Charles Ulises de Montreuil Carmona

Rotatividade dos executivos e governança corporativa no brasil

This work evaluates top executive turnover in function of the property and structure of control in the Brazilian market, which presents low protection for the investors and companies. Also it analyzes the sensitivity of this rotation in relation to the size of the company, yield of the actions and indices Q of Tobin. The hypotheses tested in this work analyze the relation between the executive rotation and the conflicts of potential interests between controllers and administrators. A set of 46 companies listed in the Stock exchange of Sao Paulo was analyzed during the period of 1997-2000, using the Probit model, It was founded results statistically significant in relation to the causality of the companies in relation to top executives turnover.

Perspectives on the Implementation of Climate Change Public Policies in Brazil

As a developing country, Brazil plays a fundamental role in reducing the emissions of greenhouse gases (GHG) in the world. However, despite participating in several global agreements to reduce pollution levels, the country still needs to effectively implement existing policies. The creation of new mechanisms for sustainable development should be seen as essential to build a culture of preservation of the environment. Climate change influences the society directly, affecting millions of people worldwide due to prolonged droughts, excessive rainfall and snowfall, causing great damage. In this way, society, especially in developed countries, demands the implementation of public policies that provide environmental preservation together with economic development. This study analyzes the perspectives of implementation of public policies in Brazil, capable of promoting the interaction of sustainable development with environmental preservation. The majority of the Brazilian electricity matrix is constituted by hydroelectricity, but incentives exist for generating electricity from other renewable sources such as solar, wind, or the reuse of waste as biomass. The control of GHG emission levels is directly related to the type of energy sources used by a company. Great variations in the prices of these resources can reflect significantly on the cost of production, and in some cases, make the business impracticable. Considering the scenario where large pollutants and companies must set emission reduction targets, the creation of a system for trading greenhouse gas emissions would encourage other companies to reduce their emissions and trade these in a regulated market. This model is similar to the one established by the Kyoto Protocol and reproduced internally in countries such as the U.S.A. and China. New environmental policies, with financial incentives lead company managers to promote the reduction of GHG emissions through innovation/adaptation of processes and products. Economic development that focused on environmental preservation would then be fostered. This would promote the development of a new culture in society, where people would vigorously demand the implementation of green policies in companies. Brazil has the potential to maintain sustainable economic growth through the implementation of existing policies and the creation of new mechanisms, permitting the creation of an internal carbon market, which can also be connected to other markets already consolidated in the world.

Mecanismo de desenvolvimento limpo: um ensaio teórico sob a ótica da estratégia e dos custos de transação

Desde que o Protocolo de Kyoto entrou em vigor em 2005, diversos paises passaram a implementar politicas para a reducao das emissoes de gases efeito estufa (GEE). Desta forma, as empresas tiveram que adaptar seus produtos e processos a fim de reduzir seus niveis de poluicao. Como novas estrategias que visam adquirir diferencial competitivo perante suas concorrentes, a reducao dos niveis de poluicao e a entrada no mercado de creditos de carbono tornaram-se mais um importante caminho para as empresas maximizarem seus resultados. Uma opcao para empresas brasileiras e a venda de certificados de creditos de carbono atraves da utilizacao do Mecanismo de Desenvolvimento Limpo (MDL). O objetivo deste ensaio teorico e discutir como empresas brasileiras podem usar o Mecanismo de Desenvolvimento Limpo para reduzirem seus custos de transacao, ao tempo em que melhoram seus resultados economicos.

Eficiência das Instituições de Microcrédito: uma aplicação de DEA/VRS no contexto brasileiro

The purpose of this article was to evaluate the efficiency of microfinance institutions in Brazil under two distinct approaches: financial and social. In terms of methodology, we used the technique of linear programming Data Envelopment Analysis - DEA applied to a sample of institutions listed in THE MIX database in the period 2008, 2009 and 2010, and Malmquist Index for analysis of changes in productivity and efficiency of the institutions over time. The results show higher levels of social efficiency compared to the financial for each year individually. The temporal analysis revealed an increase in productivity under both approaches. This increase reflected actual changes in technical efficiency in a greater extent in the social model and shifts of technological frontier in the financial model. Overall, these results indicate a greater homogeneity of the institutions with regard to strategies and practices related to social efficiency when compared with financial.

GERENCIAMENTO DO RISCO DE CRÉDITO EM MICRO E PEQUENAS EMPRESAS: RECORTES TEÓRICO-EMPÍRICOS

Este estudo teve como objetivo identificar em que nivel teorico-empirico encontrasse a gestao do risco de credito em micro e pequenas empresas. Para tanto, realizou-se um estudo exploratorio, atraves da pesquisa bibliografica. Os resultados apontam a evolucao do gerenciamento do risco de credito e a necessidade de auxilio nesta area para as micro e pequenas empresas; os estudos empiricos mostraram-se centrados em analises de risco para empresas e clientes de instituicoes financeiras. Observou-se, ainda, a necessidade de estudos na referida area, visando a atualizacao e ao desenvolvimento de modelos adequados as exigencias do mercado e as caracteristicas peculiares do Brasil.

A teoria das opções reais como ferramental para avaliação de projetos de investimentos sob incertezas

Este artigo apresenta as principais caracteristicas da Teoria das Opcoes Reais (TOR), confrontando-a com os metodos costumeiros de analise de projetos de investimento, principalmente o Valor Presente Liquido (VPL). Atraves de uma revisao bibliografica sobre o tema, os construtos: risco e incerteza sao delineados e inseridos, juntamente com o paradigma da flexibilidade gerencial no processo decisorio, para definicao e aplicacao da TOR; paralelamente, recorreu-se a uma metafora “heisemberguiana” e um exemplo hipotetico para inferir a proposicao de que a TOR e os metodos costumeiros, diferentemente do que apregoam alguns autores, nao sao mutuamente excludentes e substitutivos, apenas possuem “campos” de validacao e aplicacao recomendados.Embora este trabalho tenha se restringido a elaboracao de uma analise desconstrutiva e reconstrutiva sobre o tema, a abdicacao do uso de modelos matematicos e do rigor formal, tradicionalmente presentes nos artigos de financas, se fez necessaria para acomodar uma abordagem qualitativa menos restrita e canhestra sobre o referencial teorico, abrindo espaco para uma interpretacao mais leve e “degustavel” sobre um ferramental robusto e que, por estar em “idade” de difusao e estabilizacao, precisa ser disseminado, discutido e testado no que tange ao objetivo, abrangencia e desdobramentos de sua aplicacao: tratar problemas complexos sob condicoes de incerteza.