Impact investing: portfolio company selection in Latin America

O documento analisa como investidores de impacto selecionar suas companhias de portfólio na América Latina e que critérios são avaliados no processo. Uma vez que praticamente ne-nhuma pesquisa sobre isso foi con conduzidos até à data, e desde que o modelo de processo de seleção aplicados em capital de risco não é dissemelhantes, foi adotado essa abordagem. Os resultados revelam que os investidores de impacto originar e avaliar negócios de uma for-ma semelhante a capitalistas de risco , mas que alguns critérios são ajustados e outros adicio-nados a fim de refletir o duplo objectivo de investimento de impacto. Os investidores de im-pacto podem originar ofertas passivamente, mas eles preferem procurar empreendimentos sociais de forma proativa: contatos pessoais, o acesso a redes e eventos do setor são cruciais neste contexto. Impacto Investidores considerando um investimento em pesquisa para a Amé-rica Latina inteira, empreendedores sociais honestos e confiáveis comprometidos com impacto social; empreendimentos sociais elegíveis devem ser rentáveis com potencial de escalabilidade; o produto deve ter um impacto social, ou seja, criar valor para o consumidor individual e para a comunidade em geral; tamanho do mercado e crescimento do mercado são fatores externos cruciais; e as características de negócio dependem de atitude de risco do investidor e as perspectivas de uma saída bem sucedida, tanto em termos financeiros e sociais. Os investi-dores de impacto também estão dispostos a dar apoio não financeiro antes de um investimen-to, se um empreendimento social, mostra alto potencial para atingir o seu objectivo dual.

Optimal provision of implicit and explicit incentives in asset management contracts

This paper investigates the importance of the fiow of funds as an implicit incetive provided by investors to portfolio managers in a two-period relationship. We show that the fiow of funds is a powerful incentive in an asset management contract. We build a binomial moral hazard model to explain the main trade-ofIs in the relationship between fiow, fees and performance. The main assumption is that efIort depend" on the combination of implicit and explicit incentives while the probability distrioutioll function of returns depends on efIort. In the case of full commitment, the investor's relevant trade-ofI is to give up expected return in the second period vis-à-vis to induce efIort in the first período The more concerned the investor is with today's payoff. the more willing he will be to give up expected return in the following periods. That is. in the second period, the investor penalizes observed low returns by withdrawing resources from non-performing portfolio managers. Besides, he pays performance fee when the observed excess return is positive. When commitment is not a plausible hypothesis, we consider that the investor also learns some symmetríc and imperfect information about the ability of the manager to generate positive excess returno In this case, observed returns reveal ability as well as efIort choices exerted by the portfolio manager. We show that implicit incentives can explain the fiow-performance relationship and, conversely, endogenous expected return determines incentives provision and define their optimal leveIs. We provide a numerical solution in Matlab that characterize these results.

Microcrédito emancipatório no nordeste do Brasil? : estudo de caso do Crediamigo Comunidade nos municípios de Caucaia-Ce e Maranguape-Ce

This piece of work consists in a study case of Crediamigo Comunidade, a product from the portfolio of Crediamigo Program of Banco do Nordeste, that uses the methodology of the Comunitary Banks in the concession of low amount loan to poor communities. The main question consists to understand how the Crediamigo Comunidade is characterized faced to the conflict of emancipatory versus liberal paradigms, that exists in the microcredit area. The main objective will analyze how the mechanisms: social capital, empowerment, formation to credit education and better conditions for economic and social issues promoted in the specific objectives of this product, before the dipute between these paradigms. The method adopted analyzed, in a longitudinal perspective, the three years of the product s existence (jun/2005 to jul 2008). Primary and secondary data made possible to identify qualitatively, emancipatory and non emancipatory attributes in the actions and results of Crediamigo Comunidade. It is concluded that the Crediamigo Comunidade works in a liberal logic of the Crediamigo Program, consequently, his focus is not in the emancipation of the poorest clients. The empowerment is individual and not communitary or Freiriano ; the social capital relations enlarges itself in its bounding and bridging ties, but not in its linkage ties, to have access to politic actors and consequently communitary strengthen. All the formation in the Crediamigo is strictly commercial. These characteristics happen by the liberal paradigm in the Crediamigo management and of all of its products, including the Crediamigo Comunidade

Análise pelo Supply Chain Management da cadeia produtiva da castanha de caju no Rio Grande do Norte

