La crise financière des subprimes confirme l'importance, pour les banques, de disposer de capitaux propres suffisants afin de répondre aux aléas économiques et aux risques opérationnels, et d'assurer leur solvabilité. Se pose, désormais, la question de la flexibilité et de son utilisation dans le secteur bancaire. Il se trouve qu'une meilleure capitalisation permet de capturer des opportunités et d'exercer des options de croissance. D'ailleurs, les évolutions récentes (crises, consolidation, croissance, etc.) démontrent l'importance de la valeur financière de la flexibilité. Ces deux aspects classiques en finance d'entreprise prennent une tournure spécifique en fonction de l'environnement réglementaire et opérationnel de l'activité bancaire.Les résultats dégagés de nos études nous permettent de nous prononcer sur le rôle primordial des flexibilités et performance financières dans le processus de création de valeur dans la banque. En outre, ces résultats ont montré qu’un niveau des fonds propres supérieur au minimum exigé est bénéfique et contribuait, dans certaines conditions, à améliorer la valeur boursière des banques systémiques. Celles-ci sont amenées à investir plus dans la flexibilité financière versus coussins de sécurité. Des telles banques n’auront pas besoin de faire appel aux marchés en cas de détresse financière. Toutefois, tout changement de la structure financière par augmentation de capital est accueilli négativement par les marchés. En revanche, les investisseurs réagissent différemment à l'annonce des augmentations de capital, selon les motivations annoncées. / The subprime financial crisis confirms the importance for banks to have sufficient equity to meet the economic uncertainties and operational risks and to ensure their solvency. In this context arises the question of flexibility and its use in banking. It appears that a better capitalization allows capturing opportunities and open options for growth. Moreover, recent developments (crises, consolidation, growth, etc.) demonstrate the importance of the financial value of flexibility. These two classical aspects in corporate finance take a specific twist according to the regulatory and operating environment of the banking sector.The results that emerged from our studies allow us to comment on the essential role of the flexibility and financial performance in the value creation process in banks. In addition, these results showed that a higher level of shareholders’ equity, than the minimum required, is beneficial and contributed, under certain conditions, to improve the market value of systemic banks. The systemic banks are forced to invest more in financial flexibility according to capital buffers. Such banks will not need to seek for help from markets when in financial distress. However, any change in the financial structure through the capital increase is regarded negatively by the markets. But, investors react differently to the announcement of the capital increase, according to the announced motivations.

Submitted by Priscila Miguel (plsmiguel@gmail.com) on 2012-03-29T17:17:17Z No. of bitstreams: 1 Tese Priscila versão final.pdf: 2954945 bytes, checksum: d6e1ee7941cd855192c9ebbc2b7bba3c (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2012-03-29T17:21:27Z (GMT) No. of bitstreams: 1 Tese Priscila versão final.pdf: 2954945 bytes, checksum: d6e1ee7941cd855192c9ebbc2b7bba3c (MD5) / Made available in DSpace on 2012-03-29T17:22:50Z (GMT). No. of bitstreams: 1 Tese Priscila versão final.pdf: 2954945 bytes, checksum: d6e1ee7941cd855192c9ebbc2b7bba3c (MD5) Previous issue date: 2012-02-29 / This research aimed to study how value is created in a buyer-supplier relationship, investigating how governance mechanisms impact value creation, how this phenomenon occurs over time and testing if the model derived from the notion of economic value creation (BRANDENBURGER; STUART, 1996) can be used to measure value creation in dyads. We also tested the impact of the relational sources of competitive advantage (DYER; SINGH, 1998) on the value creation for the organizations involved. By integrating the literature on relationships in the Operations and Supply Chain field with the debate on value creation and competitive advantage in the areas of Strategy and Marketing, an integrative model to assess value creation in relationships and their development over time was proposed, based on three important theories: Transaction Cost Theory, Relational View and Theory of Social Exchange. A deductive qualitative research (BARRAT; CHOI, 2011), with 28 executives responsible for the relationship in both suppliers and buyers’ companies, was performed in two industries: Food & Beverages and Personal Care. The results shown that, in these industries, suppliers are more supportive to collaboration that the buyers, but this commitment does not guarantee exclusivity or increased volumes. Relational governance mechanisms are more common in situations involving risks to companies and when there is size or power asymmetry. The qualitative research provided evidences that the model of economic value creation of Brandenburger and Stuart (1996) can be used to assess the value created in relationships, by considering the difference between willingness to pay of the buyer company and the opportunity cost of the supplier. Additionally, the results suggest that companies should assess the gains of the relationships in the long term, as gains are created in different time for buyers and suppliers. Finally, the qualitative stage identified three distinct types of value creation in dyads: situational or episodic, incremental and