Submitted by Daniela Beretta Marçal (dbmarcal@hotmail.com) on 2018-09-28T19:49:38Z No. of bitstreams: 1 Dissertação - Daniela Beretta Marçal - 28Set2018 - 16h10.pdf: 2200904 bytes, checksum: 7a11284bda3be53e808005ec7e9abfc8 (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2018-09-28T20:06:03Z (GMT) No. of bitstreams: 1 Dissertação - Daniela Beretta Marçal - 28Set2018 - 16h10.pdf: 2200904 bytes, checksum: 7a11284bda3be53e808005ec7e9abfc8 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-10-01T13:35:44Z (GMT) No. of bitstreams: 1 Dissertação - Daniela Beretta Marçal - 28Set2018 - 16h10.pdf: 2200904 bytes, checksum: 7a11284bda3be53e808005ec7e9abfc8 (MD5) / Made available in DSpace on 2018-10-01T13:35:44Z (GMT). No. of bitstreams: 1 Dissertação - Daniela Beretta Marçal - 28Set2018 - 16h10.pdf: 2200904 bytes, checksum: 7a11284bda3be53e808005ec7e9abfc8 (MD5) Previous issue date: 2018-09-04 / O presente trabalho tem por objetivo identificar as possíveis implicações tributárias para o investidor no mercado doméstico de crowdfunding de investimento. Mais especificamente, trata da tributação dos ganhos e rendimentos provenientes do investimento de capital empreendedor em sociedades empresárias de pequeno porte, por parte de pessoa física residente no Brasil, no ambiente de plataforma eletrônica de investimento participativo. O método de investigação adotado é o interpretativo, mas buscou-se em evidências empíricas, elementos indicativos para melhor conexão do conteúdo desenvolvido com a realidade observada. As duas questões centrais para as quais o trabalho busca apresentar resposta são: a) Qual é a tributação incidente sobre o investimento nos valores mobiliários no mercado doméstico de crowdfunding de investimento? b) A tributação do investimento via crowdfunding de investimento é coerente com as medidas de incentivo ao investimento em capital produtivo? As normas jurídicas aplicáveis à prática jurídica-negocial investigada são analisadas, considerando os vetores orientadores da regulação e da tributação nos mercados financeiro e de capitais, bem como a necessidade de mecanismos que contribuam para o desenvolvimento nacional. / The purpose of this dissertation is to identify the possible tax implications for the investor in the domestic market of investment-based crowdfunding. In particular, the taxation of earnings and income from the investment of venture capital in small business enterprises, by a natural person resident in Brazil, in a crowdfund investing platform. The interpretative method is the one adopted in this study, but empirical evidences were also looked in order to give indicative elements for a better connection of the developed content with the observed reality. The two main questions to which the paper aims answer are: a) What is the incident taxation on investment in securities in the domestic market of investment-based crowdfunding? b) Is the taxation on the investment via investment-based crowdfunding consistent with the incentive measures in productive capital? The applicable juridical norms to the researched legalnegotiating practice are analyzed considering the drivers of regulation and taxation in the financial and capital markets, as well as the need for mechanisms that contribute to national development.

