Evidência empírica dos factores explicativos dos dividendos distribuídos pelas empresas cotadas na EURONEXT Lisboa

Companies’ decision to pay dividends to its shareholders is a topic that has received increasing attention in business finance. This paper provides an additional contribution to the development of this topic focusing on the analysis of the determinants of dividend policy by issuing companies in the Portuguese capital market. For this purpose, we use a set of financial and economic information specific to each firm to explain its dividend per share. The sample used in the empirical study contains 54 firms and it refers to the 2005-2009 period. Results suggest that net income, dividends per share paid in the previous financial year and return on assets all present a positive and statistically significant effect on dividends per share paid in a given financial year. Moreover, results show that Lintner’s (1956) model appears to be valid in explaining dividend policy by issuing companies in Euronext Lisbon.

A HIPÓTESE INTEGRADORA DA GOVERNANÇA CORPORATIVA E DA RESPONSABILIDADE SOCIAL CORPORATIVA SOB O ENFOQUE DOS DIREITOS HUMANOS

A governança corporativa e a responsabilidade social corporativa são dois instrumentos que têm o caráter de atingir a excelência da organização empresarial. Por sua vez, os mesmos foram instrumentalizados como meio de proteção dos interesses dos agentes privados com vista à potencialização da sociedade empresarial, motivados pela desconfiança dos processos decisórios dos administradores societários. Posteriormente, evoluiram sob a forma de códigos de condutas, ditados pelos organismos de controle empresarial, sempre conservando o caráter voluntário de sua aceitação. Alguns objetivos sequer foram incluídos nos seus processos internos de excelência, como por exemplo os direitos humanos de determinados stakeholders. Esse ponto é o objeto principal desta investigação, que busca evidenciar a hipótese de integração da governança corporativa e da responsabilidade social corporativa sob o enfoque dos direitos humanos. § The Corporate governance and corporate social responsibility are two instruments that have the character to achieve excellence in business organization. On the other hand, they have been exploited as a way of protecting the interests of private agents for enhancement of corporate society, motivated by the distrust of the decision-making process of corporate managers. Later, it evolved in the form of codes of conduct, dictated by the bodies of corporate control, always preserving the voluntary nature of their acceptance. Some objectives were not even included in its internal process of excellence, such as the human rights of certain stakeholders. This point is the main object of this research, which seeks to demonstrate the possibility of integration of corporate governance and corporate social responsibility in the human rights perspective.

