ANÁLISE DA ASSOCIAÇÃO DE OPERAÇÕES DE CAPITALIZAÇÃO DE PRIVATE EQUITY E VENTURE CAPITAL NO DESEMPENHO DE EMPRESAS COM AÇÕES NA BOVESPA

A vantagem competitiva e o desempenho organizacional são conceitos administrativos estreitamente ligados à competitividade das empresas e sua permanência no mercado a longo prazo. Para que alcancem tal objetivo, de acordo com os fundamentos da RBV, as capacidades organizacionais dessas empresas devem ser dinâmicas, o que significa estar à frente das mudanças ambientais, mantendo, criando e desenvolvendo novas capacidades. Um dos caminhos para que isso se realize é a aposta na sua capitalização, que pode ocorrer com a captação de recursos de terceiros ou recursos próprios, com maior ou menor grau de risco. A captação de recursos com capital de terceiros acontece, principalmente, via instituições financeiras e factorings. A captação por meio de capital próprio pode ocorrer por retenção de lucros ou pelo underwriting. A emissão feita via mercado primário configura a oferta pública inicial de ações ou Initial Public Offering (IPO). No Brasil, a escolha dos fundos de Private Equity e Venture Capital, segmentos do mercado financeiro que consistem fundamentalmente em aporte temporário de capital, vem crescendo consideravelmente nos últimos anos. Contudo, existem poucas pesquisas a respeito da utilização e do desempenho financeiro que esses fundos trazem para as empresas. O presente estudo procura averiguar se as empresas que estavam listadas na BOVESPA no período de 2002 a 2008 e que receberam recursos via Private Equity e Venture Capital com IPO desenvolveram desempenho financeiro superior às que receberam ou não outros tipos de financiamento no mesmo período. Foram selecionados dados secundários como: balanços patrimoniais, demonstração de resultados e valores das ações, utilizando-se da base de dados da Economática. Tomando o logaritmo do Q de Tobin como variável dependente e log_Ativo, Debt to Equity, ROA, crescimento de vendas, crescimento de investimentos, crescimento investimento Fama e CrescInv_endividamento como variáveis de controle, foram aplicados testes estatísticos, comparando a média dos índices, seguidos de análise por setor econômico, subsetor e segmento. Os resultados encontrados apontam que as empresas que receberam recursos via Private Equity e Venture Capital com IPO, tornaram-se diferentes das demais empresas que estavam listadas na BOVESPA naquele período. O presente trabalho busca, dessa forma, contribuir para o enriquecimento de conhecimento acadêmico acerca do tema.(AU)

ANÁLISE DAS MUDANÇAS DOS FATORES DETERMINANTES DA ESTRUTURA DE CAPITAL EM FUNÇÃO DO CICLO DE VIDA DAS EMPRESAS BRASILEIRAS SÃO BERNARDO DO CAMPO

As várias teorias acerca da estrutura de capital despertam interesse motivando diversos estudos sobre o assunto sem, no entanto, ter um consenso. Outro tema aparentemente pouco explorado refere-se ao ciclo de vida das empresas e como ele pode influenciar a estrutura de capital. Este estudo teve como objetivo verificar quais determinantes possuem maior relevância no endividamento das empresas e se estes determinantes alteram-se dependendo do ciclo de vida da empresa apoiada pelas teorias Trade Off, Pecking Order e Teoria da Agência. Para alcançar o objetivo deste trabalho foi utilizado análise em painel de efeito fixo sendo a amostra composta por empresas brasileiras de capital aberto, com dados secundários disponíveis na Economática® no período de 2005 a 2013, utilizando-se os setores da BM&FBOVESPA. Como resultado principal destaca-se o mesmo comportamento entre a amostra geral, alto e baixo crescimento pelo endividamento contábil para o determinante Lucratividade apresentando uma relação negativa, e para os determinantes Oportunidade de Crescimento e Tamanho, estes com uma relação positiva. Para os grupos de alto e baixo crescimento alguns determinantes apresentaram resultados diferentes, como a singularidade que resultou significância nestes dois grupos, sendo positiva no baixo crescimento e negativa no alto crescimento, para o valor colateral dos ativos e benefício fiscal não dívida apresentaram significância apenas no grupo de baixo crescimento. Para o endividamento a valor de mercado foi observado significância para o Benefício fiscal não dívida e Singularidade. Este resultado reforça o argumento de que o ciclo de vida influência a estrutura de capital

