Dividendos e tributação: o que aconteceu após 1988-1989

ID: 18475

Authors: Jairo Laser Procianoy.

Source: RAUSP Management Journal, v. 31, n. 2, p. 7-18, April-June, 1996. 12 page(s).

Keyword: agency , Brazil , capital market , dividends , taxes

Document type: Article (Portuguese) Show Abstract

Corporate dividends decisions made by managers were considered a simple matter. Under the effect of taxation changes, those decisions should undergo corrections toward shareholder maximization. Many authors consider the existence of a positive effect. Others, due to myriad ways to reduce shareholders taxation, explain that managers do not take taxation into consideration. Due to 1988-1989 tax modifications, from only 23% non-personal compensation dividends tax to only 25% non-personal compensation net capital gains tax, Brazil has become an excellent scenario to test managers attitudes. In this study, carried out from 1987 until 1992, is showed that managers attitudes improved their companies dividends payout ratio after 1989 when comparing to prior period. But, it found that they did not improve dividends payout as much as possible, failing to take maximum advantage of tax modifications. It raises some possible explanations and suggests agency relationship problems between main and minor shareholders as the real explanation.

Risco bancário: modelo de previsão de insolvência de bancos no Brasil

ID: 18474

Authors: Alberto Borges Matias, José de Oliveira Siqueira.

Source: RAUSP Management Journal, v. 31, n. 2, p. 19-28, April-June, 1996. 10 page(s).

Keyword: banking risk , bank insolvency , logistic regression model , probability , public and private bank

Document type: Article (Portuguese) Show Abstract

In this paper a model of bank insolvency forecasting is drawn using the recent Brazilian phenomenon of bank insolvency and based on financial data obtained from the bank's balance-sheets analysis. The concept of bank insolvency used in the model refers to it's liquidation or intervention by the Brazilian Central Bank. This model was concluded in May, 1995. It is possible to forecast the bank insolvency phenomenon in Brazil and the conclusions of this study can be used to develop a system to supervise the Central Bank. The Features of bank insolvency in Brazil are: the deterioration of asset' quality, presenting a significant amount of past due credits and liquidation, in comparison to the institution's net value; the high administrative costs, excepting personnel cost, in comparison to the resource raising; and the high annual resource raising growth rate. The model shows a significant percentage of the banks operating in Brazil in a insolvency level, what may indicate a high probability of a banking crisis, similar to the Mexican and Argentine ones. The study showed the institutions' leverage not to be relevant to the insolvency phenomenon.

Diversificação estratégica das atividades dos profissionais contábeis

ID: 18473

Authors: Antonio Domingos Padula.

Source: RAUSP Management Journal, v. 31, n. 2, p. 29-39, April-June, 1996. 11 page(s).

Keyword: accountants , deregulation of the economy , diversification of activities , management consulting , small and medium size enterprises (SMSEs)

Document type: Article (Portuguese) Show Abstract

Two recent phenomena have given rise to significant changes in the forms of entrepreneurial competition: the deregulation of the economy, which is reducing the monopoly power of some activities, and the revolution which the technologies of computing and communication are going through. One of the activities legally protected is that of liberal accountant. The deregulation movements currently observed, worldwide, indicate that such monopoly will be short-lived. On the other hand, and despite the fact that the main competence of the profession is the command of the economic and financial information, this very attribution is seriously threatened by the so-called information professions. In this study is displayed the strategic movement of counterattack against those threats which the French accountants are carrying out: diversification of activities in order to insert the management consulting in small and medium size enterprises (SMSEs) in its portfolio of rendering services. In this paper we show the general picture of the consulting market in SMSEs, the position of the accountants in this market, and the evolution the profession will have to carry out in order to become competitive in this new activity. As a conclusion, we present some contributions with the results of the study can bring for the improvement of the performance of the Brazilian accountants in this new market.

A inovação em uma rede de franchising: estudo do caso Yázigi

ID: 18471

Authors: Lindolfo Galvão de Albuquerque, Marcelo Machado Teixeira de Andrade.

