Made available in DSpace on 2016-06-02T19:24:45Z (GMT). No. of bitstreams: 1 1632.pdf: 1816366 bytes, checksum: 70fdaaebe1eee0f7c3355a410f8520c7 (MD5) Previous issue date: 2007-06-13 / Universidade Federal de Minas Gerais / The social inclusion projects of President Lula s first term accordingly proceeded through the market, as for instance: the Microcredit project, Banco Popular do Brasil (Brazil s Popular Bank) and especially the pension funds. Social inclusion by way of market is part of PT s political policies, which surveys have provisionally considered as moralization and/or domestication of capitalism, seeing that it strives to apply the money from speculation into productive activities that are capable of generating employment and income for workers. The moralization and/or domestication of capitalism is perceptible in the creation and management guidelines of the pension funds, which became consolidated as a great concern in the Federal Government s program, the three central unions of the country (especially CUT) and the labor unions, especially in the banking and electricity federations. The interaction among the syndicalists and former syndicalists in the Lula Government, businessmen from the pension funds sector and the Federal Government, bespeaks the complicity of interests and the convergence of the elite around the precise configuration of the pension funds. Thus, supported by the discourse of social responsibility, ethical investment, democratic management of the funds, protection of workers savings and the fight against capitalism, by means of their own instruments (domestication of capitalism), the Brazilian syndicalists have expanded accumulated legitimacy to the financial area in the workers scope. Therefore, their argument on management/protection of workers savings is justified as morally legitimate. Taking into account the aforementioned context, the present doctorate thesis set out to understand the social convention changes that the Brazilian syndicalism undergoes, the ambiguities and contradictions of such syndicate actions and the factual role and power our syndicates command. By the same token, it sought to comprehend the social inclusion policies by means of the market of the Lula Government. Lastly, it placed emphasis on the international ideas regarding the pension funds project, as well as the new institutionalizations created by the market s consolidation of pension funds in Brazil. The present work was theoretically influenced by Bourdieu, Mary Douglas, Marcel Mauss, Robert Castel, among renowned professionals of the Brazilian and international Social Sciences. Empirically, interviews were conducted with syndicalists, members of the Lula Government and those who oppose the pension funds project, in addition to observation participation in the events of this sector. Moreover, field work was carried out in central unions in France / Os projetos de inclusão social do primeiro Governo Lula passaram necessariamente pelo mercado: projeto microcrédito, Banco Popular do Brasil e especialmente fundos de pensão, são alguns exemplos. A inclusão social via mercado faz parte de uma política do PT que estamos denominando provisoriamente como moralização e/ou domesticação do capitalismo, já que busca aplicar o dinheiro oriundo da especulação em atividade produtiva, capaz de gerar emprego e renda para o trabalhador. A domesticação e/ou moralização do capitalismo fica evidente na política de criação e gestão de fundos de pensão, que se cristalizou enquanto tema de grande interesse na agenda do Governo Federal, das três centrais sindicais do país (sobretudo da CUT) e junto aos sindicatos, especialmente do setor bancário e eletricitário. A interação entre sindicalistas, ex-sindicalistas presentes no Governo Lula, empresários do setor de fundos de pensão e Governo Federal, coloca em evidência a cumplicidade de interesses e a convergência de elite , em torno da configuração precisa dos fundos de pensão. Nesse sentido, apoiados no discurso de responsabilidade social, investimento ético, gestão democrática dos fundos, proteção da poupança dos trabalhadores e na luta contra o capitalismo usando suas próprias armas (domesticação do capitalismo), os sindicalistas brasileiros têm ampliado para o espaço financeiro, a legitimidade acumulada no espaço trabalhista. Para tanto, argumentam ser moralmente legítimos na gestão/proteção da poupança dos trabalhadores. Considerando o contexto exposto acima, essa tese de doutoramento buscou compreender as mudanças de convenções sociais pelas quais passam o sindicalismo brasileiro, as ambiguidades e contradições dessa ação sindical e o real papel e poder do qual dispõem nossos sindicatos. Da mesma forma, buscou entender a política de inclusão social, via mercado do Governo Lula. Finalmente, buscou pontuar as inspirações internacionais para o projeto de fundos de pensão, e as novas institucionalidades criadas pela consolidação do mercado de fundos de pensão. Têm como inspiração teórica Bourdieu, Mary Douglas, Marcel Mauss, Robert Castel, dentre grandes nomes das Ciências Sociais do país e do exterior. Empiricamente, foram realizadas entrevistas com sindicalistas, membros do Governo Federal e opositores ao projeto de fundos de pensão, bem como observação participante em eventos do setor. Da mesma forma, foi realizada pesquisa de campo em centrais sindicais na França.

