Determinants of the level of indebtedness for Brazilian firms: A quantile regression approach

AbstractWe investigate the determinants of the capital structure of Brazilian companies between 2000 and 2009. We use a quantile regression model and compare its results with the ones provided by conventional models (least squares and fixed effects). We show that the effects of the capital structure determinants change depending on the quantile. This can be explained by bankruptcy and agency costs associated to the amount of debt leverage of firms, relative to each quantile. Based on these results, we analyze the predicted effects of the two leading capital structure theories, namely pecking order and trade-off, conditioned on the determinant, type of debt and quantile analyzed. Our results for the size and profitability variables indicate that the pecking order theory is more suitable to the data as the quantile increases

Voting with the wallet: a principal–agent framework for the analysisof sustainable supply chains

Purpose This paper aims to investigate delegation decisions in supply chains, exploring the metaphor that consumers who make environmentally and socially responsible choices are equivalent to voters in an election. Design/methodology/approach This theoretical paper relies on the principles of agency theory to shed light on fundamental challenges that shape our ability to transform supply chains. Findings This paper unravels two puzzles linked to delegation decisions within sustainable supply chains. It shows that as firms adopt sustainable production systems, their ability to convey relevant information that convinces consumers to enter in a delegation relationship diminishes, ceteris paribus; and once a delegation relationship is established, complementarity within the dimensions of the contract is necessary to guarantee the delivery of sustainability attributes. Research limitations/implications The findings of this paper offer insights that can inspire empirical research on sustainable supply chain management. Practical implications Policymakers and entrepreneurs willing to incentivize the transformation of supply chains must think about the nature of the relationship between firms and consumers. This paper provides a metaphor that can help practitioners to reinterpret their role as providers or consumers of products and services with sustainability attributes. Social implications This paper provides insights that may enhance the understanding of how individual consumption decisions may contribute to transforming supply chains. Originality/value This paper expands the repertoire of theoretical tools that can be applied to study the emergence and resilience of sustainable supply chains

Da expansão tecnológica do capital no campo à permanência e resistência camponesa pela via da educação

O avanço do capital no campo brasileiro, fundamentado no discurso do desenvolvimento e da difusão de tecnologias voltadas ao aumento da produção e da produtividade, além de se estabelecer na forma própria do agronegócio, busca se expandir e se apropriar da produção camponesa. Para tanto, difunde o uso de tecnologias para tais unidades e a ilusão do desenvolvimento que, na prática, se efetiva na perda de sua relativa autonomia frente aos ditames do mercado. Por outro lado, partindo do entendimento das contradições nas quais o capital se reproduz, compreende-se que o campesinato se reafirma enquanto modo de vida – pela preservação de seus valores, quanto enquanto classe social, pelo papel político de enfrentamento à subordinação imposta pelo capital. Nessa luta pela reprodução camponesa, a educação do campo emerge como fundamental a fim de fomentar um projeto efetivamente voltado aos interesses daqueles sujeitos que vivem e se reproduzem por meio do trabalho na terra

Avaliação integrada da curva de permanência da vazão fluvial e da carga de fósforo em bacia hidrográfica rural: Integrated evaluation of the cumulative frequency curve of the flow and phosphorus load in a watershed basin

A análise conjunta da curva de permanência de qualidade e quantidade da água são importantes ferramentas de auxílio ao gerenciamento de recursos hídricos, pois mostra em quanto um determinado parâmetro é igualado ou superado frente ao enquadramento proposto, facilitando assim a verificação do cumprimento da legislação ambiental. Neste estudo é apresentado uma abordagem das curvas de permanência de dados de vazões (2010 a 2018) e de fósforo total (2004 a 2018) no rio Rio Fragoso. Através das curvas de permanência de fósforo e de vazão fluvial constatou-se que em diversos momentos do monitoramento a concentração de fósforo permitida fica acima do limite estabelecido pela Resolução CONAMA 357/2005, para o referido rio em estudo

Financial implementation and the impact of vascular surgery task force, after the creation of the Strategic Actions and Compensation Fund (FAEC)