The determinants of international equity and bond investment

The purpose of this research is fourfold. First, to investigate whether the determinants of international equity investment differ between investors with different degrees of information, experience and sophistication. For this purpose, the determinants of international equity investment of institutional and noninstitutional investors from 20 OECD countries, in the period 2001-2009, were analysed and compared. The results show that there are significant differences in the determinants of international equity investment between institutional and noninstitutional investors. Particularly, noninstitutional investors exhibit a more pronounced preference for equities of geographical nearby, contiguous and more transparent countries than institutional investors, suggesting that the effect of information costs and familiarity on international equity investment is stronger for less informed, experienced and sophisticated investors. Moreover, the preference for more developed equity markets and the contrarian behaviour are more severe for noninstitutional investors. Hence, the heterogeneity of institutional and noninstitutional investors in international equity investment is not negligible and therefore should be taken into account. Second, to investigate whether the determinants of international bond investment differ between investors with different degrees of information, experience and sophistication. For this purpose, the determinants of international bond investment of institutional and noninstitutional investors from 20 OECD countries, in the period 2001-2009, were analysed and compared. The results show that there are few significant differences in the determinants of international bond investment between institutional and noninstitutional investors. Particularly, the preference for bonds of more transparent countries and the return chasing behaviour are more pronounced for noninstitutional investors, whereas the preference for bonds with lower risk diversification potential is more pronounced for institutional investors. Hence, not only the results for international bond investment do not allow to support (or reject) the argument that information costs and familiarity are more important for less informed, experienced and sophisticated investors, but also they are contrary to the idea that financial variables, namely return and risk diversification, are more important for more informed, experienced and sophisticated investors. Third, to investigate whether the determinants of international equity investment differ from the determinants of international bond investment. For this purpose, the determinants of both international equity and bond investment of institutional and noninstitutional investors from 20 OECD countries, in the period 2001-2009, were analysed and compared. The results show that, although the effect of information costs on international equity investment tends to be stronger than on international bond investment, the differences between assets are not usually statistically significant, especially when the influence of financial variables is taken into account. Hence, it is not possible to conclude that international equity investment is much more information intensive than international bond investment, as suggested by Gehrig (1993) and Portes, Rey and Oh (2001), among others. Fourth, to investigate whether the flight to quality phenomenon is also observable in international investment and whether the flight to quality phenomenon is more pronounced for more sophisticated than for less sophisticated investors. For this purpose, a two-factor and three-factor ANOVA models, respectively, were applied to the international equity and bond investment of institutional and noninstitutional investors from 20 OECD countries in the period 2001-2009. The results suggest that the flight to quality phenomenon is also observable in international investment, as a change from business cycle of expansion to recession causes investors to significantly decrease the average weight invested in more risky assets (equities) and increase the average weight invested in less risky assets (bonds). The results also show that the variation on the average weight assigned to each type of asset, due to changes in business cycles, is significantly stronger for institutional investors than for noninstitutional investors, thereby suggesting that the flight to quality phenomenon is more pronounced for more sophisticated than for less sophisticated investors.

Inovando na pós-graduação: a experiência do MBA da EAESP/FGV

O artigo aborda a problemática do redesenho dos programas de pós-graduação e analisa as várias questões que vêm sendo discutidas neste campo: o desenvolvimento de cursos alternativos de pós-graduação, a redução do número de créditos do mestrado e o enxugamento dos programas deste nível, com vistas à diminuição do tempo médio de duração dos cursos. Sob esta perspectiva, é apresentada a experiência da EAESP/FGV (Escola de Administração de Empresas de São Paulo, da Fundação Getúlio Vargas) no desenvolvimento do MBA (Master in Business Administration), experiência pioneira que vem ao encontro da necessidade de inovações na pós-graduação em Administração.

Linking strategy and the knowledge of the firm

Discovering the ways through which firms develop and maintain competitive advantage is a central research stream in management theory. The objective of this paper is to present a contribution to the discussion of the knowledge of the firm as a source of competitive advantage. The paper states that a firm's success is a consequence of its ability in the continuous development of core competencies that will sustain its competitiveness over time. Core competencies are understood as the sets of knowledge that differentiate a company strategically. The firm must discover, develop, share and update the knowledge that sustains the present and future core competencies. Knowledge management, through processes of knowledge creation and integration, is one way of doing this.

O fenômeno dos MPAs brasileiros: hibridismo, diversidade e tensões

Na década de 1990, os programas de MBA - Master in Business Administration - ganharam sólida reputação e expandiram-se para além das fronteiras norte-americanas. No Brasil, o movimento ganhou força com o crescimento vigoroso do ensino profissionalizante de gestão. Este artigo tem como objetivo apresentar e analisar, sob uma perspectiva crítica, o fenômeno dos Mestrados Profissionais em Administração (MPAs) brasileiros. Para traçar um retrato do fenômeno, realizamos pesquisa bibliográfica e documental, e entrevistas com coordenadores e pessoas-chave dos principais programas locais. Apesar de eventualmente classificados como MBAs, os MPAs apresentam características que os diferenciam do modelo norteamericano. Ao buscar responder ao contexto socioeconômico e às restrições regionais, cada um deles seguiu rotas próprias, o que gerou um quadro marcado pela diversidade. Acreditamos que o fenômeno que este artigo descreve e analisa possa contribuir para o debate em curso sobre o ensino de Administração.

