Relação entre governança corporativa e gerenciamento de resultados: um estudo em empresas brasileiras listadas na BM&FBOVESPA

The objective of this work was to identify a possible relation between corporate governance, through the structure of the boards of directors and the levels of earnings management of Brazilian public companies. The study is characterized as a descriptive, of a hypothetical-deductive nature, with quantitative approach guided by the estimation model proposed by Kang and Sivaramakrishnan (1995). The sample was comprised by 56 companies, analyzed in the period from 2011 to 2014. The information on the companies were extracted from Economatica databank. For the data analysis, we used multivariate techniques, such as Pearson correlation and panel data in POLS, Fixed Effects and Random Effects approaches. Furthermore, we applied the mean comparison test ANOVA. The results obtained show that, generally, the organizations tend to follow the profile of boards of directors recommended by the codes of corporative governance. However, the characteristics of the composition of the board, regarding its size and the duality of positions that are not yet sufficient to be considered capable of inhibiting the discretionary practice of the studied companies. Relative the control variables, only size and return on equity presented no significant relation with result management. It is important to highlight that literature point many factors that explain the different impacts caused by the formation of the administration board in different regions or countries. Among the factors pointed, we highlight the legal system of the country, the economic and political development, the importance of the capital market, and the level of accounting education.

Processo infeccioso de Pseudocercospora musae e severidade da Sigatoka Amarela da bananeira em função do silício, potássio e cálcio em solução nutritiva

Yellow Sigatoka leaf spot, caused by Pseudocercospora musae (Mycosphaerella musicola), is one of main threats to banana production around the world. However, information regarding the infection process of P. musae and the influence of mineral nutrition on the disease severity could help with cultural control strategies and increase the fruit yield. Therefore, this work aimed to characterize the infectious process of P. musae in banana leaves, to study the effect of silicon (Si) and the interaction between potassium (K) and calcium (Ca) on the Yellow Sigatoka leaf spot severity. In the first study, samples were inoculated on the abaxial leaf surface with P. musae and analyzed at 12, 24, 36, 48, 72, 96, 120, 144, and 168 hours after inoculation (HAI) as well as 36 and 50 days after inoculation (DAI). The conidia germinated between 24 and 36 HAI and penetrated through the stomata between 96 and 120 HAI, or usually from 144 HAI. P. musae colonized intercellularly the spongy parenchyma at 36 DAI and inter- and intracellularly the palisade parenchyma at 50 DAI. The sporulation occurred at 50 DAI on the adaxial leaf surfaces. In the second study, banana plants grown in nutrient solution with 0; 0.5; 1.0; 1.8 and 3.6 mmol L -1 of silicic acid (H 4SiO 4) were inoculated with conidial suspension. The disease severity was assessed and data were integrated in the area under the disease severity progress curve (AUDSPC). The lower AUDSPC was 49.27% for the concentration of 3.05 mmol L -1 of H 4SiO 4 compared to plants grown without Si addition. Regarding silicon accumulation, at 3.6 mmol L -1 H4SiO 4, leaf Si content was 23.53% higher compared to the control. In the third study, plants grown in nutrient solution with 5 K concentrations (1, 2, 4, 6, and, 8 mmol L -1 ) combined with 5 Ca concentrations (1, 3, 5, 7, and, 9 mmol L -1 ), forming 25 treatments, were inoculated with conidial suspension. The disease severity was assessed and the data were integrated in the AUDSPC. There was no interaction between concentrations of K and Ca for AUDSPC, although the AUDSPC increased with the increase of K concentrations from 1 to 6 mmol L -1 . The K increase led to a reduction in chlorophyll a and b contents and in the N, P, Mg, B, Cu, Zn, and, Mn nutrients as well as increased the total plant dry weight.