BACKGROUND: In spite of the fact that the number of surgeries presented by the elective surgery task force did not entirely reflect the reality, it is possible to declare that the financial implementation of the Brazilian Ministry of Health has been significative, as well as the increasing number of varicose vein surgeries, especially after the creation of the Strategic Actions and Compensation Fund (FAEC). OBJECTIVE: To evaluate the application of financial investment in the Ministry of Health campaign for varicose vein surgery. METHODS: A transversal study of retrospective nature has been conducted, using information available at the Data Processing Department of the National Healthcare System database (DATASUS). All the authorization of hospital internment from the inferior member varicose vein surgeries, financed by the Brazilian Ministry of Health from January 1998 to December 2004, have been included in the research. RESULTS: In 1998, before the implementation of the elective surgery task force, 23,531 varicose vein surgeries have been performed, and R$5,819,033.27 invested. After the creation of the FAEC, 457,026 inferior member varicose vein surgeries have been performed from 1999 to 2004, and R$ 187,760,196.81 were invested with an average of R$31,293,336.13 per year. CONCLUSION: Thus, it is possible to conclude that the bigger investment from the Brazilian Ministry of Health, represented by the implementation of the elective surgery task forces by the FAEC, has been responsible for increasing the number of varicose vein surgeries all around Brazil.CONTEXTO: Apesar de reconhecer que o número apresentado pelo mutirão de cirurgias eletivas não refletisse inteiramente a realidade, foi significativa a implementação financeira do Ministério da Saúde do Brasil, bem como o aumento de cirurgias de varizes, após criação do Fundo de Ações Estratégias e Compensação (FAEC). OBJETIVO: Avaliar os resultados da aplicação do investimento financeiro do Ministério da Saúde no mutirão de cirurgias de varizes. MÉTODOS:Foi realizado um estudo transversal de natureza retrospectiva, utilizando informações do banco de dados do Departamento de Informática do Sistema Único de Saúde. Foram incluídas na pesquisa todas autorizações de internação hospitalar das cirurgias de varizes de membros inferiores pagas pelo Ministério da Saúde do Brasil, no período de janeiro de 1998 a dezembro de 2004. RESULTADOS: Em 1998, antes da implementação do mutirão de cirurgias eletivas foram realizadas 23.531 cirurgias de varizes e investidos R$ 5.819.033,27. Após a criação do FAEC, foram realizadas 457.026 cirurgias de varizes de membros inferiores, no período de 1999 a 2004, e foram investidos R$187.760.196,81 com média de R$ 31.293.336,13 por ano. CONCLUSÃO: O investimento feito pelo Ministério da Saúde durante o programa de mutirões de cirurgias eletivas pelo FAEC, proporcionou aumento significativo do número de cirurgias de varizes em todo Brasil.Sociedade Brasileira de Angiologia e de Cirurgia VascularUniversidade Federal de São Paulo (UNIFESP) Departamento de Cirurgia VascularUniversidade de São Paulo Faculdade de Medicina Departamento de CirurgiaUNCISALUniversidade Tiradentes Faculdade de MedicinaUNIFESP, Depto. de Cirurgia VascularSciEL

The behavior and diagnostic utility of procalcitonin and five other inflammatory molecules in critically ill patients with respiratory distress and suspected 2009 influenza a H1N1 infection

OBJECTIVES: During the 2009 influenza A H1N1 pandemic, it became difficult to differentiate viral infections from other conditions in patients admitted to the intensive care unit. We sought to evaluate the behavior and diagnostic utility of procalcitonin, C-reactive protein and four other molecules in patients with suspected 2009 Influenza A H1N1 infection. METHODS: The serum levels of procalcitonin, C-reactive protein, tumor necrosis factor α, interferon γ, interleukin 1β, and interleukin 10 were tested on admission and on days 3, 5, and 7 in 35 patients with suspected 2009 H1N1 infection who were admitted to two ICUs. RESULTS: Twelve patients had confirmed 2009 influenza A H1N1 infections, 6 had seasonal influenza infections, and 17 patients had negative swabs. The procalcitonin levels at inclusion and on day 3, and the C-reactive protein levels on day 3 were higher among subjects with 2009 influenza A H1N1 infections. The baseline levels of interleukin 1b were higher among the 2009 influenza A H1N1 patients compared with the other groups. The C-reactive protein levels on days 3, 5, and 7 and procalcitonin on days 5 and 7 were greater in non-surviving patients. CONCLUSION: Higher levels of procalcitonin, C-reactive protein and interleukin-1β might occur in critically ill patients who had a 2009 H1N1 infection. Neither procalcitonin nor CRP were useful in discriminating severe 2009 H1N1 pneumonia. Higher levels of CRP and procalcitonin appeared to identify patients with worse outcomes

Voting with the wallet : a principal–agent framework for the analysis of sustainable supply chains

Purpose: This paper aims to investigate delegation decisions in supply chains, exploring the metaphor that consumers who make environmentally and socially responsible choices are equivalent to voters in an election. Design/methodology/approach: This theoretical paper relies on the principles of agency theory to shed light on fundamental challenges that shape our ability to transform supply chains. Findings: This paper unravels two puzzles linked to delegation decisions within sustainable supply chains. It shows that as firms adopt sustainable production systems, their ability to convey relevant information that convinces consumers to enter in a delegation relationship diminishes, ceteris paribus; and once a delegation relationship is established, complementarity within the dimensions of the contract is necessary to guarantee the delivery of sustainability attributes. Research limitations/implications: The findings of this paper offer insights that can inspire empirical research on sustainable supply chain management. Practical implications: Policymakers and entrepreneurs willing to incentivize the transformation of supply chains must think about the nature of the relationship between firms and consumers. This paper provides a metaphor that can help practitioners to reinterpret their role as providers or consumers of products and services with sustainability attributes. Social implications: This paper provides insights that may enhance the understanding of how individual consumption decisions may contribute to transforming supply chains. Originality/value: This paper expands the repertoire of theoretical tools that can be applied to study the emergence and resilience of sustainable supply chains

Comparing rainfall intensity duration relationships for sites of the state of São Paulo

Dada a importância das equações de chuvas intensas para o dimensionamento de obras de controle de enxurradas, este trabalho teve como objetivo comparar as alturas precipitadas geradas pelas equações de Martinez & Magni (1999) com aquelas obtidas com o programa PLUVIO 2.1, considerando as primeiras como padrão. Foram comparadas chuvas intensas de 10; 20; 30; 60; 120 e 1.440 minutos, e períodos de retorno de 2; 5; 10; 50 e 100 anos, para 30 localidades do Estado de São Paulo. Os resultados revelaram que, principalmente para as chuvas de 24 horas e período de retorno de 100 anos, houve desvios importantes para 4 postos localizados na região central e a leste do Estado. Para as demais localidades o programa apresentou bom desempenho