The corporate financial effects of corporate social responsibility, as executed by, and impacted upon, Prime Bank Limited, Bangladesh

Corporate Social Responsibility (CSR) is being implemented in the corporate world at an ever increasing rate, benefitting societies around the world. Several theories have been proposed that contend that the corporations who are implementing CSR programs also benefit financially, making the relationship a symbiotic one. This paper analyzes the financial health of Prime Bank Limited, Bangladesh, (PBL) over a period of a decade in order to determine if PBL has indeed benefited financially from implementing its CSR program. The analysis focuses on examining PBL���s internal and external financial indicators over an extended period of time to determine what the net effect, if any, that the CSR program has had on them. This analysis concludes that the evidence does not support the claim of a causal relationship between CSR spending and positive effects upon PBL, as measured by PBL���s financial indicators.

Evolu����o setorial e trajet��rias tecnol��gicas em n��vel de empresas na ind��stria de celulose e papel no Brasil (1970 - 2004): contexto da pol��tica de substitui����o de importa����es �� competi����o globalizada

Accordingly, a variety of firms's technological capabilities studies, the literature recently is still lacking about the dynamic of sector evolution and technological development in inter-firm and their implication for technical and economical financial performance. More lacking is the research catching up the evolution of industrial sectors after the institutional reforms in the 90. For that, the focus of the dissertation is to analyze the main of the evolution of the pulp and paper industry from 1970 to 2004, using as reference points the import-substitution policy and the economic deregulation of the 1990s. Futhermore, the work tries to evaluate how such changes at industry level have been perceived from a firm point of view in terms of accumulation of technological capabilities and improvement of economic financial performance. This linkage is tested and examined in the following firms: Aracruz (Barra do Riacho establishment ), Klabin (Monte Alegre establishment) e Votorantim Celulose e Papel �� VCP (Jacare�� establishment), defining the same time period of sectoral level. As far as the industry level study is concerned, it is based on the average rate of annual growth of some selected variables, given that the technological capabilities test is performed according to the methodology already existing in the literature, but properly adapted to the pulp and paper case. Similarly, the analysis regarding the improvement of the economic financial performance is based on a set of industry specific indicators. Hence, the work is built upon multiple case studies, taking into account both the qualitative and quantitative evidence, i.e. interviews, direct observations, as well as firm reports. Finally, it is worth emphasizing as the analysis of the changes in the sector, in conjunction with the above mentioned methodology used to measure the technological capabilities in the context of an evolving industrial regime, is still lacking in emerging economies as well as in Brazil. According to the empirical evidence, the reforms of the 1990s had a positive impact on the industrial development, from both the national and international viewpoint. Such a transformation was evident at firm level in terms of accumulation of technological capabilities and improvement of economic financial indicators. Indeed, the results show that the speed of accumulation of technological capabilities within the firms influences positively the performance indicators. On the other hand, these are also related to external factors, such as the macroeconomic conditions, which as such have not been considered in details.

Adapta����es do sistema de informa����es gerenciais para atender necessidades de empresas envolvidas com a implanta����o do pensamento enxuto: um estudo de caso

The management system based on lean thinking has led to significant changes in the companies that have decided to adopt it. Frequently, those changes do not create a sustainable position coherent with the good results that are obtained. Many are the causes being discussed and analyzed, not only in academia, but also by lean manufacturing institutes and companies. The existing practices related to the managerial information system and the implementation, development, and maintenance of the lean journey may be some of such causes. This dissertation emphasizes whether the changes generated by this type of management are being followed by the managerial information system. The development of such system was in many cases based on mass production, whose principles go against lean manufacturing concepts. Thus, the objective of this dissertation is to verify whether the traditional managerial information system can meet the needs of the companies that adopt lean manufacturing principles. Through a case study based on qualitative and exploratory research in an electronic equipment assembling company, the stage of the implementation of lean thinking concepts at the time of the field research was analyzed, as well as whether the metrics, financial and non financial indicators were suitable for lean principles. The aim of such study was to empirically verify if the criticism found in the existing literature was pertinent or not. The data collected through the analysis of the documentation, the interviews with managers and in loco observation was treated through the content analysis method. The main conclusion of the research is that, although the company in question is investing in training and applying lean principles in its production line and in some administrative activities, the current managerial information system does not demonstrate the specific results obtained with lean principles. However, how changes to the managerial information system will be implemented is yet to be determined. Currently, metrics and indicators aligned with lean management are being added to the managerial reports. As more lean tools are employed, mainly with the consolidation of more value streams, the company has already diagnosed the need for new indicators. The main office has started a diagnosis of measurement and control systems in a product line in one of its affiliates with the goal of studying the possibility of applying the so called lean accounting in the future.

Impacto da responsabilidade social empresarial no custo de capital pr��prio das empresas brasileiras: um estudo emp��rico do per��odo de 2005 a 2009

Assim como a literatura existente sobre o impacto do investimento social empresarial na performance financeira da empresa, esse estudo tem o objetivo de analisar o efeito da responsabilidade social empresarial no custo de capital pr��prio das empresas. Foi estimado o custo de capital pr��prio das empresas do ��ndice da Bolsa de Valores de S��o Paulo ��� Ibovespa, representativo do mercado e das empresas participantes da carteira do ISE, representativa da responsabilidade social corporativa, para o per��odo de 2005 a 2009. Como resultado, notou-se que, na maioria dos anos estudados, n��o foi significativa a queda no custo de capital pr��prio das empresas que fazem parte do ISE, apontando para o fato de o investimento em responsabilidade social empresarial n��o afetar indicadores financeiros como o custo de capital pr��prio analisado.

