No presente trabalho desenvolvemos um estudo histórico identificando os principais traços definidores da sociedade brasileira, com destaque para a paulista, à época da fundação do Instituto Butantan. Descrevemos os principais eventos ocorridos na evolução e desenvolvimento do Instituto. Utilizamos a \"Técnica de Programação do Setor Público Aplicada à Saúde\" para analisar as variáveis: Recursos, Financiamento, Gasto e Produção do Instituto Butantan no período de 1970 a 1982, comparando-a, quando possível com as de outras instituições. Identificanos e analisamos o mercado de imunobiológicos para menores de um ano, segundo o Programa Nacional de Imunizações de 1982, no Brasil e em São Paulo, destacando a participação do Instituto Butantan nesse mercado. Assim, observamos que o Instituto Butantan surgiu como resposta às necessidades específicas definidas, pela conjuntura econômica, social, política, sanitária e científica do início da República. De um lado veio ao encontro das necessidades de expansão do café, principal produto exportado, e a continuação da política de atração de imigrantes europeus como mão-de-obra. De outro, enquadrava-se no projeto modernizador que marca a consolidação do regime republicano. A vitalidade do Instituto Butantan, desde a sua fundação até hoje tem sido garantida pelo permanente relacionamento com os principais problemas de saúde pública do País, ocorrendo de forma constante um sinergismo entre a produção e a pesquisa. Assim, felizmente, todas as tentativas de transformar o Instituto em apenas uma \"fábrica\" de medicamentos não obtiveram sucesso. O aspecto comercial do Instituto Butantan tem sido uma questão problemática, pois, desde a sua fundação, realizou três contratos com empresas para a distribuição de seus produtos e nos três nomentos esses contratos mostraram-se prejudiciais à Instituição; atualmente mantém um convênio com a CEME que já se mostra um risco de descapitalização. No período de 1968 a 1982 houve uma ampliação do número de servidores de 424 para 963 e no período de 1970 a 1982 foram construídos 5.708,00 m2, que somados à área construída anteriormente, totalizam 42.778,00 m2 de edificações adequadas para desenvolver suas atividades especializadas, neste período ocorreu também a ampliação da produção de soros e vacinas. Durante o período de 1970 a 1982 o Instituto Butantan mostrou a falta de uma política financeira definida sofrendo variações bruscas em seu financiamento, porém, mesmo assim, mostrou-se em melhor situação quanto ao Financiamento e Gasto quando comparado com o Instituto Biológico e com o Instituto Agronômico. Em relação ao mercado de imunobiológicos verificamos que a CEME, a partir de 1973, tem ampliado a distribuição das vacinas a ponto de em 1982 superar em muito as necessidades definidas pelo PNI para menores de 1 ano. Durante o período estudado as vacinas antipoliomielite e anti-sarampo foram importadas, enquanto que o BCG-Id foi produzido pela Fundação ATHAULFO DE PAIVA e a vacina tríplice foi produzida principalmente pelo Instituto Butantan. Porém, a partir de 1980, a CEME ampliou a aquisição da tríplice de um laboratório privado e a partir de 1981 iniciou a sua importação em grande quantidade, sugerindo inclusive que o Instituto Butantan interrompesse sua produção. / We will identify the main defining pillars o f Brazilian society, especially the \"paulista\" society at the time of the foundation of Instituto Butantan by means of a historical study. We will describe the main events in the development of the Institute. We will analyse variables such as Resources, Financing and Production o f the Institute, from 1970 to 1982 and compare them with those of other institutions using the \"Técnica de Programação do Setor PÚblico Aplicada à Saúde\". We will identify the market for vaccine drugs for children with less than one year old according to the National Immunization Program (1982) for Brazil and São Paulo, pointing to the share of the Institute in this market. Thus we observed that Instituto Butantan was created to respond to specific needs set by economic, social, political, sanitation and scientic conjuncture of the begining of the Republic. It came as a consequence to the need of expansion of coffee plantations worked by european immigrants and it conformed to the modernization projeet set by the Republic. The vitality of the Institute, from its beginning till the present days is related to its permanent taking into account of the main public health problems in the country and working in both production and research. Fortunately all the attemps to convert the Institute into a drug production plant only, failed. The comercial abitity of the Institu te has always been a problem because, since its early days the distribution contructs established with there firms proved to be infavorable to its interests. Its present contract with CEME is already pointing to a descapitalization tendency. From 1968 to 1982 the manpower of the Institute increased from 424 to 963. From 1970 to 1982, 5.708 m2 were built, which summed up 42.778 m2 buildings adequate to develop its specialised activities. The production of serum and vaccines increased also. From 1970 to 1982 the Institute showed a lack of finantial policy with abrupt changes in its financing yet, it has fared better than Instituto Biologico and Instituto Agronomico on this aspect. From 1973 onwards CEME has been expanding the distribution of vaccines in such a degree that in 1982 it was well above the needs, as establishede by PNI for chi1dren with less than one year old. During the period studied antipolio and antimeasles vaccines have been imported, whereas intradermic BCG has been produced by Fundação Athaulfo de Paiva. Triple vaccine was produced mainly by the Butantan. Nevertheless, from 1980 onwards, CEME expanded its byings of the latter vaccine from a private firm and from 1981 started a massive importation, sugesting to the Instituto Butantan to stop its production.

