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

O capital fictício e crise econômica : visões para um novo paradigma

Este artigo tem o propósito inicial de conceituar o que é capital fictício e questionar seu papel na narrativa econômica ortodoxa. Outro objetivo é demonstrar os efeitos prejudiciais deste capital no Brasil. O capital fictício é toda rentabilidade proveniente da valoração derivada e artificial de um capital aplicado, já sem atuação na produção. Sua presença massiva sinaliza uma contradição interna no capitalismo atual, ainda que o pensamento convencional continue a se basear na crença de que crises econômicas são decorrentes de eventos exógenos e inesperados. A crise provém não de eventos aleatórios ou ao acaso, mas da dissociação entre circulação e produção, o que possibilita seu surgimento. Deste modo, a primeira parte deste artigo analisa a teoria do valor e do capital fictício como expressa por Marx e a heterodoxia; a segunda parte busca elucidar suas principais implicações para o caso brasileiro, e questiona a fé irrevogável que a ortodoxia tem na narrativa de crises supostamente surgidas de modelos de equilíbrio. _________________________________________________________________________________ ABSTRACT

O impacto do capital humano na criação de valor no negócio : análise nas empresas de actividades financeiras

A economia tem sofrido alterações no que concerne ao valor dos mercados/empresas, o qual começou por ser medido através de factores como a força do homem no trabalho da terra e o capital. Contudo, hoje em dia, o valor das empresas está associado a novos factores, como o conhecimento. Face às mudanças dos mercados, as empresas estão a adaptar novos modelos de gestão que consistem numa filosofia de melhoramentos contínuos através da aquisição de novos conhecimentos e envolvimento dos seus funcionários, tornando as empresas mais competitivas. O presente estudo pretende compreender como as organizações utilizam o capital intelectual, especificamente o capital humano, como ferramenta de desempenho organizacional. Do estudo conclui-se que as empresas estão cada vez mais empenhadas em transformar o conhecimento em factor competitivo, isto é, estão a adaptar-se às mudanças impostas pelos mercados. /ABSTRACT: Economy has been suffering changes concerning markets and companies value. This value started by being measured through factors like labor and capital. However, nowadays companies’ value is linked to new factors, such as knowledge. Due to changes in the markets, companies are adopting new management models, seeking for a continuous improvement philosophy through the acquisition of know-how and their employee engagement, thus becoming more competitive. This work intends to understand how organizations use the intellectual capital, specifically the human capital, as a tool of organizational performance. We may conclude that companies are more and more engaged in transforming the knowledge in a competitive advantage, that is, they are adapting themselves to the changes imposed by markets.

ECONOMIC ANALYSIS of AMAZON RIVER PRAWN FARMING TO THE MARKETS FOR LIVE BAIT and JUVENILES IN PANTANAL, BRAZIL

The implementation of a hypothetical aquaculture facility with hatchery, nursery and grow-out earthen ponds for raising the Amazon River Prawn Macrobrachium amazonicum in the Pantanal was considered. Eight larviculture cycles per year were projected: four to produce post-larvae for stocking in grow-out bait ponds, and four to stock nursery tanks to sell juveniles as seed to grow-out farms, which produce prawns for human consumption. Annual production would be 146,880 dozen bait prawns and 2,938 thousand juveniles. The assumed sale prices were US$ 1.38 per dozen baits and US$ 15.39 per thousand juveniles. The net present value was US$ 555,890.79, internal rate of return was 48% per year, payback period was 2.4 years and benefit-cost ratio was 3.90. The breakeven price to cover total costs per dozen baits was US$ 0.70 and per thousand juveniles was US$ 17.00, indicating that the selling price assumed for juveniles in base scenario is not realistic. Net return was US$ 84,773.80. The results indicate that this activity would be a lucrative and attractive investment in the Pantanal.

