O presente trabalho tem por objetivo analisar os modelos da firma bancária e crédito a partir de uma visão keynesiana. Inicialmente são apresentadas as proposições teóricas de Keynes e as derivações dessa a partir dos velhos e novos keynesianos. Na 2 parte os modelos representativos da firma bancária dessas escolas são descritos através de Tobin e Stiglitz, sendo neste último caso introduzido o conceito de assimetria de informação. No 3 capítulo é desenvolvida a abordagem pós-keynesiana de endogeneidade da oferta de moeda, sendo apresentados os modelos horizontalista de Moore, bem como as críticas da visão estruturalista, além do modelo de estratégia bancária de Alves, Dymski e Paula, desenvolvido a partir da hipótese de fragilidade financeira de Minsky. No capítulo 4 efetua-se uma discussão, feita por autores pós-keynesianos, sobre a possibilidade de compatibilizar em alguma medida o modelo de Tobin e o modelo de racionamento de crédito com a concepção pós-keynesiana de banco e crédito. / The present work aims at analyzing the models of the banking firm and credit from a Keynesian approach. Initially the theoretical proposals of Keynes and the Old and New Keynesian view of banking and credit are presented. In chapter 2 the representative models of the banking firm of these schools are described through Tobin and Stiglitzs model. In chapter 3 is developed the Post-Keynesian approach of money endogeneity - Moores banking firm model and the criticism made by the Post-Keynesian structuralist view. We also consider other Post Keynesian banking firm model, such as Dymskis model and Alves, Dymski and Paula banking strategy model. In chapter 4 we discuss if compatible the Post Keynesian approach is compatible or not with the conventional Keynesian theory of banking. In chapter 4 we consider the hypothesis of financial fragility of Minsky.

The present thesis aims to increase our understanding of the causes of separatism. The inspiration for this topic comes from the fact that separatist conflicts can become extremely destructive, and thus a better understanding of why they emerge may help us prevent much human suffering by pointing to ways in which separatism can be avoided. More specifically, the thesis aims to explain the link between separatism and regional development disparities. The argument presented is that inter-regional economic conflicts (such as about inter-regional fiscal redistribution) easily emerge between regions at different levels of development, and that under certain conditions, particularly prolonged recessions and austerity, such conflicts can become an important driver of separatist aspirations. This can happen in both poorer and richer regions. The thesis further argues that this entire process can only be fully understood if we analyse society through a class prism. Given that regional development disparities often lie at the root of inter-regional economic conflicts, one of the ways of avoiding such conflicts – and thus also separatism – would be to equalize regional development levels. In order to do so, however, we first need to understand why regional disparities emerge and persist. Focusing on capitalist countries, the thesis argues that the disparities emerge as a natural consequence of the operation of oligopolistic markets, which are the dominant market form in capitalism. Regional development policies are explored at length, and it is argued that they are generally insufficient to overcome the tendency of markets to produce regional disparities. All the topics in the thesis are explored at the general level and for a larger number of countries, but the main in-depth case study is of regional disparities in the United Kingdom and how they relate to Scottish separatism.

