Submitted by Fabricia Fialho Reginato (fabriciar) on 2015-07-04T00:25:59Z No. of bitstreams: 1 FernandoForneck.pdf: 601299 bytes, checksum: e36434223bba55de51e83aa3859934dc (MD5) / Made available in DSpace on 2015-07-04T00:25:59Z (GMT). No. of bitstreams: 1 FernandoForneck.pdf: 601299 bytes, checksum: e36434223bba55de51e83aa3859934dc (MD5) Previous issue date: 2011 / Nenhuma / O Objetivo deste trabalho foi verificar a relação existente entre o job embeddedness dos funcionários de uma instituição financeira o seu desempenho individual e da agência em que atua. Nesse sentido, foi realizada inicialmente uma pesquisa sobre a literatura existente sobre o conceito de job embeddedness, também foi verificado o que os estudos do ramo financeiro estavam pesquisando e foram levantadas algumas informações sobre esse ramo. O modelo teórico de Job embeddedness foi testado em uma amostra de 71 respondentes de uma instituição financeira localizada no Rio Grande do Sul no primeiro semestre de 2011. Foi sugerido, através da revisão teórica, que o nível de Job embeddedness dos gerentes dessa instituição possuía relação com o desempenho individual desse gestor e com o desempenho da agência. Como técnica de pesquisa, foi utilizada a análise de regressão. Os resultados indicaram que o vínculo pessoal com a organização possui relação positiva e significante com o desempenho do gestor, e que o sacrifício em deixar a organização possui relação negativa e significante com esse desempenho. Por outro lado, o estudo colaborou para verificar que o desempenho individual dos funcionários, possui relação positiva e significante com o desempenho financeiro de uma agência bancária, confirmando uma das hipóteses de pesquisa. Isso demonstra que outros estudos podem ser efetuados para verificar a relação desse conceito com índices de desempenho e buscar verificar o que influencia nesse desempenho individual do gestor. / The purpose of this study was to verify the existing relation between Job embeddedness of the employee of a financial institution and the individual performance and the performance of the bank where he works. In this case a research was made on the existing literature about this concept, it was also verified what the studies on the financial field were researching and some information was raised on this line. In the first semester of 2011 the Job embeddedness theoretical model was tested with 71 individuals of a financial institution located in Rio Grande do Sul. It was suggested through the theoretical review that the level of Job embeddedness of the managers of this institution had a relation with the individual performance of this person and the performance of the branch. The research technique used was regressive analysis. The results show that the link each individual has with organization is positively related to his or her individual job performance. Results also show that scarify to leave the organization is negatively related to individual job performance. On the other hand the study has helped to verify that the performance of managers has a strong and significant relationship with the financial performance of the bank, confirming the eighth hypothesis. This demonstrates that other studies can be made to check the relationship of this variable with performance and try to verify what influences the individual performance of a manager.

