Internacionalização de empresas e o fechamento do capital : um estudo sobre a deslistagem no mercado brasileiro

This work contributes to the finance literature proposing to analyze the relationship between the degree of internationalization of Brazilian companies and the likelihood of delisting. Therefore, even though the internationalization as a differential, in the formulation of hypotheses and analysis of the relationship between the variables dealt with concepts and theories within the Corporate Governance, which is already established in theory when it comes to delisting. First, with a view to the theory of internalization, which gives competitive advantages to the company due the adoption internationalization strategy and in parallel to the positive effects that this strategy generates on firms performance, it was formulated an hypothesis that the degree of internationalization would be adversely related to the probability of delisting, mainly due to such benefits generated to the organization. In turn, as an alternative hypothesis of the research, it proposed a positive relationship between these variables, based on agency theory, according to which internationalization would contribute to delisting by increasing geographical separation between shareholders and managers and, consequently, agency conflicts and the difficulty of monitoring. For the achievement of objectives, as well as being included economic and financial variables and GC, it was proposed the analysis of periods of crisis, as the events of recent past of the Brazilian economy. Starting from a base model initially developed by Pour and Lasfer (2013), which later, the proxies of internationalization and crisis have been added also contemplating adjustments to the Brazilian context. The data collected include the period from 2006 to 2014 and information on active and inactive companies at Bovespa. As results, it was found negative significance between the degree of internationalization and the delisting decision, confirming the first hypothesis of the research and stating that the benefits generated by internationalization in the company generate it spreads and results that reduce the probability of delisting. By analyzing the results of control variables was still possible to observe that, even internationalization reducing the likelihood of delisting, by particular aspects of corporate governance in Brazil, such as the high ownership concentration, the benefits it generates contribute to delisting. Regarding the analysis in crisis, the consequences of the crisis of the US subprime in general market were more relevant that the occurrence of itself, unlike the Brazilian internal crisis of 2014, which was statistically significant for the analyzed event. For future researches it is suggested the expansion of database and individual treatment of the reasons adopted by a company when delisting decision.

Climatologia da pluviosidade na bacia hidrográfica do Rio Paranaíba

The main aim of this research was to study pluviosity in the Paranaíba Riverbasin, especially concerning the variability frame and trends. For this end, we used data from 22 pluviometric stations of the Agência Nacional da Águas- ANA(National Water Agency)spatially distributed throughout the basin area. The data comprised the years 1979-2013, which is a historical series of 35 years, and was downloaded through the ANA website and tabulated using the Hydro 1.2 software (2015) and Excel. After tabulation process were applied based methodologies for statistical analysis of annual variability, monthly, daily and seasonal rainfall in the basin beyond the trend analysis. Results of this research showed that the annual rainfall averageis 1491 mm. Seasonality is a hallmark and rainfall variability occurs spatially and temporally. Rains are accumulated in the rainy season accumulating 85% of the annual volume in the basin. In daily analysis it was found that the daily rainfall above 30 mm occur in only 3% of the time. Dry season comprises 15% of the rainfall. Trend analysis using linear regression pointed to a downward trend in rainfall in 46% of jobs, stability in 18% of posts and increased rainfall by 36%. As for the analysis using the sign test indicated that 32% of the analyzed rainfall stations showed an increasing trend of rainfall over the time series and 68% of stations showed downward trend. This research is important because shows how rainfall worksin the area of the Paranaiba basin, and may be used to develop better management of natural resources and the area through public policies for this purpose.

As escolas polivalentes do Triângulo Mineiro e Alto Paranaíba (MG): sondagem vocacional no projeto desenvolvimentista civil-militar (1965–1976)

