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

Fachada flexível para casa padronizada em condomínios

The employment of flexibility in the design of façades makes them adaptable to adverse weather conditions, resulting in both minimization of environmental discomfort and improvement of energy efficiency. The present study highlights the potential of flexible façades as a resource to reduce rigidity and form repetition, which are usually employed in condominiums of standardized houses; as such, the work presented herein contributes to field of study of architectural projects strategies for adapting and integrating buildings within the local climate context. Two façade options were designed using as reference the bionics and the kinetics, as well as their applications to architectural constructions. This resulted in two lightweight and dynamic structures, which cater to constraints of comfort through combinations of movements, which control the impact of solar radiation and of cooling in the environment. The efficacy and technical functionality of the façades were tested with comfort analysis and graphic computation software, as well as with physical models. Thus, the current research contributes to the improvement of architectural solutions aimed at using passive energy strategies in order to offer both better quality for the users and for the sustainability of the planet

Desempenho de um painel fotovoltaico de baixa tensão, acoplado ao protótipo de um conversor dc/dc topologia Booster

Low voltage solar panels increase the reliability of solar panels due to reduction of in series associations the configurations of photovoltaic cells. The low voltage generation requires DCDC converters devices with high efficiency, enabling raise and regulate the output voltage. This study analyzes the performance of a photovoltaic panel of Solarex, MSX model 77, configured to generate an open circuit voltage of 10.5 V, with load voltage of 8.5 V, with short circuit current of 9 A and a power of 77 W. The solar panel was assembled in the isolated photovoltaic system configuration, with and without energy storage as an interface with a DCDC converter, Booster topology. The converter was designed and fabricated using SMD (Surface Mounted Devices) technology IC (integrated circuit) that regulates its output voltage at 14.2 V, with an efficiency of 87% and providing the load a maximum power of 20.88 W. The system was installed and instrumented for measurement and acquisition of the following data: luminosities, average global radiation (data of INPE Instituto Nacional de Pesquisas Espaciais), solar panel and environment temperatures, solar panel and DC-DC converter output voltages, panel, inverter, and battery charge output currents. The photovoltaic system was initially tested in the laboratory (simulating its functioning in ideal conditions of operation) and then subjected to testing in real field conditions. The panel inclination angle was set at 5.5°, consistent with the latitude of Natal city. Factors such as climatic conditions (simultaneous variations of temperature, solar luminosities and ra diation on the panel), values of load resistance, lower limit of the maximum power required by the load (20.88 W) were predominant factors that panel does not operate with energy efficiency levels greater than 5 to 6%. The average converter efficiency designed in the field test reached 95%

Desenvolvimento de um painel sanduíche com carga de particulado oriundo de resíduo lignocelulósico para aplicação em produtos na área de equipamentos de proteção

This work aims to study and investigate the use of a hybrid composite polymer formed with blanket aramid (Kevlar 29) fiber blanket flax fiber and particulate dry endocarp of coconut (Cocos nucifera Linn), using as matrix an epoxy resin based thermoset for use in areas of protective equipment. Besides such material is used an aluminum plate, joined to the composite by means of glue based on epoxy and araldite commercial. The manufacturing process adopted was manual lamination (Hand Lay Up) to manufacture the hybrid composite. After the composite is prepared, an aluminum plate is subjected to pressure and glued to cure the adhesive. Layers of veil will also be used to separate the particulate from the linen blanket layer without disturbing the alignment of the fibers of the blankets. To characterize the mechanical and physical behavior was manufactured a plate of 800 x 600 mm of the hybrid composite, which were removed specimens for tests of water absorption to saturation; density; impact test (Charpy) and two test specimens for ballistic testing 220 mm x 200 mm to make a comparative study between the dry state and saturated water absorption and thus see the ballistic performance of these two conditions. The test was applied to make a comparative study of fracture in these two conditions, caused by penetrating ballistic missile (38 and 380). To test the impact (Charpy) will analyze the absorbed energy, fracture appearance and lateral contraction, also in dry condition and saturation of absorbed water, thereby analyzing situations where the impact load is relevant, such as bumps and shocks produced by stone, metal or wooden bars among others. The proposed configuration, along with the tests, has the purpose, application in the fields of equipment against ballistic impact, such as helmets; bullet proof vests; shields; protective packaging and other items to be identified in this research.

