ANÁLISE DAS MUDANÇAS DOS FATORES DETERMINANTES DA ESTRUTURA DE CAPITAL EM FUNÇÃO DO CICLO DE VIDA DAS EMPRESAS BRASILEIRAS SÃO BERNARDO DO CAMPO

As várias teorias acerca da estrutura de capital despertam interesse motivando diversos estudos sobre o assunto sem, no entanto, ter um consenso. Outro tema aparentemente pouco explorado refere-se ao ciclo de vida das empresas e como ele pode influenciar a estrutura de capital. Este estudo teve como objetivo verificar quais determinantes possuem maior relevância no endividamento das empresas e se estes determinantes alteram-se dependendo do ciclo de vida da empresa apoiada pelas teorias Trade Off, Pecking Order e Teoria da Agência. Para alcançar o objetivo deste trabalho foi utilizado análise em painel de efeito fixo sendo a amostra composta por empresas brasileiras de capital aberto, com dados secundários disponíveis na Economática® no período de 2005 a 2013, utilizando-se os setores da BM&FBOVESPA. Como resultado principal destaca-se o mesmo comportamento entre a amostra geral, alto e baixo crescimento pelo endividamento contábil para o determinante Lucratividade apresentando uma relação negativa, e para os determinantes Oportunidade de Crescimento e Tamanho, estes com uma relação positiva. Para os grupos de alto e baixo crescimento alguns determinantes apresentaram resultados diferentes, como a singularidade que resultou significância nestes dois grupos, sendo positiva no baixo crescimento e negativa no alto crescimento, para o valor colateral dos ativos e benefício fiscal não dívida apresentaram significância apenas no grupo de baixo crescimento. Para o endividamento a valor de mercado foi observado significância para o Benefício fiscal não dívida e Singularidade. Este resultado reforça o argumento de que o ciclo de vida influência a estrutura de capital

dissertação A avaliação do grau de orientação para o mercado em micro e pequenas empresas comerciais e prestadoras de serviço

Dissertação apresentada ao Programa de Pós-Graduação em Administração da Universidade Municipal de São Caetano do Sul para a obtenção do título de Mestre em Administração.

Análise de volatilidade, integração de preços e previsibilidade para o mercado brasileiro de camarão

The present paper has the purpose of investigate the dynamics of the volatility structure in the shrimp prices in the Brazilian fish market. Therefore, a description of the initial aspects of the shrimp price series was made. From this information, statistics tests were made and selected univariate models to be price predictors. Then, it was verified the existence of relationship of long-term equilibrium between the Brazilian and American imported shrimp and if, confirmed the relationship, whether or not there is a causal link between these assets, considering that the two countries had presented trade relations over the years. It is presented as an exploratory research of applied nature with quantitative approach. The database was collected through direct contact with the Companhia de Entrepostos e Armazéns Gerais de São Paulo (CEAGESP) and on the official website of American import, National Marine Fisheries Service - National Oceanic and Atmospheric Administration (NMFS- NOAA). The results showed that the great variability in the active price is directly related with the gain and loss of the market agents. The price series presents a strong seasonal and biannual effect. The average structure of price of shrimp in the last 12 years was R$ 11.58 and external factors besides the production and marketing (U.S. antidumping, floods and pathologies) strongly affected the prices. Among the tested models for predicting prices of shrimp, four were selected, which through the prediction methodologies of one step forward of horizon 12, proved to be statistically more robust. It was found that there is weak evidence of long-term equilibrium between the Brazilian and American shrimp, where equivalently, was not found a causal link between them. We concluded that the dynamic pricing of commodity shrimp is strongly influenced by external productive factors and that these phenomena cause seasonal effects in the prices. There is no relationship of long-term stability between the Brazilian and American shrimp prices, but it is known that Brazil imports USA production inputs, which somehow shows some dependence productive. To the market agents, the risk of interferences of the external prices cointegrated to Brazilian is practically inexistent. Through statistical modeling is possible to minimize the risk and uncertainty embedded in the fish market, thus, the sales and marketing strategies for the Brazilian shrimp can be consolidated and widespread

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Caracterização de frutos, divergência genética e estrutura espacial de jaboticabeiras nativas de fragmento florestal em Clevelândia - PR

