Página 1 dos resultados de 7986 itens digitais encontrados em 0.013 segundos

A geração interna de recursos como fator determinante do investimento em capital fixo realizado por empresas brasileiras de capital aberto ; Internal funds generation as a determinant of brazilian public firms fixed capital investment

Freitas, Barbara Moreira de
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 30/08/2006 Português
Relevância na Pesquisa
56.58%
Em mercados de capitais perfeitos, a decisão de investimento de uma empresa pode ser considerada independente de sua decisão de financiamento, uma vez que recursos externos funcionam como um perfeito substituto para o capital interno. No entanto, em mercados de capitais com imperfeições, tais como custos de transação, custos de falência, problemas de assimetria de informações e problemas de agência, a disponibilidade de capital interno tende a influenciar a decisão de investimento. A insuficiência de recursos internos pode levar empresas a não aproveitarem boas oportunidades de investimento (subinvestimento) e o excesso pode incentivar administradores a investirem em projetos não lucrativos (superinvestimento). Em função de características operacionais, financeiras e administrativas, algumas empresas são mais sujeitas aos impactos de imperfeições de mercados e, por este motivo, seus investimentos devem ser mais sensíveis à geração interna de recursos. O objetivo deste estudo é investigar, no universo de empresas brasileiras de capital aberto, a sensibilidade do investimento em capital fixo - representado pela variação do imobilizado bruto - à geração interna de recursos - representada pelo fluxo de caixa operacional - bem como os fatores (características operacionais...

Decisão de investimento de capital em empresas algodoeiras; Decision of capital investment in cotton companies

Lima, Afonso Carneiro
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 23/06/2009 Português
Relevância na Pesquisa
56.49%
Este estudo trata de decisões de investimento em capital produtivo no âmbito de empresas algodoeiras, empresas cujo processo produtivo é a preparação do algodão em estado bruto para a indústria têxtil, assim como a limpeza de sementes para a indústria de refinamento de óleo vegetal. Havendo passado por uma crise estrutural em seu ambiente de competição, a cotonicultura brasileira, voltou a se destacar mundialmente na primeira década dos anos 2000 com um produto de alto padrão de qualidade e marcado por elevados níveis de exportação. Entretanto, esse movimento não vem sendo homogêneo em todo o País. Tendo em vista esse fenômeno, este trabalho teve como objetivo identificar e discutir características referentes às decisões de investimento de capital por parte de um grupo não aleatório de gestores de empresas algodoeiras. Partindo-se de uma abordagem qualitativa e exploratória sobre os dados levantados, aplicou-se a análise de conversação, uma forma de análise de conteúdo. Esse método permitiu identificar particularidades de cada unidade investigada, possibilitando a realização de inferências quanto a razões, causas ou comportamentos com base em respostas extraídas de questionários abertos. Os resultados dessa pesquisa apontam para um enfoque gerencial menos voltado à tentativa de assegurar posições futuras para a empresa...

Evidence on the investment-cash flow sensitivity for a panel of portuguese manufacturing firms

Cunha, Jorge; Paisana, António
Fonte: Universidade do Minho Publicador: Universidade do Minho
Tipo: Conferência ou Objeto de Conferência
Publicado em /04/2011 Português
Relevância na Pesquisa
56.24%
In the last two decades, a renewed interest about the influence of financial factors on a firm’s capital investment decision emerged. In fact, theoretical developments that occurred in the field of information economics, which emphasised the existence of information problems in financial markets, allowed to rationalise a close relationship between financial factors and investment expenses of firms. This paper aims at contributing to the empirical literature on this subject, presenting the results of an empirical study undertaken for a panel of Portuguese manufacturing firms. The results obtained suggest that the impact of financial factors on investment decisions of firms is greater for those facing higher information problems in financial markets, such as: small, young and low retention firms.

