Contribuições ao processo de inserção das PMES no mercado de capitais brasileiro

O crescimento de uma empresa pode ser apoiado com recursos de terceiros provenientes do mercado de crédito ou do mercado de capitais. Credores ou potenciais investidores disponibilizam recursos a partir de um processo de avaliação de indicadores de performance. Para as PMEs que consideram o crescimento, conhecer como os indicadores relevantes se comportam ao longo de um ciclo de crescimento é uma questão estratégica. Fatores como tamanho, lucratividade, oportunidades de crescimento, composição de ativos das empresas, risco inerente aos resultados, têm sido vinculados a determinantes de uma estrutura de capital. Assim sendo, este trabalho busca verificar quais indicadores podem nortear o desempenho empresarial de PMEs ao longo de um ciclo de crescimento. Como contribuição original, este trabalho apresenta um painel com indicadores em diferentes estágios de crescimento que resultam na geração de valor para os proprietários e potenciais investidores do mercado de capitais. A amostra inicial é composta por 1.610 empresas para o período de 2010 a 2014. Entretanto, considerando a disponibilidade de informações, a amostra final é composta por 28 empresas de porte médio/grande, 387 empresas grandes e 138 empresas listadas na BM&FBOVESPA, totalizando 553 empresas. A metodologia adotada envolve a classificação de porte de empresa do BNDES como critério para definir ciclo de crescimento, e testes de estatística descritiva, análise fatorial, análise de correlação, regressão múltipla linear e montagem de painel. Como resultado, verificou-se que as variáveis tamanho, composição de ativos e lucratividade são fatores que explicam o endividamento de curto prazo para o estágio médias/grandes empresas. Ainda, que esses fatores explicam o endividamento de longo prazo para os estágios grandes e empresas listadas na BM&FBOVESPA. Tais resultados estão de acordo com estudos prévios, mas as variáveis relacionadas a volatilidade e crescimento não foram significantes nos modelos para os estágios de empresas. O painel montado a partir das variáveis de composição de ativos e lucratividade indicou que endividamento de curto prazo, endividamento de longo prazo, receita líquida, retorno sobre o patrimônio líquido e lucros antes de juros, impostos, depreciação e amortização (EBITDA) sinalizam empresas, em cada estágio de ciclo de crescimento do estudo, que buscam o crescimento com rentabilidade acima da média e atendem a critérios valorizados pelo investidor do mercado de capitais. Estes indicadores podem sinalizar o desempenho empresarial de PMEs ao longo de um ciclo de crescimento

Manutenção de sistemas produtivos: um estudo sobre a gestão da disponibilidade de equipamentos.

Este trabalho traduz um estudo de casos, que procura pesquisar e sistematizar o conhecimento sobre a gestão do estado dos equipamentos para atender às suas funções produtivas, isto é, uma gestão orientada para resultados. A função manutenção tem sido considerada como aquela que agrega conhecimentos e atividades para assegurar a disponibilidade operacional dos sistemas produtivos, dentro de padrões de desempenho antecipadamente especificados, ao menor custo possível e atendendo a requisitos pertinentes de segurança. Nesse contexto, pretende-se caracterizar de que modo abordagens ou políticas, adotadas por empresas selecionadas, que requerem o exercício da função manutenção, se vinculam a indicadores de disponibilidade. Ao longo do trabalho, a disponibilidade é tratada como um \"indicador de resultado\" das atividades de manutenção. Transparece da literatura que a análise da tendência desse indicador deve orientar as tomadas de decisão referentes às ações sobre o equipamento. Desse modo, compete verificar se, e como, é feito o vínculo entre esse indicador e decisões relativas à manutenção, sem perder de vista a produtividade da empresa. Assim, descreve-se o contexto em que se inserem a manutenção e a disponibilidade e são identificados elementos que, interferindo na disponibilidade, permitem desdobrá-la e associá-la a uma estrutura analítica que auxilie o levantamento e encaminhamento de análises sobre os dados obtidos no campo, para melhor percepção do tratamento dado à disponibilidade. Para possibilitar o encaminhamento do estudo de casos e a definição das proposições de pesquisa, a função manutenção é associada a um processo, em que se usa o indicador de disponibilidade como feedback, para a otimização do próprio processo de operação da função manutenção, bem como da especificação dos recursos de entrada desse processo. Três proposições são estruturadas e verificadas em quatro empresas que tipificam dois grupos distintos de operações, focalizando o tratamento dado à disponibilidade, e, no seu âmbito, o tratamento de compromissos de gestão e do estudo do ciclo de vida do equipamento. Para possibilitar uma avaliação objetiva das variáveis das proposições da pesquisa, que são de natureza essencialmente qualitativa, encontrou-se, no Capability Maturity Model (CMM), um modelo conceitual que, por suas características evolutivas, forneceu inspiração para estruturar o necessário instrumento de avaliação. A conclusão da pesquisa revela que as proposições de estudo não se confirmaram de forma plena, apontando sensível diferença de seu atendimento quando se faz a comparação entre os dois grupos de empresas, deixando, assim, um espaço em aberto para novas pesquisas.

