nÃo hà / As mudanÃas na ordem econÃmica, polÃtica e social do mundo nas Ãltimas dÃcadas impuseram uma sÃrie de desafios aos governos nacionais. A AdministraÃÃo PÃblica, por estar organizada de forma rÃgida e burocrÃtica, na qual impera o regime republicano, mostra-se pouco capaz de reagir perante a dinÃmica das inovaÃÃes tecnolÃgicas e, por conseguinte, Ãs demandas crescentes da sociedade. A busca da eficiÃncia e o fortalecimento da democracia exigem nÃo sà uma reforma administrativa, mas uma reforma de Estado. Nesse sentido, a GovernanÃa pÃblica mostra-se como um novo paradigma cuja proposta indica escopos mais amplos, colocando uma perspectiva mais abrangente de governo com Ãnfase em eficiÃncia e controle. Nesta expectativa se busca integrar polÃtica e administraÃÃo, gestÃo e polÃticas pÃblicas. Portanto, embora haja diversas concepÃÃes acerca do conceito de GovernanÃa pÃblica, pode-se dizer que, em sua essÃncia à uma nova compreensÃo abrangente e integrada que resultarà em melhores prÃticas e resultados para a AdministraÃÃo PÃblica. Nessa conjuntura, torna-se imperioso afirmar a importÃncia deste estudo em funÃÃo de conhecer os mecanismos de GovernanÃa adotados na Universidade Federal do Cearà (UFC) e a respectiva adequaÃÃo aos princÃpios fundamentais da GovernanÃa. O cerne deste estudo està focado na anÃlise das cinco dimensÃes do controle Ambiente de Controle; AvaliaÃÃo de Risco; Atividades de Controle; InformaÃÃo e ComunicaÃÃo e Monitoramento. A metodologia utilizada configura-se numa abordagem qualitativa das informaÃÃes, traÃando um paralelo comparativo entre os Ãndices de GovernanÃa atribuÃdos pelas unidades pesquisadas, os elementos coletados por meio das entrevistas e as observaÃÃes conferidas nas anÃlises dos dados, com base na literatura que disciplina uma abordagem da gestÃo baseada no conceito de GovernanÃa no setor pÃblico. Ao analisar os mecanismos de GovernanÃa adotados pelas unidades pesquisadas evidenciou-se o fato de que a qualidade e a adequaÃÃo dos controles internos ainda sÃo insuficientes no que concerne Ãs dimensÃes de controle, conforme os princÃpios de GovernanÃa abordados no COSO I (INTOSSAI, 2004). Conclui-se, portanto, que os controles internos setoriais ainda carecem de estruturaÃÃo, normatizaÃÃo e definiÃÃo de responsabilidades e competÃncia setoriais. Ao final foram propostas aÃÃes futuras para aprimoramento da GovernanÃa no Ãmbito da Universidade Federal do CearÃ. / Changes in economic, political and social order of the world in recent decades has determiated a series of challenges to national Governments. The public administration while is organized rigidly and bureaucraticly and reigned by the Republican regime presents itself barely able to react facing the dynamics of technological innovations and therefore the elevation of society demands. The pursuit of efficiency and the strengthening of democracy requires not only an administrative reform, but a reform of the State. Therefore the public Governance appears as a new paradigm whose proposal indicates broader scopes creating a wider perspective of Government with an emphasis on efficiency and control. This expectation try to integrate politics and administration, management and public policy. Thence although there are several conceptions about the concept of public governance it can be said that its essence is a new comprehensive and integrated understanding that will result in best practices and best results for public administration. Within this conjuncture it becomes essential to assert the importance of this study in order to know the governance mechanisms adopted at the Federal University of Cearà (UFC) and their suitability to the fundamental principles of governance. The core of this study is focused on the five control dimensions analysis control Environment; Risk assessment; Control activities; Information and communication and monitoring. The methodology used configurates as a qualitative approach of the information obtained tracing a parallel comparison between governance indices assigned by the units surveyed, the elements collected through interviews and observations set out in the data analysis based on literature that discipline a management approach based also on the concept of governance in the public sector. To analyze the mechanisms of governance adopted by the units interviewed showed that the quality and adequacy of internal controls are still inadequate to the control dimensions as the governance principles discussed in the COSO I (INTOSSAI, 2004). It is therefore concluded that the internal controls still demands structuring, normatization and sectorial responsibilities and competence definitions. It ends with a proposal of future actions for improving Governance in the context of the Federal University of CearÃ.

