Esta dissertação analisa os determinantes do investimento na economia brasileira no período compreendido entre 2003 e 2008, com enfoque teórico na teoria das restrições financeiras. Para efetuar tal análise, esse trabalho apresenta as principais teorias do investimento presentes na literatura, assim como os principais trabalhos que abordam a questão da relevância ou não da estrutura de capital no financiamento do investimento, com destaque àqueles que inserem a assimetria informacional no escopo teórico. Em seguida, são apresentados os trabalhos que defendem a importância da restrição financeira na determinação do investimento da firma. Para enriquecer a argumentação, é feita uma análise histórica da trajetória da taxa de investimento brasileira e da estrutura de capital das empresas nacionais, e um resumo dos principais trabalhos que estudaram os determinantes do investimento na economia brasileira, com destaque para os que incorporam as restrições financeiras. Por fim, a partir de dados de balanços patrimoniais e segregando a amostra por porte da empresa, um modelo de dados de painel é desenvolvido para testar a hipótese de restrição financeira nas firmas brasileiras de mercado aberto no período. / This dissertation analyzes the determining factors for investment in the Brazilian economy over the 2003-2008 period, with a theoretical focus on financial constraints. To conduct such analysis, this paper presents the main investment theories in the available literature, as well as the main papers that address the issue concerning the relevance, or not, of capital structure in financing investment, highlighting those that insert informational asymmetry into the theoretical scope. Following this are the works that defend the importance of financial constraints when deciding on a company’s investment. For a more in-depth examination, an historical analysis is carried out on the course not only of the Brazilian investment rate, but also of the capital structure of Brazilian companies. In addition, a summary of the main papers containing studies on the determining factors for investment in the Brazilian economy is presented, highlighting those [papers] that incorporate financial constraints. Finally, based on data from balance sheets and taking samples per company-size, a panel-data model is developed to test the hypothesis of financial constraints in publicly-listed Brazilian firms in the period in question. / Dissertação (mestrado) - Universidade Federal do Rio de Janeiro. Instituto de Economia, Rio de Janeiro, 2010 / Bibliografia: p. 88-94

Submitted by Marcia Silva (marcia@latec.uff.br) on 2015-11-03T13:30:42Z No. of bitstreams: 1 DISSERT Lucio Alexandre Alves Soares Cruz.pdf: 6840911 bytes, checksum: aded36bd422179d1705b0384f06be657 (MD5) / Made available in DSpace on 2015-11-03T13:30:42Z (GMT). No. of bitstreams: 1 DISSERT Lucio Alexandre Alves Soares Cruz.pdf: 6840911 bytes, checksum: aded36bd422179d1705b0384f06be657 (MD5) Previous issue date: 2015-03-19 / Cada vez mais as empresas públicas de capital aberto, também conhecidas como empresas de economia mista, veem-se obrigadas a procurar alternativas para competirem e se manterem atualizadas, que lhes permitam aprimorar seus processos internos e descobrir meios de tornar a gestão e operação de suas atividades menos custosas e mais ágeis, a fim de melhorar a eficácia no atendimento dos seus clientes e demais stakeholders. Nesse sentido, o presente estudo propôs-se, a partir de Revisão da Literatura e do método de Estudo de Caso, a investigar a aplicação da mentalidade enxuta para melhoria da eficiência e da eficácia dos processos organizacionais referentes à atividade de Recebimento Físico e Fiscal de Suprimentos em uma empresa de economia mista do setor de energia elétrica no Brasil, tendo em vista que a mesma vinha enfrentando dificuldades para adequar-se às exigências governamentais advindas da instituição da Nota Fiscal Eletrônica, sobretudo pela modificação nos prazos para cancelamento do citado documento após a emissão, bem como no cumprimento de outros prazos legais, contábeis e contratuais. No propósito de conduzir a implementação, foi construído um framework com base, sobretudo, nos modelos Lean Manufacturing e Lean Office, além da absorção de elementos provenientes das abordagens Seis Sigma e Teoria das Restrições. Finalmente, após a implementação, investigaram-se os resultados alcançados, a fim de confrontá-los com o cenário pré-intervenção e com objetivos operacionais da área, de modo a verificar se os prazos legais estabelecidos para a realização da citada atividade poderiam ser cumpridos efetivamente, em um cenário corporativo de contenção de custos e redução do quadro de pessoal. / Increasingly, public listed companies, also known as mixed capital companies, find themselves forced to seek alternatives to compete and remain updated to allow them to improve their internal processes and find ways to make the management and operation of their activities less costly and more agile, in order to improve the effectiveness in serving its customers and other stakeholders. In this sense, the present study was designed, from the Literature Review and Case Study method, to investigate the application of lean thinking to improve the efficiency and effectiveness of organizational processes related to activity of physical receiving of supplies and fiscal and tax analysis of invoices, in a mixed economy company in the Brazilian electricity sector, considering that it was facing difficulties to fit the governmental requirements arising from the introduction of the Electronic Invoice, especially by modifying the deadlines for cancellation of the said document after the issue, as well as under other legal, financial and contractual terms.In order to guide the implementation, a framework was built based mainly on models Lean Manufacturing and Lean Office, as well as absorbing elements from the approaches Six Sigma and Theory of Constraints. Finally, after implementation, we investigated the results achieved in order to confront them with the pre-intervention scenario and operational objectives of the area in order to verify that the legal deadlines for the completion of said activity could be met effectively, in a corporate scenario cost containment and reduction of staff.