Avaliação do desempenho ambiental de alternativas de reaproveitamento de vinhaça decorrente da produção de etanol.

A obtenção de etanol a partir de rotas alcoolquímicas consagradas gera resíduos com potencial de aproveitamento, tanto em outros setores produtivos como no ciclo produtivo do próprio combustível. Este é o caso de torta de filtro e vinhaça. A vinhaça em particular costuma ser devolvida ao campo com o intuito de ajustar teores nutricionais do solo no cultivo da cana. No entanto, estudos ambientais destacam que esta alternativa traz efeitos negativos sobre os meios receptores (água e solo), condição que abre a perspectiva para exploração de usos alternativos dessas substâncias. Este estudo se propôs a contribuir para o tema ao avaliar de forma sistêmica o desempenho ambiental de duas alternativas de reaproveitamento de vinhaça: (i) reuso no campo em processos de fertirrigação, alternativa consolidada no Brasil, e (ii) reuso da fração líquida da vinhaça em etapas diversas do processo industrial de obtenção de etanol. Em qualquer das situações fez-se uso da técnica de Avaliação de Ciclo de Vida - ACV para proceder tal verificação. A análise ambiental da prática de reuso de vinhaça e torta para fertirrigação foi conduzida a partir da comparação de cenários que consideraram a forma de suprimento de nutrientes para a cana e o método de colheita. A avaliação de impactos ocorreu em dois níveis: quanto ao consumo de recursos, a partir de Primary Energy Demand (PED); e em termos de emissões para o ambiente por meio da elaboração do Perfil Ambiental. Uma Análise de Sensibilidade foi também realizada para verificar o efeito de oscilações dos teores de Nitrogênio (N), Fósforo (P) e Potássio (K) na composição da vinhaça sobre os resultados obtidos, caso da primeira alternativa. Concluiu-se para esse caso que a substituição parcial de fertilizantes químicos por vinhaça traz aumento da Demanda de Energia Primária global para ambos os métodos de colheita. Em termos de Perfil Ambiental, a comparação entre cenários das mesmas práticas de manejo mostrou que a troca de adubos por vinhaça e torta é positiva para o desempenho ambiental do etanol por reduzir impactos quanto a Mudanças Climáticas (CC), Acidificação Terrestre (TA) e Toxicidade Humana (HT). Por outro lado, o tratamento de vinhaça para reposição de água na etapa industrial resultou em aumento global das contribuições para as categorias acima mencionadas além de incrementos para Eutrofização de água doce (FEut) e Ecotoxicidade de água doce (FEC), a despeito de ser constatada a redução de 45% quanto a Depleção de água (WD). Os aumentos no impacto se deveram principalmente aos efeitos negativos causados durante a produção do CaO usado no processo de tratamento da vinhaça. No entanto, a substituição deste insumo por NaOH só representou melhora em termos de CC. Pode-se concluir que a reutilização de vinhaça e de torta de filtro como complemento nutricional para o cultivo de cana-de-açúcar resultou em uma alternativa mais adequada de reaproveitamento do que o se este fluído fosse reutilizado para suprir parte da demanda hídrica de processo, mesmo quando o consumo de água na etapa industrial tenha inexoravelmente se reduzido a partir da implantação dessa medida.

The Environmental Health and Safety of Carbon Nanotubes: Risk, Perception, and Policy

The production and use of carbon nanotubes (CNTs) can negatively impact human health and the environment through occupational, environmental, and product life-cycle exposures. Research is underway to evaluate the known, potential, and perceived hazards associated with CNTs. Recent research and policy analyses regarding CNTs were reviewed extensively. A facility engaged in research, development, and manufacture of CNTs was observed handling CNTs and associated individuals were informally interviewed. The combined investigation characterizes the current state of the art of our understanding and implementation of policy needed to address the impacts of CNTs to human health and the environment. A gap analysis is performed of regulations, policy, and CNT control methods; conclusions and recommendations are made from the results of this analysis.

