Remuneração executiva e desempenho: evidências empíricas no mercado de capitais brasileiro

O objetivo desta dissertação é analisar a relação existente entre remuneração executiva e desempenho em companhias brasileiras de capital aberto listadas na BM&FBOVESPA. A linha teórica parte do pressuposto que o contrato de incentivos corrobora com o alinhamento de interesses entre acionistas e executivos e atua como um mecanismo de governança corporativa a fim de direcionar os esforços dos executivos para maximização de valor da companhia. A amostra foi composta pelas 100 companhias mais líquidas listadas em quantidade de negociações de ações na BM&FBOVESPA durante o período 2010-2012, totalizando 296 observações. Os dados foram extraídos dos Formulários de Referência disponibilizados pela CVM e a partir dos softwares Economática® e Thomson Reuters ®. Foram estabelecidas oito hipóteses de pesquisa e estimados modelos de regressão linear múltipla com a técnica de dados em painel desbalanceado, empregando como variável dependente a remuneração total e a remuneração média individual e como regressores variáveis concernentes ao desempenho operacional, valor de mercado, tamanho, estrutura de propriedade, governança corporativa, além de variáveis de controle. Para verificar os fatores que explicam a utilização de stock options, programa de bônus e maior percentual de remuneração variável foram estimados modelos de regressão logit. Os resultados demonstram que, na amostra selecionada, existe relação positiva entre remuneração executiva e valor de mercado. Verificou-se também que os setores de mineração, química, petróleo e gás exercem influência positiva na remuneração executiva. Não obstante, exerce relação inversa com a remuneração total à concentração acionária, o controle acionário público e o fato da companhia pertencer ao nível 2 ou novo mercado conforme classificação da BMF&BOVESPA. O maior valor de mercado influencia na utilização de stock options, assim como no emprego de bônus, sendo que este também é impactado pelo maior desempenho contábil. Foram empregados também testes de robustez com estimações por efeitos aleatórios, regressões com erros-padrão robustos clusterizados, modelos dinâmicos e os resultados foram similares. Conclui-se que a remuneração executiva está relacionada com o valor corporativo gerando riqueza aos acionistas, mas que a ausência de relação com o desempenho operacional sugere falhas no sistema remuneratório que ainda depende de maior transparência e outros mecanismos de governança para alinhar os interesses entre executivos e acionistas.

Indirect effect of neem oil on Podisus nigrispinus (Hemiptera, Pentatomidae): biology and predatory capacity

This study evaluated the effects on the development and predatory capacity of Podisus nigrispinus fed on Spodoptera frugiperda that have ingested different concentrations of neem oil. The predatory capacity of Podisus nigrispinus was assessed, separating nymphs (fourth instar) and adults (males and females). The treatments consisted of S. frugiperda larvae reared in neem oil aqueous solutions (0.077, 0.359 and 0.599%), deltamethrin EC 25 (0.100%) and control arranged in a completely randomized design, with ten replicates. Insects were offered three larval densities (one, three and six), in the third or fourth instars. The predated larvae were examined at 24 and 48 hours after the beginning of the experiment. Biological parameters of Podisus nigrispinus were evaluated in groups of ten second-instar nymphs transferred to pots, in five replicates. Insects were offered 2-6 third and/or fourth-instar larvae reared in the same neem oil concentrations in a completely randomized design. The following parameters were evaluated: duration of each nymph stage (days), nymph mortality (%), weight of fifth-instar nymphs (mg), sex ratio, weight of males and females (mg) and longevity of unfed adults (days). The predatory capacity of nymphs and adults of Podisus nigrispinus was influenced by the neem oil at the concentrations of 0.359% and 0.599% in the highest density. The concentration of 0.359% lengthened the nymphal stage and the concentration of 0.599% reduced the weight of males.

Climate strategies of firms in the automotive and pulp & paper industries in Brazil: insights from an international perspective

This article focuses on the results of the final stage of research into the climate strategies of firms in the automotive and pulp-and-paper industries in Brazil, a country that is becoming increasingly important also in terms of climate change issues. In the first stage, the Climate Strategy Model (CSM) was developed to assess whether firms were adopting the necessary practices to assure the successful implementation of climate strategies. In the second, the CSM was applied to firms in the above mentioned industries that were chosen because of their important role in the domestic economy. In the final stage, interviews with executives of these firms were conducted to identify root causes of climate strategy implementation deficiencies and obtain new insights from an international perspective.

Low-Carbon Cement with Waste Oil-Cracking Catalyst Incorporation

The present paper shows preliminary results of an ongoing project which one of the goals is to investigate the viability of using waste FCC catalyst (wFCC), originated from Portuguese oil refinery, to produce low carbon blended cements. For this purpose, four blended cements were produced by substituting cement CEM I 42.5R up to 20% (w/w) by waste FCC catalyst. Initial and final setting times, consistency of standard paste, soundness and compressive strengths after 2, 7 and 28 days were measured. It was observed that the wFCC blended cements developed similar strength, at 28 days, compared to the reference cement, CEM I 42.5R. Moreover, cements with waste FCC catalyst incorporation up to 15% w/w meet European Standard EN 197-1 specifications for CEM II/A type cement, in the 42.5R strength class.

