Modelo para avaliação do custo burocrático do FCVS (Fundo de Compensação de Variações Salariais) : um estudo de caso

In 1964, year of the military coup, the Brazilian government established a housing finance system with the intention of reducing the housing shortage that had been going on for decades. In order to reach this goal, the government created the Housing Finance System (acronym in Portuguese ¿ SFH), a set of rules which intended to set up a regulated market through standardized contracts and compulsory sources of funds. The system survived for some time, due to the state control of prices and salaries in the authoritarian regime. However, the increasing inflationary pressure obliged the government to adopt a populist subsidy policy, which left as a consequence outstanding balances at the end of the contracts that very often exceeded the value of the financed units. The solution adopted was to create a fund to settle these residual balances. Such fund should be capitalized by the government and by compulsory contributions from borrowers and financial institutions. Since the government did not make such contributions, the debt of this fund increased on a yearly basis, reaching around 3,5 % of Brazil¿s GDP in December 31, 2006. Due to the decline of private investments in the housing finance system, this debt concentrated mostly on public and state-owned companies, government agencies and public funds. The outcome of this policy was the Salary Variations Compensation Fund (acronym in Portuguese ¿ FCVS), which has a negative net equity of 76 billion reais and costs 100 million reais per year to be managed, and whose main creditor is the Federal Government itself.

Regulação por contrato no setor de saneamento: o caso de Ribeirão Preto

A ampliação dos serviços de saneamento básico é uma questão fundamental para o desenvolvimento econômico e social. Requer, contudo, investimentos vultosos, nem sempre disponíveis, especialmente no setor público. No Brasil, o setor de saneamento é fortemente marcado pela presença de grandes companhias públicas estaduais, criadas no final da década de 1960. No entanto, em um contexto de alteração do paradigma do Estado como produtor direto de bens e serviços para o Estado regulador, alguns municípios incorporaram agentes privados ao setor, celebrando contratos de concessão de serviços de água e esgoto. Para tanto, utilizaram o próprio instrumento contratual como o arcabouço regulatório dos serviços, numa situação de regulação por contrato. Esse trabalho discute a regulação por contrato no setor de saneamento, apresentando, ao final, uma análise do caso de Ribeirão Preto, cidade do interior paulista que, em 1995, concedeu a uma empresa privada os serviços de tratamento e disposição final de esgotos. A dissertação discorre sobre a evolução histórica do setor de saneamento, os principais aspectos regulatórios e os fatores relevantes para a análise de uma iniciativa de regulação por contrato no nível local. Destaca que a regulação por contrato não pode ser resumida aos dispositivos contratuais, envolvendo também a dinâmica entre regulador e regulado, e aponta para o delicado equilíbrio entre segurança e flexibilidade da relação contratual de longo prazo.

Efeitos da regulação no custo de aquisição de energia elétrica no Brasil

Nos últimos vinte anos, o Setor Elétrico Brasileiro (SEB) vem passando por profundas transformações incluindo duas reestruturações. A primeira, em 1995, faz a transição de um modelo centralizado com empresas estatais operando no regime de monopólio para um modelo de livre mercado com ênfase na privatização do setor. A segunda, em 2004, retoma o papel do Estado no planejamento da expansão do setor, estabelece a convivência entre empresas estatais e privadas e busca promover a modicidade tarifária. A principal razão para as mudanças é a necessidade de investimento para expansão da oferta de energia elétrica. Este trabalho tem como objetivo apresentar estas reformas, descrever o funcionamento atual do setor elétrico e analisar a questão do término das concessões de geração a partir de 2015. A indefinição do governo federal entre prorrogar ou licitar estas concessões cria incertezas, adiando investimentos e provocando perdas ao país.

