ANÁLISE DAS MUDANÇAS DOS FATORES DETERMINANTES DA ESTRUTURA DE CAPITAL EM FUNÇÃO DO CICLO DE VIDA DAS EMPRESAS BRASILEIRAS SÃO BERNARDO DO CAMPO

As várias teorias acerca da estrutura de capital despertam interesse motivando diversos estudos sobre o assunto sem, no entanto, ter um consenso. Outro tema aparentemente pouco explorado refere-se ao ciclo de vida das empresas e como ele pode influenciar a estrutura de capital. Este estudo teve como objetivo verificar quais determinantes possuem maior relevância no endividamento das empresas e se estes determinantes alteram-se dependendo do ciclo de vida da empresa apoiada pelas teorias Trade Off, Pecking Order e Teoria da Agência. Para alcançar o objetivo deste trabalho foi utilizado análise em painel de efeito fixo sendo a amostra composta por empresas brasileiras de capital aberto, com dados secundários disponíveis na Economática® no período de 2005 a 2013, utilizando-se os setores da BM&FBOVESPA. Como resultado principal destaca-se o mesmo comportamento entre a amostra geral, alto e baixo crescimento pelo endividamento contábil para o determinante Lucratividade apresentando uma relação negativa, e para os determinantes Oportunidade de Crescimento e Tamanho, estes com uma relação positiva. Para os grupos de alto e baixo crescimento alguns determinantes apresentaram resultados diferentes, como a singularidade que resultou significância nestes dois grupos, sendo positiva no baixo crescimento e negativa no alto crescimento, para o valor colateral dos ativos e benefício fiscal não dívida apresentaram significância apenas no grupo de baixo crescimento. Para o endividamento a valor de mercado foi observado significância para o Benefício fiscal não dívida e Singularidade. Este resultado reforça o argumento de que o ciclo de vida influência a estrutura de capital

Linking performance-related pay to a Business School's mission and objectives

This paper first analyses the Performance Related Pay (PRP) schemes developed from 1992/3 to 2002/3 in a large Business School in England and then the School’s mission and strategic objectives in that period. The PRP schemes changed to include more specific performance indicators and these were increasingly linked to the objectives. The School’s resources allocated to PRP increased from £44,000 in 1992/93 to £355,000 in 2002/3 and from 1.08% in 1995/96 to 2.37% of the School’s income in 2002/3. As well as examining the changing strategic objectives and PRP schemes, the paper charts the development of the School’s reputation and resources and the role which staff motivation via PRP played at different stages. The paper concludes that the PRP scheme was at its most effective when it was clearly linked with the School’s strategic objectives, but that the relationship between objectives and motivation may be more complex than apparent from this study. Although the PRP scheme under consideration also applies to academic related staff, this paper concentrates on the effect on academic staff.

Introduction

Werner Sombart (1863-1941) was a famous and controversial social scientist in Germany during the early 20th century. Highly influential, his work and reputation have been indelibly tainted by his embrace of National Socialism in the last decade of his life. Although Sombart left an enormous opus spanning disciplinary boundaries, the scholarly assessment of and intellectual reaction to his work inside and outside of Germany is divided, and ambivalent. Best known for his analyses of capitalism - his essay "Why is There No Socialism in the United States?" remains a classic - Sombart consistently responded to the social and political developments that have shaped the 20th century. This collection provides a representative sampling of those portions of Sombart's work that have stood the test of time. The volume opens with a substantial introduction by the editors reviewing Sombart's life and career, the evolution of his major intellectual concerns, his relation to Marx and Weber, and his political affiliation with the Nazis. Their selection of texts emphasizes areas of his economic and cultural thought that remain relevant to intellectual trends in the social sciences, particularly those trends that seek a more broadly based, cross-disciplinary approach to the relationship of culture and economics. Sombart's writings on capitalism are represented by essays on the nature and origin of the market system and the diversity of its actors and motives among the bourgeoisie and the proletariat. Also included is an excerpt from Sombart's controversial volume "The Jews and Modern Capitalism" exploring the widely perceived relation between economic life and Judaism as a religion. In essays on the economics of cultural processes, Sombart's comprehensive and expansive idea of cultural science yields remarkable and prophetic insights into the nature of urbanism, luxury consumption, fashion and the cultural secularization of love. The volume's final section consists of Sombart's reflections on the social influences of technology, the economic life of the future, and on socialism, including the influential essay "Why is There No Socialism in the United States?". Encapsulating the most valuable aspects of his work, this study provides clear demonstration of Sombart's sense for fine cultural distinctions and broad cultural developments and the predictive power of his analyses. It should be of interest to sociologists, economists, political scientists and specialists in cultural studies.