This study has as object eight state vocational schools located in Araguari, Araxá, Frutal, Ituiutaba, Monte Carmelo, Patos de Minas, Uberaba and Uberlândia, in Minas Gerais. The period analyzed comprises the years from 1965 to 1976, from the signature of the Agreement 512-11-610-042 beteween the Ministry of Education and Culture (MEC) and the American Agency for International Development (USAID), which started a series of other agreements, and actions ending up with the creation of the Expansion and Improvement of High Schools Program (Programa de Expansão e Melhoria do Ensino Médio - PREMEM) and, from this, the Vocational Schools. The upper limit of the study, 1976, was the year when these agreements, known as MEC/USAID agreements ceased. The Vocational Schools were characterized as vocation probing schools, directing the professional formation of the population in general, which would happen a posteriori, turning it shorter and more effective, since the labor market would demand, urgently, capable professionals for an expanding economy. The project of Vocational Schools had a national scope, and foresaw, for its unfolding, the complete substitution of State Schools for the new model, called “multi-curricula”. The theme Vocational schools was the object of my Master’s degree study, when I focused the State School Guiomar de Freitas Costa, in Uberlândia. That study raised questionings and concerns that resulted in the central problem of the thesis presented here: understanding the measure in which such schools integrated the country’s development project – mostly in the first half of the military rule – and to understand its structure, functionality and efficacyThe development of the study presented here, demanded the use of several sources: 1) specialized literature about the topics presented, i.e., the situation of national education in a temporal analysis, the political, economical and social context, research methodologies, the theory of human capital, vocational teaching, pedagogical trends and practices, agreements MEC-USAID and PREMEM; 2) national, state and county laws related to the discussion: laws of national education directives and basis, decrees and reports stating about the program of technical cooperation between Brazil and the United States of America, the Program of Expansion and Improvement of Teaching (PREMEM), formation of professors, establishment of Vocational Schools and educational planning; 3) documentation of school archives: books of minutes of Collegiate and of faculty and staff, registrar books with final scores, enrolment, visits of inspector, accounting books, punch clock records, student, professor and staff occurrences, inventory, class schedules, school year calendar, school rules, class reports, payment rolls, bills of sales, exchanged mail, personal documentation of professional personnel, documents of land acquisition, blueprints, manuals of PREMEM, didactic materials/resources used in classes, books available in the school library, structured evaluations for follow-up of school processes, pictures of events, texts prepared for special dates, and news from the official newspaper and, finally, 4) national and local press reports, especially from Folha de São Paulo, Correio de Araxá, Correio de Uberlândia and Lavoura e Comércio (Uberaba). The proposition of Vocational schools was conciliate theoretical and practical formation through an active education permeated by technological resources. The contact with knowledge and several practical activities under professional supervision, the student would identify the knowledge area that would interest him the most and his aptitude. This formation in primary school would make way for the vocation studies in high school, which became mandatory by the law 5.692/71, that reformed school education from the previous levels of elementary, middle high and high school. However, the multi-curricula proposal that would be spread to the other public schools in the country ended up succumbing to the model already established. From its ephemeral existence, maybe the Vocational Schools have not reached the more general goals in political, economic and social aspects; however, this study demonstrated that, for the people that, directly or indirectly, had contact with such schools, a legacy of vocational and quality teaching was made, so much so, that forty years after the end of that proposal, they are still remembered.

Determinação de teor de biodieseis de algodão e pinhão manso em misturas com diesel usando espectroscopia no infravermelho médio e quadrados mínimos parciais

Biodiesel is a renewable fuel derived from vegetable oils or animal fats, which can be a total or partial substitute for diesel. Since 2005, this fuel was introduced in the Brazilian energy matrix through Law 11.097 that determines the percentage of biodiesel added to diesel oil as well as monitoring the insertion of this fuel in market. The National Agency of Petroleum, Natural Gas and Biofuels (ANP) establish the obligation of adding 7% (v/v) of biodiesel to diesel commercialized in the country, making crucial the analytical control of this content. Therefore, in this study were developed and validated methodologies based on the use of Mid Infrared Spectroscopy (MIR) and Multivariate Calibration by Partial Least Squares (PLS) to quantify the methyl and ethyl biodiesels content of cotton and jatropha in binary blends with diesel at concentration range from 1.00 to 30.00% (v/v), since this is the range specified in standard ABNT NBR 15568. The biodiesels were produced from two routes, using ethanol or methanol, and evaluated according to the parameters: oxidative stability, water content, kinematic viscosity and density, presenting results according to ANP Resolution No. 45/2014. The built PLS models were validated on the basis of ASTM E1655-05 for Infrared Spectroscopy and Multivariate Calibration and ABNT NBR 15568, with satisfactory results due to RMSEP (Root Mean Square Error of Prediction) values below 0.08% (<0.1%), correlation coefficients (R) above 0.9997 and the absence of systematic error (bias). Therefore, the methodologies developed can be a promising alternative in the quality control of this fuel.