Ciclos económicos, capital bancario y nuevas opciones de política económica

El objetivo de este trabajo es utilizar algunos hechos estilizados de la "Gran recesión", específicamente la drástica caída en el nivel de capitalización bancario, para analizar la relación entre los ciclos financieros y los ciclos reales, así como la efectividad de la política monetaria no convencional y las políticas macroprudenciales. Para esto, en el primer capítulo se desarrolla una microfundamentación de la banca a partir de un modelo de Costly State Verification, que es incluido posteriomente en distintas especificaciones de modelos DSGE. Los resultados muestran que: (i) los ciclos financieros y los ciclos económicos pueden relacionarse a partir del deterioro del capital bancario; (ii) Las políticas macroprudenciales y no convencionales son efectivas para moderar los ciclos económicos, pero son costosas en términos de recursos e inflación.

Detalgraf S.A.: Plan Estratégico Empresarial

DETALGRAF S.A., es una empresa colombiana con Capital Nacional, fundada en febrero de 1993. A través del tiempo la empresa se ha venido transformando y sus líneas comerciales se han ampliado significativamente, pasando de ofrecer a sus clientes insumos para la industria gráfica a productos de aseo, papelería, químicos, cafetería, medicamentos y seguridad industrial. Actualmente, se posiciona como una de las mejores empresas comercializadoras en el sector institucional. Este proyecto busca desarrollar un plan estratégico para la empresa Detalgraf S.A., para los próximos cinco años, basándose en la elaboración de estrategias claves, producto de un análisis previo de los problemas que afectan la empresa y su desarrollo; esperando como resultado la solución a diferentes falencias en los departamentos de logística, comercial y finanzas. Teniendo en cuenta lo anteriormente mencionado, se presenta este proyecto como una alternativa de mejora fundamentada en una pregunta investigativa principal la cuales es ¿Cómo garantizar el crecimiento y la sostenibilidad de la empresa Detalgraf S.A., por medio de un plan estratégico que ayude a lograr la perdurabilidad de la compañía? Con el fin de dar respuesta a ésta, se desprenden otros interrogantes igual de importantes como: ¿Es posible por medio de un plan estratégico mejorar el proceso de cobro y seguimiento de cartera?, con base a estas mejoras, ¿Se logrará tener la capacidad de identificar los principales problemas internos y externos que afectan a la empresa y a su entorno? Y finalmente, ¿Se pueden incrementar las ventas penetrando nuevos mercados? El desarrollo de estas preguntas permitirá buscar una mejora en la comunicación interna dentro de la empresa, con el fin de obtener una mayor coordinación en el uso de los recursos y el funcionamiento de la organización para garantizar la creación de valor, un factor clave para la empresa.

La confianza en las decisiones de presupuesto de capital: la TIR del comportamiento

En el presente artículo se desarrolla una investigación teórica que permite establecer un modelo matemático para cuantificar la influencia de la confianza de los gerentes en el proceso de presupuesto de capital, en particular sobre la Tasa Interna de Retorno. El Modelo permite concluir que el exceso de confianza es un factor que tiende a elevar esta tasa que esperan recibir los inversionistas tras invertir en determinados proyectos, generando así, en ciertas ocasiones, una toma de decisiones al interior de las empresas basada en cifras sesgadas, comprometiendo así los recursos de la misma.

Capital intelectual do novo modelo de gestão governamental de Alagoas : excelência no atendimento ao cidadão

