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.

Efeitos da internacionalização no desvio da estrutura de capital alvo e na velocidade de ajuste

This dissertation investigates the effects of internationalization in two gaps related to the capital structure that have not been discussed by the Brazilian literature yet. To this, were developed two independent sections. The first examined what the effects of internationalization on the deviation from the target capital structure. The second examined what the effects of internationalization on speed of adjustment (SOA) of the capital structure. It used data from Brazil, multinational and domestic companies, from 2006 to 2014. The results of the first analysis indicate that internationalization helps reduce the difference between the target and the current debt. That is, to the extent that the level of internationalization increases; whether only export or a combination of export, assets and employees abroad, the gap between the current structure and the target structure decreases. This reduction is given as a function of internationalization as a consequence of the upstream effect of the upstream-downstream hypothesis. Thus, as the Market Timing theory, it can be seen as an opportunity for adjustment of the capital structure, and with the reduction of deviation, there is also a reduction in the cost of capital of the firm. The result of the second analysis indicates that internationalization is able to significantly increase the speed adjustment, ensuring for the multinational a faster adjustment of its capital structure. Exports increase the SOA in 9 to 23%. And when also kept active assets and employees abroad the increase is 8 to 20%. In terms of time, while domestic company takes more than three years to reduce half of the deviation that has, while multinacional companies take on average one and a half year to reduce the same proportion of the deviation. The validity of the upstream-downstream hypothesis for the effect of internationalization in SOA was confirmed by comparing the results for US companies. Thus, the phenomenon of internationalization increases SOA when companies are from less stable markets, such as Brazil; and it has a less significcative effect when companies are derived from more stable markets, because they already have a high speed of adjustmennt. In addition, the adequacy analysis of the estimators also showed the model pooled OLS (Ordinary Least Squares) presents the highest quality in predicting the SOA than the system GMM (Generalized Method of Moments). For future studies it is suggested to analyze the effect of international event, by itself, and to validate the hypothesis using samples of different markets and the use of other estimators.

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.

Esgotamento do padrão de acumulação de capital e política econômica brasileira: do II PND aos anos 2000

This work aim to show that the reach to the limits of capital accumulation, which is showing its first signs since the 60 s, has and still is exercising great importance in Brazilian economic policies. In the first chapter, we establish a reference to what is understood as the limit of capital accumulation after World War II and how the accumulation process drives itself to its own limits. In the following chapters, we detach the importance of the reached limit to the most relevant moments of Brazilian economic policy. Since the IIPND, when the first signs of influence raise in Brazilian economy, passing through the stabilizing attempts during the 80 s and 90 s and the emergence of the pro-market State in Brazil, until the 00 s, when macroeconomic prudence took shape and delimited the conduction of the country s economic policy, we will show how the limit of capital accumulation has played an important role.