Este estudo contribui tanto para o processo organizacional como para a literatura sobre empresas familiares. O tema se apresenta relevante quanto ao crescimento do conhecimento sobre o processo de profissionalização em empresas familiares. A medida que as empresas crescem, crescem também os desafios presentes nas empresas, e nas empresas familiares estes desafios são ainda maiores devido as questões da família, propriedade e gestão. Nesta fase, muitos proprietários reconhecem a necessidade de profissionalizar a gestão de suas empresas, isso como preparação para sua continuidade e crescimento. A profissionalização pode ser entendida como um processo na qual as empresas caminham para um processo de maior formalidade, com o desenvolvimento de organismos formais de governança e sistemas de controle. A profissionalização na empresa familiar pode representar uma grande mudança na forma de gestão. Diante disso o objetivo da pesquisa é compreender como acontece o processo de profissionalização na empresa familiar, analisando ainda a governança corporativa e seus mecanismos nessas organizações. Para tal objetivo a metodologia utilizada foi uma pesquisa exploratória e descritiva de natureza predominantemente qualitativa, feita a partir do estudo de casos múltiplos. Para coletar os dados foram realizadas entrevistas semi-estruturadas com gestores das organizações escolhidas, da alta e média administração. A investigação foi realizada em duas empresas familiares, uma com sessenta anos de mercado, do setor de prestação de serviços e a outra com mais de vinte anos de mercado do setor de comércio atacadista. Os resultados mostram que a profissionalização foi motivada pelo desejo de continuidade e crescimento das empresas pesquisadas, e que a profissionalização surgiu ligada a questão do processo sucessório em uma das organizações. A Governança Corporativa pode definir regras e procedimentos para a tomada de decisão pelos agentes nessas organizações, além de monitorar e controlar a utilização dos recursos. / This study contributes to both the organizational process and to the literature on family businesses. The theme is presented as relevant to the knowledge on the management of professionalization in family businesses. As companies grow, the present challenges in businesses also grows, and in family businesses these challenges are even greater due to family issues, ownership and management. At this stage, many business owners acknowledge the need to professionalize the management of their companies, as part of its continuity and growth. Professionalization can be understood as a process in which companies move towards a more formal process, with the development of formal governance and control systems. Professionalization in a family business represents a huge change in management. Therefore, the aim of this research is to understand how the professionalization process takes part in the family business, analyzing also the governance and its mechanisms in these organizations. For this purpose the methodology used was an exploratory and descriptive research predominantly qualitative, made from the study of multiple cases. To collect the data, semi-structured interviews were conducted with managers of the chosen organizations, of high and middle management. The research was conducted in two family companies, one over sixty years, of the service sector and the other with more than twenty years, of the wholesale trade sector. The results present that professionalization was motivated by the desire for continuity and growth, and the professionalization also arises linked to the succession process in one of the organizations. Corporate Governance can define rules and procedures for decision making by agents, as well as monitor and control the use of resources.