To design strategies for the conservation and use of genetic resources of tree species such as jaboticaba tree, it is essential to make the characterization. In southwestern Paraná region, there are several forest fragments containing native jaboticaba tree (Plinia cauliflora), whose materials have broad potential for commercial orchards or breeding programs. As is the potential genetic diversity of a population to produce different genotypes, it would be able to start in such a characterization one of these fragments. The aim was to characterize fruits of jaboticaba tree (P. caulifora) of forest fragment kept in Clevelândia - PR for the presence of phenotypic variability, seeking to identify those superiors named for future selection as farming or male parent, as well as estimate genetic divergence between them, as a complementary tool for this purpose. Also, verify the regeneration and spatial distribution of the species. For the study was defined portion of a hectare (10.000 m²), with all individuals identified, mapped, with local coordinate system, and measured height and diameter. Fruits were characterized by sensory and biochemical characteristics in two years, 70 genotypes at 2013 and 56 at 2014, and of these 33 genotypes in both years. As a pre-selection criteria was adopted the choice of 20% of the genotypes that showed the highest frequency of superiority in the evaluated characteristics of the fruit. Genetic divergence among 33 genotypes per year was analyzed. The distribution pattern and spatial association was evaluated by Ripley's K function. It was classified for the first time the following ontogenetic stages of jaboticaba tree, by plant height, seedling (from 0.01 to 0.99 m), juvenile (1.0 to 4.99 m), immature (> 5.0 m, non-reproductive), adult (reproductive). It was also have been describe for the first time the naturally occurring juxtaposed seedlings, indicating polyembryony. The number of regenerating identified in the population (seedlings: n = 2163; juveniles: n = 330; immature: n = 59) was much larger than the number of adults (n = 132). The species showed reverse J-shaped size structure standard, with high concentration of regenerating. The regeneration distribution occurs in aggregate pattern and there is seedling-adult dependence, due seed dispersal and seedling emergence closest to mothers. The jaboticaba tree regeneration is sufficient to maintain the species for long term in this population, which should serve as reference to regeneration success for other studies of this important fruiting species from Ombrofile Mixed Forests. Has been pre-selected the jaboticaba trees 7, 42, 43, 47, 54, 91, 97, 104, 105, 118, 134, 153, 154, 157, 163, 169, 177, 186, 212, J7-01 and J7- 02, and 16 and 194 the ones that can now be selected by the superior characteristics of both cycles. It was recommended to carry out hybridization between genotypes 79 and 119, and 96 to 148. The quality of fruit analyzed showed potential for use as a dual purpose serving both in natura market or processing.

Análise de volatilidade, integração de preços e previsibilidade para o mercado brasileiro de camarão

The present paper has the purpose of investigate the dynamics of the volatility structure in the shrimp prices in the Brazilian fish market. Therefore, a description of the initial aspects of the shrimp price series was made. From this information, statistics tests were made and selected univariate models to be price predictors. Then, it was verified the existence of relationship of long-term equilibrium between the Brazilian and American imported shrimp and if, confirmed the relationship, whether or not there is a causal link between these assets, considering that the two countries had presented trade relations over the years. It is presented as an exploratory research of applied nature with quantitative approach. The database was collected through direct contact with the Companhia de Entrepostos e Armazéns Gerais de São Paulo (CEAGESP) and on the official website of American import, National Marine Fisheries Service - National Oceanic and Atmospheric Administration (NMFS- NOAA). The results showed that the great variability in the active price is directly related with the gain and loss of the market agents. The price series presents a strong seasonal and biannual effect. The average structure of price of shrimp in the last 12 years was R$ 11.58 and external factors besides the production and marketing (U.S. antidumping, floods and pathologies) strongly affected the prices. Among the tested models for predicting prices of shrimp, four were selected, which through the prediction methodologies of one step forward of horizon 12, proved to be statistically more robust. It was found that there is weak evidence of long-term equilibrium between the Brazilian and American shrimp, where equivalently, was not found a causal link between them. We concluded that the dynamic pricing of commodity shrimp is strongly influenced by external productive factors and that these phenomena cause seasonal effects in the prices. There is no relationship of long-term stability between the Brazilian and American shrimp prices, but it is known that Brazil imports USA production inputs, which somehow shows some dependence productive. To the market agents, the risk of interferences of the external prices cointegrated to Brazilian is practically inexistent. Through statistical modeling is possible to minimize the risk and uncertainty embedded in the fish market, thus, the sales and marketing strategies for the Brazilian shrimp can be consolidated and widespread

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Influência do uso de combustíveis alternativos na síntese por combustão via microondas para a produção de materiais cerâmicos com estrutura espinélio