O Comunicado 14.259 do BACEN acabou por iniciar um novo momento para a contabilidade brasileira: a busca pela convergência contábil. Para a implementação das normas do IASB, uma série de medidas deve ser tomada: todas as normas nacionais devem ser convergidas. Como contribuição a esse objetivo, o presente trabalho buscou analisar a norma internacional relativa ao tratamento dos tributos incidentes sobre a renda, o IAS 12, e contextualizar com o cenário das instituições financeiras brasileiras abertas. A questão de pesquisa buscou medir o nível de evidenciação das demonstrações financeiras publicadas no ano de 2007 em relação aos itens de divulgação obrigatória presentes no IAS 12. Dessa forma, foram analisados os principais aspectos do IAS 12 e das normas contábeis e tributárias brasileiras, os quais foram explicados e contextualizados. Foram definidos como dentro do âmbito do IAS 12 dois tributos brasileiros: o Imposto de Renda e a Contribuição Social sobre o Lucro Líquido. A Metodologia de pesquisa utilizada foi a Análise de Conteúdo em que, a partir de um índice de evidenciação, foram confrontados os conteúdos das demonstrações financeiras. Conclui-se que o nível de disclosure exigido pela norma internacional é muito diferente do das normas brasileiras, o que se reflete na evidenciação presente nas demonstrações publicadas pelos bancos. No cenário nacional, as informações tributárias são pouco evidenciadas não sendo divulgados, de forma separada ou aberta, os dados relativos às diferenças temporárias ou créditos tributários. Ao todo foram analisadas 27 instituições financeiras, divididas em dois grupos: as listadas no pregão geral da Bovespa e as listadas nos níveis diferenciados de governança corporativa. O percentual de evidenciação foi de aproximadamente 14% e 21% respectivamente. Foi aplicado o teste paramétrico de igualdade de médias nos dois grupos o qual concluiu serem diferentes as médias. Logo, constatou-se que a evidenciação, nos níveis de governança diferenciada, é maior que a encontrada no pregão geral. Concluiu-se com a aplicação do índice de evidenciação nas demonstrações financeiras e nas normas brasileiras pela rejeição da hipótese de pesquisa uma vez que nenhuma norma ou demonstração analisada aborda 50% dos itens propostos pela norma internacional. / Communiqué 14259 published by the Brazilian Central Bank (BACEN) initiated a new phase for accounting in Brazil: the pursuit of convergence in accounting standards. In order to implement the policies of the International Accounting Standards Board (IASB), a number of measures must be taken to ensure that all Brazilian standards achieve convergence. Contributing to this objective, this study sought to analyze IAS 12, the international accounting standard which addresses the treatment of taxes payable on income, within the context of listed financial institutions in Brazil. The research question endeavored to measure the level of disclosure, in the financial statements published in 2007, of those items which are subject to mandatory disclosure pursuant to IAS 12. Accordingly, an analysis was made of the main aspects of IAS 12 and of Brazilian accounting and tax standards, which were explained and put into context. Two Brazilian taxes were defined as related to the area addressed by IAS 12: Income Tax and Social Contribution on Net Income. The research methodology used was Content Analysis whereby the contents of the financial statements were analyzed against the established disclosure index. It was concluded that the level of disclosure required by the international standard differs significantly from that required by Brazilian standards, as reflected in the information disclosed in the financial statements published by the banks. In Brazil, the presentation of tax information is superficial and the data on temporary differences or deferred tax assets is not separately, or openly disclosed. In all, 27 financial institutions were analyzed, divided into two groups: those listed for general trading in the São Paulo Stock Exchange (BOVESPA) and those listed in the special levels of corporate governance. The percent disclosures were approximately 14% and 21%, respectively. The tstudent test was applied to both groups and different averages were found. Disclosure in the special corporate governance level group was found to be higher than that in the general trading group. The conclusion, based on the results of the application of the disclosure index to the financial statements and Brazilian accounting standards, calls for the rejection of the research hypothesis, since none of the standards or financial statements comprising the study addressed 50% of the items proposed by the international standard.

Made available in DSpace on 2016-03-15T19:26:14Z (GMT). No. of bitstreams: 1 Ricardo Alves de Souza.pdf: 1059131 bytes, checksum: 5189da8228ad8e68e6f644d3c9a91468 (MD5) Previous issue date: 2014-08-18 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This is a qualitative research is based on an interpretive epistemological stance which seeks to understand the meaning that takes critical reflection in the workplace and its relationship to the competence of managers in their professional conduct. Mo re specifically, the intent was to (a) identify the narratives of managers of an organization, events or situations involving disorienting dilemmas of everyday life at work that reveal mo ments of critical reflection; (b ) describe and analyze the actions tr iggered by managers from the reflection revealed; (c ) discuss to what extent these actions are reversed in competence s, able to negotiate competing priorities between individual desires and the transformation of the context in which they are inserted. The theoretical framework articulates the literature on critical reflection of Antonacopoulou (2010), Woerkom (2004), Mezirow (1990) and Brookfield (1995) with the theory of competence, to understand how critical reflection is embodied in relevant actions. To this end, 10 in - depth interviews were conducted with managers of the national financial system. The data were analyzed by categorical analysis of qualitative data proposed by Lankshear and Knobel (2008) strategy. It was concluded that critical reflection i s not having the driving range of significant changes abl e to mobilize and generate new competence s at some level contextual transformations, as the most critical area literature suggests. Such reflections, when there are more service performance for maint aining employability, not assuming, in fact, a character, transforming the context in which managers are inserted. However, the dilemmas and events identified in the report somehow reverted to situations involving, in most cases, issues of power and ethica l conduct, which indicates that they are fundamental points of attention in the debate on critical reflection and competence s in organizations. These results provide elements for discussion on the meaning and place of critical reflection in the world of bu siness organizations . / Trata - se de uma pesquisa qualitativa que se apoia numa postura epistemológica interpretativa , visa ndo compreender o significado que assume a reflexão crítica no ambiente de trabalho e sua relação com a competência dos gestores na sua conduta profissional. Mais especificamente, a intenção foi: (a) identificar a partir das narrativas dos gestores de uma organização, eventos ou situações que envolvam dilemas desorientadores do cotidiano no trabalho que revelam momento s de reflexão crítica; (b) descrever e analisar as ações desencadeadas pelos gestores a partir da reflexão revelada; (c) discutir até que ponto estas ações se reverteram em competências, capazes de negociar prioridades concorrentes entre os desejos individ uais e a transformação do contexto em que estão inseridos. O referencial teórico articula a literatura sobre reflexão crítica de Antonacopoulou (2010), Woerkom (2004), Mezirow (1990) e Brookfield (1995) com a teoria de competências, para compreender como a reflexão crítica se materializa em ações competentes. Para tanto, foram conduzidas 10 entrevistas em profundidade com gestores do sistema financeiro nacional. As informações coletadas foram analisadas pela estratégia de análise categorial de dados qualita tivos proposta por Lankshear e Knobel (2008). Conclui u - se que , a reflexão crítica não está tendo o alcance impulsionador de mudanças significativas capazes de mobilizarem novas competências e gerarem em algum nível transforma ções contextuais , tal como a li teratura mais crítica na área sugere . Tais reflexões, quando existem, estão mais a serviço do desempenho para manutenção da empregabilidade, não assumindo, de fato, um caráter, transforma do r do contexto em que os gestores estão inseridos . Todavia, os dilem as e eventos identificados no relato de alguma forma se remeteram a situações que envolviam, na maioria das vezes, questões de poder e de conduta ética, o que indica que são pontos de atenção fundamentais no debate sobre reflexão crítica e competências nas organizações . Estes resultados trazem elementos para a discussão sobre o sentido e o lugar da reflexão crítica no univers o das organizações empresariais .

