Submitted by Adriana Alves Rodrigues (aalves@espm.br) on 2018-10-09T11:30:30Z No. of bitstreams: 1 Dissertacao_MPCC - Cristine_ Marian_Naum_2018 V. FINAL 27-4.pdf: 1570692 bytes, checksum: 8a2fe858218f4673caefa924fc17abfa (MD5) / Approved for entry into archive by Adriana Alves Rodrigues (aalves@espm.br) on 2018-10-09T11:31:07Z (GMT) No. of bitstreams: 1 Dissertacao_MPCC - Cristine_ Marian_Naum_2018 V. FINAL 27-4.pdf: 1570692 bytes, checksum: 8a2fe858218f4673caefa924fc17abfa (MD5) / Approved for entry into archive by Debora Cristina Bonfim Aquarone (deborabonfim@espm.br) on 2018-10-09T11:32:44Z (GMT) No. of bitstreams: 1 Dissertacao_MPCC - Cristine_ Marian_Naum_2018 V. FINAL 27-4.pdf: 1570692 bytes, checksum: 8a2fe858218f4673caefa924fc17abfa (MD5) / Made available in DSpace on 2018-10-09T11:32:55Z (GMT). No. of bitstreams: 1 Dissertacao_MPCC - Cristine_ Marian_Naum_2018 V. FINAL 27-4.pdf: 1570692 bytes, checksum: 8a2fe858218f4673caefa924fc17abfa (MD5) Previous issue date: 2018-03-19 / Since the mid-twentieth century, climate change has had a significant impact in several economy sectors whilst scandals related to corporate governance as well as political and social instability have directly influenced the value of companies and also altered the way investments are considered. Due to this scenario, environmental, social and corporate governance factors have been taken into account in business analysis, demanding engagement, transparency and new forms for data evaluation. In search for identifying the motivations for the integration of environmental, social and governance factors (ESG) into investment analysis, as well as evaluating the use of this data, the present research discusses the challenges imposed by this model of asset analysis through the dialogue with nine actors and institutions related to the financial market. As to create a qualitative and exploratory methodological approach, interviews were held in depth using a semi structured script with five new Brazilian Asset Management professionals and with institutions related to this topic. For the development of this study, a theoretical revision of the evolution of sustainability of the financial market was necessary, which imposes new challenges to the investment management. According to the results of this research, the main motivators for the adoption of ESG factors to investment analyses are the adoption of the Principles for Responsible Investment (PRI) by the greatest financial institutions in Brazil, followed by the awareness of the rise of financial and reputational risks originated from company operations. The data sources used in this research are diverse, with special emphasis on sustainability reports released by companies. However, a lack of comparability, reliability, history, format and integration in the companies’ results still damages the use of this information by other entities. The present study contributes with the adoption of ESG factors by several segments of the financial sector, as well as with the improvement of management of those which already integrate them. Besides, companies will be able to better comprehend the importance of adequate communication and of the quality of data for investors through sustainability reports. / Desde meados do século XX, as mudanças climáticas impactam significativamente diversos setores da economia, ao mesmo tempo que escândalos sobre governança corporativa e instabilidades políticas e sociais têm influenciado diretamente o valor das empresas e alterado a forma de se pensar os investimentos. Fatores ambientais, sociais e de governança passam, pois, a ser considerados nas análises de negócios, exigindo engajamento, transparência e novas formas de avaliação de dados. Com o objetivo de identificar as motivações para integração dos fatores Ambientais, Sociais e de Governança (ASG) à análise de investimento, bem como analisar o uso dos dados, a presente pesquisa, através do diálogo com nove atores relacionados ao mercado financeiro e entidades, traz os desafios impostos por esse modelo de avaliação de ativos. Para uma abordagem metodológica exploratória qualitativa, foram realizadas entrevistas em profundidade com roteiro semiestruturado com novos profissionais de Assets Management que atuam no Brasil e de entidades que se relacionam ao tema. Para o desenvolvimento desse estudo foi necessária a revisão teórica da evolução da sustentabilidade