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

Análise de desempenho de vendas em telecomunicações utilizando técnicas de mineração de dados

Nowadays, telecommunications is one of the most dynamic and strategic areas in the world. Organizations are always seeking to find new management practices within an ever increasing competitive environment where resources are getting scarce. In this scenario, data obtained from business and corporate processes have even greater importance, although this data is not yet adequately explored. Knowledge Discovery in Databases (KDD) appears then, as an option to allow the study of complex problems in different areas of management. This work proposes both a systematization of KDD activities using concepts from different methodologies, such as CRISP-DM, SEMMA and FAYYAD approaches and a study concerning the viability of multivariate regression analysis models to explain corporative telecommunications sales using performance indicators. Thus, statistical methods were outlined to analyze the effects of such indicators on the behavior of business productivity. According to business and standard statistical analysis, equations were defined and fit to their respective determination coefficients. Tests of hypotheses were also conducted on parameters with the purpose of validating the regression models. The results show that there is a relationship between these development indicators and the amount of sales

A influência da gestão do conhecimento nas companhias brasileiras com melhor governança corporativa: uma análise nas empresas classificadas pelo Investor Relations Global Rankings

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior

Estudo do aproveitamento do rejeito da mineração de esmeraldas na produção de refratários conformados isolantes

Emerald mining is an important area of the economy in Brazil, country which is in second place among the exporting nations of this gem. Due to the process of extraction, a great amount of reject is generated. Since there is no appropriate destination, the reject is abandoned around the mining industries, contributing to environment degradation. Nowadays, some of the most relevant things to an industry in general are: energy conservation, cost reduction, quality and productivity enhancement. The production of isolating, transformed refractory materials achieves the sustainability dimension when protection of the environment is incorporated to such process. This work investigates the use of emerald mining rejects in the ceramic body of refractory materials, aiming at obtaining a product whose characteristics are compatible with commercial products and, at the same time, allow the use of such rejects to solve the environmental issue caused by its disposal in nature. X-ray fluorescence analysis show that the emerald reject obtained after the flotation to extract molybdenum and mica has 70% of silica and alumina (SiO2+Al2O3) and 21% of a basic oxides and alkaline metals and earthy alkaline mixture (Na2O, K2O, CaO e MgO). Because of the significant amount of silica and alumina present in the reject, four refractory ceramic bodies were prepared. Samples with a rectangular shape and dimensions 100x50x10 mm were pressed in a steel mold at 27,5 MPa and sintered at 1200ºC for 40 min. under environment atmosphere in a resistive oven. The sintered samples were characterized in relation to the chemical composition (FRX), mineralogical composition (DRX), microstructure (MEV) and physical and mechanical properties. The results indicate that the mixture with 45% of reject, 45% of alumina and 10% of kaolin presents a refractory quality of 1420ºC, dimensional linear variation below 2.00%, apparent specific mass of 1,56 g/cm3 and porosity of 46,68%, which demonstrates the potential use of the reject as raw material for the industry of isolating transformed refractory materials

Avaliação da contribuição de desenvolvedores para projetos de software usando mineração de repositórios de software e mineração de processos

Software Repository Mining (MSR) is a research area that analyses software repositories in order to derive relevant information for the research and practice of software engineering. The main goal of repository mining is to extract static information from repositories (e.g. code repository or change requisition system) into valuable information providing a way to support the decision making of software projects. On the other hand, another research area called Process Mining (PM) aims to find the characteristics of the underlying process of business organizations, supporting the process improvement and documentation. Recent works have been doing several analyses through MSR and PM techniques: (i) to investigate the evolution of software projects; (ii) to understand the real underlying process of a project; and (iii) create defect prediction models. However, few research works have been focusing on analyzing the contributions of software developers by means of MSR and PM techniques. In this context, this dissertation proposes the development of two empirical studies of assessment of the contribution of software developers to an open-source and a commercial project using those techniques. The contributions of developers are assessed through three different perspectives: (i) buggy commits; (ii) the size of commits; and (iii) the most important bugs. For the opensource project 12.827 commits and 8.410 bugs have been analyzed while 4.663 commits and 1.898 bugs have been analyzed for the commercial project. Our results indicate that, for the open source project, the developers classified as core developers have contributed with more buggy commits (although they have contributed with the majority of commits), more code to the project (commit size) and more important bugs solved while the results could not indicate differences with statistical significance between developer groups for the commercial project

Uma ferramenta de análise automatizada de técnicas de seleção de testes de regressão baseada em mineração de repositórios de software