The evolution of mass tourism destinations: new approaches beyond deterministic models in Benidorm (Spain)

Although deterministic models of the evolution of mass tourism coastal resorts predict an almost inevitable decline over time, theoretical frameworks of the evolution and restructuring policies of mature destinations should be revised to reflect the complex and dynamic way in which these destinations evolve and interact with the tourism market and global socio-economic environment. The present study examines Benidorm because its urban and tourism model and large-scale tourism supply and demand make it one of the most unique destinations on the Mediterranean coast. The investigation reveals the need to adopt theories and models that are not purely deterministic. The dialectic interplay between external factors and the internal factors inherent in this destination simultaneously reveals a complex and diverse stage of maturity and the ability of destinations to create their own future.

Implementing the AIFMD: Success or failure? ECMI Commentary No. 34, 28 March 2013

This commentary considers the implementation of the Alternative Investment Fund Managers Directive (AIFMD) by the European Commission. The AIFMD creates an internal market for asset management and as an endeavour to develop market-based finance is an important piece of legislation for the European economy. The author, Mirzha de Manuel Aramendía, considers the implementation of some of the provisions that raised concern among industry participants. He finds that, on balance, a practical and flexible approach to implementation has been followed that should help secure the success of the framework, which at present is still uncertain. The commentary also considers the remuneration guidelines adopted recently by the European Securities and Markets Authority (ESMA). It encourages EU and national authorities to commit to the success of the AIFMD framework, as part of a broader effort to develop capital markets and reduce the historical reliance of the European economy on bank finance.

Identification and characterization of a liver stage-specific promoter region of the malaria parasite Plasmodium.

During the blood meal of a Plasmodium-infected mosquito, 10 to 100 parasites are inoculated into the skin and a proportion of these migrate via the bloodstream to the liver where they infect hepatocytes. The Plasmodium liver stage, despite its clinical silence, represents a highly promising target for antimalarial drug and vaccine approaches. Successfully invaded parasites undergo a massive proliferation in hepatocytes, producing thousands of merozoites that are transported into a blood vessel to infect red blood cells. To successfully develop from the liver stage into infective merozoites, a tight regulation of gene expression is needed. Although this is a very interesting aspect in the biology of Plasmodium, little is known about gene regulation in Plasmodium parasites in general and in the liver stage in particular. We have functionally analyzed a novel promoter region of the rodent parasite Plasmodium berghei that is exclusively active during the liver stage of the parasite. To prove stage-specific activity of the promoter, GFP and luciferase reporter assays have been successfully established, allowing both qualitative and accurate quantitative analysis. To further characterize the promoter region, the transcription start site was mapped by rapid amplification of cDNA ends (5'-RACE). Using promoter truncation experiments and site-directed mutagenesis within potential transcription factor binding sites, we suggest that the minimal promoter contains more than one binding site for the recently identified parasite-specific ApiAP2 transcription factors. The identification of a liver stage-specific promoter in P. berghei confirms that the parasite is able to tightly regulate gene expression during its life cycle. The identified promoter region might now be used to study the biology of the Plasmodium liver stage, which has thus far proven problematic on a molecular level. Stage-specific expression of dominant-negative mutant proteins and overexpression of proteins normally active in other life cycle stages will help to understand the function of the proteins investigated.

Modelling the population dynamics of the Queensland fruit fly, Bactrocera (Dacus) tryoni: a cohort-based approach incorporating the effects of weather

Queensland fruit fly, Bactrocera (Dacus) tryoni (QFF) is arguably the most costly horticultural insect pest in Australia. Despite this, no model is available to describe its population dynamics and aid in its management. This paper describes a cohort-based model of the population dynamics of the Queensland fruit fly. The model is primarily driven by weather variables, and so can be used at any location where appropriate meteorological data are available. In the model, the life cycle is divided into a number of discreet stages to allow physiological processes to be defined as accurately as possible. Eggs develop and hatch into larvae, which develop into pupae, which emerge as either teneral females or males. Both females and males can enter reproductive and over-wintering life stages, and there is a trapped male life stage to allow model predictions to be compared with trap catch data. All development rates are temperature-dependent. Daily mortality rates are temperature-dependent, but may also be influenced by moisture, density of larvae in fruit, fruit suitability, and age. Eggs, larvae and pupae all have constant establishment mortalities, causing a defined proportion of individuals to die upon entering that life stage. Transfer from one immature stage to the next is based on physiological age. In the adult life stages, transfer between stages may require additional and/or alternative functions. Maximum fecundity is 1400 eggs per female per day, and maximum daily oviposition rate is 80 eggs/female per day. The actual number of eggs laid by a female on any given day is restricted by temperature, density of larva in fruit, suitability of fruit for oviposition, and female activity. Activity of reproductive females and males, which affects reproduction and trapping, decreases with rainfall. Trapping of reproductive males is determined by activity, temperature and the proportion of males in the active population. Limitations of the model are discussed. Despite these, the model provides a useful agreement with trap catch data, and allows key areas for future research to be identified. These critical gaps in the current state of knowledge exist despite over 50 years of research on this key pest. By explicitly attempting to model the population dynamics of this pest we have clearly identified the research areas that must be addressed before progress can be made in developing the model into an operational tool for the management of Queensland fruit fly. (C) 2003 Published by Elsevier B.V.

