O presente trabalho estuda as alternativas de financiamento do processo de criação de valor de uma empresa, com ênfase na opção de capital de risco (venture capital). O estudo está dividido em três capítulos. O primeiro apresenta, com base nas teorias de finanças, o processo de tomada de decisão de financiamento, podendo este ser via capital próprio ou dívida, sendo apresentadas as principais opções destas duas modalidades gerais. O segundo capítulo aborda a evolução histórica, a forma de funcionamento e os principais mercados da indústria de capital de risco no mundo. O terceiro capítulo efetua análise de dados para um período de 15 anos de uma gestora privada, onde se avaliou, para uma amostra de 24 empresas de diversos setores, qual é a curva de maturação dos investimentos da gestora. Verificou-se que, principalmente para as pequenas e médias empresas, o processo de financiamento é um elemento de grande dificuldade na construção e crescimento das suas operações, com prazos mais longos de maturação. Ou seja, como principal resultado, o estudo dos dados dos investimentos realizados pela empresa gestora privada no Brasil sugere que o processo de criação de valor destas empresas demanda um tempo adicional ao que tradicionalmente se espera. Diante do crescimento da indústria de capital de risco no mundo, esta modalidade de financiamento pode apresentar maior disseminação e escolha por esta alternativa pelas pequenas e médias empresas, tendo em consideração a questão da curva de maturação mais dilatada. / The present research studies the financing alternatives of the process of creating value to a company, with emphasis on the option of venture capital. The study is divided into three chapters. The first presents, based on the theories of finance, the process of financing decision making, and it may be via equity or debt, presenting the main options of these two general procedures. The second chapter discusses the historical evolution, the form of operation and the main markets of the risk capital industry in the world. The third chapter performs data analysis for a period of 15 years of a private holding company, which evaluated, for a sample of 24 companies in various sectors, what is the maturation curve of the investments of the managing body. It was found that, especially for small and medium sized enterprises, the funding process is a key element of great difficulty in construction and growth of its operations, with longer deadlines of maturation. In other words, as main results, the study of the data of the investments made by the private company in Brazil suggests that the process of creation of value of these companies demand an additional time to which is traditionally expected. Before the growth of the venture capital industry in the world, this modality of financing may present greater dissemination and choice for this alternative by small and medium enterprises, taking into account the issue of maturation curve more dilated.

Em um mundo de intensa competição global, as alianças estratégicas tornam-se essenciais na busca por uma eficiência nos negócios. Aquelas empresas que conseguirem tirar proveito das parcerias podem alcançar o sucesso, pois podem alcançar um desempenho competitivo superior. Porém, a dificuldade está em gerir este negócio em conjunto, visto que, um elevado percentual de parcerias fracassam. Um sistema eficiente de monitoramento das questões mais importantes podem auxiliar em uma melhor gestão. O objetivo deste trabalho é avaliar o desempenho e as características de uma aliança estratégica entre empresa argentina e brasileira. Para tanto, foi utilizado um método de monitoramento da parceria, envolvendo sete variáveis: tecnologia, mercado, finanças, recursos humanos e planejamento geral, produção e cultura. A presente investigação ocorreu entre os meses de março e maio de 2001. O estudo apresenta resultados individuais e comparativos da empresa argentina Vesubio, da brasileira Industrias Integradas e da Joint Venture Vesubio do Brasil. Por fim são apresentadas implicações do estudo que poderiam ser aprofundadas em novas pesquisas na área de relacionamentos em mercados internacionais.

The sustainable management of coupled social-ecological systems, such as water resource systems, requires institutional mechanisms for managing uncertainties and building more resilient social-ecological systems. Adaptive governance is an outcome of the search for a way to manage uncertainties and complexities within social-ecological systems. The concept of adaptive governance has emerged as a product of resilience theory and theoretical insights on common pool resources management. Adaptive governance refers to flexible multi-level institutions that connect state and non-state actors to facilitate a collaborative and learning-based approach to ecosystem management. As such, it has the potential to integrate social considerations into the decision process while also dealing with uncertainties in complex water resource systems. However, little is understood on how transitions toward adaptive governance systems take place and what criteria qualify a given institutional mechanism as an adaptive governance regime. This thesis presents results on a study that was aimed at understanding the process and outcomes of transitions toward adaptive water governance by using the Cache River Joint Venture Partnership (CRWJVP) within the Cache River Watershed in Southern Illinois as a case study. Qualitative data for the study were generated through key informant interviews among members of the CRWJVP and other knowledgeable actors, document review, and participant observation. The results revealed that the transformation of the governance of the Cache River watershed through the emergence of the CRWJVP was the result of ecological crises that began a citizen-led effort to preserve the Cache River wetlands. Additionally, the transition process was facilitated through trust-building, incentives, leadership, enabling legislation, and the role of bridging organizations. The results also showed that when compared to the attributes of an adaptive governance system, the current governance system of the Cache River watershed does not fully exhibit all the ideal attributes. However, the CRWJVP is moving towards an adaptive governance regime through the recent utilization of decision-making processes for recognizing and managing conflicts and uncertainties in the management of the watershed. Barriers in the transition process and recommendations for overcoming them are also discussed in the thesis. In all, findings from this study should be of relevance to scientists and decision-makers interested in understanding and enhancing transitions toward adaptive governance for the sustainable management of land and water resources in the Cache River watershed and elsewhere.

