Extinction, pollution, and the sustainable use of exhaustible and renewable resources

Single ownership of natural resources is conunon in many developing countries and socialist economies. The sole owner is usually the .state or society at large, and governments are responsible for either distributing exploitation rights or engaging in exploitation through their own corporations. ��� Under this circumstance, the notion of externality may not fully explain pollution problems existent in these nations. This paper studies the case where a single agent owns both exhaustible and renewable resources, and attempts to maximize its welfare. The resources are either perfect or imperfect substitutes. Initially, exhaustible resource extraction does not affect the renewable resource, and sustainable growth is attainable. A lactor of pollution flowing from the extraction of the nc.nrenewable resource into the growth of the renewable resource is introduced. The continuous exploitation of the exhaustible resource leads to the " optimal " extinction of the renewable resource, and sustainable growth is no longer reached. Regulation from a supra governmental agency such as an multinational institution may prove to be of utmost importance, if sustainability is to be achieved. The paper is divided into five sections. Section two provides a brief survey of the relevant literature. Section three presents the model without pollution. This factor is introduced in section four. The final section discusses some possible approaches for attaining sustainable growth, and contains the concluding remarks .

Ownership, control and corporate valuation of Brazilian companies

We study the direct and indirect ownership structure of Brazilian corporations and their market value and risk by the end of 1996 and 1998. Ownership is quite concentrated with most companies being controlled by a single direct shareholder. We find evidence that indirect control structures may be used to concentrate control even more rather than to keep control of the company with a smaller share of total capital. The greater the concentration of voting rights then less the value of the fmn should be due to potential expropriation ofrninority shareholders. We fmd evidence that when there is a majority shareholder and when indirect ownership structures are used without the loss of control, corporate valuations are greater when control is dilluted through the indirect ownership structure. This evidence is consistent with the existence of private benefits of control that can be translated as potential minority shareholder expropriation.

Multiple large shareholders in corporate governance

Large shareholders of firms with majority bIocks are often at the heIm of their companies and do not necessarily have the same interests as minority shareholders. We show that bargaining problems Ied by the presence of muItipIe controlling shareholders protect minority shareholders. The same bargaining problems, however, prevent efficient decisions. By solving this trade-off we find that i) muItipIe controlling shareholders should be present in firms with Iarge costs of diIuting minority shareholders and in firms with Iarge financing requirements, ii) an optimal ownership structure requires the presence of a dass of shareholders - the minority shareholders - with no control over corporate decisions. Evidence on the ownership structure of dose corporations in the V.S. is consistent with our model.

Regional subsidies and industrial prospects of lagging regions

Large and sustained differences in economic performance across regions of developing countries have long provided motivation for fiscal incentives designed to encourage firm entry in lagging areas. Empirical evidence in support of these policies has, however, been weak at best. This paper undertakes a direct evaluation of the most prominent fiscal incentive policy in Brazil, the Fundos Constitucionais de Financiamento (Constitutional Funds). In doing so, we exploit valuable features of the Brazilian Ministry of Labor's RAIS data set to address two important elements of firm location decisions that have the potential to bias an assessment of the Funds: (i) firm ���family structure��� (in particular, proximity to headquarters for vertically integrated firms), and (ii) unobserved spatial heterogeneity (with the potential to confound the effects of the Funds). We find that the pull of firm headquarters is very strong relative to the Constitutional Funds for vertically integrated firms, but that, with non-parametric controls for time invariant spatial heterogeneity, the Funds provide statistically and economically significant incentives for firms in many of the targeted industries.