Knowledge management in the energy sector:review and future directions

Purpose – The purpose of this paper is to examine the state of knowledge management (KM) in the energy sector and more broadly, and consider future directions for research and practice. Design/methodology/approach – The paper reviews the literature on KM and the practice of KM as relevant to the energy sector. Findings – There are many examples of good practice in KM in the sector, and some organisations, especially in the oil industry, are seen as leaders in KM practice. However, other organisations have yet to embark on explicit KM initiatives or projects at all. In addition, some parts of the energy sector discuss KM without any reference to the more general KM literature. Originality/value – Although some parts of the energy sector have justifiably earned a good reputation for KM, other parts are completely unaware of the field, as is apparent from the literature. This review helps to raise awareness and guide future work.

Privatisation and sustainable competitive advantage in the emerging economies of Central Europe

Extant research on the impact of privatization in the Central Europe (CE) region has focused on improvements in efficiency and the nature of cost-based advantages. This study argues that the development of a vibrant privatized sector requires attention to the broader resource configurations of domestic enterprises. Empirical research was conducted on a large sample of firms in Poland, Hungary and Slovenia. Foreign investment was found to significantly impact on resource accumulation with implications for the development of strategic capabilities and competitive advantage. Foreign direct investment is an effective vehicle for the transfer of financial resources, reputation and new brands but not organizational capabilities. In terms of practice, this study demonstrates the important role of outside investment in the development of a firm's resource base (Frydman et al. 1999). Companies can gain a competitive advantage in their domestic markets through gaining access to the resources of foreign investors.

Managing brand portfolios:How strategies have changed

The stock market response to corporate scandals and the use of the internet by pressure groups have sensitized boards to the risk of reputation loss. Particularly at risk are companies using corporate brands whose fame and spread makes them particularly vulnerable. This study looks at these and other pressures on branding and investigates if and how leading companies have responded in the deployment of their brand portfolios. A repeat audit of the use of brand portfolios by leading companies using exactly the same method used over a decade ago reveals much change. Brand structures of the 20 companies investigated have indeed changed but not uniformly in extent or direction.

Economic life in the modern age

Werner Sombart (1863-1941) may well have been the most famous and controversial social scientist in Germany during the early twentieth century. Highly influential, his work and reputation have been indelibly tainted by his embrace of National Socialism in the last decade of his life. Although Sombart left an enormous opus spanning disciplinary boundaries, intellectual reaction to his work inside and outside of Germany is divided and ambivalent. Sombart consistently responded to the social and political developments that have shaped the twentieth century. Economic Life in the Modern Age provides a representative sampling of those portions of Sombart's work that have stood the test of time. The volume opens with a substantial introduction reviewing Sombart's life and career, the evolution of his major intellectual concerns, his relation to Marx and Weber, and his political affiliation with the Nazis. The editors' selection of texts emphasizes areas of Sombart's economic and cultural thought that remain relevant, particularly to those intellectual trends that seek a more broadly based, cross-disciplinary approach to culture and economics. Sombart's writings on capitalism are represented by essays on the nature and origin of the market system and the diversity of motives among the bourgeoisie and the proletariat. Also included is an excerpt from Sombart's controversial The Jews and Modern Capitalism, exploring the widely perceived relation between economic life and Judaism as a religion. In essays on the economics of cultural processes, Sombart's comprehensive and expansive idea of cultural science yields prophetic insights into the nature of urbanism, luxury consumption, fashion, and the cultural secularization of love. The volume's final section consists of Sombart's reflections on the social influences of technology, the economic life of the future, and on socialism, including the influential essay "Why is there no Socialism in the United States." Encapsulating the most valuable aspects of his work, Economic Life in the Modern Age provides clear demonstration of Sombart's sense for fine cultural distinctions and broad cultural developments and the predictive power of his analyses. It will be of interest to sociologists, economists, political scientists, and specialists in cultural studies.

Learning for life:educational provision at Cadbury, 1831-1981

Cadbury showed concern for the welfare of its labour force in a variety of ways and not least in the provision of educational and educative-recreational facilities. The firm regarded the education of employees as having a positive effect on the efficiency of the business at the same time as being of benefit to the individual, the local community and the nation. The life-long education of people was seen as essential for personal fulfilament, social improvement, economic competitiveness and the proper functioning of democratic procedures. The educational system built up at Cadbury, and the philosophy on which it was founded, acquired both a domestic and international reputation. Its main components were the day continuation education of juniors; the Bournville Works Evening Institute; vocational and non-vocational scholarships; emphasis on the primary importance of general education as a basis for life, work and technical training; stress on equality of educational opportunity for females; and leisure and sporting amenities which the firm felt to be educative in the sense that they contributed to personal psychological and physical development and social skills. The system was primarily shaped and constructed in the first three decades of the twentieth century and went into decline and eventual demise in the 1960's and 1970's as a result of economic pressures, social changes, enhanced state arrangements for education, shifts in Cadbury management thinking and the merger with Schweppes in 1969.

