Ativos intangíveis: avaliação e mensuração no contexto de private equity e venture capital

Os ativos intangíveis tornaram-se a principal fonte de competitividade para as empresas operantes na Economia do Conhecimento. Entretanto, ativos intangíveis são de difícil mensuração, colocando desafios para investidores e bancos que, expostos a uma maior assimetria de informação, tendem a requerer retornos significativos, para aportar capital em Pequenas e Médias Empresas (PMEs) inovadoras, quando o fazem. O setor de Private Equity e Venture Capital (PE/VC) se desenvolveu concomitantemente à crescente importância dos ativos intangíveis na economia. Trata-se de um importante segmento de intermediação financeira composto por organizações desenhadas para lidar com elevada assimetria de informação. Neste trabalho, dez dessas organizações, atuantes no mercado brasileiro, foram entrevistadas. O objetivo é descrever o processo de seleção de investimentos, os critérios e os indicadores utilizados por tais organizações para identificar e mensurar os ativos intangíveis. O método usualmente adotado por essas organizações para a valoração (valuation) das PMEs inovadoras também é estudado. Resultados sugerem que as organizações de PE/VC utilizam técnicas sofisticadas para avaliar propostas de investimento, com critérios e indicadores específicos para se medir as principais classes de ativos intangíveis de uma empresa. Entretanto, tais ativos não são avaliados individualmente. A informação obtida é utilizada para se compreender a origem dos fluxos de caixa projetados e os principais fatores de risco. Por sua vez, tais elementos são combinados pelo método do fluxo de caixa descontado para se estimar o valor da empresa. Graças à extensa experiência dos gestores de PE/VC com PMEs inovadoras, acredita-se que o estudo das práticas deste segmento traz importantes reflexões para a recente discussão em torno dos ativos intangíveis

Papel da informatização na pequena e média empresa brasileira: investimentos em TI, percepção da gestão e impacto nos resultados

No ambiente de competição globalizada que vemos nos dias atuais, há um crescente reconhecimento do papel central da Tecnologia de Informação (TI) para determinar o sucesso da empresa, levando-a a resultados melhores. As pequenas e médias empresas também adotam a TI com o mesmo objetivo de obter benefícios desse uso, porém sua realidade é, na maioria dos casos, bastante diferente da das grandes empresas, especialmente por não possuírem os mesmos recursos e competências na área de TI. Além da competição algumas vezes outros fatores, tais como exigências legais, no caso brasileiro, obrigam as empresas a buscar maior informatização. Como as empresas se encontram em momentos diferentes no que diz respeito ao estágio de informatização, sobretudo ao papel que a área de TI desempenha para cada uma, esta tese tem por objetivo verificar se existe associação entre os gastos e investimentos em TI e o desempenho da pequena e média empresa brasileira. O trabalho busca captar as diferenças no resultado da empresa advindas do uso de TI. Para tanto, observa dados financeiros levando em consideração também a percepção dos executivos sobre os estágios de informatização e o papel que a TI desempenha na empresa. A metodologia adotada envolveu a aplicação de questionários para obtenção de dados quantitativos sobre o perfil do uso de TI e informações financeiras; bem como dados qualitativos sobre a percepção do papel que TI desempenha nas empresas. Posteriormente foi aplicada a técnica de análise de cluster, que apresentou quatro agrupamentos com comportamentos distintos em relação às variáveis, denominados “Digitais”; “Prudentes”; “Conservadores” e “Analógicos”. Os resultados encontrados apontam evidências da relação existente entre os gastos e investimentos em TI e o aumento da lucratividade da empresa, especialmente diante da presença de percepções específicas dos gestores acerca do papel que TI desempenha na empresa. Empresas que apresentam um nível de gastos e investimentos em TI mais elevado, associados com uma forte percepção dos gestores de que a TI pode contribuir positivamente com os objetivos da empresa, resultam em um nível de lucratividade superior; enquanto empresas cujos gestores percebem, de maneira intensa, que a TI não pode contribuir positivamente com os objetivos da empresa, mesmo que façam níveis considerados acima da média de gastos e investimentos em TI, apresentam um nível de lucratividade inferior. Foram estudadas 355 pequenas e médias empresas brasileiras, e a principal conclusão foi que quanto maior a percepção dos gestores do impacto positivo da TI nos processos de negócio da empresa como um todo, tanto maior é o impacto dos gastos e investimentos em TI na lucratividade da empresa.

