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

Diversity of decapod crustaceans at the interface of unconsolidated seabed areas and rocky shores in tropical/subtropical Brazil

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

Mercury contamination in fanned fish setup on former garimpo mining areas in the Northern Mato Grosso State, Amazonian region, Brazil

The garimpo gold mining activity has released about 2.500 tons of mercury in the Brazilian Amazonian environment in the 1980-1995 period. The northern region of Mato Grosso State, an important gold mining and trading area during the Arnazonian gold rush is now at a turning point regarding its economic future. Nowadays, the activities related to gold mining have only a low relevance on its economy. Thus, the local communities are looking for economic alternatives for the development of the region. Cooperative fish farming is one of such alternatives. However, some projects are directly implemented on areas degraded by the former garimpo activity and the mercury left behind still poses risks, especially by its potential accumulation in fish. The objective of the present study was to evaluate the levels of mercury contamination in two fish farming areas, Paranaita and Alta Floresta, with and without records of past gold-washing activity, respectively. Data such as mercury concentration in fish of different trophic level, size, and weight as well as the water physical and chemical parameters were measured and considered. These preliminary data have shown no significant difference between these two fish fanning areas, relatively to mercury levels in fish. (c) 2004 Elsevier B.V. All rights reserved.

An investigation of Leishmania spp. in Didelphis spp. from urban and peri-urban areas in Bauru (São Paulo, Brazil)

Blood and bone marrow samples were taken from 112 Didelphis spp., collected between March 2005 and February 2006, from urban and peri-urban areas of Bauru, São Paulo State, Brazil, to evaluate the hypothesis that these animals might constitute a reservoir of Leishmania spp. Anti-Leishman ia ssp. antibodies were screened in the serum samples using an enzyme-linked immuno-sorbent assay (ELISA) and the polymerase chain reaction (PCR). PCR was performed on fragments of DNA samples from Leishmania spp. using primers 13A and 13B, and showed a positive outcome in 91.6% of the 112 samples tested. of the 107 samples analyzed by ELISA, 71 % were positive. Evidence of epidemiological risk factors such as a circulating parasite and freely moving vectors suggests that Didelphis spp. may participate in the transmission cycle of Leishmania spp. in Bauru. (c) 2007 Elsevier B.V. All rights reserved.

Soil CO2 emission and its relation to soil properties in sugarcane areas under Slash-and-burn and Green harvest

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Temporal analysis of the reduction in gas emission in areas of mechanically-harvested sugarcane using satellite imagery

The primary objective of this study was to estimate the amount of gas not emitted into the air in areas cultivated with sugarcane (Saccharum officinarum) that were mechanically harvested. Satellite images CBERS-2/CCD, from 08-13-2004, 08-14-2005, 08-15-2006 and 08-16-2007, of northwestern São Paulo State were processed using the Geographic Information System (GIS)-IDRISI 15.0. Areas of interest (the mechanically-harvested sugarcane fields) were identified and quantified based on the spectral response of the bands studied. Based on these data, the amount of gas that was not emitted was evaluated, according to the estimate equation proposed by the Intergovernmental Panel on Climate Change (IPCC). The results of 396.65 km(2) (5.91% for 2004); 447.56 km(2) (6.67% for 2005); 511.54 km(2) (7.62% in 2006); and 474.60 km(2) (7.07% for 2007), calculated from a total area of 6,710.89 km(2) with sugarcane, showed a significant increase of mechanical harvesting in the study area and a reduction of gas emissions of more than 300,000 t yr(-1).