The main goal of Regression Test (RT) is to reuse the test suite of the latest version of a software in its current version, in order to maximize the value of the tests already developed and ensure that old features continue working after the new changes. Even with reuse, it is common that not all tests need to be executed again. Because of that, it is encouraged to use Regression Tests Selection (RTS) techniques, which aims to select from all tests, only those that reveal faults, this reduces costs and makes this an interesting practice for the testing teams. Several recent research works evaluate the quality of the selections performed by RTS techniques, identifying which one presents the best results, measured by metrics such as inclusion and precision. The RTS techniques should seek in the System Under Test (SUT) for tests that reveal faults. However, because this is a problem without a viable solution, they alternatively seek for tests that reveal changes, where faults may occur. Nevertheless, these changes may modify the execution flow of the algorithm itself, leading some tests no longer exercise the same stretch. In this context, this dissertation investigates whether changes performed in a SUT would affect the quality of the selection of tests performed by an RTS, if so, which features the changes present which cause errors, leading the RTS to include or exclude tests wrongly. For this purpose, a tool was developed using the Java language to automate the measurement of inclusion and precision averages achieved by a regression test selection technique for a particular feature of change. In order to validate this tool, an empirical study was conducted to evaluate the RTS technique Pythia, based on textual differencing, on a large web information system, analyzing the feature of types of tasks performed to evolve the SUT

O impacto dos custos não-gerenciáveis na determinação das tarifas de energia elétrica: um estudo nas companhias distribuidoras do nordeste que tiveram revisão tarifária nos exercícios de 2003 e 2004

This work presents results derived from a study related to impact on non-controllable costs in the determination of energy taxes. This is done analyzing tax review practiced by concessionaries responsible for the distribution of electrical energy located in the Northeastern Region of Brazil, between 2003 and 2004. This Region was chosen as a study area due to the researcher s expectation in congregating companies that deliver services to markets that have similar social-economical profiles. A brief explanation related to the restructuring of the electrical sector in Brazil is presented, pointing out that there was privatization of the great majority of these companies. The study also points out the definition of regulating rules in service delivery process. The components of taxes that are practiced by these companies aimed at final consumers, as well as the market as a whole and the revision process that is executed by Agência Nacional de Energia Elétrica ANEEL for the definition of these taxes are demonstrated in the research. A brief historical of the concessionaires that were focus of the research is presented, totaling five companies. Some data used by ANEEL in the tax review process was analyzed as well as data on components of approved taxes. It is concluded that as a media 47, 49% of the components of taxes in the researched companies correspond to the non-controllable costs. These is done considering previous classification by ANEEL in the tax review process. Although, if it is considered that these companies since 2006, by the means of participation in energy auctions are able to negotiate energy prices for their own needs, it is concluded that these concession contracts guarantee the delivery of the service to the costumer in the total tribute. The percentage of non-controllable costs is 16, 27% average of the tax. This means, amongst other information, that the government has a great deal of responsibility in the formation of price practiced by these companies and its target markets

Doenças respiratórias associadas à atividade de mineração no município de Parelhas, região do seridó norte-riograndense

This work aims to characterize the workers in mineral activities exposed to lung injuries in Parelhas Municipality, Rio Grande do Norte State, seeking to relate respiratory diseases to the mining activity. The studied area (Parelhas City), with about 19,700 inhabitants, is located in the Serido region, approximately 232 km far from Natal City. The number of people involved in informal mining activity (garimpo) in the Seridó region reaches about 5,000. These workers generally do not use any kind of individual protection equipments and develop, at early ages of greater productivity, severe forms of diseases, which end up disabling them to professional activities, family and social life. Deceases by respiratory problems (e.g. silicosis) have been reported in very young adults. A descriptive observational study was conducted based on information from the records found in Dr. José Augusto Dantas Hospital, between the years 1996- 2006. The occupational and socio-economic features of the population, which was selected by using the hospital records, were achieved through individually answered forms. The purpose was to link the occupational activities with the respiratory diseases. The next stage of the research was an observational case-control study, in the 1:1 proportion. The achieved data allowed confirming the central hypothesis of the research, which states that the pneumoconiosis cases are due to the mineral-based activities in the studied area. The final step of the investigation tried to assess the knowledge of relatives of students in public and private elementary and high schools from Parelhas City, regarding silicosis. About 15.4% of urban schools were analyzed through application of a structured questionnaire. The results show distinct socio-economic levels and a difference in the perception of the relatives of students in public and private schools, concerning silicosis. It was possible to identify the characteristics of the population economically involved with mineral-based activities and to define the group that deserves preferential attention in preventive actions. The work indicates some environmental problems caused by inadequate mining operations in the region

A mineração artesanal e de pequena escala em pegmatitos e cerâmica no município de Parelhas, região do Seridó/Rio Grande do Norte

