory, which is used to discuss indicators as early signals for insolvency detection. The study covers the period from 2007 to 2024, using financial indicators and non-financial information provided by the National Supplementary Health Agency (ANS), complemented by macroeconomic variables. The methodological approach combines the Elastic Net technique for indicator selection with logistic regression for econometric validation, considering eight types of health plan operators separately and two time horizons preceding insolvency (t-1 and t-2). The results identified financial, non-financial, and macroeconomic red flags associated with insolvency risk, with convergences and divergences between the expected economic signs and the empirical results depending on the type of health plan operator and the time horizon analyzed. Among the 95 distinct indicators identified, 33 showed greater temporal persistence and recurrence across operator types, revealing a set of more consistent signals associated with insolvency risk among Brazilian health plan operators. The study contributes to the insolvency literature and to the application of Signaling Theory by highlighting the multidimensional and contextual nature of signals associated with insolvency risk, while also providing potential insights for the prudential monitoring of health plan operators. The findings reinforce the importance of jointly considering different dimensions of signals, as well as operator-specific characteristics and time horizons, when assessing insolvency risk among health plan operators. 2026-07-02T00:00:00Z https://repositorio.ufu.br/handle/123456789/49317 Title: Determinantes do conservadorismo contábil em clubes de futebol brasileiros: efeitos da alavancagem e da restrição financeira Abstract: This study investigates the determinants of accounting conservatism in Brazilian football clubs, with a focus on the effects of financial leverage and financial constraints, taking into account the institutional specificities of an environment marked by governance weaknesses, regulatory capture, and the coexistence of member-owned clubs and Football Joint-Stock Companies. Grounded in Agency Theory, Positive Accounting Theory, and Regulatory Capture Theory, the research engages with the international literature on accounting conservatism and financial regulation in sport— particularly evidence from European leagues—while critically examining its applicability to the Brazilian context. The sample comprises 36 clubs that competed in Brazil’s Série A championship between 2010 and 2024, totaling 457 club-year observations. Accounting conservatism is measured using the accruals-based proxy proposed by Givoly and Hayn (2000). The empirical strategy employs panel data regressions with an unbalanced panel and two-way fixed effects, with robust standard errors clustered at the club level. Financial leverage is measured as the ratio of total liabilities to total assets, while financial constraints are captured through financial distress models, notably the G-Score proposed by Grover and Lavin (2001). Robustness tests include alternative performance measures and the substitution of the financial distress model (Zmijewski, 1984). The results indicate that both financial leverage and financial constraints are associated with lower levels of accounting conservatism, contradicting the positive relationship predicted by the classical contracting literature. The analysis of moderation by governance structure, represented by the adoption of the SAF model, does not provide robust evidence of changes in these effects. These findings are consistent with national studies documenting high accounting discretion and institutional limitations in Brazilian football (Nascimento et al., 2015), and contrast with international evidence observed in environments with stronger regulatory enforcement (Pujiono et al., 2023). It is concluded that, in the context of Brazilian football clubs, accounting conservatism does not operate predominantly as an endogenous disciplinary mechanism, but rather is shaped by institutional weaknesses that constrain its informational and contractual roles. 2026-02-27T00:00:00Z https://repositorio.ufu.br/handle/123456789/48881 Title: Caminhando sobre o teto de vidro: a trajetória de auditoras do setor público e privado brasileiro Abstract: Auditing in the public and private sectors is related to the verification and reliability of accounting and operational information, being an activity present in different types of organizations. In recent years, there has been an increase in female participation in this field; however, the presence of women in leadership positions remains limited. This context is associated with organizational, institutional, and social barriers, discussed in the literature through the theoretical lens of the Glass Ceiling. In view of this scenario, the general objective of the study is to investigate the trajectories of women who hold leadership positions in public and private auditing, identifying the barriers faced and the opportunities experienced that led them to overcome the Glass Ceiling. To achieve this objective, the research adopted a qualitative approach, interpretivist in nature, with a descriptive purpose. Semi-structured interviews were conducted with women auditors in leadership positions in Brazil, especially at the Federal Court of Accounts (TCU) and in companies from the Big Four group. The results indicate that the trajectories of women in leadership roles in public and private auditing were built gradually, marked by structural and symbolic barriers related to motherhood, the reconciliation of work and personal life, a male-dominated organizational culture, and the recurrent need to prove competence. The opportunities identified are related to technical performance, institutional recognition, participation in strategic projects, and support from professional networks. The overcoming of the Glass Ceiling occurred progressively, sustained by persistence, dedication, experiential learning, and professional and personal support, even in the face of the persistence of organizational barriers. The study contributes theoretically by deepening the understanding of the Glass Ceiling in the field of Brazilian auditing. As a practical contribution, the findings provide input for people management in identifying barriers and opportunities related to the promotion of gender equity in leadership positions. The social contribution lies in making visible the experiences and challenges faced by women auditors. 2026-02-19T00:00:00Z