Le sujet développé dans cette thèse pose comme objectif de répondre à trois problématique résumables par une corrélation entre trois points principaux :(a) la relation entre l'usage des nouveaux outils des plateformes 2.0 dans l’intermédiation de la finance et l’émergence d’un nouvel archétype de financement ; (b) la distinction observée entre le capital-risque conventionnel et les financements opérant actuellement dans un environnement 2.0 et (c) l’approche optimale pour construire un environnement juridique modulé à l’évolution récente introduite par les outils 2.0 dans le financement de l’innovation. La recherche aborde la problématique en déconstruisant la dynamique institutionnelle de l’évolution économique contemporaine. Par cela la recherche tente de déterminer la nature et l’étendue des changements subis par l’économie en interaction constante avec le progrès technologique des nouvelles technologies d’information et de communication. La méthodologie du fond adoptée dans cette recherche fait partie de l’analyse économique de droit (Law and Economics). Néanmoins, l’analyse est enrichie par une référence aux outils théorétiques du courant économique néo-institutionnaliste américain et la sociologie économique critique française. Cette transdisciplinarité permet ainsi de comprendre la nature de l’évolution d’une manière plus élaborée. Le fil conducteur de cette recherche réside dans le phénomène de la financiarisation de l’économie. Cette recherche supporte l’idée selon laquelle les bouleversements du format et fonctionnement économiques actuels sont majoritairement le résultat d’un double mouvement institutionnel de nature financière et technologique. La recherche identifie trois institutions de nature économique et juridique au cœur du modèle de financement de l’innovation américain : la gouvernance par la flexibilité contractuelle fondée sur la notion du private ordering, la liquidité financière et l’externalisation du processus de l’innovation par rapport à la firme. Une analyse comparative de différents cadres règlementaires portant sur le capital risque en vigueur à travers le monde confirme la centralité de ces trois institutions. En conclusion de la recherche, il est ainsi nécessaire pour un Etat de reconnaître la nature institutionnelle du modèle de financement par lequel il compte supporter l’innovation. Pour le modèle de financement par capital-risque dominant aux Etats-Unis, un point d’équilibre entre d’une part un cadre règlementaire visant la protection des investisseurs et d’autre part des mesures favorisant la création de la liquidité financière devient indispensable. Néanmoins,l’oscillation règlementaire entre des mesures de support de liquidité et des règlements restrictifs reste en effet inévitable. L’évolution de la financiarisation de l’économie en alliance avec une concurrence pour l’innovation technologique ramènera les acteurs privés à assurer eux-mêmes la création de la liquidité. L’émergence des nouveaux types de contrats de financement par fonds propres allégés aux Etats- Unis (KISS contracts) puis reconfigurés pour le système juridique français (Contrats AIR) sert de preuve à cette hypothèse. La tâche la plus signifiante aujourd’hui pour les législateurs sera ainsi la création d’un ensemble de mesures protectrices contre les risques déraisonnables et démesurés. Ceci tout en assurant que les deux éléments irréductibles propres à l’institution du capital-risque – la spéculation conditionnelle et l’autonomie contractuelle – soient assurés par une marge de manœuvre suffisante requise pour supporter l’innovation. / The present doctorate research thesis attempts to resolve three correlated problematics summarized as following: (a) the relation between the use of new tools provided by the 2.0 platforms especially in the field of financial intermediation and the advent of a new financial archetype; (b) the difference between venture capital 2.0 and the conventional venture capital and (c) the concern over the utmost optimum approach in constructing a legal environment adapted to the current evolution introduced by the use of 2.0 tools in the financing of innovation. The research confronts the problematic by conducting a preliminary deconstruction of the ongoing institutional dynamic in regards to the current economical transformation. Subsequently, the research would attempt to define the nature and extent of the economical mutations in constant exposure to the new technologies in information and communication. This research fundamentally adopts a law and economics (L&E) analysis. In addition, the research would complement the traditional L&E analysis with further theoretical instruments by referral to the American neo-institutionnalist school of thought along with the French critical socio-economic theories. This transdisciplinarity would grant the possibility of attaining a more indepth understanding of nature of the economical mutation. The central unifying theme throughout the research resides on the concept of financialization of the economy. The research attributes the major disruption in the form and functioning of contemporary economy to an institutional financial and technological wave of change. The research identifies three economical and legal institutions residing at the core of the American financing of innovation model : the governance through contractual flexibility based on the notion of “private ordering”, financial liquidity and the externalization of the innovation process. A comparative analysis of different venture capital regulatory framework in various national jurisdictions confirms the major importance of the three stated institutions. In sum, the institutional nature of the financing model adopted by the government in support of innovation should be fully considered by national governments. For the case of the US venture capital model, an equilibrium point should be attained between two main regulatory framework objectives: the protection of investors and the creation of financial liquidity. A regulatory oscillation between liquidity creation and regulation would always prevail. Nonetheless, the financialization of the economy in conjunction with IT innovation would oblige private actors to maintain the creation of financial liquidity through private initiative. The emergence of new types of simplified equity financing model contracts such as the KISS contracts and the French variant, AIR contracts confirms this statement. Legislators would have to provide protection against unreasonable risk taking while ensuring that the two main elements of venture capital rest unhindered : conditional speculation and sufficient contractual autonomy to support innovation.

