Dissertação (mestrado)—UnB/UFPB/UFRN, Programa Multiinstitucional e Inter-Regional de Pós-Graduação em Ciências Contábeis, 2016. / Submitted by Albânia Cézar de Melo (albania@bce.unb.br) on 2016-04-12T15:44:57Z No. of bitstreams: 1 2016_InajaAllaneSantosGarcia.pdf: 5038589 bytes, checksum: e14204f48b40d403c8e586095aa3c452 (MD5) / Approved for entry into archive by Raquel Viana(raquelviana@bce.unb.br) on 2016-05-18T12:59:07Z (GMT) No. of bitstreams: 1 2016_InajaAllaneSantosGarcia.pdf: 5038589 bytes, checksum: e14204f48b40d403c8e586095aa3c452 (MD5) / Made available in DSpace on 2016-05-18T12:59:07Z (GMT). No. of bitstreams: 1 2016_InajaAllaneSantosGarcia.pdf: 5038589 bytes, checksum: e14204f48b40d403c8e586095aa3c452 (MD5) / Este trabalho analisou os motivos determinantes para a recompra de ações realizadas pelas empresas listadas na BM&FBovespa e na NYSE. De acordo com Ikenberry, Lakonishok e Vermaelen (2000) e Gabrielli e Saito (2004), os motivos mais citados pela literatura são: (a) fluxo de caixa livre; (b) sinalização de que as ações estão subavaliadas; (c) distribuição de dividendos; e (d) interesse das empresas em ajustar a estrutura de capital por meio da alavancagem. Devido a isso, optou-se por investigar cada um desses quatro motivos. Para sustentar teoricamente o estudo, utilizou-se principalmente a teoria do fluxo de caixa livre (JENSEN, 1986), ateoria da agência (JENSEN; MECKLING, 1976) e a teoria tradicionalista (DURAND, 1952). Além dessas teorias, no decorrer do referencial teórico, discutiu-se cada motivo para a recompra de ações. Para alcance do objetivo desta pesquisa, cada motivo elencado para recompra de ações gerou uma hipótese de pesquisa, chegando ao total de quatro hipóteses. Quanto à amostra final da pesquisa, foi composta por 353 empresas não financeiras listadas na BM&FBovespa e 3.400 listadas na NYSE. Destas, 74 e 1.739 empresas, listadas respectivamente na BM&FBovespa e NYSE, realizaram recompra de ações em pelo menos um dos anos da amostra (2000 a 2014). Vale salientar que todos os dados utilizados foram coletados na base de dados da Thomson Reuters Eikon™ e organizados em um painel desbalanceado, uma vez que não foi possível verificar todos dados para todas as empresas em todos os anos da análise. Os resultados apontaram que, para o modelo composto pelas empresas da BM&FBovespa, os motivos fluxo de caixa livre e interesse das empresas em ajustar a estrutura de capital por meio da alavancagem explicam a recompra de ações, enquanto que, para o modelo composto pelas empresas da NYSE, os motivos determinantes para a recompra de ações foram o fluxo de caixa livre e a distribuição de dividendos. Conclui-se, então, que há diferenças entre os motivos para a recompra de ações efetuada pelas empresas que compõem a BM&FBovespa e a NYSE. Isso pode se justificar pelo nível de desenvolvimento dos mercados nos quais essas empresas estão inseridas. Diante dessas conclusões, é importante destacar algumas limitações da pesquisa, como: (a) não segregação dos tipos de recompra utilizados, uma vez que a base de dados utilizada não possibilitou a verificação de tal ação; (b) análise apenas das empresas listadas em duas bolsas de valores, a BM&FBovespa e a NYSE; (c) não disponibilidade de todos os dados para a estimação do modelo, dentre outras. Como sugestões para pesquisas futuras, sugere-se: (a) a observação das limitações acima elencadas; (b) a verificação de uma possível relação entre o ciclo de vida da empresa e a forma de distribuição de caixa para os acionistas, incluindo o evento da recompra de ações e a distribuição de dividendos; e (c) a utilização de outras bolsas de valores existentes no mundo, a fim de se obter um resultado mais global. _______________________________________________________________________________________________ ABSTRACT / This study analyzed the determinants reasons for stock buyback held by companies listed on BM&FBovespa and NYSE. According to Ikenberry, Lakonishok andVermaelen(2000) and Gabrielli and Saito(2004), the reasons most often cited in the literature are: (a) free cash flow; (b) signaling that stocks are undervalued; (c) distribution of dividends; and (d) interest of companies in adjusting the capital structure through the leverage. Because of this, we chose to investigate each of these four reasons. To theoretically support the study, we used mainly the theory of free cash flow (JENSEN, 1986), the agency theory (JENSEN; MECKLING, 1976) and the traditionalist theory (DURAND, 1952). In addition to these theories, during the theoretical framework, we discuss each reason for stock buyback. To reach the goal of this research, each listed reason for stock buyback generated aresearch hypothesis, bringing the total offour hypotheses. As for the final survey sample, it consisted of 353 non-financial companies listed on BM&FBovespa and 3,400 listed on NYSE. Of these,74 and 1,739 companies, respectively listed on BM&FBovespa and NYSE, held stock buyback in at least one of the sample years (2000 to 2014). We emphasize that all data used were collected in the Thomson Reuters Eikon™ database and organized in an unbalanced panel, since it was not possible to verify all data for all companies in each year of the analysis. The results showed that, for the model composed by companies of BM&FBovespa, the reasons free cash flow and interest of companies to adjust the capital structure by leveraging explain stock buyback, while, for the model composed by companies of NYSE, the determining reasons for stock buyback were free cash flow and distribution of dividends. We conclude, then, there are differences between the reasons for stock buyback held by companies that compose BM&FBovespa and NYSE. This can be justified by market development level in which these companies operate. Given these findings, it is important to point out some limitations of the research, such as: (a) no segregation of buyback kind used, since the database used did not allow verification of such action; (b) analysis only of companies listed on two stock exchanges, BM&FBovespa and NYSE; (c) unavailability of all data for model estimation, among others. As suggestions for future researches, we suggest: (a) the observation of above listed limitations; (b) verification of a possible relationship between the company’s life cycle and the form of cash distribution to stockholders, including the event of stock buyback and dividend distribution; and (c) the use of other stock exchanges in the world in order to obtain a more global result.

Este estudo busca identificar os fatores que influenciam algumas companhias listadas na BM&FBovespa a pagar dividendos acima do mínimo obrigatório estabelecido em lei. Para alcançar este objetivo foi utilizado um modelo de regressão múltiplo com uma amostra de 1118 distribuições de dividendos no período de 2007 a 2011. Verificou-se que as variáveis: endividamento, investimento, dispersão e estabilidade da política de dividendos, influenciam as empresas listadas na bolsa de valores brasileira a pagar proventos acima do mínimo obrigatório. Dessa forma, esta pesquisa contribui para a compreensão do tema dividendos no Brasil, pois essa parcela extra de dividendos fica a critério das companhias, sem nenhuma obrigação legal. Assim, identificar quais fatores influenciam o pagamento acima do mínimo estabelecido em lei, é identificar também os fatores que influenciam a real decisão de pagar dividendos por parte das empresas. / This study seeks to identify the factors that influence some companies listed on the BM&FBovespa to pay dividends above the minimum required by the law. To accomplish this, a multiple regression model was used with a sample of 1118 dividend distributions in the period 2007-2011. It was found that the variables: debt, investment, dispersion and stability of dividend policy, influence companies listed on the Brazilian stock exchange to pay dividends above the minimum required. Thus, this research contributes to the understanding of the issue dividends in Brazil, because that extra portion of dividends is a decision of the companies, without any legal obligation. Therefore, identifying which factors influence the payment above the minimum established by the law, is also identify the factors that influence the actual decision to pay dividends by the companies.