Source: RAUSP Management Journal, v. 31, n. 2, p. 40-49, April-June, 1996. 10 page(s).

Keyword: franchising , innovation , innovation process , structure for innovation

Document type: Article (Portuguese) Show Abstract

The main objective in this paper is to analyse the innovation process in the Yázigi franchising network (schools of languages), particulary the typical functions performed by the franchiser and those usualy realized by the franchisees in this process. The hybrid nature of the franchising system, closely related with these functions, is the most notable characteristic of this particular organizational arragement: the franchisee, member of one uniform and centralized network coordinated by the franchiser, is not his employee, but is entreprenuer. In this article, are analysed the consequences — benefits and difficulties — of this arrangement to the innovation process.

Estímulos e barreiras à criatividade no ambiente de trabalho

ID: 18470

Authors: Maria de Fátima Bruno de Faria, Eunice M.L. Soriano de Alencar.

Source: RAUSP Management Journal, v. 31, n. 2, p. 50-61, April-June, 1996. 12 page(s).

Keyword: barriers , climate of creativity , creativity , stimulants , work environment

Document type: Article (Portuguese) Show Abstract

The purpose of this study was to investigate stimulants and barriers to creativity in the environment of organizations, with the aim to subsidize the future construction of an instrument that may identify environmental factors present in the daily routine of Brazilian organizations that may affect creativity. The sample consisted of 25 professionals from various organizations in the Federal District, of which 19 were female and 6 were male, 20 subjects had completed undergraduate courses and 5 had completed high school courses. All the subjects were interviewed about stimulants and obstacles usually present in the organizations and those specific to the environment where they act as professionals. The answers were analysed and grouped into 12 categories of stimulants to creativity and 13 categories of obstacles to creativity. Results revealed that the stimulants most often found in the organizations were organizational support, organizational structure, managers'support, workgroup support, freedom and autonomy, and salary and benefits. In the subjects' work environments, the stimulants that appeared most often were managers'support, challenges, participation, workgroup support, and organizational support. The obstacles generally present in the organizations were organizational structure, managers'characteristics, interpersonal relations, organizational culture, and communication. In the subjects' specific environments the most frequent obstacles were organizational structure, communication, organizational culture, political and administrative influences, interpersonal relations and amount of work. The subjects also presented suggestions on how to make the climate of their work environment favorable to creativity. The results confirm the data obtained by other researchers, although some differences have been noted between previous studies and the one described here.

Escala de valores organizacionais

ID: 18469

Authors: Álvaro Tamayo, Maria das Graças Catunda Gondim.

Source: RAUSP Management Journal, v. 31, n. 2, p. 62-72, April-June, 1996. 11 page(s).

Keyword: organizational culture , organizational values

Document type: Article (Portuguese) Show Abstract

The purpose in this study was the construction and validation of a scale for evaluation of perceived organizational values. A survey with 113 subjects from five public and private organizations was used to pick up a sample of organizational values. The task of the subjects was to write on a special research form the five most important values of their organization and to give a short definition or description of them. Through analysis of content values presenting an equivalent meaning were organized into categories. A total of 48 values were obtained. A questionnaire with appropriate instructions for self-administration and a scale of nine points for each value was prepared. A sample of 537 subjects from 16 different organizations was used for validation. The intercorrelation matrix was factor analyzed using the principal axis factoring and 1.5 eigenvalue. The oblimin method was used for rotation. Five factors, accounting for 52.8% of the observed variance, were obtained. They were composed of values related with the quality of the product (F1), interpersonal relations in the organization (F2), manager style (F3), technical development (F4) and employee valorization (F5). Coefficients alpha varied from 0.70 to 0.91.

Eficácia da aliança tecnológica: estudos de caso no setor químico

ID: 18468

Authors: Marcos A.C. Bruno, Eduardo Vasconcellos.

Source: RAUSP Management Journal, v. 31, n. 2, p. 73-84, April-June, 1996. 12 page(s).