The Japanisation process in Malaysia

This thesis examines the empirical evidence for the transferability of Japanese soft technology (JST) or Japanese work organisation within two government-initiated, Malaysian-Japanese strategic alliances: PROTON and PERNEC. The government, through its Look East Policy (LEP) began in 1982, taking Japan (and South Korea) as models and partners in Malaysian economic and industrial development process, and expected these alliances to learn the good aspects of Japanese work organisations and management styles in order for them to become independent companies, both technologically and economically. The thesis found that the alliances have been successfully taking and utilising Japanese parts, components, tools, robots and machines; i.e. the 'ready-made hard technology'. [Whereas the important element of soft technology has been ignored]. The soft technology has been slowly and marginally transferred because neither local parties nor their Japanese counterparts within the alliances consider the acquisition or transfer of soft technology to be the main concern or a part of business plan. Although many factors influence management transfer, the thesis has focused on the eagerness and the capability of Malaysian managerial teams to acquire and, to a lesser extent, the readiness of the Japanese to transfer the technology. It was found that there is a lack of demand on technology acquisition by Malaysian managers and lack of responsibility to transfer the technology among Japanese experts. However, the political and social pressures on these alliances, the industrial climate and labour market, leaderships and management system of alliances, and Japanese MNCs regional and global corporate strategies have contributed to the high level of transfer of JST at PROTON compared to PERNEC. The research also found that Malaysian industrial and investment policies have favoured foreign investment but there is a lack of strategies for nurturing indigenous technological development.On the other hand the Japanese MNCs and public agencies have been operating in Malaysia and guided by their regional and global corporate strategies and less concerned with Malaysian technological development. In conclusion, empirically, the JST transfer is minimal. The transfer has been influenced by internal contingency factors of organisation; external industrial, political and cultural environmental factors; and last but not least the Japanese MNCs' global and regional corporate strategies. The transfer of Japanese management in this research is inclined towards core-periphery transfer model, it is also related to organisational and national technological capability.

The growing importance of inter-company collaboration

Guest editorial: This special issue has been drawn from papers that were published as part of the Second European Conference on Management of Technology (EuroMOT) which was held at Aston Business School (Birmingham, UK) 10-12 September 2006. This was the official European conference for the International Association for Management of Technology (IAMOT); the overall theme of the conference was “Technology and global integration.” There were many high-calibre papers submitted to the conference and published in the associated proceedings (Bennett et al., 2006). The streams of interest that emerged from these submissions were the importance of: technology strategy, innovation, process technologies, managing change, national policies and systems, research and development, supply chain technology, service and operational technology, education and training, small company incubation, technology transfer, virtual operations, technology in developing countries, partnership and alliance, and financing and investment. This special issue focuses upon the streams of interest that accentuate the importance of collaboration between different organisations. Such organisations vary greatly in character; for instance, they may be large or small, publicly or privately owned, and operate in manufacturing or service sectors. Despite these varying characteristics they all have something in common; they all stress the importance of inter-organisational collaboration as a critical success factor for their organisation. In today's global economy it is essential that organisations decide what their core competencies are what those of complementing organisations are. Core competences should be developed to become a bases of differentiation, leverage and competitive advantage, whilst those that are less mature should be outsourced to other organisations that can claim to have had more recognition and success in that particular core competence (Porter, 2001). This strategic trend can be observed throughout advanced economies and is growing strongly. If a posteriori reasoning is applied here it follows that organisations could continue to become more specialised in fewer areas whilst simultaneously becoming more dependent upon other organisations for critical parts of their operations. Such actions seem to fly in the face of rational business strategy and so the question must be asked: why are organisations developing this way? The answer could lie in the recent changes in endogenous and exogenous factors of the organisation; the former emphasising resource-based issues in the short-term, and strategic positioning in the long-term whilst the later emphasises transaction costs in the short-term and acquisition of new skills and knowledge in the long-term. For a harmonious balance of these forces to prevail requires organisations to firstly declare a shared meta-strategy, then to put some cross-organisational processes into place which have their routine operations automated as far as possible. A rolling business plan would review, assess and reposition each organisation within this meta-strategy according to how well they have contributed (Binder and Clegg, 2006). The important common issue here is that an increasing number of businesses today are gaining direct benefit from increasing their levels of inter-organisational collaboration. Such collaboration has largely been possible due to recent technological advances which can make organisational structures more agile (e.g. the extended or the virtual enterprise), organisational infra-structure more connected, and the sharing of real-time information an operational reality. This special issue consists of research papers that have explored the above phenomenon in some way. For instance, the role of government intervention, the use of internet-based technologies, the role of research and development organisations, the changing relationships between start-ups and established firms, the importance of cross-company communities of practice, the practice of networking, the front-loading of large-scale projects, innovation and the probabilistic uncertainties that organisations experience are explored in these papers. The cases cited in these papers are limited as they have a Eurocentric focus. However, it is hoped that readers of this special issue will gain a valuable insight into the increasing importance of collaborative practices via these studies.