Esta pesquisa teve o objetivo de investigar a relação entre os investimentos realizados em capacidade tecnológica e o desempenho de firmas brasileiras. Partiu-se do pressuposto que a relação é positiva, com base em teorias como a do desenvolvimento econômico, e do histórico de evolução de países desenvolvidos. Analisou-se 133 firmas brasileiras de capital aberto, a partir dos principais indicadores definidos para cada construto. Dado o cenário de um país de economia emergente, cuja base empresarial é formada por setores primordialmente de baixa e média-baixa intensidade tecnológica, os resultados demonstram que não existe a esperada relação. Existem outros fatores que levam as empresas a atingirem desempenho positivo. O tamanho das firmas tem impacto nestas relações, pois as empresas de maior porte são as que mais investem em P&D e as que mais registram patentes. Além do porte, existe também influência setorial nos resultados. Na média, as firmas dos setores de baixa e média-baixa tecnologia apresentaram resultados superiores à média da amostra em três dos quatro principais indicadores de desempenho econômico. Complementarmente, observa-se que estes setores investiram em capacidade tecnológica abaixo da média da amostra. De um modo ou de outro, dado o desempenho positivo das firmas brasileiras, estas empresas mantêm algum tipo de atividade tecnológica que as permite atingir tal resultado. / This research aims to investigate the relationship between investments in technological capability and economic performance in Brazilian firms. Based on the theory of economic development and on the historical evolution of developed countries, it is assumed that this relationship is positive. Through key indicators of each construct, 133 firms listed on the Brazilian stock exchange have been analyzed. Given the economic circumstances of a developing country, which the majority of businesses are primarily based on low and medium-low technology industries; it is not possible to affirm the existence of such positive relationship. There are other elements that allow firms to achieve such results. The firms’ size impacts on these relationships as larger companies are major investors in R&D and also the ones which registered most of the patents. Besides the firms’ size, the results are also influenced by their industry. On average, firms of low and medium-low technology industries have shown results above average in three out of the four economic performance indicators. In addition, these industries have made investments below average in technological capability. In one way or another, given the firms’ positive performance, they execute some sort of technological activity which allows them for such results.

Esta pesquisa teve o objetivo de investigar a relação entre os investimentos realizados em capacidade tecnológica e o desempenho de firmas brasileiras. Partiu-se do pressuposto que a relação é positiva, com base em teorias como a do desenvolvimento econômico, e do histórico de evolução de países desenvolvidos. Analisou-se 133 firmas brasileiras de capital aberto, a partir dos principais indicadores definidos para cada construto. Dado o cenário de um país de economia emergente, cuja base empresarial é formada por setores primordialmente de baixa e média-baixa intensidade tecnológica, os resultados demonstram que não existe a esperada relação. Existem outros fatores que levam as empresas a atingirem desempenho positivo. O tamanho das firmas tem impacto nestas relações, pois as empresas de maior porte são as que mais investem em P&D e as que mais registram patentes. Além do porte, existe também influência setorial nos resultados. Na média, as firmas dos setores de baixa e média-baixa tecnologia apresentaram resultados superiores à média da amostra em três dos quatro principais indicadores de desempenho econômico. Complementarmente, observa-se que estes setores investiram em capacidade tecnológica abaixo da média da amostra. De um modo ou de outro, dado o desempenho positivo das firmas brasileiras, estas empresas mantêm algum tipo de atividade tecnológica que as permite atingir tal resultado. / This research aims to investigate the relationship between investments in technological capability and economic performance in Brazilian firms. Based on the theory of economic development and on the historical evolution of developed countries, it is assumed that this relationship is positive. Through key indicators of each construct, 133 firms listed on the Brazilian stock exchange have been analyzed. Given the economic circumstances of a developing country, which the majority of businesses are primarily based on low and medium-low technology industries; it is not possible to affirm the existence of such positive relationship. There are other elements that allow firms to achieve such results. The firms’ size impacts on these relationships as larger companies are major investors in R&D and also the ones which registered most of the patents. Besides the firms’ size, the results are also influenced by their industry. On average, firms of low and medium-low technology industries have shown results above average in three out of the four economic performance indicators. In addition, these industries have made investments below average in technological capability. In one way or another, given the firms’ positive performance, they execute some sort of technological activity which allows them for such results.

