Nos últimos anos, com a aceleração da globalização, tem-se intensificado a atividade de análise e avaliação de investimentos. Dentre as diversas técnicas de mensuração de valor e risco, mereceu especial destaque as ferramentas de avaliação de empresas, em razão da significativa profusão de negociações de e entre empresas, que inclui grande número de fusões aquisições e parcerias. Em diferentes segmentos empresas privadas de capital fechado, passam a ser alvo de grandes companhias ou vislumbram vir a ser, o que traz a necessidade ao empresariado de saber qual o valor do seu negócio, qual o valor mínimo aceitável em uma negociação, seja de venda ou de compra de investimentos. Estas necessidades justificam a busca de ferramenta de valoração. Diante disto, este trabalho visa identificar, e discutir os principais aspectos relacionados à valoração de empresas. No levantamento bibliográfico foram identificados os principais modelos de valoração onde foram criticados, apontando limitações ou desvantagens; procurou-se identificar, dentre eles, o que se adaptaria para avaliar uma empresa de capital fechado dada a limitação de informações possíveis de serem levantadas na empresa, que fosse mais referendado pelos estudiosos e o mais utilizado neste momento. Optou-se então pelos modelos de Fluxo de Caixa Descontado (FCD) e Valor Econômico, comparando-os ao Valor Patrimonial Contábil. apresentando-se à empresa e acionistas um preço de referência para que possam iniciar negociações de compra ou venda de parte ou todo do negócio. No segmento supermercadista, nos últimos anos, houve grandes negociações, passando para um nível de concentração das 5 maiores redes de 61% do mercado nacional. No estudo de caso, realizado em uma empresa do ramo de supermercados, foi feito o levantamento dos dados históricos dos últimos 5 anos, e feitas as projeções para os próximos seis exercícios, sendo calculados ou estimados, também: o beta do setor, o ROIC, o WACC, o CAPM, o Capital Operacional Investido, o Spread e a composição do capital atual. Após aplicação das premissas e cálculo do período de projeção, foi calculado o valor da perpetuidade, adicionando-o aos dois modelos de avaliação, e com isso chegou-se a um mesmo valor de valoração da empresa, que confirmaram as afirmações encontradas na bibliografia. Após comparou-se o resultado da avaliação pelo FCD e pelo Valor Econômico com o valor Patrimonial Contábil sem ajustes, apresentando assim para a empresa uma ferramenta para avaliações ou projeções de cenários e a discrepância entre os valores contábeis e econômicos da empresa. / In the last years, due to the acceleration on globalization, the activity of analysis and evaluation of investments has been intensified. Among several techniques of measurement of value and risk, the tools for firm evaluation has got special notice for the reason that it has been a meaningful profusion and partnerships. In different segments, private owned companies become or are willing to become the target of big companies and so the entrepreneurs have the necessity to know the minimum value of their businesses in transactions of buying or selling investments. That necessity justifies the search for business valuation resources. Thus, this paper aims at identify and discuss the main aspects related to business valuation. In the bibliographic search the main models of business valuation resources were identified and passed judgment on their limitations or disadvantages. An attempt on identifying one among those resources which would adapt for evaluating a privately owned company and which would be referenced by scholars and most used at the moment was made. The difficulty found was due to limitation of possible information gathering from firms. The chosen alternative was the Discounted Cash Flow models – DCF – and Economic Value in comparison to Accounting Patrimonial Value to show the company and shareholders a referential price to start transactions of buying and selling of part or the whole business. In the supermarket segment, in the last years, there were huge negotiations ending up in a concentration of five big chains which represent 61% of Brazilian market. A case study carried in a supermarket gathered historical data from the last 5 years and from those, projections for the next 6 ones were made calculating the sector beta, ROIC, WACC, CAPM and the Operational Capital invested, Spread e the composition of updated capital. After applying the predictions and calculating the projection period, perpetual value was calculated by adding that to two models of appraisal and then getting to the same value of assessment which confirm the statements in the review of bibliography. Afterwards the result of the assessment was compared to DCF and to Economic Value with Accounting Patrimonial Value without adjustments featuring an evaluating or projecting scenarios and the discrepancy between accounting values and economic values within firms.

