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

S Corporations Can Benefit Many Closely-Held Hospitality Firms

In his discussion - S Corporations Can Benefit Many Closely-Held Hospitality Firms - by John M. Tarras, Assistant Professor, School of Hotel, Restaurant & Institutional Management at Michigan State University, Assistant Professor Tarras initially offers: “Organization as an S corporation has many advantages for hospitality firms since passage of the Tax Reform Act of 1986. The author discusses those advantages and lists the disadvantages as well.” In the opening paragraphs Tarras alludes to the relationship between hospitality firms, S corporations, and the Tax Reform Act of 1986, and then defines what an S corporation is. “An S corporation is a form of business entity that combines many of the tax advantages of partnerships with the legal attributes of a corporation, including limited liability for its shareholders. Its name is obtained from a subchapter of the Internal Revenue Code. Except for tax purposes, the S corporation is treated in the same manner as any regular corporation. Like a partnership, income and losses for an S corporation are generally passed through directly to shareholders for inclusion on their individual returns. An S corporation thus avoids the double tax problem facing regular corporations.” There are certain criteria to be met and caveats to be avoided in qualifying for S corporation status. Tarras lists and cites these for you. “Due to the complicated nature of S corporations, the election may be inadvertently terminated if the eligibility requirements are violated,” Tarras expands and cites. As the article suggests at the outset, there are advantages and disadvantages to S corporation status; the author outlines some examples for you. “Traditionally, the S corporation has been used by hospitality firms wishing to avoid the "double tax" problem of a regular corporation,” Tarras informs you. “Regular corporations are taxed once at the corporate level, and again at the shareholder level when income is distributed to shareholders in the form of dividends.” Tarras advises you as to why an S corporation is an advantage in this situation. “Since the S corporation generally is not subject to any corporate taxes, it generally makes no difference whether distributions to shareholders of S corporations are characterized as compensation or dividends,” thus the double tax is avoided. This is just one such positive illustration. Assistant Professor Tarras wants you to know: “Perhaps the most important reason to consider the S corporation has to do with the downward revision of tax rates for both individuals and corporations.” He highlights a case study for you. Some of the disadvantages of S corporation affiliation are the caveats alluded to earlier. They include, “the limitation of an S corporation of 35 shareholders,” Tarras cites. “Also, there are limits as to who may own stock in an S corporation.” These are but two of the limitations of an S corporation. Tarras closes with a further glimpse of the down-sides of an S corporation.

Key determinants of organisational silence for non-standard workers

Purpose – The purpose of this paper is to identify the key determinants of organisational silence from the perspective of non-standard workers (NSWs). The study focuses on three research themes: first, analysing the experiences motivating NSWs to remain silent; second, analysing the role of the NSW life cycle in the motivation to remain silent, the final theme is evaluation of the impact on organisational voice of an organisation employing a workforce in which NSWs and standard workers (SWs) are blended. Design/methodology/approach – The study utilises a phenomenological approach, as defined by Van Manen (2007), to collect and analyse the phenomenon of organisational silence from the perspective of NSWs. The NSWs are defined as individuals operating via Limited Liability UK registered companies created for the purpose of delivering services to organisations via a contract of services. This study employed a combination of phenomenology and hermeneutics to collect and analyse the data collected from the NSWs using semi-structured interviews (Lindseth and Norberg, 2004). Findings – The study concludes with three core findings. NSWs experience similar motivational factors to silence as experienced by standard workers (SWs). The key differential between a SW and a NSW is the role of defensive silence as a dominant motivator for a start-up NSW. The study identified that the reasons for this is that new NSWs are defensive to protect their reputation for any future contract opportunities. In addition, organisations are utilising the low confidence of new start up NSWs to suppress the ability of NSWs to voice. The research indicates how experienced NSWs use the marketing stage of their life cycle to establish voice mechanisms. The study identified that NSWs, fulfiling management and supervisory roles for organisations, are supporting/creating climates of silence through their transfer of experiences as SWs prior to becoming NSWs. Research limitations/implications – This study is a pilot study, and the findings from this study will be carried forward into a larger scale study through engagement with further participants across a diverse range of sectors. This study has identified that there is a need for further studies on organisational silence and NSWs to analyse more fully the impact of silence on the individuals and the organisation itself. A qualitative phenomenological hermeneutical study is not intended to be extrapolated to provide broad trends. The focus of the phenomenological hermeneutic research methodology is on describing and analysing the richness and depth of the NSW’s experiences of silence in organisational settings. Originality/value – This paper draws together the studies of worker classification, motivators for organisational silence, and the impact of blending SWs and NSWs in an organisational setting. The study demonstrates that academic research to date has focused predominantly on SWs to the exclusion of the 1.5 million, and growing, NSWs in the UK. This study examines these under-represented workers to analyse the participants’ experiences of organisational silence, and its consequences in organisational settings, demonstrating a need for further studies.