Este trabalho foi elaborado com o objetivo de versar especificamente sobre o fenômeno social que é a Empresa, uma instituição-organização e, como tal, uma abstração humana de caráter poliédrico (emprestando a terminologia cunhada em 1943 por Asquini (em seu paradigmático artigo \"Os perfis da Empresa\"), um relevante agente da Sociedade que, institucionalizado, defenderemos tratar-se de um sujeito per si de direito. Como toda instituição, a Empresa é uma criação essencialmente humana, uma solução desenvolvida para atender determinada necessidade social, não sendo um resultado natural, espontâneo da natureza, mas, sim, fruto da racionalidade, da lógica, de uma pessoa ou conjunto de pessoas, que gozando do reconhecimento por seus pares é legitimada no seio social e por atribuição legal passa a gozar de personalidade jurídica. Neste estudo pretende-se conceituar juridicamente a Empresa, mediante a assunção deste fenômeno como uma realidade complexa que deve ser compreendida de forma sistêmica e integrada, não limitando sua análise jurídica meramente aos efeitos de sua atividade (função); ou à sua definição vulgar como forma de organização de fatores de produção voltada ao lucro; ou à sua interpretação como o simples resultado de um feixe de contratos avalorativos ou, ainda, entendida como instrumento simplesmente voltado à concretização da vontade de seu fundador o empresário, nesse trabalho entendido como empreendedor , mas sim como um fenômeno multifacetado uno, resultado da integração de suas diversas facetas (ou perfis), da inter-relação de suas diversas \"partes-interessadas\", enfim, como uma legítima instituição-organização. / This project was developed with the aim of relating specifically to the social phenomenon that is the Firm, an \"institution-organization\" and as such a human abstraction (creation) materialized as a polyhedral phenomenon (borrowing the terminology coined in 1943 by Asquini in his paradigmatic article \"Profiles of the Firm\"), a major agent of the Society that, institutionalized, it will be defended to be itself a \"subject of law\". Like any institution, the Firm is essentially a human creation, a solution designed to meet particular social need, not a spontaneous result of the \"nature\", but rather the result of rationality, logic, build by a person or group of people, and as a social phenomenon enjoys the recognition by their peers as legitimated social institution. This study intended to characterize the Firm legally, taking up this phenomenon as a complex reality that must be understood in a systemic and integrated approach, not limiting its legal analysis only to the effects of their activity (function), or its ordinary definition as a \"form of organization of production factors profit-oriented\", or its interpretation as the mere result of a series of contracts devoided of values, or even simply understood as a tool aimed at achieving the will of its founder - the entrepreneur, that in this work is understood as \"entrepreneur\" but as a multifaceted phenomenon considered as one single reality, resulting from the integration of its various aspects (or \"profiles\"), and the relations among and between its stakeholders, in others words, as a legitimate \"institution-organization\".

The purpose of this work is conceiving theoretically a firm in the post-Keynesian perspective, which is able to contribute to the heterodox microeconomic literature, especially the theory of the firm. In particular, Keynes criticism to the neoclassical is a forerunner in the search of elements that are able to outline the post-Keynesian firm. It starts with the notion of monetary production economy, the way in which Keynes conceptualized capitalist economies, through the non-neutrality of money, the active role that the business man has on the economy and thus the firm in which it operates, without forgetting to highlight the epistemological and environmental uncertainty. It is on this basis that the post-Keynesian turn to the microeconomic approach, highlighting, albeit in a diffuse way, elements such as pricing and production assets and investment market, competitiveness, technological performance, among others, meeting, will serve as constituents of the firm outlined in this paper. Without a particular firm defined, the strategy of this work was guided to seek a mirror to what is meant by firm in literature elsewhere, as namely the Resource Based View (RBV). From a concept of a firm already formed, the RBV provides guidance for the elements to get noticed amidst the diverse and scattered contributions developed by Keynes and the Post Keynesians. / O objetivo da dissertação é conceber teoricamente uma firma sob a perspectiva pós-keynesiana que seja capaz de contribuir para a literatura heterodoxa microeconômica, em especial da teoria da firma. Neste particular, a crítica de Keynes aos neoclássicos é precursora na busca de elementos que sejam capazes de delinear a firma pós-keynesiana. Parte-se da noção de economia monetária