The use and implications of ribosomal DNA sequencing for the discrimination of digenean species

In just over a decade, the use of molecular approaches for the recognition of parasites has become commonplace. For trematodes, the internal transcribed spacer region of ribosomal DNA (ITS rDNA) has become the default region of choice. Here, we review the findings of 63 studies that report ITS rDNA sequence data for about 155 digenean species from 19 families, and then review the levels of variation that have been reported and how the variation has been interpreted. Overall, complete ITS sequences (or ITS1 or ITS2 regions alone) usually distinguish trematode species clearly, including combinations for which morphology gives ambiguous results. Closely related species may have few base differences and in at least one convincing case the ITS2 sequences of two good species are identical. In some cases, the ITS1 region gives greater resolution than the ITS2 because of the presence of variable repeat units that are generally lacking in the ITS2. Intraspecific variation is usually low and frequently apparently absent. Information on geographical variation of digeneans is limited but at least some of the reported variation probably reflects the presence of multiple species. Despite the accepted dogma that concerted evolution makes the individual representative of the entire species, a significant number of studies have reported at least some intraspecific variation. The significance of such variation is difficult to assess a posteriori, but it seems likely that identification and sequencing errors account for some of it and failure to recognise separate species may also be significant. Some reported variation clearly requires further analysis. The use of a yardstick to determine when separate species should be recognised is flawed. Instead, we argue that consistent genetic differences that are associated with consistent morphological or biological traits should be considered the marker for separate species. We propose a generalised approach to the use of rDNA to distinguish trematode species.

The Bali bombs and the tourism development cycle

This paper analyses the impact of the Bali bombings on international visitor arrivals in Bali and compares this crisis with previous crises with reference to Butler’s hypothetical tourism area life cycle. The paper demonstrates that the Bali bombings had by far the greatest impact on international tourism visitation than any other crisis in the island’s history. Such was the severity of the decline in Bali that both national and local measures were taken to restore confidence. Important though these measures were, they do not fully account for the strong resurgence in international arrivals, suggesting that the destination has not yet reached consolidation in accordance with Butler’s hypothesis and that the strength of the resurgence owes much to the underlying trend of the development phase associated with the general picture proposed by Butler.

DESEMPENHO DE ORGANIZAÇÃO SOCIAL (OS) NO GERENCIAMENTO DE ORGANISMOS PÚBLICOS: ESTUDO DESCRITIVO-EXPLORATÓRIO DO CENTRO NACIONAL DE PESQUISA EM ENERGIA E MATERIAIS - CNPEM

Este trabalho discutiu o desempenho do Centro Nacional de Pesquisa em Energia e Materiais CNPEM, que deu início às suas atividades como Associação Brasileira de Tecnologia de Luz Síncrotron - ABTLuS, Organização Social (OS), entidade da sociedade civil, sem fins lucrativos, disciplinada pela Lei 9.637 de 15 de maio de 1998, para gerir organismos públicos mediante a assinatura de contrato de gestão baseado em metas a serem cumpridas. O modelo nasceu concomitantemente com a criação do Ministério da Administração e Reforma do Estado MARE, na gestão do ministro Luiz Carlos Bresser Pereira, no governo do presidente Fernando Henrique Cardoso - FHC, tendo como princípio básico a prestação de serviços sociais, nas áreas de cultura, educação, pesquisa científica, proteção e preservação do meio ambiente e saúde, na expectativa de que ele pudesse prestar melhores serviços do que as empresas estatais e as entidades da administração direta. Hoje, dez anos se passaram e o CNPEM continua prestando serviços na área de pesquisa científica ao CNPq e ao MCT, apesar de não haver apoio para a criação de novas OS na esfera do governo federal, o que indicou ameaças ao seu ciclo de vida. A pesquisa desenvolveu-se através de estudo descritivo-exploratório, interpretando dados por intermédio do processo de hermenêutica para interpretação de dados retirados dos documentos institucionais, com conclusão favorável à continuidade do modelo, tendo em vista que a pesquisa demonstra que ele é legal, legítimo e competente no cumprimento das metas e missão, bem como está em plena forma física, sem ameaças ao seu ciclo de vida, demonstrando que tem muito a oferecer para a ciência brasileira e, como não poderia deixar de ser, a milhares de usuários espalhados pelo Brasil e o mundo.