Relações interorganizacionais e eficiência coletiva: um estudo de caso no arranjo produtivo local de confecções do agreste pernambucano

This work is a study in the Local Productive Arrangement of confections from Agreste of Pernambuco, as a relevant sector in economic and social aspect. This research has as central aim to understand how the inter-organizational relations influence the collective efficiency of arrangement. The theoretical framework employed highlights the approaches that deal with the benefits of business agglomeration for the develop­ment of firms and regions. It has discussed the approach of small and medium enter­ prises and industrial districts (SCHMITZ, 1997), which introduce the concept of col­ lective efficiency, explaining that only those externalities explained by Marshall (1996) are not sufficient to explain the competitive advantage of enterprises, expand­ing the idea that organizations achieve competitive advantage not acting alone. To examine the influences of relations in the collective efficiency, it has been taken as analytical perspective theory of social networks (GRANOVETTER, 1973, 1985; BURT, 1992; UZZI, 1997) because it has believe that this approach provides subsi­ dies for a structural analysis of social relationships in face the behavior of human ac­tion. By examining the organizations in a social network, you should understand the reason of this establishment of the relationship, their benefits, and as the information flow takes place and density of links between the actors (Powell; SMITH-DOERR, 1994). As for the methods, this study is characterized as a case study, in according to the purposed objectives, in addition to qualitative method. Also, due to recovering of the historical milestones of the arrangement, it is used a sectional approach with longitudinal perspective (VIEIRA, 2004). The primary and secondary data were used in order to understand the evolutionary process of the sector and their inter-actors re­ lationships in the arrangement for the promotion of development, for both, was used the contend and documentary analysis technique, respectively (DELLAGNELO ; SIL­VA, 2005). The approach of social networks has permitted understand that social re­lationships may extend the collective efficiency of the arrangement, and therefore need to develop policies that encourage the legalization of informal companies in ar­rangement, by showing up themselves representative. Thus, the relations estab­ lished in LPA of confections from Agreste of Pernambuco need for more effective mechanisms to broaden the collective efficiency. Therefore, this way as take place has directly benefited only a group of companies that are linked in some way the sup­portive institutions. So we can conclude that the inter-actor relations have limited the collective efficiency of LPA, being stimulated by the institutions in support only to groups of entrepreneurs, even those that produce external relations for all clustered companies

O princípio constitucional da redução das desigualdades regionais e os campos maduro-marginais de petróleo: aspectos regulatórios e fiscais

Under the circumstances of the desestatization that penetrate Brazilian economy in the 90‟s, new features in the monopoly of oil by the Union were designed by the constitutional amendment number 9. of 1995. This deep change in the legal regime of oil sector brought the possibility of entrance to small and medium size producers in this industry, especially through the production activities developed in mature and marginal fields of oil, which are located mainly in northeast region of Brazil. Considering that the intervention of state over the economy finds its guidelines and limits in Federal Constitution disposals, the present work investigated in which way states regulation, mainly through taxation rules, has obeyed the constitutional regime in force, and specially, the reduction of regional inequalities principle. By mean, firstly, of an analysis of central concepts (mature fields, marginal fields, small and medium size producers) we observed that the imprecision over the conceptual aspect has constituted an obstacle to a specific states‟ regulation, directed to this newborn class of producers, whose growth has been pursuit by the state. That is verified in the case of concession procedures, and also, concerning the taxation system applied to small and medium size producers. Examining the main constitutional principles related to this universe which are the legality, equality, privileged treatment to small enterprises, contributive capacity, and reduction of regional inequalities we conclude that it is legally possible, a truly specific regulation, including a special taxation regime, to the small and medium size producers whose activities are concentrate over mature-marginal fields, aiming the concretization of the Brazilian state main goals

