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A geração interna de recursos como fator determinante do investimento em capital fixo realizado por empresas brasileiras de capital aberto ; Internal funds generation as a determinant of brazilian public firms fixed capital investment

Freitas, Barbara Moreira de
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 30/08/2006 PT
Relevância na Pesquisa
46.16%
Em mercados de capitais perfeitos, a decisão de investimento de uma empresa pode ser considerada independente de sua decisão de financiamento, uma vez que recursos externos funcionam como um perfeito substituto para o capital interno. No entanto, em mercados de capitais com imperfeições, tais como custos de transação, custos de falência, problemas de assimetria de informações e problemas de agência, a disponibilidade de capital interno tende a influenciar a decisão de investimento. A insuficiência de recursos internos pode levar empresas a não aproveitarem boas oportunidades de investimento (subinvestimento) e o excesso pode incentivar administradores a investirem em projetos não lucrativos (superinvestimento). Em função de características operacionais, financeiras e administrativas, algumas empresas são mais sujeitas aos impactos de imperfeições de mercados e, por este motivo, seus investimentos devem ser mais sensíveis à geração interna de recursos. O objetivo deste estudo é investigar, no universo de empresas brasileiras de capital aberto, a sensibilidade do investimento em capital fixo - representado pela variação do imobilizado bruto - à geração interna de recursos - representada pelo fluxo de caixa operacional - bem como os fatores (características operacionais...

Decisões de investimento das firmas brasileiras: assimetria de informação, problemas de agência e oportunidades de investimento; Investment decisions of Brazilian firms: asymmetric information, agency problems and investment opportunities

Pellicani, Aline Damasceno
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 23/04/2015 PT
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66.25%
Esse trabalho tem por objetivo analisar a sensibilidade do investimento ao fluxo de caixa de 356 firmas brasileiras de capital aberto no período de 1997-2010, considerando a estrutura de propriedade e controle. As firmas são classificadas a priori entre subinvestimento e superinvestimento, e reagrupadas conforme o nível de oportunidades de investimento do setor industrial. Com uma versão do modelo acelerador de investimento, estimado pelo método GMM System, o estudo mostra que essa sensibilidade poderia sinalizar oportunidades de investimento, problemas de agência do fluxo de caixa livre e problemas de assimetria de informação. Particularmente, discute-se que o superinvestimento pode ser oriundo tanto dos problemas de agência do fluxo de caixa livre quanto ser uma sinalização ao mercado do volume de oportunidades de investimento. Além disso, também é investigado se firmas com controle familiar, estruturadas como pirâmides e pirâmides controladas por família têm influência sobre o volume de recursos próprios aplicados para financiar os investimentos. As estimativas mostram que os investimentos das firmas consideradas com subinvestimento e grandes oportunidades de investimento podem não ser sensíveis ao fluxo de caixa quando o excesso de direito de voto sobre o direito de propriedade do maior acionista é baixo. Por outro lado...

Oportunidades de crescimento e a importância da monitorização exercida pelo Conselho de Administração

Guimarães, Raquel Ferreira da Silva Cibrão
Fonte: Universidade do Minho Publicador: Universidade do Minho
Tipo: Dissertação de Mestrado
Publicado em //2011 POR
Relevância na Pesquisa
46.16%
Dissertação de mestrado em Finanças; O papel de monitorização e controlo interno efectuado pela governação empresarial visa minimizar os problemas de agência que advêm da separação entre propriedade e controlo. Deste modo, o Conselho de Administração, com o poder que lhe assiste de contratar, recompensar e dispensar os gestores, funciona como um mecanismo primordial de governação empresarial. O objecto desta investigação é examinar se os níveis de oportunidades de crescimento das empresas condicionam a qualidade do Conselho de Administração e a sua contribuição para a minimização dos problemas de agência entre accionistas e gestores. Atendendo a que a literatura convencional defende que o alinhamento de interesses entre accionistas e gestores é obtido através de Conselhos de Administração activos, isentos e independentes, representados por uma maioria de Outsiders, este estudo verifica que os Insiders, com o conhecimento que detêm acerca das empresas, podem facilitar uma monitorização apropriada em contextos de incerteza e complexidade característicos de empresas com elevado crescimento. Esta investigação comprova que num ambiente dinâmico, como é o de empresas com elevado potencial de crescimento...