no mercado financeiro, que impõe novos desafios à gestão dos investimentos. De acordo com os resultados desta pesquisa, os principais motivadores para adoção de fatores ASG às análises de investimento são a adoção aos Princípios do Investimento Responsável (PRI) pelas grandes instituições financeiras e Asset Management do país; seguido da percepção de aumento dos riscos financeiros e reputacionais oriundos das operações das empresas. As fontes de dados utilizadas são diversas, com destaque para os relatórios de sustentabilidade empresariais. No entanto, falta de comparabilidade, confiabilidade, histórico, formato e integração aos resultados das empresas ainda prejudicam o uso das informações por mais entidades. O presente estudo colabora com a adoção de fatores ASG por diversos segmentos do setor financeiro, bem como com a melhoria de gestão das financeiras que já os integraram. Além disso, as empresas poderão compreender melhor a importância da comunicação adequada e qualidade dos dados para os investidores, por meio dos relatórios de sustentabilidade

Foam-assisted low interfacial tension and foam-improved sweep efficiency are attractive enhanced oil recovery (EOR) methods with numerous studies and researches have been conducted in the past few decades. For example, CO₂-Enhanced Oil Recovery (CO₂-EOR) is very efficient in terms of oil displacement. However, due to the low viscosity of super critical CO₂, the process usually suffers from poor sweep efficiency. One method of increasing sweep efficiency in CO₂-EOR has been identified through the use of surfactants to create "foams" or more correctly CO₂-in-water (C/W) macroemulsions. Polymer flooding techniques such as Alkali -- Polymer (AP), Surfactant -- Polymer (SP), and Alkali -- Surfactant -- Polymer (ASP) have been the only proven chemical EOR method in sandstone reservoirs with many successful pilot tests and field projects. However, the use of polymer is limited in carbonates due to unfavorable conditions related to natural characteristics of this type of lithology. In this case, foam-assisted EOR, specifically Alkali -- Surfactant -- Gas (ASG) process, can be an alternative for polymer flooding. It is a fact that large amount of the world's oil reserves resides in carbonate reservoirs. Therefore, an increase in oil recovery from carbonates would help meet the world's increasing energy demand. This study consists of two parts: (1) the development of new surfactant for creating CO₂ -- in -- water macroemulsions for improving sweep efficiency in CO₂ -- EOR processes; (2) systematic study of ASG method as a novel EOR technique and an alternative for polymer flooding in carbonate reservoirs. Both studies are related to the use of foam as a mobility control agent. In the first part, the design and synthesis of twin tailed surfactants for use at the CO₂/water interface is discussed. The hydrohobes for these surfactants are synthesized from epichlorohydrin and an excess alcohol. Subsequent ethoxylation of the resulting symmetrical dialkyl glycerin yields the water soluble dual tailed surfactants. The general characteristics of these surfactants in water are described. A comparison is carried out between twin-tailed dioctylglycerine surfactants and linear secondary alcohol surfactant based on results from a core flood. The results show that even above the cloud point of the surfactants, the twin tailed surfactants create a significant mobility reduction, likely due to favorable partitioning into the CO₂ phase. The data covers surfactant structures designed specifically for the CO₂-water interface and can be used by producers and service companies in designing new CO₂-floods, especially in areas that might not have been considered due to problems with reservoir heterogeneity. Second part contains a systematic study of ASG process on carbonate rocks through a series of experiments. The purpose is to demonstrate the performance as well as the potential of ASG as a new EOR technique. In this study, basic concepts in chemical EOR are presented, while the design of chemical formulation, phase behavior, and the role of foam are discussed in details. Experimental results showed relatively good recovery, low surfactant retention. However, pressure drop during chemical injections were high, which indicates the formation of both strong foam and viscous microemulsion at the displacement front when surfactant starts solubilizing oil. Overall, ASG showed good performance on carbonate rocks. Optimization can be made on surfactant formula to form less viscous microemulsion and therefore improve efficiency of the process. / text

