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 corretagem de imóveis no Rio Grande do Norte: das práticas históricas à emergência como segmento integrante da fração imobiliária do capital

This research proposed to question the development of what was defined as historical practices (commercial, social and political institutions), of the economic activity of the real estate brokerage in the Rio Grande do Norte from the progressive institutionalization of economic agents - individuals (realtors) and legal (real estate) - based on two main approaches: a) the development of economic activity as an integral segment of a fraction of capital (POULANTZAs, 1985; LESSA, 1981). This work set out from a socio-historical approach of the historical practices development the of real estate brokerage in Brazil started in the Southeast, especially in the cities of Rio de Janeiro and São Paulo as a result of the "expansion of capitalist relations by the housing sector" (RIBEIRO , 1996). especially the real estate capital ; b) the historical development of relations between labor and capital within the activity, in other words, the development of the relationship between realtors and Real Estate in relation to "group of interests" and their "collective actions" (OFFE, 1984). These historical practices are defined in this research as: 1) mercantile practices, times when there was no distinction between the activity of real estate brokerage and other forms of mercantile capital; 2) social practices, which began in the 1930s, when agents of real estate are to be distinguished from each other within the activity through Taylorist division of labor between workers realtors and developers of real estate; 3) political and institutional practices, initiated in 1962, characterized by State action, in the individualization and distinction of the agents of real estate brokerage as socioprofessional category regulated throughout Brazil by Law 4.116/62 and 6.530/78. The results achieved by the present study showed that in Rio Grande do Norte, due to the specifics as to the peripheral processes of urbanization of the constitution of the land market, as well as the process of conservative modernization of the oligarchic State from the 1960s (CLEMENTINE, 1995; FERREIRA, 1996, 2010, TRINDADE, 2004), the State was led to the development of a late manifestation of the historical practices of real estate brokerage. In other words, it was a process in which historical practices, in particular social practices, not fully developed, mitigating, thus the perception of realtors from his position in the process of exploitation of labor by the Real Estate. And, as a result, of their collective interests front of them.

O Entrelaçamento entre assistência social e trabalho informal: verdades e equívocos em tempos de crise do capital

The thesis presented here is of interest management to analyze the performance of the State, through the materialization of the professional courses, the process of integration of users CRAS-Pajuçara informal. Therefore, we assume that poverty and inequality reach a significant portion of the world population, in a context where the working class family is seen as an alternative to face the multiple expressions of social issues. Thus, before the changes of Productive Restructuring, marked by flexibility, outsourcing and casualization of labor relations in the world, the working class family must find ways to ensure their survival. In this direction, we discuss the advances, limitations and challenges posed to the Social Assistance Policy in contemporary, situating this context, the role of the state. Furthermore, we discussed the functionality of informality to the capitalist system, showing how capital appropriates of informal work, placing it in its logic, and thus makes the capital-labor ratio increasingly predatory, inhuman and unequal. The methodological procedures for the preparation of this study constitute a literature and documentary, beyond 10 semi-structured interviews directed to users of CRAS-Pajuçara, participants of training courses for the period 2010-2011. In light of the critical-dialectical rationality, and in a context where informal work has increasingly been co-opted as an alternative to huge unemployment in the same direction in which the welfare rises in tackling social inequality, the scope of this study, discusses and reveals the truths and misconceptions that surround this bourgeois discourse, in times of crisis of capital, the city of Natal, Brazil

Reprodução do capital e metamorfoses espaciais : um estudo da verticalização de Ponta Negra, Natal/RN

The broach presented in this dissertation, linked to post graduate Geography´s of the Universidade Federal do Rio Grande do Norte - UFRN, more exactly about the research group entitled interdisciplinary studies unit on space and housing built . The research developed through this study has this central theme on vertical grounding of the construction in the neighborhood of ponta negra in Natal, Rio Grande do Norte. Realizing this momentum as a way of accumulation of capital in city. Rio Grande do Norte´s city. During the 2000 s , the neighborhood of Ponta Negra went through an intense process of vertical integration of its ground, Provided by many factor of conditions created from new economic, political and social functions which start to be outlined mainly from the tourism development in this neighborhood since the 80´s decade. The Tourism development and the landing planning of the ponta negra´s neighborhood promoted for the government by using order to police the city´s urbanization, beyond the sense of the civilian building actors. They enabled this neighborhood to become propitious to the real estate investments. Many ventures were built before the year of 2010 while another are on building, which, over the years, changed the sociospatyal dinamics of the neighborhood. Considering the urban space is socially built, product and condition for the reproductive process of the capitalist society, the goal of this research is to investigate the verticalization of the ground, for capital reproduction purposes. This research aims to analyze the vertical this quarter through the theory of social production of space by Henri Lefebvre. The Methodology adopted pervades for secondary and primary research, compound for bibliographic research, documentary, journal, magazines, camp research and interview, to reach the best way to analyse the dynamics of the refered neighborhood