Determinants of the use of capital investment appraisal methods : evidence from the field

Afonso, Paulo; Cunha, Jorge
Fonte: Universidade do Minho Publicador: Universidade do Minho
Tipo: Conferência ou Objeto de Conferência
Publicado em //2009 Português
Relevância na Pesquisa
66.39%
In this paper, it is argued that there are specific contingencies that explain why firms use and do not use specific capital investment appraisal methods; namely, the pressure of competitive environment, firm’s strategy, production technologies and firm’s age. Several studies on the impact of such variables on management systems can be found in the literature (Abernethy and Lillis, 1995; Langfield-Smith, 1997). Nevertheless, there is little empirical evidence on the factors that explain the use of capital investment appraisal methods (CIAM) by firms. A questionnaire was designed to collect empirical evidence on the use of capital investment appraisal methods in the larger 500 Portuguese non-financial companies. It is expected that, in practice, CIAM could be regarded not only as an ad hoc usage of more or less sophisticated techniques, but characterised by different levels of sophistication and completeness. In this paper, we present an appropriate questionnaire for the analysis of CIAM in practice. Moreover, some research hypotheses for further analysis are presented. Further work using different statistical approaches, different samples and case study research is expected.

Crisis in Latin America : Infrastructure Investment, Employment and the Expectations of Stimulus

Schwartz, Jordan Z.; Andres, Luis A.; Dragoiu, Georgeta
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
56.57%
Infrastructure investment is a central part of the stimulus plans of the Latin American and the Caribbean (LAC) region as it confronts the growing financial crisis. This paper estimates the potential effects on direct, indirect, and induced employment for different types of infrastructure projects with LAC-specific variables. The analysis finds that the direct and indirect short-term employment generation potential of infrastructure capital investment projects may be considerable - averaging around 40,000 annual jobs per US$1billion in LAC, depending upon such variables as the mix of subsectors in the investment program; the technologies deployed; local wages for skilled and unskilled labor; and the degrees of leakages to imported inputs. While these numbers do not account for substitution effect, they are built around an assumed "basket" of investments that crosses infrastructure sectors most of which are not employment-maximizing. Albeit limited in scope, rural road maintenance projects may employ 200,000 to 500...

Potential Gains from Capital Flight Repatriation for Sub-Saharan African Countries

Fofack, Hippolyte; Ndikumana, Leonce
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
46.62%
Despite the recent increase in capital flows to Sub-Saharan Africa, the region remains largely marginalized in financial globalization and chronically dependent on official development aid. And with the potential decline in the level of official development assistance in a context of global financial crisis, the need to increase domestic resources mobilization as well as non-debt generating external resources is critical now more than ever before. However, the debate on resource mobilization has overlooked an important untapped source of funds consisting of the massive stocks of private wealth stashed in Western financial centers, a substantial part of which left the region in the form of capital flight. This paper argues that the repatriation of flight capital should take a more prominent place in this debate from a moral standpoint and for clear economic reasons. On the moral side, the argument is that a large proportion of the capital flight legitimately belongs to the Africans and therefore must be restituted to the legitimate claimants. The economic argument is that repatriation of flight capital will propel the sub-continent on a higher sustainable growth path while preserving its financial stability and without mortgaging the welfare of its future generations through external borrowing. The analysis in the paper demonstrates quantitatively that the gains from repatriation are large and dominate the expected benefits from other sources such as debt relief. It is estimated that if only a quarter of the stock of capital flight was repatriated to Sub-Saharan Africa...

Investment Matters : The Role and Patterns of Investment in Southeast Europe

Handjiski, Borko
Fonte: World Bank Publicador: World Bank
Português
Relevância na Pesquisa
46.65%
The purpose of this note is to provide policy insights to decision makers, academics, and researchers on the trends in investment in Southeast Europe (SEE). A comprehensive assessment of what determines investment is essential to identify, to the extent needed, policy actions that stimulate it. The report looks more in-depth into private investment trends in SEE, and explores some determinants of private investment, such as: the financing sources for investment, the contribution of Foreign Direct Investment (FDI), and the role of public investment. The selection has been made based on the relative importance and data availability for the SEE economies. Some key determinants of investment such as political stability and business environment have not been included because these are already well covered in the existing literature. Overall, the report aims to assess not only the quantity but also the quality of investment. It should be noted that while (investment in) human capital is equally, if not more...