Submitted by Sara Ribeiro (sara.ribeiro@ucb.br) on 2018-06-18T20:02:21Z No. of bitstreams: 1 AlineVeigadosSantosTese2017.pdf: 5589088 bytes, checksum: 4428412ad13146bc8fbc170390e2e0ff (MD5) / Approved for entry into archive by Sara Ribeiro (sara.ribeiro@ucb.br) on 2018-06-18T20:03:25Z (GMT) No. of bitstreams: 1 AlineVeigadosSantosTese2017.pdf: 5589088 bytes, checksum: 4428412ad13146bc8fbc170390e2e0ff (MD5) / Made available in DSpace on 2018-06-18T20:03:25Z (GMT). No. of bitstreams: 1 AlineVeigadosSantosTese2017.pdf: 5589088 bytes, checksum: 4428412ad13146bc8fbc170390e2e0ff (MD5) Previous issue date: 2017-12-14 / This study has as object of research the Student Financing Fund (Fies), which is an educational policy with broad social dimension that aimed to promote the democratization of access and permanence in higher education by benefiting economically disadvantaged students. However, after its redesign in 2010, has developed as a marketing policy, which promotes the privatization and financialization of higher education, and consolidates the conglomerates. The investigation of the governance network of the Fies is embedded in a complex network of articulation and power between State (political society), and entrepreneurs of education (private hegemony apparatus). Given this scenario, demarcated by several actors that constitute the Expanded State, this study opted to place a magnifying glass over the node of Kroton network. Thus, the general objective was to investigate the contradictions generated by the correlation of forces between the State and private apparatus in the Fies governance network and Kroton articulations within this arena to maintain its hegemony as the largest conglomerate of higher education in the world. This is a critical-descriptive documentary research, based on Theory of Extended State and the Method of Analysis of Social Networks, using the technique of documentary analysis. The approach used was qualitative and quantitative. Regarding the treatment of documentary sources, the qualitative data were analyzed according to Critical Discourse Analysis, and the quantitative and financial data were analyzed in the light of Descriptive Statistics. In view of the extensive collection of information collected, it was used a resource to visualize the Fies governance network and weave the speeches of the Chamber and the Federal Senate. Gephi - free software - was used to graphically signal this network of relationships. Alceste - paid software, version 4.8/2012 - was used to analyze the speeches of the politicians and the networks actors invited to participate in the public hearings that debated the Fies. It was found that Kroton, from its modus operandi and the articulations of its representatives, became the largest beneficiary of Fies, followed by other educational companies. To a large extent, the exorbitant profit margins are closely related to the high number of students beneficiaries of Fies, since a significant portion of revenues derived from the payment of fees is guaranteed. In just three years, 2014, 2015 and 2016, the federal government transferred over R$ 6.8 billion to the institution. Kroton's Board of Directors is composed of former minister, former secretary of education, former federal deputy, former vice governor, and presidents and directors of main representative associations of the educational sector (ABMES, ANUP, CRUB, FERESP, SEMESP). Kroton, through its organic intellectuals, seeks to maintain a close relationship with the politicians that represent education entrepreneurs in the National Congress. The intention is to form networks of cooperation to preserve its hegemony over the whole of society. Therefore, its allies employ strategies to reach consensus, seeking the support of the population and the politicians to their political, economic and ideological project. Fies has been corroborating with the formation of oligopolies by passing on a large amount of resources to the institutions private-market. Fies is an extremely complex policy, which printed contradictory interests to their social character to maintain the hegemony of the private-sector market and give impetus to the financialization of education. / Este estudo tem como objeto de investigação o Fundo de Financiamento Estudantil (Fies), que é uma política educacional com ampla dimensão social, que visa promover a democratização do acesso e a permanência no ensino superior ao beneficiar estudantes desfavorecidos economicamente. No entanto, após seu redesenho em 2010, desenvolveu-se como política mercadológica, indutora da privatização e financeirização do ensino superior e consolidadora dos conglomerados. A investigação da rede de governança do Fies se insere em uma complexa teia de articulação e poder entre Estado (sociedade política) e empresariado (aparelhos privados de hegemonia). Diante desse cenário, demarcado por vários atores que constituem o Estado Ampliado, este estudo optou por colocar uma lupa sobre o nó da rede Kroton. Destarte, o objetivo geral foi investigar as contradições geradas pela correlação de forças entre o Estado e os aparelhos privados na rede de governança do Fies e as articulações da Kroton, dentro desta arena, para consolidar sua hegemonia como o maior conglomerado do ensino superior do mundo. Trata-se de uma pesquisa documental crítico-descritiva, que se fundamentou na Teoria do Estado Ampliado e no Método da Análise de Redes Sociais, com o emprego da técnica de análise documental. A abordagem empregada foi qualitativa e quantitativa. Quanto ao tratamento das fontes documentais, os dados qualitativos foram analisados por meio da Análise Crítica do Discurso e os dados quantitativos e financeiros foram analisados à luz da Estatística Descritiva. Diante do extenso conjunto de informações coletadas, buscou-se