Made available in DSpace on 2016-03-15T19:30:46Z (GMT). No. of bitstreams: 1 Evelyn Seligmann Feitosa.pdf: 4150862 bytes, checksum: c2fb95c13060f06c44c6788bbbfd1fc6 (MD5) Previous issue date: 2011-11-10 / Fundo Mackenzie de Pesquisa / The allocation of resources and the constant search for competitive advantages differentiators to reach best results are always business challenges. In the contemporary context, in order to achieve superior performance, it reinforces the company's need to have, and make good use, of scarce, valuable, non-substitutable and inimitable resources. These resources include brands, customer base, knowledge, ability and competence of the work teams, corporate culture, partnerships and operational processes established, among other intangible assets, usually arising from a long and risky development process. Mergers and acquisitions (M & A) arise, then, as an important strategic action, being an alternative means to obtain and accelerate the accumulation of these resources within the companies. That is the subject of this work, which discusses the importance of existing and intangible assets disclosed, previous to the M & A transactions, their classification into various types, measurement, and impact on the resulting firm's financial performance in long term. The overall objective of this thesis was to analyze how this performance, after a minimum period of 36 months of the event, is related to the existence, level of disclosure and the nature of intangible assets in the organizations involved. One hundred-eighteen (118) companies were investigated in fifty-nine (59) cases of M & A occurred in France between 1997 and 2007; the study reflects a multi-method research, pluralistic, on qualitative and quantitative aspects. Intangible assets disclosure indicators were built by applying the content analysis technique to financial and accounting reports provided by the companies prior to the events, as well as financial indicators (proxies) for the existence of intangibles were calculated. These indicators were initially confronted with each other and later their explanatory power in relation to financial ratios of growth and profitability (for the corporation and its shareholders), which are the analyzed dimensions of financial performance. Many methods for statistical analysis were used in the multivariate data analysis (correlations and factor analysis, multiple regressions) and in the structural equation modeling (SEM), via Partial Least Squares (PLS). A total of twelve models, with statistics significance, were established to express the relationship among the constructs examined. Best results were achieved in the models developed with variables of semantic origin, in detriment of those with financial indicators only. The results obtained in this thesis leads to deduce that, in this study, there are positive relationships between the existence and the disclosure of intangible assets by firms involved in the operations of M & A and subsequent financial performance, measured by the corporate profitability and the growth of the resulting organization. This suggests that the strategic choice for business growth via M & A operations is favorable to the accumulation of intangible assets in the firms, in search for better results. / A alocação de recursos e a constante busca por diferenciais competitivos, visando melhores resultados, são grandes desafios empresariais. No contexto contemporâneo, para obter desempenho superior, reforça-se a necessidade de a empresa dispor, e fazer bom uso, de recursos raros, valiosos, não-substituíveis e de difícil imitação. Dentre estes recursos, destacam-se aspectos como as marcas, a base de clientes, o conhecimento, a capacidade e competência das equipes de trabalho, a cultura corporativa, as parcerias e os processos operacionais estabelecidos, dentre outros ativos intangíveis, geralmente decorrentes de longos e arriscados processos de desenvolvimento. As fusões e aquisições (F&A) surgem, então, como movimentos estratégicos importantes, sendo meio alternativo para obter e acelerar a acumulação destes recursos nas empresas. É essa a temática deste trabalho, que discorre sobre a importância dos ativos intangíveis existentes e divulgados previamente às operações de F&A de empresas, sobre a classificação dos seus diversos tipos, a sua mensuração e o seu impacto sobre o desempenho financeiro da firma resultante, no longo prazo. O objetivo