Optimal insurance with counterparty default risk

We study the design of optimal insurance contracts when the insurer can default on its obligations. In our model default arises endogenously from the interaction of the insurance premium, the indemnity schedule and the insurer’s assets. This allows us to understand the joint effect of insolvency risk and background risk on efficient contracts. The results may shed light on the aggregate risk retention sched- ules observed in catastrophe reinsurance markets, and can assist in the design of (re)insurance programs and guarantee funds.

Avaliação e optimização operacional: estudo do terminal de contentores de Alcântara

Trabalho Final de Mestrado para obtenção do grau de Mestre em Engenharia Mecânica - Ramo Manutenção e Produção

Internationalization strategy of ABotoa/Skypro shoes to United States of America

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

On the Relationship between Market Power and Bank Risk Taking

We analyse risk-taking behaviour of banks in the context of spatial competition. Banks mobilise unsecured deposits by offering deposit rates, which they invest either in a prudent or a gambling asset. Limited liability along with high return of a successful gamble induce moral hazard at the bank level. We show that when the market power is low, banks invest in the gambling asset. On the other hand, for sufficiently high levels of market power, all banks choose the prudent asset to invest in. We further show that a merger of two neighboring banks increases the likelihood of prudent behaviour. Finally, introduction of a deposit insurance scheme exacerbates banks’ moral hazard problem.

Time is Running Out: The 2°C Target and Optimal Climate Policies

The quintessence of recent natural science studies is that the 2 degrees C target can only be achieved with massive emission reductions in the next few years. The central twist of this paper is the addition of this limited time to act into a non-perpetual real options framework analysing optimal climate policy under uncertainty. The window-of-opportunity modelling setup shows that the limited time to act may spark a trend reversal in the direction of low-carbon alternatives. However, the implementation of a climate policy is evaded by high uncertainty about possible climate pathways.

Dynamic Relational Contracts under Complete Information

This paper considers a long-term relationship between two agents who both undertake a costly action or investment that together produces a joint benefit. Agents have an opportunity to expropriate some of the joint benefit for their own use. Two cases are considered: (i) where agents are risk neutral and are subject to limited liability constraints and (ii) where agents are risk averse, have quasi-linear preferences in consumption and actions but where limited liability constraints do not bind. The question asked is how to structure the investments and division of the surplus over time so as to avoid expropriation. In the risk-neutral case, there may be an initial phase in which one agent overinvests and the other underinvests. However, both actions and surplus converge monotonically to a stationary state in which there is no overinvestment and surplus is at its maximum subject to the constraints. In the risk-averse case, there is no overinvestment. For this case, we establish that dynamics may or may not be monotonic depending on whether or not it is possible to sustain a first-best allocation. If the first-best allocation is not sustainable, then there is a trade-off between risk sharing and surplus maximization. In general, surplus will not be at its constrained maximum even in the long run.

Decentralization of contracts with interim sidecontracting

This paper gives a new explanation for the phenomena of subcontracting. A model in which a principal contracts two agents who work in a sequence on a project, have soft information and can collude is considered. Side-contracts between agents can be signed at any stage of the game. Due to limited liability and moral hazard agents obtain a rent. The principal’s problem is to find the preferable contracting structure. It is shown that in this setting a decentralized contracting structure can be superior to a centralized structure for the principal. The paper derives the conditions under which this holds. Journal of Economic Literature Classification Numbers: D23, D82, L14, L22. Keywords: Contract delegation, Collusion, Interim side-contracting, Moral hazard.

Wild bids. Gambling for resurrection in procurement contracts

This paper analyzes the problem of abnormally low tenders in theprocurement process. Limited liability causes firms in a bad financialsituation to bid more aggressively than good firms in the procurementauction. Therefore, it is more likely that the winning firm is a firm infinancial difficulties with a high risk of bankruptcy. The paper analyzesthe different regulatory practices to face this problem with a specialemphasis on surety bonds used e.g. in the US. We characterize the optimalsurety bond and show that it does not coincide with the current USregulation. In particular we show that under a natural assumption the USregulation is too expensive and provides overinsurance to the problem ofabnormally low tenders.

Failure to collude in the presence of asymmetric information

In this paper, we design the optimal contract when two agents can collude under asymmetric information. They have correlated types, produce complementary inputs and are protected by limited liability. Therefore, a joint manipulation of reports allows them to internalize informational and productive externalities. We show that by taking advantage of the transaction costs created by asymmetric information, even though they collude, the principal can achieve the outcome without collusion regardless of the sign and the degree of correlation. In particular, the principal can implement a non-monotonic quantity schedule in a collusion-proof way while this is impossible if collusion occurs under complete information.