Este estudo busca identificar os fatores que influenciam algumas companhias listadas na BM&FBovespa a pagar dividendos acima do mínimo obrigatório estabelecido em lei. Para alcançar este objetivo foi utilizado um modelo de regressão múltiplo com uma amostra de 1118 distribuições de dividendos no período de 2007 a 2011. Verificou-se que as variáveis: endividamento, investimento, dispersão e estabilidade da política de dividendos, influenciam as empresas listadas na bolsa de valores brasileira a pagar proventos acima do mínimo obrigatório. Dessa forma, esta pesquisa contribui para a compreensão do tema dividendos no Brasil, pois essa parcela extra de dividendos fica a critério das companhias, sem nenhuma obrigação legal. Assim, identificar quais fatores influenciam o pagamento acima do mínimo estabelecido em lei, é identificar também os fatores que influenciam a real decisão de pagar dividendos por parte das empresas. / This study seeks to identify the factors that influence some companies listed on the BM&FBovespa to pay dividends above the minimum required by the law. To accomplish this, a multiple regression model was used with a sample of 1118 dividend distributions in the period 2007-2011. It was found that the variables: debt, investment, dispersion and stability of dividend policy, influence companies listed on the Brazilian stock exchange to pay dividends above the minimum required. Thus, this research contributes to the understanding of the issue dividends in Brazil, because that extra portion of dividends is a decision of the companies, without any legal obligation. Therefore, identifying which factors influence the payment above the minimum established by the law, is also identify the factors that influence the actual decision to pay dividends by the companies.

Magister Commercii - MCom / This study was undertaken to determine the relationship between the emotional intelligence and burnout levels of police constables of the South African Police Service (SAPS) in the Western Cape. The field work of constables includes situations in which police officers need to make quick decisions involving life and death. Constables regularly have to deal with and are exposed to dangerous and violent situations (Plani, Bowley & Goosen, 2003). There are certain skills which a police officer needs to demonstrate. These skills include the ability to make decisions promptly and accurately; the ability to favourably interact with the community and to observe, retain and recall detailed information. However, these skills are affected when the police officer experiences feelings of stress and burnout (Goodman, 1990). One factor that might help police officers with these skills is emotional intelligence (Levert, Lucas & Ortlepp, 2000; Mayer & Salovey, 1997). Given the nature of policing, the potential benefit to the SAPS employing a police officer with high emotional intelligence to deal with burnout, would be the desired attribute. A simple random sample of N=108 police constables participated in this study. The Emotional Quotient-Inventory (EQ-i) and the Burnout Measure (BM) were administered. Data were analysed using the Statistical Package for Social Science (SPSS) version 15.0. Cronbach reliability estimates for the EQ-i ranged from .87 to .90 and for the BM was .93. Positive and negative relationships were found between emotional intelligence dimensions: self-awareness (r=.-393, p>0.01), self-regulation (r=.-485, p>0.01), motivation (r=.-442, p>0.01), empathy (r=.-394, p>0.01) and social skills (r=.-383, p>0.01), [N=108] and police officers’ total burnout levels. The results indicated that the more self-aware, self-regulated, motivated, empathetic and socially inclined police officers were, the less likely police officers were to experience burnout. The results also indicated that the less self-aware, self-regulated, motivated, empathetic and socially inclined police officers were, they would be more likely to experience burnout. The exploratory factor analysis yielded a two factor structure for the individual on the emotional intelligence dimensions namely, self-awareness and empathy. A single factor was found for the manager consisting of the original five dimensions of the EQ-i. There was a moderate to strong negative correlation between total self-awareness (r=.-206), self-regulation (r=.-263), motivation (r=.-299), empathy (r=.-268) and social skills (r=.-311), [N=108, p>0.01] and police officers’ total burnout levels. This finding suggests that the more police officers viewed their manager to be self-aware, self-regulated, motivated, empathetic and socially inclined, the less likely they were to experience burn-out. The results of the multiple regression analysis show that police officers’ self-regulation appeared to be the only significant reliable predictor of burnout. The findings of this study provide an important contribution to expanding the body of literature and knowledge concerned with the emotionally intelligent constable which influences their burnout levels / South Africa

