Contributos legislativos para a criação de empresas cooperativas: a livre fixação do capital social

Num contexto em que as dinâmicas europeias em matéria de empreendedorismo e empresas sociais apelam à melhoria do ambiente legal, este estudo debruça-se sobre a oportunidade da consagração do princípio da livre fixação nos estatutos da cooperativa do montante do capital social. Esta solução legislativa permitirá reduzir os custos de contexto para a constituição da cooperativa e evitar o risco de fuga para formas societárias com regimes mais favoráveis em matéria de capital social mínimo. Constata-se que nas cooperativas, mais intensamente do que nas sociedades comerciais, o capital social mínimo não desempenha eficientemente as funções que lhe são tradicionalmente atribuídas. Conclui-se, igualmente, que a avaliação do nível de capitalização das cooperativas não pode atender apenas a este instituto, devendo ter em conta o património da cooperativa ressalvado para garantia dos credores, com particular destaque para a reserva legal.

The Economic Effects of Improving Investor Rights in Portugal

The Portuguese economy has performed remarkably well since joining the EU in 1986. Output per worker grew at an annual rate of 2.25%. The relative price of investment has declined. Real investment has increased compared to output, in part fuelled by an increase in capital inflows. At the same time, resource allocation seems to have improved as well: firm-level data shows a significant decline in the dispersion of labor productivity and size across firms. This paper argues that improvements in outside investor rights that have taken place since Portugal joined the EU is a prime candidate to explain this set of facts.

Legal Institutions, Sectoral Heterogeneity, and Economic Development

Poor countries have lower PPP–adjusted investment rates and face higher relative prices of investment goods. It has been suggested that this happens either because these countries have a relatively lower TFP in industries producing capital goods, or because they are subject to greater investment distortions. This paper provides a micro–foundation for the cross–country dispersion in investment distortions. We first document that firms producing capital goods face a higher level of idiosyncratic risk than their counterparts producing consumption goods. In a model of capital accumulation where the protection of investors’ rights is incomplete, this difference in risk induces a wedge between the returns on investment in the two sectors. The wedge is bigger, the poorer the investor protection. In turn, this implies that countries endowed with weaker institutions face higher relative prices of investment goods, invest a lower fraction of their income, and end up being poorer. We find that our mechanism may be quantitatively important.

Efeito da temperatura sobre a expressão de fatores miogênicos no músculo estriado esquelético do pacu (Piaractus mesopotamicus)

Pós-graduação em Biologia Geral e Aplicada - IBB

Rearing temperature induces changes in muscle growth and gene expression in juvenile pacu (Piaractus mesopotamicus)

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

A variationist approach to the examination of insertion and deletion of /h/ in Kosraean English

I report on language variation in the unresearched variety of English emerging on Kosrae, Federated States of Micronesia. English is spoken as the inter-island lingua franca throughout Micronesia and has been the official language of FSM since gaining its independence in 1986, though still retaining close ties with the US through and economic “compact” agreement. I present here an analysis of a corpus of over 90 Kosraean English speakers, compiled during a three month fieldwork trip to the island in the Western Pacific. The 45 minute sociolinguistically sensitive recordings are drawn from a corpus of old and young, with varying levels of education and occupations, and off-island experiences. In the paper I analyse two variables. The first variable is the realisation of /h/, often subject to deletion in both L1 and L2 varieties of English. Such occurrences are commonly associated with Cockney English, but also found in Caribbean English and the postcolonial English of Australia. For example:  Male, 31: yeah I build their house their local huts and they pay me /h/ deletion is frequent in Kosraean English, but, perhaps expectedly, occurs slightly less among people with higher contact with American English, through having spent longer periods off island. The second feature under scrutiny is the variable epenthesis of [h] to provide a consonantal onset to vowel-initial syllables.  Male, 31: that guy is really hold now This practice is also found beyond Kosraean English. Previous studies find h-epenthesis arising in L1 varieties including Newfoundland and Tristan de Cunha English, while similar manifestations are identified in Francophone L2 learners of English. My variationist statistical analysis has shown [h] insertion:  to disproportionately occur intervocalically;  to be constrained by both speaker gender and age: older males are much more likely to epenthesis [h] in their speech;  to be more likely in the onset of stressed as opposed to unstressed syllables. In light of the findings of my analysis, I consider the relationship between h-deletion and h-epenthesis, the plausibility of hypercorrection as a motivation for the variation, and the potential influence of the substrate language, alongside sociolinguistic factors such as attitudes towards the US based on mobility. The analysis sheds light on the extent to which different varieties share this characteristic and the comparability of them in terms of linguistic constraints and attributes. Clarke, S. (2010). Newfoundland and Labrador English. Edinburgh: Edinburgh University Press Hackert, S. (2004). Urban Bahamian Creole: System and Variation. Varieties of English Around the World G32. Amsterdam: Benjamins Milroy, J. (1983). On the Sociolinguistic History of H-dropping in English in Current topics in English historical linguistics: Odense UP

