Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Identidades coletivas de estudiosos da linguagem no currículo lattes: docência, pertença social e capital cultural-acadêmico

The discussion involving the identity of social actors has taken place for some years, however, it has become significant for the discourse studies over the last years due to the fragmentation of postmodern actors. Understanding the identity as a symbolic concept that can aid in the detection of certain realities - a kind of mechanism / a magnifying glass (MERLUCCI, 1985) - you can check the linguistic materiality of the introductory text of the lattes resume as a adequate place for the formation of collective identities . The aim of this dissertation is to reflect, in a time of postmodernity, through the lattes introductory curriculum texts, the collective identities of the language researchers are portrayed in discursive and social practices based on the accumulation of cultural and academic capital. For analysis, surrounding the indisciplinary posture in Applied Linguistics (MOITA-LOPES, 2006), the descriptive / interpretive methodology was used (MAGALHÃES, 2001). Whereas the study method and the social theory, as state reasons of the research makes use of the Sociological Approach and Communicational Discourse, chain linked to the assumptions of Critical Discourse Analysis (PEDROSA, 2012a). The corpus is constituted of twenty-seven introductory texts from the lattes curriculum of language researchers, connected to three institutions of higher learning in Sergipe. After the collection, on the lattes platform, and the numbering of the curriculum in order to achieve the research objective, we performed the analysis based on three identity themes: teaching, social belonging (BAJOIT, 2006; DESCHAMPS; MOLINER, 2009) and the accumulation of academic-cultural capital (BOURDIEU, 2004; HEY, 2008). The data show that the texts of the lattes curriculum are based on hegemonic and ideological principals, referring to the accumulation of academic assets, the valuation of actors and the hierarchical positions, recognized and ratified by couples who socialize among themselves Right now, the research allows us to infer that, in postmodernity, some collective identity assumptions, contribute to the understanding of the academic reality, around the the lattes curriculum.

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts