Restrição financeira, tangibilidade e capital de giro : como as empresas brasileiras investem

Utilizando dados em Painel sobre mais de 15.000 observações de empresas brasileiras, tanto de capital aberto quanto de capital fechado no período entre 2010 a 2014, o presente estudo examinou a existência de restrição ao crédito e sua relação com investimentos em ativos fixos e o papel desempenhado pelo capital de giro enquanto ferramenta gerencial nas decisões de investimentos em ativos fixos. Para tanto, foram utilizadas duas metodologias-base: o estudo desenvolvido por Almeida e Campello (2007), que inovou ao incluir variáveis que controlam algumas das maiores críticas aos estudos relacionados à restrição ao crédito e o estudo de Ding, Guariglia e Knight (2011) que testou a relação de investimentos em capital de giro com investimentos em ativos fixos. Os resultados encontrados neste trabalho apontam que, de maneira geral, as empresas brasileiras sofrem com restrições ao crédito e também, que as empresas que investem mais em capital de giro demonstram menor sensibilidade do investimento em ativo fixo ao fluxo de caixa, porém, não conseguem traduzir isso em taxas maiores de investimentos.

O dever constitucional de eficiência administrativa na jurisprudência do Supremo Tribunal Federal

O dever constitucional de eficiência administrativa consiste em norma reitora da atividade regulatória e das demais funções estatais. Este trabalho tem o objetivo de investigar seus sentidos, os tipos de norma em que se classifica e as estruturas argumentativas para a sua aplicação. Entende-se, por sentidos, os critérios usados para se considerar que uma conduta ou medida cumpre ou viola o dever de eficiência, incluindo consideração da relação entre meios para o exercício da atividade administrativa e resultados dessa atividade. Parte-se de diagnóstico de indefinição conceitual, na literatura jurídica brasileira, acerca desse dever constitucional, para investigar a existência de subsídios, na jurisprudência do Supremo Tribunal Federal, que viabilizem elaboração de conceito. Desse modo, verifica-se, na literatura, multiplicidade de definições. Além disso, o aspecto da análise custo-benefício, referido tanto na literatura sobre economicidade quanto nos textos sobre análise econômica do direito, sugere que o assunto também possa ser abordado de modo a correlacioná-lo ao conceito econômico de eficiência de Kaldor-Hicks ou de maximização da riqueza. Na jurisprudência, foi encontrada grande quantidade de sentidos de eficiência, a indicar que o STF pode não ter um posicionamento claro, senão em relação à concepção do dever constitucional de eficiência como um todo, pelo menos em relação a aspectos do conceito, a implicar a necessidade de elaboração, pelo tribunal, casuisticamente, de critérios para considerar que determinada conduta ou medida cumpre ou viola esse dever constitucional. Verificou-se, ainda, a ocorrência de aparentes divergências entre os ministros não apenas com relação à solução concreta de um caso, mas com relação à definição, em um mesmo caso, do sentido do dever de eficiência. Não se pode afirmar, no entanto, com segurança, que a concepção do dever de eficiência em um acórdão seja determinante, no STF, para a orientação dos votos. Ainda assim, um mesmo caso pode ter soluções distintas a depender do sentido de eficiência que se adote. Ademais, os acórdãos que parecem proceder a análise custo-benefício não se parecem referir a conceitos ou a critérios de eficiência econômica para fundamentar essa análise. Esses acórdãos também raramente fazem referência a dados empíricos. Quanto aos tipos de norma às estruturas argumentativas para aplicação, a literatura faz referência a teorias incompatíveis que dificultam compreender de maneira inequívoca como ocorre essa aplicação. O STF, a seu turno, faz uso de pelo menos 3 (três) estruturas argumentativas para aplicar o dever de eficiência: o consequencialismo, a análise custo-benefício e a ponderação de normas. O uso concomitante da análise custo-benefício e da ponderação de normas, contudo, enseja confusão entre o dever de eficiência e a máxima da proporcionalidade. Nesse contexto, a proposta conceitual busca tornar claros os sentidos, os tipos de norma e os modos de aplicação do dever constitucional de eficiência, mediante adoção de referencial teórico único que seja compatível com os achados de jurisprudência. Sendo assim, propõe-se a classificação do dever de eficiência como sobreprincípio e do dever de economicidade como postulado, com referência às concepções teóricas de Humberto Ávila, buscando-se evitar incorrer nos problemas diagnosticados na doutrina e na jurisprudência.