O objetivo desta tese é analisar os novos caminhos da intervenção direta do Estado na economia, notadamente no ambiente financeiro nacional, em que prevalece a atuação de um banco público de desenvolvimento - O BNDES. O trabalho parte do pressuposto de que há uma variedade de alternativas institucionais de organização financeira, que refletem as trajetórias históricas dos países. É por esta razão que se pode identificar, por exemplo, diferenças entre o modelo norte-americano e o modelo nipo-germanico: enquanto o primeiro é baseado nas operações do mercado de capitais, o segundo conta com os investidores institucionais e com os bancos. A partir daí, pode-se igualmente reconhecer que a alternativa institucional constitutiva do sistema financeiro nacional conta com os agentes estatais: os seus principais atores financeiros. Destes todos, o BNDES é o exemplo mais significativo. Diante disso, uma vez caracterizado que a intervenção direta do Estado, também chamada no trabalho de regulação institucional, é o elemento característico do modelo brasileiro de desenvolvimento, a tese procurar mostrar que esta ação pública tem sofrido alterações, em um contexto recente. Em razão de um novo paradigma econômico, a economia baseada no conhecimento, pode-se reconhecer modificações na forma de atuação do agente estatal. Um estudo de caso revela que não só o financiamento das inovações passou a assumir um caráter relevante na agenda do BNDES, como, principalmente, esta atividade esteve associada a uma nova racionalidade de intervenção. Diante da nova economia, o Banco atua em convergência com os demais agentes financeiros e com isso assume um papel de indutor tanto das empresas emergentes, como do próprio de mercado de capital de risco. Esta constatação aponta para dois atributos que compõem, então, esta nova rodada da regulação direta da economia: a persistência e a dinâmica. A persistência porque apesar das modificações advin advindas de uma economia baseada no conhecimento, o Estado e, em especial o BNDES, continua a desempenhar um papel chave no financiamento do desenvolvimento brasileiro, particularmente em áreas não consolidadas e portadoras de futuro, como, ora, são as inovações. A dinâmica porque esta prevalência do agente estatal no financiamento corporativo assenta-se em novas ferramentas e assume uma distinta racionalidade, compatível com uma economia privatizada e aberta à concorrência internacional. É, pois, disso que trata esta tese: da regulação institucional de um banco de desenvolvimento em uma economia baseada no conhecimento. / The objective of this dissertation is to examine the new ways of direct State intervention in the economy, especially in the domestic financial environment, which has a prevailing public bank for development - the BNDES. The work is based on the assumption that there are a variety of alternatives to institutional financial organization, which reflect the historical trajectories of the countries. It is for this reason that we can identify, for example, differences between the U.S. model and the Japanese-German model: while the former is based on the operations of the capital market, the latter deals with institutional investors and the banks. Hence, we can also recognize that the alternative institutional constituent of the national financial system takes into account state agents, their main financial players. Of them all, the BNDES is the most significant example. Thus, once established the direct intervention of the state, also called institutional regulation, as the main feature of the Brazilian model of development, the dissertation examines the changes it recently underwent. Because of a new economic paradigm, the knowledge based economy, there have been changes in the way state acts in economy. A case study shows that not only that the financing of innovation has become paramount within the BNDES agenda, but also this activity has been associated with a new rationale for intervention. Facing this new economy, the Bank operates in convergence with other financial agents, thus taking a role in inducing both emerging companies and venture capital. This finding points to two attributes that make up, thus, this new stage of direct regulation of the economy: persistence and dynamics. Persistence because despite changes resulting from a knowledge based economy, the state and, in particular the BNDES, continues to play a key role in the financing of Brazilian development, particularly in non¬consolidated and future bearing areas, as innovations. Dynamics, because the prevalence of the state agent in corporate finance is based on new tools and takes a different rationale, consistent with a privatized economy, open to international competition. That is, therefore, with the core issue of the present dissertation: the institutional regulation of a development bank within a knowledge-based economy.

