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

Relação entre ciclo de vida do produto turístico e estratégias de cooperação na faixa litorânea urbana do município de Natal

Tourism in the Northeast of Brazil was introduced as an alternative economic development for the Region by federal promoting policies that focused primarily in structuring the local geographic area. With the completion of these structuring actions, mass tourism expanding the area, as well as spread actions based on cooperation and formalization of governance institutions. This study aimed to examine the relationship between the life cycle of the tourism product 'Coastal Cities of Natal and the cooperation strategies in a historical perspective. Thus was submitted to the life cycle of the tourism product 'Coastal Cities of Natal ; the major projects of tourism development were mapped, the existing cooperation strategies were characterized, and investigated the influence of the cooperation actions for the current stage of product. The specific theoretical support to tourism was built on the perspective of the Theory of Population Ecology, System of Tourism and Touristic Product Life Cycle. Regarding to cooperation the theoretical foundation addressed issues of strategy, New Forms and Collective Efficiency. The survey consisted of a causal descriptive study, using a case study. We used the qualitative and quantitative methodological approaches, and data collected by consulting of secondary data and semistructured interviews with twelve staff working in tourism in Natal. Results showed that the life cycle graph of product 'Coastal Cities of Natal is moving from one stage of growth to a stage of maturity, with a primary upward trend and with crises that are up over the graph. They have been mapped six of tourism development projects of relevance to the product: The Politics of Mega Projects, PRODETUR/NE, Municipalization National Program of Tourism, Regionalization Program, Urbanization Project Beach do Meio and Actions for the Promotion of Destiny. They have been identified sixty-four participating players in process of tourism development, which twenty were considered relevant to the respondents. The main strategies identified for cooperation were the consortium, collective strategy and clusters. Results indicated that co-operation strategies were adopted so that the benefits were obtained at the collective level, dedicated to the strengthening of Natal Destiny and its products. The main reasons were the need of cooperative marketing, international market entry and actions inducing the state. Finally, it was concluded that strategies for cooperation related to product life cycle 'Coastal Cities of Natal' as that work in the consolidation of projects for development of tourism, when the efficiency of collective action is achieved

Estrutura de organizações sociais: adaptação aos projetos sociais ou às pressões institucionais?

This is a study concerning in the structure of non governmental organizations, based on the institutional theory. It aims to understand the relation among structure, social projects and environmental influences, analyzing if there is coherence with project social or expresses adaptation to the institutional pressures of the environment. It introduces as theoretical support for the themes, studies about institutional theory and social structure. The research is descriptive and exploratory; it also applies to a study of case, based on the technical procedures. From the research universe, that was compound by non governmental organizations from Natal, RN, Brasil, it was chosen the Casa Renascer, a non governmental organization that works with the combat to the violence and sexual exploration of children and teenagers. The data collection process employed includes documental research, observations and semi structured research devices, guided by the organizational process proposed by Serva (1996) and by the institutional theory. The collected data were qualitatively treated. The analysis was divided into three parts, following the research matters. The social project characterization demonstrated that the organization went by three main phases. The first one, characterized by focus in women and girls education and health; the second shows the emphasis on girls in social risk situation, with preventive approach; and the last one, characterized by victims assistance of violence and sexual exploration. From the analysis using the institutional theory mechanisms, the results showed that exists coherence between structure and environmental influences, but a weak coherence between structure and social projects. It indicates as main determinant of the structure, an aspect forgotten by the institutional theory, the power. It was observed the presence from normative, coercive and mimetic mechanisms, highlighting normative influences

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

Okupar, resistir, insistir : uma etnografia das práticas de ocupação urbana Fortaleza / Ceará

The objective of this dissertation is understand the relationships built between subjects who occupy buildings in a state of abandonment to revitalize them - called okupas, noting which individuals construct such meanings on the practice of occupation and how to organize the construction and maintenance of a collective life project. Having the Okupa Squat Torém, located in the neighborhood of Fatima in the southern city of Fortaleza-CE, as locus and observed through the ethnographic method, followed the social practices of urban segment. I invested in a data collection revealed that the custom of okupas and their domestic habits, inside and outside of okupa, emphasizing the interaction situations, like most appropriate occasions to observe the constant negotiation and refinement of his cunning to intervene in the city . Among the objectives of this research, the main thing is to observe which senses are assigned to the practice of the occupation by okupas. For this, reflecting from the specifics of this urban phenomenon and talking mostly with the tradition of research in the field of anthropology, I tried to address some issues regarding the practice of okupação and organization of the group, which the principles and movements that make these contacts with city etc. The appropriation made by the subjects on the urban space here means understanding them as a cultural expression of a number of collective values, resulting from experience and perception of okupas like themselves. The intention is to show how this practice intervention and collective action has appeared in contemporary times and how my ethnography can contribute to a dialogue on the practices of mobilization and update of the city, considering the Theory of Recognition Axel Honneth (2003) as an analytical category useful to describe the forms of reciprocity experienced by okupas