Approved for public release, distribution is unlimited / The emergence of the Abu Sayyaf Group (ASG) in the early 1990s represented the radicalization of the Filipino Muslim separatist movement. Despite the initial success of the joint Philippine and U.S. Balikatan exercise against the Abu Sayyaf on 2002, the ASG has continued to carry out attacks on lightly guarded or "soft" targets, the same way international terrorist groups have been known to do. The anarchic region of Central Mindanao has become a training base for the Southeast Asian terror organizations and a refuge for Abu Sayyaf. The war on terrorism has changed the lives of the Filipinos and strained the capacities of the government. Over the years, the Philippines has fought terrorism in many ways. It has retaliated militarily, prosecuted terrorists, preempted terrorist attacks, implemented defensive measures, and addressed some of the causes of terrorism. To some degree, all suffer from limited effectiveness and applicability. This thesis analyzes the Philippine response to terrorism and determines how it should develop an effective strategy to counter terrorism. This study also discusses the government organizational structure and the problems faced by the Philippine government agencies in addressing the terrorism specifically posed by the Abu Sayyaf. In addition, this thesis presents a case study of Abu Sayyaf by analyzing its organizational and operational tools in the maintenance of its terrorist capability. Finally, this thesis examines the government bureaucracy and its capability to respond to the threats posed by terrorism. / Colonel, Philippine Air Force

Submitted by denys roman (denys_roman@yahoo.com) on 2018-08-29T22:51:25Z No. of bitstreams: 1 TA Denys - V29 de Julho.pdf: 2148232 bytes, checksum: 2f16875e1900c5b431bbcc02d057dd8e (MD5) / Rejected by Simone de Andrade Lopes Pires (simone.lopes@fgv.br), reason: Boa Tarde Denys, Recebemos seu trabalho na biblioteca digital, mas será necessário fazer alguns ajustes: Estou encaminhando por e-mail as alterações necessárias. Por favor, faça as alterações e submeta o trabalho novamente na biblioteca digital. Atenciosamente, Simone - SRA on 2018-08-30T20:48:27Z (GMT) / Submitted by denys roman (denys_roman@yahoo.com) on 2018-08-31T13:07:35Z No. of bitstreams: 1 TA Denys - V30 de Julho (2003)_corrigido.pdf: 2107428 bytes, checksum: 58f618ad30b083f6bf09aba20e9554c8 (MD5) / Approved for entry into archive by Simone de Andrade Lopes Pires (simone.lopes@fgv.br) on 2018-09-03T19:37:52Z (GMT) No. of bitstreams: 1 TA Denys - V30 de Julho (2003)_corrigido.pdf: 2107428 bytes, checksum: 58f618ad30b083f6bf09aba20e9554c8 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-09-04T14:01:28Z (GMT) No. of bitstreams: 1 TA Denys - V30 de Julho (2003)_corrigido.pdf: 2107428 bytes, checksum: 58f618ad30b083f6bf09aba20e9554c8 (MD5) / Made available in DSpace on 2018-09-04T14:01:28Z (GMT). No. of bitstreams: 1 TA Denys - V30 de Julho (2003)_corrigido.pdf: 2107428 bytes, checksum: 58f618ad30b083f6bf09aba20e9554c8 (MD5) Previous issue date: 2018-08-02 / O presente trabalho visa explorar se as blockchains poderiam ser utilizadas para gerar maior confiança na asseguração de dados ESG – Environmental, Social and Corporate Governance (em português: Ambiental, Social e Governança Corporativa), visando apoiar o desenvolvimento da indústria do investimento sustentável. No desenvolvimento do trabalho, demonstramos o crescimento da indústria do investimento sustentável. Com a utilização de fatores ESG na avaliação de ativos, os registros desse fenômeno foram evidenciados tanto com dados de agentes do mercado de capitais quanto com dados da produção acadêmicocientífica. Também abordamos a possibilidade de fortalecimento da qualidade das informações ESG e sua asseguração externa para evitar potencial perda de valor das companhias em função de assimetria informacional. Para respondermos ao problema de pesquisa, foi realizado um estudo de caso que teve como unidade de análise a forma como a OriginalMy utiliza as blockchains para autenticação de dados. Esse estudo de caso foi precedido de etapas preliminares, em que foi desenvolvida uma prova de conceito para