O direito do trabalho nasceu no ambiente da Revolução Industrial. Contemporaneamente, a economia mundializada, aliada às transformações operadas nos modos de produção mantém a atividade produtiva em destaque. A aposentadoria, por sua vez, a cada momento fica mais assustadora. Não somente em razão dos dogmas sociais que cercam a fase da velhice. A crise no sistema previdenciário Estatal assusta aos mais otimistas. Tal fato faz com que aumente a opção pelo sistema de aposentadoria privada na modalidade fechada. Contudo, o contrato de aposentadoria nessa modalidade merece maior atenção por parte dos setores da sociedade em razão da inexistência de amparo ao trabalhador que está buscando meios de garantir renda capaz de lhe proporcionar uma velhice digna. Através de análise epistemológica da problemática do sistema de aposentadoria privada na modalidade fechada, tendo como pano de fundo a dignidade da pessoa humana do aposentado, partimos para reflexões acerca dos mecanismos necessários à implementação de uma situação de igualdade jurídica do trabalhador contratante frente à entidade previdenciária e patrocinadora do plano, no âmbito da iniciativa privada. Defendemos que sejam alinhadas ações individuais e coletivas, por meio da sociedade organizada, que acrescentem a esse sistema condições de auto-organização em favor da concretização da dignidade da pessoa humana do aposentado. / Submitted by Marcelo Teixeira (mvteixeira@ucs.br) on 2014-05-15T17:00:14Z No. of bitstreams: 1 Dissertacao Sandra Poletto.pdf: 1331934 bytes, checksum: ea7338ea42f6d925aa3047c5d2ade6a1 (MD5) / Made available in DSpace on 2014-05-15T17:00:14Z (GMT). No. of bitstreams: 1 Dissertacao Sandra Poletto.pdf: 1331934 bytes, checksum: ea7338ea42f6d925aa3047c5d2ade6a1 (MD5) / Labor laws were created during the Industrial Revolution. Nowadays the globalized economy, combined with the changes in the means of production, keep the production activities as the focus of attention. Retirement, however, is becoming dreadful. Not only because of the social dogmas involving old age. The crisis in the state social security scares the most optimistic ones. The consequence of this fact is an increase in the number of people who choose to contribute to closed private pension entities. Some sectors of our society should turn their attention to this type of retirement, though. There is no support for the workers trying to find ways which can provide them with a proper old age. Through an epistemological analysis of issues involving contributions to closed private pension entities and having in mind a retired person s dignity, we reflect on the mechanisms required to implement juridical equality between the worker and the private entity he hires the services of within the scope of private enterprise. We defend that individual and collective acts should work together in an organized society and add self-organization conditions to this system so as to make concrete a retired person s dignity.