Venture capital é espécie de empreendimento que vincula dois agentes econômicos, empreendedor e investidor, visando ao desenvolvimento de uma ideia inovadora para posterior comercialização no mercado. O empreendedor é detentor de conhecimento sobre a ideia e o investidor possui os recursos para desenvolver o projeto. O negócio se diferencia dos demais pelo alto grau de incerteza e risco do empreendimento e requer o uso de tipos contratuais adequados para sua limitação. O projeto se inicia com a etapa de contratação, na qual as partes negociam a divisão de riscos e retorno do negócio, seguindo-se a etapa de monitoramento do desenvolvimento das atividades. Ao final ocorre o desinvestimento, com a saída do investidor e venda do negócio. Do ponto de vista da Economia, utilizamos a Teoria dos Jogos e apresentamos os problemas informacionais, riscos e incertezas do negócio, e os incentivos para organizar a cooperação entre as partes. Do ponto de vista de Finanças, debatemos a decisão de financiamento do negócio e as alternativas para diversificação dos riscos do investimento, isto é, a possibilidade de limitação dos riscos pela adoção de estratégias de contenção, que aumentam o interesse em contratar o negócio. Do ponto de vista do Direito, avaliamos qual a estrutura contratual ideal para organizar esse tipo de empreendimento. Analisamos as principais formas usadas para organização do negócio, em especial as sociedades limitadas e as sociedades anônimas fechadas. Avaliamos o suporte normativo aplicável, com destaque para a possibilidade de limitação dos riscos do projeto pela aplicação das normas de Direito Societário a esses empreendimentos. Os principais riscos aplicáveis são os riscos de contratação do negócio, os riscos de alocação do poder de decisão entre os sócios e os riscos de interrupção prematura do projeto. Devido à natureza e características do negócio de venture capital, concluímos que esse tipo de projeto é mais bem organizado como um contrato plurilateral e que não há tipo contratual ideal para alinhar os interesses. Dos tipos existentes, a sociedade anônima fechada é o mais adequado, mas incapaz de limitar todos os riscos do negócio. A conclusão é confirmada, parcialmente, pelas evidências empíricas apresentadas. / Venture capital is a business that links two economic agents, entrepreneur and investor, aiming to develop an innovative idea for future sale on the market. The entrepreneur holds knowledge about the idea and the investor has the resources to develop the project. It is distinguished from others by the high degree of uncertainty and risk of the project and requires the use of appropriate contract types for its restriction. The project begins with the contracting stage, in which the parties negotiate the division of risks and return business, followed by the monitoring of the development of the business activities. At the end occurs the divestment, in which the finished business is sold by the investor. From the point of view of Economics, we use Game Theory to present the informational problems, business risks and uncertainties, and the incentives to organize the cooperation between the parties. From the standpoint of Finance, we discuss the decision to finance the business, and alternatives for risk diversification, that is, the possibility of limiting the risks by adopting containment strategies that may increase the interest in contracting. From the point of view of Law, we evaluate the ideal contractual structure for organizing this kind of project. We analyze the main existing contract types, in particular, the limited liability companies and the closed corporations. We present our concerns about the normative support applicable to that type of business, emphasizing the Corporate Law problems. We evaluate the normative support applicable, emphasizing the possibility of limiting the project risks by applying the Corporate Law rules to such ventures. The main risks are the risks applicable to the contracting phase, the risk of incorrect allocation of decision rights between the partners and the risk of premature termination of the project. Due to the nature and characteristics of the venture capital business, we conclude that this type of design is best organized as a plurilateral agreement and that there is no contract type that can be considered ideal to align the interests. Considering all the existing types, the private corporation contract is the most appropriate form, but also unable to limit all the business risks. The conclusion is partially supported by the empirical evidence presented.

