Valuation and performance of firms in complex ownership structures : an application to Korean chaebols

We propose several new metrics to describe the complex ownership structure of business groups, and provide simple formulas and algorithms to compute these metrics. We use these measures to describe in detail the ownership structure of Korean chaebols in the period of 2003 to 2004. In addition, we validate the usefulness of our new metrics by showing empirically that they are important for understanding the valuation and performance of group firms. In particular, we show evidence that firms that are central to the control structure of the chaebol (central firms), firms in cross-shareholdings, and firms that are placed at the bottom of the group (i.e., with lower ultimate ownership) have lower profitability than other group firms. The valuation results suggest that central firms and firms in cross-shareholding loops have lower valuations than other public Chaebol firms. The lower valuation of these firms is not explained by variation in measures of ownership concentration and separation between ownership and control.

Políticas públicas e vínculos de negócios entre grandes e pequenas empresas

Pesquisa em foco: Fostering linkages between transnational corporations and small to medium-sized enterprises in Brazil - 2011. Pesquisadores: Delane Botelho e Milber Fernandes Morais Bourguignon

Relações interorganizacionais e eficiência coletiva: um estudo de caso no arranjo produtivo local de confecções do agreste pernambucano

This work is a study in the Local Productive Arrangement of confections from Agreste of Pernambuco, as a relevant sector in economic and social aspect. This research has as central aim to understand how the inter-organizational relations influence the collective efficiency of arrangement. The theoretical framework employed highlights the approaches that deal with the benefits of business agglomeration for the develop­ment of firms and regions. It has discussed the approach of small and medium enter­ prises and industrial districts (SCHMITZ, 1997), which introduce the concept of col­ lective efficiency, explaining that only those externalities explained by Marshall (1996) are not sufficient to explain the competitive advantage of enterprises, expand­ing the idea that organizations achieve competitive advantage not acting alone. To examine the influences of relations in the collective efficiency, it has been taken as analytical perspective theory of social networks (GRANOVETTER, 1973, 1985; BURT, 1992; UZZI, 1997) because it has believe that this approach provides subsi­ dies for a structural analysis of social relationships in face the behavior of human ac­tion. By examining the organizations in a social network, you should understand the reason of this establishment of the relationship, their benefits, and as the information flow takes place and density of links between the actors (Powell; SMITH-DOERR, 1994). As for the methods, this study is characterized as a case study, in according to the purposed objectives, in addition to qualitative method. Also, due to recovering of the historical milestones of the arrangement, it is used a sectional approach with longitudinal perspective (VIEIRA, 2004). The primary and secondary data were used in order to understand the evolutionary process of the sector and their inter-actors re­ lationships in the arrangement for the promotion of development, for both, was used the contend and documentary analysis technique, respectively (DELLAGNELO ; SIL­VA, 2005). The approach of social networks has permitted understand that social re­lationships may extend the collective efficiency of the arrangement, and therefore need to develop policies that encourage the legalization of informal companies in ar­rangement, by showing up themselves representative. Thus, the relations estab­ lished in LPA of confections from Agreste of Pernambuco need for more effective mechanisms to broaden the collective efficiency. Therefore, this way as take place has directly benefited only a group of companies that are linked in some way the sup­portive institutions. So we can conclude that the inter-actor relations have limited the collective efficiency of LPA, being stimulated by the institutions in support only to groups of entrepreneurs, even those that produce external relations for all clustered companies

Responsabilidade social: visões e perspectivas de empresários do segmento industrial do Rio Grande do Norte