This study occupies itself with legal aspects of invalidity from youth. It represents an issue that is very significant from the social point of view although not regulated as single problem by law. However the whole theme infiltrates to another specific fields: social insurance, assessment medicine, psychology, juristic section, medicinal issue, ethics, upbringing and special pedagogy in a broad meaning. Current Czech law regulation of theme concerning benefits for persons with long-term unfavorable health state is based on concept of full and partial invalidity pension as benefits within pension insurance scheme and pension increase for incapacity (helplessness). Generally full and partial invalidity pension benefits originate from reduction of gainful activity and reaching of relevant time period of pension insurance. According to a survey it is evident that number of awarded full and partial invalidity pensions has increased in {\clqq}Jihočeský`` region. Respecting diagnostic flags structure the greatest occurrence of full invalidity pensions from youth has been recorded in group of intermediate cephalonia. Solving of social insurance of the elderly is planned under the pension reform at the present. The main goal of invalidity pension is permission to live as close as possible to normal state thus to face up to a handicap and to secure appropriate family, social and work life. In fine we could deduce that there should be confirmation of obligatory conversion of full invalidity pension to old-age pension when reaching retirement age within Czech pension reform. In my study I have focused on some factors decisive for occurrence of full or partial invalidity. It represents socially significant problems in broad range of relations that establish or could establish. Long-term loss or reduction of ability to work have negative impact not only on individuals but also affect social status of their families and thus negatively influence the whole society. Exclusion from work process traumatizes young people. Pension benefits provided to the disabled from youth are not deduced from tolled premiums. That is the reason I think this should be solved out of the pension insurance system as well as pension increase for incapacity (helplessness). Costs on these benefits would be compensated by state budget within pension insurance system in the near future with perspective of transmission of these benefits to other social scheme. In this connection it is necessary to emphasize that mankind should be made sure that there is basic perception and crucial aim of social welfare in focusing on level and quality of life of individuals and their families not affected by unfavorable social or economic influences as well as their health state and well-being that will not be compounded by diseases and injuries. This fact will substantially affect the strategy of modern social policy.

This master{\crq}s thesis deals with the issue of the pension system in relation to the demographic development in the Czech Republic. In describes the pension system from its very beginning until the effective legislation regulated by Act No. 155/1995, on Pension Insurance. The Czech pension system is based on two pillars {--} the basic obligatory system of pension insurance where the principle of social solidarity is applied and that is based on continuous funding (PAYG), and the voluntary private pension scheme with a state contribution. The private scheme is conceived as individual savings and is based on capital funding. The financial balance of the pay-as-you-go system where the expenditures on the benefits for current pensioners are immediately paid from the funds of those who are economically active to a critical extent depends on the rate between the number of pensioners and the number of contribution payers. As the expenditure on old-age pension accounts for the highest share in the expenditure on pension insurance, the rate between the number of pensioners and the number of contribution payers is primarily determined by the age structure of the population. Similarly to all developed countries, the development of the age structure of the population of the Czech Republic is marked with ageing of population as a result of the stagnating or decreasing fertility and extension of the lifespan. Benefits derived from the period of insurance and generated earnings are then paid from the pension insurance. They include old-age pension, disability pensions, and survivors{\crq} pensions. The aim of this thesis was not only to map out the current situation, but to define pros and cons of effective legislation related to pension insurance based on interviews with employees of district social security administrations, taking into account the demographic development in the Czech Republic. It also aimed at establishing the opinion of the lay public on the operation of the existing system and providing it within the context of the answers given by the expert public. To achieve these objectives, the qualitative method of document analysis and questioning was applied. Research techniques included a secondary data analysis and a half-standardised interview. The reviewed set comprised 11 officers at pension departments of district social security administrations and 11 respondents from among the lay public. The results of the research show that the current setting of the pension system is regarded as rather negative. The changes that must be made must be comprehensive and going across multiple systems; with a functioning labour market and stable background for families with children being an utmost necessity. It is also necessary to change the thinking of the citizens of the Czech Republic where one should no longer rely on the state only, but build on a responsible approach to one{\crq}s life and provide for oneself with one{\crq}s own founds for any social event, not only including the loss of income due to old age. The opinions of the expert and lay public were the same in more than 80%. With respect to the information obtained, this thesis might be a useful contribution to the discussion on other legislative changes in the pension system with a subsequent positive impact when applied in practice.