de produção, forma pela qual Keynes conceituou as economias capitalistas, passando pela noção da não-neutralidade da moeda, pelo papel ativo que o empresário exerce na economia e, consequentemente na firma em que ele atua, sem deixar de destacar a incerteza epistemológica e ambiental. É com esta base que os pós-keynesianos voltam-se para o enfoque microeconômico, destacando, ainda que de forma difusa, elementos como: a determinação de preço e de produção, mercado de ativos e investimento, competitividade, desempenho tecnológico, entre outros. Estes elementos reunidos servirão como constituintes da firma delineada neste trabalho. Sem uma firma definida, a estratégia deste trabalho orientou-se em buscar um espelho para o que se entende por firma em literatura alhures, qual seja, a Visão Baseada em Recursos (RBV). A partir de um conceito de firma já formado, a RBV oferece orientação para os elementos a serem notados em meio às diversas e dispersas contribuições desenvolvidas por Keynes e pelos pós-keynesianos. / Mestre em Economia

O presente trabalho tem por objetivo analisar os modelos da firma bancária e crédito a partir de uma visão keynesiana. Inicialmente são apresentadas as proposições teóricas de Keynes e as derivações dessa a partir dos velhos e novos keynesianos. Na 2 parte os modelos representativos da firma bancária dessas escolas são descritos através de Tobin e Stiglitz, sendo neste último caso introduzido o conceito de assimetria de informação. No 3 capítulo é desenvolvida a abordagem pós-keynesiana de endogeneidade da oferta de moeda, sendo apresentados os modelos horizontalista de Moore, bem como as críticas da visão estruturalista, além do modelo de estratégia bancária de Alves, Dymski e Paula, desenvolvido a partir da hipótese de fragilidade financeira de Minsky. No capítulo 4 efetua-se uma discussão, feita por autores pós-keynesianos, sobre a possibilidade de compatibilizar em alguma medida o modelo de Tobin e o modelo de racionamento de crédito com a concepção pós-keynesiana de banco e crédito. / The present work aims at analyzing the models of the banking firm and credit from a Keynesian approach. Initially the theoretical proposals of Keynes and the Old and New Keynesian view of banking and credit are presented. In chapter 2 the representative models of the banking firm of these schools are described through Tobin and Stiglitzs model. In chapter 3 is developed the Post-Keynesian approach of money endogeneity - Moores banking firm model and the criticism made by the Post-Keynesian structuralist view. We also consider other Post Keynesian banking firm model, such as Dymskis model and Alves, Dymski and Paula banking strategy model. In chapter 4 we discuss if compatible the Post Keynesian approach is compatible or not with the conventional Keynesian theory of banking. In chapter 4 we consider the hypothesis of financial fragility of Minsky.

La presente investigación tiene como objetivo estimar y analizar si la producción de agua embotellada en la Corporación Lindley se lleva a cabo bajo economías de escala y así, en niveles óptimos, con el fin de hacer un uso adecuado de los recursos de la empresa. En el primer capítulo, presentamos fundamentos teóricos y el marco institucional. Específicamente, presentamos información de la empresa, mercados y la industria bajo estudio, también los conceptos de la teoría económica, para propósitos de organización metodológica y análisis empírico. En el segundo capítulo, desarrollamos el problema de estudio, del que derivamos los objetivos y las hipótesis de esta investigación. Este capítulo establece el terreno, tanto para desarrollar el modelo micro-econométrico de los costos de producción, como para su estimación estadística usando el análisis de regresión clásica. En el tercer capítulo, presentamos el modelo estimado y sus principales estadísticas. Puntualmente, encontramos que la Corporación Lindley tendría cómo incrementar su producción de agua embotellada. Técnicamente, ello lo podría llevar a cabo sin tener que incrementar su capacidad instalada. En sus nuevas plantas, construidas en antelación a mayores mercados, parece existir capacidad instalada ociosa. La presencia de economías de escala, nos permiten inferir que la producción de corto plazo en esta empresa sería económicamente sub-óptima, toda vez que la existencia de dichas economías sugiere una producción inconsistente con la maximización de beneficios de largo plazo. Estos hallazgos se presentan en el capítulo cuarto, en el que concluimos nuestro estudio con algunas recomendaciones y una agenda de investigación futura. / The present research aims to estimate and analyze whether the production of bottled water in the Lindley Corporation is carried out under economies of scale and thus, at optimal levels, in order to make adequate use of the company's resources. In the first chapter, we present theoretical foundations and the institutional framework. Specifically, we present information on the company, markets and the industry