Aspectos contábeis-financeiros da conversão da dívida externa em investimento: estudo de casos

Este estudo exploratório objetivou investigar aspectos contábeis-financeiros relacionados ao processo de capitalização de empresas através dos recursos provenientes da conversão da dívida externa brasileira. Procurou-se conhecer os motivos da captação e a utilização dada aos recursos da conversão da divida, as modificações ocorridas no grau de alavancagem financeira (GAF) após a utilização desses recursos e a forma pela qual as emeresas evidenciaram seu recebimento, em suas demonstrações contábeis (Capitulo I). A revisão da literatura buscou contextualizar a conversão da divida externa. Adicionalmente foram abordados assuntos relacionados à estrutura de capital de uma empresa e à evidenciação de informações contábeis (Capítulo II). O método de pesquisa utilizado foi o "estudo de casos". Como instrumentos de pesquisa foram usados o questionário e o exame das demonstrações contábeis (Capitulo III). Os casos pesquisados foram descritos separadamente (Capitulo IV) e posteriormente foi feita a análise dos resultados (Capitulo V) . Finalmente são apresentados o sumário e as conclusões da pesquisa à luz dos fundamentos teóricos e são formuladas recomendações e sugestões para novas pesquisas (Capítulo VI.

Fundos de pensão e práticas de responsabilidade socioempresarial: o caso Previ

Esta dissertação tem como objetivo principal investigar por que os fundos de pensão têm propensão a buscar que as empresas nas quais mantém investimentos persigam práticas de responsabilidade socioempresarial. Para atingir os objetivos propostos foi realizado estudo de caso no maior fundo de pensão da América Latina - PREVI, e que ocupa a primeira posição dentre os fundos de pensão brasileiros em volume financeiro de ativos e tem participação relevante na estrutura de propriedade em 38 empresas. Por meio de entrevistas semiestruturadas foi possível capturar o posicionamento adotado pelos gestores do fundo de pensão com relação às estratégias de responsabilidade socioempresarial nas empresas investidas. Em função da necessidade de melhor compreender a cadeia de valor das organizações, esta dissertação tratou da teoria dos stakeholders, importante na definição estratégica e filosófica das empresas, e da teoria da agência, pois alguns conflitos são identificados na relação entre acionistas majoritários (PREVI) e minoritários. O estudo permitiu identificar que os gestores, não obstante apresentarem discurso voltado para o atendimento dos stakeholders das empresas investidas, têm como foco principal mitigar os riscos ambientais e sociais, em função dos impactos econômicos que estes problemas podem representar para as organizações nas quais investem. Apesar do objetivo instrumental que tem movido o fundo de pensão, suas ações têm levado a um crescimento na adoção de práticas responsáveis pelos participantes do mercado. Foi possível concluir que os gestores do fundo de pensão objeto do estudo de caso ao adotarem princípios de investimentos responsáveis atendem de forma eficaz também a seu dever fiduciário.

Internacionalização da empresa Marcopolo S.A. : um estudo de caso

A experiência internacional de empresas de países em desenvolvimento é relativamente nova, assim como os estudos sobre o desenvolvimento dessas atividades por esses países e, em particular, pelo Brasil. Esta pesquisa visou contribuir para o conhecimento sobre como as empresas brasileiras se internacionalizam e, para tanto, foi realizado um estudo de caso em profundidade com a Marcopolo S. A., uma organização em estágio avançado de operações internacionais. Apoiando-se em vertentes comportamentais e econômicas da literatura sobre o tema, buscou-se investigar o processo de internacionalização dessa empresa – suas motivações, como ela expandiu seus negócios no exterior, quais foram os principais obstáculos enfrentados e fatores facilitadores do processo. Também se estudou a relação entre internacionalização e resultados financeiros obtidos e a influência de políticas públicas. Atuar em mercados externos foi uma forma de ampliação de mercados e de diversificação de riscos para a empresa e hoje é o foco de sua estratégia de crescimento. O processo se desenvolveu de forma incremental, evoluindo de operações de menor comprometimento e em países mais próximos do Brasil, até a instalação de unidades em mercados mais distantes. Obstáculos de natureza econômica e cultural influenciaram suas atividades e o domínio tecnológico de produtos e de processos, assim como parcerias com montadoras, foram facilitadores do seu desenvolvimento internacional. Os resultados da pesquisa confirmaram os pressupostos da abordagem comportamental, reforçando a hipótese gradualista sustentada pela Teoria de Uppsala. O Paradigma Eclético também explicou os investimentos diretos realizados pela empresa, o que levou à constatação de que as duas linhas teóricas se complementam para explicar o caso. As operações da companhia em mercados externos foram historicamente mais rentáveis do que no mercado doméstico e esses resultados tornaram-se mais expressivos com a instalação de unidades no exterior. Por fim, constatou-se que algumas medidas de apoio governamental geraram efeitos positivos para as exportações, mas que não houve influência de políticas públicas para instalação de fábricas em territórios estrangeiros.