The Investment Climate in Afghanistan : Exploiting Opportunities in an Uncertain Environment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
56.44%
In a post-conflict environment, attracting new foreign and domestic firms is central to private sector development. Existing firms at the end of sustained conflict are typically state-owned, are highly undercapitalized, have weak or nonexistent management, have a deskilled and underemployed labor force, and are in need of significant new capital investment. As is the case in any business environment, particularly in post-conflict countries, new investment decisions (into existing or new firms) usually depend on the availability of five basic factors: political and economic stability and security, clear unambiguous regulations, reasonable tax rates that are equitably enforced, access to finance and infrastructure, and an appropriately skilled workforce. In Afghanistan, these conditions are lacking. This report has been prepared to assist the government of Afghanistan to address its private sector development challenges. It acknowledges the achievements that have been accomplished since the fall of the Taliban regime, and it highlights both the investments that have taken place and the opportunities that remain to be captured. More important, it reviews the constraints that firms currently operating in Afghanistan face and makes policy recommendations on how these constraints can be addressed. In addition to a survey of 338 firms...

MFI Capital Structure Decision Making : A Call for Greater Awareness

Deshpande, Rani; Nestor, Camilla; Abrams, Julie
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
56.43%
Microfinance institutions (MFIs) today have an increasingly broad range of financing sources at their disposal. This allows for greater funding diversification, but it also makes decisions about capital structure more complex. Several high-profile financing transactions for MFIs have taken place recently, including securitizations, local bond issues, the first large-scale venture capital investment in an MFI, and the first Initial Public Offering of shares. In addition, where their legal structure permits, many MFIs are launching large-scale deposit mobilization campaigns as a core funding strategy. Consultative Group to Assist the Poor (CGAP) and Grameen Foundation recently conducted a survey of MFI managers to better understand MFI capital structure decision-making processes in the face of these expanding financing options.

Crisis in LAC : Infrastructure Investment and the Potential for Employment Generation

Tuck, Laura; Schwartz, Jordan; Andres, Luis
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
56.3%
Infrastructure investment is a central part of the stimulus plans of the Latin America and Caribbean Region (LAC) as it confronts the growing financial crisis. This paper estimates the potential effects on direct, indirect, and induced employment for different types of infrastructure projects with LAC-specific variables. The analysis finds that the direct and indirect short-term employment generation potential of infrastructure capital investment projects may be considerable-averaging around 40,000 annual jobs per US$1billion in LAC, depending upon such variables as the mix of subsectors in the investment program; the technologies deployed; local wages for skilled and unskilled labor; and the degrees of leakages to imported inputs. While these numbers do not account for substitution effect, they are built around an assumed "basket" of investments that crosses infrastructure sectors most of which are not employment-maximizing. Albeit limited in scope, rural road maintenance projects may employ 200,000 to 500...

Capital Subsidies Implicit in Concessional Finance : How to Make Them More Transparent and Better Targeted

Kingdom, William; Baeumler, Axel; Guzman, Alfonso
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
56.37%
Multilateral Development Banks (MDBs) finance a significant share of developing country water sector investments in Vietnam. Much of this financing is concessional and often on-lent by national governments, at similar concessional terms, to water utilities. This concessionality carries an implicit subsidy, i.e., the difference between MDB financing terms and commercial financing terms priced more in line with the underlying credit risks. As such concessional financing is most often used for capital investment projects, the implicit subsidy can be considered a capital subsidy. This working paper asks whether there is an opportunity to increase the value of concessional financing for water sector investments by making implicit capital subsidies more explicit and targeting them to a clearly defined public policy objective. Specifically, the paper (i) considers the extent to which implicit subsidies exist in MDB lending for the water sector; (ii) identifies a possible approach to quantify the amount of subsidies involved; (iii) outlines an emerging framework to make subsidies more explicit as a basis for improved targeting; and (iv) discusses operational implications. By investigating these issues...

Guidebook on Capital Investment Planning for Local Governments

Kaganova, Olga
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
66.59%
The purpose of this guidebook is to provide practical advice to local governments (LGs) in developing countries on how to establish and maintain a process of planning and funding capital investment as a regular activity integrated with other activities of the LG and based on principles of good public management. The guidebook is addressed mainly to cities that have not yet established such a process or are interested in revising their current processes. The guidebook is written for decision makers and technical experts in LGs who are engaged or should be engaged in this process. The guidebook is designed primarily for urban LGs, but much of the information is useful for mixed or rural jurisdictions as well. This guidebook also is useful for the staffs of donor agencies and/or consultants who assist cities in municipal development projects. This guidebook is one instrument integrated with other World Bank urban programs and instruments that support sustainable urban development in developing countries within the framework of the World Bank Urban and Local Government Strategy. These other urban programs include the: (1) Urbanization Review Framework (URF)...