Arginina para matrizes suínas primíparas em lactação

With the emergence of new genetic lines due to intense breeding improvement on swine production in recent years, there is the need to adapt more accurately diets for the current sows, which have higher nutritional demands. The use of functional amino acids aimsto optimize the sows production and among these amino acids arginine has excelled. Arginine is involved in several important metabolic pathways, for example, it serves as a substrate forsynthesis of protein, creatine, nitric oxide, polyamines, citrulline, agmatine, ornithine, proline, and glutamate. It also helps to stimulate the secretion of some hormones such as insulin, prolactin, and growth hormone.As arginine plays such important roles, its supplementation has been suggested in lactation feed once it may enhance the development of the mammary gland and milk nutritional profile, thus, providing a better piglet development.Thus, the objective was to evaluate the effect of lactation feed supplementation with L-Arginine on the productive performance of primiparoussows and their respective litter.One hundred forty sows from the same genetic lineage on a commercial farm, located in the city of Oliveira, MG were used in this study, in a completely randomized design with five treatments: control diet without amino acid supplementation and four diets with increasing levels of L-Arginine supplementation (containing 98.5% purity) - 0.5, 1.0, 1.5, and 2.0%. Each treatment hadtwenty-eight swine sows, and the experimental unit was the sowand its litter.It was used ‘on top’ amino acid supplementation.All data was submitted to variance analysis using the SAEG Software: version 9.1 (SAEG, 2005).The data relating to days of lactation were compared by Tukey test (5%). L-Arginine supplementation levels in lactation feed did not influence (P>0.05) average daily feed intake, body condition variables, and blood parameters of the sows (urea, creatinine, and non-esterified fatty acids) as well as it did not affect the dry matter, crude protein, and amino acid profile of milk and the litter performance. There was effect (P<0.05) of days of lactation on the percentage of crude protein and amino acids in milk, which reduced througout the days of lactation. The L-Arginine supplementation on the lactation diet at levels of 0.5, 1.0, 1.5, and 2.0% did not influence the sow and its respective litter performance.

Inovação do método MIA-QSAR: aplicação para doenças tropicais negligenciadas

Multivariate image analysis applied to the quantitative structure-activity relationships (MIA-QSAR) is a 2D QSAR technique that has been presenting promising outcomes for the development of new drug candidates, due to its simplicity, rapidity and low cost. In this way, the present study aims at introducing, consolidating and improving the new dimensions named aug-MIA-QSAR and aug-MIA-QSARcolor, as well as applying them to the study of neglected diseases, in order to obtain new drug targets using chemico-biological interpretation of the MIA molecular descriptors. Four compound data sets with experimental bioactivities against Chagas disease, malaria, dengue and schistosomiasis were evaluated using three approaches: MIA-QSARt, aug-MIA-QSAR and aug-MIA-QSARcolor. In general, representations of atoms as spheres with different colors and sizes proportional to the corresponding van der Waals radii (aug-MIA approaches) improved the predictive ability and interpretability in all data sets. The use of colors proportional to the Pauling´s electronegativity showed that MIA descriptors are capable of identifying periodic properties relevant for the studied activity. Finally, solid colors instead of spotlighted atoms allowed a correct identification of atoms by means of pixel values in the studies for malaria, dengue and schistosomiasis, which were, subsequently, useful for the chemical interpretation related to the bioactivity. It can be inferred that semicarbazones and thiosemicarbazones derivative with a tri-substituted ring in R1 group and a trifluoro methyl group in the R 3 position instead of a chlorine antitripanossoma resulted in higher activity. The antimalarial activity of quinolon-4(1H)imines can be improved if: 1) R1 and R2 are electron donor groups, 2) R3 has long aminoalkyl chains, and 3) R4 possesses substituents with big atomic volume. In the study for dengue, it was found that tetrapeptides with unbranched small size amino acids in the A1 and A4 positions can increase the substrate affinity (Km) to the NS3 protein, and when in A1 and A2 positions, the substrate cleavage rate (kcat). On the other hand, acidic amino acids in the A2 and A4 positions were found to be related with low substrate affinity to the NS3 protein and when present in A1, with low substrate cleavage rate. Finally, the presence of metoxy substituents in R1 (or R2) and R5 in the neolignan backbone can favor their antischistosomal activity.