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

O city marketing em Natal/RN e a construção da imagem da cidade

The growing importance of tourism in overall economic activity worldwide has favored the intensification of competition among cities that seek to create environments attractive to tourists and potential investors. It has been common practice to import characteristics of the business environment in the public management of cities. The city marketing is a key tool used by public leaders to promote a linkage between the tourism image and urban image and involves, in addition to promoting the image of the city, the planning of interventions in urban space, trying to formulate a positive image of the city able to facilitate the deployment of capital. This research seeks to understand the nature of city marketing as part of contemporary urban management and analyzes how is its application in decisions concerning the promotion of tourism in Natal/RN. The approach of this research is qualitative, exploratory and descriptive, in which respondents were the main leaders of two of the official tourism site, the Empresa Potiguar de Promoção Turística and the Secretaria Municipal de Turismo e Desenvolvimento Econômico. It was found that there is a strong articulation of public power with private enterprise in the design and conduct of the actions of urban marketing, that from the survey data show that the behavior of target markets provide guidelines for taking strategic decisions relating to tourism. Sun and sea are some key elements explored to form the image of Natal and to authorize the sale of the city as a tropical paradise. However, there is an increase in the diversification of tourism products, seeking to increase flow to the segments of ecotourism, adventure, business and culture. It s also growing the use of local culture as a tourism product, however, the cultural representation focuses on superficial values and does not bring to light the social and historical richness that the city has. Public authorities use the city marketing strategies as a means able to maximize the attractiveness of Natal urban space to investors, business groups and tourists. It can be observed that urban managers seek solutions that can continuously increase the tours, which often manifests in interventions that focus the tourist areas of the city, in oposition of those who do not contribute to a positive reading of the city, which ultimately generate the worsening of spacial and social inequalities

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

De repente, tudo mudou de lugar: refletindo sobre metamorfose urbana e gentrificação em Mossoró-RN

This study aims at solidifying the theoretical bases to provide, above all, an explanation for this phenomenon which currently happens, with a scenario of social, political, economic and cultural transformations worldwide in medium cities. Nevertheless, because it has different dimensions from its transformation axes, gentrification comes with change, but also with the introduction of a new purpose in the space using and occupation, outlining in this context the identity of places from the formation of centralities with the presence of flows with social and economic dynamicsThe current forms of geographic space appropriation show the directions of the senses and ideological profile which recreates the meanings and uses of content and materials from descriptions of a historical past. However, today there is an economic context in the urban space which refers to a search of strategies for change, i.e., the acquisition of parameter aimed at meeting the demands of the relationship between capital and labor, which ends up overriding some actions for the specification of the transformation methods within the urban space to be explained by new needs and also by the agents from the value adding to their interests and investments. Thus, we assume that the appreciation/gentrification of urban spaces may or may not result from the building of a public space, since the dialogic structure as a place of political interaction externalize conflicts and disagreements in general; it keeps segregating spaces. As new spaces are transformed, the access to them tends to happen with particular restriction, whereas some places like parks, shopping malls, high-rise and horizontal condos are the scene for major professional and family events. In this context, the gentrification process is used to designate interventions in the urban environment, in certain city spaces which are considered central to public and private investments. A historical place is permitted to be presented as a scenario, a stage full of attractions, through the transformation process. Studying gentrification consists of an analysis of the underlying interests in the transformation of these areas, and especially of the assessment of the interest level in the private sector to partner in order to modify the landscape. Gentrification results from the transformation processes of capital, which influences the efforts and investments application in order to establish and achieve optimal economic growth, focusing on a location socio-culturally centered in the urban space. Thus, the urban social structure develops in the light of some questions that relate not only the cities growth but also environmental conditions it provides in cities like Mossoro, State of Rio Grande do Norte, Brazil 2005 a 2011.

Dos caminhos de água aos caminhos de ferro: a construção da hegemonia de Natal através das vias de transporte (1820-1920)

At a time of changes on the territory during the 19th century, the political and socioeconomic elites of the province and later State of Rio Grande do Norte evolved a discourse in order to justify the permanence of Natal as a city holding a status of capital. In this work we analyze the means employed by the ruling classes to impose their wish to raise Natal to an outstanding position among the existing cities by intervening on the territory during a period of one hundred years (1820-1920). During that time, which was characterized by changing commercial flows and technological development, the elites interventions were essentially directed to the implementation of modes of transportation, especially the railway. We try to understand the reinforcement of Natal as a capital city not only in political and administrative terms, but mainly in a commercial and symbolic manner, through the discourse and interventions undertaken by the local administrative elites, who stimulated the creation of a set of relations on the territory that also imprinted visible marks in the capital s urban fabric. These interventions were based upon the establishment of an infrastructure for exporting the State s production, firstly through and despite the Potengi River, and later on by the construction of railways. Although the project of Natal s hegemony had been outlined before the establishment of the railway network, in both cases the ultimate objective was to reinforce and develop the capital city as a commercial urban center to the detriment of other cities

