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

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

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

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

Ajudando os inimigos: espécies nativas facilitam a invasão do semiárido brasileiro por árvores exóticas

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior

As relações da tríplice hélice nas fundações de apoio brasileiras: uma avaliação da dinâmica de captação de recursos para projetos de inovação

Foundations support constitute one of the types of legal entities of private law forged with the purpose of supporting research projects, education and extension and institutional, scientific and technological development of Brazil. Observed as links of the relationship between company, university, and government, foundations supporting emerge in the Brazilian scene from the principle to establish an economic platform of development based on three pillars: science, technology and innovation – ST&I. In applied terms, these ones operate as tools of debureaucratisation making the management between public entities more agile, especially in the academic management in accordance with the approach of Triple Helix. From the exposed, the present study has as purpose understanding how the relation of Triple Helix intervenes in the fund-raising process of Brazilian foundations support. To understand the relations submitted, it was used the interaction models University-Company-Government recommended by Sábato and Botana (1968), the approach of the Triple Helix proposed by Etzkowitz and Leydesdorff (2000), as well as the perspective of the national innovation systems discussed by Freeman (1987, 1995), Nelson (1990, 1993) and Lundvall (1992). The research object of this study consists of 26 state foundations that support research associated with the National Council of the State Foundations of Supporting Research - CONFAP, as well as the 102 foundations in support of IES associated with the National Council of Foundations of Support for Institutions of Higher Education and Scientific and Technological Research – CONFIES, totaling 128 entities. As a research strategy, this study is considered as an applied research with a quantitative approach. Primary research data were collected using the e-mail Survey procedure. Seventy-five observations were collected, which corresponds to 58.59% of the research universe. It is considering the use of the bootstrap method in order to validate the use of the sample in the analysis of results. For data analysis, it was used descriptive statistics and multivariate data analysis techniques: the cluster analysis; the canonical correlation and the binary logistic regression. From the obtained canonical roots, the results indicated that the dependency relationship between the variables of relations (with the actors of the Triple Helix) and the financial resources invested in innovation projects is low, assuming the null hypothesis of this study, that the relations of the Triple Helix do not have interfered positively or negatively in raising funds for investments in innovation projects. On the other hand, the results obtained with the cluster analysis indicate that entities which have greater quantitative and financial amounts of projects are mostly large foundations (over 100 employees), which support up to five IES, publish management reports and use in their capital structure, greater financing of the public department. Finally, it is pertinent to note that the power of the classification of the logistic model obtained in this study showed high predictive capacity (80.0%) providing to the academic community replication in environments of similar analysis.

Ergonomia cognitiva do trabalho: um estudo baseado na gestão do conhecimento e no capital intelectual

REGIS, Josiana Florencio Vieira. et al. Ergonomia cognitiva do trabalho: um estudo baseado na gestão do conhecimento e no capital intelectual. IN: SIMPOSIO DE ENGENHARIA DE PRODUÇAO, 15., 2008, Sao Paulo. Anais eletronicos... Sao Paulo: UNESP, 2008. TRabalho oral. Disponivel em: http://www.simpep.feb.unesp.br/anais_simpep.php?e=2. Acesso em: 4.set.2010.

Adoção de tecnologias de informação nas micro e pequenas empresas fornecedoras da Petrobras no Rio Grande do Norte

A pesquisa tem como objetivo identificar as barreiras à adoção de tecnologias de informação por parte das micro e pequenas empresas. A pesquisa teórica foi orientada por estudos sobre adoção de tecnologias de informação e os fatores determinantes para esta adoção. Quanto à amostra, foi delimitada aos pequenos fornecedores não adotantes do sistema de compras eletrônicas da Petrobras no Rio Grande do Norte. A pesquisa é exploratória, do tipo levantamento de dados, com abordagem quantitativa. A pesquisa de campo foi realizada nos meses de novembro e dezembro de 2006, junto a 55 empresas, através de um questionário estruturado, respondido pelos gestores. Para a análise dos dados, foram utilizadas técnicas estatísticas, tais como análise descritiva e exploratória de dados, testes de hipótese e análises multivariadas de dados. Os resultados evidenciam a existência de uma infra-estrutura de TI básica, com baixo nível de utilização dessas tecnologias para propósitos mais avançados dentro das empresas e em especial a sua utilização para as atividades de gestão e estratégias de acesso a mercados, principalmente o seu uso como ferramentas para o comércio eletrônico. Os resultados mostraram também que os aspectos técnicos e financeiros são percebidos como obstáculos maiores que os fatores socioculturais e humanos. As variáveis relacionadas com os custos da TI e de consultoria externa, a percepção de dependência de fornecedores de TI e a falta de priorização de esforços ára a TI

Ergonomia cognitiva do trabalho: um estudo baseado na gestão do conhecimento e no capital intelectual

REGIS, Josiana Florencio Vieira. et al. Ergonomia cognitiva do trabalho: um estudo baseado na gestão do conhecimento e no capital intelectual. IN: SIMPOSIO DE ENGENHARIA DE PRODUÇAO, 15., 2008, Sao Paulo. Anais eletronicos... Sao Paulo: UNESP, 2008. TRabalho oral. Disponivel em: http://www.simpep.feb.unesp.br/anais_simpep.php?e=2. Acesso em: 4.set.2010.

