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

Análise da gestão da cadeia de suprimentos de um supermercado varejista através da utilização do modelo SCOR

In the last decade the complexity of the environment in which organizations are embedded increased dramatically, having on one side the increasingly demanding consumers in regard to the quality and value of the product and the other companies with the need to reduce operating costs in order to achieve greater profitability, without this there is a downturn in growth or market share powers. In this context the necessity of effectively structuring actions relating to the line with the operational work processes so that business objectives are achieved organizational strategic planning, ensuring the competitiveness of the organization. This study aims to analyze how you have made the management of the supply chain in a grocery retailer in the light of guidelines of Supply Chain Management by using the SCOR model. For realization of this study a survey was needed, classified according to their goals, exploratory and descriptive as to its procedure, document, field and case study. Thus, the processing of data will be qualitative merit, using the thematic categorical analysis of Bardin (1977). Thus, to obtain data interviews together the operational and strategic management of a company that was named Supermarket Omega were performed. After analyzing the information obtained is perceived that there is an effort of the organization enhance its management of the supply chain. However, there is a lack of alignment between the various areas that compose it. About their work processes, we stress that the focus of the company is still very directed on sailing than profitability, although it is undergoing a transformation in its organizational culture However, records the existence of many improvement projects in developing. Thus, it can be noticed that there is some consistency between the assumptions of the SCOR model and applied within the supply chain Omega Supermarket, although a greater effort to better align with the model still needs to be studied

Custo de produção do maracujá-amarelo (Passiflora edulis)

Objetivou-se analisar economicamente a cultura do maracujá-amarelo (Passiflora edulis) na região de Marília-SP, safra de 2010/2011. Foram utilizadas estruturas do custo operacional efetivo e custo operacional total referente à fase de implantação e condução da lavoura por unidade de área e cinco indicadores de rentabilidade. Identificou-se um custo total de produção de R$ 37.751,67 por hectare ou R$ 1,89 por quilo da fruta. Os itens do custo operacional efetivo que mais oneraram o sistema de produção corresponderam às operações de máquinas (31,1%) e mão de obra (23,5%). Os indicadores de rentabilidade mostraram-se desfavoráveis para o sistema produtivo analisado, em decorrência, principalmente, do alto preço dos insumos e práticas para controle de doenças. Há necessidade de adequações técnicas relacionadas com o manejo fitossanitário da cultura para a redução do custo total de produção de modo a tornar a atividade rentável.

Continuous ethanol production in a nonconventional five-stage system operating with yeast cell recycling at elevated temperatures

Three ranges of increasing temperatures (35-43, 37-45, 39-47degreesC) were sequentially applied to a five-stage system continuously operated with cell recycling so that differences of 2degreesC (between one reactor to the next) and 8degreesC (between the first reactor at the highest temperature and the fifth at the lowest temperature) were kept among the reactors for each temperature range. The entire system was fed through the first reactor. The lowest values of biomass and viability were obtained for reactor R-3 located in the middle of the system. The highest yield of biomass was obtained in the effluent when the system was operated at 35-43degreesC. This nonconventional system was set up to simulate the local fluctuations in temperature and nutrient concentrations that occur in different regions of the medium in an industrial bioreactor for fuel ethanol production mainly in tropical climates. Minimized cell death and continuous sugar utilization were observed at temperatures normally considered too high for Saccharomyces cerevisiae fermentations.

A Management Tool for the Replication of Operating Systems in Wireless Communication Networks

To simplify computer management, various administration systems based on wired connections adopt advanced techniques to manage software configuration. Nevertheless, the strong relation between hardware and software makes for an individualism of that management, besides penalizing computational mobility and ubiquity. All these issues lead to degradation of scalability, flexibility and the facility to install and maintain distributed applications. This article presents an environment for centralized wireless communication network management, named WSE-OS (Wireless Sharing Environment - Operating Systems): a model based on Virtual Desktop Infrastructure (VDI) which associates virtualization techniques and safe remote access systems to create a distributed architecture as a base for a managing system. WSE-OS is capable of accomplishing the replication of operating system images using wireless communication network, besides offering abstraction of hardware to its clients, making the management more flexible and independent of wired connections. Results obtained from this work indicate that WSE-OS allows disseminating, through a single software configuration, the execution of data related to operating system images in client computers. WSE-OS can also be used as a management tool for operating systems in a wireless network.

