Submitted by Maicon Juliano Schmidt (maicons) on 2015-03-17T18:54:20Z No. of bitstreams: 1 0000139E.pdf: 664883 bytes, checksum: 5ccc2dfbf29a43c19847bddfd1cb3187 (MD5) / Made available in DSpace on 2015-03-17T18:54:20Z (GMT). No. of bitstreams: 1 0000139E.pdf: 664883 bytes, checksum: 5ccc2dfbf29a43c19847bddfd1cb3187 (MD5) Previous issue date: 2015-01-01 / Nenhuma / O objetivo deste trabalho é a identificação da relação existente entre a reputação corporativa, o desempenho socioeconômico e a atividade exportadora das vinícolas brasileiras e espanholas. É utilizada análise de dados em painel a partir da coleta de dados secundários das vinícolas brasileiras e espanholas juntamente com entrevistas com especialistas e produtores, identificando que a reputação corporativa influencia positivamente a atividade exportadora atuando como qualificador para inserção no mercado internacional de indústrias emergentes. Não foram identificadas na amostra analisada relações entre a reputação corporativa e o desempenho socioeconômico das empresas. O estudo contribui para a literatura examinando os efeitos da reputação corporativa sobre a atividade exportadora e o desempenho socioeconômico alargando para este recurso a discussão sobre indutores da atividade internacional da firma. Contribui também ao apresentar novos indicadores para mensuração do desempenho social e ao não identificar na reputação um preditivo para a melhoria do desempenho socioeconômico. / The objective of this work is the identification of the relationship between corporate reputation, the socio-economic performance and the export activity of Brazilian and Spanish wineries. It is used panel data analysis from the collection of secondary data from the Brazilian and Spanish wineries along interviews with experts and producers, identifying the corporate reputation positively influences the export activity acting as qualifier for insertion in the international market of emerging industries. Not identified in the sample analyzed relationships between corporate reputation and the socio-economic performance of companies. The study contributes to the literature examining the effects of corporate reputation on the export activities and the socio-economic performance for this feature extending the discussion on drivers of international activity of the firm. It also helps to introduce new indicators for measuring the social performance and to identify a predictive reputation for improving the socio-economic performance.

Les performances financières et sociales sont des caractéristiques institutionnelles importantes qui permettent aux pauvres et aux ‘quasi-pauvres' d'avoir accès aux crédits dans des conditions favorables, et aboutissent en même temps à un fonctionnement durable et aux mécanismes efficaces de gouvernances dans les institutions micro financières (IMFs). Dans ce contexte, cette étude a été menée afin de déterminer les variables financières/sociales/gouvernables qui peuvent influer les indicateurs de performance financière et sociale des IMFs à l'échelle mondiale; et de développer pour la première fois des arbres logiques décisionnels (en grappes) simples et pratiques qui peuvent être considérés comme des outils précieux aidant la mise en œuvre de stratégies efficaces pour les différents types des IMFs (à but lucratif et non lucratif) à l'échelle nationale.La première partie de cette thèse expose les données financières et sociales globales qui ont été extraites au cours des cinq dernières années (2007-2011) à partir de plusieurs bases de données bien connues (ex. Microfinance Information Exchange, Mix Market, Rating fund, etc…) pour les IMFs choisies classées comme ayant 4 ou 5 diamants (soit, 263 IMFs à but non lucratif et 135 IMFs à but lucratif) distribuées à travers les continents. Parmi les 263 IMFs à but non lucratif, l'échantillon de données a été composé de 192 organisations non-gouvernementales (ONGs), 42 institutions non bancaires et 29 coopératives. Un grand nombre de variables prédictives (54) ont été recueillies reflétant les aspects de l'environnement financier de ces IMFs (par exemple l'index des dépenses administratives, l'index de solvabilité, le coût par prêt, le nombre des déposants, etc…), les caractéristiques sociales (ex. profondeur, pourcentage des emprunteurs actifs ‘femmes', marché rural/urbain, niveau de pauvreté, etc…) et les mécanismes de gouvernance (ex. la taille de l'entreprise, la taille du conseil, la régulation, l'audit, l'affiliation à un réseau, l'assurance, etc…). Cette 1ère partie compare également l'efficacité de la plupart des méthodes/modèles statistiques les plus utilisés (incluant la régression linéaire, la régression logistique, les méthodes bayésiennes, les réseaux artificiels des neurones, l'analyse en composantes principales, etc….) pour estimer les indicateurs de performance financière et sociale au sein des IMFs. Elle inclue aussi une description détaillée du processus de construction des arbres décisionnels en grappes qui peut être utilisé pour cette estimation ainsi que toutes les étapes reliées (comprenant l'évaluation des divisions, l'assignement des catégories aux nœuds, les valeurs manquantes avec des répartiteurs