O mercado globalizado e de competição intensiva no qual países e empresas estão inseridos, demanda destes uma busca constante por inovação. Entre os habitats de estímulo à inovação com diversas iniciativas pelo mundo, e também no Brasil, estão os chamados Parques Tecnológicos. Um dos grandes desafios para a implantação e operacionalização destes empreendimentos é a obtenção de recursos. Surge, então, a questão: Quais as perspectivas de financiamento que a organização gestora de um Parque Tecnológico dispõe para realizar as fases de planejamento, implantação e operacionalização dos elementos constitutivos e serviços oferecidos por este tipo de empreendimento? O objetivo deste trabalho é levantar as perspectivas de financiamento utilizadas nas etapas citadas nos Parques Tecnológicos: Tecnopuc, Pólo de Informática de São Leopoldo e Sapiens Parque, instalados no Brasil; Biocant Park e Taguspark, instalados em Portugal; e Parque Tecnológico de Cartuja 93, instalado na Espanha. Para tanto, foi realizada uma revisão bibliográfica a qual abordou inovação e sua implicação nos novos arranjos empresariais, parques tecnológicos e financiamento de parques tecnológicos, a fim de construir a base conceitual para a análise dos casos; ao final, apresenta-se uma análise comparativa das perspectivas de financiamento utilizadas por estes parques nas diversas fases de implantação. / The intense competition globalized market in which firms and countries are inserted, demand from them a constant search for innovation. Among the habitats to stimulate innovation that have several initiatives around the world, including Brazil, there are the called Technology Parks. One of the biggest challenges faced in the process of planning, implementation and operation of these complex enterprises is to raise the necessary funds. Then, a question emergens: what are the financing perspectives that the Technology Park management institutions have for the planning, implementation and operation of this kind of enterprises? As an attempt to answer this question, the aim of this research was to identify the financing perspectives used in these stages of the development of the following enterprises: Tecnopuc, Pólo de Informática de São Leopoldo and Sapiens Park, in Brazil; Biocant Park and Taguspark, in Portugal; and Cartuja 93 Technology Park, in Spain. For this purpose, a bibliographic research was realized in innovation and its implications for the new enterprise net configuration, technology parks and financing of technology parks, what built the theory base to support the analysis of the cases. In the end, it?s presented a comparative analysis of the financing perspectives used by these enterprises in the several stages of development.

The higher the level of information asymmetry between a firm and its investors, the higher is the firm’s reluctance to raise money externally, potentially leading to investment distortions. An improved disclosure system reduces information asymmetry and therefore, lessens the adverse selection effects of external financing, thereby moderating investment inefficiencies. In this paper, we examine the impact of potentially improved transparency stemming from stricter disclosure requirements (Clause 49) on financing and investment decisions of Indian firms. The results show that reliance of Indian firms on internal financing in the pre-reform period gives way to greater use of external financing in the post-reform period, and alleviation in financial constraints. While expanded funding sources do not seem to improve investment unambiguously, firms that suffered under-investment prior to the reform show a significant improvement in investment post-reform. Firms also increase their financial slack making it possible for them to engage in acquisitions within India as well as abroad.

Each year entrepreneurs start many new businesses, and some of these businesses will fail within the first 2 years. In addition, many owners will cite lack of adequate financial resources as a contributory factor to the failure. The purpose of this multiple case study was to identify the strategies that some small business owners used to obtain financial resources needed to operate a financially sustainable business. The population consisted of machine shops in South Central Kansas. A resource-based view theory served as the conceptual framework that grounded the study. The data collection process consisted of 9 interview questions. The data analysis process entailed using coding techniques to identify keywords, phrases, and concepts. Member checking ensured the credibility and trustworthiness of the data interpretation and analysis. The process led to the following 4 themes: (a) the role of access to financial resources in business success, (b) strategies used when external funding is not available or desirable, (c) strategies used to obtain external financing, and (d) challenges faced in obtaining external financing. The implications for positive social change include the potential to provide new insights to support existing and prospective entrepreneurs in their efforts to obtain financial resources needed to operate a financially sustainable business. The findings from the study may contribute to the prosperity and benefit of the owners, their employees, the local community, and the U.S. economy.

Thesis (M.Dev.) --University of Limpopo, 2006 / The purpose of this study was to explore the challenges facing Mpumalanga Economic Empowerment Corporation (MEEC) in its quest to funding the emerging small enterprises in Mpumalanga. The study was conducted in 2004-2005, in the Nkangala District Municipality in Mpumalanga. Interviews were conducted amongst the existing clients of MEEC and its predecessors. Senior Managers and Operational staff were also interviewed in order to solicit the effectiveness of the tools used to granting loans and guarantees. The findings have since shown that there are operational challenges facing MEEC, which are in nature similar to those faced by a number of Development Finance Corporations in this country and around the globe as the benchmarks showed in the study. It was therefore important to undertake this study considering the need to improve the role played by MEEC and the approaches to be adopted in improving the course in which parastatals do business.

