Sobre (vivência) e mortalidade de pequenos negócios: o caso de mercados varejistas potiguares

This paper‟s starting point was the objective of understanding the relation between the reasons pointed out by small businesses owners for the continuity or shutdown of their businesses, and the reasons presented by the Environmental Theories. The paper discusses the Environmental Theories understand that it is supported by a systemic metaphor speech, discussing the theme in terms of organizational survival and mortality . The text reviews the literature showing the changes in the administrative thinking regarding the organization versus environment relation, and presenting general ideas about the micro and small businesses. In methodological terms, the qualitative approach was used in the research. Regarding the data collection technique, an in-depth thematic interview was used. It was carried out considering the elements of the techniques of life history and oral history, always giving priority to real world related narratives told by the interviewed subjects. The empirical corpus of the research was made up of seven owners of small retail businesses in two Potiguar cities: Natal and Mossoró. The interpretative and analytical process focused, at first, on the reflexive dialogue with each one of the owners‟ professional life history and business management experience, constituting the first level of analysis: reflections on individual narratives; and, afterwards, the interpretative process was developed through the analysis of all the subjects‟ statements, identifying the recurring themes and constituting the second level of analysis: reflection on the totalizing narrative. The themes identified in the totalizing narrative, that refer to the continuity of the businesses are: evolution, control, fidelity, liking what one does for a living. The themes that came up as reasons for shutdown are: lack of empathy with the business, lack of evolution, competition problems, suppliers and the government. The text synthesizes its comprehensions affirming that the reasons associated with continuity and shutdown of small markets, for this group of owners specifically, come up as a permanent tension between the volunteerism (quite human) and the determinism (systemic). The tension is shown in testimonies that at the same time evoke the organicist systemic logic through the themes evolution/no evolution, and also counterpoints with themes related to the interested human action, based on desires, feelings and personal convictions such as: liking what one does/ lack of empathy. As for the reflexive dialogue between the postulates of the Environmental Theories and the narratives, the results make it possible to affirm that, differently from the tension expressed by the subjects while talking about their reasons, the reasons associated with survival and mortality of businesses according to the Environmental Theories are theoretically polarized, seeming to preach options that are stagnated and shaping towards the subjects involved in the organization-environment relation

Eficiência e razão de hedge: uma análise dos mercados futuro brasileiros de boi, café, etanol, milho e soja

This research aims to investigate the Hedge Efficiency and Optimal Hedge Ratio for the future market of cattle, coffee, ethanol, corn and soybean. This paper uses the Optimal Hedge Ratio and Hedge Effectiveness through multivariate GARCH models with error correction, attempting to the possible phenomenon of Optimal Hedge Ratio differential during the crop and intercrop period. The Optimal Hedge Ratio must be bigger in the intercrop period due to the uncertainty related to a possible supply shock (LAZZARINI, 2010). Among the future contracts studied in this research, the coffee, ethanol and soybean contracts were not object of this phenomenon investigation, yet. Furthermore, the corn and ethanol contracts were not object of researches which deal with Dynamic Hedging Strategy. This paper distinguishes itself for including the GARCH model with error correction, which it was never considered when the possible Optimal Hedge Ratio differential during the crop and intercrop period were investigated. The commodities quotation were used as future price in the market future of BM&FBOVESPA and as spot market, the CEPEA index, in the period from May 2010 to June 2013 to cattle, coffee, ethanol and corn, and to August 2012 to soybean, with daily frequency. Similar results were achieved for all the commodities. There is a long term relationship among the spot market and future market, bicausality and the spot market and future market of cattle, coffee, ethanol and corn, and unicausality of the future price of soybean on spot price. The Optimal Hedge Ratio was estimated from three different strategies: linear regression by MQO, BEKK-GARCH diagonal model, and BEKK-GARCH diagonal with intercrop dummy. The MQO regression model, pointed out the Hedge inefficiency, taking into consideration that the Optimal Hedge presented was too low. The second model represents the strategy of dynamic hedge, which collected time variations in the Optimal Hedge. The last Hedge strategy did not detect Optimal Hedge Ratio differential between the crop and intercrop period, therefore, unlikely what they expected, the investor do not need increase his/her investment in the future market during the intercrop