Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian

Análise por meio de espectroscopia de emissão óptica das espécies ativas em nitretação iônica e gaiola catódica

Plasma process like ionic nitriding and cathodic cage plasma nitriding are utilized in order to become hard surface of steels. The ionic nitriding is already accepted in the industry while cathodic cage plasma nitriding process is in industrial implementation stage. Those process depend of plasma parameters like electronic and ionic temperature (Te, Ti), species density (ne, ni) and of distribution function of these species. In the present work, the plasma used to those two processes has been observed through Optical Emission Spectroscopy OES technique in order to identify presents species in the treatment ambient and relatively quantify them. So plasma of typical mixtures like N2 H2 has been monitored through in order to study evolution of those species during the process. Moreover, it has been realized a systematic study about leaks, also thought OES, that accomplish the evolution of contaminant species arising because there is flux of atmosphere to inside nitriding chamber and in what conditions the species are sufficiently reduced. Finally, to describe the physic mechanism that acts on both coating techniques ionic nitriding and cathodic cage plasma nitriding

Implementação da rotina de unfolding para determinação de distribuição de tamanho de grãos esféricos via distribuição de interceptos lineares e de área de seção

Na unfolding method of linear intercept distributions and secction área distribution was implemented for structures with spherical grains. Although the unfolding routine depends on the grain shape, structures with spheroidal grains can also be treated by this routine. Grains of non-spheroidal shape can be treated only as approximation. A software was developed with two parts. The first part calculates the probability matrix. The second part uses this matrix and minimizes the chi-square. The results are presented with any number of size classes as required. The probability matrix was determined by means of the linear intercept and section area distributions created by computer simulation. Using curve fittings the probability matrix for spheres of any sizes could be determined. Two kinds of tests were carried out to prove the efficiency of the Technique. The theoretical tests represent ideal cases. The software was able to exactly find the proposed grain size distribution. In the second test, a structure was simulated in computer and images of its slices were used to produce the corresponding linear intercept the section area distributions. These distributions were then unfolded. This test simulates better reality. The results show deviations from the real size distribution. This deviations are caused by statistic fluctuation. The unfolding of the linear intercept distribution works perfectly, but the unfolding of section area distribution does not work due to a failure in the chi-square minimization. The minimization method uses a matrix inversion routine. The matrix generated by this procedure cannot be inverted. Other minimization method must be used

Influência dos parâmetros de processo na deposição de nitreto de titânio por plasma em gaiola catódica

Titanium nitride films were grown on glass using the Cathodic Cage Plasma Deposition technique in order to verify the influence of process parameters in optical and structural properties of the films. The plasma atmosphere used was a mixture of Ar, N2 and H2, setting the Ar and N2 gas flows at 4 and 3 sccm, respectively and H2 gas flow varied from 0, 1 to 2 sccm. The deposition process was monitored by Optical Emission Spectroscopy (OES) to investigate the influence of the active species in plasma. It was observed that increasing the H2 gas flow into the plasma the luminescent intensities associated to the species changed. In this case, the luminescence of N2 (391,4nm) species was not proportional to the increasing of the H2 gas into the reactor. Other parameters investigated were diameter and number of holes in the cage. The analysis by Grazing Incidence X-Ray Diffraction (GIXRD) confirmed that the obtained films are composed by TiN and they may have variations in the nitrogen amount into the crystal and in the crystallite size. The optical microscopy images provided information about the homogeneity of the films. The atomic force microscopy (AFM) results revealed some microstructural characteristics and surface roughness. The thickness was measured by ellipsometry. The optical properties such as transmittance and reflectance (they were measured by spectrophotometry) are very sensitive to changes in the crystal lattice of the material, chemical composition and film thicknesses. Therefore, such properties are appropriate tools for verification of this process control. In general, films obtained at 0 sccm of H2 gas flow present a higher transmittance. It can be attributed to the smaller crystalline size due to a higher amount of nitrogen in the TiN lattice. The films obtained at 1 and 2 sccm of H2 gas flow have a golden appearance and XRD pattern showed peaks characteristics of TiN with higher intensity and smaller FWHM (Full Width at Half Maximum) parameter. It suggests that the hydrogen presence in the plasma makes the films more stoichiometric and becomes it more crystalline. It was observed that with higher number of holes in the lid of the cage, close to the region between the lid and the sample and the smaller diameter of the hole, the deposited film is thicker, which is justified by the most probability of plasma species reach effectively the sample and it promotes the growth of the film