Como sobreviver após a fraude financeira

Cidre, Andreia Vitória Castanho Morais
Fonte: Universidade do Minho Publicador: Universidade do Minho
Tipo: Dissertação de Mestrado
Publicado em //2012 POR
Relevância na Pesquisa
46.01%
Dissertação de mestrado em Finanças; Existem poucos dados estatísticos sobre situações de fraude no mundo. Na Europa esta temática é escassa se não mesmo nula. As empresas que manipulam as suas contas e se vêm publicamente expostas e discribilizadas perante accionistas, investidores e consumidores têm pouca margem para recuperar as perdas em que incorrem. Cabe aos analistas e ao mercado procurar uma solução possível para aqueles que ultrapassaram a barreira institucional. Estudos diversos sugerem que a grande aposta destas empresas passa pela reestruturação do sistema de controlo interno nomeadamente pela substituição dos membros executivos por entidades exteriores à empresa e pela aplicação de mecanismos de governação possíveis de ser valorizados pelos investidores após o acto de fraude. Com a presente dissertação pretendo analisar se a aplicação desses mecanismos de controlo será suficiente para recuperar a credibilidade financeira das empresas e para a sua reinserção no mercado de acordo com os Modelos Institucionais de Supervisão Financeira na Europa. Através de uma amostra de 44 empresas devidamente identificadas nos Mercados de Valores Mobiliários Europeus e alvo de multas por ilegalidades cometidas a nível financeiro...

Multi-agency collaboration in local governace: partnership or pragmatism? An exploratory case study

Cunneen, Jacinta Mary
Fonte: University of Limerick Publicador: University of Limerick
Tipo: info:eu-repo/semantics/doctoralThesis; all_ul_research; ul_published_reviewed; ul_theses_dissertations
ENG
Relevância na Pesquisa
36.16%
peer-reviewed; Policy makers everywhere are confronted by complex problems and public agencies strive to find effective solutions in a context of dwindling resources and increased demands. This study examines how a partnership, among Irish public agencies, was used to address anti-social behaviour on some public housing estates in Limerick City. In 2007 the Limerick City Community Safety Partnership Limited was established. This was the first time a multi-agency community safety partnership was formally established in the local governance context in Ireland. Government funding was provided to the Partnership to pilot and evaluate an innovative community safety intervention. This study examines the nature and outcomes of the Partnership. The research is conducted through a single longitudinal case study. The unit of analysis is the Limerick City Community Safety Partnership Limited. The research design includes qualitative and quantitative methods and draws on the Theory of Change as well as governance and partnership theories. Key actors, community stakeholders and service users participated in the primary research. Insights from this study and from international evidence are used to design a model of good practice for multi-agency partnerships. The study addresses three questions: (i) is multi-agency partnership an effective governance mechanism? (ii) does the multi-agency partnership approach improve the delivery of services in local governance? and (iii) what constitutes a model of good practice for multi-agency partnership? While the research is conducted with special reference to community safety on public housing estates...

Evaluating Aid for Trade : A Survey of Recent Studies

Cadot, Olivier; Fernandes, Ana; Gourdon, Julien; Mattoo, Aaditya; de Melo, Jaime
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
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The demand for accountability in aid-for-trade is increasing but monitoring has focused on case studies and impressionistic narratives. The paper reviews recent evidence from a wide range of studies, recognizing that a multiplicity of approaches is needed to learn what works and what does not. The review concludes that there is some support for the emphasis on reducing trade costs through investments in hard infrastructure (like ports and roads) and soft infrastructure (like customs). But failure to implement complementary reform -- especially the introduction of competition in transport services -- may erode the benefits of these investments. Direct support to exporters does seem to lead to diversification across products and destinations, but it is not yet clear that these benefits are durable. In general, it is difficult to rely on cross-country studies to direct aid-for-trade. More rigorous impact evaluation is an underutilized alternative, but situations of clinical interventions in trade are rare and adverse incentives (because of agency problems) and costs (because of the small size of project) are a hurdle in implementation.