The recent addition of Karoo Lamb to South Africa’s repertoire of products with a regional identity attracted extensive publicity. The news headlines that spoke of challenges to protect the geographical name, discrepancies among supply chain stakeholders and the outright opportunism and exploitation of the geographical name made Karoo Lamb a particularly interesting case study to examine. Regrettably, the niche product “Karoo Lamb” has not yet come to its own. In an effort to support the development of this initiative, the thesis sets out to address the central question; “How do we increase farmer participation in differentiated product supply chains, whilst discouraging opportunistic behaviour so that the performance of these chains can be optimised?” The overarching question, mentioned above, is addressed in four independent but related research papers by using the differentiated Karoo Lamb supply chain as a case study. The specific questions considered in these papers are:  What are the claims most vulnerable to opportunistic behaviour?  What drives a farmer’s tendency to behave opportunistically, and how can these drivers be used to prevent opportunistic behaviour?  What factors encourage a farmer to participate in a differentiated supply chain?  What enforcement mechanisms are best suited to prevent the opportunistic behaviour of farmers?  What governance mechanisms are currently employed to govern the supply chain?  Are the governance and enforcement mechanisms properly aligned to guarantee the authenticity of the differentiated product? The thesis employed the principals of agency theory, transaction cost economics, and contract theory to address the practical problems faced by the Karoo Meat of Origin certification scheme. The thesis combined quantitative and qualitative research methods to analyse the data collected from four primary stakeholders involved in the Karoo Lamb supply chain. From the total population of 209 certified Karoo Lamb farmers, 73 farmers were interviewed on their farms in the Karoo region. In addition to the farmers, five abattoirs, two processors and/or packers and five retail outlets were interviewed. Results supported the expectation that a farmer’s decision to invest in the collective reputational capital of a product is shaped by his/her relationship with the abattoir, and the ease with which business is conducted. The easier it is for the farmer to do business with the abattoir the more likely the farmer is to invest in the Karoo Lamb initiative. Other, more personal attributes, such as the farmer’s risk profile, education and his/her network also proved to influence his/her willingness to invest in the collective reputation. The efforts to increase the membership base of Karoo Lamb contributes to the success story of Karoo Lamb. The success of the initiative, however, remains threatened by opportunism. The investigation revealed the “from the Karoo” and “free range” claims as the most vulnerable to opportunistic behaviour specifically during times of droughts. The study further revealed a lack of information exchange between the farmers and abattoirs, specifically regarding droughts, feeding practices and disease treatments, as the leading driver for opportunistic behaviour. An increase in information sharing, within the farmer network, and with the abattoir, is therefore recommended. This is the main strategy to reduce or eradicate the opportunistic behaviour of farmers. In addition to broadening farmer investments in the reputational capital of Karoo Lamb and to preventing the opportunistic behaviour of farmers, the success of the Karoo Lamb initiative also requires an alignment between the enforcement and governance mechanisms. The investigation supported the notion that the State-appointed third party is relatively unsuccessful when it specifically comes to the monitoring of the Karoo farmers for compliance with production standards. Due to the failure of the third party, the thesis made an attempt to explore alternative monitoring and enforcement mechanisms. The results indicate that the majority of the Karoo Lamb stakeholders preferred monitoring and enforcement mechanisms that include more frequent monitoring and stricter prosecution strategies to deal with non-compliant stakeholders. Owing to many years of commodity style operations throughout the supply chain, the correct vehicle for ensuring the proper implementation of the enforcement mechanisms remains a challenge. The assessment of the Karoo Lamb supply chain reveals non-contractual arrangements with qualified partners as being the most frequently utilised governance mechanism. However, this mechanism is not sufficient when the third party fails to monitor and enforce the production standards accurately. Therefore, with a view to ensuring the credibility of Karoo Lamb, a move to toward more hierarchical arrangements, are expected, which would provide a stronger focus on private or mutual enforcement mechanisms. This means that the stakeholders in the supply chain would be jointly responsible for the credibility of the product and therefore jointly responsible for the enforcement of quality and origin standards. / Thesis (PhD)--University of Pretoria, 2017. / Red Meat Research and Development SA / Bill and Melinda Gates Foundation / Agricultural Economics, Extension and Rural Development / PhD / Unrestricted

Background: Risk and uncertainty as a concept resides in unknown results and uncertainties with the ability of affecting firms. With its ability to affect, comes the necessity for firms to adapt in its corporate strategic decision making. Corporate governance in its broad terms has been shown to impact strategic decision making. As the factors affecting it are not unanimous among prior literature, corporate governance mechanisms' relationship to risk is therefore relevant to examine in order to create a deeper understanding within the subject. Purpose: This paper aims to explain the relationship between strategic decision making with risk and uncertainty as well as the influence on this relationship from corporate governance mechanisms. Additionally, by studying these relationships in a Swedish context, we aim to build upon existing literature of corporate governance. Method: This study uses a positivist deductive approach using a quantitative strategy to investigate the risk-strategic relationship and the influence of corporate governance mechanisms. The study uses a research setting of Swedish firms listed at least one year on the large cap list on Stockholm stock exchange. The data was collected through financial and non-financial databases and annual reports. The data was analyzed using statistical tests. Findings: Change in R&D, capital structure, and employees are all impacted by risk and uncertainty, but change in dividends, intangible assets, and internationalization are unaffected. Risk-strategic connections are influenced by corporate governance mechanisms, but the effect of board independence is negligible. CEO age and gender impact, but not compensation. Identity of ownership matters, however not the concentration.