um recurso que permitisse visualizar a rede de governança do Fies e tecer os discursos proferidos na Câmara e no Senado Federal. O Gephi – software livre – foi utilizado para sinalizar graficamente essa teia de relações. O Alceste – software pago, versão 4.8/2012 – foi utilizado para analisar os discursos dos políticos e das redes de atores convidadas para participar das audiências públicas que debateram o Fies. Constatou-se que a Kroton, a partir do seu modus operandi e das articulações de seus representantes, tornou-se a maior beneficiária do Fies, seguida das demais companhias educacionais. Em grande medida, as margens de lucro exorbitantes guardam estreita relação com o elevado número de estudantes beneficiários do Fies, posto que parcela expressiva das receitas derivadas do pagamento das mensalidades fica garantida. Em apenas três anos, 2014, 2015 e 2016, o governo federal repassou mais de R$ 6,8 bilhões para a instituição. Na composição do Conselho de Administração da Kroton, encontram-se ex-ministro, ex-secretário de educação, ex-deputado federal, ex-vice-governador, presidentes e diretores das principais associações representativas do setor educacional (ABMES, ANUP, CRUB, FERESP, SEMESP). A Kroton, por intermédio de seus intelectuais orgânicos, busca manter uma relação estreita com a bancada que representa os empresários da educação no Congresso Nacional. O intuito é formar redes de cooperação para conservar sua hegemonia sobre o conjunto da sociedade. Para tanto, seus aliados empregam estratégias para alcançar consensos, buscando o apoio da população e dos governantes para o seu projeto político, econômico e ideológico. Observa-se que o Fies tem corroborado com a formação dos oligopólios ao repassar um elevado aporte de recursos para as instituições privado-mercantis. O Fies é uma política extremamente complexa, que imprimiu interesses contraditórios ao seu caráter social para manter a hegemonia do setor privado-mercantil e dar impulso à financeirização da educação.

A presente Dissertação consiste numa análise teórica e empírica do oferecimento do ensino superior por instituições privadas com fins lucrativos no Brasil, especialmente pelas instituições que fazem parte do grupo Anhanguera, controlado pela Anhanguera Educacional Participações S.A. (Anhanguera ou Companhia), com o objetivo de verificar se o agente privado é capaz de oferecer a educação conforme as normas constitucionais brasileiras e em que medida a lógica econômica é compatível ou não com este direito humano. A análise teórica envolveu o estudo (i) da educação como direito humano, bem público e serviço público, examinando (a) o direito à educação na doutrina dos direitos humanos, (b) a disciplina constitucional do direito à educação no Brasil e (c) as especificidades da educação superior; (ii) da evolução histórica e jurídica da educação superior no Brasil a partir da Constituição de 1988, examinando a evolução da legislação e das políticas públicas nesse período e o impacto dessas medidas para o crescimento do setor privado no ensino superior brasileiro, e abordando o processo de profissionalização e internacionalização do setor na última década, que teve como marco a abertura de capital da Anhanguera em 2007; e (iii) da educação como um serviço prestado mediante o desempenho de uma atividade empresária, examinando as características da atividade empresária, a lógica empresarial e as dificuldades do agente privado em lidar com atividades produtoras de externalidades sociais. A análise empírica envolveu o estudo do caso da Anhanguera, companhia aberta listada no Novo Mercado da BM&FBOVESPA, controladora de um grupo educacional que atua principalmente no ensino superior. A Anhanguera foi a primeira empresa educacional brasileira a abrir seu capital na BM&FBOVESPA e, em 31/12/2011, representava o segundo maior grupo educacional do mundo e o maior do Brasil em termos de valor de mercado e em número de alunos. A análise do caso da Anhanguera foi feita a partir do levantamento, triagem e análise da documentação sobre a Companhia disponível para acesso público em sites de órgãos oficiais, e teve por objetivo encontrar respostas para uma série de questões relacionadas direta ou indiretamente aos temas constantes nos itens (i) a (iii) acima e ao objetivo da Dissertação de analisar a compatibilidade entre a lógica econômica e o ensino superior a partir do estudo desse caso concreto. A conclusão da pesquisa foi que a educação quando sujeita à lógica econômica transforma-se numa mercadoria, que será oferecida dentro de uma estrutura empresarial, visando redução de custos e maximização dos lucros para distribuição aos acionistas. No caso da Anhanguera, que se volta para o atendimento das classes média e baixa da população, é oferecido um ensino superior de massa para formação técnica, de baixa qualidade, com valores reduzidos de mensalidade. Nesse contexto, a Anhanguera oferece uma educação limitada, que não atende ao conteúdo normativo do direito à educação. / This Dissertation consists of a theoretical and empirical analysis of the offering of higher education by private for-profit institutions in Brazil, especially by institutions that are part of the Anhanguera Group, controlled by Anhanguera Educacional Participações S.A. (Anhanguera or Company), with the purpose of verifying if the private agent is able to offer education in accordance with the Brazilian constitutional rules and to what extent the economic logic is compatible or not with this human right. The theoretical analysis involved the study of (i) education as human right, public good and public service, examining (a) the right to education in human rights doctrine, (b) the constitutional rules concerning the right to education in Brazil and (c) the specificities of higher education, (ii) the historical