Governance of Public Pension Funds : Lessons from Corporate Governance and International Evidence

Hess, David; Impavido, Gregorio
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.01%
An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund management. The absence of a market for corporate control hinders the translation of lessons from the private sector corporate world to public pension governance. The establishment of a fit, and proper governing body for public pension funds, thus may be even more important than the maintenance of a comparable body for private sector corporations. In particular, behavioral controls should be carefully designed.

Effect of Agency Problems on RTC Hotel Appraisals

Dalbor, Michael C.
Fonte: FIU Digital Commons Publicador: FIU Digital Commons
Tipo: Artigo de Revista Científica Formato: application/pdf
Relevância na Pesquisa
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Agency problems that helped cause the banking crisis in the United States in the 1980s impacted hotel appraisals competed for the Resolution Trust Corporation (RTC). Lower appraised values would help make more bids acceptable, helping to sell more assets quickly. The results indicate appraised hotel values were much lower than sales prices in states with a high number of bank failures.

The OHS regulatory challenges posed by agency workers: evidence From Australia

Johnstone, Richard; Quinlan, Michael
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Working/Technical Paper Formato: 246977 bytes; 365 bytes; application/pdf; application/octet-stream
EN_AU
Relevância na Pesquisa
36.11%
Labour leasing or agency labour (also known as labour hire in Australia and New Zealand) is a rapidly growing work arrangement in most if not all industrialized countries. Unlike the two-party employer/employee relationship, labour leasing establishes a three-party or triangular relationship between the worker, the agency that supplies them and the host employer. There is emerging evidence that this triangular relationship, in combination with the temporary nature of most placements, poses particular problems for laws regulating employment conditions (industrial relations, occupational health and safety (OHS), and workers’ compensation/social security) and the agencies administering them. This paper examines recent Australian experience with regard to protecting the health and safety of agency workers, drawing on detailed interviews and workplace visits with inspectors, as well as analysis of statutory provisions, documentary records (such as reports and guidance material), and enforcement activity (notably prosecutions) by OHS agencies.; no

Essays on ceo compensation: beyond the anglo-saxon public corporation

Pereira, Ivo Nuno
Fonte: Instituto Universitário de Lisboa Publicador: Instituto Universitário de Lisboa
Tipo: Tese de Doutorado
Publicado em //2012 ENG
Relevância na Pesquisa
36.25%
Doctoral in Business Administration; These four papers address some unsolved issues on CEO compensation: beyond the Anglo-Saxon public corporation, furthering the existing literature to the understudied fields of less developed capital markets, of which Portugal is a typical member; family firms, whose link between generation and agency avoidance is exploited here; the international comparison based on a selected sample of the world´s largest firms and the effect of gender on the remuneration of Portuguese managers and other professionals. The first paper analyses the determinants of compensation for CEO of Portuguese firms, focusing on the preference of variable versus fixed pay. The results confirmed that listed companies, more vulnerable to agency problems, also made a more intensive use of variable pay. Older firms are also more prone to using this type of compensation. Location in Lisbon, the center of economic activity and higher education also increase the propensity to receive a higher share of salary in the form of variable compensation. The second paper, also based on the same data, has the main goal to find whether the use of variable pay within family firms also reflects the intensity of their specific agency problems. The result on the use of variable pay shows that their performance impact tends to be less favorable for foundational...