Submitted by Katharina Dragon (katha_dragon@gmx.de) on 2012-08-13T23:44:58Z No. of bitstreams: 1 MPGI_Masterthesis_KDragon.pdf: 3021035 bytes, checksum: 671c57a68ebdc531d41f445048fdd1c4 (MD5) / Approved for entry into archive by Eliene Soares da Silva (eliene.silva@fgv.br) on 2012-08-14T15:14:12Z (GMT) No. of bitstreams: 1 MPGI_Masterthesis_KDragon.pdf: 3021035 bytes, checksum: 671c57a68ebdc531d41f445048fdd1c4 (MD5) / Made available in DSpace on 2012-08-14T15:16:33Z (GMT). No. of bitstreams: 1 MPGI_Masterthesis_KDragon.pdf: 3021035 bytes, checksum: 671c57a68ebdc531d41f445048fdd1c4 (MD5) Previous issue date: 2012-08-03 / Empresas e organizações sociais têm um papel cada vez mais importante no mercado brasileiro. Essas organizações - sejam elas com ou sem fins lucrativos –têm como objetivocausar um profundo e positivo impacto social.Ambas enfrentamtambém o mesmo desafio: financiar as suas operações. Recentemente, dois modelos inovadores de financiamento, o fundo de venture capitalVox Capital e o fundo de empréstimo social SITAWI, entraram no mercado brasileiro para solucionar esse desafio. Este estudo analisa ambos os fundos,associando o problema do financiamento de empresas e organizações sociais às teorias tradicionais de negócio. Mais especificamente, por meio de um estudo de caso,é avaliado se o risco de agência (agency risk) explica as práticas e o designcontratual utilizados pelos fundos. A pesquisa é baseada num estudo de Alemany e Scarlata (2010) sobre a estruturação dos negócios de fundos filantrópicos de capital empreendedor (PhVC, na sigla em inglês) na América do Norte e na Europa. Uma definição chave desse estudo é que organizações sem fins lucrativos, ao contrário daquelas com fins lucrativos, estão sujeitas a uma restrição de distribuição de lucros. Embora Alemany e Scarlata (2010) tivessem descobertoque parceria (stewardship), mais do que o problema de agência (agency problem), explica a estrutura dos negócios dos fundos PhVC, as implicações do presente estudo de caso para o Brasil são diferentes. Os resultados sugerem que o problema de agência,mais do que a parceria,descreve adequadamente os contratos analisados de financiamento. Detectou-seque cláusulas contratuais não foram apenas usadas para mitigar o risco de agênciaresultanteda ausência de uma restrição de distribuição de lucros, mas também para reger as estruturas cooperativas com organizações sem fins lucrativos. No caso de SITAWI, a restrição dos destinatários de fundos de distribuir lucros provou-se uma ferramenta efetiva para alinhar os interesses entre os financiadores e os destinatários dos fundos. Apesar daimplicação da presença de parceria, os contratos do fundo social contiveram cláusulas geralmente usadas para reduzir o risco de agência. No caso de Vox Capital, os destinatários dos fundos eram empresas com fins lucrativos, portanto não sujeitas à restrição de distribuição de lucros. O modelo de negócio de Vox Capital é organizado para impedir qualquer incidência potencial do problema de agência. Ambos os fundos, independentemente da estrutura jurídica dos beneficiários destes fundos, evidenciaram o intuito de garantir a aplicação de práticas de negócio utilizadas pelas empresas tradicionais do setor corporativo em vez daquelas utilizadas no setor social.

[pt] A economia mundial tem sofrido intensas mudanças nas últimas décadas. As pequenas e médias empresas ganham destaque na economia e revelam consigo a importância do mercado de capital de risco, que ajuda no desenvolvimento dessas empresas com auxílio financeiro e de conhecimento. Nas fases ainda mais iniciais destacam-se os investidores anjos, pessoas físicas com elevado capital social e financeiro que atuam de forma societária nessas empresas. Este trabalho descreve o advento da Economia Empreendedora, melhor adaptada às mudanças acima, e entra no universo do investidor anjo. Com base numa ampla revisão bibliográfica são descritos o investidor, seu ambiente e sua forma de atuação. Em seguida, pela aplicação de um questionário baseado no conhecimento obtido com a literatura, diversas barreiras nessa identificadas foram submetidas a uma pesquisa que constatou algumas semelhanças com os mercados internacionais e também peculiaridades do mercado brasileiro. Avaliou-se ainda o comportamento dos anjos frente a 17 variáveis políticas e econômicas. Esta parte da pesquisa é útil em especial para a avaliação das atuais políticas de incentivo a esta atividade e ao planejamento de outras. / [en] The World´s economy has changed a lot in the last decades. The small and medium size companies became more important and with them the venture capital, supplier of money and knowledge for these companies, also play an important role. In the first stages the angel investors, providers of social and financial capital for these companies, are more relevant. This work describes the origin of the Entrepreneurial Economy and enters into these investors universe. Based on an extensive bibliographic research it describes the angel investor, its environment and investment process. Latter, with research among Brazilian investors, the barriers fo und on the literature were submitted for their opinions. Many differences and similarities were found between Brazilian and the other markets. There were also evaluated the impact of 17 economic end political conditions, which are considerably important for the evaluation of actual and future political incentives to stimulate entrepreneurship.