relational. At the same time, based on a survey with 76 suppliers, a model to evaluate the effect of the four sources of relational advantage on value creation was tested. The measurement models analysis suggested that the constructs of mechanisms of relational governance and resources complementarity resources should be grouped into a latent variable representing the intraorganizational fit (CHEUG; MYERS, Mentzer, 2010; Saxton, 1997). The measurement model for value creation, represented by five dimensions ( relationship benefits, benefits for the supplier, benefits for buyer, switching costs for the buyer company and opportunity costs for the supplier) had good fit and can be used in future research. Using the validated models and multiple linear regression, the causal relationships between the sources of the relational advantage and value creation were tested. The results provided evidence that different sources of relational advantage have different impact on different aspects of the value created. While inter-organizational fit has positive impact on both supplier and buyer benefits, knowledge sharing has a positive effect on the relationship benefit to the relationship. The asset specificity impact the opportunity cost to the supplier, while the switching cost of for the buyer is not affected by these mechanisms in this situation. A cluster analysis was performed and two distinct groups among the respondents were identified: relational dyads and non relational dyads. There are evidences that the first cluster has better performance than the second group. / A presente investigação teve como objetivo responder a questão de como ocorre a criação de valor em uma díade, investigando como os mecanismos de governança atuam sobre o valor criado, como esse fenômeno ocorre ao longo do tempo e testando a aplicabilidade do modelo derivado da noção de valor econômico (BRANDENBURGER; STUART, 1996) para medir o valor criado em díades. Também foram testados os impactos das fontes de vantagem relacional segundo a perspectiva da visão relacional sobre o valor criado para as organizações envolvidas. Ao integrar a literatura sobre relacionamentos do campo de Operações e Cadeias de Suprimentos com o debate sobre criação de valor e vantagem competitiva nas áreas de Estratégia e Marketing, a pesquisa propôs um modelo integrativo para se avaliar a criação de valor em relacionamentos e seu desenvolvimento ao longo do tempo. As principais correntes teóricas usadas foram a Teoria de Custo de Transação, a Visão Relacional da estratégia e Teoria das Transações Sociais. A pesquisa empírica qualitativa, tomando um caráter dedutivo (BARRATT; CHOI, 2011), com entrevistas com 28 gestores responsáveis pelos relacionamentos em díades dos setores de Alimentos e Bebidas (A&B) e Higiene Pessoal, Perfumaria e Cosméticos (HPPEC), tanto em empresas compradoras como fornecedoras, forneceu evidências de que, nos segmentos investigados, os fornecedores adotam um comportamento mais propenso a colaboração do que as empresas compradoras, mas que esse comprometimento não é garantia de exclusividade ou aumento de participação na relação e que mecanismos de governança relacional são mais comuns em situações que envolvem riscos para as empresas compradoras e quando há assimetria de tamanho e poder entre as partes. As entrevistas forneceram evidências que o modelo de valor econômico de Brandenburger e Stuart (1996) pode ser usado para avaliar o valor criado nos relacionamentos, considerando-se a diferença entre disposição a pagar da empresa compradora e o custo de oportunidade do fornecedor. Adicionalmente, os resultados sugerem que a avaliação dos ganhos em relacionamentos deve ser feita longitudinalmente, visto que há alternância de ganhos entre as partes. Por fim, a etapa qualitativa permitiu identificar três tipos distintos de criação de valor em díades: valor situacional, incremental e relacional. Em paralelo, foi testado um modelo para avaliar a influência das quatro fontes de vantagem relacional no valor criado para empresas compradoras e fornecedores, com base em 76 respostas de empresas fornecedoras. A análise dos modelos de mensuração sugere que os construtos de mecanismos de governança relacional e complementaridade de recursos podem ser agrupados em uma variável latente representando o alinhamento intraorganizacional - fit (CHEUG; MYERS; MENTZER, 2010; SAXTON, 1997). O modelo de mensuração para valor criado, representado por cinco dimensões de primeira ordem, denominadas benefícios para a relação, benefícios para o fornecedor, benefícios para o comprador, custos de troca para a empresa compradora e custos de oportunidade para o fornecedor se mostrou adequado e com bons ajustes. A partir dos modelos validados, as relações causais entre os recursos relacionais e as várias formas de operacionalizar valor foram testadas, utilizando-se regressão linear múltipla. Os resultados forneceram indícios de que diferentes fontes da vantagem relacional têm impacto sobre distintos aspectos do valor criado. Enquanto o alinhamento interorganizacional explica a variação de benefícios para o fornecedor e para o comprador, é o compartilhamento de conhecimento que influencia o benefício para a relação. A especificidade de ativos tem impacto no custo de oportunidade para o fornecedor, enquanto o custo de troca para o comprador não é afetado por esses mecanismos nessa situação. A análise de agrupamentos permitiu ainda constatar a existência de dois grupos distintos entre os respondentes: díades relacionais e díades não relacionais, sendo que o primeiro apresenta desempenho significativamente diferente do outro.

