Panoramas setoriais 2030: logística

Bibliografia: p. 19

Port capacity expansion under real options approach: a case study in Brazil

Investments in port container terminals are sensitive to uncertainties. Public investments in infrastructure have been significantly reduced in the last decade in developing countries. The Brazilian government infrastructure investment was only 1.85 % of GDP in 2019, representing the lowest level in the last fifty years. Nonetheless, the regulatory framework of the port sector in Brazil has undergone significant changes over time, increasing the number of private port container terminal leases. The expansion capacity of the private port facilities is strongly linked to the demand uncertainty, which impacts the financial return to the long run. In this scenario, the uncertainty of global cargo transportation can discourage infrastructure investments in this class of project in Brazil. To overcome these issues, the financial modelling applying real options approach is better suited than the traditional valuation methods based on Discounted Cash Flow (DCF) analysis. The present study aims to value flexibilities of anticipating, or postponing, or interrupting investments of an existing operational port terminal in Brazil with expansion capacity under the demand uncertainty. The financial decision to invest in a port expansion is modeled by an American option. The results demonstrate that the investor adds significant value to the project by having the possibility to postpone investments. The proposed model presents the contribution of optimizing the decision of sequential expansions of capacity in port terminals, at any time and according to scenarios' revelation. In addition, the model allows the government authorities to review lease contracts, considering the relevance of timing to invest in project expansion decisions. The proposed model can also be extended to other infrastructure projects in emerging economies

Relatórios de sustentabilidade e práticas de isomorfismo dos maiores bancos brasileiros / Sustainability reports and isomorphism practices of the largest Brazilian banks

O estudo analisou informações relacionadas à responsabilidade socioambiental registradas nos relatórios anuais dos seis maiores bancos que atuam no Brasil no ano de 2016. Observou também a existência de padrões de isomorfismo na forma de atuação desses bancos em face das práticas de gestão para a sustentabilidade. Foram utilizados dados secundários, coletados nos relatórios de sustentabilidade dos seis maiores bancos em atuação no Brasil. Restou evidenciado que os relatórios de sustentabilidade dispostos sob as facetas técnica e institucional, estão imersos no isomorfismo, tendo em vista a grande quantidade de práticas semelhantes entre as seis instituições financeiras investigadas

Brazilian freight railways: a sector analysis

Bibliografia: p. 122-123Texto em português, título e resumos em inglês e português.O sistema ferroviário brasileiro tem um papel relevante para a redução de custos logísticos de diversas cadeias de suprimentos, para a competitividade das empresas e para o bem-estar da sociedade brasileira, na medida em que propicia o acesso a bens de forma mais econômica e sustentável. O papel do setor ferroviário no longo prazo é discutido neste artigo, envolvendo as características e os resultados recentes dos concessionários, a indústria ferroviária instalada no Brasil, a eficiência dos operadores e a evolução e as características da regulamentação setorial. As conclusões são apresentadas, tendo como enfoque principal o papel a desempenhar pelo setor ferroviário de cargas no longo prazo e as condições para sua maior representatividade na matriz modal de transportes brasileira.The Brazilian freight railway system plays a relevant role in reducing the logistic cost of the different supply chains, in increasing the competitiveness of the Brazilian firms and in promoting well-fare for the entire society, as it provides access to goods in a more economic and sustainable way. The role of the Brazilian railway system is discussed, including the characteristics and the recent operational results obtained by the concessionaires, the railway industry installed in Brazil, the operators’ relative efficiency indicators and the evolution and the characteristics of the regulatory framework. The conclusions presented here focus the future desirable role of the Brazilian railway system and the conditions to increase its share in the Brazilian transportation matrix