O efeito país sobre o desempenho da firma: uma abordagem multinível

Este trabalho analisou a influência do país sobre o desempenho das firmas. A análise empírica tomou por base uma amostra de 83.641 observações de 10.927 firmas em 37 países e 224 indústrias, em um período de 10 anos. Um modelo linear hierárquico de três níveis com classificação cruzada permitiu identificar que a importância relativa dos efeitos país, indústria e interação indústria-país é semelhante e, em conjunto, aproximadamente da mesma magnitude do efeito firma. Além de estimar a importância do efeito país, o trabalho analisou a infl uência individual de cada país sobre o desempenho das fi rmas, o que permitiu a elaboração de um ranking de países com base na lucratividade das fi rmas.

Teoria da firma: comportamento dos administradores, custos de agência e estrutura de propriedade

Este artigo integra elementos da teoria da agência, da teoria dos direitos de propriedade e da teoria das finanças para desenvolver uma teoria da estrutura de propriedade da firma. Definimos o conceito de custos de agência, demonstramos a sua relação com a questão da "separação e controle", investigamos a natureza dos custos de agência resultantes da presença de capital de terceiros e capital próprio externo, demonstramos quem arca com esses custos e por quê, e investigamos o ótimo de Pareto para a sua existência. Também fornecemos uma definição de firma e mostramos como a nossa análise dos fatores que influenciam a criação e a emissão de capital de terceiros e os direitos sobre o capital próprio cobre um caso especial do lado da oferta no que se refere à totalidade do problema dos mercados.

A utilização de derivativos agrega valor à firma? Um estudo do caso brasileiro

Este trabalho examina o uso de derivativos e seu impacto sobre o valor da firma para uma amostra de empresas brasileiras não-financeiras listadas na bolsa de valores de São Paulo, no período de 1996 a 2006. Utilizando métodos paramétricos e não-paramétricos, os resultados confirmam que a utilização de derivativos agrega valor à firma e indicam que, contrário ao previsto por Modigliani e Miller (1958), a política financeira das empresas exerce um impacto sobre o seu valor.

EFEITOS DA VINCULAÇÃO DE CONSELHEIROS AO ACORDO DE ACIONISTAS NO VALOR DA FIRMA

Este artigo tem como objetivo analisar o efeito das cláusulas que vinculam o voto dos conselheiros ao acordo de acionistas no valor da firma. A partir de uma base de dados de 181 empresas listadas nos segmentos especiais da BM&FBovespa entre os anos de 2008 e 2012, estudamos o efeito da inclusão de cláusulas genéricas e específicas de vínculo de voto no valor das empresas. Verificamos um efeito negativo do acordo de acionistas no valor da firma, que se acentua na presença de cláusulas genéricas e se ameniza na presença de cláusulas específicas de vínculo de voto ao acordo de acionistas. Esses resultados são consistentes mesmo controlando pela endogeneidade da decisão pelo acordo de acionistas. Assim, os resultados apontam para um "efeito entrincheiramento" dos acionistas de controle no uso dos acordos de acionistas como mecanismo de compartilhamento de controle e voto. Este artigo contribui para a literatura em governança e finanças corporativas ao revelar práticas que enfraquecem a atuação de um dos principais pilares de governança, o conselho de administração.

Performance of an immunochromatography test for vivax malaria in the Amazon region, Brazil

The study was carried out to evaluate the diagnostic performance of the ICT malaria Pf/PvTM test for vivax malaria diagnosis in Belém, Amazon region, Brazil. The results of blood malaria parasites examination using an immunochromatography test were compared with thick blood film (TBF) examination. It was also evaluated the performance of this test storaged at three different temperatures (25°C, 30°C, and 37°C) for 24 hours before use. Overall sensitivity of ICT Pf/PvTM was 61.8% with a specificity of 100%, positive and negative predictive value of 100% and 71.8%, respectively and accuracy of 80.6%. The test sensitivity was independent of the parasite density. This test needs to be further reviewed in order to have better performance for P. vivax malaria diagnosis.

An outbreak of bat-transmitted human rabies in a village in the Brazilian Amazon

During 45 days without electrical power, 57 individuals (8.7% of the population) from the village of Antônio Dino (municipality of Turiaçu, Northeastern Brazil) were attacked by bats and 16 died from human rabies. The aim of the study was to analyze the factors associated with bat attacks and the development of human rabies. Of the 46 individuals, who suffered bat attacks, 36 (78.3%) were under 17 years of age. The risk factors associated with bat attacks were age under 17 years, having observed bats inside the bedroom and having been without electrical power in the house. Age under 17 years and having been without electrical power in the house were factors associated with human rabies.

