Teses

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    Tese
    Fatores determinantes da eficiência de carbono das empresas participantes do carbon disclosure project entre 2006 e 2009
    Leal, Carla Camargo (2012-03-16)

    Administração

    In just over 20 years of systematic studies on climate change, there are still many questions about its causes and its effects in environmental, social and economical terms. Various global institutions are involved with the issue, including among them, national governments, companies, and non-governmental organizations. The Carbon Disclosure Project collects information annually on carbon emissions from business; the project is due to the initiative of environmental organizations, which inserted the concern about the impact of climate change over business on the agenda of institutional investors. The objective of this thesis is to investigate, among the possible factors that influence the positioning of companies and business attitudes, which are those that are associated with significantly higher or lower greenhouse gases emissions, as well as major changes, a) in proportion to the company's growth, b) regarding industry peers and c) in relation to the emissions of previous periods, taking as basis the information reported by companies to the Carbon Disclosure Project between 2006 and 2009. The potential influence factors analyzed include: a) financial aspects; b) issues related to financial risks; c) issues related to climatic risks; d) certified processes of environmental management; e) forms of reporting the information on climate change adopted by the companies; e) the location; f) the industry. Regarding the volume of emissions, the results indicated two factors of influence: the location, i.e., the fact that the company is headquartered in a country listed in Annex I of the Kyoto Protocol; and the industry, i.e., the industrial activity to which the company belongs. As for efficiency relative to sales and to industry peers, the results indicated that we can not statistically reject the influence of the following factors: a) age of assets; b) level of financial leverage; c) level of assets intangibility; d) headquarters established in a country signatory to the Kyoto Protocol. The results of the analysis of possible factors influencing the variation in emissions compared to previous periods, however, failed to identify the influence of any factor.
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    Tese
    O impacto das decisões de investimentos estratégicos sobre o valor de mercado das empresas quando tomadas por gestores otimistas e excessivamente confiantes
    Oliveira Neto, Luis Elesbão de (2011-04-05)

    Administração

    Esta pesquisa, de natureza quantitativa, buscou investigar o impacto das decisões de investimentos estratégicos na criação de valor para as empresas, quando tomadas por gestores otimistas e excessivamente confiantes. A pesquisa, conduzida dentro da abordagem dos gestores irracionais (BAKER et al., 2005), utilizou uma amostra formada por 502 anúncios de investimentos estratégicos, realizados por 131 gestores de 116 diferentes empresas brasileiras de capital aberto, no período compreendido entre janeiro/2005 e dezembro/2009. São considerados investimentos estratégicos todos aqueles dispêndios de capital que criam oportunidade de crescimento para as empresas (KESTER, 1984). Os resultados da pesquisa empírica sugerem que os investidores reagem negativamente aos anúncios de investimentos estratégicos quando realizados por gestores otimistas e excessivamente confiantes, indicando que as diferenças de estilo, opinião e de percepção da realidade motivadas por características pessoais dos gestores são consideradas pelo mercado e descontadas do preço das ações das empresas. Ao contrário dos modelos prescritos por Gervais et al. (2003) e Hackbarth (2004),os quais predizem que a presença de um nível moderado desses vieses nos gestores é benéfica aos acionistas das empresas, encontrou-se suporte apenas parcial à hipótese de que a intensidade ou grau de enviesamento do gestor é relevante. Os resultados da pesquisa sugerem que os gestores que exibem grau moderado de otimismo e confiança excessiva são melhor percebidos pelos investidores do que outros considerados pronunciadamente enviesados.Entretanto, os resultados não confirmam a existência de um grau de intensidade para otimismo/confiança excessiva que seja benéfico à empresa e, ainda, superior aos demais.Gestores tidos como racionais e menos enviesados foram os que tiveram seus anúncios de investimentos estratégicos melhor percebidos pelo mercado
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    Tese
    Influência da gestão e do controle familiares e do fundador sobre o endividamento das empresas abertas brasileiras: evidências empíricas
    Segura, Liliane Cristina (2012-04-09)

    Administração

    This research investigated the influence of family and founder on the debt of Brazilian listed companies. Despite the vast national and international literature on capital structure, there are still some doubts about the importance of family in business management. In Brazil, due to the large number of family businesses and concentrated control, is even more evident the need to investigate the issue. Many other studies have treated the family business, others control the concentration and others, the company's founder. The contribution of this work was to separate the companies that have concentrated control in the hands of one family, who have only the family influence, family control, those whose management is familiar and the other whose management is only the founder and also the founder of management company family.Furthermore, it was the separation of concentrated control, significant influence, management controlling, managing shareholder influence. In total 10 different separations were made and tested along the work. The study population consisted of companies listed on Bovespa in 2009, and the final sample consisted of 365 companies. As the main contribution of this work was used as a classification different from the other by separating control and influence,combining the family and the founder and principal actors. To this end, we observed six years (2004-2009), a total of 2190 observations. These data constitute an unbalanced panel that was treated by linear regression using ordinary least squares, then by random effects and finally by fixed effects. These techniques were applied to any distortions that diminish in relation to the control variables that were used and these panels might catch the best way to control and influence of the founder family and management in enterprises. The results show that companies with family control and the ones that have some influence of the founder is present in the sample studied, presented less debt than other companies, going according to national and international studies that claim that family businesses tend to be more conservative in their investments, looking to use more equity than others. However, companies that have concentrated control in the hands of one owner or company presented more debt than the others, confirming the studies that indicate the concentration of capital in Brazil and its consequent tendency to the expropriation of wealth by the majority shareholders .