Technology for creativity and innovation: tools, techniques and applications

It is widely accepted that organizations and individuals must be innovative and continually create new knowledge and ideas to deal with rapid change. Innovation plays an important role in not only the development of new business, process and products, but also in competitiveness and success of any organization. Technology for Creativity and Innovation: Tools, Techniques and Applications provides empirical research findings and best practices on creativity and innovation in business, organizational, and social environments. It is written for educators, academics and professionals who want to improve their understanding of creativity and innovation as well as the role technology has in shaping this discipline.

NCRF 14 – concentrações de atividades empresariais e os impactos da sua aplicação: estudo de caso no setor empresarial

Projeto apresentado obtenção do Grau de Mestre em Auditoria Orientada pela Professora Doutora Alcina Augusta Sena Dias

As formas animadas e a criatividade

Projeto de Intervenção apresentado à Escola Superior de Educação de Lisboa para obtenção de grau de mestre em Educação Artística - Especialidade Teatro na Educação

Feedback regarding students initial pharmaceutical internship from the University of Medicine and Pharmacy, Cluj-Napoca

Introduction/Aims: The purpose of the study is to evaluate the perception of the organization, the development and the evaluation of the initial stage in the internship of students, in order to improve these activities and to establish the adequate objectives in accordance with the changes concerning the concept of modern pharmacy. Materials and methods: An online survey was made using Google Docs ® -Create Form extension. All results were accumulated and computed using Microsoft Excel ®. The questionnaire consisted of 11 questions, structured on several levels: the objectives and how they can be achieved, internship organization, the internship training (effective participation in specific activities and integration in the pharmaceutical activity), the assessment, the profile of tutor / pharmacy. The questionnaire was completed by students from the Faculty of Pharmacy, University of Medicine and Pharmacy "Iuliu Haţieganu" Cluj Napoca, Romania. Results and discussions. The study was conducted on 308 students (60% of all students from the study years II-IV. 90% of the respondents had actually participated in the internship, whilst 10% only formally participated in this activity. The main responsibilities of the students were: storage and reception of pharmaceutical products (94%, respectively 79%) and working with the receipts (57%). Most of the students appreciate that they were integrated into the work in the pharmacy, this being due largely pharmacist tutor, who expressed interest and ability in mentoring activities. They appreciated that the role of tutor requires 3-5 years of professional experience. In terms of the internship objectives, these should aim at applying the knowledge gained until the graduation year, but also familiarization with activities which might turn into applications for the coming years. 43% of students believe that only 25% of the theoretical knowledge was useful during the internship. 90 % of the total questioned considered useful to develop a practice guideline adapted to the year of study. Conclusions. The professional training of the future pharmacist’s students depends largely on experience gained by students during the internship activity. Feed-back from the students’ shows that they are aware of the usefulness of the internship, but believe the objectives must be updated and a better correlation between work in pharmacy and theoretical knowledge has to be made. A first step is to develop a practical guide adapted to each year of study. The involvement of the tutor pharmacist is also essential to the success of this activity

A responsabilidade social e ética nas organizações: estudo de caso na indústria farmacêutica

Mestrado em Contabilidade

Acompanhamento da construção de um edifício multifuncional e de duas moradias unifamiliares

Relatório de estágio para obtenção do grau de Mestre em Engenharia Civil na Área de Especialização em Edificações

Estratégias de abordagem à escrita criativa em educação pré-escolar e 1º ciclo do Ensino Básico

Mestrado, Educação Pré-Escolar e Ensino do 1º Ciclo do Ensino Básico, 2 de Julho de 2013 (Relatório de Estágio).

Gestão fiscal e benefícios fiscais

Dissertação de Mestrado apresentado ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Auditoria, sob orientação de Doutor José Campos Amorim

Pharmaceutical marketing and social media : a facebook, twitter and youtube analysis

Dissertação de Mestrado em Gestão de Empresas/MBA.