The development and study of detectors sensitive to flammable combustible and toxic gases at low cost is a crucial technology challenge to enable marketable versions to the market in general. Solid state sensors are attractive for commercial purposes by the strength and lifetime, because it isn t consumed in the reaction with the gas. In parallel, the use of synthesis techniques more viable for the applicability on an industrial scale are more attractive to produce commercial products. In this context ceramics with spinel structure were obtained by microwave-assisted combustion for application to flammable fuel gas detectors. Additionally, alternatives organic-reducers were employed to study the influence of those in the synthesis process and the differences in performance and properties of the powders obtained. The organic- reducers were characterized by Thermogravimetry (TG) and Derivative Thermogravimetry (DTG). After synthesis, the samples were heat treated and characterized by Fourier Transform Infrared Spectroscopy (FTIR), X-ray Diffraction (XRD), analysis by specific area by BET Method and Scanning Electron Microscopy (SEM). Quantification of phases and structural parameters were carried through Rietveld method. The methodology was effective to obtain Ni-Mn mixed oxides. The fuels influenced in obtaining spinel phase and morphology of the samples, however samples calcined at 950 °C there is just the spinel phase in the material regardless of the organic-reducer. Therefore, differences in performance are expected in technological applications when sample equal in phase but with different morphologies are tested

A divulgação de informação do governo societário e o seu efeito no mercado de capitais. Evidência no PSI20 - Euronext Lisbon

Dissertação de Mestrado, Finanças Empresariais, Faculdade de Economia, Universidade do Algarve, 2016

A influência do modelo e estrutura de recursos humanos na motivação e comprometimento dos trabalhadores: gestão interna versus Outsourcing

Com esta investigação, pretende-se fazer uma análise comparativa sobre o comprometimento e motivação dos trabalhadores, tendo como fator diferencial a gestão do recrutamento, de modo interno e a gestão por outsourcing. O objetivo principal é verificar se existem diferenças significativas nos dois grupos de trabalhadores, à luz de um quadro teórico muito vasto. Para concretizar esta análise foi elaborado um questionário on-line, com questões de escala manifestadas por afirmações elaboradas, com base no enquadramento teórico que constituiu a revisão da literatura, sobre motivação e comprometimento. Os resultados demonstraram que não existem diferenças significativas nos valores médios dos dois grupos na avaliação dos fatores de motivação, embora em ambos os grupos, se verifique uma grande vontade de darem mais de si à organização, de forma a superarem objetivos. Os valores de motivação revelaram-se muito baixos no geral, nos dois grupos. Em ambos os grupos apurou-se que há mais insatisfação face a fatores recompensatórios (tanto a nível material como imaterial): o salário e o reconhecimento do trabalho. Em relação ao comprometimento, verifica-se menor comprometimento por parte dos trabalhadores outsourcing, não numa análise de comparabilidade de médias gerais, mas numa análise de médias mais específicas de alguns fatores em avaliação: intenções de abandono. As médias das intenções de abandono foram mais visíveis neste grupo. No geral, ambos os trabalhadores dos dois grupos são movidos por um comprometimento instrumental, mais relacionado com as poucas alternativas que o mercado de trabalho dispõe , para uma evolução profissional; Abstract: The influence of human resource management structure in the motivation and commitment of employees: internal management versus outsourcing With this research aims to make a comparative analysis on the commitment and motivation of workers, with the differentiating factor the management of the internal mode recruitment and management by outsourcing. The main objective is to verify whether there are significant differences in the two groups of workers in the light of a very broad theoretical framework. To realize this analysis was prepared an online questionnaire with scale issues raised by elaborate statements, based on the theoretical framework that was the literature review of motivation and commitment. The results showed no significant differences in mean values of the two groups in the evaluation of the motivating factors, although in both groups, that there is a great desire to give more of themselves to the organization in order to overcome objectives. The motivation values proved to be very low in general, in both groups. In both groups it was found that there is more dissatisfaction with the recompensatórios factors (both material and immaterial level): wages and recognition of the work. Regarding the commitment, there is less commitment by the outsourcing workers, not an analysis of comparability of overall averages but a more average specific analysis of some factors reviewed abandonment of intentions. The average dropout intentions were more visible in this group. Overall, both employees of the two groups are driven by an instrumental commitment, more related to the few alternatives that the labor market has for professional development.

Mercado

Poem

Análisis de la exportación de manzanas y peras en el mercado externo en la última década

Resumen: El propósito general de este trabajo, es resumir para el debate un análisis conceptual del Mercado de Exportación de los frutos de pepita (Manzana y Pera) en el Mercado Internacional en la última década, destacar el lugar que ocupa el complejo frutícola en la economía argentina y su rol para sostener los mercados externos actualmente abastecidos. La estructura del presente trabajo tiene como finalidad mostrar las reglamentaciones existentes para la comercialización de las frutas pomáceas en el mercado interno y externo, además de anexos que complementan y soportan dicho trabajo, siendo de gran interés para el lector. Finalizando el presente trabajo, con conclusiones en el desarrollo de la Evolución, Tendencia, Expectativas y Desafíos frutícolas para la próxima década.