O escopo deste é descrever o Capital Intelectual para enfocar suas formas como base para se alcançar a Excelência no Atendimento ao Cliente na Gestão Pública. Desta forma, o atendimento por ser um veiculo para qualificar as atividades públicas, ficou sustentado pela literatura existente e pela pesquisa de campo. Assim, relata-se a Gestão Pública, porém, ressaltando-se o foco no cliente interno e externo, com a determinação no servidor público e o usuário, para que a qualidade e a padronização alcancem as atividades desenvolvidas nos órgãos públicos estaduais, mas a essência desta pesquisa é justamente ter como resultado final a excelência no atendimento público, portanto, a pesquisa de campo foi realizada no "JA - Atendimento ao Cidadão", órgão do Governo Estadual, que, em um mesmo ambiente, congrega a prestação de serviços de diversos órgãos das esferas: federal, estadual e municipal, logo se classifica esta pesquisa de natureza aplicada, quantitativa, descritiva, explicativa e conclusiva, e adota-se a modalidade de pesquisa com procedimentos formais e com método monográfico. Espera-se que novos estudantes na área de Administração utilizem este estudo como uma referencia para novos estudos do Capital Intelectual e a Gestão Pública, especificamente, no atendimento ao Cliente. ABSTRACT: The target of this is to describe the Intellectual Capital to focus its forms as base to reach the Excellency in the Attendance to the Customer in the Public administration. ln such a way, the attendance for being one I propagate to characterize the public activities, was supported for existing literature and the research of field. Thus, Public administration is told to it, however, standing out the focus in the internal and externa! customer, with the determination in the public server and the user, so that the quality and the standardization reach the activities developed in the state public agencies, but the essence of this research is exactly to have as resulted final the Excellency in the public attendance, therefore, the field research was carried through in the "JA - Attendance to the Citizen", agency of the State Government, that, in exactly surrounding one, congregates the rendering of services of diverse agencies of the spheres: federal, state and municipal, then this research of applied, quantitative, descriptive, explicative and conclusive nature is classified, and is adopted it modality of research with formal procedures and monographic method. One expects that new students in the area of Administration use this study as reference for new studies of the Intellectual Capital and the Public administration, specifically, in the attendance to the Customer.

El traslado de la capital del Reino de Guatemala (1773-1779). Conflicto de poder y juegos sociales

ResumenSegún los propios términos de los Ministros de la Real Audiencia, la decisión de reconstruir, en un lugar diferente, una nueva capital en la Capitanía General de Guatemala, tras los terremotos de 1773 provocó uno de los mayores asuntos que habrán ocurrido en las Audiencias de América. En este trabajo invitamos al lector a una nueva lectura del acontecimiento tomando en cuenta la complejidad de las apuestas financieras, la personalidad y la psicología de los actores sociales, los conflictos internos a las corporaciones municipales y eclesiásticas la influencia de las redes de poder que irrigaban la sociedad colonial. Una nueva luz en un conflicto del Antiguo Régimen que revela en toda su magnitud las trampas en que suelen caer los hombres de poder y con poca conciencia y de las consecuencias sociales de sus decisiones.AbstractIn their own words, the ministers of the Real Audiencia described the decision to rebuild, in a different location, a new capital for the Captaincy-General of Guatemala, after 1773 earthquakes destroyed the city as one of the greatest events that have occurred in the American Audiencias... In this work, we invite a new reading of this event, taking into account the complexity of the financial stakes, the personality, and psychology of the social actors, the internal conflicts of municipal and ecclesiastic corporations, and the influence of networks of power that reached throughout colonial society. A new light cast over an ancient regime conflict that reveals in all its magnitude the traps that men of power tend to fall into and the limited awareness they have of the social consequences of their decisions.

Modelling, control and testing of internal combustion engines to minimize consumption and pollutant emissions

The objective of the PhD thesis was to research technologies and strategies to reduce fuel consumption and pollutants emission produced by internal combustion engines. In order to meet this objective my activity was focused on the research of advanced controls based on cylinder pressure feedback. These types of control strategies were studied because they present promising results in terms of engine efficiency enhancement. In the PhD dissertation two study cases are presented. The first case is relative to a control strategy to be used at the test bench for the optimisation of the spark advance calibration of motorcycle Engine. The second case is relative to a control strategy to be used directly on board of mining engines with the objective or reducing the engine consumption and correct ageing effects. In both cases the strategies proved to be effective but their implementation required the use of specific toolchains for the measure of the cylinder pressure feedback that for a matter of cost makes feasible the strategy use only for applications: • At test bench • In small-markets like large off-road engines The major bottleneck that prevents the implementation of these strategies on mass production is the cost of cylinder pressure sensor. In order to tackle this issue, during the PhD research, the development of a low-cost sensor for the estimation of cylinder pressure was studied. The prototype was a piezo-electric washer designed to replace the standard spark-plug washer or high-pressure fuel injectors gasket. From the data analysis emerged the possibility to use the piezo-electric prototype signal to evaluate with accuracy several combustion metrics compatible for the implementation of advanced control strategies in on-board applications. Overall, the research shows that advanced combustion controls are feasible and beneficial, not only at the test bench or on stationary engines, but also in mass-produced engines.