What can still be done? an investigation into the ways the Child Support Agency can still be improved for non-resident parents

Taylor, Diana
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Relatório
Relevância na Pesquisa
36.19%
In this report, a variety of suggestions about child support will be presented. These suggestions are either issues which were not considered in the new legislation or they are problems which could result from the new legislation if the implementation procedures are not properly monitored. The first chapter examines the nature of child support and how it relates to the CSA, and examines this from both societal and individual perspectives. In this section, the following recommendations were made: • Societal misconceptions, including a cultural bias against non-resident parents should be studied, understood, and considered in making child support arrangements. • The best interests of the child should be considered on an individual basis and it should be recognized that the parents' interests influence the children's interests. • The role of emotions should be considered in child support arrangements and those employees of the system who would have personal contact with clients should be trained in this area in order to better help their customers. • An improved way to deal with allegations of child abuse and domestic violence should be implemented so that the federal system is uniform and properly-organized. This may even take the form of a new agency. In the second chapter of this report...

Using Tax Incentives to Compete for Foreign Investment : Are They Worth the Costs?

Wells, Louis T., Jr.; Allen, Nancy J.; Morisset, Jacques; Pirnia, Neda
Fonte: Washington, DC: World Bank and the International Finance Corporation Publicador: Washington, DC: World Bank and the International Finance Corporation
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
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The book contains complementary essays on the use of tax incentives, to attract foreign direct investment (FDI). The first essay presents results of the authors' original research, and explores FDI, and issues of tax incentives, in the context of Indonesia. Their results mostly support the arguments made against incentives, particularly they find little evidence that when Indonesia eliminated tax incentives, there was any decline in the rate of FDI into the country. Similarly, the second essay surveys the research of others on the same topic, and pertaining to the same issues discussed in the first essay. They show that results of other researchers, are generally consistent with the findings of the research in Indonesia, notably that tax incentives, neither affect significantly the amount of direct investment that takes place, nor usually determine the location to which investment is drawn. Nevertheless, recent evidence has shown that when factors such as political, and economic stability, infrastructure, and transport costs are more...

Financial paradigms

Torre, Augusto de la; Ize, Alain
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
36.15%
What market and regulatory issues led to the subprime crisis? How should prudential regulation be fixed? The answers depend on the interpretative lenses or 'paradigms' through which one sees finance. The agency paradigm, which has dominated recent regulatory policy, seems to be influencing much of the emerging reform agenda. But collective welfare failures particularly externalities and collective cognition failures particularly mood swings were at least as important in driving the crisis. All three paradigms should therefore be integrated into a more balanced policy agenda. But doing so will be difficult because they often have inconsistent policy implications.

Do Banks Provision for Bad Loans in Good Times? Empirical Evidence and Policy Implications

Cavallo, Michele; Majnoni, Giovanni
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.01%
Recent debate about the pro-cyclical effects of bank capital requirements, has ignored the important role that bank loan loss provisions play in the overall framework of minimum capital regulation. It is frequently observed that under-provisioning, due to inadequate assessment of expected credit losses, aggravates the negative effect of minimum capital requirements during recessions, because capital must absorb both expected, and unexpected losses. Moreover, when expected losses are properly reflected in lending rates, but not in provisioning practices, fluctuations in bank earnings magnify true oscillations in bank profitability. The relative agency problems faced by different stakeholders, may help explain the prevailing, and often unsatisfactory institutional arrangements. The authors test their hypotheses with a sample of 1,176 large commercial banks - 372 of them in non-G10 countries - for the period 1988-99. After controlling for different country-specific macroeconomic, and institutional features...