and legal evolution of higher education in Brazil as from the 1988 Constitution, examining the evolution of legislation and public policies in this period and the impact of these measures for the growth of the private sector in Brazilian higher education, and approaching the process of professionalization and internationalization of the sector in the last decade, which had as landmark the going public of Anhanguera in 2007, and (iii) education as a service rendered through the performance of a corporate activity, examining the characteristics of the corporate activity, the business logic and the difficulties of the private agent in dealing with activities that produce social externalities. The empirical analysis involved the study of Anhangueras case, a publicly-held company listed on the Novo Mercado of BM&FBOVESPA, holding of an educational group that operates mainly in higher education. Anhanguera was the first Brazilian educational company to go public in BM&FBOVESPA and, on 12/31/2011, represented the second largest educational group in the world and largest in Brazil in terms of market value and number of students. The analysis of Anhangueras case was carried out through survey, selection and analysis of documents regarding the Company that were available for public access on websites of official bodies, and had the purpose of finding answers to a number of questions directly or indirectly related to the topics listed in items (i) to (iii) above and to the purpose of the Dissertation of analyzing the compatibility between economic logic and higher education from the study of this particular case. The researchs conclusion was that education, when subjected to economic logic, becomes a commodity that will be offered within a corporate structure, aiming to reduce costs and maximize profits for distribution to shareholders. In the case of Anhanguera, which turns itself to serve the middle and lower classes of the population, the result is a low quality higher education mass service oriented for technical education and rendered against the payment of reduced tuition fees. In this context, Anhanguera offers a limited education, which does not meet the normative content of the right to education.

Submitted by Aelson Maciera (aelsoncm@terra.com.br) on 2017-06-28T17:45:53Z No. of bitstreams: 1 DissMJC.pdf: 1541185 bytes, checksum: 3fa203422d4033cde096ed3d4ebe4543 (MD5) / Approved for entry into archive by Ronildo Prado (ronisp@ufscar.br) on 2017-08-03T19:16:31Z (GMT) No. of bitstreams: 1 DissMJC.pdf: 1541185 bytes, checksum: 3fa203422d4033cde096ed3d4ebe4543 (MD5) / Approved for entry into archive by Ronildo Prado (ronisp@ufscar.br) on 2017-08-03T19:16:40Z (GMT) No. of bitstreams: 1 DissMJC.pdf: 1541185 bytes, checksum: 3fa203422d4033cde096ed3d4ebe4543 (MD5) / Made available in DSpace on 2017-08-03T19:22:27Z (GMT). No. of bitstreams: 1 DissMJC.pdf: 1541185 bytes, checksum: 3fa203422d4033cde096ed3d4ebe4543 (MD5) Previous issue date: 2017-02-17 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / The automotive industry undergoes an increasing process of financialization. Financialization has been considered as the preference for capital appreciation through financial activities more than through productive activities. There is, in this process, a tendency for capital to appreciate through activities that do not need to go through production or take place after the production itself. In addition, the sector has become the object of acquisitions and increased participation of banks, investment funds and financial institutions in their property rights. In this way, there is enormous pressure from senior executives and shareholders for an ever-greater return on investment. This maximization of shareholder value has become a recurrent practice for the automakers, where the pursuit of profit reaches 12, 15% of profitability on capital employed, yearly, through financial activities rather than in the mature and cyclical market for automotive products, historically performed poorly and narrow profit margins. It is only through the intensification of financial activities such as leasing, financing and other "products" launched by its subsidiaries that the automakers have achieved the profitability required by shareholders and controllers. In order to make this research feasible, a multi-case study was used to select the five largest automotive companies worldwide, according to data from the International Organization of Automobile Manufacturers, OICA. The top five automakers in 2014 were Toyota, Volkswagen, GM, Hyundai and Ford. In order to analyze financialization, five component categories of this process were investigated, such as: proportion of the profit coming from the finances compared to the profit obtained by the real production; shareholding composition of companies; stock acquisitions; origin of corporate officers; payment of dividends to shareholders, as well as compensation to executives, workers' wages and employment. The central idea of this work is that financialization is one of the main economic characteristic of contemporary capitalism. We hoped, with this work, to contribute to the research agenda of Economic Sociology, current that defends the unification of the various social sciences in the explanation of economic phenomena. In this sense, we were able to know in a broader way the process of financialization of the automotive industry, one of the largest and most important industrial sectors of the economy. / O setor automotivo passa por um processo crescente de financeirização. A financeirização vem sendo considerada como a preferência pela valorização do capital por meio das atividades financeiras mais do que pelas atividades produtivas. Há, nesse processo, uma tendência de que o capital se valorize por meio de