Entry on the Brazilian renewable power market: a case study

Conferências internacionais sobre o clima, bem como crescente conscientização sobre as questões de sustentabilidade lançaram luz sobre o papel fundamental que as energias renováveis poderiam desempenhar na transição energética. Ao contrário de combustíveis fósseis, elas podem ser regeneradas em um curto período de tempo e, por conseguinte, espera-se que sejam uma parte da solução para reduzir o aquecimento global. O Brasil sempre teve um forte setor hidrelétrico, mas agora está na vanguarda em relação a todas as outras fontes de energias alternativas, como energia eólica, biomassa o energia solar. Estas indústrias são uma promessa para um futuro próspero, graças ao potencial natural do país, bem como uma legislação de apoio, e estão atraindo muitas empresas locais e internacionais. Este estudo tem como objetivo preencher uma lacuna na literatura analisando o exemplo de uma empresa estrangeira que entra no mercado da energia renovável no Brasil. Baseando-se na literatura como um fundo conceptual, um único estudo de caso têm sido realizados para delinear todos os aspectos do processo de entrada. Neste desenvolvimento, relações causais entre as orientações estratégicas e a evolução do negócio foram identificadas. Esta pesquisa traz uma contribuição para as discussões acadêmicas sobre as dinâmicas de entrada no setor de energia renovável através de evidências do mercado brasileiro.

A JML-Based strategy for incorporating formal specifications into the software development process

This thesis presents a JML-based strategy that incorporates formal specifications into the software development process of object-oriented programs. The strategy evolves functional requirements into a “semi-formal” requirements form, and then expressing them as JML formal specifications. The strategy is implemented as a formal-specification pseudo-phase that runs in parallel with the other phase of software development. What makes our strategy different from other software development strategies used in literature is the particular use of JML specifications we make all along the way from requirements to validation-and-verification.

Perfil socioeconômico de pessoas com úlcera venosa: aspectos relevantes para a enfermagem

Traçar o perfil socioeconômico dos pacientes com úlcera venosa. Método: estudo quantitativo, transversal e descritivo, realizado com 50 pessoas no ambulatório de clínica cirúrgica do Hospital Universitário Onofre Lopes/HUOL, localizado no município de Natal/RN/Nordeste do Brasil, utilizando-se um roteiro de entrevista. Os dados coletados foram tabulados e armazenados numa planilha do software Excel e analisadas pela estatística descritiva. O estudo foi aprovado pelo Comitê de Ética em Pesquisa, CAAE 0038.0.294.000-11. Resultados: idade média de 59,72 anos, 66% pertenciam ao sexo feminino, 60% possuíam companheiro, a média de estudos foi de 4,98 (±3,36) anos e a renda familiar 2,3 salários mínimos. Encontrou-se, portanto, o perfil de pessoas com úlcera venosa semelhante ao evidenciado na literatura. Conclusão: é imprescindível conhecer as características dessa clientela para desenvolver estratégias visando à melhoria de suas condições de saúde

Natureza morta...edifício com vida: uma arquitetura sustentável para o Serviço de Verificação de Óbitos

Sustainability in buildings, while reducing the impact on the environment, contributes to the promotion of social welfare, to increase the health and productivity of occupants. The search for a way of build that meets the aspirations and development of humanity without, however, represent degradation of the environment, has become the great challenge of contemporary architecture. It is considered that the incorporation of principles that provide a sustainable building with careful choices of design solutions contribute to a better economic and thermal performance of the building, as well as functional and psychological comfort to its users. Based on this general understanding, this paper presents an architecture project aimed to health care whose the solutions adopted follow carefully the relevant legislation and sets his sights on the theme of sustainability. The methodology began with studies on the themes of verification service of deaths, sustainability and those application in construction developed through research in academic studies and analysis of architectural projects, using them like reference for the solutions adopted. Within the project analysis was performed a visit to the verification service of deaths in the city of Palmas in Tocantins, subsidizing information that, plus the relevant legislation, led to functional programming and pre-dimensional of the building to be designed. The result of this programming environments were individual records with information from environmental restrictions, space required for the development of activities, desirable flow and sustainability strategies, that can be considered as the first product of relevance of the professional master's degree. Finally we have outlined the basic design architecture of a Verification Service of Death SVO/RN (in portuguese), whose process of projecting defined as a guiding line of work four points: the use of bioclimatic architecture as the main feature projectual, the use of resources would provide minimal harm to the environment, the use of modulation and structure to the building as a form of rationalization and finally the search for solutions that ensure environmental and psychological comfort to users. Importantly to highlight that, besides owning a rare theme in literature that refers to architectural projects, the whole project was drawn up with foundations in projective criteria that contribute to environmental sustainability, with emphasis on thermal performance, energy efficiency and reuse of rainwater