Estabilidade da fitase e sua utilização na alimentação de frangos de corte

This work was designed to evaluate the effect of storage forms and conditions upon the enzyme activity of phytase and bioavaibility of calcium and phosphorus in broiler diets. The work was accomplished in two steps. The first step, made in the laboratory measured the activity of the phytase enzyme along the storage period. In this step, two experiments were performed: Experiment 1, constituted of 5 treatments (pure phytase stored at 0 °C, 4 °C and environmental temperature and mixed to vitamin and mineral supplement, stored at environmental temperature) in CRD and split plot scheme. The activities were evaluated every 14 days for 112 days of storage, being verified that the phytase storage in the pure form at 0o C was superior to the other treatments. Experiment 2, made up of 4 treatments (phytase mixed to the ration directly, directly and afterwards pelleted, via mineral supplement and via vitamin supplement),all the treatments being stored at environmental temperature, in CRD and split plot scheme. The activities were evaluated every 7 days for 56 days' storage, being verified that the storage of the phytase mixed to the ration via vitamin supplement and directly with the ration pelleted later, provoked a fall in phytase activity when compared with the other treatments. In the second step, the effect of phytase on the bioavaibility of calcium and phytic phosphorus was evaluated, 2 experiments being accomplished (3 and 4); in both experiments were utilized 576 broiler line chicks, housed in an array of heated batteries, receiving practical diets on the basis of corn and soybean meal (basal) for 21days. At the end of 27 days of age,96 birds were slaughtered for evaluation of the mineral contents (Ca and P) in the tíbias and plasma phosphorus. The excretae were collected from 22 to 27 days of age of the birds. Experiment 3: A CRD with the treatments in 2 x 3 x 2 +4 factorial arrangement was utilized, namely, two levels of total phosphorus (0.35 and 0.45% of total phosphorus), three leveis of phytase (500, 750 and 1,000 FTU) and four additional treatments with levels of 0.35 and 0.45 % of available phosphorus for each sex, with three replicates per treatment. There was significant interaction among levels of phosphorus and phytase (P< 0.05) for weight gain, ration consumption and feed conversion. Phytase did not indicate significant differences when the level 0.45% was utilized, nevertheless, at the level 0.35% as phytase was supplemented, weight gain, ration consumption and feed conversion were improved, chiefly with 1,000 FTU/Kg, in both sexes. The males presented greater weight gain. The ration consumption and feed conversion were equal to those of females. The contrast 0.45% did not affect the performance of males and females, the same not occurring with the level 0.35%,at which the available phosphorus was superior in both the sexes. The highest contents of ashes, phosphorus and calcium in the tíbias and plasma phosphorus were obtained with the levels of 750 and 1,000 FTU/Kg of phytase and 0.45% of total phosphorus. The males presented higher contents of ashes in the tibias. The level 0.45% of available phosphorus presented the greatest contents of ashes, calcium and phosphorus in the tibias, and phosphorus in the plasma. The lowest excretions of phosphorus occurred at the levels 0.35% of total phosphorus and 1,000FTU/kg of phytase. The lowest contents of ashes and calcium in the excretae were obtained with 0.35% and 1,000FTU/Kg of phytase. The females excreted smallest amounts of ashes, calcium and phosphorus than the males. Experiment 4: a CRD with the treatments in 3 x 4 x 2 factorial arrangement, namely, three levels of phytase (0, 500 and 1,000 FTU), four levels of calcium (0.7, 0.8, 0.9 and 1.0%) with four replicates per treatment. The performance was not affected by the treatments utilized, the males being superior to the females in weight gain, feed consumption and conversion. The contents of ashes in the tibias were not affected by the levels of phytase but as calcium levels raised, the ash contents increased. The contents of calcium and phosphorus in the tibias increased with the supplementation of 500 and 1,000 FTU/kg of phytase and with calcium levels. The utilization of phytase did not decrease the excretion of ashes, calcium and phosphorus.

Risco de crédito: uma abordagem utilizando análise discriminante, regressão logística e redes neurais artificiais

Considering the relevance of researches concerning credit risk, model diversity and the existent indicators, this thesis aimed at verifying if the Fleuriet Model contributes in discriminating Brazilian open capital companies in the analysis of credit concession. We specifically intended to i) identify the economic-financial indicators used in credit risk models; ii) identify which economic-financial indicators best discriminate companies in the analysis of credit concession; iii) assess which techniques used (discriminant analysis, logistic regression and neural networks) present the best accuracy to predict company bankruptcy. To do this, the theoretical background approached the concepts of financial analysis, which introduced themes relative to the company evaluation process; considerations on credit, risk and analysis; Fleuriet Model and its indicators, and, finally, presented the techniques for credit analysis based on discriminant analysis, logistic regression and artificial neural networks. Methodologically, the research was defined as quantitative, regarding its nature, and explanatory, regarding its type. It was developed using data derived from bibliographic and document analysis. The financial demonstrations were collected by means of the Economática ® and the BM$FBOVESPA website. The sample was comprised of 121 companies, being those 70 solvents and 51 insolvents from various sectors. In the analyses, we used 22 indicators of the Traditional Model and 13 of the Fleuriet Model, totalizing 35 indicators. The economic-financial indicators which were a part of, at least, one of the three final models were: X1 (Working Capital over Assets), X3 (NCG over Assets), X4 (NCG over Net Revenue), X8 (Type of Financial Structure), X9 (Net Thermometer), X16 (Net Equity divided by the total demandable), X17 (Asset Turnover), X20 (Net Equity Profitability), X25 (Net Margin), X28 (Debt Composition) and X31 (Net Equity over Asset). The final models presented setting values of: 90.9% (discriminant analysis); 90.9% (logistic regression) and 97.8% (neural networks). The modeling in neural networks presented higher accuracy, which was confirmed by the ROC curve. In conclusion, the indicators of the Fleuriet Model presented relevant results for the research of credit risk, especially if modeled by neural networks.