The objective of the thesis is to collect and analyze a set of persons injured in road traffic accidents in 2009 in České Budějovice district and to describe the health and social consequences of accidents, in particular extents of injuries, paid sick days, the time of treatment and permanent accidental disability. Based on the objective the following hypothesis was stated: "Traffic accidents have serious health and social consequences". The research was conducted by using the secondary data analysis method with the use of medial records of the traumatology department patients of České Budějovice Hospital, Inc. A part of the research was a questionnaire containing questions, aiming at the confirmation or rejection of the stated hypothesis, on the basis of which it was possible to categorize persons injured in traffic accidents, to determine whether the injuries have left a permanent accidental disability, and if so, which, and whether the injured person has received a disability pension. The examined set included 52 patients hospitalized at the traumatology department of České Budějovice Hospital, Inc. with injuries sustained in traffic accidents, who filled in the questionnaires, form the original number of hundred patients with the longest period of hospitalization and therefore the heaviest anticipated consequences, who were sent the questionnaires. The following numbers and percentages mentioned are always related to individual age categories. In the age category under 20 years of age 1 men, i.e. 4% of men, and 2 women, i.e.15% of women got a permanent disability, in the category 21-35 years of age 12 men, i.e. 43% of men and 6 women, i.e. 46% of women got a permanent disability, in the category 36-50 years of age only 7 men, i.e. 25% of men and no woman got a permanent disability, in the category over 50 years of age 8 men, i.e. 29% of men and 5 women, i.e. 38% of women got a permanent disability. In the age category under 20 years of age there were no men who receive a disability pension, only 1 female, i.e. 14% of women in the category 21-35 years of age 4 men, i.e. 27% of men and 3 women, i.e. 43% women receive a disability pension, in the category 36-50 years of age only 6 men, i.e. 40% of men got a disability pension, and no women, in the category above 50 years of age 5 men, i.e. 33% of men and 3 women, i.e. 43% of women got a disability pension. The objective of the diploma thesis to collect and analyze a set of persons injured in traffic accidents in České Budějovice district in the year 2009 was met through the carried out research. Based on the findings, it may be stated that the hypothesis: "Traffic accidents have serious health and social consequences? was confirmed.

O direito do trabalho nasceu no ambiente da Revolução Industrial. Contemporaneamente, a economia mundializada, aliada às transformações operadas nos modos de produção mantém a atividade produtiva em destaque. A aposentadoria, por sua vez, a cada momento fica mais assustadora. Não somente em razão dos dogmas sociais que cercam a fase da velhice. A crise no sistema previdenciário Estatal assusta aos mais otimistas. Tal fato faz com que aumente a opção pelo sistema de aposentadoria privada na modalidade fechada. Contudo, o contrato de aposentadoria nessa modalidade merece maior atenção por parte dos setores da sociedade em razão da inexistência de amparo ao trabalhador que está buscando meios de garantir renda capaz de lhe proporcionar uma velhice digna. Através de análise epistemológica da problemática do sistema de aposentadoria privada na modalidade fechada, tendo como pano de fundo a dignidade da pessoa humana do aposentado, partimos para reflexões acerca dos mecanismos necessários à implementação de uma situação de igualdade jurídica do trabalhador contratante frente à entidade previdenciária e patrocinadora do plano, no âmbito da iniciativa privada. Defendemos que sejam alinhadas ações individuais e coletivas, por meio da sociedade organizada, que acrescentem a esse sistema condições de auto-organização em favor da concretização da dignidade da pessoa humana do aposentado. / Labor laws were created during the Industrial Revolution. Nowadays the globalized economy, combined with the changes in the means of production, keep the production activities as the focus of attention. Retirement, however, is becoming dreadful. Not only because of the social dogmas involving old age. The crisis in the state social security scares the most optimistic ones. The consequence of this fact is an increase in the number of people who choose to contribute to closed private pension entities. Some sectors of our society should turn their attention to this type of retirement, though. There is no support for the workers trying to find ways which can provide them with a proper old age. Through an epistemological analysis of issues involving contributions to closed private pension entities and having in mind a retired person s dignity, we reflect on the mechanisms required to implement juridical equality between the worker and the private entity he hires the services of within the scope of private enterprise. We defend that individual and collective acts should work together in an organized society and add self-organization conditions to this system so as to make concrete a retired person s dignity.

