Explanatory factors of the financial condition in the municipalities of Minas Gerais

Hugo Lucindo Ferreira, Leandro Lima Resende, João Estevão Barbosa Neto, Jacqueline Veneroso Alves da Cunha, Bruna Camargos Avelino
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Abstract

Purpose: Identify the explanatory factors of the financial condition of small municipalities in Minas Gerais. Methodology: From the perspective of the Theory of Financial Condition, the research was carried out in two stages: first, the financial condition of the municipalities was calculated using Brown's (1993) model; next, the financial variables capable of influencing the financial condition of the municipalities in the sample were identified. To do this, accounting information was collected in the period 2017-2020, from 229 municipalities in the state of Minas Gerais that had a population of less than 5 thousand inhabitants in 2020. An econometric model with panel data was used for the analysis of the relations. Results: The variables Personnel Expenditure (GP) and Degree of Indebtedness (GE) were significant at a 1% level, with GP being positively related and GE negatively related to the government's financial condition. Therefore, the results prove the existence of financial factors related to budget solvency and long-term solvency that affect the financial condition of small municipalities. Contributions of the Study: The research contributes to the literature on the explanatory factors of the financial condition by analyzing small municipalities, using a model consolidated in the international literature, especially amid the discussion of PEC 188/2019, on the merger of these municipalities. In addition, it can help public managers in decision-making, by pointing out the explanatory factors that explain the municipality’s financial condition.
米纳斯吉拉斯州各市财政状况的解释因素
目的:确定米纳斯吉拉斯州小城市财务状况的解释因素。研究方法:从财务状况理论的角度出发,研究分两个阶段进行:首先,使用布朗(1993 年)模型计算各市的财务状况;其次,确定能够影响样本中各市财务状况的财务变量。为此,收集了 2017-2020 年期间米纳斯吉拉斯州 229 个城市的会计信息,这些城市在 2020 年的人口不足 5000 人。使用面板数据计量经济学模型分析了两者之间的关系。分析结果人员支出(GP)和负债程度(GE)这两个变量在 1%的水平上显著,其中 GP 与政府财政状况正相关,GE 与政府财政状况负相关。因此,研究结果证明存在与预算偿付能力和长期偿付能力相关的财务因素,这些因素会影响小城市的财务状况。研究的贡献:本研究通过分析小城市的财务状况,采用国际文献中的综合模型,尤其是在 PEC 188/2019 号文件讨论这些城市合并的过程中,为有关财务状况解释因素的文献做出了贡献。此外,本研究还指出了解释市政当局财务状况的因素,有助于公共管理者进行决策。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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