Cooperativas en conflicto : el capital social hace la diferencia?, estudio de caso

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Holding Shareholders to Account: British Banking Stability and Contingent Capital

This chapter seeks to explain the relative stability of the British banking system in terms of its capital structure. From 1826 joint-stock banking was allowed, but shareholder liability was jointly and severally unlimited. Limited liability banks were allowed from 1857–8, but these banks issued partly paid shares with an obligation on shareholders to subscribe for uncalled capital. Contingent capital meant that shareholders and managers would suffer losses in the event of failure and this discouraged risk shifting at the expense of note-holders and depositors. Although individual banks collapsed, the failure rate of banks (in terms of number or capital) did not reach a critical level—10 per cent—beyond which the payments system might have been threatened. This chapter argues that agency problems and systemic risk rose after the abolition of contingent share capital in 1958 and the deregulation of the banking sector in the 1970s.

Impacto da NCRF 27 no capital próprio das cooperativas vitivinícolas da região demarcada do Douro

Dissertação de Mestrado apresentada ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação de Professora Doutora Ana Maria Alves Bandeira, e Professora Doutora Deolinda Maria Moreira Aparício Meira

L’apport du capital social, familial, personnel et délinquant à l’explication de la relation entre alcool, drogues et violence chez les jeunes

Cette étude s’inscrit dans le cadre plus large des travaux menés par le groupe de recherche Drug, Alcool and Violence International (DAVI) qui cherche à préciser la nature des liens qui se tissent entre l’alcool, les drogues et la violence chez trois groupes de jeunes - étudiants, décrocheurs, contrevenants - des villes de Montréal, Toronto, Philadelphie et Amsterdam. Elle explore plus spécialement les dimensions du capital social, familial, individuel et délinquant comme étant des voies d’explication possibles de la relation constatée entre la consommation d’alcool et de drogues et la manifestation de gestes de violence chez les jeunes de la grande région montréalaise fréquentant le milieu scolaire secondaire. Trois objectifs spécifiques de recherche sont poursuivis soit : 1) déterminer, à travers une recension des écrits scientifiques, les modalités formant les dimensions du capital social, familial, individuel et délinquant; 2) cerner empiriquement dans les données, quelles sont les modalités à disposition permettant de rendre compte de la contribution du capital social, du capital familial, du capital individuel et du capital délinquant dans l’explication de la relation alcool/drogues et violence chez les jeunes; et 3) vérifier si les dimensions à l’étude influencent a) la consommation par les jeunes d’alcool et de drogues; b) la manifestation par eux de comportements délinquants, et plus spécialement de comportements violents, et c) la relation entre alcool, drogues et violence chez les jeunes fréquentant le milieu scolaire secondaire montréalais en fonction de ces dimensions. L’échantillon de type aléatoire est composé de 995 répondants (garçons et filles ) qui se répartissent dans huit écoles secondaires francophones et deux écoles secondaires anglophones provenant des secteurs public ou privé et de milieu favorisé ou défavorisé se trouvant sur les territoires des villes de Montréal, Laval et Longueuil constituant « la grande région de Montréal ». Les participants devaient répondre à un questionnaire composé de 138 questions dont la grande majorité sont fermées. Les données sociodémographiques caractérisant le jeune et son environnement, ses rapports avec sa famille, ses amis, l’école, son quartier, sa consommation d’alcool et de drogues, l’existence dans sa vie de comportements violents dont il aurait été auteur ou victime, la manifestation de gestes de délinquance ou de troubles de comportement sont les principales dimensions de la vie du jeune sondées par le questionnaire utilisé. D’entrée de jeu, spécifions que peu importe les substances consommées, très peu d’étudiants en font un usage problématique et que l’on ne note aucune propension à la délinquance chez la majorité des élèves de l’échantillon En somme, les analyses amènent à conclure à l’existence de relations statistiquement significatives entre la consommation d’alcool, de marijuana et de drogues dures et la propension à la délinquance et aux troubles de comportement, ces relations étant de force variable allant de modérée à forte. Toutefois, il faut bien noter que ces relations ne touchent qu’un petit nombre des élèves du secondaire participant à notre étude, comme ce fût le cas dans d’autres études. Plus spécifiquement, le capital familial paraît influencer seulement la consommation de marijuana. Ainsi, plus le degré de supervision parentale diminue, plus la fréquence de consommation de marijuana augmente. Le capital individuel produit un impact plus important sur la consommation d’alcool, de marijuana et de drogues dures, les troubles de comportement, et la propension à la délinquance. Ainsi, plus le capital individuel est affecté négativement, plus la consommation d’alcool, de marijuana et de drogues dures de même que la propension à la délinquance et aux troubles de comportement seront importants. Le capital social, quant à lui, explique davantage la consommation de marijuana que la consommation d’alcool et de drogues dures ou encore la manifestation de troubles de comportement et la propension à la délinquance. Finalement, le capital délinquant paraît influencer la consommation d’alcool, de marijuana et de drogues dures. Son influence se fait ressentir également, mais dans une moindre mesure, sur la manifestation de troubles de comportement et la propension à la délinquance. À notre grande surprise, la dimension du capital familial qui se révèle être particulièrement influente dans les écrits scientifiques ne ressort pas dans nos analyses comme nous l’avions envisagé. Nous attribuons cet état de fait aux limites imposées par l’utilisation d’une banque de données constituée initialement à d’autres fins que celles visées dans notre étude, et dans laquelle les facteurs reliés au capital familial, identifiés dans les écrits, n’étaient pas tous présents. Nul doute à que la consommation de substances psychoactives et la propension à la délinquance et aux troubles de comportement sont des comportements présents dans la population juvénile. Les modèles généralement utilisés pour expliquer les comportements déviants à l’étude ne produisent pas de résultats probants en ce qui concerne les écoliers, une population de jeunes d’ailleurs rarement étudiée à cet égard. Le modèle d’explication au cœur de nos analyses, mettant à contribution les dimensions du capital social, familial, individuel et délinquant, paraît prometteur surtout en ce qui concerne le capital délinquant, et ce, en dépit des limites imposées par la banque de données utilisée. À la lumière des résultats obtenus, il semble que l’explication de la cooccurrence de la consommation de substances psychoactives et de la propension à la délinquance et aux troubles de comportement soit multifactorielle. Les principaux facteurs contributifs sont ceux du capital délinquant pour la consommation d’alcool, de marijuana et de drogues dures de même que pour la propension à la délinquance alors les troubles de comportement se révèlent davantage expliqués par les facteurs composant le capital individuel. Nous estimons que la combinaison des dimensions du capital familial, individuel, social et individuel constitue une voie d’explication prometteuse de la relation alcool/drogue et violence chez les jeunes. Il nous apparaît dès lors qu’un instrument de collecte de données spécifiquement conçu pour en explorer le potentiel explicatif devrait être à la base de prochaines recherches en ce sens.

Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian

Religião, redes sociais e capital social no Município de Rio Grande da Serra na Região do Grande ABC Paulista. Estudo das trocas materiais e simbólicas em contexto de periferia urbana

O município de Rio Grande da Serra está situado em uma região Grande ABC paulista reconhecida nacionalmente por seu desenvolvimento econômico e industrial e pelas lutas políticas e sindicais. Paradoxalmente, se configura, social e territorialmente falando, por uma região de periferia urbana. Resultado da forma como a urbanização, na sociedade moderna, conforma o espaço em regiões centrais e periféricas. Localizado no caminho que ligava Santos à Mogi das Cruzes (século XIX) povoado de Geribatiba decorrente das transformações urbanas ocorridas em toda a região, conquistaria, nos anos 1960, sua autonomia político-administrativa. Nas décadas seguintes testemunhou intenso crescimento populacional, resultado do processo migratório, principalmente de mineiros e nordestinos que tinham as cidades, e indústrias, de São Paulo e Grande ABC como destino. Esse deslocamento de pessoas, e as redes formadas em seu em torno, contribuiu para o desenvolvimento de seu campo religioso. Atualmente, com uma população, em torno, de 46 mil habitantes, possui aproximadamente 180 locais de cerimônias religiosas. Nesse contexto, a tese analisa a inserção regional socioeconômica e religiosa de Rio Grande da Serra, a partir de dados comparativos com os demais municípios, e discute como o regionalismo tem contribuído para seu desenvolvimento econômico. Realiza a caracterização das periferias urbanas, discutindo aspectos que lhes são inerentes, como segregação e vulnerabilidade social. Nesse sentido, a investigação possibilitou a identificação do perfil socioeconômico (renda e escolaridade) dos participantes dos grupos religiosos (católicos, evangélicos, kardecistas e umbandistas), permitindo, também, identificar desigualdades sociais no interior de seu território, constatando que determinados bairros são mais vulneráveis do que outros. Considerando que esse estudo examina a capacidade das redes sociais e religiosas, de aumentar o capital social de seus participantes, foi realizado o mapeamento e etnografia das diversas práticas associativas, mais ou menos formais e estruturadas, de forma a analisar os elementos materiais e simbólicos por elas produzidos. Constatou-se, apoiado na aplicação de questionários, entrevistas e observação participativa, que, a partir do habitus religioso de cada grupo, as redes possibilitam no âmbito econômico questões como emprego e renda ou auxílio em necessidades básicas de sobrevivência, através de campanhas e trabalhos sociais. No âmbito simbólico, as redes propiciam questões importantes à existência humana, como a crença na salvação ou evolução da alma, socialização, autoestima, prestígio ou ainda a expectativa de cura ou tratamento de dependência química. Pôde-se aferir que, a despeito das diferentes formas como cada grupo, e seus participantes, se apropriam do capital social, as redes sociais e religiosas, no município, funcionam como redes de proteção, especialmente à população em situação alta de vulnerabilidade social.

Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian

Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian

As sociedades de capital de risco em Portugal: Critérios adoptados no processo de tomada de decisão de investimento

Este estudo procura compreender a importância atribuída aos critérios utilizados pelas SCR portuguesas, na seleção e avaliação de projetos do tipo early-stage. Os dados utilizados foram recolhidos com recurso a questionário aplicado a 22 SCR portuguesas. Foram utilizadas técnicas de estatística descritiva, testes não paramétricos e análise de clusters. Concluiu-se que a personalidade e experiência do empreendedor e equipa de gestão são os critérios mais valorizados. As SCR com capital maioritariamente privado consideram mais importante o grupo de critérios relativo à personalidade do empreendedor e equipa de gestão do que as de capital maioritariamente público; e, as SCR que ainda não se internacionalizaram, consideram mais importantes o grupo de critérios relativos à personalidade do empreendedor e equipa de gestão e o grupo de critérios relativo aos aspetos financeiros, do que as SCR que se internacionalizaram. Na análise de clusters identificaram-se três grupos de SCR: Criadores de riqueza de forma sustentada; Monopolistas Impacientes; e, Ciumento. ABSTRACT: This study seeks to understand the relevance of the criteria used by the Portuguese VCs to select and assess early stage type projects. The data used for the study was collected through a questionnaire answered by 22 Portuguese VCs. We employed descriptive statistic techniques, non-parametric tests and cluster analysis. The conclusion of the study was that the personality and experience of an entrepreneur and of the management team are the most valued criteria. VCs with a majority of private share capital found the group of criteria related to the personality of the entrepreneur and of the management team to be more important than the companies with a majority of public share capital; additionally, the VCs that have not yet expanded internationally, consider the personality of the entrepreneur and management team and the group of criteria associated to financial aspects, to be more important than the VCs that have already expanded abroad. Throughout the study of the clusters we were able to identify three VCs groups: Creators of sustained wealth; Impatient Monopolists and Jealous.

Charakter prawny spółki cywilnej na tle historycznym i prawnoporównawczym

Wydział Prawa i Administracji

Kapitał zakładowy w spółce z ograniczoną odpowiedzialnością – skuteczny instrument ochrony wierzycieli?

This article deals with a draft bill amending the Code of Commercial Companies and the ongoing debate on the planned amendment which includes a proposal to remove a fixed minimum of share capital in limited liability companies. The most important issue under consideration in this paper is the protection of a company’s creditors. The author of the following article, referring to a number of already published statements concerning the draft bill, summarizes the ongoing discussion about the role and the functions of share capital and the proposed new instruments for strengthening creditors’ protection.

