Insolvência empresarial: um estudo sobre as distribuidoras de energia elétrica brasileiras

Scalzer, Rodrigo Simonassi; Rodrigues, Adriano; Macedo, Marcelo Álvaro da Silva

doi:10.5007/2175-8069.2015v12n27p27

Cited by 6 publications

(11 citation statements)

References 38 publications

(53 reference statements)

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“…The most important indicators in terms of average impact on efficiencies and densities were consistent with results of Scalzer et al (2015), who identified Y 3 (Actual EFP /Regulatory EFP) as the most important insolvency indicator in the year of the event. In addition, the ex-ante definition of insolvency based on negative Shareholders' Equity/Assets (Wruck 1990) uses an indicator that has a correlation of -0.98 with Y 1 (Overall Indebtedness), i.e., the same indicator with opposite sign.…”

Section: Variables That Explain Insolvencysupporting

confidence: 84%

“…As seen previously, Y 4 is the average of Y 2 and Y 3 , and thus Y 3 's information remains in Y 4 . The results of sensitivity analysis I are also in line with Scalzer et al (2015), who also found that Y 8 (Overall Liquidity) was important when analyzing insolvent EDs. The sensitivity analysis II showed that no other variable was significant in changing ED efficiencies.…”

Section: Robustness Analysissupporting

confidence: 78%

“…Y 1 (Overall Indebtedness) and Y 3 (Actual EFP/Regulatory EFP) were the most important indicators, in line with Scalzer et al (2015). The identification of Y 3 confirms that insolvent EDs may develop operational problems and reaffirms the need to analyze issues other than financial ones (Moody's 2013;ERCP 2001).…”

Section: Discussionmentioning

confidence: 53%

“…Despite this, the theme is still being debated and analyzed by EDs, researchers and society as a whole. Seeking to contribute to the theme, Scalzer et al (2015) used logistic regression to explain the state of insolvency of Brazilian EDs and found that Actual Equivalent Frequency of Power Interruptions/Regulatory Equivalent Frequency of Power Interruptions (Actual EFP/Regulatory EFP), Overall Liquidity, and Interest Coverage Ratio indicators were the most important in explaining insolvency in the same year, a year before and two years before the event respectively.…”

Section: Risk Of Insolvency In Brazilian Edsmentioning

confidence: 99%

“…The proposed variables are based on indicators used by the most important international rating agencies to evaluate the electricity distribution sector, and on the indicators used by electricity sector regulatory agencies in other countries. This study also used the indicators proposed by ANEEL (2014a and those Scalzer et al (2015) found to be important in explaining the insolvency of Brazilian EDs. Following the ANEEL (2014b) and ANEEL (2016) proposals, the study used the financial (X 1 a X 9 , Y 1 ) and operational (X 10 , X 11 , Y 2 , Y 3 , Y 4 ) classes of indicators.…”

Section: Database and Selection Of Variablesmentioning

confidence: 99%

See 4 more Smart Citations

Insolvency of Brazilian Electricity Distributors: A Dea Bootstrap Approach

Scalzer

Rodrigues

Macedo

2018

Technological and Economic Development of Economy

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Abstract. This study investigates the financial and operational indicators that explain the insolvency of Brazilian electricity distributors, using a data envelopment analysis (DEA) bootstrap approach. The Wagner and Shimshak (2007) stepwise procedure was used to select the variables that had the greatest impact on average efficiency estimated by DEA in the construction of an inefficient frontier. Through a second stage analysis, the Simar and Wilson (2007) bootstrapped truncated regression analyzed contextual variables associated with inefficiency, and consequently with firm insolvency. The sample was composed of electricity distributors, whose financial information for the 2000-2015 period was available on the Brazilian Securities Exchange (CVM) website. The results indicated that the Actual Equivalent Frequency of Power Interruptions/Regulatory Equivalent Frequency of Power Interruptions and Overall Indebtedness were the most important indicators in explaining insolvency. The second-stage analysis showed that the inefficiencies calculated using the selected indicators are positively related to insolvency criteria used by the literature, state control, dollar and geographical location, and negatively related to the domestic inflation index. The results provide valuable information for the Brazilian electricity sector's regulatory body, which recently began to hold public hearings prior to setting up procedures for monitoring financial sustainability using financial and operational indicators.