Comparison Of Postoperative Stability Of Three Rigid Internal Fixation Techniques After Sagittal Split Ramus Osteotomy For Mandibular Advancement.

The aim of this investigation was to compare the skeletal stability of three different rigid fixation methods after mandibular advancement. Fifty-five class II malocclusion patients treated with the use of bilateral sagittal split ramus osteotomy and mandibular advancement were selected for this retrospective study. Group 1 (n = 17) had miniplates with monocortical screws, Group 2 (n = 16) had bicortical screws and Group 3 (n = 22) had the osteotomy fixed by means of the hybrid technique. Cephalograms were taken preoperatively, 1 week within the postoperative care period, and 6 months after the orthognathic surgery. Linear and angular changes of the cephalometric landmarks of the chin region were measured at each period, and the changes at each cephalometric landmark were determined for the time gaps. Postoperative changes in the mandibular shape were analyzed to determine the stability of fixation methods. There was minimum difference in the relapse of the mandibular advancement among the three groups. Statistical analysis showed no significant difference in postoperative stability. However, a positive correlation between the amount of advancement and the amount of postoperative relapse was demonstrated by the linear multiple regression test (p < 0.05). It can be concluded that all techniques can be used to obtain stable postoperative results in mandibular advancement after 6 months.

Preference Mapping Of Dulce De Leche Commercialized In Brazilian Markets.

Dulce de leche samples available in the Brazilian market were submitted to sensory profiling by quantitative descriptive analysis and acceptance test, as well sensory evaluation using the just-about-right scale and purchase intent. External preference mapping and the ideal sensory characteristics of dulce de leche were determined. The results were also evaluated by principal component analysis, hierarchical cluster analysis, partial least squares regression, artificial neural networks, and logistic regression. Overall, significant product acceptance was related to intermediate scores of the sensory attributes in the descriptive test, and this trend was observed even after consumer segmentation. The results obtained by sensometric techniques showed that optimizing an ideal dulce de leche from the sensory standpoint is a multidimensional process, with necessary adjustments on the appearance, aroma, taste, and texture attributes of the product for better consumer acceptance and purchase. The optimum dulce de leche was characterized by high scores for the attributes sweet taste, caramel taste, brightness, color, and caramel aroma in accordance with the preference mapping findings. In industrial terms, this means changing the parameters used in the thermal treatment and quantitative changes in the ingredients used in formulations.

Development Plates For Stable Internal Fixation: Study Of Mechanical Resistance In Simulated Fractures Of The Mandibular Condyle.

To develop Y-shaped plates with different thicknesses to be used in simulated fractures of the mandibular condyle. Ten plates were developed in Y shape, containing eight holes, and 30 synthetic polyurethane mandible replicas were developed for the study. The load test was performed on an Instron Model 4411 universal testing machine, applying load in the mediolateral and anterior-posterior positions on the head of the condyle. Two-way ANOVA with Tukey testing with a 5% significance level was used. It was observed that when the load was applied in the medial-lateral plate of greater thickness (1.5 mm), it gave the highest strength, while in the anteroposterior direction, the plate with the highest resistance was of the lesser thickness (0.6 mm). A plate with a thickness of 1.5 mm was the one with the highest average value for all displacements. In the anteroposterior direction, the highest values of resistance were seen in the displacement of 15 mm. After comparing the values of the biomechanical testing found in the scientific literature, it is suggested that the use of Y plates are suitable for use in subcondylar fractures within the limitations of the study.

O esporte paraolímpico no Brasil : abordagem da sociologia do esporte de Pierre Bourdieu

Universidade Estadual de Campinas . Faculdade de Educação Física