This work presents the cashew nuts chain in the State of Rio Grande do Norte between 1960 and 2009. The main purpose of this research was to find the reason of the low productivity of the cashew nut in this state, identifying in the cashew's chain production the struggling points which were limiting the commerce of this product through the distribution network. Therefore, the Supply Chain Management was used as a logistic analysis methodology, focusing on relationships management between the nodes of this chain, from the producer until the final customer. Many problems were found: first, the precarious production conditions of the small producer don't lead to reach the demanded productivity by the market. The distance, the lack of communication of the small producers among themselves and an archaic way of dealing with their businesses, may be an explanatory reason for this problem, considering that those factors are the main elements which contribute for the weakening of the small producer placed in the productive chain. Another spotted point was that the business-oriented relationship between the producer and the local trader does not allow the small producer's economical development, which interferes in any technological investment to reach a good quality production that fulfills the market demand. And also, the fact that there is a tendency of the final costumer to require lower prices day-byday, forcing a pressure on the nodes transferring to the other and successively until arriving at the producer who inevitably is suffering the biggest impacts from this mentioned pressure.

Quality management and competitiveness: the diffusion of the ISO 9000 standards in Latin America and recommendations for government strategies

Includes bibliography

Supply chain risk management: An exploratory research in Brazilian aerospace industry

This paper aimed to analyse supply chain risk factors in aerospace industry. It was conducted an exploratory research at an important Brazilian aerospace company. This company has a major role at the global aerospace industry. Senior managers assessed risk factors such as quality, productivity, supply chain, business strategy, organisation, environmental and natural political, indicators, product management, and information system. Analytic hierarchy process was applied to prioritise these factors. The most relevant were quality and productivity. Copyright © 2011 Inderscience Enterprises Ltd.

Operations strategy and supply chain management: A Brazilian case study

The objective of this study is to understand how an assembly company, that is considered a focal company in the chain of Brazilian white goods sector, can influence the supply chain management established with its first tier suppliers. This is an exploratory qualitative study in which the information was gathered through direct observations, documents' retention, and data from interviews held with management-level employees of the sales and product development areas of the focal company and of the production area of the suppliers' companies. This study indicates that the operations strategy of the focal company influences the supply chain management and that the common business processes shared by its suppliers are a way to verify the truth of such statement. The suppliers cooperate closely with the focal company when complementing their business processes and consequently supporting the company to pursue its operations strategy. A set of mechanisms to aid the comprehension of how the operations strategy can affect the business processes and therefore to achieve the result of this research were adopted. © EuroJournals Publishing, Inc. 2012.

Integration in new product development: Case study in a large Brazilian high-technology company

Proficiency in management activities undertaken in product development processes is regarded as a key competitive advantage for companies, particularly for high-tech industrial firms, which benefit from the important competitiveness factor of launching products with a differentiated technological content. This paper's objective was to identify, through case study, practices for integration between the roles of R & D with others involved in product development in a large Brazilian company of industrial automation. The results suggest some management practices to improve the integration in new products development, such as the use of employees from marketing with knowledge and experience previously gained from R & D activities and uses the heavyweight product manager to solve synchronization problems between product and technology development. © Universidad Alberto Hurtado, Facultad de Economía y Negocios.

Model of a game for improving integrated decisions in production management

This paper presents the results obtained with a business game whose model represents the decision making process related to two moments at an industrial company. The first refers to the project of the industrial plant, and the second to its management. The game model was conceived so the player's first decision would establish capacity and other parameters such as quantities of each product to produce, marketing expenses, research and development, quality, advertising, salaries, if purchases will be made in installments or in cash, if there will be credit sales and how many installments will be allowed and the number of workers in the assembly area. An experiment was conducted with employees of a Brazilian company. Data obtained indicate that the players have lack of contents, especially in finances. Although these results cannot be generalized, they confirm prior results with undergraduate and graduate students and they indicate the need for reinforcement in this undergraduate area. © 2012 Springer-Verlag.

Green supply chain management: Mapping the territory

The objective of this paper is to identify the main definitions, related practices and to point out future directions in green supply chain management (GSCM). After a literature review and systematisation of the published articles in this field, it was possible to identify: a) the main research objectives of analysed papers; b) the research methods adopted; c) the predominantly analysed industrial sectors; d) the GSCM practices considered by the researchers. Results are presented in each of these analytical perspectives. The main findings are: 1) there are various classifications, nomenclatures and types of GSCM practices, but the most commonly used by studies in GSCM are cleaner production, product design, reverse logistic and green purchasing; 2) from the highlighted definitions, the tonic is to adapt operating activities and incorporate the supply chain management philosophy (integration/ collaboration) to environmental concerns (impact reduction) in relations between links in the chain. These results can be useful for those interested in environmental management as well as supply chain management, considering the growing interest in GSCM. We also propose a research agenda on this subject. This is one of the most recent literature review and systematisation on green supply chain management. © 2013 Inderscience Enterprises Ltd.

