RESUMEN: Orientar las políticas educativas durante el golpe parlamentar de 2016 caracterizó un rasgo emblemático de la influencia empresarial en la política educativa brasilera. Este artículo propone responder la siguiente pregunta: ¿cuál es el contenido, características y racionalidades subyacentes al proyecto de educación pública para la juventud propuesto por el empresariado y puesto en marcha con la reforma de enseñanza secundaria? Y ¿por qué podemos afirmar que ese proyecto combina con los intereses del capital en la fase actual de reproducción social e en el contexto de reestructuración productiva? Este análisis proviene de una investigación que utilizó fuentes primarias y secundarias, como documentos elaborados por fundaciones empresariales - con énfasis en Todos Por la Educación y en el Instituto Unibanco -; documentos legislativos y normativos; y las audiencias públicas de la MP 746/2016. El texto busca responder a la pregunta propuesta a partir de tres categorías analíticas: la pedagogía por competencias, o accountability y el protagonismo juvenil. Se concluye que la acción empresarial que promueve un proyecto educativo para la clase trabajadora se constituye en dispositivos que adecuan la formación de los jóvenes a las demandas de las nuevas organizaciones gerenciales del trabajo, consolidando la expansión de la racionalidad del capital del espacio de producción para el espacio de reproducción social - en este caso, la escolarización de los trabajadores - y se materializa en la escuela por medio de discursos y prácticas que encarnan esa racionalidad, como las competencias socioemocionales, o accountability y el protagonismo juvenil. RESUMEN 201 brasilera cuál contenido secundaria productiva secundarias normativos 7462016 746 746/2016 analíticas juvenil trabajo caso socioemocionales 20 746201 74 746/201 2 74620 7 746/20 7462 746/2 746/

ABSTRACT: The control over the Brazilian high school reform amidst the 2016 Parliamentary Coup became symbolic of the business community’s influence on education policies. This paper therefore attempts to answer the following question: What are the content, characteristics, and rationales behind the public education project for young people proposed by the business community and set in motion through the high school reform? How can we state that this project conforms to the interests of capital in the current stage of social reproduction within the framework of productive restructuring? This analysis arises from research that used primary and secondary sources: documents produced by corporate foundations, notably the organization Todos pela Educação [All for Education] and Instituto Unibanco; regulatory and normative documents; and public hearings on MP746/2016 [Provisional Presidential Decree 746/2016]. This paper seeks to answer the proposed question based on three analytical categories: competence pedagogy, accountability, and youth protagonism. It concludes that the business community’s action to promote an education project for the working class is a device to adjust the instruction of young people to the demands of new work management organizations, to consolidate the expansion of capital’s rationality from the point of production to that of social reproduction - in this case, the education of the working class - and materializes in school through discourses and practices that subjectivize this rationality, such as social-emotional skills, accountability, and youth protagonism. ABSTRACT 201 communitys s policies content characteristics restructuring sources foundations All Education Unibanco MP7462016 MP MP746 MP746/201 Provisional 746/2016. 7462016 746/2016 . 746 746/2016] categories pedagogy accountability protagonism organizations capitals case socialemotional emotional skills 20 MP746201 MP74 MP746/20 746201 746/201 74 2 MP74620 MP7 MP746/2 74620 746/20 7 MP7462 MP746/ 7462 746/2 746/