under study, as well as concepts from economic theory, for purposes of methodological organization and empirical analysis. In the second chapter, we develop the study problem, from which we derive the objectives and hypotheses of this research. This chapter sets the stage, both for developing the micro-econometric model of production costs, and for its statistical estimation using classical regression analysis. In the third chapter, we present the estimated model and its main statistics. Specifically, we found that the Lindley Corporation would have a way to increase its production of bottled water. Technically, this could be done without having to increase its installed capacity. In its new plants, built in advance of larger markets, there seems to be idle installed capacity. The presence of economies of scale allows us to infer that the short-term production in this company would be economically suboptimal, since the existence of these economies suggests a production inconsistent with the maximization of long-term benefits. These findings are presented in the fourth chapter, in which we conclude our study with some recommendations and a future research agenda. / Tesis

Cette thèse étudie la façon dont l’atteinte ou non des objectifs et la gouvernance influencent la direction du changement organisationnel – en termes d’exploration et d’exploitation - et analyse l’impact de ces effets sur la performance de l’entreprise au fil du temps. Dans un premier temps, je procède à une analyse détaillée de la littérature sur le Corporate Venture Capital afin de positionner mon propre travail de recherche dans le champs considéré et confirmer l’originalité de mes contributions. Ensuite, dans la première étude, j’examine comment la non-atteinte des objectifs fixés influe sur la direction du changement organisationnel mis en oeuvre dans l'entreprise, et étudie la façon dont ces changements sont influencés par la place qu’occupent les actionnaires stables ou passagers dans le capital de l’entreprise. Dans la seconde étude, je vérifie empiriquement la validité des propositions formulées en examinant les investissements de corporate venture capital (CVC) réalisés par un échantillon d’entreprises ayant une forte activité CVC. Enfin, l'équilibre entre exploration et exploitation au fil du temps, ainsi que les caractéristiques des oscillations entre ces deux types d’activités sont examinés dans la troisième étude constituant cette thèse. Les analyses empiriques portent sur les investissements de CVC effectués par 286 entreprises des États-Unis sur la période 1993-2013. Cette thèse contribue à la théorie comportementale de l’entreprise (Behavioral Theory of the Firm) en examinant la façon dont la structure du capital et l’actionnariat influe sur la prise de décisions en matière d’innovation et de changement. En étudiant la façon dont l'inertie organisationnelle et les phases de changement affectent les activités d'exploitation et d'exploration, cette thèse contribue aussi à la recherche sur l’ambidextrie organisationnelle. Pour finir, ce travail participe à la recherche sur le corporate venture capital au travers de l’étude des antécédents et des conséquences des activités d'exploration et d’exploitation dans le cadre de l’investissement CVC. / This dissertation addresses unexplored issues on the antecedents, management, and outcomes of corporate venture capital (CVC). More specifically, I examine how negative performance feedback and corporate governance influence the direction of organizational change ˗ in terms of exploration and exploitation ˗ and how balancing such change over time influences firm performance in the CVC context. I first review the extant literature on CVC and lay out the unique contributions of my research. Then, in the first essay, I theorize on how poor firm performance influences the resource allocation decisions on exploration and exploitation and how such decisions are affected by the concentration of dedicated and transient shareholders and by the board of directors' monitoring and advising intensities. In the second essay, I empirically examine how the resource allocation decisions on exploration and exploitation are influenced by dedicated and transient shareholders in the context of CVC investing. In the third essay, I examine how balancing exploration and exploitation over time and the characteristics of oscillation impact firm performance. The empirical analysis in the latter two essays is based on CVC investments made by 286 U.S. companies during 1993-2013. This dissertation contributes to the Behavioral Theory of the Firm and Corporate Governance research by introducing how shareholders and boards influence managerial decision-making in search and change, Ambidexterity research by studying how continuous change and organizational inertia impact temporal spillover between exploration and exploitation, and CVC research by examining the antecedents and consequences of explorative and exploitative initiatives in CVC investing.

