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

Avaliação dos teores de metais pesados no solo e na planta de cana-de-açúcar sob adubação com lodo de esgoto e vinhaça

The objective of this work was to evaluate Cd, Cr, Ni and Pb total contents in soil and sugar cane after four annual applications of sewage sludge and vinasse to supply all N and all K required by the crop. A field experiment was carried out on clayey Typic Haplustox. It was used a randomized block design with seven treatments and three replications. The treatments consisted in: (i) rate of sewage sludge to supply 100% of the N required by the crop; (ii) rate of sewage sludge to supply 200% of the N required; (iii) rate of vinasse to supply 100% of the K required; (iv) rate of vinasse to supply 200% of the K required; ( v) combination of the treatments ( i) and ( iii); ( vi) combination of the treatments ( ii) e ( iv); (vii) control ( mineral fertilization). The contents of Cd, Cr, Ni and Pb in sewage sludge reached maximum values of 1.58, 41.66, 35.17 and 45.25 mg kg(-1), respectively. These metals were not detected in vinasse. The residues were applied annually for four years. At the end of this period, sewage sludge and vinasse accumulated rates, that get up to 51 t ha(-1) and 762 m(3) ha(-1), respectively, did not cause alteration in Cd, Cr, Ni and Pb total contents in soil, up to 50 cm of depth, and in plant. Sewage sludge and vinasse application to supply N and K for sugar cane did not offer soil pollution risk by heavy metals.

Novas fronteiras petrolíferas no Brasil : uma análise da necessidade de nova regulamentação da área do pré-sal sob a ótica constitucional

The Oil industry in Brazil has gone through several stages during the economical, political and social historical process. However, the significative changes have happened in the last fifteen years, due to market opening arising from the relaxation of the state monopoly over the Oil deposits and its derivatives. The edition of the Constitutional Amendment #9, changing the first paragraph of the 177th item of the Federal Constitution, marked the end of a stiffness about the monopoly that the Brazilian state kept in relation to the exploration and research of Oil and Gas. The economical order was fundamental to actualize the idea contained in the #9 Amendment, since its contents has the power to set up measures to be adopted by public power in order to organize the economical relations from a social viewpoint. The new brazilian Oil scenery, called pre-salt, presents itself in a way to amaze the economical markets, in addition to creating a new perspective to the social sector. This work will identify, in this new scenario, the need for change in the legal system. Nevertheless, this subject must not be treated in a thoughtless way: being an exhaustible good, we shall not forget that the future generations also must benefit from the exploration of natural resources recently discovered. The settlement of a new regulatory mark, including the change in the concession contract model to production and sharing is one of the suggested solutions as a bill in the National Congress, in an attempt to ensure the sovereignty of the nation. The constitutionality of a new regulatory mark is questioned, starting from an analysis of the state monopoly, grounding the comprehnsions in the brazilian constitutions, the relevance of the creation of Petrobras for self-assertion of the state about the monopoly of Oil and derivatives, and its posture after the Constitutional Amendment nº 9 (1995), when a company stops having control of the state monopoly, beginning to compete in a fairly way with other companies. The market opening and private initiative are emphasized from the viewpoint of the Constitutional Principles of the Economical and Social Order. The relaxation of the monopoly regarding the exploratory activity in the Federal Constitution doesn't deprive from the Union the ownerships of underground goods, enabling to this federal entity to contract, directly or by concession of exploration of goods, to state-owned or private companies. The existing oil in the pre-salt layer transforms the scenario from very high risk to low risk, which gives the Union the possibility of defining another way of exploring this resources in the best interests of the Public Administration

Apelação no código de processo civil: uma análise sob o prisma do princípio da efetividade

The present dissertation, elaborated is based on the deductive method, through the use of the General Theory of Resources concepts, by the main types of judgments existing in the Code of Civil Procedure, the interlocutory judgment and sentence, as well as the features and effects that challenge these decisions, we sought to identify on this theme one of the greatest evils facing the justice system in the world, which is the processing delays. This slowness in adjudication affects seriously the principle of effectiveness, one of the postulates of procedural law and society as a whole. Thus, the use of tort serves to fight the interlocutory decision and appeal which challenges the judge`s ruling. It is a resource for excellence in appellate system as it meets with the most awaited decision of the process. In weighing the importance of the appeal that seeks to oppose the court decision today by the numerous reforms that the procedural system has been through, it has ended up to transform the process ineffective or inconsistent, for it is much easier to have efficacy in a interlocutory decision for preliminary injunction than by judgment on the merits of the judge. This is due to the prevision of the resources and their effect to those decisions. That is, the interlocutory decision involves interlocutory appeal only in the devolved effect, allowing its provisional execution, and the sentence has as recourse to appeal the double effect, remanding and suspension, which necessarily prevents its provisional execution. But it undeniably shows a paradox, because as to give effect to a measure that is based on a mere probability by a summary cognition, partial and superficial, and stop it on a decision by a court that is closer to the truth and sure, for a full and depleting cognition? It is seriously affect the principle of effectiveness. Therefore, starting from this ineffectiveness, sought to defend the solution of this problem with the approval of the bill n. º 3.605/2004 or the new Code of Civil Procedure project that modifies the general rule the effects of appeal. That is, remanding and suspensive, as to merely remanding effect to and thereby enable the provisional execution of the judgment of the court of the first degree of jurisdiction, giving effectiveness and enhancing the decision of the magistrate, making a fair distribution of time in the process and better guaranteed principle of access to justice