Abstract The importance of high-growth firms for job creation is widely acknowledged and the promotion of such firms is a key area of industry policy in developed countries. However, despite the substantial development of firm growth research and the significant public investments, in many geographies the assumed good preconditions for high-growth entrepreneurship are not producing the desired results. The purpose of this study is to increase understanding of the emergence of high-growth startups by taking a systemic view of firm growth. Instead of examining individual firms, a high-growth startup focused systemic economic actor, defined as the startup industry, is taken as the research object. The startup industry is given a certain function in economic development and resource allocation, and its processual activity in particular contexts is examined under the experimental winner generation process. Critical realism is used for systemic reasoning of firm growth. The empirical study focuses on case startup industries of Finland, Israel and Silicon Valley. The emergence of startup-related actor structures and institutions, and their functioning is analyzed first from a cultural-historical and processual perspective. Second, the organization of the experimental winner generation process and its outcomes for each case are analyzed over a period of several decades, and a cross-case comparison is conducted between the cases. The results of the study propose that each startup industry develops in time a particular target for its activities. This target, defined as the perceived winner, is the key for alignment and functioning of the startup industry as a whole. Examination of this concept enables us to understand the logics of the firm growth at the wider system level and on that basis to suggest some key determinants of the performance of startup industries in the long run. The discussion of policy maker implications concludes the study. / Tiivistelmä Kasvuyritykset ovat tärkeitä uusien työpaikkojen synnyttäjiä, ja teollistuneissa maissa niiden tukeminen on teollisuuspolitiikan keskiössä. Huolimatta laajasta yritysten kasvun tutkimustiedosta, merkittävistä julkisista investoinneista ja oletetuista hyvistä lähtökohdista kasvuyrittäjyydelle ei monella maantieteellisellä alueella kuitenkaan synny panostukseen verrattuna tarpeeksi kasvuyrityksiä. Tämä väitöskirja tutkii nopeasti kasvavien startup-yritysten syntymistä systeemisestä näkökulmasta. Yksittäisten yritysten sijaan tutkimuksessa määritellään tutkimuskohteeksi startup-teollisuus, kasvuhakuisiin startup-yrityksiin keskittyvä systeeminen talouden toimija, jolle annetaan tietty tehtävä talouden kehityksessä ja resurssiallokaatiossa. Startup-teollisuuden toimintaa eri konteksteissa tarkastellaan kokeellisen voittajayritysten rakentamisen prosessin avulla. Yritysten kasvua lähestytään lisäksi kriittisen realismin mukaisen kausaliteetin pohjalta. Tutkimuksen empiirinen osuus on toteutettu tapaustutkimuksena, jossa analysoidaan Suomen, Israelin ja Piilaakson startup-teollisuutta. Tutkimuskohteiden startup-yrityksiin liittyvien toimijarakenteiden ja instituutioiden kehitystä ja toimintaa analysoidaan kulttuuri-historiallisesta ja prosessuaalisesta näkökulmasta. Lisäksi kokeellisen voittajayritysten rakentamisen prosessin organisointia ja lopputuloksia analysoidaan usean vuosikymmenen ajalta sekä tapauskohtaisesti että niiden välillä. Tutkimustulokset esittävät kunkin startup-teollisuuden kehittävän ajan myötä tietyn kohteen omalle toiminnalleen. Tämä kohde, näkemys voittavasta startup-yrityksestä, linjaa koko startup-teollisuuden toimintaa. Tutkimalla tätä näkemystä voimme ymmärtää yritysten kasvun logiikoita systeemisellä tasolla, mikä mahdollistaa startup-teollisuuksien välisten rakenteellisten- ja suorituskykyerojen ymmärtämisen pitkällä aikavälillä. Tutkimuksen lopussa esitetään johtopäätöksiä poliittisen päätöksenteon kannalta.