Keyword: case studies , chemical industry , management of technological alliances , strategic international alliances

Document type: Article (Portuguese) Show Abstract

Technological cooperation among firms, a form of strategic alliance, has been increasing in number and changing in scope since the 1980's, primarily in science-based industries. Since that time, this phenomenon has become a growing subject of interest to both researchers and practitioners. This paper describes a study of three international technological alliances in the chemical industry which set out to identify the influence of specific managerial factors in the overall performance of the participating firms vis-à-vis the cooperation objectives. The investigation shows six variables as essential to the effectiveness of cooperation. The case study method was applied to three cases of horizontal cooperation (involving competing companies), located in Europe and Brazil: Rhône-Poulenc/Hoechst (polyvinyl alcohol), Rhône-Poulenc/Du Pont (adiponitrile for the nylon 6.6 chain); and Petroquisa/ Mitsubishi Kasei/Odebrecht Química (polyvinyl chloride — PVC). In conclusion, a series of conditions and concepts are advanced as necessary to the understanding and practice of inter-firm technological cooperation. The main practical output of this empirical study refers to the use of the proposed framework and of the results obtained as a way to understand and operate the selected managerial factors which influence the success of technically based inter-firm strategic alliances.

Inovações tecnológicas no setor de telecomunicações e o impacto sobre o trabalho

ID: 18467

Authors: Antonio Moreira de Carvalho Neto.

Source: RAUSP Management Journal, v. 31, n. 2, p. 85-93, April-June, 1996. 9 page(s).

Keyword: employment , labour process , qualification , technological innovations , telecommunications

Document type: Article (Portuguese) Show Abstract

The aim in this article is to investigate the results of a research into the impact of technological innovations upon the labour process, the professional qualification and the employment level of the telecommunications workers. I is theoretically based on the so-called French School of Regulation and discusses the structural unemploymen aggravation, the labour market informalization, the loss of the workers' control upon their labour process and the professional (un)qualification, results of the technical rationalization which is part of the nowadays internationa economic restructuring. The results show a significative job loss, the labour rhythm intensification, the loss o control upon the labour process and a movement from unqualification to requalification.

Priorização de demandas da clientela de P&D em agropecuária

ID: 18466

Authors: Antônio Maria Gomes de Castro, Maria Lúcia D'Ápice Paez, Guarany Carlos Gomes, José Renato Cabral.

Source: RAUSP Management Journal, v. 31, n. 2, p. 94-105, April-June, 1996. 12 page(s).

Keyword: agricultural research , R&D demand , resource allocation

Document type: Article (Portuguese) Show Abstract

This paper describes and analyses the development, implementation and preliminary evaluation of the process of client demand priority setting in R&D agriculture as adopted by the recently created Planning System (SEP) of the Brazilian Agricultural Research Corporation (Embrapa). The main objectives are: review the basic theoretical framework for the setting up of client demand priorities in R&D agriculture; describe and analyse the model according to the SEP norms; and appraise critically the operationalization of this methodology to date. The total implementation of a new R&D agricultural planning system, centred on the main client demands, should orientate the allocation of Embrapa funds to problem-solving projects which are top priority for society as a whole.

De Pelourinho a shopping cultural

ID: 18478

Authors: Florence Heber, Suzana Moura, Tânia Fischer.

Source: RAUSP Management Journal, v. 31, n. 2, p. 106-111, April-June, 1996. 6 page(s).

Document type: Article (Portuguese)

Treinamento e desenvolvimento: reflexões sobre suas pesquisas científicas

ID: 18477

Authors: Jairo Eduardo Borges Andrade, Gardênia Abbad de Oliveira Castro.

Source: RAUSP Management Journal, v. 31, n. 2, p. 112-125, April-June, 1996. 14 page(s).

Document type: Article (Portuguese)

Treinamento e desenvolvimento: reflexões sobre seus métodos

ID: 18476

Authors: Miramar Ramos Maia Vargas.

Source: RAUSP Management Journal, v. 31, n. 2, p. 126-136, April-June, 1996. 11 page(s).

Document type: Article (Portuguese)