This study sought to explore the governance mechanisms that result in agent principal alignment in Public Private Partnerships (PPPs), with specific reference to Job Creation. This is important to understand in South Africa as infrastructure PPPs are central to the government’s economic growth strategy. The Renewable Energy Programme (REIPPPP), a decade-old PPP, was identified as the ideal context given its consistent job-creation alignment between the state and its agents, Independent Power Producers (IPPs). Agency Theory posits that agents are inherently self-interested and thus unlikely to act in the interests of principals. However, while some theoretical propositions envisage instances of agent-principal alignment, what is less known are the precise mechanisms by which this can be achieved. This study explored the questions of moral hazard and adverse selection, which refer to goal conflict and information asymmetry in agent-principal relationships. The research was undertaken through a qualitative study, comprised of secondary data analysis as well as semi-structured interviews. It was found that by aligning contracts across multiple stakeholders, agents can increase their enforcement capacity. Furthermore, a rigorous data collection system accompanied by credible penalties, results in greater compliance. This contribution enhances the theory in respect of governance mechanisms whilst simultaneously providing practical guidance for PPP structuring. / Mini Dissertation (MBA)--University of Pretoria, 2021. / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

Previous studies have been made on various aspects of IT governance in public government organizations in developing countries and revealed several major issues. However, due to limited knowledge, it is unclear what IT Governance (ITG) practice is in place in public organizations. The purpose of this study is therefore to investigate the adopted IT management practices and their influence on the effectiveness of IT management in the Tanzanian public government organization. A qualitative study was done using the holistic multiple case study strategy. Data was collected using the semi-structured interview method with heads of IT in three Tanzanian public government organizations. The analysis of this study showed that senior managers involvement in IT projects, Office of CIO and the IT leadership are key ITG practices adopted in the three Tanzanian public government organizations. Senior management involvement in IT projects was found to influence knowledge sharing through collaboration between IT and business units. Furthermore, the CIO office was found to influence the organization's decision-making through direct representation to the decision-making body by a person who monitors and issues IT directives. Furthermore, IT management was found to have an influence on simplifying knowledge sharing between IT and business units, as well as monitoring IT issues and issuing IT directives in the organization. Given these findings, our study contributes knowledge into the literature on IT governance with special emphasis on governmental organizations in developing countries.

Submitted by Fabio Sobreira Campos da Costa (fabio.sobreira@ufpe.br) on 2017-04-18T12:49:28Z No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) ReginaUniversidadeClasseMundialDesafios07112016.pdf: 2421917 bytes, checksum: 309f0e20a05eff974ad4921ac511f8d5 (MD5) / Made available in DSpace on 2017-04-18T12:49:28Z (GMT). No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) ReginaUniversidadeClasseMundialDesafios07112016.pdf: 2421917 bytes, checksum: 309f0e20a05eff974ad4921ac511f8d5 (MD5) Previous issue date: 2016-05-05 / “Cada país quer uma Universidade de Classe Mundial", este é o ponto de partida deste estudo sobre Governança em Instituição Federal de Ensino Superior ou IFES. A governança no setor público deve ser implementada com seus mecanismos sugeridos pelo TCU: liderança, estratégia e controle. Argumenta-se como critérios para uma Universidade de Classe Mundial - UCM, excelência na pesquisa, liberdade de pesquisa, ensino e expressão, autonomia acadêmica, infraestrutura, financiamento, cosmopolitismo e diversidade, além de uma governança adequada (ALTBACH, 2010). Este trabalho tem por objetivo identificar como os mecanismos de governança na Universidade Federal de Pernambuco facilitam a construção de uma Universidade de Classe Mundial. Quanto à Metodologia de Pesquisa se optou pela Análise Pragmática da Linguagem envolvendo 14 entrevistas semiestruturadas com docentes, ex-reitores, estudantes e funcionários. A abordagem deste estudo foi qualitativa, utilizando além das entrevistas a pesquisa bibliográfica e documental. Conclui-se que os mecanismos de governança na UFPE em sua forma atual se apresentam como enorme desafio para o trilhar da UFPE na direção de uma UCM, apesar de existirem reconhecidos esforços nessa direção. / "Every country wants a World Class University", this is the starting point of this study on Governance in a Federal University in Brazil. Governance in the Brazilian public sector should be implemented with the mechanisms suggested by the Federal Court of Accountants or TCU: leadership, strategy and control. It is argued as criteria for a University of World Class - UCM, excellence in research, freedom of research, teaching and expression, academic autonomy, infrastructure, finance, cosmopolitanism and diversity, as well as proper governance (ALTBACH, 2010). This study aims to identify how governance mechanisms at the Federal University of Pernambuco facilitate the co-construction of a University World Class. For the research methodology it was chosen the Pragmatic Analysis of Language involving 14 semi-structured interviews with teachers, former rectors, students and staff. The approach of this study was qualitative, using interviews in addition to document analysis and bibliographic research. It is concluded that the governance mechanisms at university in its current form are presented as huge challenge for the tread of UFPE towards a UCM, although there are significant efforts in this direction.