Eficiência energética e a queima de combustíveis limpos

Mestrado em Engenharia Química

Estudo de esmalte estufa aquoso definitivo

Mestrado em Engenharia Química

Evaluating the efficiency of a vegetal coagulant in the treatment of industrial effluents

The present work aims at evaluating the efficiency of an organic polymer from vegetal source used as coagulant for treating different types of industrial effluents. This coagulant (Flox-QT) is obtained from the Black Acacia (Acacia mearnsii). The effluents studied were produced in petrochemical, leather, cork stoppers, metalworking, olive oil, glue, paint (printing), textile and paper industries. The parameters analyzed in the effluents before and after treatment were selected according to the type of wastewater and included pH, conductivity, apparent colour, turbidity, total suspended solids (TSS), chemical oxygen demand (COD) and some metals. The coagulant proved to be efficient for almost all effluents tested. The best results were obtained for the paper industry wastewater, with 91% removal of chemical oxygen demand and 95% of total suspended solids removal. The estimated cost of this treatment would be only 0.24 Euro per cubic meter of treated effluent, only regarding the price of the coagulant and the required dosage. The use of this coagulant is also adequate for the valorisation of the sludge obtained, which in this case could be recycled for paper production.

Goldra: premier gisement karstique en Algarve, faune et industries

A bone breccia from Goldra, near Loulé, is studied. It corresponds to the infilling of a karst depression, consisting of: rather worn and probably transported dolomite pebbles at the bottom; accumulations of frequently burnt bone scraps, much broken and with acute edges (no transport), certainly debris of human food, suggesting habitat level (s); in association with the former, stone (flint, quartz, quartzite, graywacke) rather uncharacteristic artifacts that seem compatible with middle and upper Paleolithic, or with Epipaleolithic; and small mammal teeth and bones. Fauna includes an extinct species, Microtus brecciensis recognized for the first time in Portugal. It is not older than Riss-Wiirm interglacial, and may be of this age or later, maybe that of one of wurm's first interstades. Fauna points out to a varied landscape with open country and woods; and to a rather warm and dry temperate, or dry subtropical mediterranean climate. Climate differences should not be significant in comparison with the extant situation. The presence of the mammal species found so far is consistent with modern distribution.

Level monitoring system for waste oil containers: an EPS@ISEP project

Waste oil recycling companies play a very important role in our society. Competition among companies is tough and process optimization is essential for survival. By equipping oil containers with a level monitoring system that periodically reports the level and alerts when it reaches the preset threshold, the oil recycling companies are able to streamline the oil collection process and, thus, reduce the operation costs while maintaining the quality of service. This paper describes the development of this level monitoring system by a team of four students from different engineering backgrounds and nationalities. The team conducted a study of the state of the art, draw marketing and sustainable development plans and, finally, designed and implemented a prototype that continuously measures the container content level and sends an alert message as soon as it reaches the preset capacity.

Chemical composition and antioxidante activity of Tunisian Origanum glandulosum Desf. essential oil and volatile oil obtain by supercritical CO2 extraction

Dried flowers and leaves of Origanum glandulosum Desf. were submitted to hydrodistillation (HD) and supercritical fluid extraction with CO2 (SFE). The essential oils isolated by HD and volatile oils obtained by SFE were analysed by GC and GC/MS. Total phenolics content and antioxidant effectiveness were performed. The main components of the essential oils from Bargou and Nefza were: p-cymene (40.4% and 39%), thymol (38.7% and 34.4%) and γ- terpinene (12.3% and 19.2%), respectively. The major components obtain by SFE in the volatile oil, from Bargou and Nefza, were: p-cymene (32.3% and 36.2%), thymol (41% and 40%) and γ-terpinene (20.3% and 13.3%). Total phenolic content, expressed in gallic acid equivalent (GAE) g kg-1 dry weight, varied from 12 to 27 g kg-1 dw, and the ability to scavenge the DPPH radicals, expressed by IC50 ranged from 44 to143 mg L-1.