A comparison of the vocational training system of Britain and West Germany as experienced by minimum-age school leavers.

The sectoral and occupational structure of Britain and West Germany has increasingly changed over the last fifty years from a manual manufacturing based to a non-manual service sector based one. There has been a trend towards more managerial and less menial type occupations. Britain employs a higher proportion of its population in the service sector than in manufacturing compared to West Germany, except in retailing, where West Germany employs twice as many people as Britain. This is a stable sector of the economy in terms of employment, but the requirements of the workforce have changed in line with changes in the industry in both countries. School leavers in the two countries, faced with the same options (FE, training schemes or employment) have opted for the various options in different proportions: young Germans are staying longer in education before embarking on training and young Britons are now less likely to go straight into employment than ten years ago. Training is becoming more accepted as the normal route into employment with government policy leading the way, but public opinion still slow to respond. This study investigates how vocational training has adapted to the changing requirements of industry, often determined by technological advancements. In some areas e.g. manufacturing industry the changes have been radical, in others such as retailing they have not, but skill requirements, not necessarily influenced by technology have changed. Social-communicative skills, frequently not even considered skills and therefore not included in training are coming to the forefront. Vocational training has adapted differently in the two countries: in West Germany on the basis of an established over-defined system and in Britain on the basis of an out-dated ill-defined and almost non-existent system. In retailing German school leavers opt for two or three year apprenticeships whereas British school leavers are offered employment with or without formalised training. The publicly held view of the occupation of sales assistant is one of low-level skill, low intellectual demands and a job anyone can do. The traditional skills - product knowledge, selling and social-communicative skills have steadily been eroded. In the last five years retailers have recognised that a return to customer service, utilising the traditional skills was going to be needed of their staff to remain competitive. This requires training. The German retail training system responded by adapting its training regulations in a long consultative process, whereas the British experimented with YTS, a formalised training scheme nationwide being a new departure. The thesis evaluates the changes in these regulations. The case studies in four retail outlets demonstrate that it is indeed product knowledge and selling and social-communicative skills which are fundamental to being a successful and content sales assistant in either country. When the skills are recognised and taught well and systematically the foundations for career development in retailing are laid in a labour market which is continually looking for better qualified workers. Training, when planned and conducted professionally is appreciated by staff and customers and of benefit to the company. In retailing not enough systematic training, to recognisable standards is carried out in Britain, whereas in West Germany the training system is nevertheless better prepared to show innovative potential as a structure and is in place on which to build. In Britain the reputation of the individual company has a greater role to play, not ensuring a national provision of good training in retailing.

Reacting and responding in TESOL Quarterly:a generic analysis of procedure and purpose in intertextual critical exchanges

A key feature of ‘TESOL Quarterly’, a leading journal in the world of TESOL/applied linguistics, is its ‘Forum’ section which invites ‘responses and rebuttals’ from readers to any of its articles. These ‘responses or rebuttals’ form the focus of this research. In the interchanges between readers reacting to earlier research articles in TESOL Quarterly and authors responding to the said reaction I – examine the texts for evidence of genre-driven structure, whether shared between both ‘reaction’ and ‘response’ sections, or peculiar to each section, and attempt to determine the precise nature of the intended communicative purpose in particular and the implications for academic debate in general. The intended contribution of this thesis is to provide an analysis of how authors of research articles and their critics pursue their efforts beyond the research article which precipitated these exchanges in order to be recognized by their discourse community as, in the terminology of Swales (1981:51), ‘Primary Knowers’. Awareness of any principled generic process identified in this thesis may be of significance to practitioners in the applied linguistics community in their quest to establish academic reputation and in their pursuit of professional development. These findings may also be of use in triggering productive community discussion as a result of the questions they raise concerning the present nature of academic debate. Looking beyond the construction and status of the texts themselves, I inquire into the kind of ideational and social organization such exchanges keep in place and examine an alternative view of interaction. This study breaks new ground in two major ways. To the best of my knowledge, it is the first exploration of a bipartite, intertextual structure laying claim to genre status. Secondly, in its recourse to the comments of the writers’ themselves rather than relying exclusively on the evidence of their texts, as is the case with most studies of genre, this thesis offers an expanded opportunity to discuss perhaps the most interesting aspects of genre analysis – the light it throws on social ends and the role of genre in determining the nature of current academic debate as it here emerges.

