Are sustainable companies less risky and more profitable?

The purpose of this study was to determine whether there were significant differences in accounting indicators when comparing sustainable enterprises to other similar companies that are not considered as sustainable. The Corporate Sustainability Index of BM (São Paulo Stock, Commodities and Futures Exchange) was the criterion selected to break down the samples into sustainable and non-sustainable enterprises. The accounting indicators were separated into two kinds: risk (dividend payout, percentage growth of assets, financial leverage, current liquidity, asset size, variability of earnings, and accounting beta) and return (ROA, ROE, asset turnover, and net margin). We individually analyzed the companies in the energy sector, followed by those in the banking sector, as well as the entire ISE portfolio as of 2008/2009, including all the sectors. Mann-Whitney tests were performed in order to verify the difference of the means between the groups (ISE and non-ISE). The results, considering the method chosen and the time span covered by the study, indicate that there are no differences between sustainable companies and the others, when they are assessed by the accounting indicators used here.

A new approach for measuring corporate reputation

This study describes the concept of corporate reputation and reviews some of the major points that exist when it comes to measuring it. It thus suggests a new index for measurement and its advantages and disadvantages are pointed out. The consistency of the seven key variables for the collecting indicator is described by the results of a factor analysis and correlations. Finally, the indicator is put to test by gathering the perception of corporate reputation of 1500 individuals for 69 companies belonging to 15 different industrial sectors, in Peru. The results indicate that the proposed index variables are not necessarily of greatest interest to the study sample in which companies have a better performance. Also greater memorial companies aren't necessarily those that enjoy a greater corporate reputation. Managerial implications for the organizations in the process of managing and monitoring the dimensions involved of this key asset are also referenced.

CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE: THE SPANISH CASE

ABSTRACT The enormous interest aroused by corporate social responsibility both in the academic and the business worlds forms the background for this study. Its objective is to analyze the relationship between corporate social responsibility and financial performance in view of the debate in the literature on the subject. The study focuses on a sample of Spanish companies taken from the IBEX 35 stock market index, using panel data methodology, which offers advantages in comparison to methodologies used in other studies. We analyzed the period from 2003 to 2010. Our findings suggest that there is no obvious relationship between corporate social responsibility and financial results, at least in the case of Spain.

Cultivar response to fungicide application in relation to rice blast control, productivity and sustainability

Four field trials were conducted, from 1995 to 1997, with the objective of studying the response of four upland cultivars to foliar fungicide application in relation to panicle blast control, grain yield and sustainability. Differential disease control and yield response of cultivars to fungicide treatment were obtained. Losses in grain yield of cultivars IAC 202, Caiapó, Rio Paranaíba and Araguaia due to panicle blast were 44.8%, 27.4%, 24.4% and 18.2%, respectively. Two applications of tricyclazole or benomyl controlled panicle blast, as indicated by lower values of disease progress curve and relative panicle blast severity, and increased grain yield of the cultivar IAC 202. The losses in 100 panicle grain weight and grain yield were significantly reduced by 22.3% and 25.1% in IAC 202 and 23.6% and 20.5% in Caiapó, respectively, with two sprays of tricyclazole. Sustainable value index for yield was maximum with two applications of tricyclazole (0.59), followed by one application at booting (0.46) and at heading (0.40) in cultivar IAC 202. Results showed no yield response of the cultivars Rio Paranaíba and Araguaia to fungicide applications for panicle blast control.

Versão brasileira do Dynamic Gait Index

O Dynamic Gait Index (DGI) é um teste que avalia o equilíbrio e marcha do corpo humano. OBJETIVOS: Os objetivos deste estudo foram adaptar culturalmente o DGI para o português e avaliar a sua confiabilidade. MATERIAL E MÉTODO: Seguiu-se o método de Guillemin et al. (1993) para a adaptação cultural do instrumento. Trata-se de estudo prospectivo em que 46 pacientes foram avaliados na fase de adaptação cultural e os itens que apresentaram 20% ou mais de incompreensão foram reformulados e reaplicados. A versão final do DGI em português foi aplicada em 35 idosos para examinar a confiabilidade intra e inter-observadores. O coeficiente de Spearman foi utilizado para correlacionar os escores inter e intra-observador e o teste de Wilcoxon para comparar as pontuações. A consistência interna foi analisada pelo coeficiente alfa de Cronbach. RESULTADOS: Houve correlações estatisticamente significantes entre os escores obtidos às avaliações inter e intra-observadores para todos os itens (p<0,001), classificadas como boa a muito forte (com de variação de r=0,655 a r=0,951). O DGI mostrou alta consistência interna entre seus itens nas avaliações inter e intra-observadores (variação de µ ou = 0,820 a a=0,894). CONCLUSÃO: O DGI foi adaptado culturalmente para o português brasileiro, mostrando-se um instrumento confiável.

