<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2236-5907</journal-id>
<journal-title><![CDATA[Fineduca: Revista de Financiamento da Educação]]></journal-title>
<abbrev-journal-title><![CDATA[Fineduca]]></abbrev-journal-title>
<issn>2236-5907</issn>
<publisher>
<publisher-name><![CDATA[Associação Nacional de Pesquisa em Financiamento da Educação]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2236-59072025000100111</article-id>
<article-id pub-id-type="doi">10.22491/2236-5907141111</article-id>
<title-group>
<article-title xml:lang="pt"><![CDATA[Desempenho Operacional das Empresas do Setor de Serviços Educacionais Listadas na B3, em Relação ao Incentivo Governamental FIES]]></article-title>
<article-title xml:lang="en"><![CDATA[Operational Performance of Companies in the Educational Services Sector Listed on B3, in Relation to the Government Incentive FIES]]></article-title>
<article-title xml:lang="es"><![CDATA[Desempeño Operativo de las Empresas del Sector de Servicios Educativos Cotizadas en B3, en Relación con el Incentivo Gubernamental FIES]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Santos]]></surname>
<given-names><![CDATA[Andréia Machado dos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Krüger]]></surname>
<given-names><![CDATA[Cristiane]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Garlet]]></surname>
<given-names><![CDATA[Tarciana Faccin]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidade Federal de Santa Maria (UFSM)  ]]></institution>
<addr-line><![CDATA[Santa Maria RS]]></addr-line>
<country>Brasil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>00</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>00</month>
<year>2025</year>
</pub-date>
<volume>15</volume>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://educa.fcc.org.br/scielo.php?script=sci_arttext&amp;pid=S2236-59072025000100111&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://educa.fcc.org.br/scielo.php?script=sci_abstract&amp;pid=S2236-59072025000100111&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://educa.fcc.org.br/scielo.php?script=sci_pdf&amp;pid=S2236-59072025000100111&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Esta pesquisa objetiva analisar a relação do incentivo governamental FIES no desempenho operacional das empresas do setor de serviços educacionais, listadas na B3. Metodologicamente a pesquisa é classificada como quantitativa e descritiva. Foram utilizados métodos de cálculo de indicadores contábeis e testes de hipóteses propostas através de regressão de dados em painel não balanceado, buscando descrever as relações entre as variáveis. Os resultados demonstraram que as empresas de serviços educacionais listadas na B3 se beneficiam com o FIES, pois tal incentivo governamental tem efeito direto e positivo no seu desempenho operacional. Para cada valor captado de financiamento FIES, essas empresas apresentam um resultado operacional positivo. Logo, o resultado encontrado pode contribuir para que demais empresas desse setor possam aderir ao programa FIES, visto o possível aumento de lucratividade, rentabilidade e, consequentemente, valorização de suas ações.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This research aims to analyze the relationship between the government incentive FIES and the operational performance of educational services companies listed on B3. Methodologically, the research is classified as quantitative and descriptive. Methods of calculating accounting indicators and hypothesis tests were used through panel data regression, seeking to describe the relationships between the variables. The results demonstrated that educational services companies listed on B3 benefit from FIES, as this government incentive has a direct and positive effect on their operational performance. For each value captured from FIES financing, these companies show a positive operational result. Therefore, the findings can contribute to other companies in this sector adopting the FIES program, given the potential increase in profitability, return on investment, and consequently, the valuation of their shares.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Esta investigación tiene como objetivo analizar la relación del incentivo gubernamental FIES con el desempeño operativo de las empresas del sector de servicios educativos listadas en B3. Metodológicamente, la investigación se clasifica como cuantitativa y descriptiva. Se utilizaron métodos de cálculo de indicadores contables y pruebas de hipótesis propuestas a través de regresión de datos en panel no equilibrado, buscando describir las relaciones entre las variables. Los resultados demostraron que las empresas de servicios educativos listadas en B3 se benefician con el FIES, ya que este incentivo gubernamental tiene un efecto directo y positivo en su desempeño operativo. Por cada valor captado de financiamiento FIES, estas empresas presentan un resultado operativo positivo. Por lo tanto, el resultado encontrado puede contribuir a que otras empresas de este sector puedan adherirse al programa FIES, dado el posible aumento de rentabilidad, rentabilidad y, en consecuencia, la valorización de sus acciones.]]></p></abstract>
<kwd-group>
<kwd lng="pt"><![CDATA[Financiamento Estudantil]]></kwd>
<kwd lng="pt"><![CDATA[Educação Privada]]></kwd>
<kwd lng="pt"><![CDATA[Análise Econômica]]></kwd>
<kwd lng="en"><![CDATA[Student Financing]]></kwd>
<kwd lng="en"><![CDATA[Private Education]]></kwd>
<kwd lng="en"><![CDATA[Economic Analysis]]></kwd>
<kwd lng="es"><![CDATA[Financiamiento Estudiantil]]></kwd>
<kwd lng="es"><![CDATA[Educación Privada]]></kwd>
<kwd lng="es"><![CDATA[Análisis Económico]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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