Separation of Control and Cash-Flow Rights of State Owned Listed Enterprises: Channels of Expropriation after the Discriminated Share Reform in China

Literature on agency problems arising between controlling and minority owners claim that separation of cash flow and control rights allows controllers to expropriate listed firms, and further that separation emerges when dual class shares or pyramiding corporate structures exist. Dual class share and pyramiding coexisted in listed companies of China until discriminated share reform was implemented in 2005. This paper presents a model of controller to expropriate behavior as well as empirical tests of expropriation via particular accounting items and pyramiding generated expropriation. Results show that expropriation is apparent for state controlled listed companies. While reforms have weakened the power to expropriate, separation remains and still generates expropriation. Size of expropriation is estimated to be 7 to 8 per cent of total asset at mean. If the "one share, one vote" principle were to be realized, asset inflation could be reduced by 13 percent.

Competition of the mechanisms : how Chinese home appliance firms coped with default risk of trade credit?

During the transition period from a planned economy to a market economy in 1990s of China, there was a considerable accrual of deferred payment, and default due to inferior enforcement institutions. This is a very common phenomenon in the transition economies at that time. Interviews with home electronics appliance firms revealed that firms coped with this problem by adjusting their sales mechanisms (found four types), and the benefit of institutions was limited. A theoretical analysis claim that spot and integration are inferior to contracts, a contract with a rebate on volume and prepayment against an exclusive agent can realize the lowest cost and price. The empirical part showed that mechanisms converged into a mechanism with the rebate on volume an against exclusive agent and its price level is the lowest. The competition is the driving force of the convergence of mechanisms and improvement risk management capacity.

Family firms and the great crisis: evidence from the italian case

Few studies have analyzed how family firms have acted during the global great crisis in comparison to their nonfamily counterparts. This paper tries to fill this gap on the basis of the Italian experience using a sample of almost 4,500 for 2007 and 2010. We study whether family control affects labour productivity, labour costs and competitiveness and if the adoption of performance related pay (PRP) reveals an efficacious strategy to mitigate the effects of the crisis and reduce the gap in competitiveness with respect to nonfamily firms. We use quantile regression techniques to test the heterogeneous role of PRP and pay attention for its possible endogeneity. We have observed that after the outburst of the crisis, the distance in terms of competitiveness of family firms with respect to their nonfamily counterparts has been amplified. We also find that family firms may take advantage from the adoption of incentive schemes, such as PRP, to encourage commitment and motivation from their employees more than nonfamily firms. The positive role of PRP on labour productivity, coupled with a moderate influence of these schemes on wage premiums, enable them to regain competitiveness also under hostile pressures, as those featuring the strong global crisis.

Financial fragility, trade credit and contagion effects during the crisis: a spatial econometric approach to firm-level data

The number of distressed manufacturing firms increased sharply during recessionary phase 2009-13. Financial indebtness traditionally plays a key role in assessing firm solvency but contagion effects that originate from the supply chain are usually neglected in literature. Firm interconnections, captured via the trade credit channel, represent a primary vehicle of individual shocks’ propagation, especially during an economic downturn, when liquidity tensions arise. A representative sample of 11,920 Italian manufacturing firms is considered to model a two-step econometric design, where chain reactions in terms of trade credit accumulation (i.e. default of payments to suppliers) are primarily analyzed by resorting to a spatial autoregressive approach (SAR). Spatial interactions are modeled based on a unique dataset of firm-to-firm transactions registered before the outbreak of the crisis. The second step in instead a binary outcome model where trade credit chains are considered together with data on the bank-firm relationship to assess determinants of distress likelihoods in 2009-13. Results show that outstanding trade debt is affected by the liquidity position of a firm and by positive spatial effects. Trade credit chain reactions are found to exert, in turn, a positive impact on distress likelihoods during the crisis. The latter effect is comparable in magnitude to the one exerted by individual financial rigidity, and stresses the importance to include complex interactions between firms in the analysis of the solvency behavior.