The following study is about business angels financing small business start-ups. It explores the aspect of starting up an entrepreneurial venture in which the entrepreneur seeks to secure start-up finance from lenders, raising the various issues that are known to characterise this engagement between the entrepreneur and the lender. Using the phenomenological paradigm, the study seeks to determine the awareness of small scale financing by entrepreneurs in South Africa, to determine the most commonly used source of start-up business funding in South Africa, to assess the extent to which business angel financing could be used to finance businesses in South Africa and to determine the factors impacting the use of business angel financing in South Africa. From these objectives, the study will also seek to determine the extent to which business angel networks could facilitate the financing of business start-ups. Small businesses invariably come up in different policy spheres as the main avenues to social and economic construction across national and regional lines. The importance of a successful business start up to a growing economy should not be underestimated. In line with this is the particular factor of gaining access to start up capital, which continues to emerge as a leading contributor to the success or failure of business start ups. Studies continue to verify that the most common challenge faced by most emerging entrepreneurs is start-up capital, either in the lack of this capital, the unfavourable conditions surrounding its availability, the lack of assets to serve as collateral for its use or the ambiguous flow of crucial information between lenders and providers of finance in the funding relationship (Abor and Biekpe, 2006: 69;Hernandez-Trillo, Pagan and Paxton, 2005: 435, ISPESE, 2005: 7, CDE, 2004: 5; Musengi 2003: 11). Roger Sorheim (2005: 179) refers to business angels as private individuals who offer risk capital to unlisted companies that are struggling to obtain start up capital to finance their business ideas. Business angels are further defined as high net-worth bearers of substantial private capital who predominantly invest in the early stage of high risk high potential return business ventures with a positive further growth potential. Business angel finance is typically a ‘once-off’ early stage form of small firm financing compared to the more frequent later stage venture capitalist funding. Studies show that business angels represent an underutilised wealth creation mechanism when it comes to small firm start-ups as most business angels contribute expertise in addition to finance to the start-ups they get involved in. This brings valuable business insight to the commercialisation of a good business idea. The business angel network exposes a range of potentially viable business prospects to willing investors by facilitating the flow of information about entrepreneurs and their businesses, thereby eliminating ambiguity, information asymmetry and transaction costs (Aernoudt and Erikson, 2002: 178; Van Osnabrugge and Robinson, 2000:374; Macht, 2006:1; Ehlrich, De Noble, Moore and Weaver, 1994:70; Sorheim, 2005:179). To achieve a holistic approach to a phenomenon which appears to be relatively new in South African business circles, the study will follow a qualitative approach in which two categories of populations will be used, one of small business operators and the other of business angels in South Africa. In the study, 20 small business operators and five business angels in Grahamstown will be approached using the convenience and snowballing sampling methods respectively. Face-to-face semi-structured interviews will be used as a data collection method and content analysis will be used as a data analysis tool (Collis and Hussey, 2003:156, Driver, Wood, Segal and Herrington, 2001:32, National Small Business Act ). There has been very limited research on business angels in the South African context, therefore the study would significantly contribute in entrepreneurship, government and small business development circles as it brings about attention to what the researcher predicts is an underutilised business start-up financing option.

This study examined the influence of gender on access to venture capital and firm performance on Small, Medium and Micro Enterprises in King Williams Town, South Africa. This study sought to establish whether there was differential access to venture capital between genders; to establish whether men- and women-owned SMMEs differ in performance; to identify whether an association between gender and business related experience can be found; and to assess the extent to which the gender gap in SMME access to venture capital and performance could be allocated to gender differences in levels of business related experience. A total sample of 109 SMMEs was used which comprised 53 female- and 56 male-owned. The quota sampling technique was implemented and a self-administered questionnaire was used for the purpose of gathering primary data. Data for this study was gathered from SMME owners only as they were the targeted respondents. The t-test and Chi-square test were used for the statistical analysis in order to arrive at findings and conclusions. Based on a 64% survey response rate, the study reports the existence of statistically significant gender gap in SMME access to venture capital and SMME performance. In addition, this study also reports the existence of a gender gap in business related experience amongst SMME owners. However, after controlling for business related experience, the gender gap in SMMEs access to venture capital and performance disappears. This study therefore argues that the variation in business related experience between gender plays a major role in the noted gender gap. This study therefore concludes that addressing gender gap in business related experience is of vital importance as this would also assist in eliminating the apparent gender gap in access to venture capital and firm performance. To address the gender gap in business related experience, the study recommends that innovations in the design and delivery of training programmes should be implemented. Establishing and monitoring targets for current women managers who are also potential future business owners/SMME owners, should be a policy being practiced in both the private and public sector, among other recommendations outlined in the study.

The goal of this thesis is to describe the possibilities of SMEs to finance their innovation activities. In the first chapter we specify and define SMEs, their advantages and disadvantages. We use statistical analysis to prove, how they contribute on the changes of selected macroeconomic measures. The second chapter deals with the different tools and ways to finance SMEs, as well as the main providers of institutional support for SMEs. The last chapter designs the Regional innovation fund as an institution providing seed and start-up financing.

The diploma thesis is focused on the venture capital investments. Theoretical part of the thesis describes important concepts and key aspects of venture capital industry. Analytical part of the thesis is focused on the development and the present situation of venture capital industry in the United States of America, European Union, Israel, China and India.