Impactos da oferta pública inicial de ações no desempenho econômico-financeiro de empresas brasileiras na B3

 Resumo: Neste artigo objetivou-se discutir os impactos do Initial Public Offering (IPO) no desempenho econômico-financeiro de empresas brasileiras listadas na B3. Esses impactos foram analisados em termos de: crescimento das vendas, rentabilidade dos ativos, rentabilidade do patrimônio líquido e lucratividade das vendas. Para alcançar os objetivos, foi utilizada a base de dados das empresas que realizaram IPO no período de 2008 a 2013. Na pesquisa apresentaram-se fundamentos teóricos e informações advindas de pesquisas e instituições compreendendo revisão da literatura, temas relativos às decisões de financiamento, oferta pública inicial de ações e desempenho econômico-financeiro de empresas por meio de indicadores. A metodologia, de forma geral, tratou-se de pesquisa explicativa e quantitativa. As demonstrações financeiras foram coletadas por meio dos relatórios financeiros disponíveis no site de cada empresa e também no site da B3. A amostra final contemplou 28 empresas de diversos tamanhos e setores. Mais especificamente, foi utilizada metodologia de estatística multivariada com modelos econométricos de regressão linear múltipla em dados em painel. Com base nessa discussão, os resultados encontrados sugerem que a realização do IPO gerou impacto positivo no crescimento das receitas líquidas de vendas. Por outro lado, o IPO resultou em impacto negativo no desempenho das empresas em termos de rentabilidade dos ativos e patrimônio líquido. Por fim, a variável IPO não apresentou significância no modelo de lucratividade das vendas medida pela margem líquida. Palavras-chave: Decisões de financiamento. Mercado de capitais. IPO. Desempenho de empresas.   Impacts of the initial public offer of shares in economic and financial performance of brazilian companies in B3   Abstract: The article aimed to discuss the impacts of the IPO on the economic-financial performance of Brazilian companies listed in B3. These impacts were analyzed in terms of: sales growth; profitability of assets; return on shareholders' equity; and profitability of sales. In order to reach the objectives, the database of the companies that carried out the IPO between 2008 and 2013 was used. The research presented theoretical foundations and information from researches and institutions, including literature review, financing decisions, initial public offering of stock and economic-financial performance of companies through indicators. The methodology, in general, was an explicative and quantitative research. The financial statements were collected through the financial reports available on each company's website and also on the B3 website. The final sample included 28 companies of different sizes and sectors. More specifically, a multivariate statistical methodology was used with multiple linear regression econometric models in panel data. Based on this discussion, the results suggest that the IPO generated a positive impact on the growth of net sales revenues. On the other hand, the IPO resulted in a negative impact on the performance of companies in terms of the profitability of assets and shareholders' equity. Finally, the IPO variable was not significant in the sales profitability model measured by the net margin. Keywords: Financing decisions. Capital market. IPO. Performance of companies

Perbedaan kadar glukosa darah puasa sebelum dan setelah pemberian buah naga merah (Hylocereus polyrhizus) pada pasien diabetes melitus tipe 2

Latar Belakang: Menurut laporan data kesakitan Dinas Kesehatan Kabupaten Badung, Provinsi Bali, penderita DMT2 (usia >40 tahun) pada tahun 2017 menempati urutan ke-4 dari 10 penyakit terbanyak dengan jumlah penderita 5.535 orang. Jumlah penderita DMT2 terbanyak terdapat di wilayah kerja Puskesmas Mengwi I dengan jumlah penderita 915 orang. Penatalaksaan melalui pengaturan pola makan dapat dijadikan sebagai salah satu penatalaksaan dalam mengontrol kadar glukosa darah pasien DMT2. Buah naga merah sebagai salah satu komoditas buah yang mengandung antioksidan diketahui dapat mengontrol peningkatan kadar glukosa darah. Tujuan: Untuk mengetahui perbedaan kadar glukosa darah puasa sebelum dan setelah pemberian buah naga merah (Hylocereus polyrhizus) pada pasien DMT2. Metode: Penelitian ini menggunakan desain quasy experimental dengan serial measurement, one group pretest-posttest design. Pemeriksaan GDP dilakukan pada hari pertama dan dilanjutkan dengan pemberian buah naga merah 200 g. Pada hari kedua dilakukan pemeriksaan GDP dan diberikan buah naga merah 200 g. Pada hari ketiga, dilakukan pemeriksaan kadar GDP dan pemberian buah naga merah 200 g. Pada hari keempat dilakukan pemeriksaan GDP. Analisis data menggunakan uji analisis Repeated ANOVA dengan signifikansi jika nilai p<0.05. Hasil: Dari dua puluh responden penelitian didapatkan hasil perbedaan kadar GDP sebelum dan setelah pemberian buah naga. Dari penelitian ini, didapatkan nilai rerata GDP sebelum intervensi yaitu 183.30 mg/dL. Nilai rata-rata GDP setelah pemberian buah naga merah hari pertama yaitu yaitu 179.90 mg/dL, hari kedua yaitu 174.55 mg/dL, dan hari ketiga yaitu 167.05 mg/dL. Didapatkan perbedaan GDP hari kedua (p=0.000), dan hari ketiga (p=0.000). Tidak didapatkan perbedaan GDP hari pertama (p=0.084). Simpulan: Terdapat perbedaan bermakna sebelum dan setelah pemberian buah naga merah pada pasien DMT2 pada hari kedua dan ketiga setelah intervensi. Pada hari pertama setelah intervensi didapatkan perbedaan tidak bermakna dengan pemberian buah naga merah

Atypical and anaplastic meningiomas in a public hospital in São Paulo State, Brazil

Atypical/anaplastic (World Health Organization (WHO) grades II and III) are less common and have poorer outcomes than benign meningiomas. This study aimed to analyze the outcome of patients with these tumors.Method Overall/recurrence-free survivals (RFS) and the Karnofsky Performance Scale of 52 patients with grades II (42) and III (9) meningiomas surgically treated were analyzed (uni/multivariate analysis).Results Total/subtotal resections were 60.8%/35.3%. Patients 60 years-old, de novo meningioma and radiotherapy had longer survival and patients <60 years-old and with grade II tumors had longer RFS (multivariate analysis). Recurrence rate was 51% (39.2% Grade II and 66.7% Grade III). Operative mortality was 1.9%.Conclusion Age <60 years-old, grade II tumors and de novomeningiomas were the main predictors for better prognosis among patients with grades II and III meningiomas

Foramen magnum meningiomas: surgical treatment in a single public institution in a developing country

Objective: To analyze the clinical outcome of patients with foramen magnum (FM) meningiomas. Method: Thirteen patients (11 Feminine / 2 Masculine with FM meningiomas operated on through lateral suboccipital approach were studied. Clinical outcome were analyzed using survival (SC) and recurrence-free survival curves (RFSC). Results: All tumors were World Health Organization grade I. Total, subtotal and partial resections were acchieved in 69.2%, 23.1% and 7.7%, respectively, and SC was better for males and RFSC for females. Tumor location, extent of resection and involvement of vertebral artery/lower cranial nerves did not influence SC and RFSC. Recurrence rate was 7.7%. Operative mortality was 0. Main complications were transient (38.5%) and permanent (7.7%) lower cranial nerve deficits, cerebrospinal fluid fistula (30.8%), and transient and permanent respiratory difficulties in 7.7% each. Conclusions: FM meningiomas can be adequately treated in public hospitals in developing countries if a multidisciplinary team is available for managing postoperative lower cranial nerve deficits