de substitution, les critères d'arrêt, etc….).La deuxième partie explore les relations quantitatives entre les quatre indicateurs de performance financière les plus couramment utilisés [autosuffisance opérationnelle (operational self-sufficiency OSS), marge bénéficiaire (profit margin PM), rendement des actifs (return on assets ROA), et rendement des capitaux propres (return on equity ROE)] et les principales variables prédictives pour les IMFs choisies à but non lucratif (incluses à partir de 53 pays) à travers l'application de la modélisation par arbre de régression. Pour chaque indicateur de performance financière, plusieurs arbres de régression non élagués (684) ont été développés : (i) en utilisant toutes les variables prédictives, (ii) en utilisant toutes les variables prédictives financières seulement, (iii) en utilisant toutes les variables prédictives sociales seulement, (iv) en utilisant toutes les variables prédictives de gouvernance seulement, (v) en appliquant une seule variable prédictive à la fois, (vi) en excluant chaque variable à la fois du groupe potentiel des variables prédictives, et (vi) en forçant la séparation initiale de l'arbre à travers l'utilisation de la variable prédictive préférée afin d'explorer le pouvoir prédictif ... / Financial and social performances are important institutional characteristics that allow ‘the poor and the near-poor' to have access to credit in favorable conditions, and drives sustainable efficiency and effective governance mechanisms in MFIs (microfinance institutions). In this context, this study was conducted to determine the most influencing financial/social/governance variables (with their relative importance in %) that may affect the financial and social MFI performance indicators on worldwide basis; and to develop simple and practical microfinance tree-models (for the first time) that can be considered valuable tools helping with the implementation of efficient strategies among nonprofit and profit MFIs at a national scale.The first part of this thesis exposes the global financial and social data that has been extracted over the five recent years (2007-2011) from several well-known databases (e.g., Microfinance Information Exchange, Mix Market, Rating fund, etc.) for the chosen MFIs ranked four or five diamonds (i.e., 263 nonprofit MFIs and 135 profit ones) distributed widely over the continents. Among the 263 nonprofit MFIs, the data sample was composed of 192 Non-Governmental Organizations (NGOs), 42 non-bank institutions and 29 cooperatives. A large number of predictor variables (54) have been collected capturing aspects of the financial environment of these MFIs (e.g., administrative expense ratio, ratio of solvency, cost per loan, number of depositors, write-off-ratio, etc.), the social characteristics (e.g., depth, percent of women active borrowers, rural/urban market, poverty level, etc.) and the governance mechanisms (e.g., firm size, board size, regulation, audit, network affiliation, insurance, etc.). This first part compares also the efficiencies of the most used statistical methods/models (including linear regression, logistic regression, Bayesian methods, artificial neural networks, cluster analysis, principal component analysis, decision-trees, etc.) for estimating diverse financial and social performance MFIs' indicators. It includes also a detailed description of the tree building process that has been used for such estimation and all related steps (involving evaluating splits, assigning categories to nodes, missing values with surrogate splitters, stopping criteria, etc.).The second part explores quantitative relationships between the four commonly worldwide used financial performance indicators (operational self-sufficiency OSS, profit margin PM, return on assets ROA, and return on equity ROE) and key financial/social/governance predictor variables for the chosen non-profit MFIs (included from 53 countries) through the application of regression-tree modeling. For each financial performance indicator, several un-pruned regression trees (684) were developed: (i) using all predictor variables, (ii) all financial predictor variables only, (iii) all social predictor variables only, (iv) all governance predictor variables only, (v) applying only a single variable at a time, (vi) excluding each variable one at a time from the potential pool of predictor variables, and (vii) forcing the initial split of the tree using the preferred predictor variable for exploring the predictive power of independent predictors. The obtained results demonstrate that the strongest relationships were associated with ROE and ROA, the proportion of variance explained being equal to 99.8% and 99.5% respectively, followed by PM (97%) and OSS (95%). The second part also showed that the financial predictor variables did interfere differently in building the financial performance regression trees and associated relationships where ; administrative expense ratio influenced ROE (100%) ; average loan balance per borrower affected OSS (100%); cost per borrower, number of depositors, operating expense:loan portfolio, and risk coverage had significant impacts on ROA/ROE (98.5-100%).