The modelling of energy efficient drying for DSM (BL)

This thesis investigates the modelling of drying processes for the promotion of market-led Demand Side Management (DSM) as applied to the UK Public Electricity Suppliers. A review of DSM in the electricity supply industry is provided, together with a discussion of the relevant drivers supporting market-led DSM and energy services (ES). The potential opportunities for ES in a fully deregulated energy market are outlined. It is suggested that targeted industrial sector energy efficiency schemes offer significant opportunity for long term customer and supplier benefit. On a process level, industrial drying is highlighted as offering significant scope for the application of energy services. Drying is an energy-intensive process used widely throughout industry. The results of an energy survey suggest that 17.7 per cent of total UK industrial energy use derives from drying processes. Comparison with published work indicates that energy use for drying shows an increasing trend against a background of reducing overall industrial energy use. Airless drying is highlighted as offering potential energy saving and production benefits to industry. To this end, a comprehensive review of the novel airless drying technology and its background theory is made. Advantages and disadvantages of airless operation are defined and the limited market penetration of airless drying is identified, as are the key opportunities for energy saving. Limited literature has been found which details the modelling of energy use for airless drying. A review of drying theory and previous modelling work is made in an attempt to model energy consumption for drying processes. The history of drying models is presented as well as a discussion of the different approaches taken and their relative merits. The viability of deriving energy use from empirical drying data is examined. Adaptive neuro fuzzy inference systems (ANFIS) are successfully applied to the modelling of drying rates for 3 drying technologies, namely convective air, heat pump and airless drying. The ANFIS systems are then integrated into a novel energy services model for the prediction of relative drying times, energy cost and atmospheric carbon dioxide emission levels. The author believes that this work constitutes the first to use fuzzy systems for the modelling of drying performance as an energy services approach to DSM. To gain an insight into the 'real world' use of energy for drying, this thesis presents a unique first-order energy audit of every ceramic sanitaryware manufacturing site in the UK. Previously unknown patterns of energy use are highlighted. Supplementary comments on the timing and use of drying systems are also made. The limitations of such large scope energy surveys are discussed.

The multinational enterprise as a source of international knowledge flows:Direct evidence from Italy

This paper examines the determinants of technology transfer between parent firms and their international affiliates, and of knowledge spillovers from those affiliates to host-country firms. Using a unique data set of foreign multinational enterprise (MNE) affiliates based in Italy, we find that affiliate investment in R&D and investment in capital-embodied technology plays a significant role in determining the nature of intra-firm technology flows. However, the basis for any spillovers arising from MNE affiliates does not originate from codified knowledge associated with R&D, but rather from the productivity of the affiliate.