Private Equity and Venture Capital in SMEs in Developing Countries : The Role for Technical Assistance

Divakaran, Shanthi; McGinnis, Patrick J.; Shariff, Masood
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
46.64%
This paper discusses the constraints for private equity financing of small and medium enterprises in developing economies. In addition to capital, private equity investors bring knowledge and expertise to the companies in which they invest. Through active participation on the board of directors or in partnership with management, private equity investors equip companies with critical improvements in governance, financial accounting, access to markets, technology, and other drivers of business success. Although private equity investors could help to create, deepen, and expand growth of small and medium enterprises in developing economies, the vast majority of private equity in such markets targets larger or more established enterprises. Technical assistance, when partnered with private equity, can unlock more investor commitments and considerably enhance the ability of small and medium enterprises in emerging markets to raise private equity capital. Technical assistance provides funding that allows private equity funds to extend their reach to smaller companies. Technical assistance can mitigate some level of risk and increase the probability of successful investments by funding targeted operational improvements of investee companies. Dedicated technical assistance facilities financed by third parties...

Crisis in LAC : Infrastructure Investment, Employment and the Expectations of Stimulus

Schwartz, Jordan; Andres, Luis; Dragoiu, Georgeta
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
56.49%
Infrastructure investment is a central part of the stimulus plans of the Latin America and the Caribbean (LAC) region as it confronts the growing financial crisis. This paper estimates the potential effects on direct, indirect, and induced employment for different types of infrastructure projects with LAC-specific variables. The analysis finds that the direct and indirect short-term employment generation potential of infrastructure capital investment projects may be considerable averaging around 40,000 annual jobs per United States (U.S.) 1 billion dollars in LAC, depending upon such variables as the mix of subsectors in the investment program; the technologies deployed; local wages for skilled and unskilled labor; and the degrees of leakages to imported inputs. While these numbers do not account for substitution effect, they are built around an assumed basket of investments that crosses infrastructure sectors most of which are not employment-maximizing. Albeit limited in scope, rural road maintenance projects may employ 200...

Natural Disasters, Self-Insurance and Human Capital Investment : Evidence from Bangladesh, Ethiopia and Malawi

Yamauchi, Futoshi; Yohannes, Yisehac; Quisumbing, Agnes
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
56.52%
This paper examines the impacts of disasters on dynamic human capital production using panel data from Bangladesh, Ethiopia, and Malawi. The empirical results show that the accumulation of biological human capital prior to disasters helps children maintain investments in the post-disaster period. Biological human capital formed in early childhood (long-term nutritional status) plays a role of insurance with resilience to disasters by protecting schooling investment and outcomes, although disasters have negative impacts on investment. In Bangladesh, children with more biological human capital are less affected by the adverse effects of floods, and the rate of investment increases with the initial human capital stock in the post-disaster recovery process. In Ethiopia and Malawi, where droughts are rather frequent, exposure to highly frequent droughts in some cases reduces schooling investment but the negative impacts are larger among children embodying less biological human capital. Asset holdings prior to the disasters...

Measuring the Impact of Debt-Financed Public Investment

Cavalcanti, Carlos B.; Marrero, Gustavo A.; Le, Tuan Minh
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.63%
While debt-financed productive public investment raises a country s debt ratios in the short run, it can also generate higher growth, revenues, and exports, leading over time to lower debt ratios. This paper develops a framework to assess whether countries meet the conditions for realizing the net benefits over the costs of public investment debt financing. While it is possible to achieve debt sustainability with an appropriate mix of concessional and non-concessional financing, this is a necessary but not sufficient condition. It is also important to ensure the operational viability of public investment projects by having in place adequate project management: (i) project screening and appraisal, (ii) a clear connection between capital and recurrent expenditures once the projects are launched, and (iii) safeguards for appropriate project implementation and facilities operations. To illustrate the strength of these results, the paper carries out three measurement exercises: (a) a simulation of the degree to which the ratio of optimal public investment responds to changes in key parameters related to project management in a general equilibrium model; (b) application of the public investment management (PIMa) index to benchmark a country's public investment management capacity; and (c) presentation of the results of the Investment...