The theme Corporate Social Responsibility is relatively recent both in the academic field and in the business practice. Because of the lack of socialization of experiences and precision of concepts, there are gaps regarding the understanding of the subject and, also, how to conduct operations. This study just seeks to investigate such matter, focusing applications of social responsibility in business. It takes, as empirical field, winners of the PSQT - SESI Prize of Quality at Work in Rio Grande do Norte (2002-2007) in order to systematize the various approaches on the issue, aiming to reveal subjective visions and perspectives of the theme. It is characterized as a qualitative study, carried out by structured interview. The universe was composed by 15 companies. It was used analysis of content categorical as an axis for the interpretation of the information. Three approaches guided the analysis: Business Ethics, (normative); Business & Society (contractual); Social Issues Management (strategic). The findings are related in three ways: 1) reasons for the CSR practice; 2) the results obtained; 3) the means of CSR. It was found that the award participation occurs, mostly, linked to SESI invitations, so, as an articulated movement of industrial corporations in Brazil it occurs, also, because of the organizational commitment with the society and the possibility of internal and social growths and because of the importance attributed to the report as an instrument of consultancy. There are no indicators to check impacts of organizational interventions, in spite of the existence of planning for the actions. Social responsibility appears as a tool to reinforce the organizational image and to increase satisfaction of the employees. There is a tendency of large and medium firms to a contractual commitment while the small and the micros firms are on strategic or normative level. The analysis of the perspectives of social responsibility future revealed trends towards for strategic approach

Análise da mobilidade urbana de Natal/RN a partir do uso de indicadores de sustentabilidade

In contemporary times, the urban mobility is presented as one of the main challenges of large and medium-sized Brazilian cities , it presents signs of unsustainability , above all due to the increase in motorized transport system , especially the individual . Thus , it is clear that mobility is considered of special interest for sustainable urban development , is facing a crisis that is reflected in negative externalities , particularly with regard to congestion , accidents , air pollution , social exclusion , among others. The complexity of these problems requires an integrated analysis based on the principles of sustainability . In this sense , trying to understand this problem and in the attempt to minimize its impacts, Costa (2008 ) proposed the Index of Sustainable Urban Mobility (I_SUM) with the goal of providing a methodology capable to assess relevant aspects of mobility , including social dimensions , political, economic and environmental . Given the above, was elected as the main objective of this study is to analyze urban mobility in Natal / RN from the perspective of sustainability . Like specific objectives will seek to analyze Natal´s urban mobility, using the I_SUM like a tool for both the city as a whole and for each of its four administrative regions; evaluate Natal s urban accessibility conditions and verify to what extent the access to urban services and equipment is facilitated or hindered because of the location and incomes of the population . For this, it was necessary to use bibliographic , documentary and field research . The index , which varies from 0.00 to 1.00, revealed for Natal an Global value of 0,510, and that refers to its administrative regions, it was found that there are very small percentage differences from the overall index calculated for the city . The performance of I_SUM by administrative region showed that although there are differences , the results were very similar , varying between 0,494 and 0,537. Particularly in relation to urban accessibility, it appears that Natal presents as an unequal city and this inequity , which is not only income is reflected in the issues related to accessibility and hence urban mobility

Aberrant crypt foci and colon cancer: comparison between a short- and medium-term bioassay for colon carcinogenesis using dimethylhydrazine in Wistar rats

Aberrant crypt foci (ACF) in the colon of carcinogen-treated rodents are considered to be the earliest hallmark of colon carcinogenesis. In the present study the relationship between a short-term (4 weeks) and medium-term (30 weeks) assay was assessed in a model of colon carcinogenesis induced by dimethylhydrazine (DMH) in the rat. Six-week-old male Wistar rats were given subcutaneous injections of DMH (40 mg/kg) twice a week for 2 weeks and killed at the end of the 4th or 30th week. ACF were scored for number, distribution pattern along the colon and crypt multiplicity in 0.1% methylene-blue whole-mount preparations. ACF were distinguished from normal crypts by their larger size and elliptical shape. The incidence, distribution and morphology of colon tumors were recorded. The majority of ACF were present in the middle and distal colon of DMH-treated rats and their number increased with time. By the 4th week, 91.5% ACF were composed of one or two crypts and 8.5% had three or more crypts, while by the 30th week 46.9% ACF had three or more crypts. Thus, a progression of ACF consisting of multiple crypts was observed from the 4th to the 30th week. Nine well-differentiated adenocarcinomas were found in 10 rats by the 30th week. Seven tumors were located in the distal colon and two in the middle colon. No tumor was found in the proximal colon. The present data indicate that induction of ACF by DMH in the short-term (4 weeks) assay was correlated with development of well-differentiated adenocarcinomas in the medium-term (30 weeks) assay.