Tres imágenes del mercado

Resumen: El artículo invita a la reflexión respecto de la dicotomía entre economía y sociedad. Para esto, presenta una descripción de diferentes imágenes del mercado. La primera, representada por un mercado como espacio total, descripto a partir de la ciudad de Chicago y mediante los postulados de Becker. Luego, la segunda imagen remite a las tensiones entre mercado y sociedad, a través de las ideas de desarrolladas por Coraggio. Finalmente, el autor concluye presentando la imagen del mercado como un espacio humano y civil, presentando las consideraciones desarrolladas por Zamagni. Así, el autor deja planteado el interrogante acerca de cuál de las tres imágenes del mercado predominará en la agenda de las decisiones políticas, de la realidad económica y social y, en el imaginario simbólico de nuestra cultura.

La paradoja de la reforma de mercado exitosa en América Latina : fortalecer el rol del Estado

Resumen: En este artículo la autora compara los efectos de las reformas de mercado realizadas a fines del siglo pasado en la Argentina con los de México y Chile. En su opinión, en el caso argentino, las reformas de mercado estuvieron marcadas por serias dificultades debido al contexto político-institucional en que se desarrollaron, caracterizado por la falta de una estrategia estatal con orientación exportadora debida a la penetración patrimonialista del Estado por parte de intereses empresariales y sindicales.

Potencial de mercado de la papa en Nicaragua

El estudio fue realizado el mes de julio del 2008, con el propósito de analizar información clave de tipo comercial específicamente de ocho (8) mercados municipales del país; para que productores y demás interesados dispongan de información de mercado para la toma de decisiones económico-social en el rubro papa. Para el estudio se utilizó información escrita de fuentes del sector agrario, además de fuentes directas como informantes claves de ocho mercados municipales de un universo de 292 puestos de venta, de los cuales se seleccionaron 131 puestos como muestra de estudio. Las variables del estudio versaron sobre oferta y demanda, proyección y tipo de demanda, calidad y ventanas de mercado en diferentes periodos del año. Los resultados reflejan que la producción de papas frescas en Nicaragua es deficitaria en comparación a la demanda global, considerando un percapita de 8 kilogramos (17.6 libras) en el consumo anual. Esto significa que el país depende de las importaciones que oscilan en un 40% y que provienen principalmente del área Centro Americana para satisfacer el déficit que cada año se manifiesta. Se proyectó la demanda insatisfecha a partir del año 2010 al 2020 considerando la producción local, el tipo de demanda, consumo percapita y viabilidad comercial; y los resultados marcan una tendencia decreciente respecto a las importaciones vía sustitución de importaciones con producción nacional. Las tendencias indican que dado la demanda y lo atractivo desde el punto de vista económico del rubro, los productores locales se ven estimulados en el futuro a incrementar el número de áreas y rendimientos por unidad producida,reduciendo la dependencia del exterior. Nicaragua es el país en Centro América con mayor cantidad de tierras aptas para la agricultura en diferentes rubros. Sin embargo, la producción de papas registra los menores rendimientos por área y países debido a la baja calidad de la semilla, inadecuados métodos y técnicas de cultivo, de control de plagas y enfermedades y manejo post cosecha. Las ventanas de mercado por escasez del producto ocurren en los meses de mayo a julio y de octubre a diciembre. Sobre las características de la papa nacional, los entrevistados resaltan la resistencia a la manipulación, el rendimiento y la duración o vida útil del producto. Entre los defectos mencionaron lo sucio, y pequeño del producto. La opinión sobre las características de la papa importada, está enfocada a la limpieza, buen tamaño y selección del producto. Entre los aspectos negativos de la papa importada se resalta la poca resistencia a la manipulación y sabor insípido del producto. Sobre la base de las características de la nacional y extranjera; el reto es producir una papa que reúna requisitos de resistencia, rendimiento, solides (nicaragüense) y buen tamaño (importada). En Nicaragua existen áreas agrícolas aptas para el rubro (Estelí, Matagalpa, Jinotega), poca competencia en la producción interna, rubro atractivo como negocio por su aceptable rentabilidad y una tendencias a incrementar el consumo percapita por su valor nutritivo e importancia en la seguridad alimentaria nacional.