Kosovo : Policy Note on Public Investment Management; Kosova - Shenim mbi politikat e menaxhimit te investimeve publike Kosovo - Izvestaj o politici upravljanja javnim investicijama

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Investment Review; Economic & Sector Work
Português
Relevância na Pesquisa
56.62%
As Kosovo moves towards resolution of its political status, the attention of the authorities and of the international donor community is increasingly turning towards the need for modernization of Kosovo's economic and social infrastructure in order to facilitate sustained economic growth and development. This note looks further into the underlying causes and the actions that will be required to address them. The main conclusions of the note are that the fundamental causes of under spending on the capital spending program lie in the failure to plan and manage the program within a medium-term context and in the institutional capacity constraints that currently confront the public finance management (PFM) system. The note begins by providing a brief overview of the scale and composition of Kosovo's capital spending program (section B) and the institutional arrangements for public investment management (section C). It then goes on to look at the causes of the fall in the execution of the capital spending budget that occurred in 2006 (section D)...

Converting and Transferring Currency : Benchmarking Foreign Exchange Restrictions to Foreign Direct Investment Across Economies

Anderson, John
Fonte: World Bank, Washington DC Publicador: World Bank, Washington DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.64%
The ease of converting and transferring currency is a crucial consideration for firms investing in a foreign economy. The Converting and Transferring Currency data and indicators measure foreign exchange restrictions most relevant for foreign direct investment across economies to identify common policies and benchmark the restrictiveness of economies' foreign exchange regimes. Of 98 economies included in the analysis, 53 economies maintain generally unrestricted foreign exchange regimes for foreign direct investment. But 24 economies impose moderate to heavy restrictions across most transactions covered by the Converting and Transferring Currency indicators, with another 21 economies imposing administrative or procedural requirements. All high-income economies measured by the Converting and Transferring Currency data maintain unrestricted foreign exchange regimes for foreign direct investment, and the two poorest regions of South Asia and Sub-Saharan Africa are the most restrictive regions on average. Still, there is significant variation in restrictiveness across economies at similar income levels: 38 percent of low-income and lower-middle-income economies impose moderate to heavy restrictions on transactions covered by the Converting and Transferring Currency data...

World Investment and Political Risk 2012

Multilateral Investment Guarantee Agency
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication
Português
Relevância na Pesquisa
46.63%
Global economic growth estimates for 2012 indicate a continuing fragile recovery. The ongoing sovereign debt crisis and recession in the euro zone, curtailed bank lending and domestic deleveraging, fluctuating but elevated commodity prices, and the ongoing political turmoil in the Middle East and North Africa have slowed the initial rebound that followed the 2008 global financial crisis. This slow progress has had an impact on developing countries, which initially fared well in terms of rebounding growth rates, private capital flows, and foreign direct investment (FDI). This report examines investors' perceptions and risk-mitigation strategies as they navigate today's uncertain economic waters. It finds that investors continue to rank political risk as a key obstacle to investing in developing countries and are increasingly turning toward Political Risk Insurance (PRI) as a risk-mitigation tool. The insurance industry has responded with new products and innovative ways to use existing products as well as substantial capacity to meet the growing demand.

Capital investment in public hospitals

Deeble, Geoffrey
Fonte: Australian Hospital Association Publicador: Australian Hospital Association
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
56.36%
Capital investment is a major concern for public hospitals. Relative to operating expenditures, it has been almost constant for 40 years, despite great changes in technology and patient throughputs. Research studies during the last decade suggest that over that time almost all investment has been on simply replacing existing assets. Per person, the total capital stock has actually declined. However most replacement outlays are predictable. Although major building outlays may still need some central supervision, equipment replacement can be projected with enough confidence to fund it through operating grants. Using data from several surveys, some capital-weighted DRGs have been developed and a funding system suggested.