Adaptive modulation scaling scheme for wireless sensor networks

Limited energy is a big challenge for large scale wireless sensor networks (WSN). Previous research works show that modulation scaling is an efficient technique to reduce energy consumption. However, the impacts of using modulation scaling on packet delivery latency and loss are not considered, which may have adverse effects on the application qualities. In this paper, we study this problem and propose control schemes to minimize energy consumption while ensuring application qualities. We first analyze the relationships of modulation scaling and energy consumption, end-to-end delivery latency and packet loss ratio. With the analytical model, we develop a centralized control scheme to adaptively adjust the modulation levels, in order to minimize energy consumption and ensure the application qualities. To improve the scalability of the centralized control scheme, we also propose a distributed control scheme. In this scheme, the sink will send the differences between the required and measured application qualities to the sensors. The sensors will update their modulation levels with the local information and feedback from the sink. Experimental results show the effectiveness of energy saving and QoS guarantee of the control schemes. The control schemes can adapt efficiently to the time-varying requirements on application qualities. Copyright © 2005 The Institute of Electronics, Information and Communication Engineers.

An energy-efficient route to the rapid synthesis of organically-modified SBA-15 via ultrasonic template removal

A low energy route for the removal of Pluronic P123 surfactant template during the synthesis of SBA-15 mesoporous silicas is explored. The conventional reflux of the hybrid inorganic-organic intermediate formed during co-condensation routes to Pr-SOH-SBA-15 is slow, utilises large solvent volumes, and requires 24 h to remove ∼90% of the organic template. In contrast, room temperature ultrasonication in a small methanol volume achieves the same degree of template extraction in only 5 min, with a 99.9% energy saving and 90% solvent reduction, without compromising the textural, acidic or catalytic properties of the resultant Pr-SOH-SBA-15. © 2014 The Royal Society of Chemistry.

A multi-modular second life hybrid battery energy storage system for utility grid applications