atividades que não necessitem passar pela produção ou que acontecem depois da produção propriamente dita. Além disso, o setor vem se tornando objeto de aquisições e do aumento da participação dos bancos, fundos de investimento e instituições de tipo financeiro em seus direitos de propriedade. Desse modo, há enormes pressões por parte dos altos executivos e dos acionistas para que haja cada vez maior retorno aos investimentos. Esta maximização do valor ao acionista tornou-se uma prática recorrente para as montadoras, onde a busca pelo lucro chega a 12, 15% de rentabilidade sobre o capital empregado, anualmente, através de atividades financeiras e não no maduro e cíclico mercado de produtos automotivos, historicamente um setor de fraco desempenho e estreitas margens de lucro. Ocorre que só por meio da intensificação das atividades financeiras como leasing, financiamentos e outros “produtos” lançados por suas subsidiárias que as montadoras tem conseguido a lucratividade requerida pelos acionistas e controladores. Para viabilizar essa pesquisa, foi utilizado o estudo de multi-caso para selecionar as cinco maiores empresas automotivas mundiais, quanto ao volume de produção, segundo os dados da Organização Internacional dos Construtores de Automóveis, OICA. As cinco maiores montadoras em 2014 foram Toyota, Volkswagen, GM, Hyundai e Ford. Para analisar a financeirização, cinco categorias componentes desse processo foram investigadas, tais como: proporção do lucro advindo das finanças em comparação com o lucro obtido pela produção real; composição acionária das empresas; aquisições acionárias; origem dos dirigentes das empresas e pagamento de dividendos aos acionistas, além das compensações aos executivos, os salários dos trabalhadores e o emprego. A ideia central desse trabalho é que a financeirização é a característica econômica que mais tem marcado o capitalismo contemporâneo. Esperou-se, com esse trabalho, contribuir com a agenda de pesquisa da Sociologia Econômica, corrente que defende a unificação das várias ciências sociais na explicação dos fenômenos econômicos. Desta maneira pudemos conhecer de modo mais amplo o processo de financeirização do setor automotivo, um dos maiores e mais importantes setores industriais da economia.

Submitted by Alison Vanceto (alison-vanceto@hotmail.com) on 2017-09-06T12:40:56Z No. of bitstreams: 1 TeseMBLF.pdf: 3910708 bytes, checksum: c20761f639c519a38869de7fc5d83a1a (MD5) / Approved for entry into archive by Ronildo Prado (ronisp@ufscar.br) on 2017-09-20T21:22:04Z (GMT) No. of bitstreams: 1 TeseMBLF.pdf: 3910708 bytes, checksum: c20761f639c519a38869de7fc5d83a1a (MD5) / Approved for entry into archive by Ronildo Prado (ronisp@ufscar.br) on 2017-09-20T21:22:13Z (GMT) No. of bitstreams: 1 TeseMBLF.pdf: 3910708 bytes, checksum: c20761f639c519a38869de7fc5d83a1a (MD5) / Made available in DSpace on 2017-09-20T21:31:37Z (GMT). No. of bitstreams: 1 TeseMBLF.pdf: 3910708 bytes, checksum: c20761f639c519a38869de7fc5d83a1a (MD5) Previous issue date: 2017-04-26 / Não recebi financiamento / The financialization process made the shareholder value ideology become the main guiding principle of corporate behavior, which resulted in several changes in the organizations, for instance, in the profile and way the managers operates and in the strategies and management practices adopted. In this context, the approaches of quality management, which focus on providing superior value to the customers, had to adapt to maintain its legitimacy towards the shareholder value ideology. In this sense, this thesis aims to explore the influence of the elements of the management based on the financial logic in the National Quality Award, which is one of the most contemporary approaches of the quality management. The relevance of this study, due to the fact that there is a few empirical studies that analyzed the influence of financial logic in quality management approaches and in Brazilian organizations. In order to reach the described objective, an exploratory study was carried out based on secondary data, from a documentary research. This included the analysis of the existence of elements of the management based on the financial logic in the versions of the Management Excellence Model used by the National Quality Award and in the 66 companies that won the award between 1992 to 2016. The results point out the influence of financial logic in the National Quality Award. The analysis of the versions of the Management Excellence Model demonstrated that concepts of financial logic were gradually being incorporated instead of practices related to the quality management. The analysis of the profile of the companies that won the National Quality Award showed that 36% of the companies were awarded post-privatizations, which ocourred in the 1990s, with the predominance of companies of eletric energy segment. The analysis of the executives showed that members of the top management of more than 20 winning companies have acted on the boards of the National Quality Foudantion contributing to the formulation of the award guidelines. In addition, it was verified the existence of board interlockings in the winning organizations, which favored the dissemination of the Management Excellence Model and the National Quality Award. Finally, the analysis of the profile of the presidents of the winning companies demonstrated the predominance of executives with professional background in financial areas and post-graduation in finance, which are valued by the finance conception of control. This thesis indicated the reconversion of the the National Quality Award towards adherence to the management discourse based on the financial logic due to the need to maintain its legitimacy. / O processo de financeirização fez com que a geração de valor aos acionistas se tornasse