Revestimentos a base de Ta/Al2O3 produzidos por aspersão térmica sobre substrato metálico

Metal substrates were coated by thermal spraying plasma torch, they were positioned at a distance of 4 and 5 cm from the nozzle exit of the plasma jet. The starting materials were used for deposition of tantalum oxide powder and aluminium. These two materials were mixed and ground into high-energy mill, then immersed in the torch for the production of alumina coating infused with particles of tantalum with nano and micrometric size. The spraying equipment used is a plasma torch arc not transferred, which operating in the range of 250 A and 80 V, was able to produce enough heat to ignite aluminothermic between Ta2O5 and aluminum. Upon reaching the plasma jet, the mixing powders react with the heat of the blaze, which provides sufficient energy for melting aluminum particles. This energy is transferred through mechanisms of self-propagating to the oxide, beginning a reduction reaction, which then hits on the surface of the substrate and forms a coating on which a composite is formed by a junction metal - ceramic (Ta +Al2O3). The phases and quantification of each were obtained respectively by X-ray diffraction and the Rietveld method. Morphology by scanning electron microscopy and chemical analysis by energy dispersive spectroscopy EDS. It was also performed measurements of the substrate roughness, Vickers microhardness measurements in sprays and determination of the electron temperature of the plasma jet by optical emission spectroscopy EEO. The results confirmed the expectation generated around the end product of spraying the mixture Ta2O5 + Al, both in the formation of nano-sized particles and in their final form. The electron excitation temperature was consistent with the purpose of work, in addition, the thermodynamic temperature was efficient for the reduction process of Ta2O5. The electron excitation temperature showed values of 3000, 4500 and 8000 K for flows10, 20 and 30 l / min respectively, these values were taken at the nozzle exit of the plasma jet. The thermodynamic temperature around 1200 ° C, was effective in the reduction process of Ta2O5

Redução aluminotérmica do óxido de tântalo usando uma tocha de plasma como ignitor

In this work was used a plasma torch of non transferred arc with argon as work gas, using a power supply with maximum DC current of 250 A and voltage of 30 V to activate the plasma and keep it switched on. The flame temperature was characterized by optical emission spectroscopy, through Boltzmann-plot-method. The torch has been used like igniter in the aluminothermic reduction of the mixture tantalum oxide and aluminum, seeking to obtain metallic tantalum. In heating of the reagents only one particle will be considered to study interactions between plasma-particle, seeking to determinate its fusion and residence time. The early powders were characterized by laser granulometry, scanning electron microscopy (SEM) and X-ray diffraction analysis. The final product of this reaction was characterized by SEM and X-ray diffraction. Crystallite size was calculated by the Scherrer equation and microdeformation was determined using Willamsom-Hall graph. With Rietveld method was possible to quantify the percentile in weight of the products obtained in the aluminothermic reaction. Semi-quantitative chemical analysis (EDS) confirmed the presence of metallic tantalum and Al2O3 as products of the reduction. As was waited the particle size of the metallic tantalum produced, presents values in nanometric scale due the short cooling time of those particles during the process

Pré-concentração de cádmio com Saccharomyces cerevisiae e determinação em águas fluviais usando espectrometria de emissão óptica com plasma indutivamente acoplado

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Influência do tamanho da semente na emergência das plântulas de longan (Dimocarpos longan Lour)

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Aspectos morfológicos do fruto, da semente e desenvolvimento pós-seminal de faveira (Clitoria fairchildiana R. A. Howard. - Fabaceae)