Alteração da qualidade do solo em zona ripária sob diferentes usos: potencial de poluição para um manancial tropical

The demographic growth press environments that are more susceptible to perturbations, like riparian areas, without knowing about the effects of replacing these natural environments by different land uses on soil quality and, consequently, on watershed. The study of soil quality has evolved as an important tool for soil sustainable management of this component of the biosphere that affects aquatic and terrestrial ecosystems functions. Thus, physical and chemical soil proprieties were measured to assess soil quality under different land uses (agricultural, pasture, urban, industrial and natural vegetation,) in the riparian zone of Extremoz Lake, an important human water source, evaluating whether the soil offers potential risk to water pollution. Data were subjected to descriptive statistics and Principal Component Analysis (PCA). The results showed negative changes in soil quality such as alkalinization and increase in P, Pb, Mn and Zn contents in most anthropized areas. The sandy texture and low organic matter content in all soils showed the fragility of the soil to erosion and leaching of elements in excess to water bodies, evidencing that this soils has potential to diffuse contaminants. Conservative management of soil is necessary to provide an adequate ecological state in riparian zones of the Extremoz Lake, thus allowing controlling and buffering diffuse sources of pollution to this important water supply source

Consumo familiar: efeitos da valorização do salário mínimo nas decisões de gasto das famílias brasileiras, nordestinas e potiguares, no período de 1995 a 2011

This research objectify to analyze the effects of minimum wage recovery in the household consumption in the Brazil, northeastern region of the Brazil and the state of the Rio Grande do Norte, in the period of 1995 to 2011. This is because the search for the strengthening of the internal market, via incentive policies to private demand has assumed prominence in the Government agenda. Thus, under the justification of the fierce debate about the effectiveness of countercyclical policies of Brazil, in view of the recent economic crisis, aims to: 1) retake the theoretical debate and, to a certain extent, the evolution of the theory of household consumption, as well as some conclusions about their connection with the minimum wage; 2) to describe the experiences and the effects of this legislation in economic history, with emphasis on the Brazilian case; 3) to present some of the available statistics to research bases, with attention to the specifics of each and the empirical results found for consumption in Brazil; 4) to estimate the effects of minimum wage variation in household consumption in Brazil (BR), northeast (NE) and Rio Grande do Norte (RN). From this, in order to quantify this relationship, makes inferences from the effects of the wage bill and the minimum wage on consumption, in quarterly series (with ad hoc adjustment from the "weights" of each quarter), from classic model of multiple linear regression. The hypothesis is that released: increments in income, derived from the policy of minimum wage recovery will influence directly the household consumption. However, when comparing the results between the units analyzed, the expressiveness of the northeastern families of Brazil and Rio Grande do Norte families front national dynamics with income linked to this floor, drives most significant impacts spending decisions in NE and RN, thus reducing regional disparities in the consumer. The results indicate contrary evidence, because while for the BR a unitary variation in minimum wage increases the consumption in units monetary 1.28, to the NE and RN these parameters are respectively 1.05 and 1.09

A ação do coordenador pedagógico e as suas contribuições a vivência compreensiva sob a perspectiva conscienciológica