The working conditions, occupational health, occupational illness and workers quality of life, usually referring to the artisanal activities and the workers with a poor professional support. Because this reality is still present in locals without good infrastructure of social and economic attention, there is a need for a broad knowledge of problems related to the productive processes that include features of unsanitary and unhealthy. Despite the intense process of industrialization promoted by globalization and the growth of developing nations like Brazil, the activities of artisanal and small-scale mining are still suffering from the marginalization of their production processes and their workers. This dissertation deals with the description of mineral-based activities (MBA), especially the activities related to production processes of extraction and processing of red pottery and minerals in pegmatites in Parelhas city, Seridó, Rio Grande do Norte, which are conducted by small mining companies or artisanal miners. The study of the work process was based on direct observation, photographic documentation, ergonomics, health and occupational safety analysis, interviews and structured questionnaire with workers of the two activities. The results indicate the need for improvement in both workplaces (red pottery and pegmatites), adaptation of workers to safety standards specific to the workplace, more attention and care related to ergonomics and occupational safety, greater importance to economic and social relations among performed activities, workers and firms of mineral branch and better and greater integration of social policies, supported by different sectors of society with the intention of transforming the current social, cultural, labor and education situation

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

Estudo da adição do resíduo proveniente da extração de minério de ferro em argilas do Rio Grande do Norte

The mining industry is responsible for the generation of waste from their natural process of extraction. The mining impacts in urban areas are of special importance due to the high urban occupation, which are exacerbated due to the proximity of the mined areas and populated areas. Some solutions to wastedisposal have the potential to significantly reduce the environmental risks and liabilities, but represent higher costs in the stages of deployment and operation. The addition of mining waste as raw material in the development of commercial products reduces the environmental impacts, transforming the waste into a positive element in the generation of employment and income. This thesis studies the incorporation of waste iron ore in two clays, one from the ceramic industry of the City of Natal and the other from the ceramic industry of the Seridó Region, both in the State of Rio Grande do Norte, Brazil. Percentages of iron ore waste of 5%, 10% , 15%, 20%, 25% and 30% were used in the tested ceramic matrix. The two clays and the iron ore waste used as part of this investigation were characterized by X-ray diffraction tests, X-ray fluorescence tests, differential thermal analysis, thermogravimetric analysis and dilatometric analysis. The samples were sintered under temperatures of 850 °C, 950 °C and 1050°C at a heating rate of 5 °C/min with isotherms of two hours. The following tests were performed with the samples: linear shrinkage, water absorption, apparent porosity, apparent density, mass loss in fire and bending resistance in order to obtain their physical and mechanical properties. An amount of 5% of waste iron ore in the matrix clay at a temperature of 850 0C resulted in na increase of about 65% in the tensile strength of the clay samples from the Natal ceramic industry. A linear shrinkage of only 0.12% was observed for the samples, which indicates that the physical properties of the final product were not influenced by the addition of the waste

Estudo da viabilidade econômica em campos maduros

When it comes to oil and gas in Brazil is almost certain that we are referring to activities in deep waters off the coast of Campos, Rio de Janeiro, the main field of action of PETROBRAS and a small number of multinational oil companies . Since the Law 9.478/97 allows, by means of concessions, that other companies other than Petrobras, to explore and produce oil and gas domestically. Soon it moved, then the private companies that want small and medium-sized businesses to invest in such activities, forming a segment of independent producers, as occurs in other countries. In this context, this work aims at making an economic feasibility study, is currently analyzing how this thread and focus on the factors that contribute to its development as well as those that constitute barriers. To this end, we conducted a survey examining some mature fields that are in production in order to capture cost information in the phases of project, operation and abandonment. The work also presents an analysis of the results obtained in the survey, identifying the costs higher. With the results obtained through the study used economic engineering tools such as NPV and IRR, using a variety of design scenarios, to study the economic viability of these fields. In scenario 4 was set a production of 4.0 m³ / d of oil, which is an expected average production for several of these fields, whose minimum value of a barrel of oil, to enable this field, was $ 55.00, this value well below what was being practiced in the market today.

Desenvolvimento, pobreza e meio ambiente no seridó potiguar: um estudo centrado nas micro-regiões do seridó oriental e ocidental

