On the relation between ownership structure and capital structure

The agency relationship between managers and shareholders has the potential to influence decision-making in the firm which in turn potentially impacts on firm characteristics such as value and leverage. Prior evidence has demonstrated an association between ownership structure and firm value. This paper extends the literature by examining a further link between ownership structure and capital structure. Using an agency framework, it is argued that the distribution of equity ownership among corporate managers and external blockholders may have a significant relation with leverage. The empirical results provide support for a positive relation between external blockholders and leverage, and non-linear relation between the level of managerial share ownership and leverage. The results also suggest that the relation between external block ownership and leverage varies across the level of managerial share ownership. These results are consistent with active monitoring by blockholders, and the effects of convergence-of-interests and management entrenchment.

Marx as a Critical Discourse Analyst: The genesis of a critical method and its relevance to the critique of global capital

In this paper we identify elements in Marx´s economic and political writings that are relevant to contemporary critical discourse analysis (CDA). We argue that Marx can be seen to be e n gaging in a form of discourse analysis. We identify the elements in Marx´s historical materialist method that support such a perspective, and exemplify these in a longitudinal comparison of Marx´s texts.

Capital social: conceitos e contribui????es ??s pol??ticas p??blicas

Por meio da discuss??o cr??tica dos principais conceitos, o texto explora as contribui????es que a operacionaliza????o de capital social poderia aportar ??s pol??ticas p??blicas. H?? uma rede que pode ser fortalecida ou mesmo criada visando ao empoderamento das pessoas para que possam interferir nas decis??es p??blicas, melhorar a qualidade de vida e otimizar os efeitos das pol??ticas p??blicas. Esse potencial vem sendo ressaltado em ??reas como desenvolvimento social, mercado de trabalho, integra????o de imigrantes, multiculturalismo e diversidade, juventude, preven????o de crimes, sa??de, comunidades ind??genas e participa????o c??vica.

Conselho Nacional de Juventude: rede de pol??ticas p??blicas?

O presente trabalho representa uma tentativa de avaliar se o Conselho Nacional de Juventude da Secretaria Geral da Presid??ncia da Rep??blica pode ser entendido como uma rede de pol??ticas p??blicas, conforme a vis??o de Bonafont (2004). Para realizar essa avalia????o optou-se, inicialmente, pela abordagem da an??lise de redes de pol??ticas p??blicas qualitativa e por alguns itens avaliativos. Assim, foram realizadas entrevistas, al??m de pesquisas documentais em livros, boletins informativos, documentos oficiais, s??tios eletr??nicos e outras fontes de informa????es que auxiliaram a montar o hist??rico do Conselho, mapear as suas caracter??sticas, a estrutura, a forma de atua????o e a rela????o entre seus atores. O estudo mostra que, apesar do aumento de capital social trazido pela cria????o de um espa??o p??blico de discuss??o de pol??ticas p??blicas de juventude, o Conselho ainda n??o pode ser considerado uma rede de pol??ticas p??blicas. Identificou-se, principalmente, falta de consenso sobre o tema, aus??ncia de elabora????o de diretrizes sobre as pol??ticas p??blicas de juventude, bem como a inexist??ncia de um conceito ??nico de juventude compartilhado entre seus integrantes. Entretanto, vislumbram-se possibilidades concretas de surgimento de tal estrutura caso alguns requisitos, discutidos no artigo, estejam presentes em futuras realiza????es desse ??rg??o.

Capital intangível e direitos de propriedade intelectual : uma análise institucionalista

This paper deals with the main evolutions that explain the emergence of new institutional arrangements that characterize the post-fordism. (i) Hence, I will show that the property rights modifications bring forth new forms of competition;(ii) Also, I will make explicit the concrete expressions of this new competition, as well as how it translates itself in a sub-optimum allocation in the framework of the market game; (iii) I will study the modifications of externalities nature produced by technical progress; (iv) Finally, I will analyze the macroeconomic implications in regard to growth mechanisms and to capital nature.

Estudo sobre a captação dos fundos de Private Equity e Venture Capital

O estudo tem por objetivo avaliar os fatores que possam explicar a captação de recursos (fundraising) dos fundos de Private Equity e Venture Capital (PE/VC). Em linhas gerais, a proposta é averiguar empiricamente quais são os fatores que impactam na captação de recursos pelos fundos de PE/VC. A amostra foi formada por 25 países e em um espaço temporal de 6 anos (2006-2011). Foram identificados seis fatores: atividade econômica, desenvolvimento do mercado de capitais, governança corporativa, desenvolvimento socioambiental, empreendedorismo e tributação. Assim, construiu-se através de Análise Fatorial seis fatores que foram compostos por 26 variáveis. Por meio de regressão múltipla foram investigadas as relações entre a captação de recursos por parte dos fundos PE/VC e os fatores gerados. Os resultados demonstraram que apesar dos fatores testados serem significativos, a captação dos recursos é fortemente influenciada pelo nível de desenvolvimento do mercado de capitais. Os resultados aqui encontrados se tornam relevantes, pois discutem uma realidade crescente tanto no Brasil quanto no mundo, visto que o mercado de PE/VC solidifica-se como alternativa de captação de recursos.

Animação Viral, Vanguarda Trash e o Capital Simbólico dos nossos Piores Defeitos: a Ideologia de Bruno Aleixo

"Bruno Aleixo" is a viral animation character, created by the Portuguese collective GANA, that surfaced online in 2008. Their animation works have meanwhile crossed onto the most diverse media, and have been branching out in multiple webs of narratives, constantly referring to each other, as well as constantly quoting disparate references such as film classics, chatrooms and TV ads for detergents. This paper attempts a triple analysis of this object of study: the ways in which technology has been fostering non-linear narratives while widening the available aesthetic spectrum, the ways in which processes of cultural consumerism are being reinvented in light of the web 2.0, and the use of "pseudo-nonsense" as a process of oblique cultural psychoanalysis. We will further attempt to demonstrate how new media and web networks have been contributing to a fragmentation of audiences, as well as a blurring between dominant cultures and sub-cultural phenomena; and we will end by positing that the structural principles behind the "Bruno Aleixo" series can be applied in social and cultural contexts situated at the opposite end of the spectrum of traditional expectations regarding Animation.

Evaluating the Guimarães 2012 European Capital of Culture (ECOC): a Tourist Perception Approach

Guimarães has hosted, during the year of 2012, one of the European Capital of Culture (ECOC). The evaluation of the event is needed as public, private and community funds are involved. The approach considers the tourists (domestic and international) as external and independent stakeholders who assessed the cultural activities developed during the event and the attributes of the city. The results of the survey show that hosting the 2012 ECOC was a major contribution for attracting new visitors to the city, although many of them just for a short period of time. The main source of general information collected by tourists was the Internet, and the traditional media. Only a small amount of respondents demonstrated a specialized knowledge of the cultural program. The most cited and appreciated performances came from the areas of music, exhibitions, and theatre. According to the perceptions of tourists, the tangible assets were clearly detached from the set of attributes of Guimarães, including buildings, churches and chapels, whereas intangible assets were less noted. Overall, Guimarães received a very positive evaluation related to city image and stay and is highly recommended by tourists to friends and relatives.