The thesis concentrates on the International Standard ISO 10014 - Quality management -Guidelines for realizing financial and economic benefits. In the thesis management principles and the simply methodology called PDCA are described. The thesis is focused on the priniple of process approach and nutually beneficial supplier relationship. These methods according to the Standard are applicated: Drum-Buffer-Rope within process approach and the graphical method of supplier rating, the zone control charts and the comprehensive supplier performance evaluation. The benefits from the effective application of these methods and tools are described.

Anecdotal data affirms that companies applying Lean Six Sigma in their operations not only deliver higher quality products and services, but also obtain superior financial results. The goal of this research was to empirically verify anecdotal data. The study proposed to analyze a group of publicly traded manufacturing companies with the intent of verifying if a correlation exists between companies being lean and the attainment of superior returns on investments. The researcher performed a series of statistical tests comparing key Financial Performance Indicators (FPI) extracted from annual reports (10-K) from a large pool of companies. The outcome of this study showed that superior financial rewards result from a systematic application of lean and quality tools. At the conclusion of this thesis we verified that companies having a business model that stimulates a high level of communication between them and their markets - because they are lean - obtained substantially higher financial advantages when compared to companies that still followed a more traditional mode of production. The results also revealed that lean companies obtained on average Return on Invested Capital (ROIC) 10% higher than mass producers. Therefore, companies wanting to strategically invest their capital should consider Lean Six Sigma as a source of competitive advantage. Another strategic insight derived from this study was the recognition of signs of a smart business. Potential investors should look for the presence of lean and quality improvement programs as one sign that capital is being wisely invested to generate value. Another sign is how well historically ROIC have performed against Weighted Average Cost of Capital (WACC). The research revealed that, on average, lean companies had ROIC of 16%. Assuming that the hurdle rate (WACC) for most companies is near 10%, having ROIC of 16% is an incentive to become lean, thus allowing such companies to create value for their shareholders. Finally, we learned that many factors affect ROIC, namely, brand equity, market positioning, patents, core competency, innovation, leadership, etc. However, the presence of a Lean Six Sigma program in a manufacturing business was a strong positive factor impacting ROIC.

The productivity advances generated from lean manufacturing are self-evident. Plants that adopt lean are more capable of achieving high levels of quality, shorter lead times, and less waste in the system. While it seems logical that higher levels of productivity and quality, as is common in lean companies, should result in positive financial performance, the research community has failed to establish the financial profitability of lean. Those researchers who have studied the financial returns issue report varying results. The goal of this research was to determine if a connection exists between lean and financial success and to discover why so many researchers are finding mixed results. Information Velocity (IV) was theorized to provide the solidifying link between lean and financial performance. Measured by combining the environmental volatility with a company's leanness, IV measures how fast a company can transmit information from the market into a customer-satisfying product in the hands of the consumer. This study analyzed over 530 publicly-traded manufacturing companies to validate the following hypotheses: 1) there is a positive relationship between leanness and financial returns, 2) there is a negative relationship between environmental volatility and financial returns, and 3) there is a positive relationship between IV and financial returns. Regression models were run in various combinations to determine the effect of lean, environmental instability, environmental unpredictability, and IV on financial performance indicators such as return on sales (ROS), return on assets (ROA), and quarter-closing stock price. The outcome of this study showed that financial rewards do result from lean, which positively affected financial performance in almost all scenarios. Environmental instability always negatively correlated with financial returns, and IV mostly shows a positive effect, but with mixed results. Lastly, IV does not explain why researchers find mixed results on the profitability measures of lean. The results of this thesis highlight the significance of implementing lean manufacturing, especially in a dynamic environment. As the instability in the environment increases, profitability decreases. Therefore, an increase in leanness by boosting inventory turns can compensate for the volatility and create enhanced productivity measures and financial results.

Management projektů a jejich rizik je v současnosti rozvíjející se disciplína, která si získává stále větší pozornost a uplatnění v praxi. Tato práce popisuje úvod do problematiky řízení rizik, zkoumání metod jejich identifikace, vyhodnocení a managementu, předcházení jejich následkům a jejich zvládání. V další části práce byla provedena analýza vzorků rizik z reálných projektů, byly popsány metody pro identifikaci a vyhodnocení následků rizik v úvodních fázích softwarového projektu, taktéž byly popsány atributy rizik a navržen způsob jejich dokumentace. V závěrečné části zadání byl navržen a implementován prototyp modelové aplikace pro podporu managementu rizik softwarových projektů.