Made available in DSpace on 2014-06-12T17:21:56Z (GMT). No. of bitstreams: 2 arquivo641_1.pdf: 812490 bytes, checksum: 8fef5d69af22d6943dd7e144e61cb6a3 (MD5) license.txt: 1748 bytes, checksum: 8a4605be74aa9ea9d79846c1fba20a33 (MD5) Previous issue date: 2009 / Universidade Estadual de Alagoas / As alocações de recursos financeiros em aplicações de bolsas de valores passam por análise dos diversos mercados bursáteis. Nesse sentido, este estudo buscou como objetivo principal a análise das inter-relações existentes entre as bolsas de valores do G7 (grupo dos sete países mais economicamente desenvolvidos) e do BRIC (grupo dos quatro principais países emergentes da atualidade). Para concretização desse objetivo, foram utilizados séries temporais dos principais índices dos mercados de bolsas de valores pesquisadas, cujos dados foram coletados pelo período de janeiro de 2003 a setembro de 2008 e métodos econométricos que envolveram as teorias de causalidade de Granger e a previsibilidade entre mercados, decorrida, da utilização do modelo de Vetores Autoregressivos. Os resultados mostram a existência de relações entre os diversos mercados bursáteis. Mostram também que: os índices dos países do G7 ajudam na previsibilidade dos valores dos índices do BRIC; que existe uma abertura de troca entre o mercado chinês e os diversos mercados e que o mercado alemão, representado pela bolsa de valores de Frankfurt, através de seu índice DAX30, influencia significativamente os demais mercados de bolsas de valores

Growing global importance of group of states BRIC has serious impact on current world economy. Economic cooperation with African states has become one of priorities of BRIC's group, what is seen on its higher interest of African continent. BRIC group presents alternative of traditional "north-south" cooperation by its new form of attitude. Goal of this diploma thesis is comprehensively identify form of new "south-south" economic cooperation of BRIC group with African continent using trade and investment analysis of economic cooperation of particular states of group BRIC and synthesis of main trends for BRIC as a group. Thesis supported growing importance of BRIC group on African continent at the expense of traditional partners of Africa by comparison of new and traditional partners' different attitudes. Application of international trade theory on cooperation of BRIC with Africa defined possible impact on economic development of African states.

A research report submitted to the Faculty of Law, Commerce and Management, University of the Witwatersrand in partial fulfilment of the requirements for the degree of Master of Commerce in Finance, Johannesburg, South Africa, September 2019 / This study examines the role of economic policy uncertainty (EPU) in influencing firm performance and leverage as a form of financing decisions, in the presence of herding in the emerging markets of Brazil, Russia, India, China and South Africa (BRICS). The increase or decrease EPU is determined by the way policymakers or investors act and the consequences of their decisions. This study tries to answer the questions of: During times of economic policy uncertainty, how do firms rationalise making leverage financing decisions; and do they herd their leverage financing decisions towards what the market or other firms have decided? The sample firms are selected based on the Top 80 listed firms by market capitalisation in their respective country stock exchanges; however, the Top 50 in Russia was used. These firms will be split into two sub-groups of the first 40 (25) listed firms and the next 40 (25) listed firms. This will provide some insight into how the first group performs as to the second group at the beginning and end of the sample period. A total of 369 firms will be sampled over a period of 15 years from the beginning of June 2002 to the end of June 2017. Russian, Indian and South African results reject the primary and secondary null hypotheses and conclude that there is a significant relation with EPU being a factor in determining firm leverage financing decisions and that there is a significant relation with more EPU leading to herding towards firm leverage financing decisions, respectively. Brazilian and Chinese results fail to reject the primary and secondary null hypotheses and conclude that there is no significant relation with EPU being a factor in determining firm leverage financing decisions and that there is no significant relation with less EPU leading to little or no herding towards firm leverage financing decisions, respectively. EPU has an impact on business and affects the profit for many firms and this is the reason of investment delays or less consumption, which together may lead to economic activity slowdown. / PH2020