Submitted by Karina Pretto (prettok@yahoo.com.br) on 2014-03-27T01:35:44Z No. of bitstreams: 1 20140326_TESE_KARINA PRETTO.pdf: 2788800 bytes, checksum: 3a8e5a1e2860ad4dc49af30bc6215d3f (MD5) / Rejected by PAMELA BELTRAN TONSA (pamela.tonsa@fgv.br), reason: Prezada Karina. É necessario que o Título do seu trabalho esteja em negrito. Att, Pamela Tonsa - 3799 - 7852 on 2014-03-27T09:47:02Z (GMT) / Submitted by Karina Pretto (prettok@yahoo.com.br) on 2014-03-27T10:19:50Z No. of bitstreams: 1 20140326_TESE_KARINA PRETTO.pdf: 2789578 bytes, checksum: 1f086f60d71343659be23b2830ddabac (MD5) / Rejected by PAMELA BELTRAN TONSA (pamela.tonsa@fgv.br), reason: Prezada Karina, Desculpe minha falha. Deveria ter visto antes de rejeitar o primeiro. Como seu trabalho é todo em inglês,o ABSTRACT vem primeiro que o Resumo. Assim que você submeter novamente, aprovarei, pois esta correto. on 2014-03-27T10:25:28Z (GMT) / Submitted by Karina Pretto (prettok@yahoo.com.br) on 2014-03-27T10:58:39Z No. of bitstreams: 1 20140326_TESE_KARINA PRETTO.pdf: 2788976 bytes, checksum: da83c28fc2f0b19146fde208616bcc91 (MD5) / Approved for entry into archive by PAMELA BELTRAN TONSA (pamela.tonsa@fgv.br) on 2014-03-27T10:59:32Z (GMT) No. of bitstreams: 1 20140326_TESE_KARINA PRETTO.pdf: 2788976 bytes, checksum: da83c28fc2f0b19146fde208616bcc91 (MD5) / Made available in DSpace on 2014-03-27T12:51:07Z (GMT). No. of bitstreams: 1 20140326_TESE_KARINA PRETTO.pdf: 2788976 bytes, checksum: da83c28fc2f0b19146fde208616bcc91 (MD5) Previous issue date: 2014-02-24 / Despite the fact that Competitive Advantage is a cornerstone concept in Management, this theme is still an origin of debates about its meaning, measurement, manifestation, and relationship with financial performance. This work contributes with this debate advancing in conceptual, methodological and empirical aspects. Using a sequence of three papers, the concept of competitive advantage is revisited, proposing new dimensions, its existence is quantified using a Bayesian model, its dynamism is characterized, and, in the end, the new dimensions are empirically tested. The first paper contributes theoretically with the discussion of competitive advantage concept and its relationship with the financial performance based on the economic value creation approach. This paper offers a methodological contribution with the proposition of a Bayesian hierarchical bi-dimensional model to measure the existence of competitive advantage from financial performance data. It also offers a conceptual contribution with the proposition of two new dimensions (momentum and consistency). The second paper applies the model proposed in the first paper to a North American database covering the historical period from 1995 to 2011. This paper offers empirical contributions to the quantification of existence and dynamics of competitive advantage, describing its topography in a real world. Results indicate that the competitive advantage occurrence is not as rare as found in early studies, and rarity is dependent on the industry. The theoretical and practical implications relate to reviewing the industry’s relevance when compared to theories that are focused on internal firms’ resources, as the resourced-based view. Results also demonstrate and characterize how profitability and growth are conjointly necessary to evaluate the presence of competitive advantage, and influence in its dynamic in different ways. The third paper operationalizes the new dimensions of competitive advantage proposed initially in the first paper. It describes the pattern of occurrence of these new dimensions and tests its capability in foresee the competitive statuses mobility on a longitudinal view. Results indicate that the inclusion of new dimensions increase the capacity of prediction of firms future competitive status. / Apesar da centralidade e relevância do conceito de Vantagem Competitiva em Administração de Empresas, o tema ainda é fonte de debate quanto ao seu significado, mensuração, manifestação e relação com o desempenho financeiro. Este trabalho contribui com esse debate avançando em vários pontos conceituais, metodológicos e empíricos. Por meio de uma sequência de três artigos, o conceito de vantagem competitiva é revisitado propondo-se novas dimensões, sua existência é quantificada usando um modelo Bayesiano, seu dinamismo caracterizado e, por fim, as novas dimensões propostas são testadas empiricamente. O primeiro artigo contribui teoricamente com a discussão do conceito de vantagem competitiva e sua relação com o desempenho financeiro a partir de uma abordagem de criação de valor econômico. Este artigo traz uma contribuição metodológica ao elaborar um modelo hierárquico Bayesiano bidimensional para medir a existência da vantagem competitiva a partir do desempenho financeiro e uma contribuição conceitual ao propor duas novas dimensões do conceito (momentum e consistência). O segundo artigo aplica o modelo proposto no primeiro a uma base de dados de empresas norte americana, cobrindo o período de 1995 a 2011. Esse artigo traz contribuições empíricas ao quantificar a existência e a dinâmica da vantagem competitiva oferecendo uma topografia do tema no mundo real. Os resultados indicam que a manifestação da vantagem competitiva não é tão rara quanto apontada em estudos anteriores e que o grau de raridade depende fortemente do setor. A implicação para a teoria e para a prática é uma revisão da importância do setor frente às teorias que focam os recursos internos da empresa, como a visão baseada em recursos. Os resultados também demonstram e caracterizam como lucratividade e crescimento são conjuntamente necessários para avaliar a presença da vantagem competitiva e influem na sua dinâmica de forma diferenciada. O terceiro artigo operacionaliza as novas dimensões do conceito de vantagem competitiva propostas no primeiro artigo e testa sua ocorrência e capacidade de prever a mobilidade do estado competitivo numa visão longitudinal. Os resultados indicam que a inclusão das novas dimensões potencializa a predição do status competitivo futuro das empresas.