Este trabalho tem como objetivo principal investigar se, após a vigência da Lei nº 11.638/2007 e da Resolução nº 3.786/2009, houve alteração no conservadorismo condicional das instituições financeiras de capital aberto que estavam listadas na BM&FBOVESPA. O estudo pretende trazer para a contabilidade das instituições financeiras contribuições relacionadas à reação desse setor específico diante das alterações normativas ocasionadas pelo processo internacional de convergência das normas contábeis. A regulação contábil, segundo a literatura internacional, fornece incentivos para que as demonstrações contábeis das empresas sejam mais conservadoras. Os órgãos reguladores estimulam a utilização do conservadorismo nas informações contábeis, uma vez que os resultados apresentados por essas demonstrações são utilizados como fonte de informação para o mercado. O conservadorismo, portanto, é considerado uma prática importante na contabilidade, pois faz parte das características qualitativas da informação contábil, que são atributos que as tornam úteis para os seus usuários. Para a medição do conservadorismo condicional foi utilizado o modelo proposto por Basu (1997), ajustado para medir os efeitos das normas em questão. Os dados que compõem as amostras foram coletados na base de dados ECONOMÁTICA, no período de março de 2000 a março de 2010. Os resultados empíricos demonstraram que a vigência da Lei nº 11.638/2007 e da Resolução nº 3.786/2009 não afetaram o nível de conservadorismo condicional nos lucros divulgados pelas instituições financeiras analisadas. / This research aimed to investigate whether, after Law 11.638/07 and Resolution 3.786/09 came into force, changes occurred in the conditional conservatism of publicly traded financial institutions listed on BM&FBOVESPA. The study intends to offer contributions to financial institutions\' accounting related to this specific sector\'s reaction to the regulatory changes brought about by the international convergence process of accounting standards. According to international literature, accounting regulations provide incentives towards greater conservatism of companies\' financial statements. Regulatory entities stimulate the use of conservatism in financial information, as the results these statements present are used as an information source for the market. Hence, conservatism is considered an important practice in accounting, as it is part of financial information\'s qualitative characteristics, which are attributes that make it useful to users. To measure conditional conservatism, the model proposed by Basu (1997) was used, adjusted to measures the effects of these standards. Sample data were collected from ECONOMÁTICA database between March 2000 and March 2010. Empirical data demonstrated that the coming into force of Law 11.638/07 and Resolution 3.786/09 did not affect the level of conditional conservatism in the profits the financial institutions under analysis disseminated.