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

Fachada flexível para casa padronizada em condomínios

The employment of flexibility in the design of façades makes them adaptable to adverse weather conditions, resulting in both minimization of environmental discomfort and improvement of energy efficiency. The present study highlights the potential of flexible façades as a resource to reduce rigidity and form repetition, which are usually employed in condominiums of standardized houses; as such, the work presented herein contributes to field of study of architectural projects strategies for adapting and integrating buildings within the local climate context. Two façade options were designed using as reference the bionics and the kinetics, as well as their applications to architectural constructions. This resulted in two lightweight and dynamic structures, which cater to constraints of comfort through combinations of movements, which control the impact of solar radiation and of cooling in the environment. The efficacy and technical functionality of the façades were tested with comfort analysis and graphic computation software, as well as with physical models. Thus, the current research contributes to the improvement of architectural solutions aimed at using passive energy strategies in order to offer both better quality for the users and for the sustainability of the planet

Recomendações para o desenvolvimento de uma ferramenta de suporte às primeiras decisões projetuais visando ao desempenho energético de edificações de escritório em clima quente

PEDRINI, Aldomar; SZOKOLAY, Steven. Recomendações para o desenvolvimento de uma ferramenta de suporte às primeiras decisões projetuais visando ao desempenho energético de edificações de escritório em clima quente. Ambiente Construído, Porto Alegre, v. 5, n. 1, p.39-54, jan./mar. 2005. Trimestral. Disponível em: . Acesso em: 04 out. 2010.

Eleição nas escolas: uma análise do impacto do diretor eleito sobre o desempenho educacional no Estado da Bahia

In Brazil, the selection of school principals is set in a decentralized manner by each state and city, such that processes may vary with time for a specific locality. In the state of Bahia, school principals were appointed by a higher political hierarchy until 2008, when schools under state administration started selecting principals by elections. The main goal of this work is to evaluate whether changing this specific rule affected students proficiency levels. This is achieved by using a panel data and difference-in-differences approachs that compares state schools (treatment group) to city schools (control group) that did not face a selection rule change and thus kept having their principals politically appointed. The databases used are Prova Brasil 2007, 2009 and 2011, the first one prior and the other two former to the policy change. Our results suggest that students attending schools with principals that are selected and elected have slightly lower mean proficiency levels both in mathematics and in portuguese exams than those attending schools with appointed principals. This result, according to the literature, could be related to perverse effects of selecting school administrators by vote, such as corporatism, clientelism and politicization of the school environment

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

A Corrupção burocrática inibe o empreendedorismo? uma análise empírica dos estados brasileiros

This work aims to investigate the relationship between the entrepreneurship and the incidence of bureaucratic corruption in the states of Brazil and Federal District. The main hypothesis of this study is that the opening of a business in Brazilian states is negatively affected by the incidence of corruption. The theoretical reference is divided into Entrepreneurship and bureaucratic corruption, with an emphasis on materialistic perspective (objectivist) of entrepreneurship and the effects of bureaucratic corruption on entrepreneurial activity. By the regression method with panel data, we estimated the models with pooled data and fixed and random effects. To measure corruption, I used the General Index of Corruption for the Brazilian states (BOLL, 2010), and to represent entrepreneurship, firm entry per capita by state. Tests (Chow, Hausman and Breusch-Pagan) indicate that the random effects model is more appropriate, and the preliminary results indicate a positive impact of bureaucratic corruption on entrepreneurial activity, contradicting the hypothesis expected and found in previous articles to Brazil, and corroborating the proposition of Dreher and Gassebner (2011) that, in countries with high regulation, bureaucratic corruption can be grease in the wheels of entrepreneurship

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

Qualificação de edifícios residenciais verticais em Natal/RN à luz do regulamento técnico da qualidade para o nível de eficiência energética de edificações residenciais (RTQ-R)