Desenvolvimento (in) sustentável das indústrias cerâmicas da microrregião do Vale-do-Açu/RN

A great discussion of this work refers to development that is related to the common census of economic growth, in addition, another component of this discussion is related to socio-cultural and environmental impacts of this conception of progress. Giving economic progress is not necessary, since the development in its fullness, that progress depends, but what is sought is a harmony between capital accumulation and environmental limits and social interactions between men and between them and nature. The presence or absence of this harmonious relationship can be observed in various industrial activities, more punctual can cite the example of the developed ceramic activity in the meso-Valley-Acu in Rio Grande do Norte where such activity has great economic representativeness for the region, but that does not have good relations with social and environmental issues and is more focused on the accumulation of capital by increasing its level of industrial activity. Given this debate, the present paper aims to present the profile of a ceramic tile Valley-of-Acu and impacts, ecosocioambientais generated as a result of this activity as well. Methodologically the research will be conducted through literature research papers in books and other work carried out on the same theme, the second time will be held the empirical part of the research through interviews with managers of industries (selected through sample with the criteria set later ) as well as with employees working on the factory floor and city managers in the region under analysis and other agencies responsible for regulation and control of activity potter in the state

Guararapes confecções S.A da Empresa familiar ao Grupo Econômico

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior

Estrutura econômica, mercado de trabalho e evolução sócio-ocupacional no Rio Grande do Norte 2001 a 2008: reflexo de uma condição mercantil e estruturalmente periférica

The aim of this thesis was to investigate the evolution of the socio-occupational status in Rio Grande do Norte from 2001 to 2008, based on the characterization of the socio-economic status of this State from the analysis of labor market norte-rio-grandense . The study, specifically, drew a comparison between the dynamics of the labor market in Rio Grande do Norte and the capital city, Natal. From this perspective, the purpose was to make a relationship between the social division of labor and its effects on the socio-spatial division, represented in the "macro scale" by the federal unit and the "micro level" for the capital; locus of economic and population concentration. The collection of data on the labor market had as a major source PNAD/IBGE, characterizing the labor market in many ways: people of working age, economically active population and employed and unemployed people, classified by age, sex, color, education, income and social protection condition. However, as for the socio-occupational division, we follow the methodology used by the research group on national television, based in IPPUR /UFRJ, called Monitoring of the Metropolis," which rallied twenty-four groups that aggregate the occupations found in the PNAD/IBGE, in eight groups of socio-occupational categories, according to the similarity between them. It was used in the socio-spatial cutting two relevant discussions, which are inter-related and were characterized as crucial points in developing the research problem: the former was related to the influence of the hegemony of merchant capital in the labor market in Rio Grande North and, the latter, it referred the socio-economic relations between the territory and the variable occupation. Lastly, the results all indicated that in Rio Grande do Norte, as a peripheral state, has suffered the devastating influence of the hegemony of capital purely commercial basis, where "wealth" of capitalism is generated through the sphere of mere movement of goods and services rather than a productive process due to the social relations of production more advanced. We have a little advanced economic structure, with a tertiary sector that has propagated under-employment or disguised unemployment. Similarly, the agricultural sector has been presented as an example of greater social degradation of working conditions in the state. The secondary sector, in turn, also was not behind this uncertainty; on the contrary, confirmed that condition, with poor levels of income, low education of the workforce and a high degree of social helplessness, even in the state capital, space full urban area, which although always appear with a favorable condition compared to Province, in practically most of the variables studied, was also reflected at the same time the author of a structurally underdeveloped condition

O Trabalho e o labirinto da responsabilidade socioempresarial:a experiência da cidadania empresarial do Banco do Brasil