Uma analise do processo de privatização brasileiro, com enfase no setor siderurgico

o modelo de Estado empresário começou a dar sinais de esgotamento no início da década de 80~ desde então, iniciou-se um sucateamento do parque industrial estatal. em função disto, o governo decidiu que, para atender às necessidades de investimentos, seria preciso repassar estas empresas para o setor privado. A aplicação desta nova orientação foi instrumentada pela criação do Programa Nacional de Privatização no governo Collor. Este programa, no entanto, não ficou restrito a este período, tendo sido continuado ao longo do governo Itamar Franco, assim como do Presidente Fernando Henrique Cardoso. Apesar dos vários focos de resistência que surgiram no decorrer do processo, houve resultados positivos na economia em função da desestataização. Um dos principais objetivos a ser alcançado pelo PND tem sido a redução da dívida global do setor públiCo, tanto interna quanto externamente, visando a reestruturação das finanças governamentais que, por sua vez, implica em menor necessidade de financiamento para o pagamento de juros da dívida pública. Esta dissertação avalia o Programa nacional de Desestatização do início de sua criação em 1990, até 1995. Das 74 empresas incluidas no programa, 41 foram privatizaas durante este período, total este que inclui a venda de empresas controladas pela Petroquisa e Petrofértil. o primeiro setor a ser totalmente privatizado foi o siderúrgico, que se encontra representado neste trabalho pela análise dos processos de privatização da U siminas e da Acesita, que se tomaram exemplos de sucesso da administração privada. Os processos de privatização da Usiminas e da Acesita foram analisados em termos da preparação das empresas para serem vendidas, situação financeira, realização do leilão em si e os resultados obtidos com este processo. Além disto, foi desenvolvida uma análise dos principais problemas enfrentados pelo setor siderúrgico antes da privatização, assim como demonstrou-se a importância da privatização destas empresas para que os mesmos fossem solucionados.

Sistemas de contabilidade por responsabilidade em entidades da administração estadual do Rio de Janeiro: um estudo de casos

Os propósitos do presente estudo objetivaram levantar o estado e a natureza do controle gerencial por responsabilidade e as medidas de avaliação do desempenho em quatro entidades estatais estaduais do Rio de Janeiro: uma sociedade de economia mista, uma empresa pública, uma autarquia e uma fundação e analisá-las à luz dos fundamentos teóricos existentes na literatura sobre o assunto, em termos de proximidade ou afastamento em relação aos aspectos vistos como relevantes nesta área do conhecimento. específica A revisão da literatura e fundamentos teóricos, que compõe o Capítulo 11, procurou amoldar o plano de referência sob o controle por responsabilidade em função das características das entidades estatais estaduais para ser testado nesta pesquisa. A metodologia que foi utilizada neste trabalho exploratório vem apresentada e justificada, a razão de seu uso no Capítulo III. Com um questionário que continha em sua maior parte perguntas abertas, foi possível a obtenção de informações mais detalhadas que proporcionaram uma descrição do estado e da natureza do controle existente nas entidades estatais estaduais do Rio de Janeiro, que está contida no Capítulo IV. A análise dos resultados obtidos no trabalho de campo, compõe o Capítulo V e vem mostrando o que existe em termos de controle gerencial por responsabilidade, frente ao plano de referência básico da pesquisa. No Capítulo Final (VI), apresentam-se as conclusões e as sugestões para novas pesquisas, nessa área tão carente.

Jogada de craque? fatores críticos que levam empresas públicas a patrocinarem o esporte

A dissertação aborda aspectos concernentes ao marketing esportivo no Brasil, com ênfase no patrocínio a modalidades exercido pelas empresas públicas. Na arena em que atuam com papel de destaque, muito pouco ainda é sabido sobre os interesses no apoio por parte destas corporações. Quais seriam, então, os fatores críticos que levam empresas públicas a patrocinarem o esporte? Através de pesquisa bibliográfica, evidencia-se o vasto potencial que o marketing esportivo detém em termos de comunicação e de mercadologia. E através de estudo de caso envolvendo motivações no BNDES e na Eletrobras, pretende-se generalizar os objetivos das empresas públicas com o uso do patrocínio esportivo.