Uma proposta para preparação de pequenas e médias empresas brasileiras prestadoras de serviços ao setor de telecomunicações para implantação da metodologia Seis Sigma

The objective of this work consists of considering a script so that operating companies in the telecommunications sector, mainly small and medium-sized enterprises, can reach excellency in its operations and get, thus, conditions to compete with companies consolidated in its niche of market. The proposal intends to lead the enterprises to a level of qualification of processes that to become them apt to adopt the Six Sigma method as part of its culture. From the analysis of the essential processes of the sector, methods and tools will be suggested for guarantee the continuous improvement of these processes, without forgetting the internal peculiarities of each company

Análise tecnológica sobre os aspectos ambientais de empreendimentos hoteleiros da Praia de Ponta Negra Natal/RN: um modelo de sistema de gestão ambiental

The present work aimed the elaboration of an environmental study focused on the hotel sector in order to present an analysis of the environmental aspects of Ponta Negra Beach, in Natal, RN, Brazil and also the aspects of the small and medium hotels existing in this area. By means of this work, it is possible to elaborate a model of a simplified System of Environmental Management which can attend to the exigencies required by NBR ISO 14001: 2004, as well as to present economical viability and possibility to be implemented in a way that hotels may converge to the sustainable environmental development of the tourism in Ponta Negra Beach. The research methodology presents itself divided into three items: execution of the environmental characterization of Ponta Negra Beach, by way of technical visits and interpretation of satellite images and cartograms of the main environmental characteristics of the region; execution of the work already made concerning the development, application and interpretation of the evaluation of the environmental aspects of each hotel, considering the hotels and the period of data collection, these used in evaluation, research instrument and a description of the procedure utilized for the analysis of the collected data and the utilized methodology for the elaboration of a model of a simplified System of Environmental Management. In a general way, it has been concluded that the practices executed by hotels in Ponta Negra Beach are impact-like and harmful to the environment. The simple implementation of analysis procedures and control of the environmental aspects could suggestively contribute to the reduction of environmental impacts promoted by the hotel section at this beach and in the nearby areas. It had been noticed that the study contributed to the sensitization of managers concerning the environmental problems since, in many other times, the detected problem was, in fact, the non-acquaintance about the environmental aspects and impacts from those hotels administrators, because of the lack of surveys and studies about the theme. It had also been noticed the arousing of a possible environmental attitude from some managers

Aberrant crypt foci and colon cancer: comparison between a short- and medium-term bioassay for colon carcinogenesis using dimethylhydrazine in Wistar rats

Aberrant crypt foci (ACF) in the colon of carcinogen-treated rodents are considered to be the earliest hallmark of colon carcinogenesis. In the present study the relationship between a short-term (4 weeks) and medium-term (30 weeks) assay was assessed in a model of colon carcinogenesis induced by dimethylhydrazine (DMH) in the rat. Six-week-old male Wistar rats were given subcutaneous injections of DMH (40 mg/kg) twice a week for 2 weeks and killed at the end of the 4th or 30th week. ACF were scored for number, distribution pattern along the colon and crypt multiplicity in 0.1% methylene-blue whole-mount preparations. ACF were distinguished from normal crypts by their larger size and elliptical shape. The incidence, distribution and morphology of colon tumors were recorded. The majority of ACF were present in the middle and distal colon of DMH-treated rats and their number increased with time. By the 4th week, 91.5% ACF were composed of one or two crypts and 8.5% had three or more crypts, while by the 30th week 46.9% ACF had three or more crypts. Thus, a progression of ACF consisting of multiple crypts was observed from the 4th to the 30th week. Nine well-differentiated adenocarcinomas were found in 10 rats by the 30th week. Seven tumors were located in the distal colon and two in the middle colon. No tumor was found in the proximal colon. The present data indicate that induction of ACF by DMH in the short-term (4 weeks) assay was correlated with development of well-differentiated adenocarcinomas in the medium-term (30 weeks) assay.