RESUMO: Pautar a reforma do ensino médio em meio ao golpe parlamentar de 2016 caracterizou um traço emblemático da influência empresarial na política educacional. Assim, este artigo se propõe a responder à seguinte pergunta: qual o conteúdo, suas características e as racionalidades subjacentes ao projeto de educação pública para a juventude proposto pelo empresariado e colocado em marcha com a reforma do ensino médio? E por que se pode afirmar que esse projeto se coaduna com interesses do capital na fase atual de reprodução social e no contexto da reestruturação produtiva? Esta análise tem origem em uma pesquisa com fontes primárias e secundárias: documentos elaborados por fundações empresariais - com destaque para o Todos Pela Educação e o Instituto Unibanco -; documentos legislativos e normativos; e audiências públicas da MP746/2016. O texto procura responder à pergunta proposta a partir de três categorias analíticas: a pedagogia das competências, o accountability e o protagonismo juvenil. Conclui-se que a ação empresarial que promove um projeto educacional para a classe trabalhadora se constitui em dispositivos que adequam a formação dos jovens às demandas das novas organizações gerenciais do trabalho, consolidando uma expansão da racionalidade do capital do espaço de produção para o espaço de reprodução social - nesse caso, a escolarização dos trabalhadores - e se materializa na escola por meio de discursos e práticas que subjetivam essa racionalidade, como as competências socioemocionais, o accountability e o protagonismo juvenil. RESUMO 201 Assim conteúdo produtiva secundárias normativos MP7462016 MP MP746 MP746/2016 analíticas juvenil Concluise Conclui trabalho caso socioemocionais 20 MP746201 MP74 MP746/201 2 MP74620 MP7 MP746/20 MP7462 MP746/2 MP746/

Abstract In this article, I argue for the necessity of considering rent consolidation processes in agrifood relationships, which are founded on the establishment of agribusiness network-territories. To this end, I examine the rent capture strategies of this sector in Chapada Diamantina, Bahia, Brazil. I demonstrate how these corporate strategies are based on: 1) controlling key spatial resources; 2) integrating agricultural expansion spaces into the territorial networks of the companies to capture the produced value in the form of rent. For this purpose, I draw on recent conceptualizations of rentierism in contemporary processes of capitalist restructuring that prioritize the analysis of the establishment of differentiated property regimes. Likewise, I draw inspiration from Brazilian critical geography studies that highlight the diverse spatial and institutional structures upon which the sector's methods of rent extraction have evolved over time. The text contributes to understanding how enterprises multiply their positions to control the circulation of value along agrifood production networks. article relationships networkterritories. networkterritories network territories. territories network-territories end Diamantina Bahia Brazil 1 resources 2 purpose regimes Likewise sectors s time

Resumen En este artículo defiendo la necesidad de dar cuenta de los procesos de consolidación del rentismo en las relaciones agroalimentarias a partir de la formación de territorios-red del agronegocio. Para ello, examino las estrategias de captura de renta por parte de este sector en la Chapada Diamantina, Bahía, Brasil. Muestro cómo éstas se fundamentan en el dominio de recursos espaciales clave y en la integración de los espacios de expansión agrícola en las redes territoriales de las empresas a través de las cuales el valor producido es capturado en forma de renta. Me inspiro para este propósito en: 1) las conceptualizaciones recientes sobre el rentismo en los procesos contemporáneos de reestructuración del capitalismo que otorgan prioridad analítica al establecimiento de regímenes diferenciados de propiedad; 2) los trabajos de la geografía crítica brasileña que señalan la variedad de formas espaciales e institucionales sobre las que se han construido las formas de extracción de renta del sector a lo largo del tiempo. De esta manera, el texto contribuye al entendimiento de la multiplicación de las posiciones desde las que las empresas ejercen control sobre la circulación de valor a lo largo de las redes de producción agroalimentarias. territoriosred territorios red agronegocio ello Diamantina Bahía Brasil 1 propiedad 2 tiempo manera

Resumo Neste artigo, defendo a necessidade de dar conta dos processos de consolidação do rentismo nas relações agroalimentares mediante a formação de territórios-rede do agronegócio. Para isso, examino as estratégias de captura da renda por parte do setor na Chapada Diamantina, Bahia, Brasil. Estas estratégias se fundamentam no domínio de recursos espaciais chave e na integração dos espaços de expansão da agricultura corporativa nas redes territoriais das companhias através das quais o valor produzido é capturado na forma de renda. Inspiro-me para isto em: 1) as conceitualizações recentes sobre o rentismo dos processos atuais de reestruturação do capitalismo que dão destaque ao estabelecimento de regimes diferenciados de propriedade; 2) os trabalhos da geografia crítica brasileira que sinalam a variedade de formas espaciais e institucionais construídas para a extração de renda do setor ao longo do tempo. Desta maneira, o texto contribui ao entendimento da multiplicação das posições a partir das quais as empresas exercem controle sobre a circulação de valor nas redes de produção. artigo territóriosrede territórios rede agronegócio isso Diamantina Bahia Brasil Inspirome Inspiro me em 1 propriedade 2 tempo maneira produção