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According to the national climate policy framework adopted by Riksdagen (the Swedish parliament) 2017, Sweden should reach zero net emissions of greenhouse gases in 2045. For this to be successful, the construction and real estate industry, which annually accounts for one fifth of Sweden’s territorial greenhouse gas emissions, needs to minimize its emissions. One step towards reducing the emissions is to track and quantify them and that is why in 2022 a new law will come in to force that requires the developer to make climate declarations on all new buildings. This study has investigated how and when climate calculations of planned buildings should be carried out in order to be as beneficial as possible. Furthermore, the study examined material choices and emission allocation in order to reduce greenhouse gas emissions caused by the construction process. A building information model (BIM model) of an educational building which is planned to be built, served as a case study for this project. The BIM model was imported to a spreadsheet program in order to create three different versions of the building in three common framing materials; wood, concrete and steel. A list of all used building components, construction resources and associated quantities was produced and exported for each model. The list was imported to a climate calculation tool, based on Life Cycle Assessment (LCA), to manually link the construction resources with their corresponding LCA data. General waste fractions and general transport scenarios were entered for each construction resource. Theresults showed that the wooden frame model emitted 28 %less carbon dioxide equivalents (CO2e) than the concrete frame model and 22 % less than the steel frame model. The wood frame itself generated a 54 % less greenhouse gas emissions than the concrete frame and 45 % less than the steel frame. Concrete and insulation were the two resource groups that caused the greatest climate impact in five out of six cases. The production of the building components caused 88–90 % of the total climate footprint for all three models. Transport of the building components to the construction site and resource waste at the construction site both caused between 4–6 % of the climate impact in all models. The study also found that the climate calculations should be carried out as soon as the general architectural model of the building is created, in order for the calculations to serve as a decision basis in the project planning where design choices are made. The price for the climate calculations at an early stage in the construction process is low because the BIM model is relatively simple and therefore the calculations are not time-consuming. If the climate calculations occur at a later stage of the construction process, the emission figures become more accurate, but the price for the calculations increases. In addition, it is more difficult and much more expensive to make changes at a later stage. Thus, the probability is that the climate calculations will not be used in any decision. Nyckelord

Utförandet av klimatdeklarationer för nya byggnader är ett nationellt initiativ i Sverige som syftar till att minska den bebyggda miljöns klimatpåverkan. Denna undersökning syftar till att utföra två klimatdeklarationer för ett LSS-boende för att jämföra dess ursprungliga betongstomme med ett alternativ i stål ur ett klimatperspektiv. Stomalternativens påverkan på byggnadsdelars värmegenomgångskoefficienter (U-värde) och beständighet undersöks också för att få en helhetsbild av stålstommens konsekvenser på byggnaden. Den alternativa stommen baseras på en konstruktion från ett komparativt projekt och anpassas för att uppfylla brandskydds- och ljudisoleringskraven för den undersökta byggnaden. I den nya stommen används stålregelväggar, fackverkstakstolar och en reducerad grundkonstruktion.De frågeställningar som besvaras under studien är; vilken av de undersökta