Expansão das universidades em uma economia global em mudança : um triunfo dos BRIC?
Capital Structure policy still puzzles researchers in developed and emerging markets. We contribute to the literature by examining capital structure policy of large companies in Central Europe and BRIC countries.
Our sample consists of 372 firms from 14 Central and Eastern European and BRIC countries for the period 2002-2009. We conduct separate analysis for both pre-crisis and post-credit crunch periods to emphasize the differences occurred in debt-to-equity choice policy in emerging policy.
Our research rests upon the dynamic trade-off model. According to the concept each company has its own target financial leverage to which it is trying to adjust is actual debt-to-equity ratio with a specific adjustment speed. This rate of adjustment depends on firm-specific, institutional and macroeconomic factors. Moreover the dynamics of a firm’s leverage could depend upon financial deficit of the firm and the cost of available financial sources. The former issue addresses the situation when the choice of financing mix should be made under the existence of information asymmetry, unclear ownership structure and positive transaction costs which could lead to the financing sources hierarchy formation. The latter topic relates to the concept stating that the management would try to take any opportunity of favorable market conditions to reduce the costs of financing.
Our model is designed to test the following hypotheses:
Hypothesis 1. Firms operating in BRIC and Eastern Europe have target financial leverages and positive speed of adjustment. The major determinants of target ratio in these countries are the traditional determinants derived for the developed markets (size, assets profitability, growth opportunities, tangibility of assets).
Hypothesis 2. Existence of internal financial deficit ceases the significance of target financial leverage by decreasing the speed of adjustment.
Hypothesis 3. Market estimates of company’s value and lending rates influence the dynamics of capital structure and lead to the decrease of the target adjustment role (by decreasing the speed of adjustment)
Hypothesis 4. Credit market development and liquidity problems within the credit crunch period cease the role of target adjustment by decreasing the speed of adjustment.
Hypothesis 5. The speed of adjustment in BRIC and Eastern European companies positively depends on the following macroeconomic factors: inflation rate, the growth rate of the economy, the degree of financial market development.
The results of our research show that the speed of adjustment of capital structure to the target level in BRIC and Central and Eastern European countries has reached the level of that of the developed countries. Further, this speed is time-varying, has a cross-firm variation and depends on macroeconomic factors, internal financing deficit and, less significantly, cost of financing.
The proposed decomposition of financial deficit revealed that the major role plays two elements: profit (through profitability) and capital expenditures. Operating cash flow significant grows within the credit crunch period emphasizing the crucial role of liquidity during the unstable period. Moreover the speed of adjustment is lower for the whole sample if compared to the pre-crisis period results.
Market timing factors are significant for Central and Eastern European companies only, where a negative relationship of leverage and cost of debt was revealed. However the changes of market prices cannot explain the capital structure choice in our sample.
Macroeconomic variables (inflation, GDP per capita growth, financial market development) positively influence the speed of adjustment. Thus firms operating in BRIC and Central and Eastern Europe tend to adjust their capital structures to the target levels within the periods of economic growth, high inflation and in the systems with more developed financial markets.
The purpose of the study is to identify the specific characteristics of HRM practices aimed at ambidextrous learning in innovation-active companies of the BRIC countries. The study for the first time compares the ambidextrous learning practices and their trends for convergence in BRICs. The methodology involves descriptive analysis of HRM practices in 200 innovation active companies of BRICs. Results of the study indicate that there are considerable convergence trends within innovation-active companies of BRIC. All countries in general are oriented on knowledge exploitation with their use of specific HRM practices. There are however significant differences within BRIC countries with regard to knowledge exploration.
This article provides empirical analysis of the macroeconomic effects of state presence in the financial sector. We develop a set of criteria and execute statistical estimates of the phenomenon based on BRIC country-level data. We assume that at macro-level negative effects of state presence are not indisputable but considerably depend on the country's stage of economic development. According to our estimates government control over banking industry might stimulate financial intermediation only if economic development is low. In terms of other economic development indicators we conclude that for low-income countries state presence might impede investment activity and productivity growth but as the economy develops these effects flicker out or even reverse.
The paper presents analysis of the outcomes of the two G20 summits and the EU contribution towards the decisions made. Analysis of the EU input and impact on the two summits' results allows to reveal containing factors in the EU institutional architecture constraining the quality and effectiveness of the EU global governance performance through the G20. First, the coherence and impact the institute of permanent Presidency can ensure is much higher than what can be achieved through the coordination efforts of the three rotating presidencies. This continuity and durability is essential not only for forging consensus with the EU partners in the G20, but, most importantly, for building internal consensus in the EU, as a vital factor of effective common foreign policy. The author posits that though in the run up to the Washington summit the Presidency and the European Commission leadership and contribution were very much driving the process, the run up to the London summit presented a different story. The Presidency yielded leadership and the EU institutions and the leaders of the EU-G20 members stepped in. The paper highlights this experience as one more argument in favor of permanent Presidency of the EU. The Lisbon Treaty ratification and the new institutions of Presidency and the Foreign Minister - High Representative of the Union for Foreign Affairs and Security Policy will consolidate the EU institutional foundation for the challenges of the future.
The Global Future of Higher Education and the Academic Profession focuses on the all-important emerging BRIC (Brazil, Russia, India, and China) nations by analyzing the academic profession and particularly salaries and contracts. The professoriate is key to the success of any academic system, and this is the first book to carefully analyze academic systems and the academic profession.
The academic profession must be adequately paid, and appointments to academic jobs must be based on merit and provide an effective career path for the 'best and brightest' to be attracted to the profession. The BRICs show a variety of approaches to academic careers—and none provide globally competitive salaries. China and Russia, in particular, pay academics poorly. Using purchasing power parity, this book is able to accurately compare the actual purchasing power of the academic profession. The book also analyzes how professors are appointed and promoted.
While the BRICs may be emerging global economic powers, their academic systems still face significant challenges.
Key features of national models of corporate governance in Brazil, Russia, India and China are considered. The scheme of the comparative analysis of the given models is offered.