Cet article propose une analyse comparative des stratégies de transnationalisation adoptées par Natura &Co et Vale S.A., explorant les mouvements concrets de capital, leurs acteurs, pratiques, et les conséquences de divers processus tels que l’introduction en bourse, les fusions et acquisitions, l’achat d’actifs à l’étranger, et la restructuration des opérations de production. Il engage une réflexion à la fois théorique et empirique, s’appuyant sur les théories du capitalisme mondial, des réseaux globaux de production, et des stratégies d’entreprise, et sur des données recueillies à travers des études de cas menées au Brésil et au Canada, des interviews, l’analyse de documents et de rapports, ainsi que sur des enquêtes et publications spécialisées. En se focalisant sur des événements récents tels que la création et la crise de la holding Natura &Co, ainsi que sur les évolutions dans le gouvernement d’entreprise de Vale S.A., l’étude conclut que la consolidation de corporations transnationales brésiliennes est significativement influencée par des fonds transnationaux, compliquant l’identification des détenteurs réels du contrôle de la propriété et illustrant les modalités d’intégration de l’économie nationale dans le système du capitalisme globalisé. Co SA S A S.A. capital acteurs pratiques lintroduction l introduction bourse acquisitions lachat achat dactifs d actifs létranger, létranger étranger, étranger l’étranger production empirique sappuyant s appuyant mondial dentreprise, dentreprise entreprise, entreprise Canada interviews lanalyse rapports spécialisées létude étude transnationaux lidentification identification dintégration intégration léconomie économie globalisé S.A

O artigo realiza uma análise comparativa das estratégias de transnacionalização de Natura &Co e Vale S.A., mapeando as movimentações concretas do capital, seus agentes, práticas e consequências de processos como abertura de capital, fusões corporativas, aquisição de ativos no exterior e reestruturação de operações produtivas. Apresenta-se discussão teórica e empírica, baseadas, respectivamente, nas teorias sobre o capitalismo global, redes globais de produção e estratégias corporativas, e em materiais obtidos por meio de estudos de caso realizados no Brasil e no Canadá, bem como entrevistas, análise de documentos, relatórios, formulários corporativos e publicações na imprensa especializada. Focalizando processos recentes, como a formação e crise da holding Natura &Co, e as mudanças na “governança corporativa” da Vale S.A., conclui-se que a consolidação de corporações transnacionais de origem brasileira tem participação decisiva de fundos transnacionais, tornando mais complexa a identificação do controle da propriedade e revelando as formas de incorporação da economia nacional ao capitalismo globalizado. Co SA S A S.A. capital agentes corporativas produtivas Apresentase Apresenta se empírica baseadas respectivamente global Canadá entrevistas documentos relatórios especializada recentes governança corporativa concluise conclui globalizado S.A

This article offers a comparative analysis of the transnationalization strategies employed by Natura &Co and Vale S.A., mapping the tangible flows of capital, its agents, practices, and the outcomes of processes such as public offerings, corporate mergers, overseas asset acquisitions, and the restructuring of production operations. It engages in both theoretical and empirical discussions, drawing on theories on global capitalism, global production networks and corporate strategies, and utilizing data collected from case studies in Brazil and Canada, alongside interviews, document analyses, reports, corporate filings, and specialist press publications. By focusing on recent developments, like the establishment and subsequent crisis of the Natura &Co holding, and shifts in Vale’s corporate governance, the article concludes that the consolidation of Brazil-based transnational corporations significantly involves transnational funds, making the identification of ownership control and revealing how the national economy has being integrated into globalized capitalism. Co SA S A S.A. capital agents practices offerings mergers acquisitions operations discussions capitalism Canada interviews analyses reports filings publications developments holding Vales s governance Brazilbased based funds S.A