O circuito espacial produtivo dos fertilizantes no território brasileiro

This paper has two main objective the study of the productive space circuit of fertilizers in Brazil. For this, we study the company's operations Vale Fertilizers SA More specifically, the production and consumption of fertilizers in Brazil. In the current globalization the Brazilian countryside know new ways of doing (SANTOS, 1994). This, with less roughness, adopts the Green Revolution package, and introduces inputs to the soil, such as seeders, combines, tractors, herbicides, fungicides and fertilizers (Santos & Silveira, 2001). The examination of the Brazilian case as the agricultural modernization reveals the great vulnerability of modern agricultural regions in the face of globalizing modernization (Santos, 2000: 92). The places that receive capital reproduction of imperatives gain a new medium, is the formation of informational scientific technical means, are the bright spots corresponding to other places (Santos, 1994). Thus, the productive circuits are no longer confined to the environment, but establish connections with distant places (Santos, 1986; Frederick & CASTILLO, 2004). What's more, the policy is now made in the market (Santos, 2000, p.67) and the adoption by the Brazilian government's neoliberal policies, the Brazilian state-owned companies related to fertilizer production circuit are privatized, thereby Brazil makes It is further more dependent on inputs used in the field, including fertilizers

Separation of Ownership from Control and Discretionary Managerial Behaviour in a Transition Economy

This study was the final stage of a four-year study of managerial behaviour and company performance in Bulgaria and examined the influence of changing ownership and control structures of companies on managerial behaviour and initiative. It provides a theoretical summary of the specific types of ownership, control, governance structures and managerial strategies in the Bulgarian transitional economy during 1992-1996. It combines two theoretical approaches, the property-rights approach to show concentrated property-rights structure and private and majority types of control as determinants of efficient enterprise risk bearing and constrained managerial discretion, and the agency theory approach to reveal the efficient role of direct non-market governance mechanisms over managers. Mr. Peev also used empirical information collected from the Central Statistical office in Bulgaria, three different enterprise investigations of corporatised state-owned enterprises between 1992 and 1994, and his own data base of privatised and private de novo industrial companies in 1996-1996. The project gives a detailed description of the main property-rights structures in Bulgaria at the present time and of the various control structures related to these. It found that there is a strong owner type of control in private and privatised firms, although, contrary to expectations, 100% state -owned enterprises tended to be characterised by a separation of ownership from control, leaving scope for managerial discretion. Mr. Peev predicts that after the forthcoming mass privatisation, many companies will acquire a dispersed ownership structure and there will be a greater separation of ownership from control and potential or inefficient managerial behaviour. The next aspect considered in detail was governance structures and the influence of the generally unstable macroeconomic environment in the country during the period in question. In examining managerial strategies, Mr. Peev divided the years since 1990 into 3 periods. Even in the first period (1990-1992) there were some signs of a more efficient role for managers and between 1992 and 1994 the picture of control structures and different managerial behaviour in state-owned companies became more diversified. Managerial strategies identified included managerial initiatives for privatisation, where managers took initiative in resolving problems of property rights and introducing restructuring measures and privatisation proposals, managerial initiatives for restructuring without privatisation, and passive adjustment and passive management, where managers seek outside services for marketing, finance management, etc. in order to adjust to the new environment. During 1995-1996 some similarities and differences between the managerial behaviour of privatised and state-owned firms emerged. Firstly, the former have undergone many changes in investment and technology, while managers of state-owned companies have changed little in this field, indicating that the private property-rights structure is more efficient for the long-term adaptation of enterprises. In the area of strategies relating to product quality, marketing, and pricing policy there was little difference between managers of private, privatised and state-owned firms. The most passive managerial behaviour was found in non-incorporated state-owned firms, although these have only an insignificant stake in the economy.