Síntese e aplicação de catalisadores à base de óxidos de cério, tungstênio e HZSM-5 para a produção do biodiesel

This work presents a study on the production of biodiesel by esterification reaction of oleic acid with methanol using batch reactor and different catalysts based on CeO2 and WO3 and HZSM-5. Acid treatment was performed in order to increase the catalytic activity. Different characterization techniques were performed, among them X-ray diffraction (XRD), Thermogravimetric analysis TGA/DTA, Spectroscopy in the Region in Fourier Transform Infrared (FTIR) and X-ray fluorescence (XRF). The effects of independent variables: temperature, molar ratio of oil: alcohol and the amount of catalyst and their interactions on the dependent variable (conversion of oleic acid to the corresponding ester). Overall, through the results obtained in the characterization was observed that the applied treatments were efficient, however the XRF technique, indicated that tungsten oxide leaching could occur during the preparation of the materials. The treatments performed on HZSM-5 caused no significant changes in the structure indicating that the zeolite was quite resistant to the treatments used. It was evaluated using complete 23 factorial design. For the catalysts investigated, the best reaction conditions were obtained when using higher levels of the independent variables temperature and amount of catalyst. However, for the variable molar ratio the lowest level showed significant yields for most of the synthesized catalyst, obtaining maximum conversion to the OC (67.97%), OW (74.37%), HZSM-5 (61.16%) OC-OW 1 (75.93%), OC-OW 2 (82.57%), OC-OW 3 (79.15%), S/OC-OW 1 (86.90%), S/OC-OW 2 (91.04%), S/OC-OW 3 (88.60%), S/OC-OW/H 1 (92.34%), S/OC-OW/H 2 (100%) and S/OC-OW/H 3 (98.16%). According to the experimental design, the temperature has the biggest influence on the reaction variable for all the synthesized catalysts. Among the catalysts investigated S/OC-OW/H 2 e S/OC-OW/H 3 were more effective. Reuse tests showed that the catalyst activity decreased after each cycle, indicating that the regeneration process was effective. The leaching test indicated that the catalysts are heterogeneous in the evaluated operating range. The catalysts investigated showed themselves promising for the production of biodiesel.

Ação antioxidante da água catódica: estudos preliminares em sementes de café

Coffee seeds have limitations regarding to its conservation because of their sensitivity to desiccation and storage behavior. The establishment of a methodology for seed storage is difficult due to its deterioration. Deterioration can enhance the production of reactive oxygen species and cause lethal oxidative damage to plant tissues. The damage caused by harmful levels of free radicals can be softened by the action of endogenous or exogenous antioxidants. Recent research shows new antioxidative protection technologies, being cathodic protection a promising technique with relevant results in other recalcitrant species and even in other living organisms. Thus, the aim of this work was to verify the antioxidant effect of cathodic water in Coffea arabica L. seeds with the purpose of investigating a new technology to improve seed quality. The study was conducted at the Central Seed Laboratory, Department of Agriculture, at the Federal University of Lavras. Coffea arabica L. seeds were used. The study was conducted in two stages, in the first a preliminary analysis of the use of cathodic water was carried out in batches with different levels of quality. In the second it was evaluated the effect of light and of the imbibition period of the seeds in cathodic water. The seeds were immersed in distilled water and in cathodic water for eight distinct soaking periods, in absence and presence of light and then evaluated by physiological tests. It can be concluded that cathodic water can positively influence the physiological performance of the coffee seeds with poor quality, especially when embedded during periods between 4.5 to 7.5 hours in the absence of light.