stommarna medför minst klimatpåverkan enligt de utförda klimatdeklarationerna, vilken byggnadsdel medför störst klimatpåverkan i varje stomme och hur påverkas byggnadsdelars initiala värmegenomgångskoefficienter samt beständighet vid byte till stålstommen. En klimatdeklaration definieras som ett dokument som redovisar en byggnads klimatpåverkan fördelad på dess bruttoarea (kg CO2eq/m2 BTA) under hela dess livscykel. Dokumentet grundar sig i livscykelanalys-metoden och omfattar Byggnadsskedet (A1-4 inklusive spill i A5) till en början enligt Boverkets rekommendation. De deklarationer som studien baseras på utförs med Byggsektorns miljöberäkningsverktyg med hjälp av generisk klimatdata från verktygets databas. Mängdningen av byggnadens material baseras på en Revit modell och ritningar utgivna av Här! Malmö samt information från produkttillverkare. U-värdena för konstruktionerna beräknas huvudsakligen i Excel enligt metoden beskriven i en byggnadsfysikbok. För att besvara frågorna om beständighet utförs en litteraturstudie baserad på information från materialböcker, varudeklarationer samt “Peer-reviewed” vetenskapliga artiklar hämtade från “Libsearch”. Enligt resultatet från deklarationerna medför betongstommen en total klimatpåverkan på 371,55 kg CO2eq/m2 BTA medan stålstommen medför en påverkan på 193,14 kg CO2eq/m2 BTA vilket motsvarar ett reduktionstal på 48 procent. Från deklarationerna går det också att avläsa att grunden medför störst klimatpåverkan för stålkonstruktionen medan stommen har störst påverkan i betongkonstruktionen. Vid beräkning av värmegenomgångskoefficienten medför bytet till stålstomme en reduktion av värdet för vindsbjälklaget från 0,137 till 0,104 W/m2K medan plattan på mark är i princip oförändrad (0,073 till 0,074 W/m2K). U-värdet för stålregelväggen (0,148 W/m2K) hamnar mellan de beräknade värdena för betongväggen med förbättrad och standard isolering (0,134 respektive 0,198 W/m2K). Enligt resultatet från litteraturstudien kan betong anses vara ett underhållsfritt material med högre beständighet mot brand och fukt än trä och stål som oftast måste behandlas och skyddas.Vid jämförelse med referensvärden från Svenska Miljöinstitutet hamnar endast stålstommen klimatpåverkan under det angivna gränsvärdet för flerbostadshus (216 kg CO2eq/m2 BTA). Betongstommens relativt höga klimatpåverkan anses bero på att stommen används i ett envåningshus. Stålstommen anses vara bättre ur klimatperspektiv men faktorer som kortare underhållsintervall och livslängd innebär att reduktionstalet som beskrivs är förmodligen mindre över hela livscykeln. / The introduction of climate declarations aims at minimizing the building sector's climate impact but earlier studies compare building frames by using declarations from two different buildings. This study focuses on creating two climate declarations in order to compare the concrete frame of a residential building with an alternative steel frame on the same building from a climate perspective. The steel frames’ effect on different building components thermal transmittance (U-value) and on the building’s durability are also analysed. The climate declarations in this study span over the Manufacture and Construction Process stages of the building’s life-cycle and are created with the use of the Construction Sector’s Environmental Calculation Tool and its built-in database. U-values for building components were calculated with Excel and a literature study was used to determine different building materials durability. The results from the climate declarations show that the concrete frame leads to a climate impact of 371,55 kg CO2eq/m2 gross floor area while the steel frame leads to an impact of 193,14 kg CO2eq/m2 gross floor area which corresponds to a reduction of the building's climate impact by 48 percent with the steel frame. The concrete frame accounts for the biggest amount of the building’s total climate impact while the foundation has the highest impact with the steel frame. The results from the U-value calculations show a decrease in the roof’s U-value from 0,137 to 0,104 W/m2K with the steel frame while the foundations U-value remains virtually unchanged (0,073 to 0,074 W/m2K). The comparison of the U-value for steel and concrete outer walls was inconclusive. According to the results from the literary study concrete was proved to be more durable and have better resistance to fire and humidity when compared to wood and steel and was considered to need little to no maintenance during a building’s lifespan.