Outward FDI from Brazil and its policy context, 2012

Brazil became a significant source of outward foreign direct investment (OFDI) only in the 2000s. Concentrated in the secondary and tertiary sectors, OFDI from Brazil goes primarily to neighboring economies and the United States and Europe. OFDI flows from Brazil include large amounts in tax havens to escape domestic regulations and taxes. Brazil's OFDI flow was negative (-US$10 billion) in 2009 during the global financial and economic crisis, due to the repatriation of capital, mainly through intrafirm lending by foreign affiliates of Brazilian multinational enterprises (MNEs) to their parent firms. However, in 2010, OFDI flows from Brazil were positive again, at US$ 12 billion. The stock jumped from US$52 in 2000 to US$ 181 billion in 2010. Except for loans provided selectively by the state investment bank BNDES, Brazil still has no institutionalized policy measures to support OFDI. Always lower than inward FDI so far, Brazil's OFDI follows Brazilian economic growth and local currency appreciation that generate increased savings, and its recent growth reflects market opportunities abroad that are open to Brazilian national champions with competitive advantages and large-scale operations

FINANCING GUIDED TO THE SHIPBUILDING IN BRAZIL: ARGUING THE CLASS REPRESENTATIVE SYSTEM FROM THE PERCEPTION OF ORGANIZATIONS

The naval construction is a global industry that produces a tailor made capital good of high value. The need of a high volume of resource allocated, long maturation time and risks associated, alongside with the fluctuations of the freight market, are some of the factors that condition investments decisions. The credit analysis involves the evaluation of the project, economic and financial conditions of the firm and the market projections. The parameters of the financial contract that must be undertaken are: interest rate, risk spread, rules and time of amortization, guaranties, among others. Due to market failures, governments intervene, including the provision of direct subsidies to production and allocation of fund investments. The Brazilian experience is treated methodologically as a “study case”. This procedure is justified due not only to the exploratory nature of the research question on a quite complex subject but also to the relevance of the decision making process of major actors involved. The information is then submitted to an analysis of financial executives of naval construction firms and leaders of entrepreneur’s organizations, by means of structured interviews. The objective is to discuss the perception of these important actors on the structural constraints of the Brazilian financial system.A construção naval é uma indústria global que produz bem de capital de alto valor, fabricado sob encomenda. A necessidade de aporte de elevado volume de recursos, longos prazos de maturação e riscos associados às inversões, em meio aos ciclos verificados no mercado de frete, são alguns dos fatores que condicionam as decisões de investimento. A análise de crédito abrange a avaliação do projeto, as condições econômico-financeiras das empresas envolvidas no empreendimento e projeções de mercado. A partir disso, são estabelecidos os parâmetros da contratação do financiamento: nível de taxa de juros e spread de risco, prazo de amortização, período de carência, garantias, entre outros. Em razão da presença de falhas de mercado (bens públicos, externalidades, etc.) os governos interferem por meio da provisão de subsídios diretos à produção e aporte de fundos para financiamento. Este trabalho discute os microfundamentos do financiamento de projetos orientado à construção naval. A experiência brasileira é tratada metodologicamente por meio de um “estudo de caso”. Este procedimento se justifica em razão da natureza do problema da pesquisa, importância do contexto na tomada de decisão, escassez de informações estatísticas e de estudos direcionados ao tema. O intuito é discutir os obstáculos ao financiamento local

Competitividade da indústria têxtil brasileira

Tendo como base (i) a revisão sumária da literatura em torno de temas relacionados à caracterização da estrutura da indústria (Porter, 1996) e uma tipologia baseada em padrões de progresso técnico (Pavitt, 1984) bem como (ii) uma exposição das mudanças institucionais e econômicas recentes que afetaram o ambiente de inserção da indústria, este artigo tem por objetivo investigar a competitividade da indústria têxtil brasileira diante do acirramento da concorrência internacional. A rigor, ao longo dos anos, a indústria têxtil brasileira foi perdendo de forma sistemática competitividade internacional. Em grande medida, esse fato é decorrência do longo período de proteção de que desfrutou essa indústria. Particularmente, no caso da indústria do algodão, a indústria brasileira revela padrões de competitividade internacional. Já no caso da indústria do poliéster, o que se observa é um processo de desestruturação profundo devido ao baixo nível de competitividade internacional dessa indústria, em grande medida, decorrente do precário padrão de competitividade da indústria petroquímica brasileira.Based on (i) a literature review around issues related to the characteristics of the structure of industry (PORTER, 1996), a typology based on patterns of technical progress (PAVITT, 1984), and (ii) a statement of recent economic and institutional changes effect the environment of integration of industry. The main purpose of this article is to analyze the competitiveness of Brazilian textile industry in the face of a worsening of the international competition. Over the years, the Brazilian textile industry has systematically lost international competitiveness. To a large extent, this fact is due to the long period of protection that industry enjoyed. In the case of Brazilian cotton industry, the Brazilian industry shows patterns of international competitiveness. But in the case of polyester industry, there is a deep process of destruction largely due to the low international competitiveness of the Brazilian petrochemical industry