geral desta tese foi analisar como este desempenho, após prazo mínimo de 36 meses do evento, está relacionado à existência, ao nível de divulgação e à natureza dos ativos intangíveis das organizações envolvidas. Foram investigadas 118 empresas, em 59 casos de F&A ocorridos na França entre 1997 e 2007, em uma pesquisa multi-métodos, pluralística, nas vertentes qualitativa e quantitativa. Foram construídos indicadores de divulgação (disclosure) de ativos intangíveis, mediante aplicação da técnica de análise de conteúdos aos relatórios contábil-financeiros disponibilizados pelas empresas antes do evento, e calculados indicadores financeiros (proxies) para a existência de intangíveis. Estes indicadores foram inicialmente confrontados entre si e posteriormente quanto ao seu poder explicativo em relação aos índices financeiros de crescimento e de lucratividade (empresarial e para os acionistas), que são as dimensões analisadas do desempenho financeiro. Utilizaram-se métodos de análise estatística de dados multivariados (análises de correlações, fatoriais, regressões múltiplas) e modelagem em equações estruturais, via Partial Least Squares (SEM- PLS). Foram estabelecidos, no total, doze modelos com significância estatística para expressar o relacionamento entre os construtos examinados. Alcançaram-se melhores resultados nos modelos desenvolvidos com variáveis de origem semântica, em detrimento daqueles que utilizaram indicadores exclusivamente financeiros. Os resultados obtidos nesta tese permitiram deduzir que há relações positivas entre a existência e a divulgação de ativos intangíveis pelas firmas envolvidas nas operações de F&A estudadas e o posterior desempenho financeiro, mensurado pela lucratividade empresarial e pelo crescimento, da organização resultante. Isto sugere que a opção estratégica por crescimento empresarial via operações de F&A é favorável ao acúmulo de recursos intangíveis nas firmas, na busca por melhores resultados.

L'équilibre arbre-herbe dans la savane tropicale est reconnu comme l'une des principales<p>énigmes de l'écologie des plantes. Les origines du difficile équilibre entre ces formes de vie<p>sur des dizaines de millions de kilomètres carrés à l'échelle mondiale sont en partie attribuées<p>aux perturbations fréquentes induites par les feux de végétation dont les effets varient dans<p>l'espace et dans le temps selon les conditions environnementales. Les résultats de recherche<p>dépendent de l’échelle et les conclusions tirées d’études locales sont rarement transposables à<p>d’autres échelles. La question du transfert d'échelle s’avère donc cruciale dans l'étude des<p>effets du feu, et nécessite une approche transdisciplinaire.<p>En raison de la variété des échelles couvertes, cette étude constitue une première dans la<p>confrontation de données sur l’historique des feux dérivé de l'imagerie satellitaire à des<p>données de terrain incluant des mesures détaillées sur la structure et la composition de<p>végétation, ainsi que des propriétés édaphiques et topographiques. Elle s’est focalisée sur la<p>composante ligneuse de par son caractère pérenne et son influence sur les processus<p>écologiques majeurs. Sur une zone de plus de 2000 km², le Parc National du W du Niger<p>(PNWN), où le feu est utilisé comme outil pour la gestion et la conservation des écosystèmes<p>semi-arides, une carte de l'historique des feux a été élaborée à partir d'images MODIS de 250<p>m de résolution spatiale et de résolution temporelle journalière couvrant une période de sept<p>années (2002-2009). Pour comprendre la variabilité, à la fois dans l'espace et le temps, de la<p>propagation du feu dans la végétation, nous avons étudié les caractéristiques de distribution<p>des feux en termes de régime du feu (i.e. période d'occurrence et fréquence) et de structure<p>spatiale (métriques paysagères). Les relations causales plausibles entre les régimes du feu, les<p>conditions édaphiques et topographiques à l'échelle régionale comme locale, et les<p>caractéristiques de la végétation ligneuse (composition et structure) ont été examinées à<p>travers des analyses multivariées et des modèles d'équations structurales. Nous avons aussi<p>examiné plus en détails les stratégies adaptatives mises en oeuvre par les ligneux, et les<p>interactions biologiques qui sous-tendent l'organisation spatiale des ligneux à travers une<p>approche des processus ponctuels.