This thesis is focused for accounting responsability, which purpose is capturing the responsibility of individual economic centers and evaluation of their performance. The work is divided into two parts. The theoretical part explains the basic concepts of responsibility accounting. The practical part is already focused on the application of responsibility accounting in selected company. First, it is characterized by the company and its line of business. Furthermore, it analyzes the organizational structure of the company, based on results together with the scope of business are proposed economic centers. Individual departments are compiled results of operations and established key performance indicators used to evaluate the performance of departments. The work could especially contribute to the eventual development of society.

Submitted by ANTONIO DIAS FIGUEIREDO FILHO (toni.figueiredo@terra.com.br) on 2016-02-26T04:39:17Z No. of bitstreams: 1 antonio_dissertacao_fgv_final.pdf: 794189 bytes, checksum: 2016ed8e754ff01d5d0ee3db29d7a691 (MD5) / Approved for entry into archive by Fabiana da Silva Segura (fabiana.segura@fgv.br) on 2016-02-26T14:04:50Z (GMT) No. of bitstreams: 1 antonio_dissertacao_fgv_final.pdf: 794189 bytes, checksum: 2016ed8e754ff01d5d0ee3db29d7a691 (MD5) / Made available in DSpace on 2016-02-26T14:12:27Z (GMT). No. of bitstreams: 1 antonio_dissertacao_fgv_final.pdf: 794189 bytes, checksum: 2016ed8e754ff01d5d0ee3db29d7a691 (MD5) Previous issue date: 2016-02-03 / A avaliação de imóveis é uma prática normatizada pela ABNT que vem desde a década de 60, quando surge a necessidade de se fazer grandes desapropriações. A normatização para imóveis rurais ganha corpo na década de 70 e desde então a ABNT NBR 14653-3 organiza e padroniza os conceitos da engenharia de avaliações. O método utilizado para se avaliar imóveis rurais se baseia em preços de mercado e este apresenta algumas fragilidades. Neste contexto, o objetivo deste trabalho é de propor o uso de uma metodologia, baseada no valor presente da renda do imóvel rural, que complemente a metodologia de preços de mercado, incorporando assim geradores de valor que são importantes para a gestão na alocação de capital em propriedades agrícolas. Discorre-se também ao longo deste trabalho a exemplificação da metodologia proposta por meio de um estudo de caso, abordando a caracterização do imóvel, premissas utilizadas para análise e a valoração do hectare da propriedade, comparando-a com a avaliação pelo método de preços de mercado. Acredita-se que esta abordagem baseada em fundamentos econômico-financeiros, aliada ao levantamento de preços de mercado trarão mais robustez para a avaliação de imóveis agrícolas com propósito gerencial, trazendo para discussão outras variáveis de relevância para a gestão agro imobiliária. / Real estate appraisal is a well established discipline in Brazil, which is standardized by ABNT, a Brazilian private entity, member of the International Organization for Standardization (ISO). Rural real estate appraisal standardization starts to build up from the 70´s and since then ABNT NBR 14653-3 organizes the appraisal discipline. The commonly used method to value land in Brazil is the sale value estimates from comparable sales, but it offers some fragilities. In this context, the objective of this research paper is to suggest a methodology capable of incorporating value drivers into farmland price, assessing the agricultural potential available at the property being analyzed. This method takes into account farmland rents to estimate its value, which adds to the current method applied by appraisers. This research paper also develops a case study to test the proposed methodology, approaching issues such as property agronomical characteristics, economic and financial assumptions to realize the property value. It is believed that this approach, based upon economic and financial fundamentals, coupled with sale value estimates will bring together a robust and comprehensive appraisal toolkit.