Avaliação das teorias da liquidação ineficiente, monitoramento e risco moral no Brasil

O presente trabalho busca ir além da decisão, capital próprio ou terceiro, e verificar a decisão de qual tipo de recurso terceiro angariar, portanto, analisa a composição do endividamento da empresa com relação à fonte de financiamento: recursos privados ou públicos. Logo, foram construídos modelos econométricos com o intuito de investigar quais características, por parte da empresa, são relevantes na escolha de qual fonte recorrer para financiar suas atividades. Foram utilizados dados em painel de empresas brasileiras não pertencentes ao setor de Finanças e Seguros, cujas ações são negociadas na Bolsa de Valores de São Paulo (BOVESPA). Neste trabalho foram investigadas variáveis das empresas referentes à qualidade e credibilidade das informações contábeis, total de ativos imobilizados, lucratividade, alavancagem, setor de atuação, tamanho da empresa e internacionalização. Os resultados indicaram que fatores como total de ativos imobilizados, alavancagem, lucratividade e alguns setores de atuação são relevantes para determinar a estratégia de financiamento da firma. A variável nível de disclosure, responsável por diferenciar a empresa que possui qualidade da informação contábil superior às demais, não apresentou ser significante, embora, com o sinal esperado. Portanto, os resultados sugerem que as empresas estudadas tendem a seguir a teoria da liquidação ineficiente quando tomam as suas decisões de financiamento.

Transparent access to relational, autonomous and distributed databases using semantic web and service oriented technologies

With the constant grow of enterprises and the need to share information across departments and business areas becomes more critical, companies are turning to integration to provide a method for interconnecting heterogeneous, distributed and autonomous systems. Whether the sales application needs to interface with the inventory application, the procurement application connect to an auction site, it seems that any application can be made better by integrating it with other applications. Integration between applications can face several troublesome due the fact that applications may not have been designed and implemented having integration in mind. Regarding to integration issues, two tier software systems, composed by the database tier and by the “front-end” tier (interface), have shown some limitations. As a solution to overcome the two tier limitations, three tier systems were proposed in the literature. Thus, by adding a middle-tier (referred as middleware) between the database tier and the “front-end” tier (or simply referred application), three main benefits emerge. The first benefit is related with the fact that the division of software systems in three tiers enables increased integration capabilities with other systems. The second benefit is related with the fact that any modifications to the individual tiers may be carried out without necessarily affecting the other tiers and integrated systems and the third benefit, consequence of the others, is related with less maintenance tasks in software system and in all integrated systems. Concerning software development in three tiers, this dissertation focus on two emerging technologies, Semantic Web and Service Oriented Architecture, combined with middleware. These two technologies blended with middleware, which resulted in the development of Swoat framework (Service and Semantic Web Oriented ArchiTecture), lead to the following four synergic advantages: (1) allow the creation of loosely-coupled systems, decoupling the database from “front-end” tiers, therefore reducing maintenance; (2) the database schema is transparent to “front-end” tiers which are aware of the information model (or domain model) that describes what data is accessible; (3) integration with other heterogeneous systems is allowed by providing services provided by the middleware; (4) the service request by the “frontend” tier focus on ‘what’ data and not on ‘where’ and ‘how’ related issues, reducing this way the application development time by developers.