Environmental quality in residential areas : a social survey approach to improvement priorities

The research is concerned with the measurement of residents' evaluations of the environmental quality of residential areas. The research reflects the increased attention being given to residents' values in planning decisions affecting the residential environment. The work was undertaken in co-operation with a local authority which was in the process of revising its housing strategy, and in particular the priorities for improvement action. The study critically examines the existing evidence on environmental values and their relationship to the environment and points to a number of methodological and conceptual deficiencies. The research strategy developed on the basis of the research review was constrained by the need to keep any survey methods simple so that they could easily be repeated, when necessary, by the sponsoring authority. A basic perception model was assumed, and a social survey carried out to measure residents' responses to different environmental conditions. The data was only assumed to have ordinal properties, necessitating the extensive use of non-parametric statistics. Residents' expressions of satisfaction with the component elements of the environment (ranging from convenience to upkeep and privacy) were successfully related to 'objective' measures of the environment. However the survey evidence did not justify the use of the 'objective' variables as environmental standards. A method of using the social survey data directly as an aid to decision-making is discussed. Alternative models of the derivation of overall satisfaction with the environment are tested, and the values implied by the additive model compared with residents' preferences as measured directly in the survey. Residents' overall satisfactions with the residential environment were most closely related to their satisfactions with the "Appearance" and the "Reputation" of their areas. By contrast the most important directly measured preference was "Friendliness of area". The differences point to the need to define concepts used in social research clearly in operational terms, and to take care in the use of values 'measured' by different methods.

Marketing resources of actively involved exporters

The purpose of this dissertation is to examine the impact of the market orientation and market based resources of actively involved exporters and their distributors on export venture performance. Previous literature in marketing channels has examined the effect of the market orientation of suppliers and their distributors on supplier-distributor relationships, mainly in a domestic context, as well as the impact of the quality of their relationship on business performance in domestic and international contexts. Little or no research focuses on the interplay between the relevant marketing resources, such as market orientation, proactive market orientation, selling, pricing reputation, and market innovation, of an export venture and their distributor, and consequently on export venture performance. This dissertation is mainly a quantitative study using a mail survey among Greek exporting firms in various industries. The final sample comprised 190 exporting ventures. The survey was enhanced through open interviews with export venture managers and their respective distributors and was pre-tested with a small-scale dyadic survey. Survey data were analysed using structural equation modelling. The main research objective was to assess the impact of marketing support resources, namely market orientation and proactive market orientation, and market-based resources of an export venture and its distributor on export performance. In addition, the relationship of marketing support resources of the export venture and those of the distributor was examined. Some of the relationships examined are a migration of traditional domestic theory (Hooley et al. 2005), to an exporting context, testing whether there are differences in the relationships in a different context. This study contributes to the resource-based view, marketing, and export business literature, as findings indicate that high levels of export venture proactive market orientation lead to distributors with high levels of market orientation. In line with findings of domestic context research, the proactive market orientation of the venture renders its market orientation statistically not significant.

Factors influencing students in choosing to study pharmacy in Great Britain

Aim - To produce empirical evidence on the commitment to study pharmacy in terms of what motivates and influences students in their choice of subject and university. Design - Self-completion survey. Quantitative analysis by SPSS. Subjects and setting - Year 1 and year 4 undergraduates in schools of pharmacy in Great Britain. Results - The response rate was 35.2%. Students registered a high desire to study pharmacy; 73% of year 1 and 71% of year 4 placed it first priority at the time of application. Of those for whom it was not first choice, medicine was the preferred option. The two most important factors in choice were reputation of the school of pharmacy and reputation of the university. Conclusion - This study confirms that most applicants to study pharmacy were strongly committed to the subject. In addition, this study has allowed us to put an empirical figure to the proportion of students who at the time of applying for pharmacy would rather study medicine.

Work-related stressors and psychological strain in the sales force:the role of intrinsic and extrinsic motivation

The contemporary workplace appears rife with psychological strain, which can have considerable deleterious outcomes to the firm and the individual. However, research on strain in the sales force is underdeveloped. This paper reports the results of a study of the antecedents and consequences of psychological strain in the sales force, with particular attention to the roles of role ambiguity, emotional exhaustion, and intrinsic and extrinsic motivation. Emotional exhaustion is found to increase strain. Intrinsic motivation reduces strain under conditions of relatively high role ambiguity, but leads to more strain under conditions of low role ambiguity. Strain is found to have a J-shaped relationship with turnover intentions, and is linearly related to lower job satisfaction and lower job performance.

The emergence of knowledge exchange:an agent-based model of a software market

We investigate knowledge exchange among commercial organizations, the rationale behind it, and its effects on the market. Knowledge exchange is known to be beneficial for industry, but in order to explain it, authors have used high-level concepts like network effects, reputation, and trust. We attempt to formalize a plausible and elegant explanation of how and why companies adopt information exchange and why it benefits the market as a whole when this happens. This explanation is based on a multiagent model that simulates a market of software providers. Even though the model does not include any high-level concepts, information exchange naturally emerges during simulations as a successful profitable behavior. The conclusions reached by this agent-based analysis are twofold: 1) a straightforward set of assumptions is enough to give rise to exchange in a software market, and 2) knowledge exchange is shown to increase the efficiency of the market.