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Section: Variables That Explain Insolvencysupporting

confidence: 84%

Section: Robustness Analysissupporting

confidence: 78%

Section: Discussionmentioning

confidence: 53%

Section: Risk Of Insolvency In Brazilian Edsmentioning

confidence: 99%

Section: Database and Selection Of Variablesmentioning

confidence: 99%

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Insolvency of Brazilian Electricity Distributors: A Dea Bootstrap Approach

Scalzer

Rodrigues

Macedo

2018

Technological and Economic Development of Economy

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Indicadores de endividamento: análise fatorial na comparação entre a literatura e a Agência Nacional de Energia Elétrica (ANEEL)

Ferreira

Vianna

Cueva

et al. 2020

Rev. Cat. Cien. Cont.

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O objetivo deste artigo é verificar se o indicador de endividamento proposto pela Agência Nacional de Energia Elétrica (ANEEL) apresenta uma relação latente com os indicadores de endividamento utilizados pela literatura. A ANEEL sistematizou a supervisão econômico-financeira das operadoras de distribuição de energia por meio de indicadores de desempenho, entre eles o endividamento, o qual se diferencia dos utilizados na literatura. Neste estudo, o indicador da ANEEL de endividamento foi comparado com diferentes indicadores proxy de endividamento (Ribeiro & Santos, 2004; Lima & Freire, 2008; Ribeiro, Macedo, & Marques, 2012; Delen, Kuzey, & Uyar, 2013; Ozório, 2015; Castro et al., 2017). Para verificar se o indicador da ANEEL segue um padrão parecido com os demais, os indicadores foram agrupados por meio da análise fatorial. Os dados financeiros foram coletados nas demonstrações financeiras disponibilizadas pela ANEEL, no período de 2011 a 2018. Os resultados mostraram uma relação latente entre os indicadores de endividamento da ANEEL e três indicadores usados na literatura. É possível identificar que apesar de as distribuidoras e a ANEEL defenderem que a sistemática utilizada é setorial (ANEEL, 2014), o indicador de endividamento apresenta padrão de comportamento parecido com os utilizados pela literatura.

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Financial, Macroeconomic and Corporative Management Indicators to Predict the Insolvency of B3 Companies

Bezerra¹,

Lagioia²,

Pereira³

2019

CGG

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Objective: To analyze the effect of financial, macroeconomic and descriptive (qualitative) corporative management indicators to predict insolvency of Brazil, Bolsa, Balcão (B3) (Brazil, Stock market, Bench) companies, between the years of 2006 and 2016. Method: Logistic regression was estimated according to unbalanced panel data, after choosing the best predictive variables for the model, utilizing the backward stepwise model. The sample is based on 55 publicly-traded non-financial corporations. Originality/Relevance: When macroeconomic and corporative management variables are inserted, the expectation is that the company's insolvency condition have another explanatory alternative in order to cut down on the negative aspects that such a condition imposes upon the concerned parts. Results: The number of the model's correct classifications was 89.5% and pseudo R-squared = 0.4872. Results show that the financial indicators, just as verified by other works, are fine predictors of company insolvency. Moving onto the corporative management indicators utilized, p-value results do not dismiss the theoretical relationship that management elements might be linked to corporation insolvency. Regarding macroeconomic factors, only one variable (among 5) showed a value of statistical significance according to the definitions. Theoretical/Methodological contributions: Results may justify why only the variable gross domestic product (among the macroeconomic ones) has presented a significant statistical relationship with the predictive model, as organization management may overcome issues caused by macroeconomic variables.

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Insolvência empresarial: um estudo sobre as distribuidoras de energia elétrica brasileiras

Cited by 6 publications

References 38 publications

Insolvency of Brazilian Electricity Distributors: A Dea Bootstrap Approach

Insolvency of Brazilian Electricity Distributors: A Dea Bootstrap Approach

Indicadores de endividamento: análise fatorial na comparação entre a literatura e a Agência Nacional de Energia Elétrica (ANEEL)

Financial, Macroeconomic and Corporative Management Indicators to Predict the Insolvency of B3 Companies

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