Experimental performance of a direct evaporative cooler operating during summer in a Brazilian city

This paper presents the basic principles of the evaporative cooling process for human thermal comfort, the principles of operation for the direct evaporative cooling system and the mathematical development of the equations of thermal exchanges, allowing the determination of the effectiveness of saturation. It also presents the results of experimental tests in a direct evaporative cooler that take place in the Air Conditioning Laboratory at the University of Taubate Mechanical Engineering Department, and the experimental results are used to determinate the convective heat transfer co-efficient and to compare with the mathematical model. (c) 2005 Elsevier Ltd and IIR. All rights reserved.

Experimental measurements of the NOx and CO concentrations operating in oscillatory and non-oscillatory burning conditions

The effects of combustion driven acoustic oscillations in carbon monoxide and nitrogen oxides emission rates of a combustor operated with liquefied petroleum gas (LPG) were investigated. Because the fuel does not contain nitrogen, tests were also conducted with ammonia injected in the fuel, in order to study the formation of fuel NOx. The main conclusions were: (a) the pulsating combustion process is more efficient than the non-pulsating one and (b) the pulsating combustion process generates higher rates of NOx, with and without ammonia injection, as shown by CO and NO concentrations as function of the O-2 concentration. An increase in the LPG flow rate, keeping constant the air to fuel ratio, increased the acoustic pressure amplitude and the frequency of oscillation. The injection of ammonia had no influence on either pressure amplitude or frequency. (c) 2005 Elsevier Ltd. All rights reserved.

Custos e viabilidade econômica da produção de lambari-do-rabo amarelo em Monte Castelo/SP: um estudo de caso

The aim of this study was to analyze the cost of production and economic viability of production of Lambari in Monte Castelo/SP, with the primary market for the live-bait for sport fishing of carnivorous fish. To calculate the operating cost structure was used the model proposed by the Instituto de Economia Agricola from São Paulo/Brazil. In analyzing the economic viability of investment, we determined the Internal Rate of Return (IRR) and Pay Back Period. It was noted that the inputs represented approximately 74.0% of the EOC (Effective Operating Cost). In the rentability analysis (short term), there was an operating profit of R$ 3,133.45 for a cycle, with a profitability of 18.65% for four months of production, a cost price of R$ 13.02 kg(-1). For viability of the activity (long term), the results were attractive to recovery capital from the 3(rd) year (Pay Back), with an IRR of 25.68% and 89.0% return on the producer in 5 years (BCR - benefit cost ratio). The study of costs and economic viability analysis reinforce the importance of rational management in the productive system and the importance of planning and managing the profitability of the activity.

Single-phase high power-factor boost ZCS pre-regulator operating in critical conduction mode

This paper presents a new single-phase interleaved high power factor boost pre-regulator operating in critical conduction mode, where the switches and boost diode performing zero-current commutations during its turn-off, eliminating the disadvantages related to the reverse recovery losses and electromagnetic interference problems of the boost diode, when operating in the continuous conduction mode. The interleaving technique is applied in the power cell, providing a significant input current ripple reduction in comparison to discontinuous mode of operation, due to its input current continuous conduction operation. This paper presents a complete modeling for the converter operating in critical conduction mode, resulting in an improved design procedure for interleaved techniques with high input power factor, a complete design procedure, and main simulation results from a design example with two interleaved cells rated at 1kW, 400V output voltage and 220V rms input voltage.

