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 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

Eutrofização do reservatório Engenheiro Armando Ribeiro Gonçalves, no Rio Grande do Norte: implicações para o abastecimento público e para a piscicultura intensiva em tanques-rede

This study aimed to describe the spatial and temporal patterns of variation in trophic state and its relation with the structure and dynamics of planktonic community of a large reservoir located in semi-arid tropical region of Northeast Brazil. The reservoir Armando Ribeiro Gonçalves is the biggest reservoir of the Rio Grande do Norte State and is responsible for about 53% of all surface water accumulated in the State. The samples of water and plankton were taken monthly in 10 points distributed throughout the longitudinal axis of the reservoir and over a full hydrological cycle. The samples were collected to determine concentrations of total phosphorus, total nitrogen, chlorophyll a and suspended solids (fixed and volatile) and for determining the composition and abundance of phytoplanktonic and zooplanktonic species. During the study period, the reservoir was characterized as eutrophic and there was no trend of increasing the trophic state of the reservoir in the period of drought. The concentrations of total phosphorus and suspended fixed solids decreased towards the dam while the N:P ratios increased in the same direction due to the reduction in the phosphorus concentrations and relative constancy in the nitrogen concentrations. The N:P ratios observed were indicative of greater limitation by phosphorus than by nitrogen. However, as concentrations of both nutrients were high and the water transparency was very low, with secchi depth usually lower than one meter, it seems likely that the planktonic primary production of the reservoir is more limited by the availability of light than the availability of nutrients. High nutrient concentrations coupled with low availability of light may explain the continuing dominance of filamentous cyanobacteria such as Cylindrospermopsis raciborskii in the plankton of the reservoir.These cyanobacteria are potentially toxic and pose a serious environmental problem because it compromises the water quality for public supply, recreation and fishing when present in high densities as in this study. The mesozooplankton of the reservoir was dominated by the calanoid Notodiaptomus cearensis and the cladoceran Diaphanosoma spinulosum. In general, the structure of zooplankton community seems to be particularly influenced by the spatial variation of cyanobacteria. The results of the regression analyses show that both the chlorophyll a concentrations and the cyanobacteria biovolume were more strongly correlated with the nitrogen than with phosphorus and that the water transparency was more strongly correlated with algal biomass than with other sources of turbidity. The maximum load of phosphorus to attain the maximum permissible concentration of total P in the reservoir was estimated in 63.2 tonnes P/ year. The current external P load to the reservoir is estimated in 324 tonnes P / year and must be severely reduced to improve the water quality for water supply and allow the implementation of aquaculture projects that could contribute to the socio-economic development of the region

O tratamento ortodôntico em uma perspectiva a longo prazo: avaliação da estabilidade oclusal e do grau de satisfação dos pacientes

This study aimed to evaluate factors associated to orthodontic treatment stability and patient satisfaction in the long-term. A total of 209 patients (88 class I and 121 class II) treated with straight wire fixed appliance were selected at least 5 years post treatment. Six hundred twenty seven dental casts were examined with the PAR Index at pretreatment (T1), end of treatment (T2), and at long-term follow up (T3, mean 8.5 years post treatment). At T3, a Dental Impact on Daily Living questionnaire was used to assess patient satisfaction with the dentition in the long-term. Friedman test and multiple regression analysis were used to evaluate changes among the time points and factors associated with stability and patient satisfaction. Predictive factors used to exam the occlusion were: PAR Index at T1 and T2, age at T1, the amount of time without retainer, length of Hawley retainer wear, length of follow-up, sex, extraction and third molar status. To assess patient satisfaction were considered: changes produced by the orthodontic treatment (PAR T2-T1), post treatment stability (PAR T3), age at the start of treatment (T1), length of treatment (T2-T1), gender, and extraction. Orthodontic treatment produced a significant improvement of 94.2% in the PAR Index (T2-T1), but this change was not associated with the level of satisfaction when the patient was questioned at T3. No significant change was observed between T2 and T3. However, when the sample was divided according to the level of finalization (PAR T2), it was observed that well-finished patients experienced some deterioration (P<.001), whereas the less well-finished ones showed some improvement (P<.05). Even with the deterioration, the well-finished patients still had a better PAR Index at T3 compared to the less well-finished ones (PAR T2- T3). Regression analysis showed that PAR Index at T1 and T2, age at T1, and length of retainer wear had a slight association with occlusal stability (R2 = 0.27). Patient satisfaction was significantly associated only with PAR Index at T3 (r2=0.125, P<.0001). We can conclude that, even thought orthodontic treatment is quite stable, not so well-finished treatments tend to show some improvement and well-finished ones deteriorate some in the long-term. Despite of that, well-finished patients still have better occlusal characteristics. Patient satisfaction is not related to the result of orthodontic treatment; nevertheless, there is a slight association with dentition in the long-term