Made available in DSpace on 2017-07-10T17:55:31Z (GMT). No. of bitstreams: 1 Patricia_Bonilha_Leao.pdf: 2109690 bytes, checksum: 3ac9d36144edaedfcf15842965492834 (MD5) Previous issue date: 2013-07-29 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The 1988 Constitution is the Constitutional Charter was instituted more social rights, among these are pension rights, both in relation to the General Welfare, the criteria governing the granting of retirement to workers whose contract of workers are governed by the Labor Code, as the Regime of Social Security Self, the civil servants and the military. Despite these advances in social rights were the result of struggles and demands of men and women who took to the streets in search of better conditions of work and life, organized into unions, leftist parties, social movements, the promulgation of the Charter was made by elite Brazil, represented by the right. However, barely closed the adoption of this Constitution, these same groups, began working in the implementation of capitalism in its neoliberal form, starting coupled to this process of "welfare reform Brazilian". Despite attempts to implement this throughout the Collor / Itamar, this was effective only in 1998 with the approval of Constitutional Amendment. 20/98. This amendment ended with retirement for length of service, deployed retirement contribution time, set maximum limit for payment of pension benefits under the general scheme and the mandatory pension scheme, following criteria set by the World Bank, the IMF and government linked U.S. However, even getting the approval of Amendment. 20, the Cardoso government failed to move towards deregulation pension rights of public employees. This setback was achieved in the reform implemented following the end of the 1st year of the Lula government (2003), through the adoption of Constitutional Amendment 41. Our goal is to analyze the process of pension reform in Brazil, 1990-2003, from the discussions in the polls of PECs in the National Congress, thought of as political society, formed by representatives of groups with heterogeneous interests, aiming to realize the contradictions and conflicts intra / extra-class / A Constituição de 1988 é a Carta Constitucional que mais instituiu direitos sociais, dentre esses estão os direitos previdenciários, tanto em relação ao Regime Geral de Previdência Social, que rege os critérios de concessão de aposentadoria aos trabalhadores cujos contratados de trabalhado são regidos pela CLT, quanto do Regime Próprio de Previdência Social, dos servidores públicos civis e militares. Apesar desses avanços nos direitos sociais serem resultado de lutas e reivindicações de homens e mulheres, que foram às ruas em busca de melhores condições de trabalho e vida, organizados em sindicatos, partidos de esquerda, movimentos sociais, a promulgação desta Carta foi feita pela elite brasileira, representada pela direita. Todavia, mal encerrou o processo de aprovação desta Constituição, esses mesmos grupos, começaram a atuar na implantação do capitalismo em sua forma neoliberal, iniciando atrelado a este o processo de reforma da previdência social brasileira . Apesar das tentativas de implantação desta ao longo do governo Collor/Itamar, esta foi efetivada somente em 1998 com a aprovação da Emenda Constitucional nº 20/98. Essa emenda acabou com a aposentadoria por tempo de serviço, implantou a aposentadoria por tempo de contribuição, definiu teto máximo para pagamento de benefícios previdenciários do regime geral e instituiu o regime de previdência complementar, seguindo critérios definidos pelo Banco Mundial, atrelado ao FMI e governo estadunidense. No entanto, mesmo conseguindo a aprovação da EC nº 20, o governo FHC não conseguiu avançar no sentido da desregulamentação dos direitos previdenciários dos servidores públicos. Esse retrocesso foi conseguido na reforma seguinte implantada ao final do 1º ano do governo Lula (2003), através da aprovação da Emenda Constitucional nº 41. Nosso objetivo é analisar o processo da reforma previdenciária brasileira, de 1990 a 2003, a partir das discussões realizadas nas votações das PECs no âmbito do Congresso Nacional, pensado enquanto sociedade política, formada por representantes de grupos com interesses heterogêneos, visando perceber as contradições e conflitos intra/extraclasse