Cet article analyse la trajectoire de Nissan dans le but de faire progresser la construction d’un modèle d’analyse des stratégies d’évolution des bénéfices des équipementiers automobiles, qui ont connu un profond processus de déverticalisation de la fabrication et de restructuration du modèle d’entreprise au cours des dernières décennies. La question fondamentale à laquelle il faut répondre est de comprendre comment les processus d’innovation et de diversification des produits sont définis et inclus dans le champ d’application des stratégies de profit des entreprises automobiles et comment cela s’inscrit dans la restructuration du marché de l’automobile. Les résultats indiquent que les multinationales de l’automobile ne se réorganisent pas et n’utilisent pas les mêmes stratégies d’action et que, dans des contextes de régulation institutionnelle, comme dans la phase de mise en œuvre du programme Inovar-Auto au Brésil, démontrer la capacité de s’adapter aux circonstances et aux règles locales. dun d danalyse dévolution évolution dentreprise entreprise décennies dinnovation innovation dapplication application sinscrit s inscrit lautomobile. lautomobile l automobile. automobile nutilisent n utilisent daction action institutionnelle InovarAuto Inovar Auto Brésil sadapter adapter locales

Este artigo analisa a trajetória da Nissan com o propósito de avançar na construção de um modelo de análise das estratégias tendenciais de lucro das Original Equipment Manufacturers (OEMs) automotivas, as quais vêm passando, nas últimas décadas, por um profundo processo de desverticalização da manufatura e de reestruturação do seu modelo de negócios. A questão de fundo a ser respondida é entender como processos de inovação e diversificação de produtos são definidos e incluídos no âmbito das estratégias de lucro das corporações automotivas e de que forma isso se coaduna com a restruturação do mercado automotivo. Os resultados apontam que as multinacionais automotivas não se reorganizam e não se valem das mesmas estratégias de ação e que elas, em contextos de regulação institucional, como na fase de vigência do programa Inovar-Auto no Brasil, demonstram capacidade de se adaptar às conjunturas e regras locais. OEMs (OEMs passando décadas negócios automotivo elas institucional InovarAuto Inovar Auto Brasil locais

This article analyzes the trajectory of Nissan in order to advance the construction of a model for analyzing the profit trend strategies of automotive Original Equipment Manufacturers (OEMs), which have been undergoing a profound process of manufacturing de-verticalization and business model restructuring in recent decades. The basic question to be answered is to understand how processes of innovation and product diversification are defined and included within the scope of the profit strategies of automotive corporations and how this fits in with the restructuring of the automotive market. The results show that automotive multinationals do not reorganize themselves and do not use the same action strategies, and that in contexts of institutional regulation, such as the implementation phase of the Inovar-Auto program in Brazil, demonstrate the ability to adapt to local circumstances and rules. OEMs, OEMs , (OEMs) deverticalization de verticalization decades market regulation InovarAuto Inovar Auto Brazil rules (OEMs

Abstract This case narrates the restructuring case of Viña Concha y Toro (CT), a Chilean holding company operating in the wine sector with a worldwide presence. The company's profitability decreased in 2016 mainly due to two risks: (i) the increase in the cost of its primary input (grapes) since a large part was purchased from independent farmers; and ii) fluctuations in exchange rates because more than 80 percent of its revenues are generated from international markets. VCT had to show its investors a good level of profitability in the long term, therefore, Alfonso Larraín, chairman of the Board and the decision-maker in this case, designed a strategic plan during the first months of 2017. This plan should allow the firm to increase its profitability, as well as having flexibility to face the risks imposed by the environment. The plan based on both saving operating costs and increasing revenues through premium brands. Alfonso knows the great challenge he faced, but he was doubtful about both the measures that he should implement in the following years and the impact that this new restructuring plan would cause internally in the company. In particular, Alfonso wondered: Were a corporate restructuring plan necessary? What actions should be planned to meet long-term objectives? And how would shareholders assess a change of course towards a restructuring policy?