Submitted by Daniel Hoene (daniel-hoene@gmx.de) on 2016-03-17T02:11:14Z No. of bitstreams: 1 Daniel Hoene.pdf: 1204800 bytes, checksum: 80727c04207d47b288a6fb755cda7a16 (MD5) / Rejected by Janete de Oliveira Feitosa (janete.feitosa@fgv.br), reason: Sr. Daniel, boa tarde. Solicitamos nova submissão digital pois na submissão feita não consta a Folha de Assinatura da Banca da defesa. O impresso entregue na Secretaria está correto. Não há necessidade de nova impressa. Aguardamos novo contato quando o senhor tiver feito a nova submissão. Cordialmente, Janete on 2016-04-12T19:41:22Z (GMT) / Submitted by Daniel Hoene (daniel-hoene@gmx.de) on 2016-04-13T21:48:35Z No. of bitstreams: 1 Thesis - Daniel Hoene.pdf: 1513393 bytes, checksum: e3291314873d496efd62f42557f5473f (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2016-04-14T20:03:26Z (GMT) No. of bitstreams: 1 Thesis - Daniel Hoene.pdf: 1513393 bytes, checksum: e3291314873d496efd62f42557f5473f (MD5) / Approved for entry into archive by Maria Almeida (maria.socorro@fgv.br) on 2016-05-09T12:30:31Z (GMT) No. of bitstreams: 1 Thesis - Daniel Hoene.pdf: 1513393 bytes, checksum: e3291314873d496efd62f42557f5473f (MD5) / Made available in DSpace on 2016-05-09T12:34:00Z (GMT). No. of bitstreams: 1 Thesis - Daniel Hoene.pdf: 1513393 bytes, checksum: e3291314873d496efd62f42557f5473f (MD5) Previous issue date: 2016-01-29 / This thesis elaborates the creation of value in private equity and in particular analyzes value creation in 3G Capital’s acquisition of Burger King. In this sense, a specific model is applied that composes value creation into several drivers, in order to answer the question of how value creation can be addressed in private equity investments. Although previous research by Achleitner et al. (2010) introduced a specific model that addresses value creation in private equity, the respective model was neither applied to an individual company, nor linked to indirect drivers that explain the dynamics and rationales for the creation of value. In turn this paper applies the quantitative model to an ongoing private equity investment and thereby provides different extensions to turn the model into a better forecasting model for ongoing investments, instead of only analyzing a deal that has already been divested from an ex post perspective. The chosen research approach is a case study about the Burger King buyout that first includes an extensive review about the current status of academic literature, second a quantitative calculation and qualitative interpretation of different direct value drivers, third a qualitative breakdown of indirect drivers, and lastly a recapitulating discussion about value creation and value drivers. Presenting a very successful private equity investment and elaborately demonstrating the dynamics and mechanisms that drive value creation in this case, provides important implications for other private equity firms as well as public firms in order to develop their proprietary approach towards value creation.

