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Evidenciação Dos Fatores De Riscos Nas Empresas Brasileiras E Americanas Do Setor De Papel E Celulose

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Evidenciação Dos Fatores De Riscos Nas Empresas Brasileiras E Americanas Do Setor De Papel E Celulose EVIDENCIAÇÃO DOS FATORES DE RISCOS NAS EMPRESAS BRASILEIRAS E AMERICANAS DO SETOR DE PAPEL E CELULOSE JAQUELINE CARLA GUSE Universidade Regional de Blumenau [email protected] JOSIANE BRIGHENTI Universidade Regional de Blumenau [email protected] MARA VOGT FUNDAÇÃO UNIVERSIDADE REGIONAL DE BLUMENAU [email protected] FRANCISCO CARLOS FERNANDES Universidade Regional de Blumenau [email protected] EVIDENCIAÇÃO DOS FATORES DE RISCOS NAS EMPRESAS BRASILEIRAS E AMERICANAS DO SETOR DE PAPEL E CELULOSE RESUMO Os riscos são considerados eventos futuros incertos que podem comprometer o sucesso das metas e objetivos das organizações e, evidenciá-los torna-se uma das formas de conseguir visualizá-los e gerenciá-los. Nesse contexto, o objetivo deste estudo consiste em verificar os fatores de risco evidenciados nas empresas brasileiras e americanas do setor de papel e celulose. Realizou-se uma pesquisa descritiva, com abordagem qualitativa do problema, por meio de pesquisa documental. A população do estudo refere-se a todas as empresas brasileiras e americanas de capital aberto do setor de papel e celulose e a amostra foi composta por seis empresas brasileiras e sete americanas. Os dados foram coletados nos formulários de referência das empresas brasileiras e nos relatórios 10K das empresas americanas e referem-se ao ano de 2013. Os resultados encontrados demonstram que as empresas brasileiras evidenciam os fatores de risco relacionados à companhia, ao controlador direto ou indireto, ou grupo de controle, aos acionistas, às controladas e coligadas, aos fornecedores, aos clientes, ao setor de atuação, à regulação do setor de atuação e aos países estrangeiros. Já as empresas americanas evidenciam fatores relacionados às companhias, aos clientes, à concorrência, à regulação do setor de atuação e à segurança dos sistemas de informação. Palavras-chave: Fatores de riscos; Evidenciação; Papel e Celulose; Brasil; EUA. DISCLOSURE OF RISK FACTORS IN BRAZILIAN AND AMERICAN PULP AND PAPER COMPANIES ABSTRACT Risks are considered uncertain future events that may jeopardize the success of the goals and objectives of organizations and this clearly it becomes one of the ways to get to see them and manage them. In this context, the aim of this study is to verify the risk factors highlighted in the Brazilian and American pulp and paper industry companies. We conducted a descriptive study with a qualitative approach to the problem, through documentary research. The study population refers to all open Brazilian and American capital companies in the pulp and paper industry and the sample was composed of six Brazilian companies and seven American. Data were collected in the reference forms of Brazilian companies 10K of American companies and refer to the year 2013. The results show that Brazilian companies show the risk factors relating to the company, the direct or indirect controller, or control group, the shareholders, the subsidiaries and affiliates, suppliers, customers, the sector of activity, the regulation of the activity sector and to foreign countries. American companies already evident factors related to companies, customers, competition, regulation of industry operations and security of information systems. Keywords: Risk factors; disclosure; Pulp and Paper; Brazil; USA. XVI ENGEMA 2014 1 1 INTRODUÇÃO A evidenciação de informações é importante para a tomada de decisões, tanto de gestores, como de investidores. A divulgação das informações tem um papel fundamental na redução da assimetria informacional e auxilia na avaliação das melhores oportunidades para os investidores alocarem recursos (LANZANA, 2004). A ideia de risco associa-se diretamente à probabilidade de ocorrerem determinados resultados em relação ao valor esperado, a exemplo de perdas financeiras ou a variabilidade dos retornos associados a um dado ativo (GITMAN, 2010). Além disso, são considerados eventos futuros incertos que podem manipular o sucesso de metas e objetivos, incluindo os objetivos estratégicos, transacionais e econômicos (KHALID; AMJAD, 2012). O gerenciamento dos riscos é necessário e importante para as organizações, pois as perdas ocasionadas por eventos não previstos podem afetar sua rentabilidade. Ao lidar com as incertezas, a organização depara-se com riscos que podem afetar seus resultados e sua sobrevivência. Assim, gerenciá-los torna-se essencial para o sucesso das empresas (KARIMIAZARI et al., 2011). O gerenciamento, no entanto, necessita de uma avaliação prévia dos objetivos da empresa, eventuais probabilidades que possam afetar negativamente o seu desempenho e o alcance de seus objetivos (PRICEWATERHOUSECOOPERS, 