Esta pesquisa inova ao investigar a associação de práticas de governança e de características específicas de fundos de pensão brasileiros com o desempenho dos investimentos. Déficits crescentes observados desde 2011, combinados com casos de corrupção e gestão temerária, são fatores que podem contestar a efetividade de fundos de pensão e lançar questionamentos sobre a previdência complementar fechada. O estudo utiliza dados coletados de demonstrações contábeis anuais auditadas de 2011 a 2015 de 41 fundos de pensão do país e que possuem sob a gestão 72% dos investimentos do total das entidades do Brasil. As informações sobre práticas de governança foram obtidas de relatórios internos dos fundos de pensão disponíveis em seus sítios eletrônicos e, também de plataformas eletrônicas como Bloomberg, LinkedIn e Google. Foi desenvolvido estudo quantitativo para investigar o problema de aspectos de governança e de características específicas em fundos de pensão brasileiros e que podem impactar de forma diferenciada o retorno dos ativos sob a gestão. O experimento do trabalho testou dados em painel através do método dos momentos generalizados em dois estágios com uso de variáveis instrumentais. Os resultados indicam evidências de impacto positivo no desempenho dos investimentos quando há uso de melhores práticas de governança como o comitê de investimentos. Sugere-se que estão sendo efetivos a avaliação e o controle de riscos sob esta prática e em benefício dos planos sob a gestão. Porém, há evidências de associação negativa de características no nível destas organizações sobre o retorno dos investimentos. Dentre as características que puderam ser observadas, os resultados sugerem que conexões com governo pelo tipo de patrocínio e existência de contratos de gestão externa dos investimentos por fundo de pensão com patrocinador do setor financeiro, podem influenciar a busca de outros interesses que não o melhor retorno aos planos de benefícios. Entretanto, a partir das mesmas características apresentam-se evidências de associação positiva com uso de melhores práticas de governança. Entende-se que pode haver o incentivo de se manter as condições para atendimento dos interesses políticos de suas relações. Os resultados desta pesquisa trazem contribuições para a discussão de características no nível dos fundos de pensão que podem influenciar o comportamento de seus executivos e para o debate da governança dessas organizações no país. Entende-se que estas contribuições podem ser aplicadas no contexto de demais economias emergentes. Por fim, a pesquisa sugere não ser óbvio que o monitoramento e controle pelos órgãos de supervisão e regulação atual sejam suficientes para evitar a evolução de déficits nos fundos de pensão e de impacto social no longo prazo. O argumento é que sem mecanismos de governança adequados às características no nível das entidades, os executivos em fundos de pensão podem não atuar no interesse único dos participantes dos planos de benefícios. / This research innovates by investigating the association of governance practices and specific characteristics of Brazilian pension funds with the performance of investments. Increasing deficits observed since 2011, combined with cases of corruption and reckless management, are factors that can challenge the effectiveness of pension funds and raise questions about closed private pension plans. The study uses data collected from audited annual financial statements between 2011 and 2015 from 41 pension funds that accounting for 72% of investments in this system. Information on pension fund governance practices was obtained from internal reports available on its websites and also from electronic platforms such as Bloomberg, LinkedIn, and Google. A quantitative study was developed to investigate the problem of governance aspects, and specific characteristics of them that may have a different impact on the return of assets under management. The work experiment tested panel data through the generalized method of moments (GMM) in two stages and use of instrumental variables. The results indicate evidence of a positive impact on the performance of asset under management in the use of governance best-practices such as investment committee. It is suggested that under this practice, risk assessment and control are being effective for the benefit of plans under the management of pension funds. However, there is evidence of a negative association at the organization-level on the return of investments. The results demonstrate that characteristics such as the government connections by the type of sponsorship and the outsourcing of the investment management by pension funds with sponsor from the financial sector can influence the pursuit of interests other than the best return of investments for the benefit plans. However, these same characteristics present evidence of a positive association with the use of governance best-practices. It is understood that the incentive would be to maintain the conditions to attend the political interests of their relations. The results of this research bring contributions to the discussion of characteristics at the level of pension funds that can influence the behavior of its executives and to the debate of their corporate governance in the country. It is understood that these contributions can be applied in the context of other emerging economies. Finally, this paper suggests that it isn´t obvious that monitoring and controlling by current supervisory and regulatory bodies are sufficient to avoid the evolution of deficits in pension funds and greater social impact in the long term. The argument is that without appropriated governance mechanisms to entity-level characteristics, pension fund executives may not act in the sole interest of participants.