Submitted by André Mishima Uehara (mishimauehara@gmail.com) on 2018-03-18T22:01:32Z No. of bitstreams: 1 Dissertação Andre Uehara - FGV-EAESP 2018 .pdf: 1250030 bytes, checksum: 21ba54cb36578736dec86bc9273c3eeb (MD5) / Approved for entry into archive by Debora Nunes Ferreira (debora.nunes@fgv.br) on 2018-03-21T17:41:18Z (GMT) No. of bitstreams: 1 Dissertação Andre Uehara - FGV-EAESP 2018 .pdf: 1250030 bytes, checksum: 21ba54cb36578736dec86bc9273c3eeb (MD5) / Rejected by Suzane Guimarães (suzane.guimaraes@fgv.br), reason: Ficha catalográfica alterada. Anexar a ficha enviada pela biblioteca sem alterações (exceto número de página). Outras dúvidas entrar em contato com o telefone 11 3799-7732. on 2018-03-21T17:49:20Z (GMT) / Submitted by André Mishima Uehara (mishimauehara@gmail.com) on 2018-03-22T18:09:17Z No. of bitstreams: 1 Dissertação Andre Uehara - FGV-EAESP 2018.pdf: 1352046 bytes, checksum: 40707fc6eff4d62e1f02ed280986196e (MD5) / Rejected by Debora Nunes Ferreira (debora.nunes@fgv.br), reason: conforme solicitado, trabalho reijeitado. on 2018-03-22T18:42:38Z (GMT) / Submitted by André Mishima Uehara (mishimauehara@gmail.com) on 2018-03-22T18:50:13Z No. of bitstreams: 1 Dissertação Andre Uehara - FGV-EAESP 2018.pdf: 1347964 bytes, checksum: ff1f3361c3a2f0c94af1bd49190e1a75 (MD5) / Approved for entry into archive by Debora Nunes Ferreira (debora.nunes@fgv.br) on 2018-03-23T15:38:23Z (GMT) No. of bitstreams: 1 Dissertação Andre Uehara - FGV-EAESP 2018.pdf: 1347964 bytes, checksum: ff1f3361c3a2f0c94af1bd49190e1a75 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-03-23T16:02:17Z (GMT) No. of bitstreams: 1 Dissertação Andre Uehara - FGV-EAESP 2018.pdf: 1347964 bytes, checksum: ff1f3361c3a2f0c94af1bd49190e1a75 (MD5) / Made available in DSpace on 2018-03-23T16:02:17Z (GMT). No. of bitstreams: 1 Dissertação Andre Uehara - FGV-EAESP 2018.pdf: 1347964 bytes, checksum: ff1f3361c3a2f0c94af1bd49190e1a75 (MD5) Previous issue date: 2018-02-20 / A inclusão da população da base da pirâmide ou Base-of-the Pyramid (BoP) como fornecedores ou produtores por empresas tem sido debatida na literatura como oportunidade de negócios que beneficiaria ambas as partes. Entretanto, diversos questionamentos sobre a viabilidade da inclusão devido as diversas barreiras enfrentadas pela BoP, como dificuldade de produção e transação, podem limitar o ganho econômico e social. Apesar disso, há evidências que apontam para atuações em que empresas incluem a BoP em suas cadeias de suprimento e conseguem gerar benefícios para si e para os demais atores envolvidos. Utilizando um estudo de caso único em profundidade com uma empresa do setor de embalagens, buscou-se entender como é realizada a criação de valor compartilhado na cadeia de logística reversa de empresas atuando com pessoas da base da pirâmide. Para isso, foram realizadas 14 entrevistas semiestruturadas que com diversos atores da cadeia como empresa focal, cooperativas de reciclagem e empresa de remanufatura. Os resultados indicam que ao transpor as diversas barreiras por meio de treinamentos nas cooperativas e investimentos nos demais elos, a empresa conseguiu criar valor compartilhado para toda a cadeia. A atuação em todos os elos levou a empresa a aumentar o seu percentual de reciclagem gerando maior valor para seu cliente e, ao mesmo tempo, teve impacto direto na base da pirâmide ao ajudar na melhora não só de rendimento dos catadores, mas também no seu empoderamento. Porém, a barreira criada por conflitos internos nas cooperativas foi vista como fator limitante para maior criação de valor. Com esses resultados, intende-se avançar com os estudos da base da pirâmide proposto por Prahalad e, ao mesmo tempo, unir o tema com estudos em logística reversa. Por fim, pretende-se contribuir para o avanço do debate sobre a viabilidade de ações socioambientais pelas empresas ao apresentar como as empresas têm feito essas ações de maneira a criar valor compartilhado. / The inclusion of the Base-of-the Pyramid (BoP) population as suppliers or producers by companies has been discussed in the literature as a business opportunity that beneficiates both parties. However, several issues on the viability of such inclusion due to the many obstacles faced by the BoP, like the production and transaction constraints, for example, can limit the social and economic gains. On the other hand, there is evidence showing situations in which companies include the BoP in their supply chains and can generate benefits for themselves as well as for the other parties involved. Using a study of a single in- depth case with a company in the packaging sector, we have tried to understand how the creation of shared value is carried out in the reverse logistics in companies working along with people of the BoP. For that, 14 semi structured interviews were carried out with several actors of the chain, such as the focus company, recycling cooperatives and remanufacturers. The results indicate that, when overcoming the many obstacles through training for the cooperatives and investments in the other links of the chain, the company managed to create shared value for the whole chain. The action in every link of the chain led the company to an increase in its recycling percentage, therefore generating more value to its customer and, at the same time, directly helping the BoP improve not only the income for informal collectors of recyclable waste, but also their empowerment. However, the constraint created by internal conflicts in the cooperatives was seen as an issue in the improvement of such value. With these results, the intention is to intensify the studies of BoP proposed by Prahalad and, at the same time, unify the literature with studies in reverse logistics. Finally, we contribute to the debate on the viability of social-environmental practices by presenting how companies have been applying such actions in order to create shared value.

