Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2017-10-11T16:50:36Z No. of bitstreams: 1 Rodrigo da Silveira Kappel_.pdf: 1445418 bytes, checksum: b4cf183353ba6f54c976dc3d61b30cb8 (MD5) / Made available in DSpace on 2017-10-11T16:50:36Z (GMT). No. of bitstreams: 1 Rodrigo da Silveira Kappel_.pdf: 1445418 bytes, checksum: b4cf183353ba6f54c976dc3d61b30cb8 (MD5) Previous issue date: 2017-07-13 / L. C. BONATO & CIA LTDA / FDA - Faculdade Dom Alberto / Esta pesquisa investigou os impactos das crises econômicas sobre a decisão de investimento corporativo, em companhias brasileiras de capital aberto, no período entre 1995 a 2015. Para a realização desse trabalho, as empresas foram separadas em dois grupos para captar os efeitos adversos da restrição financeira (restritas e irrestritas) e o efeito moderador dos estoques de ativos líquidos (maior estoque ou menor estoque de ativos líquidos). A avaliação destes relacionamentos demandou a realização de três testes empíricos. Os resultados alcançados no primeiro teste revelam que apenas as proxies payout e tamanho/payout apresentam comportamento preconizado pela teoria para classificação do estado de restrição financeira das firmas, reportando resultados alinhados às evidências promovidas pela estratégia empírica básica de Fazzari, Hubbard e Petersen (1988) para sensibilidade do investimento ao fluxo de caixa. O segundo teste revelou o efeito amplificador das crises econômicas sobre os investimentos das firmas brasileiras, evidenciando uma sensibilidade negativa do investimento ao fluxo de caixa nos períodos de crises econômicas para as firmas restritas, enquanto que os investimentos de firmas irrestritas se mantêm insensíveis ao fluxo de caixa nos períodos recessivos. Essas evidências para firmas irrestritas confirmam o comportamento preconizado pela literatura, enquanto que amplificação do efeito das crises, em firmas restritas, foi observado pela variação negativa ente investimento e fluxo de caixa nestes períodos de choques econômicos. Os resultados obtidos em firmas brasileiras são consistentes com os evidenciados pela teoria, considerando que as crises econômicas afetam os investimentos das companhias, sendo os efeitos amplificados para as firmas restritas. Além disso, os resultados do último teste indicam que os estoques de ativos líquidos (caixa e equivalentes; caixa e equivalentes e trade credit – contas a receber; caixa e equivalentes, trade credit – contas a receber e estoques; caixa e equivalentes, trade credit – contas a receber; estoques, trade credit – contas a pagar; capital de giro líquido) não exerceram efeito amortecedor sobre os relacionamentos investigados, em especial, sobre os investimentos em firmas restritas nos períodos de crises econômicas. Os resultados reportados instigam a continuidade dessas investigações de modo a entender melhor como se procedem os ajustes operacionais e de investimentos, destacadamente nas empresas restritas financeiramente, seja através de novas proxies para capturar melhor o estado de restrição financeira, seja com a construção de outras variáveis para expressar o investimento, ou a liquidez, bem como avaliar os impactos com uma certa defasagem do tempo, dado que uma decisão de investimento é praticamente irreversível. / This research investigated the impacts of economic crises on corporate investment decision in Brazilian publicly traded companies, between 1995 and 2015. In order to carry out this research, the companies were separated into two groups to capture the adverse effects of the financial constraint (constrained and unconstrained) and the moderating effect of net assets stocks (higher or lower liquid assets stock). The evaluation of these relationships required the accomplishment of three empirical tests. The results obtained in the first test show that only the payout and size/payout proxies present the behavior recommended by the theory to classify the firms' financial constraint status, reporting results in line with the evidence promoted by Fazzari, Hubbard and Petersen's (1988) basic empirical strategy for investment sensitivity to cash flow. The second test revealed the amplifying effect of economic crises on the investments of Brazilian firms, showing a negative sensitivity of the investment to the cash flow in economic crises periods for the constrained firms, while the investments of unconstrained firms remain insensitive to the flow of in recessive periods. This evidence for unconstrained firms confirms the behavior advocated by the literature, while the amplification of the effect of crises in constrained firms was observed by the negative variation in investment and cash flow in economic shocks times. The results obtained in Brazilian firms are consistent with those evidenced by the theory, considering that the economic crises affect the companies’ investments and the effects are amplified for the constrained firms. In addition, the results of the last test indicate that net assets stocks (cash and cash equivalents; cash and cash equivalents and trade credit – trade accounts receivable; cash and cash equivalents, trade credit – trade accounts receivable and inventory; cash and cash equivalents, trade credit – trade accounts receivable, inventory and trade credit – suppliers; working capital), did not have a damaging effect on the relationships investigated, especially on investments in constrained firms in economic crisis periods. The reported results instigate the continuity of these investigations in order to better understand how the operational and investment adjustments are made, especially in financially constrained companies, either through new proxies to better capture the state of financial constraint, or to construct other variables to expressing the investment, or liquidity, as well as evaluating the impacts with a certain time, lag since an investment decision is virtually irreversible.