Social Policy Facing the Problems of Youth Employment

Rumiana Stoilova (Bulgaria). Social Policy Facing the Problems of Youth Employment. Ms. Stoilova is a researcher in the Institute of Sociology in Sofia and worked on this project from October 1996 to September 1998. This project involved collecting both statistical and empirical data on the state of youth employment in Bulgaria, which was then compared with similar data from other European countries. One significant aspect was the parallel investigation of employment and unemployment, which took as a premise the continuity of professional experience where unemployment is just a temporary condition caused by external and internal factors. These need to be studied and changed on a systematic basis so as to create a more favourable market situation and to improve individuals' resources for improving their market opportunities. A second important aspect of the project was an analysis of the various entities active on the labour market, including government and private institutions, associations of unemployed persons, of employers or of trade unions, all with their specific legal powers and interests, and of the problems in communication between these. The major trends in youth unemployment during the period studied include a high proportion of the registered unemployed who are not eligible for social assistance, a lengthening of the average period of unemployment, an increase in the percentage of people who are unemployed for the first time and an increasing percentage of these who are not eligible for assistance, particularly among newly registered young people. At the same time the percentage of those for who work has been found is rising and during the last three years an increasing number of the unemployed have started some independent economic activity. Regional differences are also considerable and in the case of the Haskovo region represent a danger of losing the youngest generation, with resulting negative demographic effects. One major weakness of the existing institutional structure is the large scale of the black labour market, with clear negative implications for the young people drawn into it. The role of non-governmental organisations in providing support and information for the unemployed is growing and the government has recently introduced special preferences for organisations offering jobs to unemployed persons. Social policy in the labour market has however been largely restricted to passive measures, mostly because of the risk that poverty poses to people continuously excluded from the labour market. Among the active measures taken, well over half are concerned with providing jobs for the unemployed and there are very limited programmes for providing or improving qualifications. The nature of youth employment in Bulgaria can be seen in the influence of sustained structures (generation) and institutions (family and school). Ms. Stoilova studied the situation of the modern generation through a series of profiles, mostly those of continuously unemployed and self-employed persons, but also distinguishing between students and the unemployed, and between high school and university students. The different categories of young people were studied in separate mini-studies and the survey was carried out in five town in order to gather objective and subjective information on the state of the labour market in the different regions. She conducted interviews with several hundred young people covering questions of family background, career plans, attitudes to the labour situation and government measures to deal with it, and such questions as independence, mobility, attitude to work, etc. The interviews with young people unemployed for a long period of time show the risk involved in starting work and its link with dynamics of economic development. Their approval of structural reforms, of the financial restrictions connected with the introduction of a currency board and the inevitability of unemployment was largely declarative. The findings indicate that the continuously unemployed need practical knowledge and skills to "translate" the macroeconomic realities in concrete alternatives of individual work and initiative. The unemployed experience their exclusion from the labour market not only as a professional problem but also as an existential threat, of poverty, forced mobility and dependence on their parents' generation. The exclusion from the market of goods and services means more than just exercising restraint in their consumption, as it places restrictions on their personal development. Ms. Stoilova suggests that more efficient ways of providing financial aid and mobilisation are needed to counteract the social disintegration and marginalisation of the continuously unemployed. In measuring the speed of reform, university students took both employment opportunities and the implementation of the meritocratic principle in employment into account. When offered a hypothetical choice between a well-paid job and work in one's own profession, 62% would prefer opt for the well-paid job and for working for a company that offered career opportunities rather than employment in a family or own company. While most see the information gained during their studies as useful and interesting, relatively few see their education as competitive on a wider level and many were pessimistic about employment opportunities based on their qualifications. Very similar attitudes were found among high school students, with differences being due rather to family and personal situations. The unemployed, on the other hand, placed greater emphasis on possibilities of gaining or improving qualifications on a job and for the opportunities it would offer for personal contacts. High school students tend to attribute more significance to opportunities for personal accomplishment. A significant difference that five times fewer high school students were willing to work for state-owned companies, and many fewer expected to find permanent employment or to find a job in the area where they lived, Within the family situation, actual support for children seems to be higher than the feelings of confidence expressed in interviews. The attitudes of the families towards past experience seems to be linked with their ability to cope with the difficulties of the present, with those families which show an optimistic and active attitude towards the future having a greater respect for parents experience and tolerance in communication between parents and children.