Submitted by Renato Camargo (rvcamargo1965@hotmail.com) on 2012-08-26T15:30:28Z No. of bitstreams: 1 Dissertação_Renato_Villalba_Camargo_Final_biblioteca_digital.pdf: 903027 bytes, checksum: 1be2c4b888e11b046aca2ee7e1e1b64e (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2012-09-04T16:34:26Z (GMT) No. of bitstreams: 1 Dissertação_Renato_Villalba_Camargo_Final_biblioteca_digital.pdf: 903027 bytes, checksum: 1be2c4b888e11b046aca2ee7e1e1b64e (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2012-09-04T18:10:50Z (GMT) No. of bitstreams: 1 Dissertação_Renato_Villalba_Camargo_Final_biblioteca_digital.pdf: 903027 bytes, checksum: 1be2c4b888e11b046aca2ee7e1e1b64e (MD5) / Made available in DSpace on 2012-09-04T18:11:18Z (GMT). No. of bitstreams: 1 Dissertação_Renato_Villalba_Camargo_Final_biblioteca_digital.pdf: 903027 bytes, checksum: 1be2c4b888e11b046aca2ee7e1e1b64e (MD5) Previous issue date: 2012-08-07 / Esta dissertação tem como objetivo principal investigar por que os fundos de pensão têm propensão a buscar que as empresas nas quais mantém investimentos persigam práticas de responsabilidade socioempresarial. Para atingir os objetivos propostos foi realizado estudo de caso no maior fundo de pensão da América Latina - PREVI, e que ocupa a primeira posição dentre os fundos de pensão brasileiros em volume financeiro de ativos e tem participação relevante na estrutura de propriedade em 38 empresas. Por meio de entrevistas semiestruturadas foi possível capturar o posicionamento adotado pelos gestores do fundo de pensão com relação às estratégias de responsabilidade socioempresarial nas empresas investidas. Em função da necessidade de melhor compreender a cadeia de valor das organizações, esta dissertação tratou da teoria dos stakeholders, importante na definição estratégica e filosófica das empresas, e da teoria da agência, pois alguns conflitos são identificados na relação entre acionistas majoritários (PREVI) e minoritários. O estudo permitiu identificar que os gestores, não obstante apresentarem discurso voltado para o atendimento dos stakeholders das empresas investidas, têm como foco principal mitigar os riscos ambientais e sociais, em função dos impactos econômicos que estes problemas podem representar para as organizações nas quais investem. Apesar do objetivo instrumental que tem movido o fundo de pensão, suas ações têm levado a um crescimento na adoção de práticas responsáveis pelos participantes do mercado. Foi possível concluir que os gestores do fundo de pensão objeto do estudo de caso ao adotarem princípios de investimentos responsáveis atendem de forma eficaz também a seu dever fiduciário. / This dissertation aims at investigating why pension funds have a tendency to seek that which holds investments in companies pursuing corporate social responsibility practices. To achieve the proposed objectives was conducted case study in the largest pension fund in Latin America - PREVI, which ranks first among the Brazilian pension funds in financial volume of assets and has a significant place in the structure of ownership in 38 companies. Through semi-structured interviews was possible to capture the position taken by the managers of pension fund in relation to corporate social responsibility strategies in the investee companies. Because of the need to better understand the value chain of organizations, this paper dealt with the theory of stakeholders, important for strategic and philosophical definition of enterprises, and the agency theory, as some conflicts are identified in the relationship between controlling shareholders (PREVI) and minority. The study allowed to identify that the managers, in spite of showing speech directed to the attention of stakeholders of invested companies, focuses primarily on mitigating the environmental and social risk, depending on the economic impacts that this problems may pose for organizations in which they invest. Despite the instrumental goal that has moved the fund, its actions have led to an increase in the adoption of responsible practices by market participants. It was possible to conclude that the managers of the pension fund case study object, by adopting the principles of responsible investment, effectively meet their fiduciary duty also.