Submitted by Rodolfo Furtado de Carvalho Bullara (rb933@bol.com.br) on 2018-01-17T01:58:42Z No. of bitstreams: 1 Rodolfo Furtado de Carvalho Bullara - Dissertação MPA - 2017.pdf: 1467314 bytes, checksum: 8efbc4cabb36c78e8ba70a886498ed06 (MD5) / Approved for entry into archive by Mayara Costa de Sousa (mayara.sousa@fgv.br) on 2018-01-17T17:53:40Z (GMT) No. of bitstreams: 1 Rodolfo Furtado de Carvalho Bullara - Dissertação MPA - 2017.pdf: 1467314 bytes, checksum: 8efbc4cabb36c78e8ba70a886498ed06 (MD5) / Made available in DSpace on 2018-01-17T18:39:06Z (GMT). No. of bitstreams: 1 Rodolfo Furtado de Carvalho Bullara - Dissertação MPA - 2017.pdf: 1467314 bytes, checksum: 8efbc4cabb36c78e8ba70a886498ed06 (MD5) Previous issue date: 2017-12-18 / A cobrança por resultados gerenciais aumenta continuamente, o que leva os gerentes à busca por maior proficiência em competências (conhecimentos, habilidades e atitudes) necessárias ao cumprimento de objetivos cada vez mais agressivos. Por outro lado, a empresa necessita não só medir se os seus gerentes cumprem os objetivos organizacionais, mas de que forma o fazem. É o que se espera do sistema de avaliação de desempenho da organização. O objetivo do presente estudo foi determinar, se, e em que magnitude, o nível de proficiência individual em 6 competências gerenciais de gerentes de agência influencia o desempenho efetivo das agências nas quais atuavam em um dos maiores bancos comerciais do Brasil. Os dados foram coletados de avaliações reais de desempenho. Os resultados indicam claramente que a proficiência em competências gerenciais não estava ligada ao desempenho organizacional medido por variáveis objetivas de performance das agências. A proficiência na competência “sentido de dono” teve impacto irrelevante na nota final da agência e nos seus subcomponentes. Todas as outras competências não mostraram relação significante com as notas de desempenho das agências, indicando que a performance organizacional foi determinada por outros fatores não medidos neste estudo. Como os resultados contrariam estudos anteriores no Brasil e no exterior, o trabalho discute suas importantes implicações para a teoria e para a prática de gestão de pessoas e desempenho, em especial sobre avaliações de desempenho com base em competências e sua relação com práticas de remuneração e gestão de carreira em organizações. / The pressure for managerial results are increasing continuously. This mandates managers to develop stronger proficiency in competencies (knowledge, skills and attitudes) which are needed to achieve ever more aggressive objectives. On the other hand, the company needs to measure not only if their managers are achieving their strategic objectives, but also how they achieve their results. This is what is expected from an organization's performance appraisal system. The objective of the present study was to determine if, and to what extent, the level of individual proficiency in six managerial competencies influences the effective performance of the branches which they manage in one of the largest brazilian commercial banks. For this, the study verified whether the proficiency of these six competencies influenced the effectiveness of the performance of the branches managed by the subjects. The data was obtained from real performance evaluations. The results clearly indicate that proficiency in managerial competencies was not linked to organizational performance as measured from the branches performance system. The proficiency in the ownership competence had an irrelevant impact on the final evaluation of the branches and its subcomponents. All other competencies also did not show a significant influence on the branches performance scores, indicating that the organizational performance was determined by other factors not measured in this study. As the results contradict previous studies in Brazil and abroad, this paper discusses its important implications in theory and practice of people management and performance, especially regarding performance evaluation based in competencies and its relationship with remuneration practices and career management organizations.