The modern grid system or the smart grid is likely to be populated with multiple distributed energy sources, e.g. wind power, PV power, Plug-in Electric Vehicle (PEV). It will also include a variety of linear and nonlinear loads. The intermittent nature of renewable energies like PV, wind turbine and increased penetration of Electric Vehicle (EV) makes the stable operation of utility grid system challenging. In order to ensure a stable operation of the utility grid system and to support smart grid functionalities such as, fault ride-through, frequency response, reactive power support, and mitigation of power quality issues, an energy storage system (ESS) could play an important role. A fast acting bidirectional energy storage system which can rapidly provide and absorb power and/or VARs for a sufficient time is a potentially valuable tool to support this functionality. Battery energy storage systems (BESS) are one of a range suitable energy storage system because it can provide and absorb power for sufficient time as well as able to respond reasonably fast. Conventional BESS already exist on the grid system are made up primarily of new batteries. The cost of these batteries can be high which makes most BESS an expensive solution. In order to assist moving towards a low carbon economy and to reduce battery cost this work aims to research the opportunities for the re-use of batteries after their primary use in low and ultra-low carbon vehicles (EV/HEV) on the electricity grid system. This research aims to develop a new generation of second life battery energy storage systems (SLBESS) which could interface to the low/medium voltage network to provide necessary grid support in a reliable and in cost-effective manner. The reliability/performance of these batteries is not clear, but is almost certainly worse than a new battery. Manufacturers indicate that a mixture of gradual degradation and sudden failure are both possible and failure mechanisms are likely to be related to how hard the batteries were driven inside the vehicle. There are several figures from a number of sources including the DECC (Department of Energy and Climate Control) and Arup and Cenex reports indicate anything from 70,000 to 2.6 million electric and hybrid vehicles on the road by 2020. Once the vehicle battery has degraded to around 70-80% of its capacity it is considered to be at the end of its first life application. This leaves capacity available for a second life at a much cheaper cost than a new BESS Assuming a battery capability of around 5-18kWhr (MHEV 5kWh - BEV 18kWh battery) and approximate 10 year life span, this equates to a projection of battery storage capability available for second life of >1GWhrs by 2025. Moreover, each vehicle manufacturer has different specifications for battery chemistry, number and arrangement of battery cells, capacity, voltage, size etc. To enable research and investment in this area and to maximize the remaining life of these batteries, one of the design challenges is to combine these hybrid batteries into a grid-tie converter where their different performance characteristics, and parameter variation can be catered for and a hot swapping mechanism is available so that as a battery ends it second life, it can be replaced without affecting the overall system operation. This integration of either single types of batteries with vastly different performance capability or a hybrid battery system to a grid-tie 3 energy storage system is different to currently existing work on battery energy storage systems (BESS) which deals with a single type of battery with common characteristics. This thesis addresses and solves the power electronic design challenges in integrating second life hybrid batteries into a grid-tie energy storage unit for the first time. This study details a suitable multi-modular power electronic converter and its various switching strategies which can integrate widely different batteries to a grid-tie inverter irrespective of their characteristics, voltage levels and reliability. The proposed converter provides a high efficiency, enhanced control flexibility and has the capability to operate in different operational modes from the input to output. Designing an appropriate control system for this kind of hybrid battery storage system is also important because of the variation of battery types, differences in characteristics and different levels of degradations. This thesis proposes a generalised distributed power sharing strategy based on weighting function aims to optimally use a set of hybrid batteries according to their relative characteristics while providing the necessary grid support by distributing the power between the batteries. The strategy is adaptive in nature and varies as the individual battery characteristics change in real time as a result of degradation for example. A suitable bidirectional distributed control strategy or a module independent control technique has been developed corresponding to each mode of operation of the proposed modular converter. Stability is an important consideration in control of all power converters and as such this thesis investigates the control stability of the multi-modular converter in detailed. Many controllers use PI/PID based techniques with fixed control parameters. However, this is not found to be suitable from a stability point-of-view. Issues of control stability using this controller type under one of the operating modes has led to the development of an alternative adaptive and nonlinear Lyapunov based control for the modular power converter. Finally, a detailed simulation and experimental validation of the proposed power converter operation, power sharing strategy, proposed control structures and control stability issue have been undertaken using a grid connected laboratory based multi-modular hybrid battery energy storage system prototype. The experimental validation has demonstrated the feasibility of this new energy storage system operation for use in future grid applications.

A kockázat mint látens fogalom (Risk - A latent concept)

A kockázat statisztikai értelemben közvetlenül nem mérhető, azaz látens fogalom éppen úgy, mint a gazdasági fejlettség, a szervezettség vagy az intelligencia. Mi bennünk a közös? A kockázat is komplex fogalom, több mérhető tényezőt foglal magában, és bár sok tényezőjét mérjük, fel sem tételezzük, hogy pontos eredményt kapunk. Ebben a megközelítésben az elemző kezdettől fogva tudja, hogy hiányos az ismerete. Ezt Bélyácz [2011[ nyomán úgy is megfogalmazhatjuk: „A statisztikusok tudják, hogy valamit éppen nem tudnak.” / === / From statistical point of view risk, like economic development is a latent concept. Typically there is no one number which can explicitly estimate or project risk. Variance is used as a proxy in finance to measure risk. Other professions are using other concepts for risk. Underwriting is the most important step in insurance business to analyse exposure. Actuaries evaluate average claim size and the probability of claim to calculate risk. Bayesian credibility can be used to calculate insurance premium combining frequencies and empirical knowledge, as a prior. Different types of risks can be classified into a risk matrix to separate insurable risk. Only this category can be analysed by multivariate statistical methods, which are based on statistical data. Sample size and frequency of events are relevant not only in insurance, but in pension and investment decisions as well.