Atração e retenção de talentos em empresas de engenharia consultiva no setor de petróleo e gás natural da cidade de Natal

This study addresses the question of attraction and retention of talent in companies that produce engineering projects in the area of oil and natural gas in the city of Natal. The objectives were to identify the mechanisms that these companies use to attract and retain talented professionals and what the relationship between these practices and performance of these organizations in the market. This is a case study of a qualitative nature which were included in the fullness of companies that work in that class in the capital Potiguar. Have been applied to the managers of these companies structured questionnaires with eleven issues orientativas based on theoretical reference adopted. The research finds that managers understand the word "talent", recognize the importance of the appreciation of its employees and the development of their innate abilities to better organizational performance, much due to the fact they are acting in a market of fierce competition. His companies - though not submit the formal procedures related to the subject in question - have mechanisms that can be characterized as the attraction and retention of talent. The relationships identified in this study are consistent with the results found in other studies and put the information here can serve as the basis for that other managers, including other areas, to reach excellence in their respective industries

Estudo sobre a mortalidade e sobrevivência de micro e pequenas empresas natalenses e seus impactos nas políticas públicas pró-empreendedorismo

The principal purpose of this research was to investigate discriminant factors of survival and failure of micro and small businesses, and the impacts of these factors in the public politics for entrepreneurship in the State of Rio Grande do Norte. The data were ceded by SEBRAE/RN and the Commercial Committee of the Rio Grande do Norte State and it included the businesses that were registered in 2000, 2001 and 2002. According to the theoretical framework 3 groups of factors were defined Business Financial Structure, Entrepreneurial Preparation and Entrepreneurial Behavior , and the factors were studied in order to determine whether they are discriminant or not of the survival and business failure. A quantitative research was applied and advanced statistical techniques were used multivariate data analysis , beginning with the factorial analysis and after using the discriminant analysis. As a result, canonical discriminant functions were found and they partially explained the survival and business failure in terms of the factors and groups of factors. The analysis also permitted the evaluation of the public politics for entrepreneurship and it was verified, according to the view of the entrepreneurs, that these politics were weakly effective to avoid business failure. Some changes in the referred politics were suggested based on the most significant factors found.

Burocracia e comércio exterior: os desafios à exportação sob a ótica das micro e pequenas empresas exportadoras do rio grande do norte

As micro e pequenas empresas, ao mesmo tempo em que exercem um papel extremamente relevante na estrutura produtiva da economia brasileira pelo grande número de empreendedores existentes e expressivo volume de pessoal ocupado, perdem competitividade ao se deparar com entraves ao seu desenvolvimento, sejam eles em âmbito gerencial, financeiro, burocrático ou estrutural. Com base nesse contexto, o estudo procura identificar em que medida, na percepção das MPEs exportadoras do Rio Grande do Norte, as exigências burocráticas do processo exportador afetam o seu desempenho no comércio exterior. Como exigências burocráticas compreende-se o conjunto de normas, regras e procedimentos e documentos que disciplinam o processo exportador, enquanto desempenho é entendido como os resultados da atividade econômica medido através do crescimento das vendas para o mercado externo; das demandas de produtos exportados não atendidas e da ampliação do mercado internacional. A pesquisa realizada é de caráter censitário, desenvolvida junto a quatorze MPEs do estado, atuantes regularmente no comércio exterior nos últimos três anos (2009-2011), utilizando aplicação de questionário, assim como uma consulta a dados secundários disponíveis. A análise dos dados levantados revelou que, efetivamente, na percepção dos respondentes, fatores externos como o custo do processo de exportação, falta de incentivo do governo, excesso de controle dos órgãos públicos e a infraestrutura logística do estado exercem influência na pequena participação das MPEs nas exportações do Brasil e do Nordeste, enquanto o bom desempenho exportador destas relaciona-se a fatores gerenciais, com destaque para investimentos na estrutura organizacional da empresa, conhecimento do mercado internacional e bom relacionamento com clientes e mercados

