Submitted by Eduardo Ruiz (tobias.fgv@gmail.com) on 2013-07-02T12:00:47Z No. of bitstreams: 1 2013.07.02_Ruiz_Eduardo_v.final_p.pdf: 2920830 bytes, checksum: 03dba69bbe03448da90e746e7680e602 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-07-02T12:37:49Z (GMT) No. of bitstreams: 1 2013.07.02_Ruiz_Eduardo_v.final_p.pdf: 2920830 bytes, checksum: 03dba69bbe03448da90e746e7680e602 (MD5) / Made available in DSpace on 2013-07-02T12:39:15Z (GMT). No. of bitstreams: 1 2013.07.02_Ruiz_Eduardo_v.final_p.pdf: 2920830 bytes, checksum: 03dba69bbe03448da90e746e7680e602 (MD5) Previous issue date: 2013-06-05 / The Brazilian bioenergy industry continues with a great growth potential. It is expected a growth in the total bioenergy consumption corresponding to 71.6% from 2011 to 2021 (BRASIL. EPE, 2012b). Consequently, new markets and, therefore, opportunities for new projects are emerging. In this context, investors need to evaluate Greenfield projects taking into consideration adequately risks and return. However, these projects are not simple to analyze because of its many particular features. In this sense, the goal of this thesis is to establish a methodological standard for their investment analysis. Based on a selection of existing methodologies, it is proposed a number of alternative and complementary approaches in order to effectively contemplate the particular features of these projects. Therefore, the innovation of this thesis is relative to the standardization of methodologies specific for the investment analysis of agroindustrial Greenfield projects in the bioenergy industry. For this purpose, this thesis not only proposes a detailed methodology standard, but also applies it in a case study of a wood-to-energy cogeneration project. The goal of this case study is to demonstrate that the proposed methodology standard for investment analysis is effective. Furthermore, works as a reference and guide of how to apply this analysis tool in any Greenfield agroindustrial project in the bioenergy industry in Brazil. In this way, it is possible to conclude that the use of the proposed methodology standard allows a coherent analysis of projects of this nature and enables a conscious investment decision. The creation of this analysis tool and the exemplification of its use are the main contributions of this thesis. / O setor de bioenergia no Brasil segue com um grande potencial de crescimento. Projeta-se um aumento de 71,6% no consumo total de bioenergia de 2011 a 2021 (BRASIL. EPE, 2012b). Consequentemente, novos mercados e oportunidades para novos projetos estão surgindo. Neste contexto, investidores precisarão avaliar projetos Greenfield, ponderando adequadamente riscos e retorno. Entretanto, a avaliação destes projetos não é simples pelas suas diversas particularidades. Deste modo, o objetivo desta dissertação é estabelecer um padrão metodológico para a análise destes investimentos. A partir de uma seleção de metodologias existentes, propõe-se uma série de abordagens alternativas e complementares, de forma a contemplar adequadamente as particularidades destes projetos. Portanto, este trabalho é inédito no que se refere à padronização de metodologias para a análise de investimento especificamente de projetos agroindustriais Greenfield de bioenergia. Para este fim, este trabalho não só propõem um padrão metodológico detalhado de análise, mas também o aplica em um estudo de caso de um projeto de cogeração de energia a partir de eucalipto. O intuito do estudo é ilustrar que a metodologia de análise de investimento proposta é eficaz. Além disso, serve como referência e guia de como aplicar esta ferramenta na análise de quaisquer projetos agroindustriais Greenfield no setor de bioenergia. Desta forma, é possível concluir que o uso do padrão metodológico proposto possibilita uma análise coerente de projetos desta natureza e permite uma tomada de decisão de investimento consciente. A criação desta ferramenta de análise e a exemplificação de seu uso são as principais contribuições deste trabalho.

Purpose: The purpose of the thesis is to develop a framework for obtaining social acceptance in the establishment of greenfield projects within hard-to-abate industries by identifying key factors and activities related to the topic. Method: The research was based on an exploratory single-case study of a Swedish greenfield project. The study aimed to gain a nuanced understanding of factors and activities regarding various aspects of the topic. A qualitative approach was used to deepen knowledge and insights into the research gap. The empirical data was collected in three phases: through exploratory workshops, interviews with representatives from the local community, and interviews with representatives from the establishing company. Findings: We have identified several factors and activities that consist of componentfactors/activities that provide a more detailed description of each factor and activity. This identification of influential factors, coupled with the proposal of activities to attain social acceptance, provides project managers with a tangible framework to obtain social acceptance. Factors affecting social acceptance in greenfield projects are (1) Community relationship, (2) Project information, (3) Operational concerns related to the project, (4) Ripple effect concerns, (5) Regional growth, and (6) Sustainability. The key activities we have found to stimulate the factors successfully are (1) Collaborating with external parties, (2) Establishing a communication strategy, (3) Community segmentation, (4) Going above and beyond legal obligations, (5) Community engagement, (6) Create trust by genuineness, and (7) Allocate financial resources to community investments. Theoretical contribution: This study contributes to the literature by verifying that many of the factors identified by previous scholars also apply to greenfield projects within hard-to-abate industries. Even if empirical evidence does not explicitly state the same factors and activities, we have verified that they are closely related. Further on, our developed framework fills an identifiedresearch gap by offering a more comprehensive understanding of the connections between factors and activities influencing social acceptance. Managerial contribution The developed framework in this thesis is designed to guide managers through three critical phases in their work to obtain social acceptance. These phases are pre-launch, launch, and integration. The framework enables managers to identify needed capabilities and systematically address key factors influencing social acceptance. By utilizing this framework, managers can create value by mitigating risks such as operational setbacks, economic losses, reputational damage, opposition, social conflicts, and sabotage.