In the current systemic crisis, economic policy is directed to correct the consequences of the functioning of this metabolism, but within the limits of the capital. From this perspective, decision makers propose trade policies, agricultural and industrial to ensure conditions for economic growth. However, as a dead end, there is failure of the State in giving efficacy to the operation of all segments of the economy, especially given the budget constraint. Public managers are forced to seek external resources, resuming the cycle of political allegiance to the interests of international financial and banking representatives, installed in so-called multilateral. The complex ideological capital comes into play in trying to convince society that the paths taken by governments are inevitable, and that capitalism can be "humanized", even with the realization of the growing inequalities caused by historical irrationalism of the production process of capital . In this sense, emerging concepts that attempt to demonstrate the compatibility of the system to real human needs. This ideological offensive is intended to legitimize the capital. The so-called third sector has a special highlight with the concept of corporate social responsibility. It creates a political environment in which the inevitable mix-up with new illusions offered by and often funding the metabolism of capital in order to perpetuate this system. In this context, political elites, and considerable portions of the academy, embark on "waves of capitalist optimism," while the sociometabolismo capital expands its historical limits, driving forces postponing their collapse, but that cause human suffering and ecological stress. Wars are disseminated to strengthen the deadly war industry and the automobile industry; and devastating the environment of which depends the capital system. In this scenario disassemble, propositions emerge around a "new social pact" in order to minimize the adverse effects of the dynamics of reproduction of capital. The business class is called to exercise its role through the discourse that appeals to social responsibility programs, in order to intervene directly in the "social question". The core of this research is precisely this point. Although there is considerable scholarship on the phenomenon of Social Responsibility and Corporate Citizenship, there is also an evident lack of this approach focused on the banking sector in Brazil. The importance of rentier capital increased ownership of shares in the wealth produced by all of Brazilian society, justifies a sociological research project on Social Responsibility in the domestic financial sector. In this sense, it was decided to perform a dynamic approach to the "Corporate Citizenship" in the banking industry, specifically in the Bank of Brazil. As this is a key institution, is important analyze of the impacts of this strategy fetish of capitalist reproduction, in order to evaluate the social legitimization of rentier capital in Brazil. In this scenario of the abundance of the discourse on social responsibility there exist a progressive impoverishment of professional work in this segment in Brazil. There is a dramatic mismatch between rhetoric and practice because of the trend of deepening vulnerability of the working conditions of the Brazilian bank worker, from the 1990's. In the specific case of the Bank of Brazil, the first initiative of the institution was to conform to the principles of the UNO and the Ethos Institute, aiming to align their domestic policies to this new strategy of domination of capital. The purpose is to place the Bank in the ideological sphere of corporate social responsibility, just as with its partners in the private financial intercapitalist competition. Indeed, in the internal ambit of the Bank of Brazil, there is a policy to adjust its functional segments to the doctrine of Social Corporate Responsibility. The concepts of this doctrine is presented as something inexorable. There are no alternatives. The Bank of Brazil operates in a highly competitive market, the segment featuring the dominance of financial capital accumulation today. For this reason it can not fail to incorporate the technological advances organizational. For employees there is no alternative but to adapt to this new set of ideas proposed by the metabolism of capital

A atividade eólica e o desenvolvimento regional: perspectivas na formação do pólo eólico no Rio Grande do Norte

The object of this study involves the eolian energy and the scenario the training of wind pole in Rio Grande do Norte. The aim is to investigate how far the implementation of the potiguar eolian pole may represent a regional development policy with real change in the structure of the traditional local productive base. About the interaction between the public and private to development of the local eolian activity, the hypothesis is that there is no coordination between the sectors responsible for eolian activity in the state. The theoretical approach follows the developmental current and theory of growth poles, and methodology adopted is a search of exploratory and documentary, with analysis of relevant documents on the subject. As a result of the study it was found that owing to the fragility of the productive structure potiguar and imbalances produced by the concentration of capital in the Northeast, the eolian activity in the state, needs a greater state-owned intervention to ensure a basis of development based on the study and strengthening local productive chain

Estágio Supervisionado na formação de professores em serviço dos anos iniciais do ensino fundamental

This report aims to present the results of research on the possibilities and limits of Supervised Traineeship in a the course of Training of Teachers in Service of the early years of primary education conducted through an agreement between the Federal University of Piauí and the Teresina city council (PI) UFPI/PMT, offers subsidies to teaching practices that address the reality of students who live, work and/or studying in school located in rural areas. The research is based on a theoretical and methodological approach that places the object of study in the critical perspective and using procedures such as: literature (bibliographical research), documentary analysis, semi-structured interview and photographic record. We researched 10 (ten) teachers of the course promoted by UFPI graduating in 2006 and who develop teaching activities in schools located in rural areas in the city of Teresina-PI, 02 (two) teachers who are trainee supervisor of UFPI and the coordinator of the course. The analysis evidenced that the object, historically, educational policies have changed, but did not break the traditional patterns of teacher education, enough, especially in the curricular proposals in light of the changes required by the information and global society. We also note that in the supervised training, the process of critical reflection on teaching practice was made possible, in part, and raised the reconstruction of specific knowledge to make teaching in order to conduct the teaching-learning process articulating different realities of primary teaching and facing situations due to conservative practices in relation to education in rural areas. It contributed, therefore, this curricular component to resize, in part, the pedagogical action of the teachers graduated. The study also drives the research toward to similar studies in the perspective of overcoming the current model of teacher training that does not correspond to the demands of society in change and to the crisis of capital, with immeasurable consequences in the workplace. The contemporary claims for a University to form professionals capable of directing the destiny of society, where teacher training is a social and political demands on which is co-responsible