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2017-06-22T16:33:32Z No. of bitstreams: 1 Tarço da Costa dos Santos_.pdf: 1338016 bytes, checksum: 05409e4637fc6c7e27b027fe5b6259ba (MD5) / Made available in DSpace on 2017-06-22T16:33:32Z (GMT). No. of bitstreams: 1 Tarço da Costa dos Santos_.pdf: 1338016 bytes, checksum: 05409e4637fc6c7e27b027fe5b6259ba (MD5) Previous issue date: 2017-02-24 / Nenhuma / Esta pesquisa buscou analisar o desempenho econômico-financeiro das companhias abertas listadas na BM&FBOVESPA pelo método Estrutural-Diferencial. A análise deu-se em dois períodos, a saber: de 2003 a 2007 e de 2010 a 2015. Com isso foi possível não só analisar o desempenho econômico-financeiro do conjunto das companhias em cada período, como também comparar os resultados de ambos os períodos. Esta análise foi desenvolvida por meio da variação dos elementos patrimoniais das companhias e essa variação foi relacionada com os indicadores de liquidez, endividamento e rentabilidade, fazendo-se uso do método Estrutural-Diferencial que apresenta uma série de vantagens na descrição das variações ocorridas nos elementos patrimoniais das companhias. Para tanto, fez-se algumas adaptações no método, pois ele foi construído e aperfeiçoado para avaliar questões relacionadas ao crescimento regional, emprego, entre outros. Crê-se que essa seja uma contribuição importante desse estudo, uma vez que os resultados encontrados ofereceram informações significativas para a estratificação das companhias, no que se refere à determinação de alguns componentes relevantes para a mensuração do desempenho econômico-financeiro. Os resultados mostraram que no primeiro período o conjunto das companhias apresentou um melhor desempenho. Naquele período verificou-se um crescimento dos indicadores de liquidez e rentabilidade, e redução dos indicadores de endividamento das companhias. No segundo período os indicadores de desempenho das companhias pioraram, evidenciando uma redução dos indicadores de liquidez e rentabilidade e crescimento dos indicadores de endividamento das companhias. / The purpose of this study is to analyze the financial performance of corporations listed on the São Paulo Stock Exchange (BM&FBOVESPA) using the Structural Differential method. This analysis was conducted in two periods: from 2003 to 2007 and from 2010 to 2015. This made it possible not only to analyze the financial-economic performance of companies in each period but also to compare the results in both periods. This analysis was based on variations in their asset balances, which were correlated with their liquidity, debt and profitability indicators using the Structural-Differential method, which offers a series of advantages for describing the variations occurred in the companies’ asset balances. Several adaptations to the method were required, since it was built and perfected to analyze factors related to regional growth, employment, etc. It is believed that this represents an important contribution made by this study, since the results generated significant data for stratifying the companies in order to determine certain relevant components used to measure financial performance. The results show that in general the companies performed better in the first period than in the second. During the first period, the companies registered increases in liquidity and profitability indicators and declines in debt indicators. However, in the second period, the companies’ indicators worsened, since the results show declines in their liquidity and profitability indicators and increases in their debt indicators.

