Flexibilidade como direcionador de uso dos instrumentos de derivativos no Brasil

ID: 21226

Authors: Herbert Kimura, Leonardo Fernando Cruz Basso, Luiz Alberto Orsi Climeni.

Source: Contextus - Revista Contemporânea de Economia e Gestão, v. 3, n. 2, p. 7-26, July-December, 2005. 20 page(s).

Keyword: Cláusulas Contratuais , Deri- vativos , Flexibilidade , Hedge , Instrumentos Financeiros

Document type: Article (Portuguese)

Apropriação dos resultados corporativos aos fatores econômicos nas empresas de capital aberto e de capital fechado no Brasil: evidências de atributos discriminatórios

ID: 21227

Authors: Antonio Carlos Dias Coelho, Luiz João Corrar.

Source: Contextus - Revista Contemporânea de Economia e Gestão, v. 3, n. 2, p. 27-36, July-December, 2005. 10 page(s).

Keyword: Added Value , Financial Governance , Public and Private Corporations

Document type: Article (Portuguese) Show Abstract

The objective of this article is to investigate if interdependence relation exists between the appropriation of the generated wealth and the ownership structure of the great Brazilian companies. Its object is, of an exploratory form, to bind the concept of Financial Governance to the form of distribution of the Added Value between the several stakeholders of these companies. This evaluation becomes possible due to the spreading of the concept of Value Added (calculated for the same ones or technicians) for the “Melhores & Maiores” ‘ promotion of “Revista Exame”. The research congregates the companies registered in cadastre of the database of the FIPECAFI, that they had been classified one of the 500 greater in the period of 1998 the 2002 and the used sample totalizes about 380 cases. Non metric tests of equality of averages and processed logistic regressions had been carried through having as dependent variable the type of company (public or private corporations) and as independent variables, Wages, Taxes, Net profits, Other Remunerations, Indebtedness, Added Value and Increase of Equity Capital. The joined results support the conclusion of weak evidence of differentiation of standards of Financial Governance between the two groups of firms, even so the independent variable, in its majority, have, with level of significance of 5%, different averages in the two groups. Moreover, the variable “Added Value”, “Wages” and “Other Remunerations” are significantly more relevant than the others to explain the classification of public or private companies, disclosing, however, low discrimination between the two sets of company.

Análise da relação entre a criação de valor e os direcionadores de valor no setor de saúde no Brasil (2002-2003)

ID: 21228

Authors: Diógenes Manoel Leiva Martin, André Wakamatsu, Edson Oliveira, Wilson Toshiro Nakamura.

Source: Contextus - Revista Contemporânea de Economia e Gestão, v. 3, n. 2, p. 37-46, July-December, 2005. 10 page(s).

Keyword: High-Tech Equipments , SUS , Valuation , Value Creation , Value-drivers

Document type: Article (Portuguese) Show Abstract

In this paper it is analyzed empirically the relationship between value creation and the value-drivers, financial and no financial, of brazilian health-sector in the years 2002 and 2003, with a sample of 1082 companies. As the great majority of the companies is not public and its value was measured considering financial margin and return indicators. The following value-drivers were significant: 1) amount of equipments of high technology, 2) percentage of beds charged to SUS, 3) filiation to SUS, 4) debt level, 5) value of the immobilized and 6) amount of protests. In the analysis of the results the hypothesis was verified that only the amount of equipments of high technology is a relevant driver for value creation.

Dividendos e juros sobre o capital próprio no setor petrolífero brasileiro

ID: 21229

Authors: Odilanei Morais dos Santos, Marcio de Araújo Resende, José Augusto Veiga da Costa Marques.

Source: Contextus - Revista Contemporânea de Economia e Gestão, v. 3, n. 2, p. 47-58, July-December, 2005. 12 page(s).

Keyword: dividends , interests on owner’s equity , oil companies

Document type: Article (Portuguese) Show Abstract

This study has as objective to investigate if the open capital companies of the national oil sector remunerate their shareholders suitably, when they use the interests on owner’s equity. The focus is to verify if such companies are imputing its dividends suitably, in other words, if the imputation is being done only to the compulsory dividends. There were selected three open capital companies, of the national oil sector, of CVM’s database, that, in the period from 2001 to 2003, remunerated their shareholders through the interests on owner’s equity. The results showed that all researched companies presented some problem, related to the imputation of the interests on owner’s equity to the compulsory dividends, or related to the quality of the information. It demonstrates that the subject of the imputation of the interests on owner’s equity to the dividends still generates trouble and doubts, relating to the suitable treatment that the companies have to do in this issue.

A Análise do Discurso como estratégia de pesquisa no campo a Administração: uma visão global

ID: 21230

Authors: Augusto Cézar de Aquino Cabral.

Source: Contextus - Revista Contemporânea de Economia e Gestão, v. 3, n. 2, p. 59-68, July-December, 2005. 10 page(s).

Keyword: and research strategy , Discourse analysis , organizational studies

Document type: Article (Portuguese) Show Abstract

This paper develops a reflection on Discourse Analysis (DA), which has had an increasingly meaningful role in the field of organizational studies, especially in administration. It does not intend to deepen knowledge in the field of linguistics. However, it develops a synthesis of some of the DA theoretical foundations. With the purpose to clarify the work field, it begins with the presentation of the DA main streams, a methodological division which delimits distinct orientations both in the theoretical and practical fields. Then, it takes Saussure’s contributions as the starting point of the theoretical foundation. After that, the theories of speech acts, or pragmatics, as well as the theories of enunciation and the concept of destinity are briefly explored, as a way to establish a background to guide the reader and allow him/her to understand the urge to submit the discourse of administration to the indiscreet DA lenses. To raise consciousness about this possibility, emphasizing its potential, and to point out key aspects that emerge in the discourse analysis of the administration is the main goal. Given the goals to unmask the implicit, the silences and to pluralize the understandings, the qualitative approach of the DA is deemed the most appropriate. The reflection presented shows that, as a science, administration is made up of discourses, with explicit and latent meanings marked by ideologies and, therefore, with compromised positions.