Resumen Este caso relata las causas que impulsaron a Viña Concha y Toro (VCT), holding chileno con operaciones en la industria vitivinícola mundial, a diseñar un plan de reestructuración. La rentabilidad de la compañía disminuyó en el 2016 debido a dos factores principalmente: i) incrementos en el costo de la uva, que en gran parte VCT compraba a agricultores independientes; y ii) fluctuaciones cambiarias, dado que más del 80% de los ingresos de VCT se generaban en mercados internacionales. Alfonso Larraín, presidente del Directorio de VCT y el tomador de decisión del caso, sabía que VCT debía mostrar a sus inversionistas un buen nivel de rentabilidad en el largo plazo, por ello, se diseñó a inicios del 2017 un plan estratégico que permitiese mejorar la rentabilidad futura de VCT, así como tener mayor flexibilidad para enfrentar los riesgos que le impone el entorno. Este plan se enfocaba tanto en el ahorro de costos operacionales como en incrementar la comercialización de marcas premium. Alfonso, horas previas a la reunión con la Junta de Accionistas que iba a llevarse a cabo en la tarde del 24 de abril del 2017, sabía el gran desafío que tenía enfrente, pero dudaba tanto sobre las medidas que debía implementar como sobre el impacto interno que esta reestructuración causaría en la empresa. Específicamente, Alfonso se preguntaba: ¿Era necesario un plan de restructuración? ¿Qué acciones debería tener ese plan para cumplir los objetivos propuestos? Y ¿cómo valorarían los accionistas un cambio de rumbo hacia una política de restructuración?

Abstract: The emergence of tall buildings zones is perhaps the most significant territorial change of the recent urban dynamic with a clear predominance of tertiary and residential land uses of high economic cost that have contributed to revalorize urban land. The aim of this work is to analyze the process of urban verticalization in Mexico City between 1940-1980 as the most important process restructuring urban space; it is argued that this process has been widely favoured by two main factors: first, the urban economy tertiarization that arrived with the neoliberal model with a wide participation of foreign capital; and second, the local urban policy that among other things has elaborated land use norms that stimulates inversion and land speculation in central zones of high cost; giving rise to a urban space elitization that aggravates a socioeconomic and territorial structure historically unequal.

Resumen: El surgimiento de zonas con edificios en altura es la más destacada transformación te rritorial de la dinámica urbana reciente, con un predominio de usos de suelo terciarios y residenciales de alto costo económico, que han contribuido a una revalorización del suelo urbano. El objetivo de este trabajo es analizar el proceso de verticalización del espacio urbano en la Ciudad de México entre 1940-2018, como un importante proceso de modernización de su espacio urbano; se argumenta que este proceso ha estado su mamente favorecido por dos factores: la terciarización de la economía urbana durante el modelo neoliberal, con amplia participación de capital extranjero; y la política urbana local que entre otros aspectos ha emitido normas de uso de suelo que favorecen la in versión y especulación del suelo en zonas centrales de alto valor del suelo; dando lugar a una elitización del espacio urbano que agrava una estructura socio-económica-territorial histórica desigual.

Abstract The rise of rental as a form of access to housing has been observed throughout Latin America as part of a global dynamic that took place after the 2008 global crisis. Global corporate landlords and new management models related to the "shared economy" capable of connecting financial capital to digital platforms and concentrate dispersed income flows are emerging in private residential market benefiting from great regulatory. Meanwhile, rental is also on the rise in ‘urban popular territories’, expanding a lucrative ‘popular real estate market’, fueled by new illegalities, evictions and public policies of subsidized rental. We observe, also, the emergence of a new generation of public policies, focused on promoting social rental housing, especially through public-private partnerships that connect popular housing markets with finance, with an important impact on the restructuring of popular territories and the redefinition of housing as a service. Based on a review of literature and official documents and business prospectuses, interviews, and fieldwork in popular territories, especially in Chile and Brazil, we argue that rental housing may be the new frontier that connects finance and real estate, with the ability to reach the popular world, instrumentalizing and generalizing illegalities.