This study describes the research that was carried out at a boys-only primary school in the Pinetown District of Kwazulu-Natal. The study was conducted with the purpose of investigating the management duties undertaken by the principal regarding time, staff and curriculum. In order to achieve the aim of this study the main research question was formulated, that is: How does the principal of X primary boys-only school manage the administrative and instructional programme in the process of executing his duties? Chapter One orientates the reader regarding the purpose, research problem, motivation and design of the study. Chapter Two provides the theoretical framework in terms of the types of school management models with particular focus on the democratic management model and the systems theory. Qualitative research in the form of in-depth interviews and participant observation was undertaken in an attempt to answer the research question. Interviews were conducted with the school principal and four educators. Chapter Four presents the findings of the study which highlight the role of the principal in managing the aspects of the school while he delegates the various areas of management to the members of staff. The findings further reveal the principal’s involvement in all the processes from inception to end. Chapter Five concludes the study summatively. The chapter includes a brief account of what the study covered, assumptions made in the theoretical framework, and draws important conclusions and makes relevant recommendations about the management duties of the school principal. / Educational Studies / M.Ed. (Education Management)

Text in Afrikaans, abstract in Afrikaans and English / Die primere doelstellings van die navorsing is om die verband tussen persoonlikheid en toesighouersukses te bepaal. Persoonlikheid is deur die 16-Persoonlikheidsfaktorvraelys ( 16PF) en toesighouersukses deur 'n prestasiebeoordelingstelsel gemeet. 'n Literatuurstudie van persoonlikheidsteoriee en vorige navorsing is gebruik om die verwantskap tussen persoonlikheid en werksukses te verifieer en die navorsingsbehoefte aan te dui. Die steekproef is 74 toesighouers, hoofsaaklik blanke mans, by 'n fabriek van 'n suiwelvervaardigingsmaatskappy. Die verwantskap tussen die 16PF-resultate en toesighouersukses is statisties deur Pearson en Spearman se Produkmomentkorrelasiemetode, Standaard en Stapsgewyse meervoudige regressie en T-toetse vir onafhanklike groepe bepaal. Die resultate toon dat slegs faktore B, C, L, 0, Q4 en die tweedeordefaktor QII van die 16PF 'n beduidende verband met toesighouersukses het. Dit is bevind dat ouderdom, ondervinding en kwalifikasie nie die verwantskap tussen persoonlikheid en toesighouersukses be'invloed nie. Hoewel hierdie bevindinge nie veralgemeen kan word nie, moet persoonlikheid wel deeglik by die evaluering van personeel, byvoorbeeld in seleksie, oorweeg word. / The aim of the research is to establish the relationship between personality and supervisor success. Personality was measured with the 16-Personality Factor Questionnaire (16PF) and supervisor success through a performance measuring system. A literature study was done to verify the relationship between personality and work success. The sample consisted of 74 supervisors, mainly white males, working at a dairy factory. The relationship between the 16PF results and supervisor success has been statistically established through Pearson and Spearman's Product-moment correlation method, standard and stepwise multiple regression analysis and T-tests for independent groups. The results show that factors B, C, L, 0, Q4 and the second order factor QII of the 16PF has a meaningful relationship with supervisor success. It was found that age, qualifications and experience do not influence the relationship between personality and supervisor success. The findings cannot be generalized but personality can be taken into consideration when evaluating employees, for example in selection. / Industrial and Organisational Psychology / M. Comm. (Bedryfsielkunde)

An increasing number of reports indicate that managers are opposed to performance appraisal. It is important to understand why managers have favourable or unfavourable attitudes towards performance appraisal and it is necessary to investigate the causing factors of these attitudes. The aim of this research was therefore to gain a deeper understanding of the factors that influence managers’ attitudes towards performance appraisal. This study was conducted within the interpretive research paradigm and situated in a medium-sized organisation within the financial services industry. The sample was purposefully selected and the data were collected through in-depth interviews and naïve sketches. The data were analysed applying Tesch’s descriptive analysis method. The main findings indicated that managers who needed to conduct performance appraisals perceived and experienced performance appraisal as an uncomfortable and emotional process that might cause them to become defensive. Moreover, it was revealed that the managers experienced uncertainties about aspects of performance appraisal, such as the purpose of performance appraisal, what must be measured and frequency of performance appraisal. As a result of such uncertainties, managers might not always have the ability or readiness to conduct performance appraisals, especially when the performance appraisal contains negative performance feedback. Furthermore, the organisational context might put managers in an undesirable situation to distort performance ratings of employees in order to achieve organisational goals or the manager’s personal goals, which in turn influence the attitude of the manager. The findings of the study can assist organisations in influencing managers’ attitudes more positively and in enhancing the overall performance appraisal process. / Industrial and Organisational Psychology / M. Com. (Industrial and Organisational Psychology)