Corporate diplomacy in action: diplomatic ties of Maersk in Brazil

Durante as ��ltimas tr��s d��cadas, a globaliza����o tem empurrado empresas em dire����o a internacionaliza����o, e consequentemente essas mesmas corpora����es tem se tornada institui����es independentes parecidas com estados. Estes ���estados independentes��� precisam de estrat��gias internacionais coerentes e rela����es diplom��ticas com funcion��rios da administra����o p��blica a fim de acompanhar as demandas desses mercados, criar estrat��gias para minimizar riscos, e ganhar legitimidade. O objetivo desta disserta����o foi explorer a complexa rela����o entre o Grupo Maersk e o governo brasileiro e outros atores involvidos no Mercado de olio e gas controllado pelo estado. Afim de compreender o processo de diplomacia corporativa da empresa ,entrevistas semi-estruturadas foram realizadas com os indiv��duos presentes na cadeia da diplomacia corporativa da empresa . A descoberta revelou a import��ncia de diplomacia corporativa para a Maersk. Rela����es diplom��ticas pessoais forjadas com entidades representativas e brasileiras s��o a chave para a Maersk impulsionar seus objetivos. Tamb��m mostra a import��ncia das miss��o diplom��ticas dinamarquesa ajudando a empresa a ter acesso a autoridades governamentais.

Differences in the perception of interest representation: a comparision of Bras��lia and Brussels lobbying activity

The research topic of this paper is focused on the analysis of how trade associations perceive lobbying in Brussels and in Bras��lia. The analysis will be centered on business associations located in Bras��lia and Brussels as the two core centers of decision-making and as an attraction for the lobbying practice. The underlying principles behind the comparison between Brussels and Brasilia are two. Firstof all because the European Union and Brazil have maintained diplomatic relations since 1960. Through these relations they have built up close historical, cultural, economic and political ties. Their bilateral political relations culminated in 2007 with the establishment of a Strategic Partnership (EEAS website,n.d.). Over the years, Brazil has become a key interlocutor for the EU and it is the most important market for the EU in Latin America (European Commission, 2007). Taking into account the relations between EU and Brazil, this research could contribute to the reciprocal knowledge about the perception of lobby in the respective systems and the importance of the non-market strategy when conducting business. Second both EU and Brazilian systems have a multi-level governance structure: 28 Member States in the EU and 26 Member States in Brazil; in both systems there are three main institutions targeted by lobbying practice. The objective is to compare how differences in the institutional environments affect the perception and practice of lobbying, where institutions are defined as ������regulative, normative, and cognitive structures and activities that provide stability and meaning to social behavior������ (Peng et al., 2009). Brussels, the self-proclaimed "Capital of Europe���, is the headquarters of the European Union and has one of the highest concentrations of political power in the world. Four of the seven Institutions of the European Union are based in Brussels: the European Parliament, the European Council, the Council and the European Commission (EU website, n.d.). As the power of the EU institutions has grown, Brussels has become a magnet for lobbyists, with the latest estimates ranging from between 15,000 and 30,000 professionals representing companies, industry sectors, farmers, civil society groups, unions etc. (Burson Marsteller, 2013). Bras��lia is the capital of Brazil and the seat of government of the Federal District and the three branches of the federal government of Brazilian legislative, executive and judiciary. The 4 city also hosts 124 foreign embassies. The presence of the formal representations of companies and trade associations in Bras��lia is very limited, but the governmental interests remain there and the professionals dealing with government affairs commute there. In the European Union, Brussels has established a Transparency Register that allows the interactions between the European institutions and citizen���s associations, NGOs, businesses, trade and professional organizations, trade unions and think tanks. The register provides citizens with a direct and single access to information about who is engaged in This process is important for the quality of democracy, and for its capacity to deliver adequate policies, matching activities aimed at influencing the EU decision-making process, which interests are being pursued and what level of resources are invested in these activities (Celgene, n.d). It offers a single code of conduct, binding all organizations and self-employed individuals who accept to ���play by the rules��� in full respect of ethical principles (EC website, n.d). A complaints and sanctions mechanism ensures the enforcement of the rules and addresses suspected breaches of the code. In Brazil, there is no specific legislation regulating lobbying. The National Congress is currently discussing dozens of bills that address regulation of lobbying and the action of interest groups (De Arag��o, 2012), but none of them has been enacted for the moment. This work will focus on class lobbying (Oliveira, 2004), which refers to the performance of the federation of national labour or industrial unions, like CNI (National Industry Confederation) in Brazil and the European Banking Federation (EBF) in Brussels. Their performance aims to influence the Executive and Legislative branches in order to defend the interests of their affiliates. When representing unions and federations, class entities cover a wide range of different and, more often than not, conflicting interests. That is why they are limited to defending the consensual and majority interest of their affiliates (Oliveira, 2004). The basic assumption of this work is that institutions matter (Peng et al, 2009) and that the trade associations and their affiliates, when doing business, have to take into account the institutional and regulatory framework where they do business.