This research work intends to carry out a study focused on the dynamic between development, poverty reduction and conservation of natural resources. To consider this relationship to the region chosen was the micro-region of Eastern and Western Seridó in the state of Rio Grande do Norte. In recent years, several studies (Araújo, 2011; BASTOS, 2009) have pointed out that after a period of economic crisis in its tripodproductive, formed by the activities of farming, cotton farming, mining and faced in the eighties, this region of the State of Rio Grande do Norte, has not only shown signs of economic recovery but also improve their social indicators. On the other hand, studies of desertification as the view of the state of RN (produced in cooperation between the Government of RN and research institutions) and the Sustainable Development Plan of Seridó (ADES, 2000), indicate that there is an ongoing French process of degradation of natural resources that is capable of compromising the ability of sustaining such a system. To verify this reality and likely finding this relationship, this work is adopted for this study, the analysis of evolution of secondary data from official bodies such as the IBGE on HDI, per capita income and other social indicators between 2000 and 2009. Here is another time of the survey analysis of qualitative data collected from interviews with institutions of academic intervention in nature, researchers at the Federal University of Rio Grande do Norte (UFRN) State agencies that address the issue of the Middle Environment in Seridó: Institute for Sustainable Development of the NB (IDEMA) and the Brazilian Institute of Environment and the Amazon (IBAMA) and institutions of direct intervention in the region, as the Agency's Sustainable Development Seridó (adhesive) and the Joint Semi-Arid (ASA). After crossing data from quantitative and qualitative, it was found that the dynamics of the region's economic Seridó Potiguar partially answers the improvement of social indicators of poverty. Contribution by the State in this shared stock transfer income. Regarding the influence of productive restructuring in the region on issues of environment, it is noted that the ceramic tile industry, responsible for the absorption percentage of the population with limited ingress into the urban economy, given the low education, accounts for the increase of susceptibility to the ongoing process of desertification in North Seridó Rio Grande. We conclude finally that the guarantee of increased income, freedom and conservation of natural resources ensures primarily by changing the beliefs and values, especially on the part of the business sector, which use natural resources so predatory, aimed at maintaining their rates of return on investment. And concomitantly, the synchronization between technological change, through the use of new energy sources, and institutional change.

Emprego de redes neurais artificiais supervisionadas e não supervisionadas no estudo de parâmetros reológicos de excipientes farmacêuticos sólidos

In this paper artificial neural network (ANN) based on supervised and unsupervised algorithms were investigated for use in the study of rheological parameters of solid pharmaceutical excipients, in order to develop computational tools for manufacturing solid dosage forms. Among four supervised neural networks investigated, the best learning performance was achieved by a feedfoward multilayer perceptron whose architectures was composed by eight neurons in the input layer, sixteen neurons in the hidden layer and one neuron in the output layer. Learning and predictive performance relative to repose angle was poor while to Carr index and Hausner ratio (CI and HR, respectively) showed very good fitting capacity and learning, therefore HR and CI were considered suitable descriptors for the next stage of development of supervised ANNs. Clustering capacity was evaluated for five unsupervised strategies. Network based on purely unsupervised competitive strategies, classic "Winner-Take-All", "Frequency-Sensitive Competitive Learning" and "Rival-Penalize Competitive Learning" (WTA, FSCL and RPCL, respectively) were able to perform clustering from database, however this classification was very poor, showing severe classification errors by grouping data with conflicting properties into the same cluster or even the same neuron. On the other hand it could not be established what was the criteria adopted by the neural network for those clustering. Self-Organizing Maps (SOM) and Neural Gas (NG) networks showed better clustering capacity. Both have recognized the two major groupings of data corresponding to lactose (LAC) and cellulose (CEL). However, SOM showed some errors in classify data from minority excipients, magnesium stearate (EMG) , talc (TLC) and attapulgite (ATP). NG network in turn performed a very consistent classification of data and solve the misclassification of SOM, being the most appropriate network for classifying data of the study. The use of NG network in pharmaceutical technology was still unpublished. NG therefore has great potential for use in the development of software for use in automated classification systems of pharmaceutical powders and as a new tool for mining and clustering data in drug development

Avaliação do concreto de cimento portland com resíduo da produção de scheelita em substituição ao agregado miúdo

From the 70`s, with the publication of the Manifesto for Environment UN Conference, held in Stockholm, in Sweden (1972), defend and improve the environment became part of our daily lives. Thus, several studies have emerged in several segments in order to reuse the waste. Some examples of waste incorporated in portland cement concrete are: rice husk ash, bagasse ash of cane sugar, powder-stone, microsilica, tire rubber, among others. This research used the residue of the mining industry Scheelite, to evaluate the incorporation of the residue composition of Portland cement concrete, replacing the natural sand. The percentage of residue were incorporated from 0% to 100%, with a variation of 10%, 11 being produced concrete mix in the ratio 1:2:3:0.60, by mass. We evaluated the following characteristics of concrete: slump test, compressive strength, tensile strength by diametral compression, water absorption, porosity and density, based on the ABNT, through tests performed in the Laboratory of Civil Construction, UFRN. The trace with the addition of 60% scheelite residue was obtained which better performance. Therefore, the use of the waste from the production of Scheelite is feasible due to the durability parameters (water absorption and porosity), sustainability, and the good results of the resistance of the concrete