Síntese do complexo ferro (III) com ácido pirazina tetracarboxílico e aplicação como catalisador em reação fenton

The amount of waste generated by industries has increased gradually in recent years. The proper disposal of residues has been an area of study of many researchers. Several organic compounds are considered potential contaminants of natural waters due to their high toxicity, difficult natural degradation and long persistence in the environment. Ways of recovery and reutilization as well as concepts that minimize the generation of wastes have been increasing widely. Organometallic compound of pyrazine carboxylic acid has proven to be of great interest in many areas. Herein, we studied the use of pyrazine tetracarboxylic acid ligand for complex formation with iron (Fe). The binder (C 8H4N2O8) was synthetized with the addition of Fe (complex) and tested as a catalyst in oxidation reactions of the organic model compound methylene blue (MB). Tetramethyl pyrazine was used in the synthesis, which was oxidized with potassium permanganate in order to form the ligand. The ligand (C 8H4N2O8) was then characterized to validate its formation. For the complex solution, it was used (C 8H4N2O8) and Fe (NO3)3.9H2O 0,01molL-1. After preliminary tests, it was found that the best ratio of Fe and the ligand was 2: 1. Through the oxidation tests, it could be seen that the complex has great potential for the degradation of different concentrations of MB. During only 20 minutes of reaction, approximately 60% of MB 500 mgL -1 was oxidized. The use of the complex was found to be an attractive alternative for oxidation of effluents with high organic compounds levels and contributes to the minimization of organic contaminants hazards in the environment.

Rotulagem como mecanismo de compartilhamento de informações com agentes da cadeia produtiva do café

The Agroindustrial System coffee after decades of state regulation has become a decentralized economic activity. This situation compelled most of the actors in the production chain to resort to self r egulatory systems offered by certification agencies, which have specific criteria and procedures. However the diversity criteria of the agencies do not offer resources able to ensure efficient management of the governance structure. There is a need to reduce the asymmetry of information, which is possible through the sharing of data compatible with the production tracking feature. This work is supported in this contextualized problem, based on Transaction Cost Theory and the use of qualitative and quantitative research methodologies. The first part of the work seeks to know the procedures required by leading regulatory agencies in Brazil, with perspective to emphasize the similarities and compatibilities between them, which was reached after analysis of standards and comparison of similarities. Next is registered the operation and the coffee traceability of the structure, in order to identify, through observation, documental and bibliographical analysis, the systems in place and traceable information in line with the recommendations of the coffee certification. Finally, he sought to create a labeling model that allows to generate and share information about the product from the field to the sale for consumption. The information obtained in the previous steps were the basis for data collection with the production chain agents through a structured questionnaire administered to 618 agents of the production chain, whose answers were treated by multivariate methods of statistical analysis. The results showed that actors in the chain are in favor of inclusion and sharing information related to rural production and economic and environmental data. This knowledge enabled develop a labeling model where the information sharing agents is an efficient mechanism to mitigate the governance problems identified.

Componentes principais na elaboração de índices de provas de desempenho em bovinos

The principal component analysis assists the producers in making decision of which evaluated features must be maintained in performance tests indexes, according to the variation present in these animals evaluated. The objective in this study was to evaluate a set of characteristics measured in a performance test in semifeedlot cattle of the Simmental and Angus breeds, by means principal component analysis (PC), aim to identify the features that represent most of the phenotypic variation for preparation of indexes. It was used data from 39 Angus and 38 Simmental bulls from the Santa Éster farm, located in Silvianópolis - MG. The performance test period was from october 2014 to february 2015. The features evaluated in the test were: final weight (FW), average daily gain weight (GW), respiratory rate (RR), haircoat temperature (HT) and rectal (RT), hair number (HN), hair length (HL), hair thickness (HT), muscularity (MUSC), racial characteristics, angulation, reproductive and balance (BAL), height of the front and back, width and length of croup, body length, depth and heart girth, subcutaneous fat thickness and rump (FTR), loin eye area and marbling (MAR). It was used PRINCOMP from SAS program for procedure the PC analysis. It was found that of the 27 features evaluated, the first four PC for Simmental breed explained 74% total variation data. The four PC selected with the corresponding weighting coefficients formed the following index: (0.27 * FW) + (0.47 * MUSC) + (0.50 * HL) + (0.39 * HT). Since the characteristics related to the adaptability of great importance for the studied breed, it was decided to keep the index of evidence for the Angus breed, the feature hair number, because there is a feature that presented a great variability and occupied one of the first principal component. Thus, the Angus index was composed by five features, with 79% total variation data, resulting in the following formula: (0.26 * FW) + (0.33 * BAL) + (0.58 * MAR) - (0.43 * FTR) – (0.38 * HN). By the principal component analysis it was possible to minimize the features number to be evaluated on performance tests from that farm, making the animal selection rapidly and accurate.