Made available in DSpace on 2010-04-20T20:55:57Z (GMT). No. of bitstreams: 3 68030200454.pdf.jpg: 20623 bytes, checksum: f07b57fdf1ff83e0324db2475c811104 (MD5) 68030200454.pdf: 1248318 bytes, checksum: 0c29d2ca46553cda045eec9ee31be16c (MD5) 68030200454.pdf.txt: 184246 bytes, checksum: 1e1257c8fb5ee3df8c5c0f2bc7f5083b (MD5) Previous issue date: 2008-11-05T00:00:00Z / This dissertation is an exploratory case study about Banco Real strategy and its focus on sustainability, in Brazil, since 2002. It aims to define sustainable development and presents different views of a variety of authors about this issue. It has been concluded a research with some clients and employees of Banco Real. Some secondary data, during the period of the case study, has been found inside the bank. Finally, through the analysis of the research and the data, it has been concluded that Banco Real has adopted the strategy of sustainability, since 2002, and there are some factors which shows, without a precise conclusion, that this strategy creates some value to the bank. / Esta dissertação é um estudo de caso exploratório sobre a estratégia de sustentabilidade adotada pelo Banco Real ABN AMRO no Brasil, a partir de 2002. Conceitua e contextualiza o desenvolvimento sustentável e apresenta os seus princípios e considerações de diferentes autores sobre o assunto. Foi realizada uma pesquisa com funcionários e clientes do Banco Real ABN AMRO. Buscaram-se também dados secundários, obtidos em materiais do próprio banco durante o período estudado. Finalmente, através da análise dos depoimentos e dos resultados encontrados, concluiu-se que o Banco Real adotou a estratégia de sustentabilidade a partir de 2002, e que há indícios de que esta estratégia gera valor para a empresa.

Submitted by Paulo Junior (paulo.jr@fgv.br) on 2010-06-09T18:36:23Z No. of bitstreams: 1 André Marinho.pdf: 1329369 bytes, checksum: 50655f9a09d23d9111e8da3d075e40e2 (MD5) / Approved for entry into archive by Paulo Junior(paulo.jr@fgv.br) on 2010-06-09T18:36:45Z (GMT) No. of bitstreams: 1 André Marinho.pdf: 1329369 bytes, checksum: 50655f9a09d23d9111e8da3d075e40e2 (MD5) / Made available in DSpace on 2010-06-10T14:42:59Z (GMT). No. of bitstreams: 1 André Marinho.pdf: 1329369 bytes, checksum: 50655f9a09d23d9111e8da3d075e40e2 (MD5) Previous issue date: 2010-05-04 / As one can see the pharmaceutic market has been showing a rather competitive and rich profile on account of different questions that involve economics, financial marketing aspects, researches and development not only relate to the population health, but it is gifted by high profits and the dominancy in most multinational enterprises in the Brazilian scenary. This study brings as a proposal to analyse two Brazilian laboratories and their ways in accomplishing the diversification strategy on their business and avaliating the creation of value with pratical strategies in each organization. Some of these questions revealed themselves of little interest by the logic that each analysed laboratory is inserted. The research had as base the use of interviews with directors and managers of both enterprises, besides the given information got from articles and scientific publications. In the analyse of the diversification strategies practices, the analitic categories allowed to take as base the study for a better understanding and comparison with the two companies. The conclusions make us believe that questions such as: powerful market and economy market, financial aspects and types and degress present strong influency in the divertification strategies having values created for these enterprises, however each one has presented similar particularities and other ones quite different making us believe that adopted strategies do not take or go on straight route in a corporative universe. Also, it is proposed in this work for future studies concerned to the pression of the Brazilian Pharmaceutic Enterprises and how the govern intends to act over the public political to a greater development and autonomy in Brazil. / Como se pode perceber, o mercado farmacêutico apresenta um perfil bastante competitivo e rico em diversos aspectos como o econômico, financeiro, de marketing, pesquisas e desenvolvimento, e não só para a saúde da população, ele é contemplado por altos lucros e dominado por grande parte de empresas multinacionais no cenário brasileiro. Este estudo analisa dois laboratórios brasileiros nacionais e suas formas de realizar a estratégia de diversificação em seus negócios, avaliando a criação de valor com as estratégias praticadas em cada organização. Essas questões se revelam no mínimo interessantes pela lógica que cada laboratório analisado está inserido. A pesquisa teve como base a utilização de entrevistas com diretores e gerentes de ambas as empresas, além dos dados obtidos de artigos e publicações científicas. Na análise das práticas das estratégias de diversificação, as categorias analíticas permitiram melhor compreensão e comparação com as duas companhias estudadas. As conclusões mostram que, questões como poder de mercado, economias de escopo, aspectos financeiros e tipos e graus de diversificação apresentam forte influência nas estratégias de diversificação com a criação de valor para essas empresas. No entanto, essas empresas analisadas apresentaram algumas particularidades semelhantes, e outras bastante diferentes, levando a crer que as estratégias adotadas não seguem caminhos retos no universo corporativo. Também são abordados neste trabalho, para futuros estudos, o interesse e a pressão das multinacionais em desejar adquirir empresas farmacêuticas brasileiras e a atuação do governo na política pública de maior desenvolvimento e autonomia no Brasil.