Eficiencia de mercado y costos de transacción: teoría y estudios de casos de la Bolsa Electrónica de Compras del Estado de São Paulo y de la Central de Suministros del Instituto de Investigaciones Tecnológicas

Diversos estudios ponen de relieve las ventajas del e-commerce, presentando su creciente importancia en el desempeño organizacional. Sistemas electrónicos de compras incrementan la eficiencia y añaden valor a los canales de interacción entre compradores y vendedores. El perfeccionamiento de métodos que permitan una implementación eficaz de dichos sistemas aumenta la eficiencia de los mercados, lo que contribuye a eliminar imperfecciones económicas. En este artículo se discuten, con base en la moderna literatura, los fundamentos económicos de la introducción y de la operación de sistemas de compras basados en el uso de Internet e Intranet. Se alcanza tal objetivo con la caracterización del funcionamiento de los mercados y el análisis y clasificación de los principales componentes de los costos de transacción, concepto aportado por la escuela denominada Nueva Economía Institucional. Los costos de transacción representan una innovadora dimensión del tradicional análisis neoclásico de costos de producción. Con base en esa investigación, se presenta un modelo teórico general que permite analizar las variables relevantes para las tecnologías de la información y cómo dichas tecnologías, utilizadas en sistemas de gestión de suministros, pueden contribuir para generar economías en el corto y en el largo plazos. Se recogieron datos empíricos de dos experiencias: Bolsa Electrónica de Compras de São Paulo (BEC/SP) y Central de Suministros del Instituto de Investigaciones Tecnológicas (CS/IPT).Many studies point out the advantages of the e-commerce, presenting its growing importance in the firms' performance. Purchase electronic systems provide efficiency increase and add value to the interaction between sellers and buyers. The improvement of methodologies in the implementation of these systems results in increased market efficiency, contributing to eliminate economic imperfections. The present article is meant to discuss the relevant literature on the subject and the economic fundamentals of the introduction and operation of purchasing systems based on internet and intranet. This is done by means of appropriating the basic market functions and an analysis and classification of the transaction costs, concept derived from the contribution of the New Institutional Economics. Transaction costs represent a new dimension of the traditional neoclassic production cost analysis. A theoretical model is formalized to identify the relevant variables in this research program, including how information technology can better allocate resources, in the short and long run. Empirical evidence is taken from two organizations: Bolsa Eletrônica de Compras do Estado de São Paulo (Electronic Purchase System of the Government of the State of São Paulo, Brazil - BEC/SP) and Central de Suprimentos do Instituto de Pesquisas Tecnológicas (Purchase Office of the Instituto de Pesquisas Tecnológicas - CS/IPT).Diversos estudos destacam as vantagens do e-commerce, apresentando sua crescente importância no desempenho organizacional. Sistemas eletrônicos de compras aumentam a eficiência e adicionam valor aos canais de interação entre compradores e vendedores. O aprimoramento de metodologias que permitam tornar eficaz a implantação desses sistemas aumenta a eficiência dos mercados, contribuindo para eliminar imperfeições econômicas. No presente artigo discutem-se, com base na moderna literatura, os fundamentos econômicos da introdução e da operação de sistemas de compras baseados na Internet e na Intranet. Isso é feito a partir da caracterização do funcionamento dos mercados e da análise e classificação dos principais componentes dos custos de transação, conceito trazido pela escola conhecida como Nova Economia Institucional. Custos de transação representam uma nova e revolucionária dimensão da tradicional análise neoclássica de custos de produção. Com base nessa investigação, é apresentada a formalização de um modelo teórico geral que permite verificar sob quais variáveis são relevantes e como as tecnologias da informação, empregadas em sistemas de gestão de suprimentos, podem contribuir para gerar economias no curto e no longo prazos. Dados empíricos são retirados de duas experiências: Bolsa Eletrônica de Compras do Estado de São Paulo (BEC/SP) e Central de Suprimentos do Instituto de Pesquisas Tecnológicas (CS/IPT)