This work is based on a reflection about my personal and professional background as a teacher and a pedagogical supervisor in two public schools in the municipality of Natal, RN, and how relevant this background is to the development of a proposal of continued formation within the scope of the school, in which a diversity of actionreflection strategies are present. In such contexts, I have identified several of my personality traits as being likely advantages or disadvantages that may contribute or not to the coming up of misunderstanding situations. The self-research experience and the identification of new dimensions of self-evaluation, self-observation and attention serve as a basis to think about the importance of experiencing the understanding within the ambit of the school. The reflections about my actions and those of the teachers bring up the hypothesis that the misunderstandings in the teaching-learning process and in the affective relations are the result of a fragmented, naive and egotistic way of thinking. Thus, they don t contribute to an experience of mutual understanding. That is why there must be an investment on new strategies of self-research and dialogue within the scope of pedagogical meetings that may come to help all educators with the analysis, identification and solving of their own problems as well as the other s. Under this perspective, the question that guides this study assumes the presupposition that the educator can invest in a qualified and meaningful pedagogical formation, either one s own and others , if one has a critical-reflexive overview about oneself and the school s pedagogical process. This research aims to explore, discuss and encourage new reflections about the act of researching in the pedagogical supervisor s role, questioning about the possibility of this action to generate contributions to the process of one s own and other s pedagogical formation within the scope of the school, in a conscientiological perspective, in which the manifestation of the thosenes of the educators are valorized. We approach Paulo Freire (1921-1997), as we see the dialogue as very important to the development of this research work, as well as an encouragement to the consciential dialogue. The empirical research took place from June 4, 2004 to November 11, 2004, with 8 pedagogical meetings and with the participation of 2 pedagogical supervisors and 8 teachers. The application of this new methodology within the scope of pedagogical meetings brought considerable contributions to the interpretation of the elements of the educators thosenes, classified according to the following: uncritical, naïve and critical thoughts; sentiments of assistential or non-assistential affectivity; and actions that may or not make the experience of mutual understanding possible. The action of the pedagogical supervisor and one s contributions to the understanding brought up reflections about new ways of investing in the process of continued formation within the scope of the school

Efeitos de um programa de intervenção precoce baseado no modelo mais que palavras - HANEN, para crianças menores de três anos com risco de autismo

In the last decades, studies on early intervention involving children with autism have suggested that there is no single intervention model capable of addressing the needs of all individuals in the spectrum. The role of parents as active intervention agents is, however, highly recommended. The More Than Words-HANEN Program has been specifically created for parents of children, under five years of age, who are in the autism spectrum. This intervention aims at improving the social competence and language comprehension of the child, as well as their parents empowerment. Until now only three studies have been performed in order to evaluate the effectiveness of the HMTW program. The purpose of this investigation is to evaluate the effects of an early intervention program inspired on HMTW model on the level of caregiver responsiveness and child communication skills. The present study adds to the existing research literature on family-centered early intervention that uses a developmental paradigm. A two year boy in risk for autism, his mother and nanny took part in this investigation, which was carried out in the child´s home in Mossoró, Rio Grande do Norte. The caretakers were given one fifty-two hours of training, divided into thirteen weekly meetings. A quasi-experimental A-B-C design (baselineintervention- follow-up) showed improvement in the caretakers level of responsiveness and meaningful social-communicative gains in the child´s response

Variabilidade espacial de fatores de erosão em Latossolo Vermelho eutroférrico sob cultivo de cana-de-açúcar

Visando a avaliar a variabilidade espacial de fatores de erosão em Latossolo Vermelho eutroférrico, foram obtidas amostras do solo em intervalos regulares de 50 m, em forma de grid, totalizando 206 pontos de amostragem. Foram coletadas amostras nas profundidades de 0,0-0,2 m para a determinação da composição granulométrica e do conteúdo de matéria orgânica. Os fatores de erosão locais, como erosividade (R), erodibilidade (K), relevo (LS), perda de solo (A), potencial natural de erosão (PNE), risco de erosão (RE) e expectativa de erosão (EE), foram avaliados. A variabilidade do solo medida pelo coeficiente de variação registrou-se média para K, alta para o RE e EE e muito alta para A, LS e PNE. As variáveis estudadas apresentaram estrutura de dependência espacial com grau moderado para as variáveis K, A, PNE e RE, e forte para o LS e EE. Mapas obtidos por krigagem foram apresentados para descrição dos padrões de distribuição dos fatores de erosão na paisagem.

Avaliação do desenvolvimento sustentável na bacia hidrográfica do Rio Seridó em face das políticas públicas e da gestão dos recursos hídricos