ampliar a familiaridade com a tecnologia e entrevistas com os asseguradores de informações ESG. O estudo apontou lacunas no processo de asseguração e que as características das blockchains permitem que a tecnologia sirva de base para soluções que necessitem garantir a autenticidade de dados. Dessa forma, podem apoiar o desenvolvimento da indústria de investimento sustentável baseado em dados mais confiáveis e robustos. / This paper aims to explore how blockchains can be used to generate greater confidence in ESG data – Environmental, Social and Corporate Governance, in order to support the development of the sustainable investment industry. We demonstrate the growth of the sustainable investment industry, with the use of ESG factors in the assets valuation, the records of this phenomenon were evidenced both with data from capital market agents and with data from academic-scientific production. We also discuss the possibility of strengthening the quality of ESG information and its external assurance to avoid potential loss of value of companies due to informational asymmetry. To respond the research problem, a case study was conducted that analyzed how OriginalMy uses the blockchains for data authentication. This case study was preceded by preliminary steps, in which a proof of concept was developed to increase familiarity with the technology and interviews with ESG information insurers. The study pointed to gaps in the assurance process and that the characteristics of blockchains allow the technology to serve as the basis for solutions that need to guarantee the authenticity of data. In this way, they can support the development of the sustainable investment industry based on more reliable and robust data.

En esta investigación, se analiza el impacto financiero de los reportes de sostenibilidad en los ingresos y acceso al crédito en las empresas que reportan al GRI en Lima entre los años 2016 y 2018, para lo cual se obtuvo una muestra de 32 empresas de una población de 40. El trabajo se divide en 5 capítulos, donde en el capítulo 1, se definieron los principales conceptos: reportes de sotenibilidad, los 4 aspectos del reporte del GRI, impacto financiero en los ingresos y en el acceso al crédito. En el capítulo 2, referido al plan de investigación, se estableció el problema, las hipótesis y objetivos. En el capítulo 3, se definió la metodología de investigación a utilizarse, estableciéndose cada instrumento de la investigación (cualitativa y cuantitativa). En el capítulo 4, se realizó el desarrollo de la investigación, realizándose entrevistas de profundidad a 3 expertos en temas de sostenibilidad desde diferentes puntos de vista (Global Reporting Initiative, la Superintendencia de Mercado de Valores y Perú 2021). Así mismo, se realizaron encuestas a las 32 empresas de la muestra, para obtener información sobre la importancia de los reportes de sostenibilidad y su relación con el impacto financiero y el acceso al crédito. En el capítulo 5, se realizó el análisis de los resultados de nuestra investigación utilizando una herramienta estadística que nos permitió corroborar las hipótesis planteadas de cómo los reportes de sostenibilidad impactan en los ingresos y el acceso al crédito de las empresas que los generan. Finalmente, se brindaron las conclusiones y recomendaciones, concluyendo que el generar reportes de sostenibilidad trae beneficios económicos y financieros que no solo contribuirá a que las empresas sean sostenibles y más rentables en el tiempo, sino que en el largo plazo favorecerá a la economía, la sociedad, el medio ambiente y el país. / Abstrac: This research analyzes the financial impact of sustainability reports on income and access to credit in companies that report to the GRI in Lima between the years 2016 and 2018. For this purpose, a sample of 32 companies from a population of 40 was obtained. The work is divided into 5 chapters, where in chapter 1, the main concepts were defined: sustainability reports, the 4 aspects of the GRI reports, and financial impact on income and access to credit. In chapter 2, concerning the research plan, the problem, hypotheses and objectives were established. In chapter 3, the research methodology to be used was defined establishing each research instrument (qualitative and quantitative). In chapter 4, the research was developed, conducting in-depth interviews with 3 experts on sustainability issues from