TELECOMMUTING WORKER’S PERCEPTION OF TELEWORK DOI: 10.5585/rai.v7i2.424

The objective of this research was analyze the perception of teleworkers in relation to the quality of their professional life. Using the data from the qualitative research obtained through in depth individual interviews of a sample of twenty random teleworkers selected, it was concluded that teleworking brings welfare benefits to its workers which improved their quality of life. The worker’s welfare is related to his/her physical and mental health that brings a positive impact to factors of organizational effectiveness. The theoretical contribution of the article is to broaden knowledge about this booming, innovative way of organizing work. Its management contribution refers to strategic decisions by the companies about the implementation of telecommuting.O objetivo desta investigação foi traçar um quadro da percepção dos teletrabalhadores em relação à qualidade de sua vida profissional. Utilizando-se os dados da pesquisa qualitativa, obtidos por meio de entrevistas individuais em profundidade de uma amostra de vinte teletrabalhadores selecionados por conveniência, conclui-se que o teletrabalho traz bem-estar, melhora na qualidade de vida em relação ao trabalho presencial na empresa. O bem-estar do trabalhador relaciona-se com a sua saúde física e mental e com o impacto positivo desses fatores na eficácia organizacional. A contribuição teórica do artigo consiste na ampliação do conhecimento a respeito dessa forma inovadora de organização do trabalho, que está em franca expansão. Sua contribuição gerencial refere-se a subsídios para a decisão estratégica das organizações sobre a implementação dessa modalidade de trabalho

Inward and Outward FDI Country Profiles, Second Edition

This second edition contains a series of 77 standardized country profiles dealing with the inward and outward foreign direct investment (FDI) performance of 40 economies. The profiles have been peer-reviewed by a global network of experts. The publication is intended to contribute to the analysis of trends in foreign direct investment and policy issues related to them. More specifically, the individual profiles discuss FDI trends and developments (country-level developments, the corporate players); effects of the recent global crises; and the policy scene. Each profile contains a standard set of tables, including on FDI stocks and flows, sectoral and geographical FDI distributions, the largest M&As and greenfield investments, the principal foreign affiliates (for inward FDI), and the principal multinational enterprises (for outward FDI). The standardized template used to produce the profiles allows cross-country comparisons. The volume is meant to be a reference tool for anyone interested in foreign direct investment

Differential cross section measurements for the production of a W boson in association with jets in proton–proton collisions at √s = 7 TeV

Measurements are reported of differential cross sections for the production of a W boson, which decays into a muon and a neutrino, in association with jets, as a function of several variables, including the transverse momenta (pT) and pseudorapidities of the four leading jets, the scalar sum of jet transverse momenta (HT), and the difference in azimuthal angle between the directions of each jet and the muon. The data sample of pp collisions at a centre-of-mass energy of 7 TeV was collected with the CMS detector at the LHC and corresponds to an integrated luminosity of 5.0 fb[superscript −1]. The measured cross sections are compared to predictions from Monte Carlo generators, MadGraph + pythia and sherpa, and to next-to-leading-order calculations from BlackHat + sherpa. The differential cross sections are found to be in agreement with the predictions, apart from the pT distributions of the leading jets at high pT values, the distributions of the HT at high-HT and low jet multiplicity, and the distribution of the difference in azimuthal angle between the leading jet and the muon at low values.United States. Dept. of EnergyNational Science Foundation (U.S.)Alfred P. Sloan Foundatio

Penilaian Kinerja Keuangan Koperasi di Kabupaten Pelalawan

This paper describe development and financial performance of cooperative in District Pelalawan among 2007 - 2008. Studies on primary and secondary cooperative in 12 sub-districts. Method in this stady use performance measuring of productivity, efficiency, growth, liquidity, and solvability of cooperative. Productivity of cooperative in Pelalawan was highly but efficiency still low. Profit and income were highly, even liquidity of cooperative very high, and solvability was good