O alto nível de competitividade no cenário global faz com que as empresas que competem neste ambiente reinventem suas estratégias de negocio com uma freqüência maior que no passado, exigindo um bom sistema de avaliação. Diante desta necessidade, os gestores buscam indicadores capazes de refletir com exatidão a real situação da empresa. Uma forma de mensurar o desempenho organizacional que vem ganhando espaço e a capacidade de um negocio gerar valor. O objetivo com este trabalho foi o de se analisar os níveis de geração de valor econômico adicional (EVA - Economic Value Added) das empresas dos países do BRIC (Brasil, Rússia, Índia e China) e compará-los com os níveis das empresas dos países desenvolvidos (EUA, Japão e Alemanha). Foram coletados dados dos relatórios financeiros e contábeis das principais empresas de capital aberto de cada pais, referentes ao período de 2000 a 2010. Os resultados mostraram que, em media, as empresas de ambos os grupos de países são agregadoras de valor. Mostraram também que as empresas dos EUA são, destacadamente, mais geradoras de valor, em media e no agregado dos onze anos cobertos pelo estudo, que as empresas de qualquer um dos demais países. Dois resultados inovadores obtidos foram a detecção de que empresas de ambos os grupos de países obtiveram o mesmo nível de retorno sobre o capital investido, e a constatação de que as empresas da maioria dos países emergentes do BRIC são agregadoras de valor, enquanto que a minoria dos países desenvolvidos contou com empresas agregadoras de valor no período. / The high level of competitiveness in the global causes companies to reinvent their business strategies with a higher frequency than in the past, requiring a good evaluation system. Given this need, the managers seek indicators that accurately reflect the real situation of the company. One way to measure organizational performance that has gained importance is the capacity of a business to create value. The aim of this study was to analyze the level of economic value added (EVA - Economic Value Added) of companies from the BRIC countries (Brazil, Russia, India and China) and compare them with the levels of firms developed countries (USA, Japan and Germany). The data was collected financial reports and statements of major public companies in each country, for the period 2000 to 2010. The results showed that, on average, the company both groups are value-adding countries. They also showed that U.S. companies are focusing on those that create more value, on average and in the aggregate of the eleven years covered by the study, that companies of any of the other countries. Two innovative results were obtained for the detection of companies from both groups of countries achieved the same level of return on invested capital, and the realization that companies in most developing countries of BRIC are value-adding, whereas a minority of developed countries had value-adding enterprises in the period.

The co-movements and integration of financial markets has been a subject of great concern among many researchers and economists due to an interest in the impacts of stock market integration in terms of international portfolio diversification, asset allocation and asset pricing efficiency. Understanding the interdependence among financial markets is thus of immense importance especially to investors and stakeholders in making viable decisions, managing risks and monitoring portfolio performances. In this thesis, we investigated the levels of interdependence and dynamic linkages among the five emerging economies well known as the BRICS: Brazil, Russia, India, China and South Africa, using a Vector autoregressive (VAR), univariate GARCH(1,1) and multivariate GARCH models. Our data sample consisted of the BRICS weekly returns from the period of January 2000 to December 2012. We used a VAR model to examine the linear dependence among the BRICS markets. The results from the VAR model analysis provided some evidence of unidirectional linear dependencies of the Indian and Chinese markets on the Brazilian stock market. The univariate GARCH(1,1) and multivariate GARCH models were employed to explore the volatility and dynamic correlation in the BRICS stock returns respectively. The results of the univariate GARCH model suggested volatility persistence among all the BRICS stock returns where China appeared to be the most volatile followed by the Russian stock market while the South African market was found to be the least volatile. Results from the multivariate GARCH models revealed similar volatility persistence. Furthermore, we found that, the correlations among the five emerging markets varied with time. From this study, evidence of interdependence among the BRICS cannot be rejected. Moreover, it appears that there are other factors apart from the internal markets themselves that may affect the volatility and correlation among the BRICS. / M.Sc. University of KwaZulu-Natal, Durban 2013.