Since the early 1990s, institutional approaches to organizations have increasingly focused on explaining the role of agency in processes of institutional creation and transformation. The paradox of embedded agency, the question of how actors can become motivated and enabled to transform supposedly taken-for-granted practices, structures and norms has become the fundamental puzzle of contemporary institutional theory. Recent attempts to resolve this puzzle under the label of “institutional work” focus on practices aimed at creating, maintaining, and disrupting institutions, but portray them as planned, discrete episodes that unfold in isolation from everyday organizational or social life. Thereby, the label highlights institutionalists’ current neglect of work in its literal meaning as actors’ everyday occupational tasks and activities. The detachment of institutional work from practical work constitutes a significant blind spot in institutionalists’ understanding of agency and calls for research that examines the reciprocity of institutions and work. Drawing on illuminating constructs from theories of practice, this study extends existing field-level approaches to the paradox of embedded agency. It argues for a practice-based institutionalism that focuses on individual actors and the role of their collective micro-level praxis in constituting macro-level institutions. It re-connects institutional arguments to every-day activity rather than organizational or managerial action, unpacks the micro-practices and micro–politics by which actors negotiate institutional contradictions and demonstrates the reciprocity of institutions and work. The research addresses the detachment of institutional and practical work through a single-case study of a global law firm’s banking group. It explores what banking lawyers do when they ‘do deals’ and how their practical work may attain institutional relevance. Positioned at the intersec-tion of local laws, international financial markets, commercial and professional logics, banking lawyers operate across multiple institutional frameworks. Observations and accounts of their work provide particularly rich insights into the dynamics of institutional persistence and change, because they illustrate empirically how contradictory institutionalized concepts, practices and logics are experienced, negotiated, and constituted at work.

Submitted by Silvana Teresinha Dornelles Studzinski (sstudzinski) on 2015-06-24T13:12:43Z No. of bitstreams: 1 Márcio Laênio Manoel Junior.pdf: 5683974 bytes, checksum: 9afe3e3699e07c85044950de016df69b (MD5) / Made available in DSpace on 2015-06-24T13:12:43Z (GMT). No. of bitstreams: 1 Márcio Laênio Manoel Junior.pdf: 5683974 bytes, checksum: 9afe3e3699e07c85044950de016df69b (MD5) Previous issue date: 2012-03-19 / Nenhuma / O presente trabalho aborda o tema da Economia e Estratégia de Operações no que se refere às questões referentes à Teoria da Firma e, em especial, aquelas relacionadas com a organização interna da Firma. Seu objetivo consistiu na proposição de um modelo de análise e gestão da organização interna da Firma voltada para resultados econômicos, sob a ótica da teoria da Firma e dos conceitos, abordagens, métodos e ferramentas oriundos da disciplina da Estratégia de Operações. O referencial teórico buscou analisar, a partir de uma perspectiva histórica, as teorias e conceitos existentes da Firma no campo da Economia. Na medida em que foram observadas lacunas referentes a como o corpo teórico da Economia trata sobre a organização interna da Firma, visualizou-se a possibilidade de ‘buscar’ teorias e conceitos do campo da Estratégia de Operações na tentativa de preencher essas lacunas. A partir disso, identificaram e organizaram-se esses conceitos teóricos que, mediante a utilização do método do Design Research, possibilitaram a proposição de um artefato que contou com um conjunto de 16 proposições relacionadas para como as abordagens, conceitos e técnicas da estratégia de Operações podem ajudar a direcionar a organização interna da Firma para melhores resultados econômicos. Depois de desenvolvido, esse artefato foi posto a prova, a partir da aplicação em um caso prático na Firma X, focando uma de suas duas Unidades Estratégicas de Negócio. O aprendizado gerado com a aplicação prática possibilitou, na etapa de avaliação do modelo, identificar pontos a serem melhorados no intuito de deixar o modelo mais completo e robusto. Essas sugestões foram incorporadas no artefato, gerando uma versão final de modelo, denominada M1. Como resultado do trabalho, foi possível identificar o que as teorias da firma abordam sobre sua organização interna, apresentar abordagens da Estratégia de Operações que podem ser utilizadas para melhor compreender a organização interna da firma, propor o modelo de análise e gestão da organização interna, validá-lo e aprimorá-lo gerando o modelo M1. / The present dissertation