Made available in DSpace on 2016-04-25T18:40:26Z (GMT). No. of bitstreams: 1 Marcelo Fodra.pdf: 1228186 bytes, checksum: f7b10212cc5270bc5d0908c4304d7b16 (MD5) Previous issue date: 2007-10-29 / The availability of energy is a crucial element to the economic development of societies. In Brazil, in particular, predominate the use of electric energy that comes from hydraulic sources, because of the huge natural hydric potential that existing in Brazil. Since the beginning of the 20 th century, the government legislated and controlled the electrical sector as a whole, maintaining all the productive structure by natural monopole, exploring the services and taxing for the use, doing important services to the economic and social development of the country. Yet, when the State lost its investment capability, the predominant attitude nowadays was adopted, promoting the privatization of several productive structures, including the national electric facility. To do so, legal and organization measures, were taken, mainly determination of unverticalization of organization, building a competitive environment not consolidated yet. This assignment tried to compare the social and economic performance levels reached by the public and private Brazilian electrical companies, focusing on the added value, from financial and social demonstration elaborated by coletive groups that operated on the generation and distribution of energy from the hydraulic sources, between 2000 and 2003 / A disponibilidade de energia é elemento crucial ao desenvolvimento econômico das sociedades. No Brasil, em particular, predomina a utilização de energia elétrica proveniente de fontes hidráulicas, em razão do enorme potencial hídrico natural existente no país. Desde o início do século XX, o governo legislava e controlava o setor elétrico como um todo, mantendo toda a estrutura produtiva sob a forma de monopólio natural, explorando os serviços e cobrando tarifas pelo uso, prestando relevantes serviços ao desenvolvimento econômico e social do país. Contudo, à medida que o Estado perdeu sua capacidade de investimento, adotou-se a postura predominante no mundo atual, privatizando-se diversas estruturas produtivas, inclusive o aparato elétrico nacional. Para isso, providências legais e organizacionais foram tomadas, sendo a determinação de desverticalização das organizações uma das principais, criando-se um ambiente competitivo ainda não consolidado. Este trabalho consistiu em comparar os níveis de desempenho econômico e social alcançados pelas empresas públicas e privadas do setor elétrico brasileiro, com especial enfoque no valor adicionado, a partir das demonstrações financeiras e sociais elaboradas pelas entidades que operaram nos segmentos de transmissão, geração e distribuição de energia proveniente de fontes hidráulicas, entre 2000 e 2003. Os resultados mostraram que as empresas privadas apresentaram melhor desempenho financeiro, enquanto as públicas exibiram melhor performance dos seus indicadores sociais

La diversification de l’offre des produits de terroir oblige les distributeurs à s’interroger sur leur implantation en magasin. Cette thèse propose de réfléchir sur la décision de l’implantation des produits de terroir dans le contexte français en adoptant une approche inter-catégorielle, au niveau général du magasin. Cette recherche étudie le rôle des stratégies d’implantation dans l’accroissement de l’accessibilité et de la facilité d’achat des produits de terroir en magasin, d’une part, et dans l’augmentation de la performance financière, d’autre part. Pour ce faire, une étude qualitative exploratoire ainsi qu’une expérimentation dans un magasin ont été menées sur les catégories de produits de terroir. / The diversification of the offer of terroir products forces distributors to question their allocation in the store. The thesis proposes to reflect on the allocation of terroir products in the French context by adopting an inter-categorial approach, at the general level of the store. This research examines the role of shelf space allocation strategies in increasing the accessibility and ease of purchase of terroir products in-store, on the one hand, and in increasing financial performance, on the other hand. Therefore, both an exploratory qualitative study and an experiment in a store have been conducted for the categories of terroir products.

