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

Processo de formulação estratégica sob a perspectiva dos decisores da CAERN

Os estudos sobre estratégia têm se difundido há muitos anos e seu processo de formulação também está inserido no cotidiano dos gestores. O objetivo do presente trabalho é constatar se há relação entre o pensamento, formulação e mudança estratégica e o nível acadêmico, hierárquico e tempo no cargo dos decisores da CAERN. A abordagem teórica é realizada com os seguintes pontos: estratégia, Decisão e liderança organizacional e o processo de formação da estratégia (Pensamento estratégico; Formulação da estratégia; Mudança estratégica). O estudo é de caráter exploratório descritivo. Para a tabulação e análise dos dados, utilizou-se um programa estatístico em que foi adotada a técnica de análise fatorial, e verificou-se a confiabilidade da escala de Likert utilizada no questionário através do teste Alfa de Cronbach e análise de Spearman a fim de constatar a correlação das variáveis e proporcionar uma abordagem quantitativa à pesquisa. Todos os respondentes da pesquisa são tomadores de decisão cujos níveis hierárquicos que obtiveram representatividade na amostra foram coordenadores, gerentes e chefes de seção. A partir das análises dos resultados do estudo, constatou-se que, das hipóteses levantadas, apenas uma se mostrou coerente com a realidade dos profissionais responsáveis pela estratégia organizacional da empresa: Há correlação entre a formulação estratégica e o nível acadêmico dos decisores (no constructo de formulação deliberada). Notouse também que o nível de formação acadêmica (nível superior) é importante e influencia diretamente no processo da formulação estratégica. Conclui-se que na organização em estudo o conhecimento dos gestores interfere na formulação estratégica

Cerâmica de Santo Antônio do Potengi: entre tradição e modernidade

In the Rio Grande do Norte, the craftsmanship is generating of economy, it involves a significant number of people and is diversified in its raw materials and particular type. As reference of the craft local, the ceramics supplied the primary necessities in the utilitarian domestic servants, acquired piety in the religious figures, were toy in infantile amusements and, finally, gained status of pure ornament. By its historical representation, the district of Santo Antônio do Potengi is considered the most important center of manufacture of craftpottery in the State. The work of the potters continues in that locality anchored between the familiar inheritance and the participation each more influential time of the public politics destined to the sector situation verified for visible alterations in the shape of the pottery from the decade of 1990 with the implantation of a cooperative destined to the collective production. We observe in this passage, that such actions in the measure where they objectify to structuralize conditions ideal to support the artisan making, do not benefit in significant way the social development them craftsmen. It is important not to lose of sight that exists some involved dimensions in this process and that these surpass the common interest for the object and the consequent economic connotation of its commercialization. They are knowledge that imply in the access to raw materials, in the peculiar of the formal aspects and productive methods, in the contextual relations organized to defend the survival of the activity

Análise de métodos para aplicação de ventilação natural em projetos de edificações em Natal-RN

Natural ventilation is an efficient bioclimatic strategy, one that provides thermal comfort, healthful and cooling to the edification. However, the disregard for quality environment, the uncertainties involved in the phenomenon and the popularization of artificial climate systems are held as an excuse for those who neglect the benefits of passive cooling. The unfamiliarity with the concept may be lessened if ventilation is observed in every step of the project, especially in the initial phase in which decisions bear a great impact in the construction process. The tools available in order to quantify the impact of projected decisions consist basically of the renovation rate calculations or computer simulations of fluids, commonly dubbed CFD, which stands for Computational Fluid Dynamics , both somewhat apart from the project s execution and unable to adapt for use in parametric studies. Thus, we chose to verify, through computer simulation, the representativeness of the results with a method of simplified air reconditioning rate calculation, as well as making it more compatible with the questions relevant to the first phases of the project s process. The case object consists of a model resulting from the recommendations of the Código de Obras de Natal/ RN, customized according to the NBR 15220. The study has shown the complexity in aggregating a CFD tool to the process and the need for a method capable of generating data at the compatible rate to the flow of ideas and are discarded during the project s development. At the end of our study, we discuss the necessary concessions for the realization of simulations, the applicability and the limitations of both the tools used and the method adopted, as well as the representativeness of the results obtained

Simulação computacional como ferramenta de auxílio ao projeto: aplicação em edifícios naturalmente ventilados no clima de Natal/RN