Applying DEMO to model and automate a process in a workflow system: a case study in a city hall

Organizations are Complex systems. A conceptual model of the enterprise is needed that is: coherent the distinguished aspect models constitute a logical and truly integral comprehensive all relevant issues are covered consistent the aspect models are free from contradictions or irregularities concise no superfluous matters are contained in it essential it shows only the essence of the enterprise, i.e., the model abstracts from all realization and implementation issues. The world is in great need for transparency about the operation of all the systems we daily work with, ranging from the domestic appliances to the big societal institutions. In this context the field of enterprise ontology has emerged with the aim to create models that help to understand the essence of the construction and operation of complete systems; more specifically, of enterprises. Enterprise ontology arises in the way to look through the distracting and confusing appearance of an enterprise right into its deep kernel. This, from the perspective of the system designer gives him the tools needed to design a successful system in a way that’s reflects the desires and needs of the workers of the enterprise. This project’s context is the use of DEMO (Design and Engineering Methodology for Organizations) for (re)designing or (re)engineering of an enterprise, namely a process of the construction department of a city hall, the lack of a well-founded theory about the construction and operation of this processes that was the motivation behind this work. The purpose of studying applying the DEMO theory and method was to optimize the process, automating it as much as possible, while reducing paper and time spent between tasks and provide a better service to the citizens.

Qualidade de vida no trabalho da Emater-RN: validação de um instrumento síntese de pesquisa e diagnóstico

The theoretical recital of the present study it is initiated of the evidence that the work occupies an important space in the man s life in way that the majority of the people works and passes great part of its time inside organizati ons. However, it is verified that the relation between man and work is becoming increasingly disagreement a time that the employees had started to complain work s routines, stress, not use all their potential and inadequate work s conditions. It can be observed by the way of Dejours (1994) studies. Thus, as contribution for the quality of work life s (QWL) studies the research developed here objectified to characterize the public employees quality of work life at EMATER -RN taking as reference an instrumen t of research synthesized from the typical academic literature of the subject. The synthesis of an ampler instrument is a necessity not taken care to the literature that treats on the subject but already perceived by some studies like Moraes et al (1990); Rodrigues (1989); Siqueira & Coleta (1989); Moraes et al (1992); Carvalho & Souza (2003); El -Aouar & Souza (2003) and Mourão, Kilimnick & Fernandes (2005); Adorno, Marques & Borges (2005) amongst others. These studies point out weak points of the existing models in the QWL s literature, as well as they recommend the elaboration of a model more flexible, that contemplates Brazilian cultural characteristics, and that contemplates the entire variable studied in the main existing models. For reach this objectiv e the adopted methodology was characterized as a case study with collected data in qualitative and quantitative way. Questionnaires and comments had been used as sources of evidences. These evidences had been tabulated through of statistical package SPSS ( Statistical Package for Social Science), in which the main technique of multivariate analysis used were the factorial analysis. As for the gotten results, it was verified the grouping of the quality of work life s indicators in 11 factors which are: Work s execution, Individual accomplishment, Work s equity, Relation individual and organization, Work s organization, Adequacy of the remuneration, Relation between head and subordinate, Effectiveness of the communication and the learning, Relation between work and personal life, Participation and Effectiveness of the work processes. Whatever to the characterization of the EMATER -RN s quality of work life it was clearly that to the measure that the satisfaction s evaluation with the QWL in the organization walks to intrinsic factors for extrinsic factors this level of satisfaction goes diminishing what points to the importance to improve these extrinsic factors in the institution. In summary it is possible to conclude that the organization studied has offered a significant set of referring variable to the quality of work life of the individual

Relações interorganizacionais e eficiência coletiva: um estudo de caso no arranjo produtivo local de confecções do agreste pernambucano