Spatial variability in nutritional status of arabic coffee based on dris index

The combined use of precision agriculture and the Diagnosis and Recommendation Integrated System (DRIS) allows the spatial monitoring of coffee nutrient balance to provide more balanced and cost-effective fertilizer recommendations. The objective of this work was to evaluate the spatial variability in the nutritional status of two coffee varieties using the Mean Nutritional Balance Index (NBIm) and its relationship with their respective yields. The experiment was conducted in eastern Minas Gerais in two areas, one planted with variety Catucaí and another with variety Catuaí. The NBIm of the two varieties and their yields were analyzed through geostatistics and, based on the models and parameters of the variograms, were interpolated to obtain their spatial distribution in the studied areas. Variety Catucai, with grater spatial variability, was more nutritional unbalanced than variety Catuai, and consequently produced lower yields. Excess of Fe and Mn makes these elements limiting yield factors.

Effects of growth reducer and nitrogen fertilization on morphological variables, SPAD index, interception of radiation and productivity of wheat

ABSTRACT The objective of this study was to evaluate the effect of growth reducer and nitrogen fertilization on morphological variables, SPAD index, radiation interception, and grain yield of three cultivars of wheat. The experimental design was a randomized block in factorial scheme 3x5x2, with three cultivars (Mestre, Iguaçú and Itaipú), five nitrogen doses (0, 40, 80, 120, 160 Kg ha-1), and application or no application of a growth reducer, with three replications. The following characteristics were evaluated: plant height, SPAD index, leaf area index (LAI), Global Radiation Interception (GRI) and grain yield. The Tukey test (p < 0.05) was used for the comparison between the means of cultivar and growth reducer factors, and for a regression analysis to evaluate N levels. Increasing the dose of nitrogen promotes an increase in LAI of plants of wheat crops differently among cultivars, which leads to a greater degree of global radiation interception. At doses higher or equal to 120 Kg ha-1 of nitrogen, there are significant differences in grain yield between treatments with and without the application of the growth reducer. The significant interaction between growth reducer and nitrogen dose, showed that applications of growth reducer increase the GRI at doses above and below 80 Kg ha-1 of nitrogen. Nitrogen rates of 138 and 109 Kg ha-1 are responsible for maximum grain yields of wheat, which is 4235 and 3787 Kg ha-1 with and without the use of growth reducer, respectively.

Financial strategies for minimizing corporate income taxes under Brazil's new global tax system

In 1996, Brazil adopted a worldwide income tax system for corporations. This system represents a fundamental change in how the Brazílian government treats multinational transactions and the tax minimizing strategies relevant to businesses. In this article, we describe the conceptual basis for worldwide tax systems and the problem of double taxation that they create. Responses to double taxation by both the governments and the priva te sector are considered. Namely, the imperfect mechanisms developed by Brazil and other countries for mitigating double taxation are analyzed. We ultimately focus on the strategies that companies utilize in order not only to avoid double texetion, but also to take advantage of tax havens.

International transfer pricing restrictions: impact on corporate financial policy

Transfer pricing is a pervasive issue that presents significant tax savings potential concerning international enterprises. The authors discuss company incentives to manage transfer prices in an article appearing in the preceding issue of this journal. In response to these incentives, governments have increasingly enacted and enforced domestic restrictions on transfer prices. In this article, contemporary norms restricting transfer pricing are analyzed. The OEGO and US pricing standards are assessed and Brazil's recent application of these standards is considered. Transfer pricing methods are described and evidence of their use is presented. We conclude by describing an intercompany transfer pricing policy intended to facilitate internaI financiaI management and minimize externaI tax threats.

Fundos de pensão, mercados de capitais e Corporate Governance: lições para os mercados ermegentes

Nos seus vinte anos de existência, o sistema brasileiro de previdência complementar acumulou ativos de mais de 70 bilhões de reais. Existe um crescente debate sobre o papel que os fundos de pensão podem desempenhar na economia brasileira. Alimenta-se uma esperança de que eles possam contribuir em três áreas fundamentais: (a) financiamento do desenvolvimento, (b) expansão dos mercados de capitais e (c) democratização do capital (desconcentração da estrutura de propriedade corporativa). Este trabalho procura extrair da experiência dos países industrializados algumas perspectivas que possam contribuir para o debate em torno do crescimento e atuação de fundos de pensão nos mercados emergentes.

Gifted: the monolingualism of corporate social responsibility

Acts of Corporate Social Responsibility are more often than not portrayed as success-story narratives. A quasi-ethnographic study in Senegal shatters the underlying assumptions of these accounts. First a computer donation from a Northern country is described with all the usual incidents and related vocabulary. Later, during a visit to a Senegalese rubbish dump, the story starts to falter, as countless questions arise about what is actually going on there, and how we can know and represent it (both as a portrayal and as a voice). A tipping point in an interview serves to reveal the ambiguities of the position adopted and the difficulties of expressing oneself in a different language. The CSR language is described as a kind of monolingualism, which employs a particular vocabulary and grammar for what is said or thought. This is the monolingualism of the other. Some of the implications of this monolingualism are examined, and this leads to the conclusion that there is a need to take measures with regard to the CSR language and that more than one language is needed to speak about CSR.