This article addresses one of the main problems faced by small- and medium-sized business in the non-metallic mining sector in Peru. These companies own warehouses and face the major problem of failing to deliver orders correctly and in a timely manner. This problem usually occurs when the business grows from a small- to medium-sized company in a short span of time; this situation leads to new processes within warehouses that are mostly not standardized. Besides, facilities are no longer optimal in space and the workers are not properly trained. The case study shows that the orders were not delivered on time due to factors such as lack of product identification, although the products have an expiration date and a warehouse without signaling and surrounded by traffic. To tackle this situation, a labeling process has been designed for the products, an adequate distribution technique is used in the warehouse through a newly designed warehouse layout, and a First Expired, First Out system has been implemented. Similarly, the design is accompanied by the 5s tool to provide a basis for order and continuous improvement. The results show that deliveries with delays were reduced from 38% to 10%. These results show that companies can grow rapidly and maintain quality of service through orderly management.

Magistro darbo tyrimo tema – statybinių įmonių įvaizdžio kūrimas. Baigiamojo darbo teorinėje dalyje yra išnagrinėta organizacijos įvaizdžio reikšmė, samprata, požymiai ir tipai. Taip pat yra aprašyta organizacijos įvaizdžio formavimo metodikos analizė, bei organizacijos įvaizdžio kūrimo ir valdymo strategija. Praktinėje baigiamojo darbo dalyje nagrinėjama darbuotojų ir darbdavių nuomonė apie tai, kas yra statybinės įmonės įvaizdis, jo reikšmė, ką jis duoda, jo formavimo veiksniai. Tyrimo metu nustatyta, kad tiek statybinės įmonės darbuotojai, tiek darbdaviai supranta įvaizdžio reikmę statybinei organizacijai, taip pat suvokia įvaizdžio svarbą. Paskutinėje magistro darbo dalyje yra pateikiamos išvados, kurios išryškina esminius darbo klausimus, taip pat pateikiamos rekomendacijos. / The masters work theme: peculiarities of the construction companies’ image formation. At the final stage of the theoretical part the importance of the organizations image, its conception, features and types are analyzed. Also the technique analysis of companies’ image formation, organizations image creation and management strategy are described. At the practical part an opinion of employers and employees about the importance of construction companies’ image, factors of its creation and the benefit is analyzed. The research showed that the meaning of the construction company image was understood by the both sides. Also the participants realized its importance. In the final part of the masters’ work the conclusions and recommendations are given.

Main prospective of this thesis was identify a critical influences working upon new trends of managing human resources in selected company.

L’assurance islamique, ou takaful, qui est apparue dans les années 1970, est un sujet d’actualité, tant en France qu’au Liban. Les sociétés d’assurance islamique voudraient opérer dans ces deux pays dont le droit des contrats, comme celui des entreprises sont dominés par l’idée de laïcité. Peut-on exercer une activité que se veut régie par des principes religieux dans des pays de droit positif laïc ? La police takaful est-elle une police d’assurance à l’instar de la police d’assurance conventionnelle ? Les sociétés takaful sont-elles des sociétés d’assurance au même titre que les sociétés d’assurance conventionnelle ? Certes, les éléments constituant le contrat d’assurance conventionnelle se retrouvent dans la police takaful, à savoir le risque, la prime et la prestation d’assurance. Ces deux contrats d’assurance couvrent les mêmes risques, sous réserve des objets et évènements considérés comme haram et prohibés par l’islam. Quant aux sociétés d’assurance takaful, elles peuvent prendre les mêmes formes que les sociétés d’assurance conventionnelle. Mais leur fonctionnement diffère de celles-ci, en raison de leur structuration en deux fonds distincts et d’un mode opérationnel qui leur est propre. Le contrôle de la conformité à la charia islamique marque les compagnies d’assurance takaful et les distingue fortement des sociétés d’assurance conventionnelle. Il s’agit sans doute du principal obstacle à leur réception par le droit positif. Mais il doit pouvoir être surmonté. / The Islamic insurance, or Takaful, that first appeared in the seventies, is a subject that has an actual importance both in France and Lebanon. The Islamic insurance companies aim at working in these two countries whereas the contracts law as much as the enterprises law is dominated by the idea of secularism. Can we practice an activity mainly ruled by religious principles in countries where the substantive law is secular? Is the Takaful policy an insurance policy like any other conventional policy insurance? And are the Takaful companies insurance companies at the same level of all other conventional insurance companies? Indeed, the elements that are the basics of the conventional insurance contract are found in the Takaful policy, meaning the risk, the premium and the insurance benefit. These two contracts cover the similar risks, except for the objects and events considered as Haram and prohibited by Islam. As for the insurance companies Takaful, they are allowed to have the same form as any other conventional insurance society. Yet, their functioning is different from the abovementioned, due to their structuring into two distinct funds in addition to an operational mode appropriate to their needs. The audit made in conformity with the Islamic sharia imprints the Takaful insurance companies and strongly distinguishes them from the conventional insurance companies. Without any doubt, the idea rotates around how the substantive law accepts them. However, the concept of Takaful should be overcome.