2002). Nesse sentido, o presente estudo visa responder à seguinte questão: quais são os fatores de riscos evidenciados pelas empresas brasileiras e americanas do setor de papel e celulose? No intuito de responder a esta questão, o objetivo do estudo consiste em verificar os fatores de riscos evidenciados pelas empresas brasileiras e americanas do setor de papel e celulose. A escolha de verificar os fatores de risco relacionados ao setor de papel e celulose justifica-se por ser um setor caracterizado pela competitividade no cenário global e, pela forte vocação ao mercado externo, assim, os riscos podem afetar de forma direta o desempenho destas organizações. No Brasil, o setor é caracterizado pelo emprego de capital intensivo e têm sido impactado pelas recentes crises energéticas, precariedade logística, infraestrutura portuária deficitária, maior rigidez de certificações ambientais e questões relacionadas à sustentabilidade (BASTOS JÚNIOR, 2007). Para Ouchi (2006), o setor de papel e celulose é um setor que apresenta grande relevância ambiental, econômica e social. No Brasil, o setor é importante em vista da sua relevância econômica, devido à grande influência no meio ambiente e seu impacto significativo na sociedade. Optou-se por relacionar o Brasil e os Estados Unidos da América - EUA, pois, de acordo com a Associação Brasileira de Celulose e Papel – BRACELPA, estes dois países estão entre os maiores produtores mundiais de papel e celulose, sendo que, em 2012, dentre os maiores produtores de celulose do mundo, os EUA lideraram o ranking e o Brasil encontrava- se em 4º lugar. Já no que se refere à produção de papel, os EUA estão em 2º lugar no ranking e o Brasil em 9º lugar. Além disso, os dados do setor de papel e celulose no Brasil revelaram que a exportação neste setor foi de US$ 6,7 bilhões e ainda, foram gerados mais de 128 mil empregos diretos e 640 mil empregos indiretos (BRACELPA, 2014). 2 REVISÃO BIBLIOGRÁFICA Na revisão de literatura aborda-se primeiramente a conceituação dos riscos. Na sequência, descreve-se o gerenciamento dos riscos e, além disso, abordam-se alguns estudos anteriores, o que possibilita embasar a metodologia adotada e aprimorar o tema apresentado. XVI ENGEMA 2014 2 2.1 Conceituação de Riscos O conceito de risco tornou-se popular em economia na década de 1920. Desde então, tem sido usado com sucesso em teorias de tomada de decisão em economia, em finanças e na teoria da ciência da decisão (NGAI; WAT, 2005). A ideia de risco associa-se diretamente à probabilidade de ocorrerem determinados resultados em relação ao valor esperado. Além disso, é um conceito voltado para o futuro, pois revela uma possibilidade de perda (ASSAF NETO, 2003). O risco é tido como uma probabilidade de perigo, perda, prejuízo ou outras causas adversas de um evento que pode vir a ocorrer no futuro (KLINKE; RENN, 2002). O termo risco, segundo o Instituto Brasileiro de Governança Corporativa - IBGC, provém da palavra risicu ou riscu, que em latim significa ousar. Entende-se o risco como uma probabilidade de algo não dar certo, porém, seu conceito atual envolve incerteza, no que diz respeito às perdas em relação ao rumo dos acontecimentos planejados pelos indivíduos ou pelas empresas (IBGC, 2007). Para Moreira (2009), o risco pode ser o grau de incerteza quanto ao retorno que se espera obter ou então a probabilidade de ocorrerem perdas indesejadas. Segundo Gitman (2010), os riscos que mais afetam a empresa e, portanto, necessitam de maior atenção dos gestores, são os operacionais e financeiros. Ainda, existem outros riscos que também afetam a organização e os acionistas, como os riscos de taxa de juros, riscos de liquidez, de mercado, de eventos, de câmbio, riscos de poder aquisitivo e riscos tributários. Dessa forma, as organizações estão sujeitas a uma diversidade de riscos na condução de seus negócios e, conhecê-los torna-se fundamental para a gestão da empresa. Martins, Santos e Dias Filho (2004) classificam os riscos das organizações da seguinte forma: riscos de propriedade que estão associados à mobilização, aquisição, manutenção e disposição dos ativos; riscos de processo que se originam do uso ou da operação dos ativos para alcançar os objetivos empresariais; e ainda, riscos comportamentais que são os riscos vinculados à aquisição, manutenção, utilização e disposição dos ativos empresariais, no quais se encontra a capacidade de gerenciamento. Simons (1999) afirma que é necessário obter uma imagem mais completa dos riscos, a fim de compreendê-los e gerenciá-los. Para tanto, a gestão dos riscos promete tornar-se parte central da gestão de qualquer negócio. Nesse sentido, Tchankova (2002) afirma que o risco é parte inerente dos negócios e abrange todos os aspectos das atividades organizacionais e, além disso, está inserido em todos os níveis de gestão. Para tal, a gestão do risco tornou-se uma das principais atividades
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