The reality of water resources management in semiarid regions, such as the Seridó region, has been shaped by a complex chain involving social-cultural, political, economic and environmental aspects, covering different spheres of activity - from local to federal. Because water is a scarce element, the most rational way pointed out by our recent history has been to move towards an increasing emphasis on the need for a truly rational, integrated, sustainable and participatory water resources management, supported by legislation and by a network of institutions that could materialize it. In this sense, despite all the advances in the formulation of public policies in water resources, which ones have indeed lead to significant changes that have occurred or are underway in semiarid regions such as Seridó? What factors may be preventing the realization of the desires rationality embedded in the framers of water policies intents? How to properly manage water resources if the current actors who promote their management and the political, human, cultural and institutional processes that intervene in this management, show strong traces of unsustainability? The research methodology adopted in this paper led to a breakdown of the traditional approach to water resource management, to integrate it into other areas of knowledge, especially to political science and public administration, catalyzed by the concept of "sustainable development". From a broad, interdisciplinary literature review, an exhaustive characterization of the river basin Seridó, a set of interviews with key people in the public administration acting in the region, a series of diagnoses and a set of propositions were made in order to correct the direction of current public policies for the region. From the point of view of public policies, it is in the deployment phase, not in its formulation, which lies a major problem of the lack of significant progress in water management. The lack of coordination between government programs are well characterized, as well as the lack of efficiency and effectiveness of their actions. The causes of this secular model are also discussed, including political factors and social relations of production, which led to a stalemate difficult, but of possible solution. It can be perceived there is a scenario of progressive deterioration of natural resources of the fragile ecosystem and a network of environmental and social consequences difficult to reverse, the result of a persistent and inertial sociopolitical culture, whose main factors reinforce itself. The work leads towards a characterization of the water resources management also from the perspective of environmental, institutional, political and human sustainability , the latter being identified, particularly as investment in the development of people as autonomous beings - not based in ideological directives of any kind - in the emancipation of the traditional figure of the poor man of the hinterland" to the "catalyst for change" responsible for their own decisions or omissions, based upon an education for free-thinking that brings each one as co-responsible epicenter of (self-) sustainable changes in their midst

A intervenção do poder judiciário no acesso a medicamentos no Rio Grande do Norte: uma análise sob a ótica das políticas nacionais de medicamento e de assistência farmacêutica

The present study aimed to evaluate the inclusion of the principles of the National Medicines Policy - PNM and the Pharmaceutical assistance - PNAF in the prosecution of lawsuits involving medicines. To fulfill this necessity , data collection was performed on the website by the Tribunal Rio Grande do Norte - TJ RN ( Rio Grande do Norte Court) , in 2012 . It was obtained 115 judgments, which were analyzed in order to generate Monitoring Indicators from lawsuits and conduct content analysis proposed by Bardin (2006). The results showed that : a) 100 % of the decisions were favorable to the author , b) 76 % of decisions were requests by the trade name of the drug , c) only one drug (eculizumabe) had not granted by ANVISA , d) 36 % of drugs were present in the list of standard medicines in SUS , 16 % of primary care block and 20 % of specialized component , e) 76 % of the decisions presented the request of at least 01 non-standard medicine. With regard to decentralization of PNM and PNAF we observed a commitment to this principle at judicial decisions, to see that municipalities and states are often forced to buy medicines of responsibility from another federal entity or other tertiary units as CACONs and UNACONS. The content analysis revealed that the argument from the judges used when you utter their decisions was that the right to health is recognized by Brazilian law as a fundamental right and should be guaranteed by the State for all its citizens. So, health is more than budgetary constraints of federal entities, which are severally liable for lawsuits , regardless the medication requested belongs or not to a particular block of a pharmaceutical assistance funding. Given these data, it is observed that there are gaps in the judgment when it comes to the insertion of the words and principles of PNM and PNAF, creating then the need for greater dialogue between the executive and judicial, so that they may consider relevant the effectiveness and application of such principles to minimize the negative consequences of the phenomenon of health judicialisation. Keywords: Judicialisation, Medicines, Public Policy, Pharmaceutical Care

A percepção da fiscalização dos contratos de mão de obra terceirizada pelos agentes envolvidos nesse processo no âmbito da Universidade Federal do Rio Grande do Norte: uma análise sob o modelo do principal-agente

Outsourcing has emerged as one of the new ways of guiding the work. For its advantages and be consistent with the paradigms of managerial reform, outsourcing also started to be used in the Public Administration. However, taking into account the particularities of the latter, some issues are relevant when outsourcing concluded with the State. Gains notoriety, for example, the step of monitoring these contracts, to the extent that, from this activity, we can avoid the negative effects of outsourcing like the fact that the state will pay for labor and wage liens that are obligation of the company providing the services. This study aims to understand the perception that this process is under the Federal University of Rio Grande do Norte, from the point of view of different stakeholders, also explaining the motivations that these agents have to perform the supervisory process. As a theoretical basis was used the Agency Theory, which reinforces the supervisory activities as a necessary means to minimize moral hazard and adverse selection, seeking to understand not only the different motivations tax contracts to properly perform their duties, but also analyze other phenomena arising from this contractual relationship. To achieve the proposed objectives, were taken a literature review and a presentation of how to organize the management and oversight of contracts in UFRN. The methodological procedures included questionnaires and interviews with those involved in the process. After analyzing the results obtained in the survey instruments , and also based on the laws, regulations and instructions governing the procurement process within the UFRN, it was concluded that the process of overseeing the outsourcing of labor contracts in UFRN is not fully institutionalized, some points should be strengthened in order to have the consolidation of this process, highlighting the need for training of UFRN servers that act as tax, the knowledge that the contractual penalties are applied effectively, the need that there is a supervisor of tax of contractors and also the realization of the rotation system of outsourced employees