Made available in DSpace on 2016-06-02T19:29:01Z (GMT). No. of bitstreams: 1 TeseWJG.pdf: 2710576 bytes, checksum: e615b12c152b4bacde3fbc05af5527be (MD5) Previous issue date: 2006-12-01 / Although public politics determine priorities in the evaluation of the development and in the accomplishment of the human well-being, this work considers the possibility in evaluating the degree of satisfaction of the population, based on the priorities and indicators from the population perspective. The subject assumes extreme outlines when related to the correct use of the public resources and of the failure of municipal programs destined to the residents mainly inserted in the urban outlying space. Evaluation of the degree of satisfaction of the population comes as a strategy to evaluate the impacts produced by the investments - publics or private - in projects of social development. In this study the population of a recent outlying neighborhood (Social Division into lots Antenor Garcia), of the city of São Carlos, SP, with approximately five thousand inhabitants, was considered. With base in the answers for a single open and synthetic question: What does you like and unlike in the neighborhood in what you live? ", a questionnaire with seventy six subjects contained in six variables: Health; Social; Education and Recreation; Safety; Habitation and Environment; and Transports, was elaborated. As for the form of the scale of the questionnaire it was adopted of the type LIKERT, with referencial of OSGOOD, with answers induced for Totally Disagree (DT); "Disagree Partially" (DP); "Without Opinion" (SO); "Agree Partially" (CP) or Totally Agree (CT). The consistence measures among the correlations were made with base in the coefficient Alpha of CRONBACH, that resulted in: medium to high correlation (>0.66) for internal analysis to the variables; and medium correlation (0.46), for inter-variable analysis - function of the correlated aspects (e.g. Safety versus Health). The variable Transports were the one that presented smaller degree of satisfaction - probably due to distance of the neighborhood downtown of São Carlos. While the item public illumination which belongs to the variable Habitation and Environment was the one with best degree of satisfaction - probably due to the appeal of some of the aspects of safety manifested by the habitants of this suburb. One expects that this methodology comes to contribute to deal with the conflict between the interests of the population and the urban planning, in way to understand and to assist the real needs of those populations, in the application of the public resources. / Apesar das políticas públicas tratarem de fixar prioridades na avaliação do desenvolvimento e na realização do bem-estar humano, este trabalho considera a possibilidade em avaliar o grau de satisfação da população, com base nas prioridades e indicadores sugeridos pela própria população. A questão assume contornos extremos quando relacionada ao uso correto dos recursos públicos e do insucesso de programas municipais destinados principalmente aos moradores inseridos no espaço periférico urbano. A Avaliação do Grau de Satisfação da população se apresenta como uma estratégia para avaliar os impactos produzidos pelos investimentos públicos ou privados em projetos de desenvolvimento social. Neste estudo foi considerada a população de um bairro periférico recente (Loteamento Social Antenor Garcia), do município de São Carlos, SP, com aproximadamente cinco mil habitantes. Com base nas respostas para uma única pergunta aberta e sintética: O que te agrada e incomoda no bairro em que vive? , foi elaborado um questionário com setenta e seis questões agrupadas em seis variáveis: Habitação e Ambiente; Saúde; Educação e Lazer; Transportes; Segurança; Social. Quanto à forma da escala do questionário adotou-se a do tipo LIKERT, com referencial de OSGOOD, com respostas induzidas para Discordo Totalmente (DT); Discordo Parcialmente (DP); Sem Opinião (SO); Concordo Parcialmente (CP) ou Concordo Totalmente (CT). As medidas de consistência entre as correlações foram feitas com base no coeficiente Alfa de CRONBACH, que resultaram em: média a alta correlação (> 0,66), para análises internas às variáveis; e média correlação (0,46), para análises inter-variáveis função dos aspectos correlacionados (ex. Segurança x Saúde). Os dados mostraram que a variável Transportes foi a que apresentou menor grau de satisfação provavelmente devido a distância do bairro em relação ao centro da cidade de São Carlos. Enquanto que a questão iluminação do bairro pertencente a variável Habitação e Ambiente foi considerada a com maior grau de satisfação provavelmente explicado pelo apelo à segurança que os moradores desse bairro manifestam. Espera-se que esse trabalho possa contribuir na aplicação dos recursos públicos, no tratamento do conflito entre os interesses da população e o planejamento urbano, de modo a entender e atender as reais necessidades dessas populações.