Corporate governance can play a significant role in financial market stability and economic development. Corporate governance scholars have provided controversial results with respect to the relationships between corporate governance and both corporate financial performance and market value. Based on agency theory and institutional theory, the purpose of this correlational study was to investigate the relationship between corporate governance mechanisms, financial performance, and market value in Kingdom of Saudi Arabia's 116 firms from 2010 to 2014. Financial performance was measured by return on assets and return on equity, while market value was measured by Tobin's q. Corporate governance mechanisms involved in this study were board size, board independence, board committees, ownership structure, and executive compensation. The financial statements and corporate governance mechanisms collected from the websites of sampled firms and the Saudi stock market (Tadawul). The findings of multiple regression tests revealed a statistically significant relationship between corporate governance mechanisms and both corporate financial performance and market value. This study may contribute to social change by building confidence in the Saudi capital market and improving the lives of stakeholders and community in general. The results may help business leaders understand the influence of corporate governance on their firms' success and the country's growth. Academic researchers, investors, regulatory bodies, practitioners, and experts in the area of corporate governance may benefit as well.

Les performances financières et sociales sont des caractéristiques institutionnelles importantes qui permettent aux pauvres et aux ‘quasi-pauvres' d'avoir accès aux crédits dans des conditions favorables, et aboutissent en même temps à un fonctionnement durable et aux mécanismes efficaces de gouvernances dans les institutions micro financières (IMFs). Dans ce contexte, cette étude a été menée afin de déterminer les variables financières/sociales/gouvernables qui peuvent influer les indicateurs de performance financière et sociale des IMFs à l'échelle mondiale; et de développer pour la première fois des arbres logiques décisionnels (en grappes) simples et pratiques qui peuvent être considérés comme des outils précieux aidant la mise en œuvre de stratégies efficaces pour les différents types des IMFs (à but lucratif et non lucratif) à l'échelle nationale.La première partie de cette thèse expose les données financières et sociales globales qui ont été extraites au cours des cinq dernières années (2007-2011) à partir de plusieurs bases de données bien connues (ex. Microfinance Information Exchange, Mix Market, Rating fund, etc…) pour les IMFs choisies classées comme ayant 4 ou 5 diamants (soit, 263 IMFs à but non lucratif et 135 IMFs à but lucratif) distribuées à travers les continents. Parmi les 263 IMFs à but non lucratif, l'échantillon de données a été composé de 192 organisations non-gouvernementales (ONGs), 42 institutions non bancaires et 29 coopératives. Un grand nombre de variables prédictives (54) ont été recueillies reflétant les aspects de l'environnement financier de ces IMFs (par exemple l'index des dépenses administratives, l'index de solvabilité, le coût par prêt, le nombre des déposants, etc…), les caractéristiques sociales (ex. profondeur, pourcentage des emprunteurs actifs ‘femmes', marché rural/urbain, niveau de pauvreté, etc…) et les mécanismes de gouvernance (ex. la taille de l'entreprise, la taille du conseil, la régulation, l'audit, l'affiliation à un réseau, l'assurance, etc…). Cette 1ère partie compare également l'efficacité de la plupart des méthodes/modèles statistiques les plus utilisés (incluant la régression linéaire, la régression logistique, les méthodes bayésiennes, les réseaux artificiels des neurones, l'analyse en composantes principales, etc….) pour estimer les indicateurs de performance financière et sociale au sein des IMFs. Elle inclue aussi une description détaillée du processus de construction des arbres décisionnels en grappes qui peut être utilisé pour cette estimation ainsi que toutes les étapes reliées (comprenant l'évaluation des divisions, l'assignement des catégories aux nœuds, les valeurs manquantes avec des répartiteurs de substitution, les critères d'arrêt, etc….).La deuxième partie explore les relations quantitatives entre les quatre indicateurs de performance financière les plus couramment utilisés [autosuffisance opérationnelle (operational self-sufficiency OSS), marge bénéficiaire (profit margin PM), rendement des actifs (return on assets ROA), et rendement des capitaux propres (return on equity ROE)] et les principales variables prédictives pour les IMFs