Scanning tunneling microscope operating as a spin diode

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Análise econômica da produção de feijão em função de doses de nitrogênio e coberturas vegetais

O nitrogênio é o nutriente aplicado em maior quantidade à cultura do feijão, o mais limitante ao crescimento e desenvolvimento das plantas e o que mais onera o custo de produção. Uma boa opção para o produtor diminuir custos, com a utilização de fertilizantes nitrogenados, é a utilização de plantas de cobertura do solo, também conhecidas como adubos verdes. Assim, este trabalho objetivou avaliar os custos de produção e índices de lucratividade de diferentes tratamentos envolvendo coberturas vegetais e doses de nitrogênio em cobertura, na cultura do feijoeiro irrigado, em sistema plantio direto, nas safras de inverno de 2010 e 2011. O trabalho foi realizado em área experimental localizada no município de Selvíria (MS), em Latossolo Vermelho distrófico típico. Os tratamentos constituíram-se de seis coberturas vegetais (Crotalaria juncea, milheto, guandú, Crotalaria juncea + milheto, guandú + milheto e pousio) e quatro doses de N (0 kg ha-1, 30 kg ha-1, 60 kg ha-1 e 90 kg ha-1). Foram estimados o custo operacional total, receita bruta, lucro operacional, índice de lucratividade, produtividade de equilíbrio e o preço de equilíbrio. Concluiu-se que o uso da Crotalaria juncea, como cobertura vegetal do solo, proporcionou os maiores valores de custo operacional total e lucro operacional e os melhores índices de lucratividade, e que o incremento nas doses de nitrogênio aumentou o custo operacional total, com tendência de aumento na produtividade e, consequentemente, no preço de equilíbrio.

Viabilidade econômica para produção de mel em propriedade familiar

Em 2009, o Brasil quebrou o seu recorde de exportação de mel, gerando receita superior a US$ 65 milhões. Entretanto, existe uma lacuna nos aspectos econômicos, para grande parte dos apicultores inseridos nesta cadeia. Desta forma, levantou-se o investimento necessário para a produção de mel, em uma propriedade familiar de Cajuru (SP), com estimativas de investimento e custos de produção baseados no Custo Operacional Total (COT) utilizado pelo Instituto de Economia Agrícola, obtendo-se R$ 97.093,00 como valor total do investimento. Para a análise econômica, avaliando-se a produção de mel originária de flor de laranjeira e silvestre, o custo operacional total foi de R$ 16.400,13, considerando-se que as despesas com insumos perfizeram 70% do Custo Operacional Efetivo (COE) e 26% do COT, obtendo-se índice de lucratividade de 46%. em relação ao ponto de nivelamento, o apicultor precisa produzir 4.659 kg de mel, ou vender ao preço mínimo de R$ 1,93/kg a produção obtida, para cobrir os custos. Constatou-se, com base no fluxo de caixa, TIR de 7,24% e que o investimento inicial retorna em 10 anos, mostrando resultados atrativos para este segmento agropecuário, considerando-se a racionalidade de uso dos fatores de produção, bem como um aumento progressivo na quantidade produzida.

Lucratividade do milho em razão das fontes, doses e épocas de aplicação de nitrogênio

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

Aspectos econômicos da adubação fosfatada para cultura do milho

Estudos econômicos da adubação fosfatada fazem-se necessários, em razão da sua participação expressiva no custo de produção da cultura do milho, especialmente em solos sob vegetação de cerrado e face à competitividade da atividade no mercado globalizado. Assim, objetivou-se avaliar alguns aspectos econômicos de modos de aplicação da adubação fosfatada a lanço e sulco simples comparados ao modo alternativo em sulco duplo, utilizando o híbrido de milho BR 3123. Os tratamentos foram constituídos pelos modos de aplicação em sulco duplo, sulco simples e a lanço nas doses: 0; 0,50; 0,75; 1,00; 1,25; 1,50 vez a dose recomendada para adubação de manutenção para o milho, ou seja, 90 kg de P2O5 ha-1. Para a análise, considerou-se o preço médio da década de 90 para a tonelada do milho e do superfosfato triplo em R$189,33 e R$494,32, respectivamente, e o custo operacional total de R$ 752,90 ha-1. O aumento das doses de adubo fosfatado, em geral, incrementou a produção, o valor da produção e a receita líquida por hectare; a aplicação do adubo fosfatado a lanço não se mostrou viável economicamente; o modo alternativo em sulco duplo permitiu maior receita líquida e uma relação benefício/custo 17,7% superior, em relação ao sulco simples.