This paper aims to analyze how language is used to show representations on adolescence in editorials of Capricho magazine. To do so, we use pressupositions of Systemic-Functional Linguistics concerning interpersonal and ideational (experiential) metafunctions. The corpus is composed of 24 editorials published in Capricho from January to December, 2009. Having as basis aspects of the Mood and transitivity systems (HALLIDAY & MATTHIESSEN, 2004) and of Appraisal Theory (MARTIN & WHITE, 2005), the steps followed are: a) identification of the recurrent terms adolescent and adolescence as well as their referrers (pronouns, synonyms, ellipses); b) identification of speech functions and clause moods; c) quantification and analysis of the occurrence of appraisal in terms of attitude (affect, judgment and appreciation) and gradation (force and focus) in clauses with reference to adolescents; d) description and analysis of the components of transitivity in clauses that constitute the text in order to verify the lexico-grammatical roles developed by the adolescent girls. In relation to the interpersonal resources, the analysis showed the use of explicit commands and of interpersonal metaphors as interaction resources with the female readers. The most frequent appraisal categories in the corpus are judgment, denoting relationship evaluation (dating, family and friendship), leisure (vacations and parties) and study (school, courses and exchange study), characterizing contexts in which the adolescent girls are socially inserted. From the analysis of the resources of transitivity, we find that the adolescent is represented, in the texts analyzed, as a girl who dates who walks, who loves the holidays, going to shows and events that relate to family and friends. / O objetivo geral deste trabalho é analisar como a linguagem é usada para manifestar representações sobre a adolescência em editoriais da revista Capricho. Para isso, são utilizados pressupostos teóricos da Linguística Sistêmico-Funcional, com relação às metafunções interpessoal e ideacional (experiencial) da linguagem. O corpus se constitui de 24 editoriais publicados na Capricho no período de janeiro a dezembro de 2009. Tendo por base aspectos do sistema de MODO e de transitividade (Halliday & Matthiessen, 2004) e da teoria da Avaliatividade (Martin & White, 2005), os passos da análise consistiram em: a) identificação de recorrências dos termos adolescente e adolescência e de seus referenciadores (pronomes, sinônimos, elipse); b) identificação das funções de fala e modos oracionais; c) quantificação e análise de ocorrências de avaliatividade em termos de atitude (afeto, julgamento e apreciação) e gradação (força e foco) nas orações em que há referências a adolescente; d) descrição e análise dos componentes da transitividade das orações que constituem o texto para verificação dos papéis léxico-gramaticais desempenhados pelas adolescentes. Com relação aos recursos interpessoais, a análise mostrou o uso de comandos explícitos e de metáforas interpessoais como recursos de interação com as leitoras. As marcas de avaliatividade mais frequentes no corpus são de julgamento, denotando avaliações de comportamentos das adolescentes relacionados a aparência física (beleza), relacionamentos (namoro, família e amizade), lazer (férias e festas) e estudo (escola, cursinho e intercâmbio), configurando contextos em que as adolescentes aparecem inseridas socialmente. A partir da análise dos recursos de transitividade, verificamos que a adolescente é representada, nos textos analisados, como uma garota que namora, que passeia, que gosta muito de férias, que vai a shows e eventos, que se relaciona com familiares e amigos.