different points of view (Global Reporting Initiative, the Superintendence of Securities Market and Peru 2021). Surveys were also conducted on the sample's 32 companies to learn about the importance of sustainability reports and their relationship to financial impact and access to credit.In chapter 5, the analysis of the results of our research was carried out using a statistical tool that allowed us to corroborate the hypotheses raised about how sustainability reports impact income and access to credit of the companies that generate them. Finally, conclusions and recommendations were provided, concluding that generating sustainability reports brings economic and financial benefits that will not only contribute to companies being sustainable and more profitable over time, but also in the long term will favour the economy, society, the environment and the country. / Trabajo de investigación

[pt] A sociedade vem utilizando recursos naturais para a produção de bens e serviços, visando atender suas necessidades e bem-estar. As empresas desempenham importante papel atendendo essas necessidades, em grande escala e, ao fazê-lo, impactam positiva e negativamente os ecossistemas onde atuam, potencializando a pressão sobre limites planetários e aspectos socioambientais. Há uma percepção emergente de que a solução para os grandes desafios da sociedade passa pela inclusão dos aspectos de sustentabilidade na agenda política, nas empresas e na educação básica, buscando equilibrar o atendimento das necessidades humanas, biodiversidade e recursos naturais, considerando gerações presentes e futuras. Nessa pesquisa são apresentados elementos que demonstram a importância e benefícios da Sustentabilidade Corporativa para as empresas e para a sociedade. Pesquisas setoriais indicam que as empresas reconhecem essa importância, mas também concluem que parte relevante delas ainda não integrou os aspectos ESG em sua governança corporativa. Diante de uma maior atuação de consumidores, colaboradores, ativistas, investidores e reguladores, os conselhos de administração são desafiados a atuarem como guardiões da sustentabilidade e líderes da implementação dos aspectos socioambientais nas empresas que administram. Nesse sentido, o objetivo da pesquisa é identificar quais são os desafios dos Conselhos de Administração para a incorporação dos aspectos ESG. Por meio de pesquisa bibliográfica e de campo, considerando entrevistas a conselheiros e conselheiras de grandes empresas do Setor Elétrico Brasileiro, incluindo presidentes e membros de comitês de Sustentabilidade, foi possível identificar os 10 maiores desafios, assim como recomendações que podem apoiar os conselhos na superação dos mesmos. / [en] The Society has been using natural resources for the production of goods and services, aiming to meet its needs and well-being. Businesses play an important role in meeting these needs on a large scale and, in doing so, positively and negatively impact the ecosystems where they operate, increasing pressure on planetary boundaries and socio-environmental aspects. There is an emerging perception that the solution to society s major challenges involves including sustainability aspects in the political agenda, in business and in basic education, seeking to balance meeting human needs, biodiversity and natural resources, considering present and future generations. This research presents elements that demonstrate the importance and benefits of Corporate Sustainability for companies and society. Sector surveys indicate that companies recognize this importance, but also conclude that a relevant part of them has not yet integrated ESG aspects into their corporate governance. Faced with greater involvement by consumers, employees, activists, investors and regulators, boards of directors are challenged to act as guardians of sustainability and leaders in the implementation of socio-environmental aspects in the companies they manage. In this sense, the objective of the research is to identify what are the challenges of the Boards of Directors for the incorporation of ESG aspects. Through bibliographical and field research, considering interviews with directors of large companies in the Brazilian Electricity Sector, including chairmen and members of Sustainability committees, it was possible to identify the 10 biggest challenges, as well as recommendations that can support the boards in overcoming them.