Bakgrund: Short-termism beskrivs i såväl den vardagliga debatten som i akademiska undersökningar som ett hinder för bolags långsiktiga värdeskapande. Trots detta så är inte relationen mellan short-termism och långsiktigt värdeskapande undersökt tillräckligt. Utöver detta så har tidigare studier funnit att tidshorisonten inom bolagsstyrning påverkar ett bolags finansiella prestationer, men inte kunnat fastställa hur relationen mellan short-termism, långsiktigt värdeskapande och finansiella prestationer ser ut. Syfte: Syftet med denna studie är att öka förståelse för relationen mellan short-termism, långsiktigt värdeskapande och finansiella prestationer, samt förklara vilka faktorer som påverkar variation av short-termism inom den svenska IT-branschen. Metod: Genom en kvantitativ metod i kombination med en deduktiv ansats så har studien undersökt hur relationen mellan olika fenomen inom bolagsstyrningen ser ut. Detta är gjort med ett urval bestående av IT-bolag som är noterade på Stockholmsbörsen. Slutsats: I en svensk kontext är agentteorin applicerbar, där ägande tycks vara starkast drivande faktorn när det kommer till tidshorisonten inom bolagsstyrning. Studien finner inte några empiriska bevis för att en relation mellan short-termism och långsiktigt värdeskapande finns, vilket påvisar att dessa två fenomen inom bolagsstyrning inte nödvändigtvis har en negativ relation mellan sig. Resultat från studien har dock visat att short-termism har en positiv relation till kortsiktiga finansiella prestationer, medan långsiktigt värdeskapande har en negativ relation till kortsiktiga finansiella prestationer. Det ser studien som ett empiriskt bevis för nyttan av att kunna balansera short-termism och långsiktigt värdeskapande för att uppnå en effektiv bolagsstyrning. / Background: Short-termism is described in both commonplace debate and academic research as an obstacle to company's long-term value creation. Nevertheless, the relationship between short-termism and long-term value creation is not investigated enough. In addition to this, previous studies have found that the time perspective within corporate governance affects a company's financial performance, but has not been able to determine how the relationship between short-termism, long-term value creation and financial performance appears. Purpose: The purpose of this study is to increase understanding of the relationship between short-termism, long-term value creation and financial performance, as well as explain the factors that influence the variation of short-termism within the Swedish IT industry. Method: Through a quantitative method in combination with a deductive approach, the study has investigated the relationship between different phenomena within corporate governance. The sample consists of companies from the IT industry listed on the Stockholm Stock Exchange. Conclusion: In a Swedish context, the agency theory is applicable, where ownership seems to be the strongest driving factor when it comes to the time perspective within corporate governance. The study does not find any empirical evidence that a relationship between short- termism and long-term value creation exists, which shows that these two phenomena of corporate governance do not necessarily have a negative relationship to each other. However, the results of the study have shown that short-termism has a positive relation to short-term financial performance, while long-term value creation has a negative relation to short-term financial performance. These empirical evidences indicate the benefit of being able to balance short-term and long-term value creation in order to achieve effective corporate governance.

Submitted by Mariana Dornelles Vargas (marianadv) on 2015-05-07T12:58:12Z No. of bitstreams: 1 recursos_intangiveis.pdf: 441330 bytes, checksum: d2dc209ca4c62beb1725b09ff68ab6b9 (MD5) / Made available in DSpace on 2015-05-07T12:58:12Z (GMT). No. of bitstreams: 1 recursos_intangiveis.pdf: 441330 bytes, checksum: d2dc209ca4c62beb1725b09ff68ab6b9 (MD5) Previous issue date: 210-08-23 / Nenhuma / Esta dissertação apresenta resultados de um estudo empírico sobre recursos intangíveis , fundamentado na teoria de Recursos e Capacidade - Resource Based View of the Firm (RBV). Objetivou-se analisar se existe relação entre o investimento de recursos intangíveis e o desempenho econômico-financeiro das empresas dos setores elétrico e financeiro, com ações listadas na BM&FBOVESPA. Em termos metodológicos, utilizou-se o Value Added Intellectual Coefficient - VAICTM, como coeficiente de valor agregado dos recursos intangíveis, proposto por Pulic (2000). A análise das evidências foi realizada em três amostras. A primeira, composta por 137 empresas, com evidências correspondentes a dois anos. A segunda, formada por 23 empresas do setor elétrico, com evidências correspondentes a oito anos. A terceira, constituída por 21 empresas do setor financeiro, com evidências correspondentes a oito anos. Utilizou-se a técnica de mínimos quadrados ordinários com dados em painel. A primeira análise não apresentou resultados estatisticamente significativos, não se comprovando a relação explicativa entre recursos intangíveis e desempenho econômico-financeiro das empresas. Nas amostras do setor elétrico e financeiro, os resultados foram estatisticamente significativos. Verificou-se que, para o desempenho econômico-financeiro das empresas, o capital financeiro e o capital humano são mais explicativos do que o capital estrutural. / This research presents the results of an empiric study about intangible resource² grounded on the theory of Resources and Capacity – Resource-Based View of the Firm (RBV). The objective was to analyze if there is any relation between the investments of intangible resource and the performance economic-financial of companies from Electric and Financial sectors, the ones with shares listed on BM&FBOVESPA. The Value Added Intellectual Coefficient – VAIC™ was used as a methodological approach, as add value coefficient of the intangible resource, proposed by Pulic (2000). The evidence analysis was made in three samples. The first sample was composed by 137 companies, corresponding to two years of evidences. The second one was composed by 23 companies of the electric sector, with eight years of evidences. And the third sample was composed by 21 financial companies, with eight years of evidences. It was used the ordinary least square with panel data. The first analyzes did not present any statistically significant results, so it was not possible to explain relation between intangible resource and financial-economic performance of the companies. The results were statistically significant on the electrical and financial sector’s samples. It was verified that financial and human capital are more explicative than the structural capital for companies’ economic-financial performance.