A comparative study of HR practices in Britain and India

This paper traces the major developments in the field of human resource management briefly and then highlights the need for more cross-national HRM studies. The results from two parallel surveys of matched Indian and British organizations are presented. The main aim of the surveys was to examine a wide range of HRM policies and practices in a cross-national comparative context. The surveys were run in six industries in the manufacturing sector. The study controlled for a number of variables such as size of the organization, product, industry sector and personnel participation. Influence of a number of contingent variables (such as age, size, nature and life-cycle stage of the organization, presence of unions and human resource strategies) on HRM policies and practices is analysed. The study finds significant differences in recruitment, compensation, training and development and employee communication practices between India and Britain.

Risk based decision support system for effective implementation of projects

Conventional project management techniques are not always sufficient to ensure time, cost and quality achievement of large-scale construction projects due to complexity in planning, design and implementation processes. The main reasons for project non-achievement are changes in scope and design, changes in government policies and regulations, unforeseen inflation, underestimation and improper estimation. Projects that are exposed to such an uncertain environment can be effectively managed with the application of risk management throughout the project's life cycle. However, the effectiveness of risk management depends on the technique through which the effects of risk factors are analysed/quantified. This study proposes the Analytic Hierarchy Process (AHP), a multiple attribute decision making technique, as a tool for risk analysis because it can handle subjective as well as objective factors in a decision model that are conflicting in nature. This provides a decision support system (DSS) to project management for making the right decision at the right time for ensuring project success in line with organisation policy, project objectives and a competitive business environment. The whole methodology is explained through a case application of a cross-country petroleum pipeline project in India and its effectiveness in project management is demonstrated.

Multiple attribute decision making approach to petroleum pipeline route selection

Petroleum pipelines are the nervous system of the oil industry, as this transports crude oil from sources to refineries and petroleum products from refineries to demand points. Therefore, the efficient operation of these pipelines determines the effectiveness of the entire business. Pipeline route selection plays a major role when designing an effective pipeline system, as the health of the pipeline depends on its terrain. The present practice of route selection for petroleum pipelines is governed by factors such as the shortest distance, constructability, minimal effects on the environment, and approachability. Although this reduces capital expenditure, it often proves to be uneconomical when life cycle costing is considered. This study presents a route selection model with the application of an Analytic Hierarchy Process (AHP), a multiple attribute decision making technique. AHP considers all the above factors along with the operability and maintainability factors interactively. This system has been demonstrated here through a case study of pipeline route selection, from an Indian perspective. A cost-benefit comparison of the shortest route (conventionally selected) and optimal route establishes the effectiveness of the model.

A design environment for deadlock-free concurrent software

Using current software engineering technology, the robustness required for safety critical software is not assurable. However, different approaches are possible which can help to assure software robustness to some extent. For achieving high reliability software, methods should be adopted which avoid introducing faults (fault avoidance); then testing should be carried out to identify any faults which persist (error removal). Finally, techniques should be used which allow any undetected faults to be tolerated (fault tolerance). The verification of correctness in system design specification and performance analysis of the model, are the basic issues in concurrent systems. In this context, modeling distributed concurrent software is one of the most important activities in the software life cycle, and communication analysis is a primary consideration to achieve reliability and safety. By and large fault avoidance requires human analysis which is error prone; by reducing human involvement in the tedious aspect of modelling and analysis of the software it is hoped that fewer faults will persist into its implementation in the real-time environment. The Occam language supports concurrent programming and is a language where interprocess interaction takes place by communications. This may lead to deadlock due to communication failure. Proper systematic methods must be adopted in the design of concurrent software for distributed computing systems if the communication structure is to be free of pathologies, such as deadlock. The objective of this thesis is to provide a design environment which ensures that processes are free from deadlock. A software tool was designed and used to facilitate the production of fault-tolerant software for distributed concurrent systems. Where Occam is used as a design language then state space methods, such as Petri-nets, can be used in analysis and simulation to determine the dynamic behaviour of the software, and to identify structures which may be prone to deadlock so that they may be eliminated from the design before the program is ever run. This design software tool consists of two parts. One takes an input program and translates it into a mathematical model (Petri-net), which is used for modeling and analysis of the concurrent software. The second part is the Petri-net simulator that takes the translated program as its input and starts simulation to generate the reachability tree. The tree identifies `deadlock potential' which the user can explore further. Finally, the software tool has been applied to a number of Occam programs. Two examples were taken to show how the tool works in the early design phase for fault prevention before the program is ever run.