革命後のイランにおける特権企業の生成と変貌 -- モスタズアファーン財団を事例に

It is a well-known and well-studied fact that after the 1979 revolution, Iran's economy went through a process of fundamental change and as a result a totally different economic system was established. Among the most remarkable changes was the emergence of so-called para-statal organizations, which were supervised by some institution within the state, while not being controlled by the government. Because of their politically strong position, they enjoy many privileges such as tax exemption or easy access to credit. Although deeply regarded as one of the most striking features of the postrevolution economic system, published studies about para-statal entities have been very limited so far. In this paper, I will focus on one of the biggest para-statal organizations, Mostaz`afan (Oppressed) Foundation. I will attempt to examine the historical and political background behind the formation and transformation of this conglomerate, its system of corporate governance, and its economic scale and scope over the past 35 years. Para-statal conglomerates together with state owned companies are going to be the two most important pillars of Iran's economy in the foreseeable future. Understanding their history will not only help us learn about the current economic system of Iran, but also give us some insight into the future of the economy, too.

Winners and Losers in the Liberalized Energy Retail Sector in Hungary:A Co-evolutionary Approach

This paper examines the recent history of the Hungarian energy trading market in a co-evolutionary framework. Hungary is characterized by a mixed ownership structure with mainly multinational incumbents in energy retail and distribution, while the wholesale is dominantly owned by state-owned companies. The legal framework also has dual characteristics, with free-market regulation for industrial consumers and a regulated price regime for households. Our research method follows a longitudinal approach from the period of market liberalization in 2008 until 2013. We identified strong relationship between the individual and sector performance of the trading companies and the current political ideology and institutional regime.

Corporate governance in european transition economies: Emerging models

The purpose of this paper is to contribute to the debate on corporate governance models in European transition economies. The paper consists of four parts. After a historic overview of the evolution of corporate governance, the introduction presents various understandings of the corporate governance function and describes current issues in corporate governance. Part two deals with governance systems in the (mainly domestically) privatized former state-owned companies in Central European transition countries, with the main types of company ownership structures, relationships between governing and management functions, and deficiencies in existing governance systems. Part three is dedicated to the analysis of factors that determine the efficiency of the relationship between the corporate governance and management functions in Central European transition economies. It deals with the issue of why the German (continental European) governance model is usually the preferred choice and why the chosen models underperform. In the conclusion the author offers his suggestions on how the Central European transition countries should improve their corporate governance in the future.

State capitalism and social responsibility in China's banking industry

China’s financial system has experienced a series of major reforms in recent years. Efforts have been made towards introducing the shareholding system in state-owned commercial banks, restructuring of securities firms, re-organising equity of joint venture insurance companies, further improving the corporate governance structure, managing financial risks and ultimately establishing a system to protect investors (Xinhua, 2010). Financial product innovation, with the further opening up of financial markets and the development of the insurance and bond market, has increased liquidity as well as reduced financial risks. The U.S. subprime crisis indicated the benefit of financial innovations for the economy, but without proper control, they may lead to unexpected consequences. Kirkpatrick (2009) argues that failures and weaknesses in corporate governance arrangements and insufficient accounting standards and regulatory requirements attributed to the financial crisis. Similar to the financial crises of the last decade, the global financial crisis which sparked in 2008, surfaced a variety of significant corporate governance failures: the dysfunction of market mechanisms, the lack of transparency and accountability, misaligned compensation arrangements and the late response of government, all which encouraged management short-termism, poor risk management, as well as some fraudulent schemes. The unique characteristics of the Chinese banking system are an interesting point for studying post-crisis corporate governance reform. Considering that China modelled its governance system on the Anglo-American system, this paper examines the impact of the financial crisis on corporate governance reform in developed economies, and particularly, China’s reform of its financial sector. The paper further analyses the Chinese government’s role in bank supervision and risk management. In this regard, the paper contributes to the corporate governance literature within the Chinese context by providing insights into the contributing factors to the corporate governance failure that led to the global financial crisis. It also provides policy recommendations for China’s policy makers to seriously consider. The results suggest a need for the re-examination of corporate governance adequacy and the institutionalisation of business ethics. The paper’s next section provides a review of China’s financial system with reference to the financial crisis, followed by a critical evaluation of a capitalistic system and a review of Anglo-American and Continental European models. It then analyses the need for a new corporate governance model in China by considering the bank failures in developed economies and the potential risks and inefficiencies in a current State controlled system. The paper closes by reflecting the need for Chinese policy makers to continually develop, adapt and rewrite corporate governance practices capable of meeting the new challenge, and to pay attention to business ethics, an issue which goes beyond regulation.