Business diplomacy: the compass rose of foreign markets

With transnational corporations (TNCs) around the world today numbering over 60,000 and more than 800,000 affiliates working abroad, it is easy to understand how modern day international business could have transformed into a major global player serving at the axis of politics, social and environmental responsibility. Additionally, with accountability to a large variety of both public and private stakeholders, all exerting significant power and influence, today���s global corporate structure is reinventing modern international relations, and in some cases, dominating it. (Muldoon 2005) This transformative nature of globalization today can also serve as a source of friction among this growing chorus of players and is bringing irreversible change to these relationships and how they impact and influence business around the world. (Muldoon 2005) From the largest to the smallest international corporation seeking to expand into new international markets, the challenges that come with corporate ambition can mean the difference between success and failure and they find a home at the intersection of international relations, diplomacy and economics. To successfully navigate these challenges, especially in emerging economies, a company must now factor in more than just the ���bottom line��� and address complex issues that include human rights differences, environmental regulations, labor rights and values of each country. (Henisz, 2014) Combined with modern-day mobility achieved through technology and the Internet, corporations today have a great capacity to reach targeted audiences and establish a presence, but it is this same technology that also allows for immediate response to any corporate action. This constant, 24-hour news cycle, where everyone is made to be a real-time reporter through social media, has created a situation that demonstrably necessitates the ability to not only 3 respond immediately, but also to have real-time understanding of the challenges faced by a corporation as it looks toward global expansion. International Business Diplomacy, or simply Business Diplomacy as it will be referred to in this paper, combines all of these nuanced factors into a relatively new discipline that offers companies looking to expand into new markets, guidelines and directives so that they can more strategically map corporate direction, limit risk and achieve their objectives. This paper will examine the history of diplomacy and how the concept of statecraft became intertwined with the increasing globalization of business. Following a scholarly examination of how modern Business Diplomacy came into being, and the unique challenges that come with its application, particularly the liabilities needed to be overcome, this paper will apply the concept to the Brazilian aerospace manufacturer Embraer, tracking its strategic emergence from a small, regionally focused aircraft producer to global leader in the regional and executive jet market platforms. It will then examine Embraer���s entrance into the Chinese market, where the company suffered from several missteps and eventually had to refocus its business model from commercial to executive jets. Finally, as globalization continues to ���emancipate international business from its institutional and social constraints,��� (Muldoon 2005) this paper will address how the relatively new and emerging discipline of Business Diplomacy is continuing to mature and grow in stature and influence through the proposition of a new challenge or ���liability��� that corporations must also overcome as they expand into new markets. Through the analysis of Embraer in China, this paper will introduce the Liability of Governance to the lexicon of Business Diplomacy and propose specific steps that a company can undertake to avoid it.