O Litoral e a metrópole dinâmica imobiliária, turismo e expansão urbana na região metropolitana de Natal-RN

The metropolitan regions of Northeast Brazil are being gradually included in a scenario of international investments, which are motivated by the restructuring of both touristic and real-estate sectors. The new capital, real-estate developers and space configurations that result from this process indicate the need for the creation and implementation of public tools which should, at least, allow the mitigation of the urban impacts and environmental losses resulting from this situation. The effects on landscape and on the socio-spatial configuration result from the intensification caused by the dynamism of the "real estate-tourism" sector. There is a regional integration as an expression of the urban expansion of the metropolitan area of Natal. This study investigates the uniqueness of the restructuring and territorial integration of coastal areas and the strategies of the circuit of capital accumulation formed by linking the real estate to tourism. It is intended to increase the understanding about the strategies of tourism, real estate and public policy agents involved in this territorial reconfiguration and in the fund-raising needed for the investments, to understand the existing social and environmental effects and their future trends and also to understand the forms of spatial production as results from the practices of approaching the land transformation and the tourism valorization of the landscape, in a synchronous manner, first in the Northeast region and, as a focal study, in the Metropolitan Area of Natal. Likewise, it is intended to apprehend the current processes of metropolization of the eastern coast of Rio Grande do Norte, in addition to indicate its physical-territorial transformation and the types of projects/developments promoted by the market in the recent period. Based upon analysis undertaken for the Metropolitan Region of Natal RN, this piece of work presents some considerations on possible legal instruments that can be adjusted to the municipalities which are experiencing the impact of this peculiar and recent phenomenon in the region, caused by the arrival of the real estate-touristic capital. It is also intended to point out basic proposals to the forms of public intervention, in a speculative way, starting from a Metropolitan Planning project within a medium and long term

A cidade e o idoso

This thesis concerns the study of the city and impacts that will be caused in its structure due to the aging process of the human society, mainly in Brazil. The most important focus will be those related to problems of accessibility, leisure, housing, health and labor, issues that most affect people over 60 years of age. Beyond the analysis of inherent problems to the subject, proposals will be made for urban intervention that the cities become more suitable for the living of the elderly. To support this study, a review of different theories about the city was carried out, then a panel about the presence of the elderly in society, including Brazil, and in the cities, aiming at a vision, as broad as possible, on how the elderly were treated throughout history. In order to establish paradigms and parameters in the approach to the subject, a series of systematic observations on the urban space in different cities proceeded, in Brazil and abroad, with works aiming the inclusion of the elderly in urban areas, such as Amsterdam, Barcelona, Brasilia, Luanda and Rio de Janeiro, a city considered by the UN as physical and territorial urban laboratory suitable for the elderly. From there we tried to obtain, in addition to literature and observation of other countries experiences, the conduct of field research and official standards analysis, the theoretical basis for establishing guidelines on how to plan and design a more appropriate urban space for the elderly

O Caráter Tectônico do Moderno Brasileiro: Bernardes e Campello na Paraíba (1970-1980)

This study aims to analyze the tectonic character of the works of Sergio Bernardes and Glauco Campello architects, built in Paraiba, between the turn of the decade in 1970 and early 1980 in order to bring reflections about the poetics of construction s importance in the formal structure of the architecture, contributing to the debate about the specificitiesand peculiarities of modern architecture produced in Brazil. The research, using the strategies of the case study, startsfromthe review on the use of "tectonic" by Kenneth Frampton and other scholars of the term, to base the concept and set the analytical parameters of the tectonics. Then it proceeds to the insertion of buildings in the cultural and socio-political Brazilian s context in the periodproposed forstudy, in sequence, analyzesthe works of each architect. The study confirms that the expressive power of Brazilian heroic modern architecture, emphasizing the poetics of construction, sediments a tectonic culture that resonates in the following generations