Evaluation through language is a procedure which is connected to contexts of situation and also to social rules that define the behavior of a group. Through investigations in Discourse Semantics, Martin and White (2005) argue that in some discoursive domains particular conventions of composition strongly determine the evaluative styles used by their authors. Drawn from the works of Fairclough (1995) about the journalistic discourse and orientations of Systemic Functional Grammar (HALLIDAY, 1989, 1994), this work intends to investigate, in the area of Discourse Semantics, the authorial or non-authorial linguistic manifestations of judgement, around the polemic expulsion of the journalist Larry Rohter, who had suggested the alcohol abuse of the Brazilian President. The initial hypothesis was that making any public judgement against the person of Luís Inácio Lula da Silva the authors would build them in terms of social sanctions and less as social esteem. To accomplish that, 153 news articles written by Brazilian journalists were gathered, from May 10th to June 10th, 2004, and published on the Internet, in on-line newspapers and on the Observatório da Imprensa . Its initial theme was an article published on The New York Times about the supposed Presidential alcoholic habits. After the corpus selection, the texts were divided into four blocks, related to the four moments perceived during the period. Furthermore, it was made a selection of all occurrences of judgement in relation to the president s behavior in each of the movements as authorial statements and as attributions. Finally, it was elaborated a typology of 5 judgements specially for the corpus analyzed, from the cross-chek of the Appraisal Theory (MARTIN e WHITE, 2005) and the parameters of evaluation of Bednarek (2006). After the corpus manual analysis, it was used the TextStat 1.52 computational tool to verify the data obtained. The results indicate that the five parameters found - CAPACITY, USUALITY, TENACITY, VERACITY and PROPERTY -, the authorial judgement indicates negative values of social esteem, especially USUALITY and CAPACITY, and less number of social sanctions (VERACITY and PROPERTY). As to the non-authorial judgements, it was observed more frequency of TENACITY values (social esteem) and PROPERTY (social sanction) organized in the form of direct speech, with neutral or assertive verbs, and evidences of CAPACITY and USUALITY (social esteem). From the case study, it can be concluded that article writers go beyond the voice of the correspondent, but they do not reach the voice of the commentator, because there are constraints on social sanction judgements. / Fazer avaliações através da linguagem é um procedimento que está vinculado a contextos de situação e a normas sociais que regem o comportamento de um grupo. Através de investigações em Semântica do Discurso, Martin e White (2005) defendem que, em alguns domínios discursivos, convenções particulares de composição condicionam fortemente os estilos avaliativos empregados pelos escritores. A partir dos trabalhos de Fairclough (1995) sobre o discurso jornalístico e das orientações da Gramática Sistêmico-Funcional (HALLIDAY, 1989, 1994), este trabalho pretende investigar, na área da Semântica do Discurso, as manifestações lingüísticas de julgamento, tanto autoral quanto não-autoral, em torno da polêmica expulsão do jornalista Larry Rohter, que havia sugerido que o Presidente do Brasil abusava da bebida. A hipótese inicial era a de que, ao registrarem julgamentos públicos quanto à pessoa de Luís Inácio Lula da Silva, os autores os construiriam em termos de sanção social, em preferência aos de estima social. Para isso, foram reunidos 153 artigos escritos por jornalistas brasileiros, no período de 10 de maio a 10 de junho de 2004, e publicados na internet, em jornais on-line e no Observatório da Imprensa, cujo tema inicial foi uma reportagem publicada no jornal The New York Times, acerca de supostos hábitos etílicos do Presidente da República. Após a seleção do corpus, os textos foram agrupados em quatro blocos, equivalentes aos quatro momentos percebidos durante o período. A seguir, foi feito o levantamento de todas as ocorrências de julgamento em relação ao comportamento do Presidente em 3 cada uma das fases, tanto em declarações autorais quanto em atribuições. Por fim, buscou-se elaborar uma tipologia de julgamentos específica para o corpus em questão, a partir do cruzamento entre a Teoria da Valoração (MARTIN e WHITE, 2005; WHITE; 2004) e os recursos de avaliação de Bednarek (2006). Após a análise manual do corpus, foi utilizada a ferramenta computacional TextStat 1.52, para a verificação dos dados obtidos. Os resultados indicam que, dos cinco recursos encontrados CAPACIDADE, USUALIDADE, TENACIDADE, VERACIDADE e PROPRIEDADE -, os julgamentos autorais indicam valores negativos de estima social, especialmente USUALIDADE e CAPACIDADE, e em menor número valores de sanção social (VERACIDADE e PROPRIEDADE). Quanto aos julgamentos nãoautorais, observou-se maior freqüência de valores de TENACIDADE (estima social) e de PROPRIEDADE (sanção social) organizados em forma de discurso direto, com verbos neutros ou assertivos, e várias ocorrências de CAPACIDADE e USUALIDADE (estima social). O estudo de caso levou à conclusão de que a voz do articulista ultrapassa a voz do correspondente, mas não atinge a voz do comentarista, pois os julgamentos de sanção social não são totalmente livres.