O presente trabalho teve por objetivo descrever a morfologia dos frutos, das sementes e o desenvolvimento pós-seminal de faveira (Clitoria fairchildiana R. A. Howard. - Fabaceae). Os frutos e as sementes foram caracterizados quanto à forma e dimensões. Periodicamente, unidades representativas de cada fase de germinação foram retiradas para as descrições morfológicas. Os frutos são do tipo legume, deiscentes e de coloração marrom. As sementes são exalbuminosas, de forma orbicular e achatada, com tegumento de coloração castanho-esverdeada. O hilo tem forma elíptica, homocromo e de tamanho pequeno em relação à semente. Os cotilédones são livres, de coloração verde, maciços e plano-convexos e o embrião é invaginado. O início do desenvolvimento pós-seminal é marcado pelo rompimento do tegumento e emissão da raiz primária, glabra, de coloração amarelo-esverdeada e de forma cilíndrica. Posteriormente, observa-se o desenvolvimento das raízes secundárias, levemente esbranquiçadas, curtas e filiformes. em seguida, o crescimento do hipocótilo proporciona a emergência dos cotilédones e da plúmula acima do substrato. O epicótilo alonga-se e, em seguida, observa-se a expansão dos eófilos, simples, opostos, com tricomas simples e esparsos, pecíolos curtos com estípulas em sua base. Posteriormente ao desenvolvimento dos eófilos, ocorre a formação do segundo par de folhas, alternas, trifolioladas, estipuladas e com estipelas na base dos peciólulos.

Aspectos morfológicos e influência do tamanho da semente na germinação do jambo-vermelho

O jambo-vermelho (Syzygium malaccense (L.) Merryl et Perry), espécie pertencente à família Myrtaceae, possui frutos ricos em vitaminas, ferro e fósforo. Este trabalho teve por objetivos fornecer informações sobre aspectos morfológicos do fruto, semente e plântula e avaliar a influência do tamanho da semente na germinação dessa espécie. O fruto é uma baga piriforme, carnoso e indeiscente. O epicarpo é delgado, liso e avermelhado; o mesocarpo e o endocarpo são esbranquiçados e suculentos. Os frutos pesam, em média, 35,57g e medem 7,16cm de comprimento e 5,15cm de largura. As sementes são poliembriônicas e exalbuminosas, pesando, em média, 7,62g. Os cotilédones são maciços e esverdeados. A germinação é hipógea, e a emergência das plântulas inicia-se aos 36 dias após a semeadura. A raiz primária é longa e esbranquiçada. As raízes secundárias são curtas e filiformes. As sementes de maior tamanho são as mais vigorosas, não havendo diferença entre as de tamanho médio e pequeno. O estudo morfológico do jambo-vermelho pode ser utilizado para a identificação da espécie ou em relações ecológicas interespecíficas.

Tamanho da amostra para quantificação do diâmetro de lesões de cancro cítrico

A estimativa do diâmetro de lesões de cancro cítrico é uma das principais técnicas usadas na avaliação da interação entre isolados x genótipos, na avaliação da resistência varietal e no estudo de aspectos epidemiológicos. No entanto, inexistem informações a respeito do tamanho da amostra para uma adequada quantificação da doença, considerando o diâmetro de lesões. Nesse sentido, o presente trabalho teve como objetivo a determinação do número de amostras para mensurar o diâmetro médio de lesões de cancro cítrico. Foram considerados como fontes de variação três genótipos do hospedeiro, dois métodos de inoculação de Xanthomonas citri subsp. citri e dois avaliadores. As avaliações dos diâmetros foram realizadas considerando ou não o halo amarelo ao redor do tecido necrosado, quando presente. Estimativas do diâmetro de lesões com erros na média inferiores a 3% são impraticáveis em razão do tamanho excessivo da amostra (mais que quarenta lesões/planta). Menores erros na média ocorreram nas estimativas considerando somente o tecido necrosado. Estimativas precisas do diâmetro de lesões, com erros na média inferiores a 10%, podem ser obtidas com tamanhos de amostras entre cinco e quinze lesões/planta, independentemente do genótipo e da idade das lesões.