Quando as mulheres se tornam mães: a história reprodutiva feminina numa visão evolucionista

In this thesis we tested evolutionary hypotheses, with empirically collected data, in a sample composed of pregnant Brazilian women. We consider that during pregnancy and soon after the baby's birth fundamental reproductive decisions take place, given the complete feminine involvement with the reproduction phenomenon. The results are presented in four empirical articles related to the history of female reproduction. The topics approached were mate selection, the life-history theory, the strategies of parental investment and postpartum depression. Data collection was accomplished through interviews with pregnant women and after the baby s birth, with a sample composed of women from two income classes (low income and middle class), in Natal, Brazil. With respect to mate selection, the results suggest that a real situation of reproductive mate selection shows significant differences when compared to the results obtained in studies involving potential mate selection (Article I). Considering the life-history theory, we have partially confirmed the hypothesis of the father`s absence influencing the development of the young female syndrome (Article II). In regard to parental investment strategies and the decrease of fatherhood uncertainty, we identified a larger attribution of the baby's resemblance after birth with the father, confirming our hypothesis (Article III). The results related to postpartum depression occurrence partially support the hypothesis that it is an evolutionary adaptation (Article IV). This thesis is part of a consolidation movement of Evolutionary Psychology in Brazil and it presents results on female reproductive history hitherto unpublished.

A percepção das características da face infantil por adultos e crianças sob uma perspectiva evolucionista

Child facial cues evoke attention, parental care behaviors and modulate for infant- caretaker interactions. Lorenz described the baby schema ( Kindchenschema ) as a set of infantile physical features such as the large head, round face, high and protruding forehead, big eyes, chubby cheeks, small nose and mouth. Previous work on this fundamental concept was restricted to positive perception to infant face, and did not show consistent results about the development individuals perceptions, regarding the physical attributes that worked as markers of cuteness. Here, we experimentally tested the effects of baby schema on the perception of cuteness of infant faces by children and adults. We used 60 none graphically manipulated photos of different stimulus children faces from 4 to 9 years old. In the first task for the adults experimental subjects, ten stimulus photos were shown, whereas for children experimental subjects, four stimulus photos were shown at a time, with a total of six rounds. The second task involved only adults, who indicated the motivation of affective behaviors and care directed to children through a Likert scale. Our results suggest that both participants judged similarly the cuteness of children's faces, and the physical features markers of this perception were observed only for younger stimulus children. Adults have attributed more motivations of positive behaviors to cuter stimulus children. The recognition of the baby schema by individuals of different ages and genders confers the universality and power of children's physical attributes. From the evolutionary perspective the responsiveness to baby schema is significant to ensure aloparental and parental investment, and the consequent children survival

Utilização de indicadores financeiros e não-financeiros na gestão de hotéis no Rio Grande do Norte: um estudo sob a ótica do Balanced Scorecard

This study presents the results of a research on the use of financial and non-financial performance indicators used by medium and large hotels. The research was conducted in Rio Grande do Norte, a Brazilian State. The objective is to identify the usage of performance measures by these companies. Hotel industry is one of the most important sectors in the Rio Grande do Norte economy. The research takes the Balanced Scorecard as a conceptual framework, since it represents an original contribution to the literature of managerial accounting, for rethinking old issues, pointing out themes that were forgotten or badly interpreted, to discuss the requirements imposed by the economy environment, dominated by competitive companies, and increasing the understanding of the relationship between strategy and operation. The objective of the research is to investigate if the hotel managers make use of a managerial information system or not, when evaluating the performance of their business unit. The research reveals the usage of performance evaluation using a large variety of measures. Among them is worth mention: the usage of accounting profit altogether with the EVA/MVA, the process cycle time, total quality management, process transformation, strategic mission, vision, strategic measures, measures related to feedback, risk, costs, productivity, incomes, customers retention, customer satisfaction and profitability, measures using time as a component, quality of the process, cost of the processes, employees capabilities, information systems, motivation, empowerment and alignment. The research leads to the conclusion that the usage of the deriving concepts of Balanced Scorecard can improve the performance measurement systems used by hotels