Julkisen osakeyhtiön omien osakkeiden hankinta ja niiden kirjanpidollinen käsittely. Case HEXTech - Indeksin yhtiöt

Tavoitteena on selvittää ja kuvata lainsäädännön kehitys julkisen osakeyhtiön omien osakkeiden hankinnassa ja esittämisessä tilinpäätöksessä sekä miten teoriaa sovelletaan käytännössä julkisiin osakeyhtiöihin. Lähestymistapa on teoriasidonnainen, säädöstaustaan perustuva ja analyysin perustana ovat dokumentoidut säädökset. Tutkimusmenetelmä on deskriptiivinen tapaustutkimus, jonka analyysi rajoittuu vuoteen 2005. Tutkimustyön sisältö koostuu julkisesti noteerattujen osakeyhtiöiden omien osakkeiden hankkimisesta ja esittämisestä tilinpäätöksessä koskevista EuroopanUnionin direktiivien sisällön käsittelystä, niiden vaikutuksesta osakeyhtiö-, kirjanpito- ja arvopaperimarkkinalakiin sekä HEXTech - Indeksin yhtiöiden käytäntöön. Tätä käytäntöä selvitetään ja kuvataan tutkimusosuudessa. Tutkimustuloksena voidaan todeta, että lait on harmonisoitu Euroopan Yhteisöjen direktiivejä vastaavaksi. HEXTech - Indeksin yhtiöt ovat noudattaneet kirjanpito-, osakeyhtiö- ja arvopaperimarkkinalain ohjeita ja määräyksiä käytännöissään. Yhtiökokoukselta on saatu valtuutuksia hankkia omia osakkeita.Kymmenestä yhtiöstä seitsemän oli saanut valtuutuksen ja vain neljä toteutti käytännössä saamansa valtuutuksen. Kaksi yhtiötä mitätöi, yksi kannusti avainhenkilöitään hankkimillaan omilla osakkeilla ja yksi toteutti takaisinostotarjouksella omien osakkeiden hankinnan.

Uuden osakeyhtiölain vaikutukset osakeyhtiön pääomarakenteeseen, varojenjakoon ja verotukseen

Tutkimuksen tavoitteenaoli analysoida uuden osakeyhtiölain vaikutuksia osakeyhtiön pääomarakenteeseen ja varojenjakoon verotukselliset kysymykset huomioiden. Tavoitteena oli tutkia, millaisia uusia mahdollisuuksia uusi osakeyhtiölaki tarjoaa oman pääoman rakenteen järjestämiseen ja varojen jakamiseen. Tarkastelun pääpaino oli pienissä, ei noteeratuissa yhtiöissä, joiden osakkeenomistajilla on paremmat mahdollisuudet hyödyntää uuden osakeyhtiölain tarjoamia aiempaa liberaalimpia mahdollisuuksia. Tutkimusmenetelmä oli kvalitatiivinen ja tutkimusta varten haastateltiin KHT-tilintarkastajaa, omistajayrittäjää, sekä osakeyhtiölain ja verotuksen asiantuntijoita. Tutkimuksen mukaan uuden osakeyhtiölain mahdollistamista aiempaa liberaalimmista menettelyistä uusi sijoitetun vapaan oman pääoman rahastoon merkittävin, mutta sen käytettävyys riippuu vielä avoimista verokysymyksistä. Uusi maksukykyisyystesti ja negatiivisen oman pääoman rekisteröintivelvollisuus aiheuttavat haasteita erityisesti pienille yhtiöille. Uusi osakeyhtiölaki on erittäin liberaali ja moderni, mutta sen merkitys riippuu viime kädessä vielä avoimista verokysymyksistä.

Konenäköjärjestelmien ostokriteerit ja laitetoimittajien asiakashankinta

Työn tavoitteena oli edesauttaa Euroelektro International Oy:tä kasvattamaan asiakaskuntaansa löytämällä oikeat lähtökohdat yrityksen markkinoinnin ja myynnin tehostamiselle sekä kannattavien kohdesegmenttien valinnalle. Työssä tehtiin tutkimus, jolla määritettiin yrityksen tyypillinen asiakas, asiakastarpeet, konenäköjärjestelmien ostokriteerit ja –preferenssit sekä ostopäätöksen tekijät ja siihen vaikuttavat henkilöt. Lisäksi selvitettiin, mitkä ovat Euroelektron potentiaalisia ja ei-potentiaalisia teollisuuden aloja. Tutkimuksen tulosten perusteella laadittiin lopuksi yrityksen markkinoinnin ja myynnin kehittämisehdotelma. Tutkimus rajattiin konenäköä jo käyttäviin yrityksiin, konenäön käyttöä suunnitteleviin yrityksiin, yrityksiin, joiden ajateltiin voivan tulevaisuudessa käyttää konenäköä ja yrityksiin, jotka ovat tekemisissä konenäköasiakkaiden kanssa. Markkinointi- ja myyntiprosessien hallintaan yrityksen tulisi kehittää oma seurantaohjelma, jonka avulla valitun markkinointistrategian onnistuneisuutta voitaisiin helposti seurata, sekä laatukäsikirja, mistä löytyisivät standardoidut toimenpidemallit asiakashankintaan, kenttämyyntiin ja myyntiprojektien läpiviemiseen sekä eri toimihenkilöiden toimenkuvaukset ja vastuualueet.