Impact on human health of particulate matter emitted from burnings in the Brazilian Amazon region

OBJECTIVE: To analyze the impact on human health of exposure to particulate matter emitted from burnings in the Brazilian Amazon region. METHODS: This was an ecological study using an environmental exposure indicator presented as the percentage of annual hours (AH%) of PM2.5 above 80 μg/m3. The outcome variables were the rates of hospitalization due to respiratory disease among children, the elderly and the intermediate age group, and due to childbirth. Data were obtained from the National Space Research Institute and the Ministry of Health for all of the microregions of the Brazilian Amazon region, for the years 2004 and 2005. Multiple regression models for the outcome variables in relation to the predictive variable AH% of PM2.5 above 80 μg/m3 were analyzed. The Human Development Index (HDI) and mean number of complete blood counts per 100 inhabitants in the Brazilian Amazon region were the control variables in the regression analyses. RESULTS: The association of the exposure indicator (AH%) was higher for the elderly than for other age groups (β = 0.10). For each 1% increase in the exposure indicator there was an increase of 8% in child hospitalization, 10% in hospitalization of the elderly, and 5% for the intermediate age group, even after controlling for HDI and mean number of complete blood counts. No association was found between the AH% and hospitalization due to childbirth. CONCLUSIONS: The indicator of atmospheric pollution showed an association with occurrences of respiratory diseases in the Brazilian Amazon region, especially in the more vulnerable age groups. This indicator may be used to assess the effects of forest burning on human health.

Tuberculosis in indigenous children in the Brazilian Amazon

OBJECTIVE: Assess the epidemiological aspects of tuberculosis in Brazilian indigenous children and actions to control it. METHODS: An epidemiological study was performed with 356 children from 0 to 14 years of age in Rondônia State, Amazon, Brazil, during the period 1997-2006. Cases of TB reported to the Notifiable Diseases Surveillance System were divided into indigenous and non-indigenous categories and analyzed according to sex, age group, place of residence, clinical form, diagnostic tests and treatment outcome. A descriptive analysis of cases and hypothesis test (χ²) was carried out to verify if there were differences in the proportions of illness between the groups investigated. RESULTS: A total of 356 TB cases were identified (125 indigenous, 231 non-indigenous) of which 51.4% of the cases were in males. In the indigenous group, 60.8% of the cases presented in children aged 0-4 years old. The incidence mean was much higher among indigenous; in 2001, 1,047.9 cases/100,000 inhabitants were reported in children aged < 5 years. Pulmonary TB was reported in more than 80% of the cases, and in both groups over 70% of the cases were cured. Cultures and histopathological exams were performed on only 10% of the patients. There were 3 cases of TB/HIV co-infection in the non-indigenous group and none in the indigenous group. The case detection rate was classified as insufficient or fair in more than 80% of the indigenous population notifications, revealing that most of the diagnoses were performed based on chest x-ray. CONCLUSIONS: The approach used in this study proved useful in demonstrating inequalities in health between indigenous and non-indigenous populations and was superior to the conventional analyses performed by the surveillance services, drawing attention to the need to improve childhood TB diagnosis among the indigenous population.

The AIDS epidemic in the Amazon region: a spatial case-control study in Rondonia, Brazil

OBJECTIVE To analyze spatial changes in the risk of AIDS and the relationship between AIDS incidence and socioeconomic variables in the state of Rondonia, Amazon region. METHODS A spatial, population case-control study in Rondonia, Brazil, based on 1,780 cases reported to the Epidemiological Surveillance System and controls based on demographic data from 1987 to 2006. The cases were grouped into five consecutive four-year periods. A generalized additive model was adjusted to the data; the dependent variable was the status of the individuals (case or control), and the independent variables were a bi-dimensional spline of the geographic coordinates and some municipality-level socioeconomic variables. The observed values of the Moran’s I test were compared to a reference distribution of values generated under conditions of spatial randomness. RESULTS AIDS risk shows a marked spatial and temporal pattern. The disease incidence is related to socioeconomic variables at the municipal level in Rondônia, such as urbanization and human capital. The highest incidence rates of AIDS are in municipalities along the BR-364 highway and calculations of the Moran’s I test show positive spatial correlation associated with proximity of the municipality to the highway in the third and fourth periods (p = 0.05). CONCLUSIONS Incidence of the disease is higher in municipalities of greater economic wealth and urbanization, and in those municipalities bisected by Rondônia’s main roads. The rapid development associated with the opening up of once remote regions may be accompanied by an increase in these risks to health.

Drug susceptibility of Plasmodium falciparum in the western Amazon region, state of Acre, Brazil

Field studies in the western Amazon region (state of Acre, Brazil) indicate that the 4-aminoquinolines, as well as the combined regimen with sulfadoxine-pyrimethamine, can no longer be recomended for the treatment and prophylaxis of P. falciparum infections in this region. Quinine remains an effective drug when used correctly. However, compliance problems arise due to the often occurring side-effects during a ten day regimen. Prospects of overcoming these constraints by combining a short course of quinine with other drugs are limited, because of the lack of suitable partner compounds. For this reason quinine/clindamycin appears to be a more practical therapy of P. falciparum malaria. In vitro data from this study suggest that mefloquine is another effective alternative for the treatment of falciparum malaria in this Amazon region.