[pt] Desde sua criação em 1944, o Fundo Monetário Internacional já sofreu grandes crises de legitimidade; no entanto, após períodos de rejeição e limbo, a instituição sempre logrou renascer das cinzas; argumentar-se-á que esta aparente imortalidade do FMI é devida à capacidade da instituição de adequar-se aos novos ciclos normativos que emergem de crises financeiras. Esta capacidade se vincularia, por sua vez, à legitimidade da instituição relacionar-se à justificação de sua atuação em coerência com o propósito para o qual teria sido criada. Assim, se o discurso que emerge como consenso da análise das crises acusa a instituição de ter tido parte nas causas da instabilidade, o realinhamento do FMI à nova norma em ascensão pode resultar em mudanças em sua orientação prática, como quando após a crise asiática teve sua relevância significativamente reduzida com a adoção da política de supervisão e liberalização financeira ditada pelo mercado, e não mais ordenada por si, ao longo dos anos 2000. Já a crise que se desenvolve, ao final da primeira década do século XXI, com origem nos maiores produtores de consenso sobre política macroeconômica — Estados Unidos e União Européia — mostra-se como oportunidade para reajuste do papel do Fundo em uma posição novamente central, propiciando uma análise dos interesses diversos que esta instituição, com 187 Estados-membros e potencial de levantamento de centenas de bilhões de dólares em poucos dias, é capaz de atender ou suscitar em um cenário de maior equilíbrio financeiro nos países emergentes e desequilíbrio nos grandes centros. / [en] Since its inception in 1944, the International Monetary Fund has suffered major crises of legitimacy; however, after periods of rejection and limb, the institution was always able to rise from the ashes. It will be argued that this apparent immortality of the Fund is due to its ability to adapt to the new normative cycles that emerge from financial crises. This ability could be traced to the relation between the legitimacy of the institution and the justification of its acts in coherence with the purpose for which it was created. In this sense, if the discourse that emerges — as a consensus from the analyses of the crises — accuses the institution of having had a part in the causes of the instability, the realignment of the IMF to the new ascending norm may result in changes in its practical orientations, as it happened, for instance, after the Asian crisis, when the Fund had its relevance significantly reduced with the adoption of a policy of market-led financial liberalization throughout the decade of 2000, replacing the former model of IMF-led orderly liberalization. Finally, the crisis developed by the end of the first decade of the XXI century and that originated in the largest producers of macroeconomic policy consensus — the United States of America and the European Union — presents itself as an opportunity for readjustment of the Fund s role once again in a central position, allowing for the analysis of the diverse interests that this institution — with its 187 member-States and potential for raising hundreds of billions of dollars in a few days — is able to meet in a scenario of greater financial balance among emerging markets, along with the instability of the great centers.

The dissertation consists of two essays. In the first essay we study the efficiency of banks during the period of (2000-2017) that witnessed a fierce financial crisis in the light of the regulatory acts enacted in response to the crisis (Basel III 2010). We investigate the combined impact of compliance with Tier 1 and Tier 2 capital, common equity Tier 1, and leverage requirements on bank operating efficiency. We measure operational efficiency of 68 insured, U.S. federally and state-chartered, commercial banks, with consolidated assets of $15 billion or more, over a sampling period of 18 years. We seek to identify whether different dimensions of bank regulation are efficient in stabilizing US financial system by improving efficiency of large commercial banks; whether they impede bank efficiency by limiting its risk-taking endeavors and tightening its capital usage; or whether no impact on efficiency exists altogether. We build an empirical model measuring the impact of capital and leverage regulation and credit risk on banks’ operational efficiency. Empirical findings show a positive and statistically significant impact of capital adequacy on operating efficiency of large U.S. commercial banks, with common equity Tier 1 having more power in determining efficiency. Leverage requirements and net charge-offs are also found to be significant determinants that promote bank operating efficiency. In the second essay we investigate determinants for government’s choice of sovereign Sukuk over conventional bonds. Using a sample of 143 sovereign Sukuk and 602 sovereign conventional bonds issued in 16 OIC countries during (2000-2015), we analyze factors affecting the government's choice of employing sovereign Sukuk structure as substitute to sovereign bonds instruments. Results suggest that countries having developed financial markets, higher credit quality, and strong economic and financial prospects are more likely to issue sovereign Sukuk rather than sovereign bonds, mainly as a strategy to diversify and develop their current debt markets by introducing newly-developed debt tools. However, countries with weaker economic and financial indicators are more likely to opt for the classic sovereign bonds. We conclude that government’s choice of sovereign debt is mainly determined by a country’s financial characteristics, macroeconomic indicators and certain specific events.