Modern educational administration demands that all departments be conducted on a business-like basis. Because of the amount of money taken in and spent, the financial management of his department is one of the most important duties of the director of athletics. Lack of knowledge or ability in this area may well handicap the whole program.

Thesis (LL.M.)--University of Hong Kong, 1998. / Includes bibliographical references (p. 79-80). Also available in print.

Finding the suitable capital structure for small and medium size enterprises, SMEs, is vital. A suitable capital structure helps SMEs to stay alive in the competitive market and has a positive effect on the national economy. Wealth maximization is the first objective of the firms, and capital structure proposition shows how a firm plans to finance its projects to meet its first objective. The purpose of this thesis is to investigate the impact of the capital structure determinants on the SMEs borrowing behavior. SMEs in this research are defined as the small independent privately held firm with less than 250 employees. In order to reach the purpose of this thesis, I have consulted the relevant theories of capital structure. By the support of the earlier studies, as well as the related theories, I have developed the testable hypotheses to examine the impact of capital structure determinants on the decomposed leverage level. To conduct this thesis, I have used the deductive approach, which is a similar approach suggested by the key reference of this study, Michaels et al (1999).   Size, age, profitability, growth, operating risk, and asset structure are selected as the determinant of capital structure. With the unique set of data gathered from 201 SMEs in Iran over the period of 2006 to 2010, the statistic panel data regression is used to analyze the empirical data. To investigate the borrowing behavior of the SMEs comprehensively, the observed SMEs were picked up from different manufacturing industries in Iran. The result of this research reveals that the impacts of capital structure determinants on SMEs leverage levels are different in terms of both magnitude and direction. The result indicates that profitability has a strong impact on SMEs borrowing decisions. Besides profitability, size and asset structure appear to have an impact on leverage level in compare with other determinants. This thesis finding shed lights on the necessity of using the maturity structure of debt (short-term debt and long-term debt) as dependent variables. Firms are more willing to finance their projects with short term debt, rather than long term debt. Long term debt is costly, and the probability of bankruptcy is higher with long term debt. Although long term debt is riskier for SMEs, but it shows the management confident in the firm’s future since it obliges the firm’s management to make legally binding future payments of interest. However, the empirical result of this study shows that all the determinants have an effect on the level of leverage in SMEs.

This research examines the recent global financial crisis’ (GFC) impact on small- and medium-sized enterprises (SMEs) and analyses governments’ responses. According to most literature, SMEs already faced obstacles prior to the GFC, such as paying high taxes, overcoming low profitability, being affected by rising business costs, finding qualified labour, dealing with increasing competition, etc. The GFC has had serious repercussions for SMEs with respect to financing, markets, and liquidity. In order to explore in depth the governments’ responses, qualitative methods are employed to test the following three research questions: 1) To what extent did governments aim to assist SMEs to survive the GFC? What types of programs have been implemented to address new and existing obstacles? 2) Did governments apply appropriate strategic initiatives to realize their goals? If the initiatives could not achieve the governments’ original goals, what obstacles did they address? 3) Did governments tend to help SMEs more after the GFC? Did governments give up on disadvantaged firms or did they try to help them survive the crisis? Analysis revealed that, as a result of the GFC, governments developed programs aimed at new obstacles and at some of the existing ones. The aims did not differ materially for developed and less-developed economies. Financing and taxation programs tended to be designed to achieve their goals directly, where other programs tended to achieve them in a more indirect manner. Overall, government initiatives covered most of the serious obstacles faced by SMEs and government assistance programs aimed at SMEs tended to have been augmented in light of the GFC.

This study examines the interactive effects of family and minority ownership on small business debt financing. On one hand, family involvement in ownership has an influence on small firms financial decision. On the other hand, racial disparities in small business ownership make these firms experience differently in credit markets. In the context of family and minority involvements, this study measures two dimensions of small business debt financing, one for its use, a financing issue directly related to the capital structure, and the other for its cost, an agency issue related to the firms ability to borrowing and repayment. By using the unique data from the 1993, 1998, and 2003 Survey of Small Business Finances, our empirical results show significant evidence that family involvement has an impact on both the use of debt and the cost of debt financing in small businesses. That is, family ownership are negatively related to both the use of debt and the cost of debt financing, and when the firms are all non-visible minority owned, family firms have a lower level of debt and pay a lower interest rate than non-family firms. The results also show that the firm owners visible minority are positively related to the cost of debt financing, and when these firms are all family owned, visible minority owned firms pay a higher interest rate than non-visible minority owned firms. These results of our study also have important implications for both small business and family business research. For small business owners, it is important to understand the advantages and disadvantages of family as well as minority involvements to finance their businesses. And for policymakers and institutional lenders, understanding the family and minority effects also assists small businesses in obtaining debt financing.