The goal of the research was to investigate the energy performance of residential vertical buildings envelope in the hot and humid climate of Natal, capital of Rio Grande do Norte, based in the Technical Regulation of Quality for Energy Efficiency Level in Residential Buildings (RTQ -R), launched in 2010. The study pretends to contribute to the development of design strategies appropriate to the specific local climate and the increasing of energy efficiency level of the envelope. The methodological procedures included the survey in 22 (twenty two) residential buildings, the formulation of representative prototypes based on typological and constructives characters researched and the classification of the level of energy efficiency in the envelopment of these prototypes, using as a tool the prescriptive method of the RTQ-R and the parametric analyzes from assigning different values of the following variables: shape of the pavement type; distribution of housing compartments; orientation of the building; area and shading of openings; thermal transmittance, and solar absorptance of opaque materials of the frontage in order to evaluate the influence of these on the envelopment performance. The main results accomplished with this work includes the qualification of vertical residential buildings in Natal/RN; the verification of the adequacy of these buildings to local climate based from the diagnosis of the thermal energy of the envelopment performance, the identification of variables with more significant influence on the prescriptive methodology of RTQ-R and design solutions more favorable to obtain higher levels energy efficiency by this method. Finally, it was verified, that some of these solutions proved contradictory in relation to the recommendations contained in the theoretical approaches regarding environmental comfort in hot and humid weather, which indicates the need for improvement of the prescriptive method RTQ-R and further research on efficient design solutions

Análises de elementos arquitetônicos de proteção solar em edificações institucionais na cidade de Natal/RN Diretrizes projetuais

The present work concerns the use of shade elements as architectural elements to block sunlight in public buildings. In a city like Natal, (5o South) the incidence of sunrays in any type of design should be a constant concern for all the architects. Besides, this habit of avoiding insolation in the environment is not a common practice. Within this context, the present work has the objective to dig deep into the knowledge of solar control, studying some cases and verifying its function according to the orientation and the original design of the building, having in mind if the shade elements usually used in the region have achieved their purpose of providing protection against the incidence of direct sun rays. This study considers the position of the shade element (horizontal and vertical), the angle formed between them and the respective facades, and the local of the buildings in relation to their orientation during the summer, winter and equinox solstice. As supporting instruments the solar map of the city and the protractor, for measuring shade angles, were used. It was concluded that in all the cases studied, it was not possible to obtain the maximum use of the elements. It was verified that the best type of shade element (more efficient) for the city of Natal is the mixed type (horizontal and vertical) and that the vertical shade elements are more efficient in the early mornings and late afternoon. The horizontal shade elements are used more effective at midday. We intend to present the results of this study to the architects in the region in order to show them the correct ways of using the shade elements according to the possible orientation on the facade, as a supporting tool at the time of designing a project as well as a subsidy for further discussions on the elaboration of the new urban standards for the city of Natal/RN

Caracterização Hematológica e Imunofenotípica em Pacientes com Leucemia Linfoblástica Aguda

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior

Análise da efetividade do transplante renal na qualidade de vida dos receptores no estado do Rio Grande do Norte

This study was developed with the aim of analyzing the effectiveness of renal transplantation on quality of life of kidney recipients in the Rio Grande do Norte State. This is a descriptive study with longitudinal design, panel type with quantitative approach to data analysis. The Quality of Life (QoL) of chronic disease kidney patients before and after kidney transplantation was assessed by the WHOQOL-bref, The population consisted of patients in pre and post-renal transplantation, the sample had 63 patients older than 18 years. The study was conducted after approval by the Research Ethics Committee of the Onofre Lopes University Hospital, Federal University of Rio Grande do Norte, No. CAAE 0008.0.294.000-10. Data collection was performed at a referral center for renal transplantation in Rio Grande do Norte, from May 2010 to May 2013. Data were analyzed using descriptive statistics and presented in tables and graphs. For statistical analyzes, Microsoft Excel XP and SPSS 15.0 software were used. The tests used were simple variance (ANOVA), t-test, Mann-Whitney and Wilcoxon test to compare means, and Spearman correlations. P values <0.05 were considered significant. The demographic data showed a predominance of people between 18 and 45 years (68.2%) with a mean age of 39.9 years (SD 12.2), male (63.5%), married (58.7%), with children (51.0%). Regarding the education level was observed that 49.2% of participants had completed primary school, and most did not engage in any work activity (90.4%) during the study period. Hemodialysis was the predominant renal replacement therapy (96.8%) and the average waiting time for execution of transplantation was 1.9 years (SD 1.9). Comparison of QoL before and after transplantation showed significant differences in all areas analyzed, demonstrating that kidney transplantation had a positive impact on QoL in chronic renal patients undergoing kidney transplantation. Sociodemographic factors did not influence the quality of life in this group of patients, indicating that transplantation was the main factor to explain the improvement in quality of life. Thus, the alternative hypothesis of the study was accept, that there is a significant difference in quality of life before and after kidney transplant. It is expected that the results of this study may contribute to the development of strategies to encourage organ donation and kidney transplantation process