O alto nível de competitividade no cenário global faz com que as empresas que competem neste ambiente reinventem suas estratégias de negocio com uma freqüência maior que no passado, exigindo um bom sistema de avaliação. Diante desta necessidade, os gestores buscam indicadores capazes de refletir com exatidão a real situação da empresa. Uma forma de mensurar o desempenho organizacional que vem ganhando espaço e a capacidade de um negocio gerar valor. O objetivo com este trabalho foi o de se analisar os níveis de geração de valor econômico adicional (EVA - Economic Value Added) das empresas dos países do BRIC (Brasil, Rússia, Índia e China) e compará-los com os níveis das empresas dos países desenvolvidos (EUA, Japão e Alemanha). Foram coletados dados dos relatórios financeiros e contábeis das principais empresas de capital aberto de cada pais, referentes ao período de 2000 a 2010. Os resultados mostraram que, em media, as empresas de ambos os grupos de países são agregadoras de valor. Mostraram também que as empresas dos EUA são, destacadamente, mais geradoras de valor, em media e no agregado dos onze anos cobertos pelo estudo, que as empresas de qualquer um dos demais países. Dois resultados inovadores obtidos foram a detecção de que empresas de ambos os grupos de países obtiveram o mesmo nível de retorno sobre o capital investido, e a constatação de que as empresas da maioria dos países emergentes do BRIC são agregadoras de valor, enquanto que a minoria dos países desenvolvidos contou com empresas agregadoras de valor no período. / The high level of competitiveness in the global causes companies to reinvent their business strategies with a higher frequency than in the past, requiring a good evaluation system. Given this need, the managers seek indicators that accurately reflect the real situation of the company. One way to measure organizational performance that has gained importance is the capacity of a business to create value. The aim of this study was to analyze the level of economic value added (EVA - Economic Value Added) of companies from the BRIC countries (Brazil, Russia, India and China) and compare them with the levels of firms developed countries (USA, Japan and Germany). The data was collected financial reports and statements of major public companies in each country, for the period 2000 to 2010. The results showed that, on average, the company both groups are value-adding countries. They also showed that U.S. companies are focusing on those that create more value, on average and in the aggregate of the eleven years covered by the study, that companies of any of the other countries. Two innovative results were obtained for the detection of companies from both groups of countries achieved the same level of return on invested capital, and the realization that companies in most developing countries of BRIC are value-adding, whereas a minority of developed countries had value-adding enterprises in the period.

This treatise is undertaken with the purpose of investigating, through the application of the critical futures technique, causal layered analysis (CLA), the case for South Africa’s inclusion in the BRICS alliance. CLA is explored as a technique that allows for the creation of transformative knowledge which contextualises our reality, enabling techniques for exploring different alternatives that lead to outcomes. In an attempt to understand the unique features that underscore these emerging economies and why they are considered the engines behind global economic growth, the member states’ economies are systematically deconstructed. By analysing key economic variables, strengths and weaknesses, CLA allows for the development of conclusive narratives regarding the legitimacy of all BRICS economies. This study discusses the motivation for the formation of this alliance and its role in the global economy. It demonstrates and sorts out the different views concerning its dreams and aspirations. The all-inclusive nature of CLA allows for the consideration of a wide range of perspectives that seek to clarify motives behind the convergence of the BRICS economies to form an alliance. South Africa’s membership is assessed, using both the economic and political schools of thought. On a balance of a number of dominant views, considered valid, that either support or reject the inclusion of South Africa, this study demonstrates that whether or not it belongs amongst the major emerging countries is an absurd question. It thus proposes that a pertinent question to ask is one that explores ways in which South Africa can effectively capitalise on its BRICS membership to drive its own economic growth.