Influence of Agroforestry and Traditional Management of Maize (Zea mays L.) on Soil Fertility

The aim of the work was to evaluate soil nutrient concentration at 0-5, 5-10, and 10-20 cm in maize (Zea mays L.) grown in sequence with black oats (Avena strigosa Schreb.) under Leucaena diversifolia alley cropping agroforestry system (AFS) and traditional management system/sole crop (without trees-TS), following a randomized block design. The experiment was carried out at the Brazilian Association of Biodynamic Agriculture, in Botucatu, São Paulo, Brazil. The treatments were: control (C), chemical fertilizer (F), biomass of L. diversifolia alley cropping (B), and biomass of L. diversifolia alley cropping + chemical fertilizer (B+F). After 2 yr, it was observed that pH, organic matter, and nutrient content had a tendency to show higher values in the treatments biomass+fertilizer, biomass, and fertilizer application, in both systems. Higher values in pH, organic matter, phosphorus, potassium, calcium, magnesium, sum of bases, cation exchange capacity, percentage base saturation, boron, copper, and manganese tended to occur in the agroforestry system. © 2013 Copyright Taylor and Francis Group, LLC.

Can overharvesting of a non-timber-forest-product change the regeneration dynamics of a tropical rainforest? The case study of Euterpe edulis

The exploitation of non-timber forest products is often considered a low-impact activity in tropical forests. However, assessments of the impacts of such activity are mostly focused on the harvested species and not on the plant community, thus limiting our understanding for establishing forest management recommendations. We investigated the consequences of Euterpe edulis palm heart harvesting on the seed rain in the Brazilian Atlantic rainforest. We compared the density of E. edulis individuals, as well as the density of E. edulis seeds, and the density, richness and functional composition of seed rain of the whole plant community, before and after palm heart harvesting in a 10 ha permanent plot. This assessment was carried out in preserved (typical old-growth Atlantic rainforest) and in disturbed (more open habitat dominated by the native bamboo Guadua tagoara) forest patches. Palm harvesting reduced the E. edulis population from 202.16 to 25.67 ind/ha and its seed rain density from 0.362 to 0.3 seeds/m2 and from 2.395 to 0.15 seeds/m2 in preserved and disturbed forest patches, respectively. Seed density of light-dependent climbers, pioneer trees, bamboo and animal-dispersed seeds increased after palm harvesting, especially in the disturbed forest patches, where palm harvesting was more intense and may have changed the light regime of the understory. On the other hand, species richness of the plant community declined by half. We observed a remarkable decline in the number of animal-dispersed species, especially for those with large seeds, suggesting that the activity of seed dispersers, including many species attracted by E. edulis fruits, was reduced. Therefore, harvesting of E. edulis palm heart may change the regeneration dynamics of the Atlantic rainforest, both due to shifts in forest structure, mediated by the removal of individuals from the forest canopy, and in community functioning, mediated by the interference on the activity of seed dispersers. © 2013 Elsevier B.V. All rights reserved.

Modelo enxuto de gerenciamento multiprojetos baseado na corrente crítica

Pós-graduação em Engenharia Mecânica - FEG

CONTRIBUTIONS OF OPERATIONS MANAGEMENT TO THE COMPETITIVENESS OF THE BRAZILIAN ELECTRONICS SECTOR

The objective of this paper is to identify and analyze various aspects of the internal and external operations management of Brazil's electronics sector and to consider the opportunities for and the threats to increasing the competitiveness of its participation in the global supply chain. To address this shortage in the literature, a survey of Brazilian Electric and Electronic Industry Association (ABINEE) companies was conducted. The collected data were complemented with secondary data to establish an overall view of the electronics sector in Brazil. The results suggest that electronics product assembly companies have the opportunity to invest more in information technology to expand process integration, plan and develop products, integrate customers, and maintain rather than expand their supply chain practices. The alignment between internal and external operations management becomes important in this context. The originality of this paper lies in its clarification of operations management in an economically important sector and the insight it provides to academics, practitioners and policy makers involved in the domestic and international electronics sector.

Use of organic acids and competitive exclusion product as an alternative to antibiotic as a growth promoter in the raising of commercial turkeys

Processo FAPESP: 10/20655-3