Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-03-17T11:54:49Z No. of bitstreams: 1 Leandro Silva Mesquita.pdf: 7538322 bytes, checksum: a41e962e4ef0b303cd1305a4881dade8 (MD5) / Made available in DSpace on 2017-03-17T11:54:49Z (GMT). No. of bitstreams: 1 Leandro Silva Mesquita.pdf: 7538322 bytes, checksum: a41e962e4ef0b303cd1305a4881dade8 (MD5) Previous issue date: 2017-03-07 / Brazil's economic history is characterized by a strongly shortage of saving, and this has always been considered one of the main causes for the low level of productive investment in the economy. The pension funds could boost the country economy by allocating a portion of their available reserves in the manufacturing sector of the economy. Nowadays, the majority of the pension funds investment resources are concentrated in the speculative market; it means that they practically do not contribute with the economic development of the country. The Brazilian’s very high interest rate disincentives the investment in the manufacturing sector, because the pension fund managers can fulfill their obligations by concentrating investments only in bonds or other promissory certificates issued by the government. The ultimate goal of a pension fund is to ensure comfortable retirement for its participants, and the fund managers must ensure the liquidity and solvency of the offered plans. However, in addition to promoting the country's social security (main role), the pension funds could also be actively contributing to Brazil's economic development. The capital investment in the hands of pension funds could be extremely useful for social development, but it is eventually redirected to the speculative market / A história econômica do Brasil é fortemente marcada por grande escassez de poupança e isso sempre foi apontado como um dos problemas centrais para o baixo nível de investimento na economia. Os fundos de pensão, possuidores de grandes recursos disponíveis para investimento, poderiam alavancar o desenvolvimento do país alocando uma parcela de seus recursos nos setores produtivos da economia. Hoje em dia, a maior parte destes recursos disponíveis para investimento está concentrado no mercado especulativo, ou seja, praticamente não contribuem em nada com o desenvolvimento econômico do país. O principal fator de desincentivo ao investimento produtivo é a elevadíssima taxa de juros praticada hoje na economia brasileira, próxima de 14% a.a., que possibilita aos gestores dos fundos de pensão o cumprimento de suas obrigações concentrando os investimentos apenas em títulos públicos federais. O objetivo fim de um fundo de pensão é garantir uma aposentadoria confortável aos seus participantes, e para isso os administradores dos fundos devem zelar pela liquidez e solvência dos planos. Porém, além de atuar com destaque na seguridade social do país (seu papel principal), os fundos de pensão poderiam também estar contribuindo de forma mais ativa no desenvolvimento econômico do Brasil. Esse montante de capital disponível para investimento, com obrigações apenas de longo prazo, que poderia ser extremamente útil para o desenvolvimento social, termina concentrado em sua grande maioria no mercado especulativo

Dans ce travail, nous analysons et comparons les comportements de localisation de trois différentes formes d'investissements durables (les greenfields seuls, les investissements directs étrangers totaux (IDE) et les investissements productifs intérieurs). Parmi un groupe de déterminants, dont une large partie est inspirée de la littérature empirique existante, nous étudions tout particulièrement le rôle que joue le taux de change réel sur l'attractivité des territoires vis-à-vis de chacun de ces investissements. Un tel examen est opéré à partir d'une économétrie de données de panel. Il consiste à tester un modèle de référence sur les greenfields, les IDE totaux ainsi que sur les investissements productifs – avec des spécifications adaptées à chaque cas – et à interpréter l'ensemble des résultats et en particulier les écarts obtenus. Pour appréhender les variables dépendantes, nous nous appuyons sur les séries statistiques de la CNUCED et de l'OCDE, ainsi que sur celles du FDI Markets (Financial Times), et de l'European Investment Monitor (Ernst & Young) qui ont jusqu'à présent été peu exploitées, voire ignorées, par les études portant sur le sujet. Plusieurs échantillons (global, européen et OCDE) et plusieurs périodes (2004-2010, 1998-2010, 1995-2010) sont retenus en fonction de la disponibilité des données. Nos résultats indiquent que les greenfields, les IDE totaux (et donc, par déduction, les fusions-acquisitions) et les investissements productifs répondent à des critères de localisation bien différents correspondant à leurs caractéristiques propres. L'impact qu'exerce notamment le taux de change réel sur chacun de ces capitaux est des plus intéressants. De faibles prix relatifs apparaissent ainsi comme attirant de façon sensible les investissements productifs, qu'ils soient d'origine domestique ou étrangère (greenfields). En revanche, il semble que ces prix relatifs n'aient aucune influence sur les recompositions transnationales de capital, déduites à partir des IDE totaux. / In this work, we analyze and compare locational behavior of three forms of durable investments (greenfields, foreign direct investments, and internal productive investments). Among a group of determinants, mainly inspired by the existing empirical literature, we study more particularly the role played by the real exchange rate on countries' attractiveness towards each of those investments. Panel data econometrics is used for this study. We test a basis model on greenfields, total FDIs, and on productive investments – with specifications adapted to each case – and then analyze the results, particularly when they show differences. In order to proxy the dependent variables, we use the UNCTAD and the OECD's data series, as well as the FDI Markets (Financial Times) and the European Investment Monitor (Ernst & Young) which have somehow been ignored by the studies on the subject until now. Several samples (global, European and OECD) and several periods (2004-2010, 1998-2010 and 1995-2010) are analyzed depending on data availability. Our results prove that greenfields, total FDIs (and mergers and acquisitions by deduction), and productive investments respond to different location criteria according to their characteristics. In particular, the impact of the real exchange rate on each of those investments is very interesting. While low relative prices attract significantly productive investments, financed by domestic or foreign multinational companies (greenfields), they don't seem to have any impact on mergers and acquisitions (deduced from total FDIs).