My paper tries to cover as many fields of internationalization as possible. It is a look at the very actual situation after the financial crisis but also comes with some predictions about the close future. Public and worldwide organizations such as WTO are a critical point in my analysis, as well as country penetration strategies. My objective was to determine where globalization has leaded us, in which direction and more importantly in which countries. Also, it is explained how complex can be a multinational in different countries and the important aspects of control in between subsidiaries. Not to be forgotten, the most recent kinds of investments and revamped international strategies

Thesis deals with the foreign policy of Barack Obama's in first term 2009 - 2012. The aim is evaluate the U. S. foreign policy towards to BRIC(S) in this term. To acronym BRIC(S) partnership brings together world powers Russia and China and regional powers Brasil, India and South Africa. Introduction is dedicated to the characteristics of the main actors, the USA, president Obama and BRIC(S). The next section presents the assumptions of the U. S. foreign policy, factors and its limits. Finally anlyzes the foreign policy of Barack Obama. The analyses showed the different approach in its foreign policy toward superpowers China and Russia on one hand and regional powers Brazil, India and South Africa on the other.

The awareness about corruption has distinctly risen since the 1990s. In line with this many anti-corruption approaches arose initiated by the international community. This ranged from international legislation, initiatives by international institutions as Transparency International as well as strategic efforts on corporative levels as given with the appearance of Code of Conducts. However, the phenomenon appears to be of stable nature, which clearly impacts international business. Globalisation brings companies from less corrupt countries, unexperienced with its dimensions and handling, in frequent contact with business environments being highly dominated by corruption. Due to this, we find it to be a topic of importance and high relevance for almost any multinational business actor. Within the business related research field of corruption, we identified three research gaps. Firstly, the investigation of the supply-side of corruption within the private sector has not received sufficient attention in comparison to the demand-side. Further it appears that the contextuality of the phenomenon has been widely neglected, meaning that its driving dimensions of economical, social and political nature have not been investigated as a whole, revealing potential interrelations. In connection to this, the third gap we see to be given with a lacking connection of the topic to ethical considerations, which also calls for a contextual embedment. Based on these gaps we formulated the following research question: What drives corrupt practices of Multinational Enterprises within the internationalisation process? We argue that before any decisions concerning the handling of corruption can be made, one firstly needs to understand the phenomenon in its complexity. Building up on that, we further aim to scrutinise whether the above described anti-corruption approaches represent sufficient measures for MNEs when it comes to the practical avoidance of corruption. This represents the purpose of our study. We divided anti-corruption measures into internal and external approaches. The former include corporate anti-corruption- strategies, which in connection with ethical standpoints are commonly stated within Code of Conducts. The latter depicts the international legal framework against corrupt practices as well as international institutions fighting it. We concentrated our research on MNEs based in Europe, which internationalised to the BRIC-countries. In order to gain practical insights, a qualitative multiple case study has been conducted, comprising a sample of ten European companies. Given that we decided to conduct an exploratory study, we interviewed firms of differing size and industries in order to gain diverse data. The data collection was specifically tailored to the sensitivity of our research topic. As an ethical standpoint we took the anthropological perspective of moral relativism, implying that corruption cannot be evaluated as right or wrong without taking its context into consideration. Based on the latter, the findings revealed that corruption depicts a phenomenon of high complexity, being driven by every single of the investigated dimensions. Those are intensively interrelated and further reinforce each other. This characteristic seems to lead to a failure of anti-corruption approaches as sufficient measures on the operative level. Thus, within the BRIC-countries MNEs are unlikely to be able to uphold a strict non-tolerance for corruption as it appears to represent the Western business expectations. Consequently, they seem be entangled in a dilemma, facing the local given of strongly prevalent corruption but lacking tools to efficiently circumvent any engagement. According to this we identified a need for a new perspective, going beyond the oversimplified moral evaluation of corruption as right or wrong, implying a ‘black or white’-decision. We see this to be unrealistic since the real-life- context partly leads to grey-zones, in our view making the engagement in corrupt actions morally acceptable since the assessment has to be based on national moral views and take situational dependency into account. With this, we provide a new perspective on the phenomenon of corruption which can serve as a base for future research. On top of that managers can make use of our implications in order to better understand corruption. Consequently, they are able to make more realistic evaluations, for example acknowledging acceptable cultural adaptations instead of claiming a zero-tolerance approach. This again can lead to the creation of transparency, in the end supporting the combating of corruption.