Desenvolvimento de um sistema de nitretação por plasma em fonte pulsada e sua influencia sobre a nitretação do titânio

The pulsed plasma nitriding is a solution currently used in the metallurgical industry to resolve problems earlier in the processing of parts by using plasma DC voltage. These problems consisted mainly of edge effect and opening arches caused due to non-uniformity of electric fields on uneven surfaces. By varying the pulse width can reduce these effects. However, variations in pulse width can drastically affect the population of the plasma species and hence the final microstructure of the nitrided layer. In literature, little is known about the effect of process parameters on the properties of the plasma species and, consequently, the surface properties. We have developed a system of nitriding with pulsed source with fixed period of 800  pulse width is variable. Examined the variation of these parameters on the properties of nitrided surface when keeping constant temperature, gas composition, flow, pressure and power. It was found that the values of width and pulse repetition time of considerable influence in the intensities of the species present in plasma. Moreover, we observed the existence of the edge effect for some values of pulse widths, as well as changes in surface roughness and hardness

Otimização de vazão de poços injetores em projeto de injeção de água utilizando simulação por linhas de fluxo

Until the early 90s, the simulation of fluid flow in oil reservoir basically used the numerical technique of finite differences. Since then, there was a big development in simulation technology based on streamlines, so that nowadays it is being used in several cases and it can represent the physical mechanisms that influence the fluid flow, such as compressibility, capillarity and gravitational segregation. Streamline-based flow simulation is a tool that can help enough in waterflood project management, because it provides important information not available through traditional simulation of finite differences and shows, in a direct way, the influence between injector well and producer well. This work presents the application of a methodology published in literature for optimizing water injection projects in modeling of a Brazilian Potiguar Basin reservoir that has a large number of wells. This methodology considers changes of injection well rates over time, based on information available through streamline simulation. This methodology reduces injection rates in wells of lower efficiency and increases injection rates in more efficient wells. In the proposed model, the methodology was effective. The optimized alternatives presented higher oil recovery associated with a lower water injection volume. This shows better efficiency and, consequently, reduction in costs. Considering the wide use of the water injection in oil fields, the positive outcome of the modeling is important, because it shows a case study of increasing of oil recovery achieved simply through better distribution of water injection rates

Controle aplicado a poços com método de elevação e bombeio centrífugo submerso

The Electrical Submersible Pumping is an artificial lift method for oil wells employed in onshore and offshore areas. The economic revenue of the petroleum production in a well depends on the oil flow and the availability of lifting equipment. The fewer the failures, the lower the revenue shortfall and costs to repair it. The frequency with which failures occur depends on the operating conditions to which the pumps are submitted. In high-productivity offshore wells monitoring is done by operators with engineering support 24h/day, which is not economically viable for the land areas. In this context, the automation of onshore wells has clear economic advantages. This work proposes a system capable of automatically control the operation of electrical submersible pumps, installed in oil wells, by an adjustment at the electric motor rotation based on signals provided by sensors installed on the surface and subsurface, keeping the pump operating within the recommended range, closest to the well s potential. Techniques are developed to estimate unmeasured variables, enabling the automation of wells that do not have all the required sensors. The automatic adjustment, according to an algorithm that runs on a programmable logic controller maintains the flow and submergence within acceptable parameters avoiding undesirable operating conditions, as the gas interference and high engine temperature, without need to resort to stopping the engine, which would reduce the its useful life. The control strategy described, based on modeling of physical phenomena and operational experience reported in literature, is materialized in terms of a fuzzy controller based on rules, and all generated information can be accompanied by a supervisory system

Avaliação da eficácia de um programa de "Escola de Coluna" para lombalgia crônica inespecífica