Investigación que busca dotar de contenido a la ley que creó el ITAN (Impuesto Temporal de los Activos Netos), a fin de determinar si el valor razonable es la medida contable que debe ser utilizada para el cálculo del dicho impuesto, puesto que de no ser así, la SUNAT estaría afectando económicamente a las empresas obligadas a pagar el mencionado tributo que hayan contabilizado sus activos al aludido valor de manera injusta. / Trabajo de investigación

L’indivision prend fin par le partage. Le partage substitue des droits privatifs à une propriétécollective sur un bien ou une masse de biens qui est fractionnée.L’indivision est présentée traditionnellement comme un état éphémère, mauvais, auquel il fautmettre fin. Des règles juridiques spécifiques au partage ont alors été mises en place ; lafiscalité de l’enregistrement a assuré l’accompagnement de ces règles.Aujourd’hui le partage se conçoit en valeur. Les règles du partage ont donc évolué.Cette évolution n’est pas appréhendée par le droit fiscal. Le traitement des soultes, desindemnités de réduction ou de rapport est parfois contestable.En outre, l’administration fiscale maintient encore la distinction entre partage pur et simple etavec soulte, distinction qui n’emporte aucune conséquence en droit civil et qui ne se justifieplus aujourd’hui.Le partage a un effet déclaratif et rétroactif. Chacun des attributaires est réputé avoir été seulpropriétaire du bien mis dans son lot.Le régime des plus-values des particuliers s’est calqué sur cette analyse qui par voie deconséquences, fait fi du partage et des soultes ou indemnités qui sont versées par l’attributairedu bien. L’analyse juridique du partage ignore l’aspect économique du partage.Quant à la fiscalité professionnelle, les règles sont complexes et disparates, pasnécessairement fondées sur l’analyse juridique ; le traitement fiscal du partage est alorsd’autant plus compliqué. / Joint possession ends through sharing. Sharing substitutes private rights to a collectiveownership over an asset or set of assets which is split.Joint possession is shown traditionally as a transient state, a bad state which must be ended.Legal regulations specific to sharing have subsequently been implemented; recorded taxationhas ensured that these regulations are supported.Today, sharing is conceivable as a value. Sharing regulations have therefore developed.This development is not apprehended by tax legislation. The processing of balances, reducedcompensation or reported compensation is sometimes disputable.In addition, the tax office still maintains the distinction between pure and simple sharing andsharing with a balance, a distinction which bears no consequence in civil law, and which is nolonger justified today.Sharing has a declarative and retroactive effect. Each one of the allottees is considered to havebeen the sole owner of the asset put into their lot.The individuals’ capital gains system is modelled on this analysis, which consequently,throws caution to the wind, and balances or compensation which are paid by the allottee of theasset. The legal analysis of the sharing ignores the economic aspect of the sharing.As regards taxation on work, the regulations are complex and disparate, not necessarily basedon the legal analysis; the tax processing of the sharing is then all the more complicated.