Revitalização urbana de centros históricos: uma revisão de contextos e propostas: a Ribeira como estudo de caso

This dissertation focuses on the theme of urban revitalization in historical centers. It starts from a survey of international and national concepts and experiences about the subject, in special, the historical center of Ribeira, in Natal, Brazil. It gives more attention to local management and it is dedicated to the study of objectives and actions developed, basically, by two segments that manage works in the district. Companhia Docas do Rio Grande do Norte aims at the economical development of the state and it implies the enlargement of capacity of loading and unloading of the harbor of Natal and the Natal city counsil aims at urban preservation and revitalization. It was analysed speeches ans projects related to Ribeira and it was discovered that Natal has done very little to revitalize its historical center in the last two dacades. It analyses what seemed, or at least, should be a conflict of interests between incompatible projects, revealing both conciliatory proceedings and connivance between the participants in decision making. The conclusion directs attentions to the threat to historical building in the city and the importance of enhancing discussion about the future of our historical sites

Turismo cultural na ZEPH-Ribeira: possibilidades e limitações

Considering that urban interventions, planned and executed recently at Natal, RN, should put Ribeira - one of the town centers - in the new limits of the expanded center of the city, this work examines the use of this new accessibility for the benefit of the development of an infrastructure to support a type of tourism currently seen as an alternative to diversification into areas dominated by entertainment tourism (the case of Natal). A local with city's traditional cultural facilities and holder of a set built that is a synthesis of the images of the neighborhood, it fears that this increase in the potential for movement and flows of use stimulate speculation and deployment of a bulk type of activity incompatible with the preservation the architectural heritage. Important economy for the city, tourism has been showing a factor propellant processing urban related changes in accessibility. It is argued that cultural tourism, often used in plans and projects of revitalization across the country, may be factor for sustainable development and conserve the assets, and contributes to the process of revitalization of the historic cultural center as Ribeira. Intended to illustrate the need to consider other information that might help in the revitalization of the neighborhood, this research presents the offer cultural tourism of Ribeira and identifies and maps certain physical attributes that, combined with functional attributes, can stimulate or inhibit the diversity and vitality in the region

Outorga onerosa do direito de construir e dinâmica do mercado imobiliário formal: planejamento e descaminhos na expansão urbana de Parnamirim RN (2008-2010)

The `Outorga Onerosa do Direito de Construir - OODC` (Public Concession of Building Rights), instrument instituted by The City Statute in 2001, has as main objective the recovery of urban property, seeking for a fair distribution the urbanization benefits. The possibility of usage of the OODC instrument is linked to the maximum utilization coefficient, determined to specific areas in accordance to existing infrastructure conditions, further taking into account the formal real estate market, expansion axis and crowding. Being an instrument which establishes values to be paid for a better use of land, it maintains a narrow relation to the real estate, incentivizing or discouraging the crowding in specific areas. The present study investigates the relationship between the criteria for the making of the Public Concession of Building Rights instrument and the dynamics of the formal real estate market. It takes as empiric universe Parnamirim (RN), part of the Natal Metropolitan Area (RN), focusing on the application of the OODC in the period of 2008-2010. It seeks to better understand the necessary basis for the formulation of the instrument, about how it works and its relation to the formal real estate market. It aims to depict the formal real estate market by presenting the production of urban space in Parnamirim in terms of intensity and nature of the real estate, furthermore identifying the licensed properties through the application of the municipality instrument. For the conclusion, it is discussed the criteria for the formation of OODC, its relationship to the dynamics of the formal real estate market and its influencing possibilities in the processes of usage and occupation of land in the context of urban planning