The sugar cane-of-sugar has an important role in the Brazilian economy, boosting the country as the largest producer in the world. Among the products extracted from cane, stood out as sugar, ethanol, which presents itself as a renewable source of clean fuel, with lower rates of emission of carbon dioxide (CO2) into the environment, and power, which makes up the matrix Brazilian energy sector began doing a segment attractive for national and international investments. This study is a research multicase that identifies the factors relevant to the process of decision-making productive investments in the industry throughout Brazil. It presents the context, importance and development of the sector in the country, then the theoretical foundation related to decision making and decision making, also approaching decision-making styles. Will be presented also the economic, technical, financial, administrative, legal, environmental and accounting relating to decisions on investments in industrial plants, in addition to the methodological aspects of the study. The identification of factors that exert influence on the decision maker in the alcohol sector were identified from a questionnaire answered by managers of five companies located in São Paulo, Minas Gerais and Goias, and quantitative analysis of data obtained was developed using the software SPSS (Statistical Package in Social Science for Windows). The results revealed that the main factors considered by decision makers are the macroeconomic factors, regarding the best product in the future, expectations of high future demand for alcohol and sugar, another factor identified relates to administrative factors related to the initial value necessary for project implementation management, spending and operating costs and the size of the production scale, technical factors related to cost reduction due to new technologies and the accumulated knowledge about the production techniques of the derivatives of sugar cane-of-sugar, and finally the environmental factors linked to environmental impacts through pollution, ecological degradation and soil. / A cana-de-açúcar tem importante papel na economia brasileira, impulsionando o país como o maior produtor do mundo. Dentre os produtos extraídos da cana, destacam-se o açúcar, o etanol, que se apresenta como uma fonte renovável de combustível limpo, com menores taxas de emissão de dióxido de carbono (CO2) no ambiente, e a energia elétrica, que compõe a matriz energética brasileira, fazendo do setor sucroalcooleiro, um segmento atrativo para investimentos nacionais e internacionais. Este trabalho consiste em uma pesquisa multicaso que identifica os fatores relevantes para o processo de tomada de decisão por investimentos produtivos no setor sucroalcooleiro brasileiro. São apresentados o contexto, a importância e o desenvolvimento do setor no país, posteriormente a fundamentação teórica relacionada à tomada de decisão e ao processo decisório, abordando inclusive os estilos decisórios. Serão apresentados ainda os fatores econômicos, técnicos, financeiros, administrativos, jurídicos, ambientais e contábeis referente às decisões sobre investimentos em plantas industriais, além dos aspectos metodológicos do estudo. A identificação dos fatores que exercem influencia sobre o tomador de decisão no setor sucroalcooleiro foram identificados, a partir de um questionário, aplicado a dirigentes de cinco empresas, situadas nos estados de São Paulo, Minas Gerais e Goiás, e a análise quantitativa dos dados obtidos foi desenvolvida utilizando o software SPSS (Statistical Package in Social Science for Windows). Os resultados revelaram que os principais fatores considerados pelos decisores são os fatores macroeconômicos, relativos à melhores do produto no futuro, expectativas de elevação na demanda futura do álcool e açúcar, outro fator identificado refere aos fatores administrativos referentes ao valor inicial necessário para implantação do projeto, a gestão de gastos e custos operacionais e ao tamanho da escala de produção, os fatores técnicos ligados a redução de custos devido à novas tecnologias e ao conhecimento acumulado sobre as técnicas de produção dos derivados da cana-de-açúcar, e por fim os fatores ambientais, vinculados aos impactos ambientais através da poluição, degradação ecológica e solo. / Mestre em Administração