On common agency with informed principals

Lima, Rafael Coutinho Costa
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Tese de Doutorado
EN
Relevância na Pesquisa
36.11%
This thesis consists of three chapters that have as unifying subject the frame-work of common agency with informed principals. The first two chapters analyze the economic effects of privately informed lobbying applied to tariff protection (Chapter 1) and to customs unions agreements (Chapter 2). The third chapter investigates the choice of retailing strutures when principals (the producers) are privately informed about their production costs. Chapter 1 analyzes how lobbying affects economic policy when the interest groups have private information. I assume that the competitiveness of producers are lobbies private information in a Grossman and Helpman (1994) lobby game. This allows us to analyze the e¤ects of information transmission within their model. I show that the information transmission generates two informational asymmetry problems in the political game. One refers to the cost of signaling the lobby's competitiveness to the policy maker and the other to the cost of screening the rival lobby's competitiveness from the policy maker. As an important consequence information transmission may improve welfare through the reduction of harmful lobbying activity. Chapter 2 uses the framework of chapter 1 to study a customs union agreement when governments are subject to the pressure of special interest groups that have better information about the competitiveness of the industries they represent. I focus on the agreement's effect on the structure of political influence. When join a customs union...

Drive Out Fear (Unless You Can Drive It In):The role of agency and job security in process improvement

Repenning, Nelson
Fonte: MIT - Massachusetts Institute of Technology Publicador: MIT - Massachusetts Institute of Technology
Tipo: Trabalho em Andamento Formato: 86084 bytes; application/pdf
EN_US
Relevância na Pesquisa
46.08%
Understanding the wide range of outcomes achieved by firms trying to implement TQM and similar process improvement initiatives presents a challenge to management science and organization theory: a few firms reap sustained benefits from their programs, but most efforts fail and are abandoned. A defining feature of such techniques is the reliance on the front-line workforce to do the work of improvement, thus creating the possibility of agency problems; different incentives facing managers and workers. Specifically, successfully improving productivity can lead to lay-offs. The literature provides two opposing theories of how agency interacts with the ability of quality-oriented improvement techniques to dramaticlly increase productivity. The 'Drive Out Fear' school argues that firms must commit to job security, while the 'Drive In Fear' school emphasizes the positive role that insecurity plays in motivating change. In this study a contract theoretic model is developed to analyze the role of agency in process improvement. The main insight of the study is that there are two types of job security, internal and external, that have opposite impacts on the firm's abilty to implement improvement initiatives. The distinction is useful in explaining the results of different case studies and can reconcile the two change theories.; National Science Foundation...

Introduction to The Constitution of Agency

Korsgaard, Christine
Fonte: Oxford University Press Publicador: Oxford University Press
EN_US
Relevância na Pesquisa
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This introductory chapter summarizes the themes of the book. It explains the general idea of self-constitution: that we constitute our agency by choosing our actions in accordance with the principles of practical reason. It sketches the main types of principles of practical reason, and raises some problems about the concept of rational prudence. It advances a theory of the normativity of rational principles based on the idea that they are constitutive standards of action. It discusses the role of the idea of virtue within ethical theory, and the possibility of conjoining an Aristotelian theory of virtue with Kant's ethics. It raises issues about the connection between individual agency and the agency of the state, explains the connection between Hume's conception of agency and Kant and Aristotle's, and discusses the methodological idea of constructivism.; Philosophy

Political connections and economic outcomes: three empirical essays

Castells, Pau
Fonte: [Barcelona] : Universitat Autònoma de Barcelona, Publicador: [Barcelona] : Universitat Autònoma de Barcelona,
Tipo: Tesis i dissertacions electròniques; info:eu-repo/semantics/doctoralThesis; info:eu-repo/semantics/publishedVersion Formato: application/pdf
Publicado em //2013 ENG
Relevância na Pesquisa
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Aquesta tesi esta composada per tres assaigs. Cadascún dels assaigs presenta investigació empírica original i independent analitzant els impactes de les connexions politiques sobre l'economia. Els articles fan una contribució significativa a aquesta literatura empírica, al mateix temps que subratllen les limitacions i desafiaments amb els que actualment s'enfronten els investigadors d'aquest camp. La recerca que aquí es presenta aplica desenvolupaments als metodes de recerca empirica que milloren la fiabilitat dels resultats. En el segon capitol s'estima l'impacte d'un aconteixement sorpresa a nivell polític sobre els retorns financers del mercat espanyol. Això inclou els impactes específics en determinats sectors i empreses que estan connectades políticament. En els últims dies de la campanya electoral per les eleccions generals espanyoles de l'any 2004, atacs terroristes van causar la mort de 191 persones que viatjaven en tren a la capital del país, Madrid. Quatre dies mes tard, el partit a l'oposició va guanyar les eleccions generals, en contra de totes les prediccions i enquestes que s'havien fet anteriorment a l'acció terrorista. Aquest canvi d'expectatives presenta una oportunitat única per aplicar tècniques d'event study per contrastar hipòtesis de política econòmica. L'anàlisi mostra que les hipòtesis de captura de polítics per empreses...