O financiamento nas cooperativas

As cooperativas, enquanto entidades pertencentes ao setor da economia social, são organizações com características próprias e distintas das sociedades comerciais, destacando-se o seu escopo mutualístico e o caráter variável do seu capital social, por confronto com o escopo lucrativo e o princípio da conservação do capital social que caraterizam as sociedades. Estas especificidades das cooperativas condicionam a obtenção de meios de financiamento por parte destas. Em virtude do seu caráter variável, o capital social não representa uma garantia para os credores, pelo que serão as reservas, designadamente as reservas obrigatórias, que se apresentarão como o recurso financeiro de melhor qualidade na cooperativa. Nas cooperativas são identificáveis outros instrumentos financeiros, tais como: títulos de investimento e obrigações, os resultados provenientes das operações com terceiros, que são obrigatoriamente afetados a reservas irrepartíveis, os excedentes, os membros investidores, subsídios e benefícios fiscais. Para além da identificação das principais fontes de financiamento, foi ainda objeto de estudo repensar os instrumentos existentes e, eventualmente, a criação de novos instrumentos de financiamento nas cooperativas. Em termos metodológicos, a opção recaiu na conjugação de dois métodos: quantitativo e qualitativo. A técnica da investigação quantitativa selecionada para a recolha de dados, foi a base de dados, e para a investigação qualitativa as técnicas escolhidas foram a análise de conteúdo, a entrevista e o registo áudio. Os resultados da investigação confirmam a indispensabilidade de criação de novos instrumentos de financiamento para as cooperativas. Constatou-se a necessidade de modelos de financiamento que se adaptem à finalidade mutualista da cooperativa. Demonstrou-se que a principal fonte de financiamento são os recursos internos, sob forma de reservas.

Cabelte restructuring by OxyCapital

This case study describes OxyCapital’s intervention in Cabelte’s operational and financial restructuring. Despite Cabelte’s strong debt burden, OxyCapital believed that the Group’s financial difficulties were temporary and that it had growth potential if the said restructuring would be implemented. Hence, while striving for an operational turnaround, OxyCapital managed to reach an agreement among not only the several banks but also the Group’s shareholder for the financial restructuring. The transaction included the acquisition of a majority stake on the Group’s share capital and of a significant part of Cabelte’s bank debt by OxyCapital’s Corporate Restructuring Fund.

A study of the co-operative banking system in kerala

The co-operative credit structure in a state set up consists of 3 tiers — Primary Societies at the base, District Co-operative Banks at the middle and State Cooperative Bank at the top. But, some societies at the primary level are governed by, in addition to Co-operative Societies Act, the Banking Regulation Act. Thus they are under dual control. In addition, they are working under the direct purview of Reserve Bank of India. The scope of this study is restricted to such Primary Societies, District Co-operative Banks and State Co-operative Bank. For the evaluation of the working of Co-operative Banks, the board of directors and staff were interviewed with the help of pre-constructed and pre-tested interview schedules. However, the share holders and customers were not interviewed mainly because almost all respondents were reluctant to provide copies of an exhaustive list of share holders and non-share holder customers, for the purpose of maintaining secrecy. This being an individual work, it was found physically and financially very difficult to extend the study so as to cover the share holders and non-share holder customers. Limitations of time were also responsible for restricting this study. The period of study was restricted to 1980-'81 to 1983-'84 as the data relating to earlier periods were firstly not available from all banks and secondly the prior data was considered out of date for the purpose of the study.

Gestão participativa em educação: compasso e descompasso de uma experiência de democracia no espaço escolar

This work aims at investigating the strategies of management used by State School Joaquim Jose de Medeiros, located in the city of Cruzeta - RN, as award practice of "School of Reference in Management", with a state title in 1999 at the beginning of the decade from 2000, being "Outstanding Brazil" from best management strategies nationally. In 2005, it is ranked among the best experiences of the state. It has been become complex by experiencing in that institution, but at the same time an enjoyable practice, mainly by using a social research, in a qualitative and quantitative approach, and a analysis of the institutional performance of two management practices: from 1995 to 2002 and from 2003 to 2007 . To understand the object, a investigative questionnaire was used with representatives of the school community and carried out an analysis of assessment of institutional and documents of institutional organization of the periods above in order to identify management strategies and examine the influences of the share capital, public policies , the institutional evaluation, in the process of democratic construction that has allowed achievements, highlighting Cruzeta, in the Seridó in the state of Rio Grande do Norte, semi-arid northeast, in the national and international juncture of well-successful experiences in management in institutional categories and leadership. This study becomes relevant to allow understand that the cultural practices of seridoenses that symbolize a capital generated by principles of trust, reciprocity, civic culture, as a driving force in overcoming the problems community and the conquest of democratic principles, worked for the school become a national reference in educational administration. Another aspect that made it natural that school was the collective creation of educational project with the participation and civic culture of self-evaluation as a way to understand the institutional practice and establish guidelines to improve the teaching and practice management in its many dimensions educational, social, administrative - financial and legal