This work is a study in the Local Productive Arrangement of confections from Agreste of Pernambuco, as a relevant sector in economic and social aspect. This research has as central aim to understand how the inter-organizational relations influence the collective efficiency of arrangement. The theoretical framework employed highlights the approaches that deal with the benefits of business agglomeration for the develop­ment of firms and regions. It has discussed the approach of small and medium enter­ prises and industrial districts (SCHMITZ, 1997), which introduce the concept of col­ lective efficiency, explaining that only those externalities explained by Marshall (1996) are not sufficient to explain the competitive advantage of enterprises, expand­ing the idea that organizations achieve competitive advantage not acting alone. To examine the influences of relations in the collective efficiency, it has been taken as analytical perspective theory of social networks (GRANOVETTER, 1973, 1985; BURT, 1992; UZZI, 1997) because it has believe that this approach provides subsi­ dies for a structural analysis of social relationships in face the behavior of human ac­tion. By examining the organizations in a social network, you should understand the reason of this establishment of the relationship, their benefits, and as the information flow takes place and density of links between the actors (Powell; SMITH-DOERR, 1994). As for the methods, this study is characterized as a case study, in according to the purposed objectives, in addition to qualitative method. Also, due to recovering of the historical milestones of the arrangement, it is used a sectional approach with longitudinal perspective (VIEIRA, 2004). The primary and secondary data were used in order to understand the evolutionary process of the sector and their inter-actors re­ lationships in the arrangement for the promotion of development, for both, was used the contend and documentary analysis technique, respectively (DELLAGNELO ; SIL­VA, 2005). The approach of social networks has permitted understand that social re­lationships may extend the collective efficiency of the arrangement, and therefore need to develop policies that encourage the legalization of informal companies in ar­rangement, by showing up themselves representative. Thus, the relations estab­ lished in LPA of confections from Agreste of Pernambuco need for more effective mechanisms to broaden the collective efficiency. Therefore, this way as take place has directly benefited only a group of companies that are linked in some way the sup­portive institutions. So we can conclude that the inter-actor relations have limited the collective efficiency of LPA, being stimulated by the institutions in support only to groups of entrepreneurs, even those that produce external relations for all clustered companies

Inserção de fornecedores locais como fonte de desempenhos em custos de transação e legitimidade: estudo de caso na cadeia produtiva do petróleo e gás do Rio Grande do Norte

The inclusion of local suppliers in production chains has considerable impact on its performance, but most notably in its main actors. The results of this process may be of different kinds and can be analyzed from economic or institutional approaches. This study aimed to verify the existence of different performances of Petrobras due to the inclusion of local suppliers in the oil and gas production chain in the state of Rio Grande do Norte, from the viewpoints of transaction costs and the Institutional Theory. In order to this, were made the characterization of the PROMINP, the description of its actions and results, the mapping of its institutional context of reference, and identification of results obtained by Petrobras in terms of transaction costs and legitimacy. The theoretical framework is based on authors dealing with industrial concentration, as like Marshall, Krugman, Porter and Schmitz, from the sociological perspective of neoinstitucional theory, as like DiMaggio and Powell and Scott and Meyer, and transaction costs, as like Williamson. This is a qualitative research, with data collection done by consulting secondary fonts and semi-structured interviews with nineteen actors of three groups, namely: actors involved in actions of the program, representatives of enterprises and representative of Petrobras. To analyze the content was used the Suchman s model (1995) for categories associated with strategies of legitimation and fourteen variables associated with the three variables assets specificity, bounded rationality and opportunism (Williamson, 1995, 1989) in the case of transaction costs. The results indicate that PROMINP has achieved its objectives by encouraging the increased participation of local companies in the oil and gas production chain, reflecting in the economic development of the state. The Redepetro/RN, fostered and built upon the interaction of the participants, is presented as a solution of continuity to the participation of enterprises in the chain, after the closure of the actions of the program. PROMINP demands responses to coercive, legislative and regulatory pressures of the organizational field, whose institutional context of reference is wide. From the point of view of legitimacy, through strategies to gain cognitive legitimacy and maintaining pragmatic legitimacy, Petrobras can manipulate the environment, ensuring the compliance of the constituents to their technical and institutional demands. Enterprises, in turn, respond to the demands through compliance with technical demands, mainly through the certification of processes, and cultural changes. There aren t clear gains related to the transaction costs, however, gains in legitimacy can be seen as a cumulative capital that can serve as a competitive differential that generates economic gains. In terms of theoretical findings, it was found that, due to its explanatory power for actions that are difficult to explain only in economic terms, Institutional Theory may be used as theoretical support concurrent with other theories. TCE model has limitations in explaining the program actions. In the case, it s emphasized that Petrobras doesn t seek only economic efficiency, but has in its mission the commitment to social development.