Fatores respons��veis pela mudan��a no desempenho da ind��stria das an��lises cl��nicas no Brasil

Os laborat��rios de an��lises cl��nicas est��o constantemente expostos a mudan��as que podem ser causadas por v��rios fatores, sejam eles econ��micos ou n��o. Hoje os laborat��rios cl��nicos enfrentam diversos desafios, tais como a press��o para reduzir custos e melhorar a qualidade do servi��o, enquanto enfrenta a necessidade de alcan��ar n��veis cada vez maior de automa����o e qualidade t��cnica. Estar ciente de tais desafios e reagindo a eles em tempo suficiente, de modo a garantir a sua sobreviv��ncia do neg��cio �� o principal desafio dos gestores de laborat��rios, que est��o melhor preparados tecnicamente do que gerencialmente. A necessidade urgente de uma nova estrat��gia nesta ��erea �� uma realidade. Este estudo visou o levantamento dos fatores que foram respons��veis pela mudan��a no desempenho em laborat��rios brasileiros. Levantamos tr��s fatores importantes definidos por tipo de carteira, automa����o com sistema LIS e terceiriza����o, que foram apresentados por 15 indicadores n��o-financeiros. Descobrimos que apenas um dos fatores mostrou signific��ncia, que foi a automa����o com sistema LIS. Assim, nossa pesquisa mostra que este fator �� o principal agente de mudan��a do desempenho em laborat��rios de an��lises cl��nicas no Brasil.

Governan��a corporativa, desempenho e a presen��a de estrangeiros no capital de companhias brasileiras

Este trabalho tem como objetivo identificar as caracter��sticas de empresas brasileiras listadas em bolsa que possuem estrangeiros em seu capital. O objetivo foi observar se as empresas com estrangeiros no capital possuem melhor indicadores financeiros, maior valuation e melhores pr��ticas de governan��a corporativa. Realizamos um estudo in��dito no Brasil, analisando 215 empresas de capital aberto no per��odo de 2001 a 2012. Os resultados indicam que existe uma rela����o significativa entre a presen��a de estrangeiros como maior acionista no capital das companhias e maior valor, menor alavancagem, maior rentabilidade e maior n��vel de governan��a corporativa.

Vari��veis discriminantes para infer��ncia da insolv��ncia de empresas brasileiras: um estudo para o per��odo de 2008 a 2016

This study aimed to determine if accounting and governance indicators are relevant to foresee the stages of financial stress of companies by using a logistic regression. With the formation of two samples was possible to verify if the inclusion of insolvency data defined by cash flow shortage events were relevant to increase model capacity for prediction of insolvency. The remaining insolvency stages were judicial reorganization and bankruptcy. The control sample is formed by healthy companies, from the same sector and size. The period of analysis includes events that occurred between January 2008 and March 2016. The main variables that showed significant results to predict insolvency states, a year before the event happens, were Profitability, Efficiency and Payment Capacity indicators. The Governance indicator was only significant to predict insolvency arising from judicial reorganization and bankruptcy. Among the models studied, the most accurate model presented total correctness capacity of 88,7%, classifying correctly 88% of solvent companies and 89,3% of insolvent companies. The results indicate the usefulness of financial indicators of Payment Capacity, Efficiency and Profitability, as well as the Governance variable, to discriminate the insolvency of companies.

Financial frictions, informality and income inequality

We studied the effects of changes in banking spreads on distributions of income, wealth and consumption as well as the welfare of the economy. This analysis was based on a model of heterogeneous agents with incomplete markets and occupational choice, in which the informality of firms and workers is a relevant transmission channel. The main finding is that reductions in spreads for firms increase the proportion of entrepreneurs and formal workers in the economy, thereby decreasing the size of the informal sector. The effects on inequality, however, are ambiguous and depend on wage dynamics and government transfers. Reductions in spreads for individuals lead to a reduction in inequality indicators at the expense of consumption and aggregate welfare. By calibrating the model to Brazil for the 2003-2012 period, it is possible to find results in line with the recent drop in informality and the wage gap between formal and informal workers

Firm financial constraints and the impact of monetary policy: evidence from financial conglomerates

Building on recent evidence on the functioning of internal capital markets in financial conglomerates, this paper conducts a novel test of the balance sheet channel of monetary policy. It does so by comparing monetary policy responses of small banks that are affiliated with the same bank holding company, and this arguably face similar constraints in accessing internal/external sources of funds, but that operate in different geographical regions, and thus face different pools of borrowers. Because these subsidiaries typically concentrate their lending with small local businesses, we can use cross-sectional differences in state-level economic indicators at the time of changes of monetary policy to study whether or not the strength of borrowers' balance sheets influences the response of bank lending. We find evidence that the negative response of bank loan growth to a monetary contraction is significantly stronger when borrowers have 'weak balance sheets. Our evidence suggests that the monetary authority should consider the amplification effects that financial constraints play following changes in basic interest rates and the role of financial conglomerates in the transmission of monetary policy.