Mudança em tempos de globalização: o capitalismo não é mais progressista?

Technical progress and economic development are promotions of capitalism, says a well known idea hereby contradicted. Recent changes under neoliberalism show that the more freedom of move to capital the less development of productive forces. There was no synchronicity and coherence fostering economic growth between changes at the micro level of techno-productive and managerial innovations and the ones at the macro level of institutional structures and economic policy. Empowerment of finance capital and monopolies got them opportunity to control the state and set its economic policy to support fictitious capital accumulation and to rule restructuring of corporate management. Surplus redistribution favoring finance capital is a burden to be carried on the back of society's productive structures, lowering investment, employment and growth. Focusing Latin America and Brazil, the same picture is seen, worsened by external fragility that deepens historical dependency.

Key factors in working capital management in the Brazilian market

Many studies have been conducted in corporate finance regarding long-term investment and financing decisions. However, short-term asset investments play a significant role in the balance sheet of companies. Moreover, financial managers dedicate significant amounts of time and effort to the subject of working capital management, balancing current assets and liabilities. This paper provides insights regarding the key factors of working capital management by exploring the internal variables of a number of companies. This study used data from 2,976 Brazilian public companies from 2001 to 2008, and found that debt level, size and growth rate can affect the working capital management of companies.

STOCK EXCHANGE LISTING INDUCES SOPHISTICATION OF CAPITAL BUDGETING

This article compares capital budgeting techniques employed in listed and unlisted companies in Brazil. We surveyed the Chief Financial Officers (CFOs) of 398 listed companies and 300 large unlisted companies, and based on 91 respondents, the results suggest that the CFOs of listed companies tend to use less simplistic methods more often, for example: NPV and CAPM, and that CFOs of unlisted companies are less likely to estimate the cost of equity, despite being large companies. These findings indicate that stock exchange listing may require greater sophistication of the capital budgeting process.

Finance-Led Growth Regime no Brasil: estatuto teórico, evidências empíricas e consequências macroeconômicas

This paper analyzes the Brazilian growth pattern during the post-liberalization period, emphasizing the structural links between finance and productive capital accumulation. The results indicate a finance-led growth regime in the period 2004-2008, under a very specific financialization process. The first part is a survey of the international literature, which defines the financialization concept and its relevance for understanding Brazilian economic problems. The next part provides a historical overview on the structural changes that made possible the development of financial-led regimes. The paper also applies an empirical analysis of some selected Brazilian macroeconomic indicators.