An��lise do modo de expans��o recente das multinacionais no Brasil sob a ��tica da teoria dos ativos complementares

O presente estudo analisa o modo de expans��o das multinacionais no Brasil, pa��s emergente e de dimens��es continentais que apresenta enormes desigualdades regionais. Assim, foram analisadas as estrat��gias de expans��o dos dez maiores grupos estadunidenses no Brasil entre 2004 e 2013, sob a ��tica das teorias tradicionais de internacionaliza����o e da teoria dos ativos complementares de Hennart. Verificou-se que as diferentes caracter��sticas regionais brasileiras levam as multinacionais a realizarem aquisi����es quando iniciam atividades em novas regi��es. Ademais, foi constatado que outros fatores, como dificuldades intr��nsecas aos setores de atua����o e a entrada do grupo multinacional em novas atividades que n��o a sua predominante, afetam o modo de expans��o das multinacionais, levando-as a realizar aquisi����es e joint ventures. Tais aquisi����es e joint ventures s��o explicadas pela dificuldade das multinacionais em acessar ativos complementares locais, em conformidade �� teoria de Hennart. Por outro lado, e em contrariedade ��s teorias tradicionais, foi verificado que a experi��ncia das multinacionais no Brasil nem sempre influencia o seu comprometimento nos pa��ses hospedeiros, levando ao estabelecimento de subsidi��rias integrais.

Information asymmetry and transaction costs in a cross-cultural business transaction

The intent of this paper is to provide a practitioners insight into the present and foreseeable future of problem of transaction cost economics related to culture and business etiquette that may increase the of complexity of business communication. We will also explore whether it impacts participant's mindsets regarding opportunistic or passive aggressive behavior. We will study the role of culture, ethics, information asymmetry, and legal systems regarding their importance towards the business contracts and lack of knowledge in local environments. We will make connections to contract theory strategies and objectives and recommend business practices. Furthermore, economic theory explores the role of the impossibility of the perfect contract. Historical and present day operational factors are examined for the determination of forward-looking contract law indications worldwide. This paper is intended provide a practitioners view with a global perspective of a multinational, mid-sized and small corporations giving consideration in a non-partisan and non-nationalistic view, yet examines the individual characteristics of the operational necessities and obligations of any corporation. The study will be general, yet cite specific articles to each argument and give adequate consideration to the intricacies of the global asymmetry of information. This paper defends that corporations of any kind and size should be aware of the risk of international business etiquette and cultural barriers that might jeopardize the savings you could obtain from engaging international suppliers.

Impactos do in��cio da harmoniza����o cont��bil internacional (lei 11.638/07) nos resultados de 2008 das empresas brasileiras abertas

Este estudo analisa os efeitos da primeira frase da transi����o para o IFRS no Brasil (Lei 11.638/07 e CPC 13) nos resultados publicados em 2009 (exerc��cio de 2008 e republica����es de 2007) pelas empresas listadas na Bovespa. �� aplicado o inverso do �����ndice de Conservadorismo��� de Gray (1980,1988), renomeado �����ndice de Comparabilidade��� por Weetman et al. (1998), para determinar se e o quanto os resultados reportados pelas novas normas s��o superiores aos apurados pela norma brasileira anterior ��� indicando o conservadorismo do sistema cont��bil brasileiro, previsto por Gray e outros estudos ��� ou inferiores (otimismo). Reduziu-se gradativamente a amostra inicial conforme a compliance com o CPC 13 e a transpar��ncia das demonstra����es e das Notas Explicativas. Isso permitiu, ap��s aplica����o do Teste de Wilcoxon, verificar em m��dia resultados maiores conforme a nova norma em rela����o �� norma tradicional ��� preconizando-se que persistir��o aumentos at�� a ado����o do full IFRS em 2010. Ap��s o exame de ajustes ao resultado, foi poss��vel relacionar certas inconsist��ncias entre 2007 e 2008 a impactos da crise financeira de 2008 nos ajustes ���custos de transa����o na emiss��o de t��tulos��� e ���valor justo (marca����o a mercado) de instrumentos financeiros���.