choisies à but non lucratif (incluses à partir de 53 pays) à travers l'application de la modélisation par arbre de régression. Pour chaque indicateur de performance financière, plusieurs arbres de régression non élagués (684) ont été développés : (i) en utilisant toutes les variables prédictives, (ii) en utilisant toutes les variables prédictives financières seulement, (iii) en utilisant toutes les variables prédictives sociales seulement, (iv) en utilisant toutes les variables prédictives de gouvernance seulement, (v) en appliquant une seule variable prédictive à la fois, (vi) en excluant chaque variable à la fois du groupe potentiel des variables prédictives, et (vi) en forçant la séparation initiale de l'arbre à travers l'utilisation de la variable prédictive préférée afin d'explorer le pouvoir prédictif ... / Financial and social performances are important institutional characteristics that allow ‘the poor and the near-poor' to have access to credit in favorable conditions, and drives sustainable efficiency and effective governance mechanisms in MFIs (microfinance institutions). In this context, this study was conducted to determine the most influencing financial/social/governance variables (with their relative importance in %) that may affect the financial and social MFI performance indicators on worldwide basis; and to develop simple and practical microfinance tree-models (for the first time) that can be considered valuable tools helping with the implementation of efficient strategies among nonprofit and profit MFIs at a national scale.The first part of this thesis exposes the global financial and social data that has been extracted over the five recent years (2007-2011) from several well-known databases (e.g., Microfinance Information Exchange, Mix Market, Rating fund, etc.) for the chosen MFIs ranked four or five diamonds (i.e., 263 nonprofit MFIs and 135 profit ones) distributed widely over the continents. Among the 263 nonprofit MFIs, the data sample was composed of 192 Non-Governmental Organizations (NGOs), 42 non-bank institutions and 29 cooperatives. A large number of predictor variables (54) have been collected capturing aspects of the financial environment of these MFIs (e.g., administrative expense ratio, ratio of solvency, cost per loan, number of depositors, write-off-ratio, etc.), the social characteristics (e.g., depth, percent of women active borrowers, rural/urban market, poverty level, etc.) and the governance mechanisms (e.g., firm size, board size, regulation, audit, network affiliation, insurance, etc.). This first part compares also the efficiencies of the most used statistical methods/models (including linear regression, logistic regression, Bayesian methods, artificial neural networks, cluster analysis, principal component analysis, decision-trees, etc.) for estimating diverse financial and social performance MFIs' indicators. It includes also a detailed description of the tree building process that has been used for such estimation and all related steps (involving evaluating splits, assigning categories to nodes, missing values with surrogate splitters, stopping criteria, etc.).The second part explores quantitative relationships between the four commonly worldwide used financial performance indicators (operational self-sufficiency OSS, profit margin PM, return on assets ROA, and return on equity ROE) and key financial/social/governance predictor variables for the chosen non-profit MFIs (included from 53 countries) through the application of regression-tree modeling. For each financial performance indicator, several un-pruned regression trees (684) were developed: (i) using all predictor variables, (ii) all financial predictor variables only, (iii) all social predictor variables only, (iv) all governance predictor variables only, (v) applying only a single variable at a time, (vi) excluding each variable one at a time from the potential pool of predictor variables, and (vii) forcing the initial split of the tree using the preferred predictor variable for exploring the predictive power of independent predictors. The obtained results demonstrate that the strongest relationships were associated with ROE and ROA, the proportion of variance explained being equal to 99.8% and 99.5% respectively, followed by PM (97%) and OSS (95%). The second part also showed that the financial predictor variables did interfere differently in building the financial performance regression trees and associated relationships where ; administrative expense ratio influenced ROE (100%) ; average loan balance per borrower affected OSS (100%); cost per borrower, number of depositors, operating expense:loan portfolio, and risk coverage had significant impacts on ROA/ROE (98.5-100%).

