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

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

Ergonomia cognitiva do trabalho: um estudo baseado na gestão do conhecimento e no capital intelectual

REGIS, Josiana Florencio Vieira. et al. Ergonomia cognitiva do trabalho: um estudo baseado na gestão do conhecimento e no capital intelectual. IN: SIMPOSIO DE ENGENHARIA DE PRODUÇAO, 15., 2008, Sao Paulo. Anais eletronicos... Sao Paulo: UNESP, 2008. TRabalho oral. Disponivel em: http://www.simpep.feb.unesp.br/anais_simpep.php?e=2. Acesso em: 4.set.2010.

Habitabilidade na cidade sobre as águas: desafios da implantação de infra-estrutura de saneamento nas palafitas do Igarapé do Quarenta bairro Japiim Manaus/AM

The present research if inserts in the subject of the habitation of social interest and its relation with the sanitation infra-structure questions (sewer, water, draining and garbage). Having as study universe the narrow river of the Forty , situated one in the city of Manaus, capital of Amazon, approaches questions that if present between the necessities of housing and the especificidades of the natural environment, whose characteristics evidence limits for the implantation of adequate habitations. The objective is to analyze the possibilities and the limits of the urbanística regularization in the palafitas of the narrow rivers of Manaus, in view of the factors of habitability and ambient protection, expresses for the sanitation system - sanitary exhaustion, water supply, urban draining and garbage collection. The work approaches initially relative the conceptual aspects to the subject of social habitation in the country and its relation with the habitability factors, also focusing the question of the housing and the processes of urban informality in the city of Manaus. It deals with the process of constitution of the palafitas in the space of the city and its relation with the habitacionais politics, presenting the analysis of the implantation of the palafitas in relation to the sanitation infra-structure conditions (sewer, water, draining and garbage). As conclusion, it identifies to the possibilities and limits of urbanística regularization of the palafitas implanted to the long one of the narrow river of the Forty , taking in consideration the systems of the sanitation infrastructure