Soil CO2 emission as related to incorporation of sugarcane crop residues and aggregate breaking after rotary tiller

O preparo do solo é um dos processos que aceleram a decomposição da matéria orgânica, transferindo carbono para atmosfera, principalmente na forma de CO2. Neste trabalho, investigou-se o efeito do preparo com enxada rotativa sobre as emissões de CO2 do solo durante 02 semanas após o preparo do solo, incluindo-se a presença de resíduos vegetais sobre a superfície. As emissões foram avaliadas por 15 dias após preparo em 3 parcelas: 1) sem preparo e sem palha superficial (SPs); 2) preparo com enxada rotativa sem a presença de palha na superfície (ERs), e 3) preparo com enxada rotativa com a presença de palha superficial (ERc). As emissões provenientes da ERc foram superiores às demais (0,777 g CO2 m-2 h-1), sendo as menores emissões registradas na parcela SPs (0,414 g CO2 m-2 h-1). As emissões totais indicaram que a diferença de C-CO2 emitida à atmosfera corresponde a 3% do total de carbono adicional presente na palha, na parcela ERc, quando comparado à parcela ERs. O aumento da emissão da parcela SPs para ERs foi acompanhado de uma modificação na distribuição do tamanho de agregados, especialmente aqueles com diâmetro médio inferior a 2 mm. O aumento da emissão da parcela ERs para ERc esteve relacionado a uma diminuição da massa de palha na superfície, com fragmentação e incorporação da mesma no interior do solo. Quando se analisa a correlação linear entre emissão de CO2 versus temperatura e umidade do solo, somente a emissão da ERc foi significativamente correlacionada (p<0,05) à umidade do solo.

Variabilidade espacial da emissão de CO2, da temperatura e umidade de um latossolo desprovido de vegetação sob diferentes lâminas de molhamento

The irrigation application is one of the most useful techniques in tropical environments, especially during dry seasons. In this study, CO2 efflux, temperature and soil moisture were studied in a field sampled with a grid having 48 points distributed in 35 x 25 m, under irrigation promoted by a sprinkler located at the center of the area, provoking different levels of water deposition, with maximum irrigation levels of 44.4 and 62.2 mm in points closer to the sprinkler. The results show that the emissions, temperature and moisture were strongly affected by the two irrigations events, having a total water level added of 106,6 mm for the points next to the sprinkler and zero for the most distant points from it. The maps of space variation of the variables, as well as the linear correlation between them, indicate that the emissions were positively related to the soil moisture and negative correlated to the soil temperature only after the irrigations events. The special variability models of soil CO2 emission changed from exponential to spherical after the irrigations events. Such results indicate that soil moisture is among possible controlling factors of the soil CO2 emission, because even with reductions in soil temperature provoked by the wetness, emissions increased strongly.

Taxa de emissão de CO2 de um latossolo fertirrigado com ácido fosfórico por gotejamento

A aplicação de fertilizantes fosfatados por meio de fertirrigação com sistemas de irrigação localizada pode causar obstrução de emissores. Para evitar esse problema, pode ser utilizado o ácido fosfórico como fonte de fósforo às plantas. Porém, têm sido pouco investigados os efeitos da irrigação relacionados às perdas de CO2 do solo para a atmosfera, em conseqüência da decomposição do carbono orgânico e da infiltração de água no solo. Neste trabalho, investigou-se, no período de um mês, o efeito da fertirrigação com ácido fosfórico nas taxas de emissão de CO2 de um latossolo desprovido de vegetação, na Área Experimental de Irrigação da UNESP, Câmpus de Jaboticabal - SP. Utilizou-se de um sistema de irrigação por gotejamento, com delineamento experimental em blocos casualizados, constando de cinco repetições e cinco tratamentos (0; 30; 60; 90 e 120 kg ha-1de P2O5), aplicados via fertirrigação com ácido fosfórico. Verificou-se que as taxas de emissão de CO2 aumentaram significativamente após as fertirrigações, porém não houve efeito da dose do ácido fosfórico sobre as taxas. A umidade do solo mostrou-se um fator importante na relação entre as variações das taxas de emissão e a temperatura do solo ao longo do período estudado.