Estrat��gia e legitimidade em organiza����es sociais: o Servi��o Social do Com��rcio (SESC)

Os dilemas e desafios estrat��gicos para viabiliza����o econ��mica e legitima����o enfrentados por organiza����es sociais no Brasil ��� organiza����es sem finalidade econ��mica - se assemelham aos enfrentados por outros tipos de organiza����o nas diversas partes do mundo. A literatura dominante de gest��o e estrat��gia privilegia, em seu arcabou��o, conceitos e pr��ticas que apoiam e s��o apoiados nas grandes corpora����es privadas. A crescente influ��ncia dessas organiza����es na academia e na sociedade ajuda a explicar o papel de import��ncia que estrat��gias de responsabilidade social corporativa alcan��aram na legitima����o das pr��ticas e ideologia neoliberal que ajudam a reafirmar. Por sua vez, este quadro ajuda a explicar a posi����o marginal que as organiza����es sociais ocupam na ��rea de gest��o estrat��gica. Esta disserta����o busca a amplia����o da discuss��o dos estudos do campo da gest��o estrat��gica que abordaram a constru����o hegem��nica do campo, seus processos de legitima����o e difus��o e as respectivas abordagens cr��ticas, inclusive o aspecto de colonialidade no qual a literatura dominante se insere. A compreens��o da trajet��ria estrat��gica de uma organiza����o social, o Servi��o Social do Com��rcio ��� Sesc, se deu pela investiga����o dos processos de legitima����o mobilizados dentro da pr��pria organiza����o e no contexto em que atua. Para tal foi utilizada a perspectiva contextualista que permitiu a observa����o mediante as rela����es internas e externas estabelecidas e as mudan��as e continuidades promovidas em fun����o de sua legitima����o. Ao representar organiza����es como sistemas pol��ticos e culturais que influenciam e que s��o influenciados pelo meio, esta investiga����o promove o entendimento dos componentes ideol��gicos e de poder na gest��o estrat��gica, comumente naturalizados pela literatura dominante, abrindo espa��o ainda para a descoloniza����o da ��rea de gest��o estrat��gica, enfatizando a diversidade de organiza����es e de pr��ticas e na possibilidade da coexist��ncia de diferentes tipos de organiza����o na ��rea.

A utiliza����o dos fundos de investimento imobili��rios como ve��culos na gest��o de ativos das empresas

No Brasil, historicamente, as companhias sempre detiveram ativos imobili��rios (sede social, plantas fabris, galp��es, etc.), influenciadas pela instabilidade macroecon��mica, o que acarretava a dificuldade em estimar o pre��o do dinheiro. Com o controle inflacion��rio, foi poss��vel expandir formas de financiamento de longo prazo, permitindo que as empresas passassem a realizar a aloca����o de recursos financeiros com mais efici��ncia, direcionando-os para as suas atividades principais. Assim, a discuss��o sobre a propriedade imobili��ria pelas empresas �� recente. E, h�� menos tempo ainda �� que foram elaboradas novas alternativas, como os fundos de investimento imobili��rio que tornaram-se mais representativos nos ��ltimos tr��s anos. Este trabalho visa analisar sobre as raz��es que permitem aos fundos de investimento imobili��rio serem propostos como uma op����o para as empresas realizarem a gest��o de seus ativos imobili��rios, quando estas buscarem n��o imobilizar recursos, mas sim, a loca����o do im��vel. Para alcan��ar este objetivo, o trabalho far�� uma abordagem qualitativa, apresentando as caracter��sticas operacionais e tribut��rias dos fundos imobili��rios e dois estudos de casos de empresas que promoveram a desmobiliza����o de ativos por meio de fundos imobili��rios. O primeiro caso �� a venda de um centro de distribui����o do Magazine Luiza, uma das maiores redes varejistas no Brasil, para o fundo Kinea Renda Imobili��ria. O segundo exemplo �� o processo de desmobiliza����o do Banco do Brasil e o desenvolvimento do fundo BB Progressivo II. Ser�� verificado que os objetivos das empresas foram alcan��ados nos dois casos e que, de fato, os fundos imobili��rios podem ser considerados como uma alternativa. Entretanto, n��o �� poss��vel a conclus��o de que ele produza os melhores resultados e que exista alguma atividade empresarial que tenha maior propens��o a sua utiliza����o. A pesquisa aborda os fundos de investimento imobili��rio com o foco no locat��rio e possibilita que sejam aprimorados estudos quantitativos, identificando rea����es do mercado brasileiro ao aumento na quantidade de opera����es, e outras pesquisas qualitativas que envolvam novas estruturas de financiamento.