Habitabilidade na cidade sobre as águas: desafios da implantação de infra-estrutura de saneamento nas palafitas do Igarapé do Quarenta bairro Japiim Manaus/AM

The present research if inserts in the subject of the habitation of social interest and its relation with the sanitation infra-structure questions (sewer, water, draining and garbage). Having as study universe the narrow river of the Forty , situated one in the city of Manaus, capital of Amazon, approaches questions that if present between the necessities of housing and the especificidades of the natural environment, whose characteristics evidence limits for the implantation of adequate habitations. The objective is to analyze the possibilities and the limits of the urbanística regularization in the palafitas of the narrow rivers of Manaus, in view of the factors of habitability and ambient protection, expresses for the sanitation system - sanitary exhaustion, water supply, urban draining and garbage collection. The work approaches initially relative the conceptual aspects to the subject of social habitation in the country and its relation with the habitability factors, also focusing the question of the housing and the processes of urban informality in the city of Manaus. It deals with the process of constitution of the palafitas in the space of the city and its relation with the habitacionais politics, presenting the analysis of the implantation of the palafitas in relation to the sanitation infra-structure conditions (sewer, water, draining and garbage). As conclusion, it identifies to the possibilities and limits of urbanística regularization of the palafitas implanted to the long one of the narrow river of the Forty , taking in consideration the systems of the sanitation infrastructure

Determinantes socioeconômicos e ambientais do declínio das hospitalizações por diarréias em lactentes no Rio Grande do Norte - 1992 a 2001

There was a significant decline in hospitalizations for acute diarrhea in children younger than 1 year of age in Brazil between 1992 to 2001. The less economically developed state of Rio Grande do Norte is a case example of the national trend. In this work, we show a significant association between improvements in socioeconomic variables as well as increased access to sanitation and the decreased rate of hospitalization. Additionally, we observed a positive, seasonal correlation between rainfall and hospitalizations. Most notably, however, we show that improvements in income and inflation were positively correlated with a decline in hospitalizations. Improvements in public health infrastructure, socioeconomic variables like education and literacy, and increased investment in health services were important in reducing severe early childhood diarrheas. However, the data suggests that increased buying power and reductions in poverty played an equally crucial role in reducing hospitalizations for acute diarrhea in infants in Brazil. The work includes elements of the demography of the period for the age groups involved, children under one year, women in fertile age and fertility rate

Caminho possível para o desenvolvimento do RN: a utopia do Polo Gás Sal

La présente étude sur la modernisation économique qui s est opérée dans le Rio Grande do Norte, constitue un débat concernant les tentatives de faire aboutir un projet de développement industriel fondé sur l exploitation des matières premières locales telles que le sel, le calcaire, les eaux mères et le pétrole, entre les années 70 et 90 du XXe siècle. Elle cherche à montrer, à partir de l observation de l action planifiée de l État national et régional, soutenu par le capital international et par les groupes économiques et politiques locaux, comment on a tenté d implanter, dans des conjonctures économiques distinctes, une industrie d intrants de base moyennant la création de deux pôles de développement : le Pólo Químico Industrial (1974) et le Pólo Gás Sal (1996). Elle est centrée sur l analyse des actions orientées vers la concrétisation de ces pôles, et prendra pour objet les politiques de développement émanant de l État national, en particulier celles qui relevaient du II PND et qui visaient, au cours des années 70, à l implantation d une industrie décentralisée dans la région Nordeste ; les règles fixées par le Plano Nacional de Desestatizações, destinées à promouvoir les privatisations des entreprises publiques brésiliennes, lesquelles ont rendu possible la vente d Alcanorte au groupe industriel commandé par Fragoso Pires, et les politiques définies par l État national et régional, rassemblées sous le titre de « guerre fiscale » afin d attirer des capitaux internationaux susceptibles de rendre viable le Pólo Gás Sal. Il y est démontré que l État a coordonné un ensemble d actions dans les domaines de l infrastructure et des exonérations fiscales et financières, dans le but d accélérer la transition d une économie primaire et exportatrice vers une économie moderne, industrialisée. Et que le concours simultané de forces économiques et sociales particulièrement expressives le capital national et international, les élites locales n a pas suffi pour promouvoir la modernisation industrielle escomptée des secteurs chimique et pétrochimique. Parmi les différentes raisons qui ont contribué à un tel échec, on peut mentionner : l absence d une accumulation interne préalable de capital ; la dépendance de l économie locale par rapport à la technologie et au capital des groupes économiques internationaux ; l inconsistance des stratégies de développement relevant de la politique qui caractérisait la « guerre fiscale », et la fragilité de la représentation politique locale