Hazards in non-pasteurized milk on retail sale in Brazil: prevalence of Salmonella spp, Listeria monocytogenes and chemical residues

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Long- and medium-range components of the nuclear force in quark-model based calculations

Quark-model descriptions of the nucleon-nucleon interaction contain two main ingredients, a quark-exchange mechanism for the short-range repulsion and meson exchanges for the medium- and long-range parts of the interaction. We point out the special role played by higher partial waves, and in particular the (1)F(3), as a very sensitive probe for the meson-exchange pan employed in these interaction models. In particular, we show that the presently available models fail to provide a reasonable description of higher partial waves and indicate the reasons for this shortcoming.

Efeitos do estresse hídrico sobre o desempenho germinativo da semente de faveira (Clitoria fairchildiana R.A. Howard. - Fabaceae) de diferentes tamanhos

Clitoria fairchildiana R. Howard, vulgamente conhecida como faveira, é uma espécie arbórea utilizada na arborização e recomendada para recuperação de áreas degradada, pois é capaz de atuar como adubo verde. No entanto, há poucos estudos básicos para compreender seus atributos ecológicos e fisiológicos. Desse modo, o presente trabalho teve por objetivo estudar as influências do tamanho da semente e de estresse hídrico sobre a germinação das sementes e vigor de plântulas de faveira. Foram usadas sementes pequenas, médias e grandes, postas para germinar em bandejas, com areia, sob condições de umedecimento de 25%, 50%, 75% e 100% da capacidade de retenção de água. A germinação não é afetada pelo tamanho da semente, mas sim pelo vigor, pois as sementes grandes e médias originam plântulas mais vigorosas. Água em excesso reduziu a porcentagem e a velocidade de germinação ao passo que, falta de água, reduziu o crescimento das plântulas.

Pequenas e médias empresas no contexto da gestão da qualidade total

Este trabalho analisa a gestão da qualidade em organizações, envolvendo pequenas e médias empresas do setor de manufaturados, utilizando um modelo conceitual que envolve aspectos estratégicos e operacionais da gestão da qualidade. Através de referências bibliográficas e pesquisa de campo encaminha uma análise da gestão da qualidade nessas organizações, concluindo que existem dificuldades nesse campo. Existe indicação da necessidade de desenvolvimento de procedimentos e metodologias especificas para essa categoria de organização.

Diretrizes para desenvolvimento coletivo de melhoria contínua em arranjos produtivos locais

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Age polyethism in the leaf-cutting ant Acromyrmex subterraneus brunneus Forel, 1911 (Hym., Formicidae)

This study describes and quantifies the behavioural acts of two laboratory colonies of Acromyrmex subterraneus brunneus by investigating worker age polyethism. Twenty-nine behavioural acts were recorded during the 19-week observation period. Young individuals performed tasks inside the nest related to brood care and care for the fungus garden, whereas older individuals performed activities outside the nest such as foraging and activities in the waste chamber. The average longevity (+/- SD) was 108.21 +/- 3.30, 109.15 +/- 1.92 and 122.71 +/- 1.55 days for large, medium and small workers, respectively. The small-sized workers presented a higher probability of reaching older age than large- and medium-sized workers. This study describes task switching according to age polyethism and the relationship of physical and temporal subcastes.

Pauli blocking and medium effects in nucleon knockout reactions

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Alkaline ribonuclease activity in maternal serum and in serum of newborns from birth up to thirty days of age. A study made with full-term appropriate-, full-term small- and preterm appropriate-for-gestational-age infants

We have studied the alkaline ribonuclease (RNase) activity in maternal serum and serum of full-term small- (T-SGA), full-term appropriate- (T-AGA) and preterm appropriate-for-gestational age (PT-AGA) newborns. A significantly lower level of RNase was observed in T-AGA and T-SGA newborns on the 30th day of age and in PT-AGA newborns on the 15th and 30th days of age, as compared to other T-AGA, T-SGA and PT-AGA groups of infants at birth. RNase activity was significantly higher in cord blood than in the maternal blood in all categories studied. Moreover, in preterm newborns, RNase activity in cord blood was significantly higher in those presenting a lower gestational age. We did not observe any significant difference in RNase levels in the cord blood of newborns from the 3 categories studied. The same results were observed concerning maternal blood. We, therefore, conclude that RNase activity in cord blood or in maternal blood is not a very statisfactory indicator of fetal malnutrition.