Hazards in non-pasteurized milk on retail sale in Brazil: prevalence of Salmonella spp, Listeria monocytogenes and chemical residues

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

Long- and medium-range components of the nuclear force in quark-model based calculations

Quark-model descriptions of the nucleon-nucleon interaction contain two main ingredients, a quark-exchange mechanism for the short-range repulsion and meson exchanges for the medium- and long-range parts of the interaction. We point out the special role played by higher partial waves, and in particular the (1)F(3), as a very sensitive probe for the meson-exchange pan employed in these interaction models. In particular, we show that the presently available models fail to provide a reasonable description of higher partial waves and indicate the reasons for this shortcoming.

Short-term movement and retreat sites of Leptodactylus labyrinthicus (Anura : Leptodactylidae) during the breeding season: A spool-and-line tracking study

Capture/recapture studies significantly increase our knowledge of the natural history of anuran amphibians. Many different methods have been employed in these studies, but a number of new techniques still require experimental validation. During two reproductive seasons in a Cerrado remnant in southeastern Brazil, we investigated the movement patterns and habitat use of the pepper frog, Leptodactylus labyrinthicus, using a spool-and-line device. This low-cost device did not appear to interfere with the activities of the frogs and allowed for constant monitoring, showing precise routes of movement and great predictability of relocations. Both sexes were active at night. During the day, males and females made use of retreat sites under vegetation or in burrows constructed by small- and medium-sized mammals. Males and females did not use standardized routes; there were no significant differences between their movements, and movements were not correlated with body size or environmental conditions. Individuals are able to move further than 100 m per day, a characteristic that may enable this species to colonize or recolonize open areas.

Pauli blocking and medium effects in nucleon knockout reactions

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

Alkaline ribonuclease activity in maternal serum and in serum of newborns from birth up to thirty days of age. A study made with full-term appropriate-, full-term small- and preterm appropriate-for-gestational-age infants

We have studied the alkaline ribonuclease (RNase) activity in maternal serum and serum of full-term small- (T-SGA), full-term appropriate- (T-AGA) and preterm appropriate-for-gestational age (PT-AGA) newborns. A significantly lower level of RNase was observed in T-AGA and T-SGA newborns on the 30th day of age and in PT-AGA newborns on the 15th and 30th days of age, as compared to other T-AGA, T-SGA and PT-AGA groups of infants at birth. RNase activity was significantly higher in cord blood than in the maternal blood in all categories studied. Moreover, in preterm newborns, RNase activity in cord blood was significantly higher in those presenting a lower gestational age. We did not observe any significant difference in RNase levels in the cord blood of newborns from the 3 categories studied. The same results were observed concerning maternal blood. We, therefore, conclude that RNase activity in cord blood or in maternal blood is not a very statisfactory indicator of fetal malnutrition.

Aglomeraciones en torno a los recursos naturales en América Latina y el Caribe: políticas de articulación y articulación de políticas

Incluye Bibliografía

Software architecture for web-based project management system

This article presents software architecture for a web-based system to aid project managing, conceptually founded on guidelines of the Project Management Body of Knowledge (PMBoK) and on ISO/IEC 9126, as well as on the result of an empiric study done in Brazil. Based on these guidelines, this study focused on two different points of view about project management: the view of those who develop software systems to aid management and the view of those who use these systems. The designed software architecture is capable of guiding an incremental development of a quality system that will satisfy today's marketing necessities, principally those of small and medium size enterprises.