Multinational companies and productivity spillovers: is there a specification error?

Recent empirical works on the within-sector impact of inward investments on domestic firms’ productivity have found rather robust evidence of no (or even negative) effects. We suggest that, among other reasons, a specification error might explain some of these results. A more general specification, which includes the usual one as a special case, is proposed. Using data on Italian manufacturing firms in 1992–2000, we find positive externalities only once we allow for the more flexible specification.

Nutritional information of meals supplied by companies, participating in the workers` meal program in Sao Paulo, Brazil

Objective. To compare the nutritional value of meals provided by companies participating in the Workers` Meal Program in the city of Sao Paulo, Brazil, to the nutritional recommendations and guidelines established by the Ministry of Health for the Brazilian population. Methods. The 72 companies studied were grouped according to economic sector (industrial, services, or commerce), size (micro, small, medium, or large), meal preparation modality (prepared on-site by the company itself, on-site by a hired caterer, or off-site by a hired caterer), and supervision by a dietitian (yes or no). The per capita amount of food was determined based on the lunch, dinner, and supper menus for three days. The nutritional value of the meals was defined by the amount of calories, carbohydrates, protein, total fat, polyunsaturated fat, saturated fat, trans fat, sugars, cholesterol, and fruits and vegetables. Results. Most of the menus were deficient in the number of fruits and vegetables (63.9%) and amount of polyunsaturated fat (83.3%), but high in total fat (47.2%) and cholesterol (62.5%). Group 2, composed of mostly medium and large companies, supervised by a dietician, belonging to the industrial and/or service sectors, and using a hired caterer, on averaged served meals with higher calorie content (P < 0.001), higher percentage of polyunsaturated fat (P < 0.001), more cholesterol (P = 0.015), and more fruits and vegetables (P < 0.001) than Group 1, which was composed of micro and small companies from the commercial sector, that prepare the meals themselves on-site, and are not supervised by a dietitian. Regarding the nutrition guidelines set for the Brazilian population, Group 2 meals were better in terms of fruit and vegetable servings (P < 0.001). Group I meals were better in terms of cholesterol content (P = 0.05). Conclusions. More specific action is required targeting company officers and managers in charge of food and nutrition services, especially in companies without dietitian supervision.

Fatigue and workability in Brazilian textile companies in different corporate social responsibility score groups

The aim of this study was to evaluate working conditions in the textile industry for different stages of Corporate Social Responsibility (CSR) development, and workers` perception of fatigue and workability. A cross-sectional study was undertaken with 126 workers in the production areas of five Brazilian textile plants. The corporate executive officers and managers of each company provided their personal evaluations of CSR. Companies were divided into 2 groups (higher and lower) of CSR scores. Workers completed questionnaires on fatigue, workability and working conditions. Ergonomic job analysis showed similar results for working conditions, independent of their CSR score. Multivariate analysis models were developed for fatigue and workability, indicating that they are both associated to factors related to working conditions and individual workers` characteristics and life styles. Work organization, (what, how, when, where and for how long the work is done), is also an associated factor for fatigue. This study suggests that workers` opinions should be taken into greater consideration when companies develop their CSR programs, in particular for those relating to working conditions. Relevance to industry: This paper underlines the importance of considering working conditions and workers` opinions of them, work organization and individual workers` characteristics and life styles in order to restore or to maintain workability and to reduce fatigue, independently of how developed a company may be in the field of Corporate Social Responsibility. (C) 2010 Elsevier B.V. All rights reserved.

The web of connections between tourism companies: Structure and dynamics

Tourism destination networks are amongst the most complex dynamical systems, involving a myriad of human-made and natural resources. In this work we report a complex network-based systematic analysis of the Elba (Italy) tourism destination network, including the characterization of its structure in terms of several traditional measurements, the investigation of its modularity, as well as its comprehensive study in terms of the recently reported superedges approach. In particular, structural (the number of paths of distinct lengths between pairs of nodes, as well as the number of reachable companies) and dynamical features (transition probabilities and the inward/outward activations and accessibilities) are measured and analyzed, leading to a series of important findings related to the interactions between tourism companies. Among the several reported results, it is shown that the type and size of the Companies influence strongly their respective activations and accessibilities, while their geographical position does not seem to matter. It is also shown that the Elba tourism network is largely fragmented and heterogeneous, so that it could benefit from increased integration. (C) 2009 Elsevier B.V. All rights reserved.