This paper summarises a series of Asia-Pacific based studies that explore three distinct central and commercial banking regimes, looking at interest rate pricing and transmission. This research is significant for several reasons: (a) the relative lack of research into pricing behaviour and price transmission in Asia-Pacific, (b) the development of new tools to analyse non linear cointegration and hence price asymmetry, (c) economic and financial convergence is now a topic of regional importance, (d) transmission and price behaviour evidence has not been documented in the context of the different central bank policy signaling regimes evident in the region, (e) the banking markets in the region are clearly in the midst of a consolidation and globalisation phase. This follows rapidly from the 1997/98 financial-crisis, (f) there is little evidence in the region of how advances in risk management practice have impacted the price behaviour of the banking industry. A number of findings have been documented. Regional financial integration appears already under way, evidenced by both regional banking mergers and regional consistency in the timing of structural breaks during the Asian crisis. Transmission of policy rates to wholesale rates appears rapid in the case of Hong Kong (HK) and New Zealand (NZ), but slow in the case of Singapore with its currency-basket regime. Generally, there is little evidence of asymmetric interest rate pricing practices in Singapore and HK, whilst asymmetry noted for NZ appears to be largely a function of how banks reacted in a significant decline in rates over a long period prior to the implementation of the Official Cash Rate. / Professional Doctorate

Most financial institutions have not been successful at internationalisation, with some being remarkably unsuccessful. There are fewer occurrences of cross-border mergers and acquisitions than in most other industries. Foreign financial institutions tend to underperform relative to domestic financial institutions. Rugman and others have argued that their internationalisation primarily occurs at the regional rather than global level. Existing theories identify some barriers to firms? internationalisation, but these theories, were developed for manufacturing firms, and were rarely applied to financial services firms. This research seeks to identify barriers to financial institutions' internationalisation and contribute to the under-researched area of services internationalisation. To better understand the barriers to internationalisation, qualitative research techniques were used for an in-depth case-study analysis of one firm and its attempts at internationalisation, followed by detailed interviews of internationally experienced financial institutions executives from other firms. Finally, the apparent preference for regional over global expansion was investigated, through a quantitative analysis of over 12,000 cross-border, financial-services merger and acquisition transactions from 1990 to mid-2005. The research identified thirty-eight barriers to internationalisation, consistent with Rugman's findings on regional expansion, but also with the effects of similarity variables such as language, culture and legal system. The quantitative analysis tested these effects and found that the region effect was high, and was stronger than language and cultural effects individually, but about the same as their combined effect. The legal system similarity is not statistically significant when all effects are combined. This research contributes to this under-researched field. Given that internationalisation supports economic growth in the host and home countries, an improved understanding of these barriers may assist policy makers and enable managers to make better international investment decisions. The findings on the effect of geography versus other factors, such as language and culture, may inform managers' choice of target countries.

This thesis consists of three independent papers, ordered chronologically with respect to when they were initiated. Empirical research has established that there are large and persistent productivity differences among firms in narrowly defined industries (Bartelsman and Doms, 2000). Other studies, in particular Bernard and Jensen (1999), have shown the existence of a causal link running from ex-ante firm productivity to export decisions. Furthermore, exposure to trade has been found to enhance growth opportunities only for some firms, reallocating market shares and resources toward the more productive ones and contributing thus to aggregate productivity growth (Clerides, Lach and Tybout, 1998; Bernard and Jensen, 2004). These findings have led to the development of new theoretical models emphasizing the interaction between firm heterogeneity and fixed market entry costs in generating international trade and inducing aggregate productivity growth. The first and third chapters of this thesis extend the framework developed by Melitz (2003) to analyze the implications of  firm heterogeneity for old and new issues in international trade. The first paper studies the effect of trade liberalization between countries that differ in their relative endowment of skilled workers when growth-promoting R&D activities are skill intensive with respect to goods production. In particular, the analysis focuses on the changes that falling trade costs induce on consumer welfare and on the number of firms active in the different markets. The third paper uses the heterogeneous firm framework to study the interaction between financial constraints and the market entry behavior of firms. It also analyzes whether the impact of trade liberalization on average firm productivity and on individual welfare is affected by the presence of credit frictions. The second chapter presents an empirical work that contributes to the recent but fast growing literature that studies how different institutions and their level of development affect countries comparative advantage. The analysis presented in this paper focuses on the role of legal and financial institution in driving the specialization in contract-intensive goods and on how the degree of institutional development interacts with the propensity of firms to vertical integrate with their suppliers. / Diss. Stockholm : Handelshögskolan i Stockholm, 2011

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