Proposta de modelo de interação da Universidade Federal do Rio Grande do Norte e empresas do setor de petróleo

Operational procedures may negatively interfere in negotiation and execution regarding universities and business companies. In some cases it may even derail business interaction. Thus, aiming to overcome this and other barriers a university-industry interaction model was structured. The model enhances the appropriation of technological solutions on behalf of enterprises, as well as aim to improve the quality of teaching and research done at the university. In order to conduct a case study, sampling considering the Federal University of Rio Grande do Norte (UFRN) was made as well as the Oil and Gas sector. For data collection questionnaires, classroom observation, document analysis, semi-structured interviews were used. The study describes the companies as well as the internal organization of UFRN in their interaction context. The diagnosis related to past interactions as well as the expectations of the companies and the university s internal subjects regarding the university-industry relationship were also studied. Thus, specific questionnaires were applied for the three types of groups: researchers, managers and business companies. These subjects pointed out that the great deal of barriers they identified were related to issues regarding the university internal management. Given these barriers, the critical factors were then identified in order to overcome this reality. Among the nine critical factors only one belongs to the macro environment, while the remaining factors are related to organizational issues present in the university context. It was possible to formulate a university-business interaction model one the researched focused on the case study results and contribution from a theoretical framework that was enabled trough literature review. The model considers all business collaboration mechanisms; it focuses on a particular strategic productive sector and provides a co-evolution vision over time, according to the sector´s development strategy. The need for institutionalizing the relationship with the companies involved is pointed out. The proposed model considers all the critical factors identified by the research; it aims long-term relationship with the company and integrates teaching, research and extension actions. The model implementation was also considered. It was seen that it must be done in three phases. The phases will be defined by the level of maturity in the relationship between the university and the companies. Thus, a framework was developed in order to assess the interaction level regarding company institutionalization. Whilst structuring the model was a concern with replication came up. It was pointed out that this model should not only serve to this specific case study situation. So the final result is a model of university-industry relationship appropriate in the first instance, for UFRN, but has applicability, in general, to any Brazilian university

Bioecologia da ictiofauna marinha descartada pelo arrasto camaroeiro em praias da Bacia Potiguar, Brasil

The composition of ichthyofauna discarded by trawling shrimping, their reproductive status and feeding ecology were studied on the beaches of Basin Rio Grande do Norte, Brazil. Fish were collected monthly in the year of 2012. During biometrics, portions of the digestive tract and of gonads were removed, fixed in formalin 10% and Bouin, respectively, for be submitted to histological processing by the techniques of hematoxylin-eosin. Stomach content analyzes were performed using the methods of Frequency of Occurrence and Volumetric and was calculated the repletion index. Throughout the study period were recorded a total of 49 species. The fish assemblages differed between sections monitoring, with the highest abundance, biomass and indices of richness and diversity in sections B, D and C. Already the excerpt A, showed higher values for dominance and equitability. In the cluster analysis according to the faunal similarity was observed the formation of three groups: group I formed by excerpts B and D, group II by excerpt C and group III formed by excerpt A. The assessment of reproductive stage revealed that the fish assemblages discarded by trawling are composed mainly of juveniles. Regarding the feeding ecology, the species Larimus breviceps, Menticirrhus littoralis and Pomadasys corvinaeformis characterized as carnivorous with tendency to carcinofagia. Already Conodon nobilis characterized as carnivorous with tendency to piscivory, but all proved generalist-opportunistic with increase of feeding activity during drought. The dendrogram of grouping of the species developed based on the food items used shows the formation of four groups: Group I consists of species that feed mainly of "gastropod" and "sediment"; group II of "teleost fish"; the group III of "crustacea" and group IV of "echinodermata" and "bivalve". The anatomical and histological characteristics of the digestive tract were consistent with the dietary habits of the analyzed species. In this context, the Costa Branca of Rio Grande do Norte can be considered a feeding site and recruitment for juveniles, which, opportunistically, utilize resources associated with the background