Comportamento em desgaste por erosão cavitação, erosão - corrosão e em ensaios de microesclerometria linear instrumentada de um aço inoxidável martensítico AISI 410 nitretado a plasma em baixa temperatura, utilizando a tecnologia de tela ativa.

Amostras de um aço inoxidável martensítico AISI 410 temperado e revenido foram nitretadas a plasma em baixa temperatura usando o tratamento de nitretação plasma DC e a nitretação a plasma com tela ativa. Ambos os tratamentos foram realizados a 400 °C, utilizando mistura gasosa de 75 % de nitrogênio e 25 % de hidrogênio durante 20 horas e 400 Pa de pressão. As amostras de aço AISI 410 temperado e revenido foram caracterizadas antes e depois dos tratamentos termoquímicos, usando as técnicas de microscopia óptica, microscopia eletrônica de varredura, medidas de microdureza, difração de raios X e medidas de teor de nitrogênio em função da distância à superfície por espectrometria WDSX de raios X. A resistência à erosão por cavitação do aço AISI 410 nitretado DC e com tela ativa foi avaliada segundo a norma ASTM G32 (1998). Os ensaios de erosão, de erosão - corrosão e de esclerometria linear instrumentada segundo norma ASTM C1624 (2005) somente foram realizados no aço AISI 410 nitretado com tela ativa. Ensaios de nanoindentação instrumentada forma utilizados para medir a dureza (H) e o módulo de elasticidade reduzido (E*) e calcular as relações H/E* e H3/E*2 e a recuperação elástica (We), utilizando o método proposto por Oliver e Pharr. Ambos os tratamentos produziram camadas nitretadas de espessura homogênea constituídas por martensita expandida supersaturada em nitrogênio e nitretos de ferro com durezas superiores a 1200 HV, porém, a nitretação DC produziu maior quantidade de nitretos de ferro do que o tratamento de tela ativa. Os resultados de erosão por cavitação do aço nitretado DC mostraram que a precipitação de nitretos de ferro é prejudicial para a resistência à cavitação já que reduziu drasticamente o período de incubação e aumentou a taxa de perda de massa nos estágios iniciais do ensaio; entretanto, depois da remoção desses nitretos de ferro, a camada nitretada formada somente por martensita expandida resistiu bem ao dano por cavitação. Já no caso do aço nitretado com tela ativa, a resistência à erosão por cavitação aumentou 27 vezes quando comparada com o aço AISI 410 sem nitretar, fato atribuído à pequena fração volumétrica e ao menor tamanho dos nitretos de ferro presente na camada nitretada, às maiores relações H/E* e H3/E*2 e à alta recuperação elástica da martensita expandida. A remoção de massa ocorreu, principalmente, pela formação de crateras e de destacamento de material da superfície dos grãos por fratura frágil sem evidente deformação plástica. As perdas de massa acumulada mostradas pelo aço nitretado foram menores do que aquelas do aço AISI 410 nos ensaios de erosão e de erosão corrosão. O aço nitretado apresentou uma diminuição nas taxas de desgaste em ambos os ensaios de aproximadamente 50 % quando comparadas com o aço AISI 410. O mecanismo de remoção de material foi predominantemente dúctil, mesmo com o grande aumento na dureza. Os resultados de esclerometria linear instrumentada mostraram que a formação de martensita expandida possibilitou uma diminuição considerável do coeficiente de atrito em relação ao observado no caso do aço AISI 410 sem nitretar. O valor de carga crítica de falha foi de 14 N. O mecanismo de falha operante no aço nitretado foi trincamento por tensão.

On the Capital Structure of Real Estate Firms

The leverage and debt maturity choices of real estate companies are interdependent, and are not made separately as is often assumed in the literature. We use three-stage least squares (3SLS) regression analysis to explore this interdependence for a sample of listed U.S. real estate companies and Real Estate Investment Trusts (REITs) traded between 1973 and 2006.We find substantial differences in the nature of the relationship between leverage and maturity for the two firm types. Leverage is a determinant of maturity for non-REITs, whereas maturity is a determinant of leverage for REITs. We also find that the drivers of capital structure choices in real estate companies and REITs clearly reflect the effects of the REIT regulation.