The Back School has been used to prevent and to treat back pain since 1969, however its effectiveness still is controversy in literature. The objective of this study was to evaluate the effectiveness of a program of "Back School" in patients with nonspecific chronic low back pain, directed by rheumatologists and orthopedic doctors to Physiotherapy School Clinic of Universidade Potiguar (UnP) Natal/RN- Brazil, in period of May/2002 to December/2003. Seventy patients, with age varying from 18 to 60 years, were randomized in two groups: Experimental group (group A) with 34 patients, which was subdivided in groups with 6 to 8 components. This group participated of a theoretician and practical program of Back School with 4 lessons, one day per week, with 60 minutes of duration; to the Control group (group B), with 36 patients, was explained that the group should stay four months in a waiting list . Both groups, had been carried through three evaluations, by a blind, to patient group, independent observer: initial evaluation, after four and sixteen weeks. The following variables were analyzed: pain intensity, measured by analog visual scale (AVS), functional disability, measured by disability questionnaire of Roland and Morris and the spinal mobility measured by Schöber s method. In statistical analysis it was used variance analysis ANOVA, the test of Newman-Keuls multiple comparations, and the Pearson correlation coefficient, with significance level p<0.05. Thirteen patients (18,6%) didn t complete the evaluations, (5 from experimental group and 8 from control group). At last, 57 patients were studied, (29 from Experimental group and 28 from Control group), it was observed a significant statistical improve just for Experimental group in variables pain intensity (p=0,0001), functional disability

Synonymy of the yeast genera Moniliella and Trichosporonoides and proposal of Moniliella fonsecae sp nov and five new species combinations

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Identificação e fatores de virulência de Candida spp isoladas da cavidade bucal de transplantados renais do hospital universitário Onofre Lopes em Natal-RN

Despite Candida species are often human commensals isolated from various oral sites such as: tongue, cheek and palatal mucosa plus subgingival region, there are some properties linked to the organism commonly known as virulence factors which confer them the ability to produce disease. Oral candidiasis is one of the main oral manifestations reported in literature related to kidney transplant patients. The objectives of the present study were to identify and investigate virulence factors of yeasts isolated from the oral cavity of kidney transplant recipients admitted at the Hospital Universitário Onofre Lopes, in Natal RN. Seventy Candida species isolated from 111 kidney transplant recipients were investigated in this study. Identification of the isolates was performed by using the evidence of germ tube formation, hypertonic broth, tolerance to grow at 42°C, micromorphology and biochemical profiles. We observed a high rate of isolation of yeasts from the oral cavity of kidney transplant recipients (63.1%) being C. albicans was the most prevalent species. Oral candidiasis was diagnosed in 14.4% of transplant recipients. We evaluated virulence properties of the isolates regarding to: biofilm formation on polystyrene microplates as well as XTT reduction, adherence to acrylic resin and human buccal epithelial cells and proteinase activity. Most isolates were able to form biofilm by the method of adhesion to polystyrene. All isolates of Candida spp. remained viable during biofilm formation when analyzed by the method of XTT reduction. The number of CFU attached to the acrylic resin suggested high adherence for C. parapsilosis. C. albicans isolates showed higher median adherence to human buccal epithelial cells than non-C. albicans Candida isolates. Nevertheless, this difference was not statistically significant. C. dubliniensis showed low ability to adhere to plastic and epithelial cells and biofilm formation. Proteolytic activity was observed for all the isolates investigated, including the unique isolate of C. dubliniensis. There was a statistically significant association between proteinase production and the presence of oral candidiasis. Studies related to oral candidiasis in renal transplant recipients are limited to clinical and epidemiological data, but investigations concerning Candida spp. virulence factor for this group of individuals are still scarce. We emphasize the importance of studies related to virulence factors of yeasts isolated from this population to contribute to the knowledge of microbiological aspects of oral candidiasis

Investigação das alterações citogenéticas em pacientes pediátricos com leucemia linfóide aguda do Rio Grande do Norte