O presente trabalho estuda as alternativas de financiamento do processo de criação de valor de uma empresa, com ênfase na opção de capital de risco (venture capital). O estudo está dividido em três capítulos. O primeiro apresenta, com base nas teorias de finanças, o processo de tomada de decisão de financiamento, podendo este ser via capital próprio ou dívida, sendo apresentadas as principais opções destas duas modalidades gerais. O segundo capítulo aborda a evolução histórica, a forma de funcionamento e os principais mercados da indústria de capital de risco no mundo. O terceiro capítulo efetua análise de dados para um período de 15 anos de uma gestora privada, onde se avaliou, para uma amostra de 24 empresas de diversos setores, qual é a curva de maturação dos investimentos da gestora. Verificou-se que, principalmente para as pequenas e médias empresas, o processo de financiamento é um elemento de grande dificuldade na construção e crescimento das suas operações, com prazos mais longos de maturação. Ou seja, como principal resultado, o estudo dos dados dos investimentos realizados pela empresa gestora privada no Brasil sugere que o processo de criação de valor destas empresas demanda um tempo adicional ao que tradicionalmente se espera. Diante do crescimento da indústria de capital de risco no mundo, esta modalidade de financiamento pode apresentar maior disseminação e escolha por esta alternativa pelas pequenas e médias empresas, tendo em consideração a questão da curva de maturação mais dilatada. / The present research studies the financing alternatives of the process of creating value to a company, with emphasis on the option of venture capital. The study is divided into three chapters. The first presents, based on the theories of finance, the process of financing decision making, and it may be via equity or debt, presenting the main options of these two general procedures. The second chapter discusses the historical evolution, the form of operation and the main markets of the risk capital industry in the world. The third chapter performs data analysis for a period of 15 years of a private holding company, which evaluated, for a sample of 24 companies in various sectors, what is the maturation curve of the investments of the managing body. It was found that, especially for small and medium sized enterprises, the funding process is a key element of great difficulty in construction and growth of its operations, with longer deadlines of maturation. In other words, as main results, the study of the data of the investments made by the private company in Brazil suggests that the process of creation of value of these companies demand an additional time to which is traditionally expected. Before the growth of the venture capital industry in the world, this modality of financing may present greater dissemination and choice for this alternative by small and medium enterprises, taking into account the issue of maturation curve more dilated.

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Em um mundo de intensa competição global, as alianças estratégicas tornam-se essenciais na busca por uma eficiência nos negócios. Aquelas empresas que conseguirem tirar proveito das parcerias podem alcançar o sucesso, pois podem alcançar um desempenho competitivo superior. Porém, a dificuldade está em gerir este negócio em conjunto, visto que, um elevado percentual de parcerias fracassam. Um sistema eficiente de monitoramento das questões mais importantes podem auxiliar em uma melhor gestão. O objetivo deste trabalho é avaliar o desempenho e as características de uma aliança estratégica entre empresa argentina e brasileira. Para tanto, foi utilizado um método de monitoramento da parceria, envolvendo sete variáveis: tecnologia, mercado, finanças, recursos humanos e planejamento geral, produção e cultura. A presente investigação ocorreu entre os meses de março e maio de 2001. O estudo apresenta resultados individuais e comparativos da empresa argentina Vesubio, da brasileira Industrias Integradas e da Joint Venture Vesubio do Brasil. Por fim são apresentadas implicações do estudo que poderiam ser aprofundadas em novas pesquisas na área de relacionamentos em mercados internacionais.

Em um mundo de intensa competição global, as alianças estratégicas tornam-se essenciais na busca por uma eficiência nos negócios. Aquelas empresas que conseguirem tirar proveito das parcerias podem alcançar o sucesso, pois podem alcançar um desempenho competitivo superior. Porém, a dificuldade está em gerir este negócio em conjunto, visto que, um elevado percentual de parcerias fracassam. Um sistema eficiente de monitoramento das questões mais importantes podem auxiliar em uma melhor gestão. O objetivo deste trabalho é avaliar o desempenho e as características de uma aliança estratégica entre empresa argentina e brasileira. Para tanto, foi utilizado um método de monitoramento da parceria, envolvendo sete variáveis: tecnologia, mercado, finanças, recursos humanos e planejamento geral, produção e cultura. A presente investigação ocorreu entre os meses de março e maio de 2001. O estudo apresenta resultados individuais e comparativos da empresa argentina Vesubio, da brasileira Industrias Integradas e da Joint Venture Vesubio do Brasil. Por fim são apresentadas implicações do estudo que poderiam ser aprofundadas em novas pesquisas na área de relacionamentos em mercados internacionais.