Implications of Principal-Agent Problem on the Transfer Pricing Theory; Implicações da Caracterização Principal-Agente nas Abordagens de Preços de Transferência

Cosenza, José Paulo; Universidade Federal Fluminense - UFF; Zardoya Alegría, Ana Isabel; Universidad de Zaragoza - UNIZAR; Laurencel, Luiz da Costa; UFF
Fonte: Universidade Federal de Minas Gerais - Departamento de Ciências Contábeis Publicador: Universidade Federal de Minas Gerais - Departamento de Ciências Contábeis
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; Artigo Avaliado pelos Pares; Pesquisa Teórica; Formato: application/pdf
Publicado em 30/11/2011 POR
Relevância na Pesquisa
36.22%
This paper analyzes the implications transfer pricing mechanisms have on benefit measurement and management evaluation performance when agency problems (asymmetry information, moral hazard and adverse selection) and its consequences are incorporated. The aim of this paper is to show the relationship between transfer price policy and the agency problems and if it influenced those benefit compensations that graded managerial performance. This study relate correlation between motivation, independence, incentive and punishment schemes and agency costs with managerial performance and transfer prices, in particular. But provide that agency problem isn’t formalized in the academic literature, the study proposes a reference framework, characteristic of the agency relationship adding two components: performance measure and benefit levels.; O artigo discute as implicações que as práticas de preços de transferência podem ter sobre a mensuração do resultado e a avaliação do desempenho, quando se incorporam os problemas de agência (assimetria de informação, risco moral e seleção adversa) e suas consequências no processo de controle gerencial. O objetivo do trabalho foi verificar a relação mantida pelos preços de transferência com a questão de agência e as maneiras como eles podem afetar o mecanismo de compensação da atuação gerencial. O estudo contribuiu para o reconhecimento da importância que assuntos como conflitos...

The sell-out right as an agency control mechanism.

Boizard, Matthias
Fonte: London School of Economics and Political Science Thesis Publicador: London School of Economics and Political Science Thesis
Tipo: Thesis; NonPeerReviewed Formato: application/pdf
Publicado em //2009 EN
Relevância na Pesquisa
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This work seeks to demonstrate why current strategies aimed at limiting the exploitation of minority shareholders by majority shareholders in private companies are insufficient and argues in favour of the introduction of an agency theory-based control mechanism in the form of a sell-out right, under certain circumstances to be assessed in court. This stems from the observation that certain corporate governance failures are inherent in the very nature of the private company, which is dominated by an individual and/or a family or by a company acting as controlling shareholder when the private company is a subsidiary of a group of companies. Because of the divisive nature of the majority principle, ownership is separated from control in private companies, whether the company is majority owner-managed or managed by professional managers. Thus, much like public companies, private firms dominated by one single shareholder or by a group of shareholders are prone to agency costs resulting from adverse selection and moral hazard. We address throughout this work the specific agency problems arising in companies in which power is divided along a line separating controlling shareholders from non-controlling shareholders. Such agency problems are exacerbated in private companies because no market exists for the shares such that minority shareholders may be trapped in an irremediably adverse situation. We argue that a sell-out right is the best remedy to such agency costs.