o princípio orientador do comportamento empresarial, que resultou em diversas alterações nas organizações desde o perfil e a forma de atuação dos gestores até as estratégias e práticas de gestão adotadas. Neste contexto, as abordagens da gestão da qualidade, que buscavam gerar valor aos clientes e atender aos objetivos da qualidade, tiveram que se adequar para manter a sua legitimidade perante a ideologia de geração de valor aos acionistas. Diante disso, o objetivo desta tese é explorar a influência dos elementos da gestão baseada na lógica financeira junto aos direcionadores do Prêmio Nacional da Qualidade, que se trata de uma das abordagens contemporâneas mais abrangente da gestão da qualidade. A relevância desse estudo é decorrente pelo fato de existirem poucas pesquisas que analisaram a influência da lógica financeira nas abordagens da gestão da qualidade e nas organizações brasileiras. Para se alcançar o objetivo descrito, foi realizado um estudo exploratório baseado em dados secundários, oriundos de uma pesquisa documental. Este contemplou a análise da existência de elementos da gestão baseada na lógica financeira nas versões do Modelo de Excelência da Gestão utilizado pelo Prêmio Nacional da Qualidade e nas 66 empresas reconhecidas pela excelência em gestão por terem sido premiadas no período de 1992 a 2016. Os principais resultados deste estudo demonstraram a influência dos elementos da gestão baseada na lógica financeira no modelo e nas referências do Prêmio Nacional da Qualidade. A análise das versões do Modelo de Excelência da Gestão demonstrou que paulatinamente foram sendo incorporados conceitos da lógica financeira em detrimento dos conceitos relacionados à gestão da qualidade. A análise do perfil das empresas premiadas demonstrou que 36% das empresas foram premiadas pós-privatizações, que ocorreram na década de 1990, tendo o predomínio de empresas do segmento de energia elétrica. A análise dos dirigentes demonstrou que integrantes da alta administração de mais de 20 empresas premiadas atuaram nos diversos conselhos e frentes da Fundação Nacional da Qualidade, contribuindo para a formulação das diretrizes do prêmio. Além disto, verificou-se a ocorrência de board interlockings entre as organizações, que favoreceu a disseminação do Modelo de Excelência da Gestão e do Prêmio Nacional da Qualidade. Por fim, a análise do perfil dos presidentes atuantes nas empresas premiadas demonstrou o predomínio de profissionais com carreira em áreas financeiras antes de se tornarem presidentes e que buscaram pós-graduações em finanças, sendo o perfil mais exigido e valorizado na concepção financeira de controle. Enfim, as evidências levantadas nessa tese indicam a reconversão do Prêmio Nacional da Qualidade em direção a adesão ao discurso da gestão baseada na lógica financeira, decorrente da busca por legitimidade perante a nova lógica dominante.

Les opérations de leveraged Buy-Out (LBO) suscitent de nombreux questionnements quant à leur rôle dans le financement des entreprises. Les risques endogènes et le développement récent de cette forme d’acquisition révèlent que les LBO constituent non seulement un enjeu théorique et empirique mais également sociétal. L’objectif de cette thèse, qui s’empare de ces trois enjeux, est une analyse de la nature des LBO, des déterminants institutionnels de son développement et de ses effets pour les entreprises et leurs acteurs. La genèse des LBO participe d’un processus de transformation du capitalisme et d’un renouveau théorique sur la nature de la firme et des intérêts qu’elle est supposée servir. Elle nous conduit à définir les LBO, qui véhiculent une conception actionnariale de la nature de la firme, comme une manifestation du processus de financiarisation. Cette hypothèse est alors appréhendée à deux niveaux distincts. L’analyse macroéconomique se focalise sur le développement des LBO en Europe, elle met en évidence que l’essor des LBO permet de caractériser les transformations hétérogènes des modèles de capitalisme. L’analyse microéconomique se centre sur les effets de cette forme d’acquisition sur la performance, l’emploi et la défaillance des entreprises européennes. Il en ressort que les conséquences des opérations des LBO sont contrastées, de sorte qu’il n’est possible ni d’inférer des conclusions de portée générale quant aux effets positifs de cette forme d’acquisition ni de considérer que le développement de la pratique des LBO est souhaitable. / Leveraged Buy-Out (LBO) operations provoke a number of inquiries for their role in the finance of firms. The recent development of this form of acquisition and endogenous risks associated with it reveal that LBOs constitute not only a theoretical and an empirical but also a social issue. Based on these three issues, the aim of this study is to analyze the nature of LBO, institutional determinants of its development and its effects on firms and their actors. The origin of LBO pertains to the transformation of capitalism and a revival of the theory on the nature of firm and its beneficiaries. Such a reference leads to define LBO as an expression of financialization which conveys to a shareholding conception of the nature of the firm. This hypothesis can then be grasped at two different levels. The macroeconomic analysis focused on the development of LBO in Europe provides evidence that the rise of LBO allows to define the transformations of the heterogeneous models of capitalism. On the other hand, the microeconomic analysis centered on the effects of this form of acquisition on the performance, employment and failure of European firms shows the contrasting features of the consequences of LBO operations that neither to draw general conclusions for positive effects of this form of acquisition nor to consider the development of the LBO is desirable.