Az állam szerepe a turizmusban (The role of government in tourism)

Az állam szerepe napjainkban átalakulóban van, ami az egyes gazdasági területeken más és más szabályozórendszer alkalmazását igényli a szakterület sajátosságainak és az iparág igényeinek, nemzetközi környezetének megfelelően. A turizmus azon gazdasági területek közé tartozik, amelynek szerepe az elmúlt időszakban dinamikusan növekedett, többek között jelentős bruttó hazai termék-előállító, munkaigényes jellegéből, valamint jelentős beruházást gerjesztő hatásából adódóan. A turizmus mint üzleti tevékenység nem nélkülözheti az állam szerepét. Számos olyan externália társul hozzá, ami államilag koordinált esetben a fejlődést magasabb pályára állítja, és társadalmilag hatékonyabb szinten valósul meg. Napjainkban az állam szerepének újraértelmezése, feladatainak újbóli átgondolása és a megfelelő súlypontok megtalálása elengedhetetlenül szükséges annak érdekében, hogy a turizmus pozitív hatásai hosszú távon érvényesüljenek. _______________ Nowadays the role of the government is changing, which needs the usage of different regulatory systems regarding the requirements of the industry and the international environment. Tourism belongs to the economics fields which importance are growing very rapidly because of its effects such as GDP contribution effect, workforce effect and investment exciting effect. Tourism as a business activity needs the significant role of the government. Tourism is in association with a lot of externalise, therefore can secure the coordination of the state the development and the efficiency at a higher level. Nowadays the rethinking of the task of the government is needed on the field of tourism in the interest of the enforcement of its positive effects.

A minimálbér költségvetési hatásai = The budgetary effects of the minimum wage

A minimálbér-emelés a munkapiacon közvetlenül hat a keresletre és a kínálatra. Közvetett hatásai azonban túlmutatnak a munkapiacon, ezért azokat egy makromodell keretei között elemezzük. A makromodellben háromféle munkafajta és tíz ágazat van; az egyes ágazatok az árképzésükben és az adó- és járulékelkerülésük szerkezetében különböznek. A minimálbér-emelés munkapiaci feszültséget generál: csökkenti a foglalkoztatást a szakképzetlenek körében. Mivel az árszint az átlagbérnél gyorsabban nő, és az aggregált foglalkoztatás is csökken, így csökken a reálfogyasztás. A vállalatok profitja és beruházása csökken, ugyanakkor a vállalati profit csökkenése már csekély mértékű adóelkerülés-növeléssel is kiegyensúlyozható. A minimálbér-emelés hatására nőnek ugyan az adóbevételek, viszont a kiadások nagyobb mértékben nőnek, így általában romlik az egyenleg. Aki tehát a minimálbér emelését követeli, annak a felelős döntés során számolnia kell ezekkel a következményekkel. _____ Raising the minimum wage on the labour market has direct effects on supply and demand. But its indirect effects extend beyond the labour market. They are analysed here with a macro model that distinguishes three types of work and ten industries, whose firms differ in their price structures and the degrees to which tax and social-insurance payments are avoided. Raising the minimum wage generates tension on the labour market and reduces employment of the unskilled. Since the price level rises faster than average pay and aggregate employment falls, so does real consumption. The firms’ profits and investment decline, but the former can be offset even by a small increase in tax avoidance. Although the rise in the minimum wage boosts tax revenues, budgetary expenditures rise more and the balance deteriorates. Advocates of a higher minimum wage need to consider these consequences if they are to reach a responsible decision.

Általános költségmutató(k) pénzügyi termékekre

A pénzügyi termékek minél nagyobb csoportjára kiterjedő, egységes, egyszerű elvek alapján megszerkesztett, könnyen értelmezhető költségmutató kérdése a gyakorlatban már több országban felbukkant, de átfogó problémává, az angolul "packaged retail insurance and investment products", röviden PRIIPs-re vonatkozó rendelet megjelenése után vált. A témában nagyrészt hiányzik az elméleti irodalom, így sok félreértés van körülötte. A tanulmány egy meglehetősen általános nézőpontból keresi a megfelelő, lehetséges költségmutatókat, az egyes lehetőségek tulajdonságait összehasonlítja egymással, s állást foglal, hogy melyeket és hogyan, illetve hogyan nem célszerű bevezetni.