An SEM investigation of the pozzolanic activity of a waste catalyst oil refinery

The most active phase of the fluid catalytic cracking (FCC) catalyst, used in oil refinery, is zeolite-Y which is an aluminosilicate with a high internal and external surface area responsible for its high reactivity. Waste FCC catalyst is potentially able to be reused in cement-based materials - as an additive - undergoing a pozzolanic reaction with calcium hydroxide (Ca(OH)2) formed during cement hydration [1-3]. This reaction produces additional strength-providing reaction products i.e., calcium silicate hydrate (C-S-H) and hydrous calcium aluminates (C-A-H) which exact chemical formula and structure are still unknown. Partial replacement of cement by waste FCC catalyst has two key advantages: (1) lowering of cement production with the associated pollution reduction as this industry represents one of the largest sources of man-made CO2 emissions, and (2) improving the mechanical properties and durability of cement-based materials. Despite these advantages, there is a lack of fundamental knowledge on pozzolanic reaction mechanisms as well as spatial distribution of porosity and solid phases interactions at the microstructural level and consequently their relationship with macroscopical engineering properties of catalyst/cement blends. Within this scope, backscattered electron (BSE) images acquired in a scanning electron microscope (SEM) equipped with Energy-Dispersive Spectroscopy (EDS) and by X-ray diffraction were used to investigate chemical composition of hydration products and to analyse spatial information of the microstructure of waste FCC catalyst blended cement mortars. For this purpose mortars with different levels of cement substitution by waste catalyst as well as with different hydration ages, were prepared. The waste FCC catalyst used is produced by the Portuguese refinery company Petrogal S.A.

Low-carbon cement with waste oil-craking catalyst incorporation

The present paper shows preliminary results of an ongoing project which one of the goals is to investigate the viability of using waste FCC catalyst (wFCC), originated from Portuguese oil refinery, to produce low carbon blended cements. For this purpose, four blended cements were produced by substituting cement CEM I 42.5R up to 20% (w/w) by waste FCC catalyst. Initial and final setting times, consistency of standard paste, soundness and compressive strengths after 2, 7 and 28 days were measured. It was observed that the wFCC blended cements developed similar strength, at 28 days, compared to the reference cement, CEM I 42.5R. Moreover, cements with waste FCC catalyst incorporation up to 15% w/w meet European Standard EN 197-1 specifications for CEM II/A type cement, in the 42.5R strength class.

Extraction of volatile oil from aromatic plants with supercritical carbon dioxide: experiments and modeling

An overview of the studies carried out in our laboratories on supercritical fluid extraction (SFE) of volatile oils from seven aromatic plants: pennyroyal (Mentha pulegium L.), fennel seeds (Foeniculum vulgare Mill.), coriander (Coriandrum sativum L.), savory (Satureja fruticosa Beguinot), winter savory (Satureja montana L.), cotton lavender (Santolina chamaecyparisus) and thyme (Thymus vulgaris), is presented. A flow apparatus with a 1 L extractor and two 0.27 L separators was built to perform studies at temperatures ranging from 298 to 353 K and pressures up to 30.0 MPa. The best compromise between yield and composition compared with hydrodistillation (HD) was achieved selecting the optimum experimental conditions of extraction and fractionation. The major differences between HD and SFE oils is the presence of a small percentage of cuticular waxes and the relative amount of thymoquinone, an oxygenated monoterpene with important biological properties, which is present in the oils from thyme and winter savory. On the other hand, the modeling of our data on supercritical extraction of volatile oil from pennyroyal is discussed using Sovova's models. These models have been applied successfully to the other volatile oil extractions. Furthermore, other experimental studies involving supercritical CO2 carried out in our laboratories are also mentioned.

Electrorheological characterization of dispersions in silicone oil of encapsulated liquid crystal 4-n-penthyl-4 '-cyanobiphenyl in polyvinyl alcohol and in silica

The electrorheological (ER) effect is known as the change in the apparent viscosity upon the application of an external electric field perpendicular to the flow direction. In this work we present the electrorheological behaviour of suspensions in silicone oil of two different dispersed phases: foams of liquid crystal 4-n-penthyl-4'-cyanobiphenyl (5CB) encapsulated in polyvinyl alcohol (PVA) and nano/microspheres of 5CB encapsulated in silica. We will present the viscosity curves under the application of an electric field ranging between 0 and 3 kV mm(-1). The ER effect was observed for the suspensions of 5CB/PVA but not in the case of 5CB/silica. For the case of the suspensions of 5CB/PVA, the effect of the viscosity of the continuum phase and the concentration of the dispersed phase was analysed, showing that the enhancement of the viscosity of the suspension increases with the concentration, as expected, however the continuum phase viscosity has no significant effect, at least in the investigated viscosity range.

Properties and Sustainability of Biodiesel from Animal Fats and Fish Oil

This work presents and analyses the fat and fuel properties and the methyl ester profile of biodiesel from animal fats and fish oil (beef tallow, pork lard, chicken fat and sardine oil). Also, their sustainability is evaluated in comparison with rapeseed biodiesel and fossil diesel, currently the dominant liquid fuels for transportation in Europe. Results show that from a technological point of view it is possible to use animal fats and fish oil as feedstock for biodiesel production. From the sustainability perspective, beef tallow biodiesel seems to be the most sustainable one, as its contribution to global warming has the same value of fossil diesel and in terms of energy efficiency it has the best value of the biodiesels under consideration. Although biodiesel is not so energy efficient as fossil diesel there is room to improve it, for example, by replacing the fossil energy used in the process with renewable energy generated using co-products (e.g. straw, biomass cake, glycerine).