Le monde économique connaît actuellement un large mouvement de réglementation afin de stabiliser la finance et de renforcer la surveillance des activités bancaires à travers le nouveau dispositif de Bâle. Ce dernier est au centre du débat actuel sur les besoins de financement de l’économie dans le cadre de la crise actuelle et ses effets sur le financement de l’économie. En effet, les pays développés ont connu un credit crunch à la suite de la crise des subprimes et du renforcement de la réglementation des activités bancaires. Dans ce cadre, nous nous intéressons aux effets du nouveau cadre réglementaire et de son application dans les pays développés, où sont implantées les banques internationales, sur leurs flux bancaires vers les pays émergents qui ont déjà connu de grandes crises dues à la nature volatile de leur financement extérieur. Les résultats apportés dans le cadre de cette thèse montrent que la réglementation basée sur les pondérations aux risques affecte le volume, la structure et la volatilité de ces flux. En effet, vu l’importance des flux bancaires dans le financement des pays émergents et vu le renforcement des exigences réglementaires dans le contexte de la crise, la modification des possibilités d’arbitrage réglementaire a conduit à des modifications de la structure du financement externe des pays émergents avec la progression du financement obligataire au détriment du financement bancaire. Cette nouvelle structure, volatile et dépendant des cycles de marché, n’est pas sans conséquences sur la stabilité financière de ces pays trop sensible aux changements de financement externe, ce qui implique de nouveaux défis pour garantir la stabilité de ces pays émergents. / The economic world is now undergoing a large regulatory movement to stabilize finance and strengthen the supervision of banking activities through the new Basel agreement. This agreement is the focus of the current debate on the economy financing needs in the context of the recent crisis and its effects on the economy financing. Indeed, developed countries have recently experienced a credit crunch following the subprime crisis and strengthening the regulation of banking activities. In this context, we are interested in the effects of the new regulatory framework and its application in developed countries, where are headquarters of international banks, on their banking flows to emerging countries that have already experienced major crises due to the volatile nature of external financing. The results obtained in this thesis show that regulation based on risk weights affects the volume, structure and volatility of these flows. Indeed, given the importance of bank flows in the financing of emerging countries and given the strengthening of regulatory requirements in the context of the crisis, the change in regulatory arbitrage opportunities modifies the external financing structure of emerging countries with the evolution of bond financing instead of bank financing. This new external financing structure, volatile and depends on market cycles, is not without consequences for the financial stability of these countries, which remains very sensitive to changes in external financing, what implies new challenges to guarantee their stability.

Depuis plusieurs décennies, les prix des énergies sont sujets à une volatilité croissante pesant considérablement sur l’ensemble de l’économie. Comparée aux prix des autres matières premières (comme, par exemple, les métaux précieux, ou encore les produits agricoles), l’évolution des produits énergétiques est apparue exceptionnellement incertaine, tant à long terme qu’à court terme. Dans un contexte économique global, ce phénomène acquiert toute son importance tant les dommages sur l’économie réelle d’une forte variation des prix des matières premières peuvent être conséquents. Cette thèse s’intéresse donc aux causes profondes expliquant ces fluctuations. Plus spécifiquement, en unissant les différents champs de l’économie de l’énergie, de l’économétrie, de la finance et de la psychologie, elle s’attache à comprendre le phénomène de financiarisation des commodités et les relations étroites entre marchés financiers et marchés des matières premières. Cette réflexion s’articule en trois thèmes : d’une part la relation entre les prix des différentes énergies et leurs propriétés financières est analysée, d’autre part les aspects émotionnels et comportementaux des marchés sont étudiés, enfin les liens directs entre marchés boursiers et marchés de commodités sont abordés. / Since decades, energy prices are subject to increasing volatility affecting the whole economy. Compared to other commodity prices (for example precious metals and agro-industrial), energy price dynamics appear to be extremely uncertain both at short and long run. In a global economic context, this phenomenon is very important since intense variations of commodity prices can be tragic to real economy. This thesis focuses on the true nature of these movements. More formally, we investigate the commodity markets’ financialization, as well as the relationships between commodity and stock markets by unifying the fields of energy economics, econometrics, finance and psychology. This analysis is based on three themes: first energy prices relationships and their financial properties are analyzed, and then the behavioral and emotional specification of energy markets are studied, finally comovements between stock and commodity markets’ volatility are considered