Depending on their needs for enhancing and sustaining their business and market values, some firms choose to operate with a corporate governance structure of CEO duality, in which an executive serves as the CEO and the chairperson of the board of directors. The problem addressed in this study is that past empirical and theoretical studies of the relationship between CEO duality and firm performance of organizations across different industries have generated ambiguous results, and no studies have focused specifically on the relationship between CEO duality and financial performance of not-for-profit hospitals. Based on agency and stewardship theories, and considering that CEO duality's effects on firms' financial performance are contextually specific to each type of industry and dependent on certain industry conditions, the purpose of this quantitative study was to answer 3 research questions that examine the relationship between CEO duality, presence of physicians on governance board, hospital size, hospital age, board size, and financial performance of not-for-profit hospitals. This study used multiple regression analyses of data of financial indicators from 146 U.S. not-for-profit hospitals selected from the Office of Statewide Health Planning and Development database of California, for the period from 2009 to 2012. The results of this study suggested CEO duality and presence of physicians on healthcare governance were not related to financial performance of not-for-profit hospitals. The outcomes of this study can promote positive social change by bringing awareness of appropriate healthcare governance structures that enhance organizational effectiveness and sustain hospitals' charitable missions of provision of community services and transformation of communities and society.

A proliferation of social movements and a large group of young, politically active individuals have pushed corporate firms to pay more attention to increase resource allocation to corporate social responsibility. As of now, corporate social responsibility refers to a wide definition of general efforts made by firms to support society through social impacts. A review of current literature on corporate social responsibility reveals a gap in the way the quality is calculated as well as does not take into account the influence of social movements in the past couple of years. This paper assesses the specific social and political justice positions that firms have taken and whether these positions have had an effect on financial performance given the more actively conscious consumer base. Tobin’s Q is used to quantify these effects and show that positive corporate social responsibility increases financial performance, supporting the hypothesis, while negative corporate social responsibility does not significantly affect financial performance. Future research recommends a closer look at the industry differences in the subject as well as a clearer definition of the variance between the different issues that constitute corporate social responsibility.

Corporate social responsibility has evolved as a business strategy, but the business worth of voluntary social conduct has not been well understood. The contradictory research findings mean that social performance is not maximized, which constrains economic growth and sustainable development. Grounded by stakeholder theory, this correlational study was aimed at examining the effect of social responsibility factors on the market-based Fama-French cost of capital. Within a sample of 71 United States banks, the publicly available ethical ratings, financial data, and stock market data were analyzed using multiple regression models. Contrary to the positive effect of social conduct on financial performance common in the literature, this study revealed no significant effect of social factors on the accounting returns, and, consequently, the shareholders perceived the social activities as risky and therefore demanded higher returns. The study also showed that governance, diversity, and employee relation were positively related to accounting returns while product and community factors were negatively related to profits. The implied higher cost of raising equity finance following engagement in social activities is a lesson for corporate managers to exercise caution in their social conduct and carry the investors along. Such inclusive policy could help to minimize investor bias and moderate their consequential adverse reactions to well-intentioned corporate actions. This research contributes to positive social change by assisting the bank managers, directors, investors, regulators, and government in improving the discharge of their respective roles to ensure optimal allocation of resources to competing social activities in a manner that may maximize performance and improve the overall stakeholder wellbeing.