Submitted by Flávia Furtado Pessoa de Mendonça (flaviafurtpessoa@gmail.com) on 2017-02-06T16:46:37Z No. of bitstreams: 1 Dissertação_final.pdf: 699787 bytes, checksum: 2c7f4669c8ae8ce09d6df21d2d9b8923 (MD5) / Rejected by Pamela Beltran Tonsa (pamela.tonsa@fgv.br), reason: Boa tarde Flávia, Para que possamos dar andamento ao seu trabalho é necessário fazer alguns ajustes. Vou encaminhar para seu e-mail e apos as modificações submete-lo novamente, qualquer duvida estamos a disposição. att, Pâmela Tonsa on 2017-02-06T16:55:35Z (GMT) / Submitted by Flávia Furtado Pessoa de Mendonça (flaviafurtpessoa@gmail.com) on 2017-02-06T16:56:49Z No. of bitstreams: 1 Dissertação_final.pdf: 699787 bytes, checksum: 2c7f4669c8ae8ce09d6df21d2d9b8923 (MD5) / Rejected by Pamela Beltran Tonsa (pamela.tonsa@fgv.br), reason: Segue e-mail com as instruções. on 2017-02-06T17:13:20Z (GMT) / Submitted by Flávia Furtado Pessoa de Mendonça (flaviafurtpessoa@gmail.com) on 2017-02-06T21:56:49Z No. of bitstreams: 1 V_Final_Dissertação.pdf: 663080 bytes, checksum: f0dd7f728566fbdf6508116ee4f3b840 (MD5) / Rejected by Pamela Beltran Tonsa (pamela.tonsa@fgv.br), reason: Bom dia Flávia, Para que possamos aprovar seu trabalho é necessário alguns ajustes conforme norma ABNT/APA. * Conforme a norma é necessário ter AGRADECIMENTO, RESUMO E ABSTRACT deve ser em letra maiúscula. Após os ajustes você deve submete-lo novamente para analise e aprovação. Qualquer duvida estamos a disposição, Pâmela Tonsa 3799-7852 on 2017-02-07T10:27:49Z (GMT) / Submitted by Flávia Furtado Pessoa de Mendonça (flaviafurtpessoa@gmail.com) on 2017-02-07T11:54:54Z No. of bitstreams: 1 Dissertação 7 fev.pdf: 663438 bytes, checksum: da318f2809429d14d0837b10759e9367 (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2017-02-07T12:20:18Z (GMT) No. of bitstreams: 1 Dissertação 7 fev.pdf: 663438 bytes, checksum: da318f2809429d14d0837b10759e9367 (MD5) / Made available in DSpace on 2017-02-07T17:13:04Z (GMT). No. of bitstreams: 1 Dissertação 7 fev.pdf: 663438 bytes, checksum: da318f2809429d14d0837b10759e9367 (MD5) Previous issue date: 2016-12-20 / A dissertação teve o objetivo de investigar de que forma os Mecanismos Externos de Governança (MEG) impactam a alavancagem da empresa, em uma amostra de 40 países, que engloba um total de 12.968 empresas. O diferencial do estudo está na distinção entre os MEG que afetam a proteção dos acionistas daqueles que afetam os direitos dos credores. Os resultados sugerem que as empresas se alavancam de maneira coerente ao previso pela Teoria da Pecking Order. Observou-se os MEG associados à proteção dos investidores, de fato, influenciam na escolha pela estrutura de capital da empresa. Empresas com alta proteção aos direitos dos acionistas foram, em média, menos alavancadas do que empresas com baixa proteção aos acionistas. Alta proteção dos credores possui impacto positivamente relacionado com a alavancagem, o que sugere que alta proteção aos credores diminuem o custo da dívida e fazem com que as empresas deem preferência a este tipo de financiamento externo. Os resultados se mostraram robustos diante de algumas variações no modelo. / This study aimed to investigate how the External Governance Mechanisms (EGM) impact the company’s leverage, in a sample of 40 countries, including a total of 12,968 companies. The differential of the research lies in the distinction between EGMs that affect the protection of shareholders from those that affect the creditors rights. The results suggest that firms leverage are consistent to what was predicted by the Pecking Order Theory. It was observed that EGMs associated with investor protection do in fact influence the choice of the firm’s capital structure. Companies with high protection of shareholder rights were, on average, less leveraged than companies with low shareholder protection. High creditors protection has a positive impact on leverage, which suggests that high creditors protection reduces the cost of debt and makes companies prefer this type of external financing. The results were robust considering some variations in the model.