Abstract China is becoming a powerhouse of the world economy nowadays. Its high economic growth and large domestic market attract many Western companies to invest there. Partnering with local companies is a common way for most Western companies to enter the Chinese market and learn about the new business environment for the first time while implementing their international expansion strategy. However, finding the right impetus for the partnership strategy to achieve the business goals is not easy as, quite commonly and for various reasons, many partnerships are dissolved before they achieve the expected goals. The aim of this study is to identify the key activities of partnership development in the context of Sino-Finnish partnerships. Two types of partnerships appear in this study, i.e. joint ventures and manufacturer-distributor partnerships. A multiple case study methodology is adopted in the empirical study. A framework for partnership development is used to examine the partnership process in China. The key activities are identified in the formation and management stages. In the formation stage of the partnership, three key activities are identified for partnership development: learning and assessing the motives of the partners, partner selection, and choice of type of partnership. In the management stage, four key activities are identified: human resource management, knowledge transfer, risk management, and cultural differences. The framework for partnership analysis is adapted in line with the case study results. The results of the case study are as follows. The motives of partnerships stem from the partners' own needs and their strategies of development. In addition to the motives suiting both partners, the strategies of the Finnish or incoming partners should also suit the contemporary business environment in China. Task and partner-related dimensions feature in the criteria of partner selection. Human resource management is perceived as a fundamental activity in partnership management and happens either by localization or hybridization in the case partnerships. The central issues of human resource management are the recruitment and retention of both management level, and technical, personnel. Complementary knowledge transfer between partners contributes to supporting the operations and joint activities of the partnerships. The risks to partnerships are sourced as twofold by the case partners – from inside the partnerships and the business environment – and are dealt with as they arise. Cultural differences in the partnerships require inter-organizational and interpersonal adaptation. Trust and open communication are two facilitators in the management process of partnerships.

This thesis examines International IJVs and the conditions that contribute to their success. The original contribution to knowledge of his thesis is the identification of Trust, the Parent Relationship and Long-Term Commitment as conditions most likely to foster successful IJVs. This thesis showed the applicability of these conditions to IJVs in the automotive sector and also demonstrates the dependency of each condition to the other by identifying a sequential order with which the conditions These conditions are established through interviewing senior management from both parents and the internal management of 13 successful IJVs in the automotive industry. The thesis is divided into a qualitative and quantitative analysis. Key themes from the respondent s qualitative views of success are extracted, coded and then analysed to provide robust empirical results. The data acquired from the respondents is analysed using fuzzy-set Qualitative Comparative Analysis (fsQCA). The conditions leading to success are the parent s relationship, the level of trust that exists between the parents and their long-term commitment to the IJV.

This dissertation is about research and development (R&D) and formation of research joint ventures (RJV). The first chapter analyzes R&D competition and cooperation regimes with coordination costs under full information sharing and no spillovers in a Stackelberg model. The findings show that profits and R&D incentives of RJV members decrease with coordination costs. R&D cooperation of leaders results in higher profits for insiders and also higher welfare compared with R&D competition. Checking the robustness of the results shows that with R&D spillovers and no information sharing no RJV forms. With convex costs, an RJV containing all leaders forms. The second chapter considers a duopoly Cournot model where production may result in environmental damage. Firms can either invest in process or environmental R&D. In the first case, we assume an exogenous emission tax. With high enough emission tax, welfare is always higher under public R&D than cooperation. Under endogenous emission tax, when the regulator acts before firms’ decision on R&D, with high R&D spillovers, public R&D yields higher welfare than R&D cooperation. When the regulator sets the emission tax after firms’ decision on R&D, welfare under R&D cooperation is higher than public R&D. Comparison of commitment and no commitment also shows that commitment increases private R&D. Chapter three investigates the endogenous formation of coalitions under the size announcement game in a Cournot framework and analyzes the effect of coordination costs on equilibrium and optimal coalitions. When there are industry-wide R&D spillovers numerical simulations show that with high enough coordination costs no RJV forms in equilibrium, which also maximizes welfare. When there is intra coalition full information sharing and no inter-coalitions R&D spillovers with high enough coordination costs, the equilibrium coalition structure is more concentrated than when coordination costs are low and the size is higher than when RJVs could not form endogenously. Also, with high enough coordination costs, the welfare maximizing coalition is less concentrated than the equilibrium one while the opposite is true for low coordination costs.