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

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

Caracterização da frequência de atividades aéreas do golfinho-rotador, Stenella longirostris (Gray, 1828), na Baía dos Golfinhos do Parque Nacional Marinho de Fernando de Noronha

The aerial activities, leaps and slaps with parts of the body in the surface of water, are part of the behavioral repertoire of several species of cetaceans. Among them, the spinner dolphin, Stenella longirostris, shows greater diversity in such behavior. For the spinner dolphins of Fernando de Noronha, the aerial activities are classified as vertical and horizontal, with eight patterns to be noted (tail slap, head slap, motor boating, partial leap, leap, spin, tail over head and tail over head with spin) discriminated between these categories. Such behaviors can be used as a parameter to identify behavioral changes, as well as patterns of daily and seasonal activity. In this manner, this study aimed to characterize the frequency in performance of such activity while the dolphins were within the Dolphin Bay of Fernando de Noronha, and verify possible daily and seasonal hourly fluctuations on such behaviors. The data analyzed in this study was acquired during the period of January 2006 through December 2010, totaling 1431 days of observation from land set point, with 113027 aerial activities registered, daily average of 72,27 (SD=96,10). During 5478h and 54 min of observation the horizontal aerial activity was the most observed and rotation was the most executed pattern. Greater frequency of execution of aerial activity was observed in adults, but for both adults and calves, was observed a predominance of horizontal activities, with spin being the pattern most executed. Positive correlation was observed between the amount of aerial activity performed and the number of animals inside the Bay. Hourly daily fluctuation was observed in the expression of aerial activities by spinner dolphins, and was observed a peak of activity between 8h and 8h59min for the overall frequency relative of aerial activities, as well as for the categories and patterns. Seasonal differences were observed between the rainy and dry season with the greater amount of activity being observed during the rainy season. Nevertheless, the same profile of frequency relative of aerial activity was observed in both seasons with the peak amount being during the same period. When discriminated the aerial activities in categories and patterns, for both seasons, there was a similar pattern of hourly fluctuation; for most of parameters, higher frequency relative of execution of aerial activity remain between 8h and 8h59min

Construção de mosaicos georreferenciados usando imagens aéreas de pequeno formato

In this work we propose a technique that uses uncontrolled small format aerial images, or SFAI, and stereohotogrammetry techniques to construct georeferenced mosaics. Images are obtained using a simple digital camera coupled with a radio controlled (RC) helicopter. Techniques for removing common distortions are applied and the relative orientation of the models are recovered using projective geometry. Ground truth points are used to get absolute orientation, plus a definition of scale and a coordinate system which relates image measures to the ground. The mosaic is read into a GIS system, providing useful information to different types of users, such as researchers, governmental agencies, employees, fishermen and tourism enterprises. Results are reported, illustrating the applicability of the system. The main contribution is the generation of georeferenced mosaics using SFAIs, which have not yet broadly explored in cartography projects. The proposed architecture presents a viable and much less expensive solution, when compared to systems using controlled pictures

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