Reforma administrativa e gestão de políticas sociais em Mossoró: a falácia dos atores institucionais e sociais

The thesis entitled The administrative reform and social political management in Mossoró: the institutional and social staff's falacy. Comprehends a moment of apprehensiveness and analysis in the reestrcturing process of the city, whose process will show the formation of strategies and deployment of its relation with the social political affectiveness. It represents a single moment in the approach of such a kind of experience in the city. The analysis starts from the third mandate of the Mayor Rosalba Ciarlini Rosado, during the quadriennium 2001/2004, for being the time in which the public management got materialized, such as in the operational way of the social politics. For that, we delimitate this study in two distinct moments: the first one refers to the reform elaboration from the creation of the additional law nº 001/2000 GP/PMM: the second one refers to a practical reform from the social and institutional staff's speech. Within that scenary it was seen that the approaching, though partially, the State Reform and, consequently, the master plan of the state apparatus, which were made of theoretical matrices of such a project locally. However, that is a complex experience, that required the use of field and documental research for the proposed investigation and at the same time, prove the guiding hypothesis of it, what means a grouping of areas like: education, healthy, and social development in only one department City Citizenship Department that is able to materialize a new intitutional arrangement, according to the management principles in the public administration at the govern local level, configuring a reform and not just an institutional adequacy. In that context, it got necessary to apprehending the institutional and social actors' falacy as a way to prove or not the presented hypothesis. Among the first staff, we have the mayor's direct leaders and advisors' perception that express the politcal administrative aspects of the reform and, in the second, the perception of the political view of what has changed concerning the management of the social politics

O licenciamento ambiental como instrumento de um desenvolvimento verdadeiramente sustentável

Since the second half of the 20th century, mankind concerns about life quality and environment preservation began to grow. In Brazil, the edition of the Law nº 6.938/81, that instituted the National Policy of the Environment (Política Nacional do Meio Ambiente PNMA), contributing significantly to the singular treatment towards the environment by the Federal Constitution of 1988 (Constituição Federal de 1988), can be appointed as a landmark of this awareness. The Law nº 6.938/81, following the line observed on the legislation of some Brazilian States, predicted on its 9th article the instruments of PNMA, among which the environmental licensing can be highlighted. This instrument presents itself as indispensable to the construction, installation, extension and operation of enterprises and activities that utilize environmental resources, seen as effective and potentially polluter industries, or even to those that can cause environment degradation. On a parallel way and as a consequence of this awareness, the concept of development begins to acquire a new shape. The development of a country or a region begins to consider not only economical factors, but also environmental, political, cultural and social aspects. Ecodevelopment, or sustainable development, then, arises. In this way, through research on legislation and on theme related doctrine, this work has the intention of analyzing environmental licensing as a PNMA instrument responsible for uniting economical development and the right to an ecologically balanced environment, that is, by the consecution of a truly sustainable development

Caracterização morfológica de plantas de rambutan

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

Análise de critérios de decisão em estratégia de arranjos produtivos locais: um estudo aplicando o processo de hierarquia analítica (AHP) no setor de cerâmica

This master thesis has the objective of investigating the strategic decision criteria of participants of Local Production Arrangements (LPA) in Brazil. The LPA s are an initiative of support agents to enterprises with the purpose of organizing joint actions for the development of groups (clusters) of enterprises. The choice of the actions is a decision of the participating enterprises and this paper aims at applying a Multi-criteria Analysis Method to analyze the criteria of entrepreneurs that are participating of a LPA. The used method is the Process of Analytical Hierarchy (PAH) and an application is presented along with questionnaires to participants of a ceramic LPA in the northeast of Brazil. The main results show that, in first place, from the implicit strategy of each enterprise there is only one objective for the LPA group and so, at the beginning, an action decided by all of them tends to favor some more than others. In second place, it was observed that there are general inconsistencies between the strategic objectives and the importance as to criteria, even though there have been cases of coherency. As the main conclusion it is pointed that the use of Methods of MCDA is useful to improve the decision making process and to bring more transparency to the logic of the found results