Uma an��lise de conte��do escrito sobre as refer��ncias �� responsabilidade social corporativa em institui����es de ensino superior no Rio de Janeiro

Diante da import��ncia dos conte��dos de responsabilidade social corporativa para a sociedade e empresas no mundo atual, a pesquisa foi realizada com o intuito de observar mais detalhadamente nos textos oficiais das institui����es de ensino superior, as referencias �� responsabilidade social corporativa, de acordo com Elkington (1997), e ao ensino oferecido em dez cursos de gradua����o em administra����o de empresas na cidade do Rio de Janeiro. O trabalho se baseia na an��lise de conte��do de documentos disponibilizados pelos cursos de gradua����o na rede mundial de computadores, seguido de reflex��o por meio de lentes te��ricas de matrizes curriculares, aspectos de sociologia das profiss��es e forma����o de grade oculta. Conclui-se que h�� evid��ncias de pouco foco dedicado ��s quest��es de RSC nos cursos de gradua����o, assim como um pequeno percentual de carga hor��ria dedicada exclusivamente ao tema. No entanto, levando em considera����o que os curr��culos podem estar relacionados �� manuten����o de poder e o apaziguamento de conte��dos emergentes para manuten����o de for��as hegem��nicas, observamos que n��o podemos averiguar por meio da pesquisa baseada em an��lise de conte��do de documentos escritos se o conte��do relacionado �� RSC est�� sendo ensinado de forma transversal no curr��culo, deixando aberta a possibilidade de pesquisa adicional para averiguar tal possibilidade.

An��lise da rela����o principal-principal em empresas de capital fechado e decis��o compartilhada

O objetivo dessa disserta����o �� analisar como evolui a rela����o entre os s��cios em uma sociedade an��nima de capital fechado, �� medida que suas expectativas e posicionamentos em termos de estrat��gia se modificam ao longo do tempo. Tendo como refer��ncia a governan��a corporativa, o estudo constr��i uma revis��o da rela����o principal-principal em uma empresa subsidi��ria criada para um prop��sito espec��fico com a participa����o de grandes grupos multinacionais.

O impacto da melhoria de um processo operacional na lucratividade e competitividade: um estudo de caso na subsidi��ria brasileira de uma empresa do ramo de petr��leo

Ap��s uma sequ��ncia hist��rica de ciclos econ��micos no Brasil, desde o final da d��cada de 90, o pa��s presencia a abertura do setor do Petr��leo ligado �� descoberta do pr��-sal e o volume imensur��vel das reservas naturais. Esse marco p��de determinar o in��cio de um dos mais relevantes e diversificados ciclos de industrializa����o na hist��ria econ��mica do Brasil. Mesmo nesse ramo de neg��cio, um mercado de gigantes, de multinacionais, de grandes players com estrat��gias inovadoras e m��ltiplos know-how's insubstitu��veis, �� fato conhecido, principalmente para os profissionais dessa seara, que muitas empresas de petr��leo possuem in��meros fatores cr��ticos com urgente necessidade de melhoria. O objetivo principal desta disserta����o �� fazer inicialmente uma breve an��lise estrat��gica e mercadol��gica da subsidi��ria brasileira de um grupo multinacional do ramo de Petr��leo e G��s especializado em tecnologia de fluidos de perfura����o de po��os de petr��leo, com presen��a em mais de vinte pa��ses. Ap��s imers��o no contexto, realizar a an��lise detalhada de um processo em especial, a primeira vista sem import��ncia, que ao ser estudado, monitorado e mapeado, p��de ser ajustado, redesenhado e implementado, apresentando ganhos substanciais para a corpora����o relacionados �� competitividade e lucratividade.