Tokyo est une ville mature qui se caractérise par une contraction de sa population active à la suite du vieillissement démographique et par une stagnation de ses indicateurs économiques (Produit Urbain Brut, prix immobiliers, stagflation). Néanmoins, malgré cet état, le tissu urbain de ses espaces centraux a été rénové à un rythme soutenu à partir du tournant des années 2000. Le dynamisme de la livraison de tours de grande hauteur contraste avec le contexte de maturité. La politique de renaissance urbaine mise en place en 2002 par le gouvernement central participe de la grande mutation des espaces centraux et péri‐centraux de la capitale japonaise. Elle permet d’articuler acteurs publics et privés autour d’opérations de rénovation urbaine de grande ampleur, qui concentrent les investissements dans des espaces précis. Ce travail de recherches doctorales analyse les impacts de la maturité urbaine sur la production immobilière et les recompositions spatiales du tissu tokyoïte, en interrogeant la mutation des stratégies des acteurs publics et privés impliqués dans la fabrique urbaine. La maturité est au cœur des questionnements : qu’est ce qu’une ville « mature » ? Comment continuer de créer de la richesse dans un contexte de quasi stagnation économique et démographique ? Cette thèse de doctorat aboutit à trois constats. La ville mature évolue peu à l’échelle macro, mais connaît d’intenses recompositions internes aux échelles méso et micro, traduisant une maximisation de la concurrence et de la compétition entre acteurs et entre territoires. Fruit de cette concurrence généralisée, Tokyo se recompose en points chauds qui concentrent les investissements et en points froids sur‐déprimés dans lesquels les pertes économiques et démographiques sont importantes. Afin de maintenir des taux de rentabilité intéressants pouvant garantir les opérations de renaissance urbaine, un nouveau régime d’accumulation du capital se met en place : un régime d’accumulation « dynamique ». Ce nouveau régime maximise les profits en accélérant la rotation du capital et des investissements immobiliers par le biais d’une obsolescence accélérée du bâti et par la mise en place d’une rotation cyclique des investissements par catégorie (bureau, Résidentiel de luxe, équipement, hôtellerie de luxe). La Contrepartie en est la contraction continue des espaces économiquement rentables ou intéressants les investisseurs privés. La Ville mature entraîne alors une contraction spatiale et temporelle des investissements et aboutit à des logiques de plus en plus concentrées et de plus en plus court‐termistes. / Tokyo is a mature city characterized by two elements: its working population shrinks because of the demographic ageing, and its economic indicators stagnate (Growth Urban Product, real estate prices, stagflation). Nevertheless, in stead of this state, the urban frame of central spaces has been rapidly renewed since the turn of the 2000s. The dynamism of high rise building construction contrasts with the urban context. The urban renaissance policy initiated in 2002 by the central government encourages the great transformation of Tokyo’s central and sub‐central spaces. It allows to articulate public and private agents developing big urban renaissance projects, which concentrate investments in few urban spaces. This doctoral research work analyzes the impacts of urban maturity on real estate activities and on spatial restructurations of Tokyo’s urban frame. It investigates the strategy mutations of public and private agents involved in urban making. Maturity is the core of this PhD: What is a « mature » city? How to continue to create values in such a context of economic and demographic stagnation? This PhD thesis makes three conclusions. The mature city slightly changes at the macro scale, but faces intense internal recomposition at the meso and micro scales. It maximizes competition between agents and territories. As a result of this general competition, Tokyo is recomposed in hot spots, where are concentrated the investments, and in cold spots where economic and demographic losses are important. In order to maintain interessant rentability levels, a new capital accumulation regime appears: a « dynamic » capital accumulation regime. This new regime maximizes profits by speeding the rotation of capital and real estate investments speeding up the obsolescence of buildings and developing a cycle rotation of investments by category (commercial, residential, equipments, hotels). The counterpart is the shrinkage of economically profitable spaces. The mature city is therefore characterized by a spatial and temporal shrinkage of investments, and leads to more and more concentrated and more and more short- termist logics.