Leukemia is a heterogeneous group of hematologic malignancies that result from partial or total transformation of the blast cells. The Acute Lymphoblastic Leukemia (ALL) is the most common malignancy in childhood, especially in male, Caucasian children younger than 14 years. Several criteria are adopted to classify ALL, including the cell morphology, cytochemistry, immunophenotyping and cytogenetic analysis. Cytogenetic studies allow a more detailed analysis to detect chromosomal abnormalities of leukemic cells. These modifications will determine the diagnosis, classification, stage characterization, remission assessment and prognosis. In this study were evaluated 30 patients, aged from four months to seventeen years, of both sexes and various ethnicities. The age distribution showed that 67% of patients had between one and ten years (with mean age of XX years old), the most prevalent ethnic was Caucasian (50%) and 57% were males. According to immunophenotype, 93% of patients had B-cells progenitor ALL and 7% early lineage T. Considering the total studied population, the most frequent medical findings were lymphadenopathy (37%), hepatomegaly (77%) and splenomegaly (70%), where one patient could present more than one of these medical findings. Regarding the CBC, the majority of patients had hemoglobin below 10 g / dl (73%), leukocyte count less than 10.000/μL (60%) and platelet count below 150.000/μL (83%). Chromosomal abnormalities were observed in 64% of all patients, where hyperdiploidy was the most common numerical change (67%), followed by hypodiploid (33%). All these data are in agreement with the literature. Moreover, complexes structural and/or number changes not yet described in literature were observed, which indicated poor prognosis. Finally, we concluded that this study demonstrated the importance of cytogenetic study in the diagnosis and identification of prognostic factors in pediatric patients with ALL in Rio Grande do Norte. The results obtained in this study are extremely useful and emphasizes that surveys of this nature must be conducted more frequently in our state

Caracterização térmica (TG/DTG, DTA, DSC, DSC-fotovisual) de Hormônios bioidênticos (estriol estradiol)

Bioidentical hormones are defined as compounds that have exactly the same chemical and molecular structure as hormones that are produced in the human body. It is believed that the use of hormones may be safer and more effective than the non-bioidentical hormones, because binding to receptors in the organism would be similar to the endogenous hormone. Bioidentical estrogens have been used in menopausal women, as an alternative to traditional hormone replacement therapy. Thermal data of these hormones are scarce in literature. Thermal analysis comprises a group of techniques that allows evaluating the physical-chemistry properties of a drug, while the drug is subjected to a controlled temperature programming. The thermal techniques are used in pharmaceutical studies for characterization of drugs, purity determination, polymorphism identification, compatibility and evaluation of stability. This study aims to characterize the bioidentical hormones estradiol and estriol through thermal techniques TG/DTG, DTA, DSC, DSC-photovisual. By the TG curves analysis was possible to calculated kinetic parameters for the samples. The kinetic data showed that there is good correlation in the different models used. For both estradiol and estriol, was found zero order reaction, which enabled the construction of the vapor pressure curves. Data from DTA and DSC curves of melting point and purity are the same of literature, showed relation with DSC-photovisual results. The analysis DTA curves showed the fusion event had the best linearity for both hormones. In the evaluation of possible degradation products, the analysis of the infrared shows no degradation products in the solid state

Avaliação da expressão das moléculas HLA de classe I não clássicas HLA-G E HLA-E em espécimes gástricas de pacientes acometidos com a bactéria Helicobacter Pylori

The expression of human leukocyte antigen G (HLA-G) and human leukocyte antigen E (HLA-E) in physiological and pathological processes remains unknown, it is believed that these molecules play a fundamental role in the establishment and maintenance of immune tolerance by inhibiting the functions of immunocompetent cells. In literature we found no published study involving the bacterium Helicobacter pylori (H. pylori) with expression of HLA-G and HLA-E. The objective this study is investigated the expression of this protein in gastric biopsies of patients with the bacterium H. pylori. Sixty-four biopsies of the patients with diagnosis of infection by H. pylori were evaluated to expression of HLA-G and HLA-E. The samples were stratified according to the presence of carcinoma or peptic ulcers. Patients without H. pylori were used to control. To investigate the expression of this protein were used immunohistochemistry technique with monoclonal antibody anti-HLA-G and anti-HLA-E. Other criteria such as analysis of the inflammatory infiltrate (hematoxylin-eosin) and identification of H. pylori (Giemsa) were analyzed. We detected HLA-G and HLA-E molecules in the most samples containing ulcer and gastric carcinoma. In negative control group was not detected the presence of HLA-G and HLA-E. The presence of H. pylori seems modulate the expression of HLA-G and HLA-E, favoring the evolution of infection, giving different degrees of gastric lesion in epithelium of these patients