Made available in DSpace on 2015-12-04T11:45:23Z (GMT). No. of bitstreams: 1 Eduardo_Ribeiro_Silva.pdf: 1063175 bytes, checksum: 3edc1135a16a6fa8cd3089603ed29233 (MD5) Previous issue date: 2004-08-09 / This study's objective is to realize a critical analysis of the EVA?? Variable Remuneration Program, beginning from it's theoretical conception and culminating to the definition and critical analysis of the inherent requisites of the analyzed variable remuneration programs in contrast with the identified requisites in the EVA?? Variable Remuneration Program. The EVA?? model shows it's variable remuneration program as a mechanism with the capacity of making managers to think and behave as the company's owners, based on the allegation that the bigger the EVA the bigger the manager's bonus, and the bigger the wealth created to the shareholder. However, this affirmation will be questioned by this dissertation. The research identified that the behavior and the satisfaction of the companies' employers are not just tied to the financial questions, but they are also connected to a variety of elements with the capacity of forming a motivated working environment. It was verified in this dissertation that the EVA?? Variable Remuneration Program partly attends the inherent requisites of the variable remuneration programs / O presente estudo tem o objetivo de realizar a an??lise cr??tica do Programa de Remunera????o Vari??vel EVA??, iniciando por sua concep????o te??rica e culminando na defini????o e an??lise cr??tica dos requisitos inerentes aos programas de remunera????o vari??vel analisados, em contraposi????o aos requisitos identificados no Programa de Remunera????o Vari??vel EVA??. O modelo EVA?? apresenta o seu programa de remunera????o vari??vel como mecanismo capaz de fazer os gestores pensarem e agirem como donos da empresa, sob a alega????o de que quanto maior o EVA, maior o b??nus para o gestor, e maior a riqueza gerada para o acionista. No entanto, esta afirma????o ser?? questionada nesta disserta????o. A pesquisa identificou que o comportamento e a satisfa????o dos funcion??rios de uma empresa n??o est??o relacionados apenas ao car??ter financeiro, e sim a um conjunto de elementos capazes de formar um ambiente de trabalho motivador. Foi verificado nesta disserta????o que o Programa de Remunera????o vari??vel EVA?? atende parcialmente os requisitos inerentes aos programas de remunera????o vari??vel.

Made available in DSpace on 2015-12-03T18:35:29Z (GMT). No. of bitstreams: 1 Emerson_Nogueira_Sales.pdf: 3549816 bytes, checksum: f538ff67f65baa2727ce0452ad14fcab (MD5) Previous issue date: 2014-04-02 / In Brazil there were more than 6000 mergers and acquisitions (M&A) in the last ten years, these operations have been the subject of research on its effects, resulting in differing conclusions as to the consequences of these operations, especially in relation to the benefits to shareholders regarding the creation of economic value, motivating this research to seek possible theoretical explanations and empirical confirmation about F&A. Thus, the objective of this research was to investigate whether the M&A events occurred between years 2000 and 2010 in companies listed on the BM&FBOVESPA created shareholder value. Variables Tobin's Q and the EVA?? were used as proxies for value creation. Data of 83 transactions M&A were analyzed in 28 purchasing companies or resulting companies, seeking to observe the behavior of the variables after the announcement of the transaction within 36 months and for the remainder of the period (ten years) where there was data availability. Also, the data allowed comparison between results of the sample's averages and the averages of others companies listed on the BM&FBOVESPA non-sampled. The results showed symmetry with those of most previous studies demonstrating that M&A did not affect the creation of value for any of the studied variables and that the variables had negative growth over the first 36 months and had continued showing a decline when it was possible to analyze by remainder of the period, and showed symmetry with the results of the companies non-sampled / No Brasil ocorreram mais de 6 mil transa????es de fus??es e aquisi????es (F&A) nos ??ltimos dez anos, e estas opera????es tem sido alvo de pesquisas acerca dos seus efeitos, resultando em conclus??es divergentes quanto aos reflexos destas opera????es, principalmente a respeito dos benef??cios aos acionistas no tocante ?? cria????o de valor econ??mico, motivando esta pesquisa a buscar explica????es te??ricas poss??veis de confirma????o emp??rica acerca das F&A. Desta forma, o objetivo geral desta pesquisa foi investigar se as opera????es de F&A ocorridos entre 2000 a 2010 em empresas listadas na BM&FBOVESPA criaram valor para os acionistas. Foram utilizadas como proxies para cria????o de valor as vari??veis Q de Tobin e o EVA??. Foram analisados dados de 83 transa????es de F&A em 28 empresas adquirentes ou resultantes, buscando observar o comportamento das vari??veis ap??s o an??ncio das transa????es em at?? 36 meses e tamb??m para o restante do per??odo (dez anos) nos casos em que houve a disponibilidade dos dados, bem como permitiu a compara????o com os resultados das m??dias entre a amostra e as m??dias das demais empresas listadas na bolsa. Os resultados obtidos guardam simetria com aqueles da maioria dos estudos anteriores demonstrando que as F&A n??o influenciaram a cria????o de valor por nenhuma das vari??veis estudadas e que as vari??veis apresentaram varia????o negativa ao longo dos primeiros 36 meses e continuaram mostrando o decl??nio quando puderam ser acompanhados pelo restante do per??odo, e mostraram simetria com os resultados das empresas que n??o pertenciam ?? amostra