Submitted by GUSTAVO DANTAS FALCIN (gustavofalcin@yahoo.com.br) on 2018-02-27T19:47:37Z No. of bitstreams: 1 Dissertação_v11.3.pdf: 1650132 bytes, checksum: 712ff822b40cf5e3fa6ef0f3380c39d2 (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-02-27T19:48:49Z (GMT) No. of bitstreams: 1 Dissertação_v11.3.pdf: 1650132 bytes, checksum: 712ff822b40cf5e3fa6ef0f3380c39d2 (MD5) / Made available in DSpace on 2018-02-27T21:18:15Z (GMT). No. of bitstreams: 1 Dissertação_v11.3.pdf: 1650132 bytes, checksum: 712ff822b40cf5e3fa6ef0f3380c39d2 (MD5) Previous issue date: 2018-02-07 / A crise do subprime no mercado norte americano em meados de 2008 trouxe grande volatilidade ao mercado de capitais global e se caracterizou por ser dado crédito em excesso a tomadores que não apresentavam garantias reais para estas operações. No entanto, até o surgimento de tal crise, o mercado brasileiro vivia um momento de grande expansão no setor imobiliário, impulsionado pelo bom momento econômico do país e pelos avanços no financiamento à habitação implementados pelos governos recentes, o que motivou diversas empresas do setor de construção civil a optar pela abertura de seu capital na bolsa de valores para financiar novos projetos e dar liquidez aos seus acionistas. O objetivo deste trabalho é avaliar as tomadas de decisão destas companhias pela abertura de capital baseado na teoria de opções reais, comparando os valores obtidos em suas avaliações como empresa pública e o valor da opção de abertura de capital utilizando o modelo binomial para incluir nestes cálculos as possibilidades de diversos cenários futuros de alta ou baixa do valor desta companhia. A Teoria de Opções Reais se demonstrou capaz não somente de realizar uma avaliação dos fluxos de caixa destas companhias mais completa decorrente das probabilidades nela utilizadas, como também nos trouxe que apesar das grandes variações de volatilidade ocorridas no período, as decisões de abertura de capital não se alterariam de forma relevante quando esta volatilidade foi bastante modificada. / The subprime crisis in the North American market in mid-2008 brought great volatility to the global capital market and was characterized by being given too much credit to borrowers who did not present real guarantees for these mortgages. However, until the onset of such crisis, the Brazilian market was experiencing a moment of great expansion in the real estate sector, driven by the good economic moment of the country and by the advances in housing financing implemented by the recent governments, which motivated several companies of construction sector to opt to open their capital in the stock exchange to finance new projects and provide liquidity to its shareholders. The object of this paper is to evaluate the decision making of these companies by the stock option based on the real options theory, comparing the values obtained in their valuations as public companies and the value of the option to open their capital using the binomial model to include in these calculations the chances of several future scenarios of high or low of the value of each company. The Real Options theory has demonstrated that it is not only able to carry out a more complete assessment of these companies cash flows due the probabilities used in it, but also that in spite of the large volatility variations occurring in the period, their decisions would not change significantly when this volatility was significantly modified.

De nos jours, la restructuration est une réalité incontournable qui contribue audéveloppement et à la compétitivité des sociétés in bonis. En général, elle résulte d’une décisionprise par les dirigeants sociaux. Toutefois, sa réalisation peut contrevenir à l’exécution des droits descréanciers antérieurs des sociétés concernées par l’opération. Pour préserver leurs droits, cescréanciers disposent de nombreuses mesures de protection issues aussi bien du droit commun quedu droit spécial. L’identification du fondement de cette protection, à savoir la force obligatoire desengagements pris avant la restructuration de la société débitrice, permet de vérifier l’efficacité decette protection. / Restructuring is a reality that contributes to the development and competitiveness ofcompanies in bonuses. It usually results from a decision taken by the companies executives. Itsimplementation, however, may undermine the enforcement of former creditors’ rights by thecompanies involved in the transaction. To preserve their claims, those creditors have manysafeguards from both the common law and the special law. The identification of the basis of suchprotection, namely the binding commitments made before the restructuring of the debtorcompanies, enable the verification of this protection’s effectiveness.