approaches the issue of Economics and Operations Strategy regarding questions concerning The Theory of the Firm and, in particular, those related to the firm’s internal organization. Its purpose is to propose a framework for analyzing and managing the firm’s internal organization regarding economic results from the perspective of the Theory of the Firm and the concepts, approaches, methods and tools related to the discipline coming from the Operations Strategy. The theoretical background aimed at analyzing, from a historical perspective, the existing concepts and theories of the Firm in the Economic field. Considering the gaps observed concerning how the theoretical framework of economy leads the internal organization of the Firm, the possibility of searching for theories and concepts from the field of Operations Strategy arise in an attempt to fill these gaps. From this, these theoretical concepts were identified and organized by the method of Design Research, which allowed the suggestion of an artifact that counted on 16 (sixteen) propositions related to how the approaches, concepts and techniques of Operations Strategy can help the internal organization of the Firm achieving better economic results. Once developed and done, this artifact has been tested in a practical case on “X” Firm, focusing on one of its two Strategic Business Units. The resulting knowledge of this practical application in the evaluation stage of the model enabled identifying possible improving points in order to make the model more complete and robust. These suggestions were incorporated into the artifact, producing a final model, M1. As a result, it was possible to identify what the theories of the Firm state considering its internal organization, to introduce new kind of approaches to operations strategy which can be used to better understand the internal organization of the Firm, and, finally, to propose a framework for analyzing and managing the internal organization, validate it and improve it, resulting on the creation of the “M1” model.

A sucessão na empresa familiar tem sido considerada por seus estudiosos como o mais importante desafio a ser enfrentado por aquelas companhias na luta por sua perpetuação. Os processos de transição do controle da família enfrentam várias dificuldades típicas de qualquer transição gerencial ou de propriedade na firma, mas são complicados por fatores subjetivos presentes na interação das dinâmicas empresarial e familiar. Nas sucessões familiares os conflitos emergem, frequentemente, da indiscriminação entre os papéis sociais na família e na empresa. Tais conflitos envolvem questões ligadas à propriedade do negócio, à sua administração e aos interesses da família. A Nova Economia das Instituições adicionou ao corpo teórico das finanças corporativas uma série de variáveis comportamentais desconsideradas pela Economia Neoclássica com o objetivo de imprimir maior realismo às análises teóricas. O presente trabalho investiga as proposições da Teoria Econômica de Finanças para o comportamento dos administradores quanto à escolha da Estrutura de Capital na firma e sua utilidade para os Processos Sucessórios como elemento atenuante de conflitos. As conclusões apontam para uma interdependência entre decisões de Estrutura de Capital e Processo Sucessório, e para uma grande importância da forma de financiamento no longo prazo para o sucesso da Sucessão na Empresa Familiar, além de sugerirem pesquisas mais avançadas no sentido de compreender melhor esse contexto. / Experts consider the process of succession in the family business as the most important challenge in their fight for perpetuation. The transition processes encounter various difficulties common to managerial transitions, yet they are made more complicated due to subjective factors present in both the family and management arenas. During succession processes, conflicts often arise out of a difficulty to differentiate between social and business roles in the family. Such conflicts involve issues such as ownership, management styles and family interests. The New Institutional Economics added a series of behavior variables to the theoretical body of corporate finance. Such variables, previously not considered by the Neoclassic Economics, were added so as to bring a higher level of realism to the theoretical analysis. This dissertation investigates the propositions put forward by the Economic Theory of Finance regarding the behavior of managers as far as their choice of Capital Structure for the business and its validity as conflict attenuation in the process of Succession. The conclusions put forward here point toward an interdependency between decisions regarding Capital Structure and Succession in the Family Business. In addition to that, they highlight the importance of long term financing for a successful process, and suggest further investigation that could support and illustrate the conclusions.