Growing research where economies grow: essays on strategy and international expansion of companies from emerging countries

In recent years, emerging countries have assumed an increasingly prominent position in the world economy, as growth has picked up in these countries and slowed in developed economies. Two related phenomena, among others, can be associated with this growth: emerging countries were less affected by the 2008-2009 global economic recession; and they increased their participation in foreign direct investment, both inflows and outflows. This doctoral dissertation contributes to research on firms from emerging countries through four independent papers. The first group of two papers examines firm strategy in recessionary moments and uses Brazil, one of the largest emerging countries, as setting for the investigation. Data were collected through a survey on Brazilian firms referring to the 2008-2009 global recession, and 17 hypotheses were tested using structural equation modeling based on partial least squares. Paper 1 offered an integrative model linking RBV to literatures on entrepreneurship, improvisation, and flexibility to indicate the characteristics and capabilities that allow a firm to have superior performance in recessions. We found that firms that pre-recession have a propensity to recognize opportunities and improvisation capabilities for fast and creative actions have superior performance in recessions. We also found that entrepreneurial orientation and flexibility have indirect effects. Paper 2 built on business cycle literature to study which strategies - pro-cyclical or counter-cyclical – enable superior performance in recessions. We found that while most firms pro-cyclically reduce costs and investments during recessions, a counter-cyclical strategy of investing in opportunities created by changes in the environment enables superior performance. Most successful are firms with a propensity to recognize opportunities, entrepreneurial orientation to invest, and flexibility to efficiently implement these investments. The second group of two papers investigated international expansion of multinational enterprises, particularly the use of distance for their location decisions. Paper 3 proposed a conceptual framework to examine circumstances under which distance is less important for international location decisions, taking the new perspective of economic institutional distance as theoretical foundation. The framework indicated that the general preference for low-distance countries is lower: (1) when the company is state owned, rather than private owned; (2) when its internationalization motives are asset, resource, or efficiency seeking, as opposed to market seeking; and (3) when internationalization occurred after globalization and the advent of new technologies. Paper 4 compared five concurrent perspectives of distance and indicated their suitability to the study of various issues based on industry, ownership, and type, motive, and timing of internationalization. The paper also proposed that distance represents the disadvantages of host countries for international location decisions; as such, it should be used in conjunction with factors that represent host country attractiveness, or advantages as international locations. In conjunction, papers 3 and 4 provided additional, alternative explanations for the mixed empirical results of current research on distance. Moreover, the studies shed light into the discussion of differences between multinational enterprises from emerging countries versus those from advanced countries.

Explaining the Persistence of State-ownership in China

In the recent decade China witnessed an upsurge of privatization of small and medium state-owned enterprises (SOEs). In contrast to the consequent sharp reduction in the number of firms, however, the estimated share of broadly-defined SOEs that includes limited liabilities companies controlled by the State has shown virtually no sign of decline. We explain the backgrounds of this seemingly paradoxical persistence of state-ownership by looking into two distinctive types of large SOEs: traditional SOEs that remain dominant in oligopolistic industries and manager-controlled SOEs surviving in competitive industries. The two types exemplify several factors constraining further progress of SOE reform such as, financing the costs of restructuring, redefining the role of the State as the single dominant shareholder, and balancing the interests of the State and managers as entrepreneurs. Sorting these issues out will take time, which means that instabilities associated with state corporate ownership will remain in place in the foreseeable future in China.