Natural air ventilation is the most import passive strategy to provide thermal comfort in hot and humid climates and a significant low energy strategy. However, the natural ventilated building requires more attention with the architectural design than a conventional building with air conditioning systems, and the results are less reliable. Therefore, this thesis focuses on softwares and methods to predict the natural ventilation performance from the point of view of the architect, with limited resource and knowledge of fluid mechanics. A typical prefabricated building was modelled due to its simplified geometry, low cost and occurrence at the local campus. Firstly, the study emphasized the use of computational fluid dynamics (CFD) software, to simulate the air flow outside and inside the building. A series of approaches were developed to make the simulations possible, compromising the results fidelity. Secondly, the results of CFD simulations were used as the input of an energy tool, to simulate the thermal performance under different rates of air renew. Thirdly, the results of temperature were assessed in terms of thermal comfort. Complementary simulations were carried out to detail the analyses. The results show the potentialities of these tools. However the discussions concerning the simplifications of the approaches, the limitations of the tools and the level of knowledge of the average architect are the major contribution of this study

Caracterização limnológica e determinação da capacidade suporte do reservatório mendubim, (Rio Grande do Norte) para o cultivo de peixes em tanques-rede

The aims of this study were: i) assessing the trophic state of the Mendubim reservoir (semi-arid, Rio Grande do Norte, Brazil; 05° 38 99,0 S 36°55 98,0 W) based on chlorophyll-a, total phosphorus and nitrogen concentrations and water transparency; ii) relating the patterns of temporal variation of zooplankton and phytoplankton to the trophic state of the reservoir and iii) investigating the carrying capacity of the reservoir for cage fish farming. The samplingwas done monthly from July 2006 to July 2007 in three stations at the reservoir: next to the dam (barrage), in the central region and in the mouth of the main tributary. The abiotic and biotic variables analyzed were: Secchi depth, volatiles and fixed suspended solids, chlorophyll-a, total phosphorus and nitrogen, TN:TP ratio and mesozooplankton and phytoplankton composition and biomass. The results showed that the reservoir can be considered as mesotrophic with mean concentrations of total nitrogen, phosphorus and chlorophyll-a equal to 1711, 1 μg.L-1, 30,8 μg.L-1 and 5,62 μg.L-1 respectively. The Cyanophyceae class was the most representative in terms of density, with the presence of potentially toxic species such as Microcystis aeruginosa, Planktothrix planctonica, Cylindrospermopsis raciborskii, Aphanizomenon sp. ,Aphanocapsa delicatissima and Pseudanabaena acicularis. Among the zooplankton, the genus Notodiaptomus presented the largest biomass values. Overall, our results show that the light limitation should explain the weak relationship between chlorophyll-a and total phosphorus and nitrogen concentrations. We concluded that the water of Mendubim reservoir is suitable for intensive fish cage aquaculture. Based on the carrying capacity calculations for this reservoir, we found that the maximum sustainable yield of tilapias in cages in the reservoir is 126 ton per year assuming a factor of food conversion of 1.5: 1.0 and a phosphorus content in the fish food of 1%

Abundância das formas imaturas de Psaroniocompsa incrustata ( Lutz, 1910) (Diptera: Simuliidae) em um criadouro natural no rio Pium/RN, e sua fauna associada

The species psaroniocompsa incrustata (Lutz, 1910) was studied in relation to its abundance in different and seasonal periods, the physico-chemical of the breending ground and the fauna predation added to the immature of the species. The study was developed during eight months, from April to July, 2005 (rainy season) and from October, 2005 to January, 2006 (drought season), in one natural breending ground situated in the Pium river, that is part of the hydrographical basin of the Pirangi river in Rio Grande do Norte. The immature of Simuliidae were collected manually in vegetal substrate. At the same place, it was made one sampling of the associated fauna using Suber collectors and the measurement of the environment variants. It was also made one analysis of the stomach content of possible enemies of the simulídeos, to observe the predation of the associated fauna. It was collected 7.713 samples, all from de species P. Incrustata, it was observed a bigger abundance in the drought season, and the entomologic fauna associated totalizing 20.1314 species, distributed in the kinds: Diptera, Ephemeroptera, Odonata, Trichoptera, e Hemiptera, with a bigger representativity of Dipteros. The analysis of the stomach content of the species from the families Libellulidae and Hydropsychidae showed the presence of the simulídeos in only 4% of the material analysed, therefore it was not confirmed the presence of one efficient biological control of the simulídeos in this breending ground