In the search to reduce the various divides between the developed and the developing world, Information and Communication Technology (ICT) is seen as an enabler in resource-constrained environments. However, the impact of ICT for Development (ICT4D) implementations is contested, and the ability to facilitate sustained change remains elusive. Sustainability emerged as a key lesson from the failure of early ICT4D projects, and has served as a focal point in facilitating ICT4D success. However, interpretation of the concepts of sustainability and sustainable development seems to be multiple and disconnected from practice, and is rarely translated into a useful construct for guiding project-level actions. The focus of international development is gradually shifting from donated aid towards capability and choice, empowerment, and per-poor initiatives. However, the reality remains that multiple organisations with varying levels of power, resources, and influence determine the outcomes and the sustainability of benefits from a development intervention. This research investigates mechanisms to sustain benefit by exploring the interface between various role players through the lens of decision-making. It builds on the view that the value created by the virtual ‘organisation’ of stakeholders in an ICT4D implementation results from the sum of its decisions, and develops a framework for decision-making with a view on sustaining benefits. The work follows a Design Science Research methodology, comprising an iterative process for the development, testing, and improvement of the framework based on three literature reviews, two case studies, and an expert review. The research answers the primary research question, namely: What are the elements of a framework that support strategic decision-making for the design and implementation of ICT4D interventions in resource-constrained environments, in support of sustained benefit? The knowledge contribution is primarily at the concept and methodological level. In addition to framework development, the decision problem in ICT4D is defined, andthe concept of sustained benefit is proposed as a means of operationalizing sustainability. This research illustrates the role of decision concepts in structuring the complexity of ICT4D problems. It introduces an alternative perspective into the debate on sustainability in ICT4D, and provides a basis for the future development of theory. / Information Systems / D. Litt. et Phil. (Information Systems)

An internal audit strives to create value and improve the business of a company. On behalf of the board of directors, the aim of an internal audit is to review and make recommendations on the company's internal controls, risk management and governance. The internal audit is not mandatory for most organizations. The internal audit has changed due to organizations' changing needs. Previous research indicates that the primary stakeholders are the management, the board of directors and the audit committee. The purpose of this paper is to create an understanding of the role and expected value of the internal audit in organizations. The study is based on qualitative research and a deductive research strategy with inductive elements. A qualitative case study survey has been conducted on MKB, complemented by further interviews on other companies to support the study. In order to create a better understanding, the study has been based on semi-structured interviews. In conclusion the size of the companies affects the size and scope of the internal auditing activities. The review of internal control and risk management are covered by most companies' internal audit. In several cases the internal audit reports to the management as the first instance. An internal audit adds value to organizations by serving as a quality assurance system. The expectations of internal audit's internal stakeholders can depend on the extent internal stakeholders are involved in deciding what to review. / Internrevision strävar efter att skapa värde och förbättra en organisations verksamhet. På uppdrag av styrelsen arbetar internrevisionen med att granska och lämna rekommendationer kring ett företags interna kontroller, riskhantering och styrning. Internrevision är inte obligatorisk för de flesta organisationer. Internrevisionens roll har förändrats på grund av organisationers förändrade behov. Tidigare forskning tyder på att organisationernas primära intressenter är ledningen, styrelsen och revisionskommittén. Syftet med uppsatsen är att skapa förståelse för hur internrevisionens roll och förväntade värde i organisationer ser ut. Studien bygger på en kvalitativ forskning utifrån en deduktiv forskningsstrategi med induktiva inslag. En kvalitativ fallstudieundersökning har genomförts på MKB, samt kompletterats med ytterligare intervjuer som har genomförts på andra bolag. För att skapa bättre förståelse har studien baserats på semistrukturerade intervjuer. Resultatet visar att företagens storlek påverkar internrevisionens storlek och omfattning inom verksamheten. Granskning av internkontroll och riskhantering omfattas av de flesta företagens internrevision. I många fall sker internrevisionens rapportering till ledningen som första instans. Internrevisionen tillför ett värde för organisationer genom att fungera som ett kvalitetssäkringssystem. Internrevisionens interna intressenters förväntningar kan bero på vilken utsträckning som de interna intressenterna är delaktiga i beslutsfattandet av vad som ska granskas.