The use of capital budgeting and cost of capital estimation methods in Swedish listed companies

In this paper Swedish listed companies’ use of capital budgeting and cost of capital estimation methods in 2005 and 2008 are examined. The relation between company characteristics and choice of methods is investigated and both within-country longitudinal and cross-country comparisons are made. Larger companies seem to have used capital budgeting methods more frequently than smaller companies. When compared to U.S. and continental European companies, Swedish listed companies employed capital budgeting methods less frequently. In 2005 the most common method for establishing the cost of equity was by asking the investors what return they required. By 2008 CAPM was instead the most utilised method, which could indicate greater sophistication. The use of project risk when evaluating investments also seems to have gained in popularity, while the use of company risk declined. Overall, the use of sophisticated capital budgeting and cost of capital estimation methods seem to be rising and the use of less sophisticated methods declining.

What determines the use of capital budgeting methods? : Evidence from Swedish listed companies

Purpose: This paper aims to extend and contribute to prior research on the association between company characteristics and choice of capital budgeting methods (CBMs). Design/methodology/approach: A multivariate regression analysis on questionnaire data from 2005 and 2008 is used to study which factors determine the choice of CBMs in Swedish listed companies. Findings: Our results supported hypotheses that Swedish listed companies have become more sophisticated over the years (or at least less unsophisticated) which indicates a closing of the theory-practice gap; that companies with greater leverage used payback more often; and that companies with stricter debt targets and less management ownership employed accounting rate of return more frequent. Moreover, larger companies used CBMs more often. Originality/value: The paper contributes to prior research within this field by being the first Swedish study to examine the association between use of CBMs and as many as twelve independent variables, including changes over time, by using multivariate regression analysis. The results are compared to a US and a continental European study.

Foreign activity effects on the capital structure of brazilian companies during 2004-2008

As empresas brasileiras com atividades internacionais (MNC) possuem uma estrutura de capital diferente das empresas domésticas (DC)? Se sim, é válida a hipótese upstream-downstream, com empresas internacionalizadas utilizando mais dívida do que as empresas domésticas? Encontramos que as MNCs brasileiras utilizam mais dívida devido à atividade internacional, com 9,6% mais alavancagem, dos quais 5,8% são oriundos de fontes de longo prazo. Nós ainda lançamos uma luz sobre uma explicação alternativa para o maior uso de dívida pelas empresas internacionalizadas. Esta dissertação testa se existe um vínculo entre a atividade internacional e o financiamento com dívida estrangeira. O acesso a dívida estrangeira ajuda a explicar porque MNCs utilizam mais dívida do que DCs? Nossos resultados revelam que a atividade internacional está positivamente relacionada ao uso de dívida estrangeira, sendo que MNCs médias carregam 12,7% mais dívida estrangeira em sua estrutura de capital. Nossa amostra consiste em 131 companhias no período 2004-2008, resultando em 538 observações.

Empirical evidence of trade credit uses of brazilian publicly-listed companies

This research provides empirical evidence on the use of trade credit as either a substitution or a complement to bank debt for listed companies in Brazil, controlling for the firms reputation, as stated by Alphonse, Ducret and Séverin (2006). The sample consists of 263 publicly-listed companies for 2006. Our findings support all three hypotheses. We provide evidence that trade credit may be used as a signal for the firm’s quality.

Evolution of corporate governance of privately controlled brazilian companies

Mercados financeiros e finanças corporativas

Entry strategies on an emerging market: Brazil: case studies of French cosmetics companies in Brazil

Este trabalho envolve as estrategias de entrada sobre um mercado emergente, o mercado brasileiro. Os estudos de casos que apoiam o assunto são de empresas francesas do setor de cosméticos. Uma revisão da literatura sobre o assunto sera comparada com os resultados dos estudos de caso. Isso para conduzir numa observação do estado atual das caractéristicos de instalação no mercado brasileiro deste setor para empresas estrangeiras de tamanho médio. O estudo da literatura que já existe sobre o assunto se concentra sobre varias problemáticas conectadas com a problemática geral: as razões para internacionalizar, o modo de entrada, os obstáculos encontrados, as estrategias especificais e as adaptações do marketing mix. Depois este trabalho se concentra sobre tres empresas francesas representativas das problematicas atuais do setor : Norlessi, LaboBio e Plains Cosmetics. Os estudos de caso são sustentados por entrevistas e coleção de dados de varios origens, descrevedo mas precisamente na parte de methodologia. Depois será feito uma cross-analysis tentando comparar as conclusões do estudo empirico e do estudo literário. As conclusões finais tem como objetivo de ser uma observação objetiva do raciocinio das empresas consideradas sobre as problemáticas escolhidas.