Submitted by André Luis Bezerra Cavalcanti Godoi (andregodoi@gmail.com) on 2015-12-21T15:13:10Z No. of bitstreams: 1 Dissertação André Godoi - Vr. FINAL.pdf: 839344 bytes, checksum: 5338c15d8ed8e915a396829878889a33 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2016-01-06T13:17:18Z (GMT) No. of bitstreams: 1 Dissertação André Godoi - Vr. FINAL.pdf: 839344 bytes, checksum: 5338c15d8ed8e915a396829878889a33 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2016-01-06T16:33:20Z (GMT) No. of bitstreams: 1 Dissertação André Godoi - Vr. FINAL.pdf: 839344 bytes, checksum: 5338c15d8ed8e915a396829878889a33 (MD5) / Made available in DSpace on 2016-01-06T16:33:34Z (GMT). No. of bitstreams: 1 Dissertação André Godoi - Vr. FINAL.pdf: 839344 bytes, checksum: 5338c15d8ed8e915a396829878889a33 (MD5) Previous issue date: 2015-11-30 / This work contemplates the mismatch between the extraordinary expansion of the strategic management (SM) field and the rising critique to its incapacity to deal with the neoliberal globalization crises. The critical analisys begins showing how the universalization of americanism is followed by the universalization of management and strategic management. After that, explores how the neoliberal market and nonmarket discourses reproduce simplist discourses that contribute to legitimize the global actuation of the corporation. At last, it deals with the preference for the great modern corporation, marginalizing other organizational formats of relevance specially for emergent economies. The resulting integrative framework is then applied to a selection of SM scientific articles, that allowed the identification of five themes: geopolitics of knowledge, scientific empiricism, simplified conceptions of markets and institutions, corporative governance and capitalism. The exploration of the connection of SM knowledge and the neoliberal economic and geopolitic ordainment show how the field can have relevance to society, and also promotes the approximation of the mainstream with critical perpectives. / Este trabalho contempla o descasamento entre a extraordinária expansão do campo do gestão estratégica (GE) e as crescentes críticas à incapacidade de lidar com as crises da globalização neoliberal. A análise crítica mostra como a universalização do americanismo é acompanhada pela universalização do management e do strategic management. Em seguida, explora como os discursos neoliberais de mercado e não-mercado reproduzem discursos simplistas que contribuem para a legitimação da atuação das corporações em escala global. Por fim, é tratada a preferência pela grande corporação moderna, por meio da marginalização de outros formatos organizacionais de grande relevância principalmente para economias emergentes. O framework integrativo resultante é então aplicado a uma seleção de artigos científicos de GE que permitiu a identificação de cinco temas: geopolítica do conhecimento, empiricismo cientificista, concepções simplificadas de mercado e instituições, governança corporativa e capitalismo. A exploração da conexão entre o conhecimento em GE e o ordenamento econômico e geopolítico do neoliberalismo mostra como o campo pode ter relevância para a sociedade, além de promover a aproximação do mainstream com as perspectivas críticas.

Made available in DSpace on 2014-06-11T19:27:51Z (GMT). No. of bitstreams: 0 Previous issue date: 2009-09-10Bitstream added on 2014-06-13T19:56:44Z : No. of bitstreams: 1 scherma_ra_me_rcla.pdf: 857390 bytes, checksum: e4aad5b9ead75e670db2aa945d00698c (MD5) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP) / O trabalho preocupa-se em compreender o uso do território pelo sistema financeiro. Para tanto, estabelecemos um debate com importantes autores que tratam da temática e procedemos a um levantamento de dados que consideramos elementos e variáveis importantes para demonstrarmos a constituição do espaço geográfico na sucessão e consecução da formação do território brasileiro. Tudo isso permitiu-nos uma periodização das transformações impostas ao território, pelos sistemas de atividades financeiras. Assim, num primeiro momento, tratamos de analisar a dispersão do sistema financeiro pelo território nacional, a redução do número de bancos e a concentração dos pontos de comando e, num segundo momento, quando a difusão de técnicas e normas possibilitam a reorganização do sistema financeiro e maior intervenção do sistema financeiro mundial. Diante da atual situação geográfica, procuramos entender a desigual distribuição do dinheiro, analisando os fluxos e os fixos relacionados ao sistema financeiro em território nacional e, por último, buscamos tratar de um processo recente - a financeirização de amplas camadas da população, incluindo as classes sociais de baixa renda e a conseqüente ampliação do consumo, bem como, entender quais as conseqüências dessa política para a sociedade e para o território brasileiro. / The paper focuses on understanding the use of territory by the financial system. To do so, we debate with important authors that dealt with this theme and we searched data that we consider important elements and variables to demonstrate the formation of geographic space in the succession and achieving of the formation of Brazilian territory. All this enabled us to divide the changes that were imposed on the territory, by the system of financial activities, in periods. Thus, at first, we analyzed the dispersion of financial system over national territory, the reduction of number of banks and the concentration of command points and, secondly, when the diffusion of techniques and rules enabled the restructuring of the financial system and a stronger intervention of the global financial system. Facing the contemporary geographic reality, we focused on understanding the inequality of money distribution, analyzing the flows and fixed related to the financial system in national territory and, finally, we tried to treat of a recent process – the financialization of large layers of population, including the low-income social classes and the consequent rising of consumption as well as understanding the consequences of this policy to society and to territory.