Submitted by Samuel Carvalho (primosam@gmail.com) on 2018-04-20T18:53:17Z No. of bitstreams: 1 Dissertação - Criação e captura de valor na indústria de software - Samuel Carvalho - Versão Final.pdf: 1319667 bytes, checksum: 7a98f4e1561d6a1238861c88263a90b7 (MD5) / Approved for entry into archive by Mayara Costa de Sousa (mayara.sousa@fgv.br) on 2018-04-20T19:01:07Z (GMT) No. of bitstreams: 1 Dissertação - Criação e captura de valor na indústria de software - Samuel Carvalho - Versão Final.pdf: 1319667 bytes, checksum: 7a98f4e1561d6a1238861c88263a90b7 (MD5) / Approved for entry into archive by Isabele Garcia (isabele.garcia@fgv.br) on 2018-04-20T20:23:42Z (GMT) No. of bitstreams: 1 Dissertação - Criação e captura de valor na indústria de software - Samuel Carvalho - Versão Final.pdf: 1319667 bytes, checksum: 7a98f4e1561d6a1238861c88263a90b7 (MD5) / Made available in DSpace on 2018-04-20T20:23:42Z (GMT). No. of bitstreams: 1 Dissertação - Criação e captura de valor na indústria de software - Samuel Carvalho - Versão Final.pdf: 1319667 bytes, checksum: 7a98f4e1561d6a1238861c88263a90b7 (MD5) Previous issue date: 2018-03-19 / Esta dissertação visa proporcionar um melhor entendimento sobre as dinâmicas de criação e apropriação de valor, testando a aplicabilidade do modelo derivado da noção de valor econômico (BRANDENBURGER; STUART, 1996) no mercado de software, levando em consideração os fenômenos econômicos que são particulares a esta indústria. Tais fenômenos, como efeitos de rede, custos de mudança, aprisionamento e similares eram incomuns na economia industrial, de acordo com Varian (2003) e são a norma na economia da informação. A estratégia de pesquisa adotada foi o estudo de caso único, com investigação qualitativa, que teve como técnicas de coleta de dados uma série de entrevistas em profundidade aplicado a gestores da empresa com roteiro semiestruturado e análise documental. A empresa estudada possui atuação representativa na indústria nacional de software e presença em outros países da América Latina, com foco de atuação voltado ao fornecimento de sistemas de gestão empresarial para o segmento varejista. Ao final do estudo foi verificado que a criação e captura de valor no setor de software precisa considerar a rápida evolução tecnológica que permeia o setor, não podendo-se esquecer do que defendem Shapiro e Varian (1998a) de que apesar da economia ter mudado e hoje ser pautada na informação, as leis de mercado continuam as mesmas. Os resultados indicaram que tanto as estratégias de desenvolvimento de produtos e de go to Market quanto a dinâmica competitiva dos mercados em que a empresa atua afetam a capacidade de criar e apropriar valor. Alguns efeitos econômicos, como efeito de rede e aprisionamento ajudam a empresa a manter boas margens, especialmente quando sua participação de mercado é alta. Em alguns casos, observou-se que o efeito de rede e de sistema podem ser mais decisivos para a migração de um fornecedor para outro do que o efeito aprisionamento, considerando o custo de mudança. Em geral, esses fenômenos variam de intensidade de modo a beneficiar ou prejudicar a empresa de acordo com as estratégias adotadas para o posicionamento dos produtos. / This dissertation aims to provide a better understanding of the dynamics of value creation and appropriation, by testing the applicability of the model derived from the notion of economic value (BRANDENBURGER; STUART, 1996) in the software market, taking into account the economic phenomena that are particular to this industry. Those phenomena, such as the network effects, switching costs, lock-in and similars were uncommon in the industrial economy, according to Varian (2003) and are the norm in the information economy. The research strategy adopted was the single case study with qualitative research, which had as data collection techniques a series of in-depth interviews applied to managers of the company with a semi-structured script and documentary analysis. The company studied has a representative role in the national software industry and presence in other Latin American countries, with a focus on providing business management systems for the retail segment. At the end of the study, it was verified that the creation and capture of value in the software sector needs to consider the rapid technological evolution that permeates the sector, not forgetting what Shapiro and Varian (1998a) argue that despite the fact that the economy has changed and is now ruled in information, how market laws continue as their own. The results indicated that both the product development and go to market strategies and the competitive dynamics of the markets in which the company operates affect its ability to create value and to appropriate value. Some economic effects such as the network effect and lock-in contribute for the company to maintain good margins, especially when its market share is high. In some cases, it has been observed that the network and system effects may be more decisive for the migration from one supplier to another than the lockin effect, considering the switching costs. In general, these phenomena vary in intensity in order to benefit or harm the company according to the strategies adopted for the positioning of the products.