A forma do privilégio: renda, acessibilidade e densidade em Natal-RN

The aim of this work is to understand the morphological expression of ground occupation by the higher income population, by focusing on population distribution in accordance with income layers and demographical density, as well as topological accessibility (HILLIER and HANSON, 1984) resulting from the urban grid structure. It endeavors to identify a functional organizing principle regarding the intra-urban space of Natal capital city of the state of Rio Grande do Norte, the research focus. In order to achieve this, census data as well as syntactic data were utilized for mapping and spatial analysis of income patterns, topological accessibility and demographical density using Geographical Information System GIS. The organizing principle was named as the Form of Privilege, a pattern that concentrates or tends to concentrate wealth, topological accessibility and low demographical density. Attempting to assess its extent, beyond Natal, this principle was applied to other Brazilian northeastern capitals such as: Fortaleza, CE; Teresina, PI; Aracaju, SE; Recife, PE; and João Pessoa, PB. Findings point out that although the urban structures of these cities are not immune to the Form of Privilege, Natal is emblematic of this phenomenon, a fact that demonstrates the perverse character of its spatial process, which historically creates privileged areas within the city, by means of the appropriation of accessibility as well as of the many urban benesses that are related to it by higher income groups at the expense of the major part of the population, which though being the people mostly in need of the benefits originating from the urban form are excluded from them

Áreas de transição rural e urbana em São Gonçalo do Amarante : elementos para delimitação no planejamento territorial

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior

Saudosa Maloca, Maloca querida: um estudo morfológico da relação forma/usos do espaço em moradias autoconstruídas e construídas pelo poder público após um ano de ocupação

This study intends to enhance the existing knowledge concerning the patterns of the uses of space for low cost housing in Parnamirim, Rio Grande do Norte, Brazil, by way of comparative morphological studies in spatial arrangements and articulations regarding three distinct, however inter-related, sets of social housing: (1) a development comprising 21 self-built houses erected on public routes and illegal plots within a tract of land originally designed to be an industrial development: (2) architect-designed houses built by the public authority in order to accommodate the previous 21 (plus a few additions) families occupying the self-built dwellings, and (3) modifications performed by dwellers on a total of those 24 houses built by the public authority after an occupation period of one year. The predominant uses of each room within the self-built and modified houses were represented in ground plan, based on empirical observation, surveys with dwellers and the use of analytical procedures of morphologic analysis of nature predominantly geometric (specific) and topology (space syntax analysis). A scale of priorities was identified in relation to the uses of each room, its geometrical arrangement (adjacency, front/back relations etc), and underlying structures (connectivity, depth and spatial integration) in order to establish congruencies and non-congruencies between a social-cultural order embedded in the self-built domestic space and the design logic contained in the houses offered by official agencies. The comparative analysis points towards the convivial existence of two tendencies: one that seems to reinforce a design logic inasmuch as the additions and modifications performed by the dwellers do not alter but even emphasize the original configuration of the designed houses, and another one in which those patterns are subverted in accordance with a logic which, to a lesser or greater degree, coincides with that of the self-built dwellings

Contra as Secas: a engenharia e as origens de um planejamento regional no nordeste brasileiro

Droughts surfaced in 1877 as a crucial problem for the birthing Brazilian nation. Engineers, who formed the country's technical and scientific elite, took it upon themselves to study, understand and fight the problem through planned actions of intervention on space. This work, based on proposals and discussions contained in engineering magazines and reports, aims to provide elements for the comprehension of how these systematized actions against droughts, in the Iate nineteenth and early twentieth century, contributed to spatial analysis and the formation of a (then-inexistent) regional and territorial planning discipline in Brazi!. Engineers, by taking up the position of masterminds in the country's modernization, guaranteed for themselves personal economic stability, social prestige and political power. By understanding nature, either as a resource to be exploited or an adversary to national progress, they contributed to the delimitation of the region now known as the Northeast. By seeking to understand the drought phenomenon, they created knowledge about the space they sought to intervene on; by constructing their projects amid political and economical difficulty, they changed the organizational structures of cities and country in the northeast. The proposals for açudes (Iarge water reservoirs) allowed the fixation of population and the resistance against droughts; the roads - railroads and automotive roadways - connected the sertão to the capitais and the coast, speeding up help to the affected populations during droughts and allowing the circulation of goods so as to strengthen the local economies in normal rimes. The adopted practices and techniques, adapted from foreign experience and developed through trial and improvement, were consolidated as an eminently spatial intervention course, even if a theoretical body of regional or territorial planning wasn't formed in Brazil. Regional Planning proper was first applied in the country in the Northeast itself, in the 1950s, based off an economical view of reality in order to achieve development. The engineer's work prior tothat date, however, cannot be dlsconsldered. It was proved that, despite facing financial and political hurdles, engineers had a profound commitment to the problem and intended to act systematically to transform the economical and social relations in the region, in order to be victorious in their struggle against droughts