Submitted by Pedro da Costa Neves Neto (pedrocnn@gmail.com) on 2012-09-04T03:40:26Z No. of bitstreams: 1 Dissertacao_PCNN_final.pdf: 2144117 bytes, checksum: 6985af49978cc36281a6038742aa9c6f (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2012-09-04T12:47:22Z (GMT) No. of bitstreams: 1 Dissertacao_PCNN_final.pdf: 2144117 bytes, checksum: 6985af49978cc36281a6038742aa9c6f (MD5) / Made available in DSpace on 2012-09-04T12:49:51Z (GMT). No. of bitstreams: 1 Dissertacao_PCNN_final.pdf: 2144117 bytes, checksum: 6985af49978cc36281a6038742aa9c6f (MD5) Previous issue date: 2012-08-24 / This study aimed at evaluating the intertemporal hedging demand for stocks and bonds to investors in Brazil and the U.S. Following the framework of the dynamic portfolio choice theory established by Merton (1969, 1971, 1973) and Samuelson (1969), and the multivariate model proposed by Campbell, Chan and Viceira (2003), we find the optimal portfolio choice for infinitely-lived investors with Epstein-Zin-Weil utility defined over consumption who allocate their wealth in stocks, long-term bonds and short-term bills, whose returns are described by a first order vector autoregressive process. There is evidence of positive intertemporal hedging demand for stocks and bonds to U.S. investors, but the hedging demand for bonds is greater than for stocks, what contrasts with the results found in Campbell, Chan and Viceira (2003). The selected period, from January 1998 to March 2012, witnessed lower stock returns, lower dividend yield predictive power and a strong downward trend in short-term interest rates, which may have influenced the results. Risk averse brazilian investors also protect themselves against shocks in future investment opportunities in long-term bonds, meaning that this acts like the riskless asset for brazilian long-term investors during periods of low inflation risk. The intertemporal hedging demand for stocks is low, but positive. However, some facts indicate that stocks may play a stronger role in hedging demand in the near future, following the role they already play in economies with developed financial markets. Assets with hedging demand characteristics exhibit the desirable property of decreasing variance across time, which is very important to long-term investment policy. These are important results for pension system players and all those who are interested in long-term asset allocation. / Este estudo teve por objetivo mensurar a demanda por proteção intertemporal por ações e títulos longos de renda fixa, no Brasil e nos EUA. Seguindo o arcabouço da teoria de escolha dinâmica de carteiras de Merton (1969, 1971, 1973) e Samuelson (1969), e o modelo multivariado proposto por Campbell, Chan e Viceira (2003), encontramos a solução ótima de carteira para investidores de longo prazo com função utilidade Epstein-Zin-Weil sobre uma corrente de consumo sem data terminal, e que alocam entre ações e títulos de curto e longo prazo, cujos retornos são representados por um vetor autorregressivo de primeira ordem. Encontramos evidência de demanda positiva por proteção intertemporal por ações e títulos de longo prazo para o investidor americano, porém a demanda por títulos é muito superior à por ações, resultado que difere de Campbell, Chan e Viceira (2003). A escolha do período utilizado, de janeiro de 1998 a março de 2012, marcado por menor retorno das ações, menor poder preditivo do dividend yield e clara trajetória de queda na taxa de juros de curto prazo, teve influência no resultado. Investidores brasileiros avessos a risco se protegem da deterioração nas oportunidades de investimento em títulos de longo prazo, mostrando que estes agem como ativos livres de risco no Brasil em períodos de inflação controlada. A demanda por proteção intertemporal por ações é de baixa magnitude, mas positiva, e estão presentes indícios de que possam convergir, ao longo do tempo, para o papel que exercem para investidores nas economias com mercados financeiros desenvolvidos. Pela característica de proteção intertemporal, ações e títulos de longo prazo contém a desejável propriedade de variância acumulada decrescente, em períodos longos de investimento. É um resultado a ser considerado por participantes de sistemas previdenciários e todos os interessados na alocação de ativos de longo prazo.