<p>Les résultats montrent que l'activité du feu dans le PNWN se caractérise par une hétérogénéité<p>spatio-temporelle induite principalement par les conditions édapho-topographiques via la<p>structure de la végétation ligneuse. Les feux précoces de gestion créent des pare-feux<p>efficaces, limitant une large extension des feux de saison tardifs. Cependant, ces feux tardifs<p>pourraient ne pas être aussi destructifs comme qu’on le suppose généralement. En effet,<p>l'adaptation des espèces aux différents régimes defeu correspond à des stratégies de croissance<p>contrastées. Dans le cas des feux tardifs, les surfaces terrières et hauteurs moyennes les plus<p>fortes sont rencontrées, permettant aux arbres de résister au feu. Quant aux zones non<p>affectées par les feux l'analyse "patron-processus" désigne clairement la facilitation entre<p>ligneux comme un processus fondamental de l'organisation spatiale périodique du couvert, une<p>structure émergente qui empêche le passage du feu. Bien qu’ils ne se substituent pas aux<p>études expérimentales, ces résultats basés sur une expérimentation naturelle à large échelle<p>apportent des informations nouvelles précieuses tant au niveau fondamental que pour la mise<p>en place d'une gestion raisonnée du PNWN.<p><p><p>The tree-grass equilibrium in tropical savanna is recognized as one of plant ecology's main<p>conundrums. The origins of the difficult balance between these life forms over tens of millions<p>of square kilometers worldwide are in part attributed to the frequent disturbances caused by<p>vegetation fires effects of which vary in space and time depending on local environmental<p>factors. Research results are scale-dependent and findings from local studies are rarely<p>transposable to higher levels of ecosystem organization. The question of scaling (scale<p>transfer) is therefore crucial in the study of fire effects, and requires a multidisciplinary<p>approach.<p>Because of the variety of scales covered, this study is a premiere in the confrontation of<p>satellite-imagery derived fire history data with detailed field data including measurements of<p>vegetation parameters (structure and composition), as well as soil and topographic properties.<p>The study focuses on the woody component, because of its perennial character and its<p>influence on major ecological processes. On an area of more than 2000 km², the W National<p>Park of Niger (WNPN) where fire is used as a tool for the management and conservation of<p>semi-arid ecosystems, a fire history map was elaborated from MODIS images with a 250 m<p>spatial resolution and a daily temporal resolution over a period of seven years (2002-2009). To<p>understand the variability, both in space and time, of fire propagation in vegetation, we studied<p>the fire distribution characteristics in terms of fire regime (i.e. timing and frequency) and<p>spatial structure (landscape metrics). Plausible causal relationships at regional and local scales<p>between fire regimes, edaphic and topographic conditions, and the woody vegetation<p>(composition and structure) characteristics were examined through multivariate analyses and<p>structural equations models. We also examined in detail the woody species adaptive strategies<p>as well biological interactions, which underlie their spatial organization, using point statistics.<p>Results show that the WNPN fire's activity is characterized by spatial and temporal<p>heterogeneity induced mainly by edaphic and topographic conditions via the structure of the<p>ligneous component. Prescribed early season fires create effective firewalls, limiting wide late<p>season fires. However, these late fires might not be as destructive as is commonly assumed.<p>Indeed, species adaptation to different fire regimes corresponds to contrasting growth<p>strategies. In the case of late fires, increased basal areas and mean tree heights were<p>encountered, enabling trees to resist fire and escape flames. As for the unburned areas, the<p>"pattern-process" analysis clearly indicates that facilitation between shrubs is a fundamental<p>process determining the woody cover periodic spatial organization, an emergent structure that<p>prevents fire spread.<p>Although they do not replace experimental studies, these results based on a large-scale natural<p>experiment provide valuable new information both on a fundamental level and for setting up<p>the rational management of the WNPN. / Doctorat en Sciences / info:eu-repo/semantics/nonPublished