Resumen La ascensión del alquiler como forma de acceso a la vivienda se ha observado en toda América Latina, siendo parte de una dinámica global ocurrida luego de la crisis hipotecaria de 2008. En los mercados privados surgen propietarios corporativos globales y nuevos modelos de gestión relacionados a la “economía colaborativa” con gran flexibilidad normativa, capaces de articular capitales financieros a plataformas digitales concentrando flujos de renta dispersos. Sin embargo, el alquiler también está en aumento en los territorios populares, expandiendo un mercado inmobiliario popular lucrativo, alimentado por nuevas ilegalidades, desalojos y políticas públicas de subvención al alquiler. Asimismo, observamos el surgimiento de una nueva generación de políticas públicas centradas en promover la vivienda social de alquiler a través de asociaciones público-privadas que articulan mercados populares de vivienda con las finanzas, cuestión que tiene un importante impacto en la reestructuración de territorios populares y en la redefinición de la vivienda como servicio. En base a una revisión bibliográfica y de documentos oficiales y prospectos empresariales, entrevistas y trabajo de campo en territorios populares, especialmente en Chile y en Brasil, argumentamos que el arriendo puede ser la nueva frontera que conecta las finanzas y el sector inmobiliario, con la capacidad de alcanzar el mundo popular, instrumentalizando y generalizando ilegalismos.

This review article reflects on the history and growth of Cape Town from its founding to its present. In doing so, it identifies a sequence of six distinct attitudes towards urban growth and management. Such attitudes often remained unarticulated, for they appeared self-evident, even natural, to the society of their times. These attitudes coincide with the concept of Planning Doctrine, as proposed by Faludi, and lie silently behind actual policymaking and development of the day. Yet the Doctrine changes over time in response to political values, economic restructuring and settlement scale. Six doctrines dominated for a period of roughly 40 years each, termed by the author as corporate management; self-help; public works; town planning; up-scaling, and transformation.

Hierdie oorsigartikel reflekteer op die geskiedenis en groei van Kaapstad vanaf stigting tot vandag. Sodoende identifiseer dit 'n reeks van ses verskillende houdings teenoor stedelike groei en bestuur. Sulke gesindhede is dikwels nie uitgespreek nie, want dit was vanselfsprekend, selfs natuurlik, vir die samelewing van hul tyd. Hierdie houdings val saam met die konsep van die beplanningsleer soos voorgestel deur Faludi en lê stil agter die werklike beleidsvorming en -ontwikkeling van die dag. Tog verander die leerstelling oor tyd in reaksie op politieke waardes, ekonomiese herstrukturering en skaal. Ses leerstellings het oorheers vir 'n tydperk van ongeveer 40 jaar elk en word deur die outeur geïdentifiseer en bestempel as korporatiewe bestuur; selfhulp; openbare werke; stadsbeplanning; opskalering, en transformasie.

Resumo Objetivo: Empresas e credores podem adiar certas decisões devido a ações que exigem coordenação nas recuperações de empresas. Este artigo investiga atrasos na votação de planos de recuperação durante as assembleias gerais de credores no Brasil. Metodologia: Utilizando uma amostra de 120 planos de recuperação coletados manualmente, apresentamos análises descritivas e de regressão (mínimos quadrados ordinários, ou MQO, Poisson, regressões binomiais negativas e quantílicas) para mostrar as principais características dos atrasos na votação. Resultados: Nossos resultados revelaram que uma alta concentração de dívida entre as classes de credores está relacionada a menos atrasos. Além disso, um número maior de bancos e credores com garantia real que possuem direitos de crédito na recuperação está positivamente correlacionado com os atrasos. Por fim, argumentamos que os planos de recuperação que requerem tempo adicional para a votação estão relacionados a propostas de desinvestimento. Contribuições: Ainda faltam resultados empíricos baseados na avaliação de características dos vários credores e da proposta de recuperação apresentada no plano de recuperação da empresa. Este é o primeiro artigo no Brasil que explora como os conflitos de interesse entre as classes de credores podem estar relacionados aos atrasos. Nosso artigo contribui para a literatura desenvolvida por Gilson (1990), Gilson et al. (1990), Brown et al. (1993), Franks e Tourus (1994), Helwege (1999), Ayotte e Morrison (2009), Ponticelli (2012) e Ivashina et al. (2015) sobre as características dos atrasos na votação do plano de recuperação durante os casos de reestruturação. Corroboramos os resultados obtidos em trabalhos anteriores e fornecemos uma análise do papel desempenhado por cada classe de credores no atraso da votação do plano em empresas brasileiras.

Abstract Purpose: Firms and creditors may delay certain decisions in corporate reorganizations because of actions that require coordination. This paper investigates delays in voting on reorganization plans during claimholder general meetings in Brazil. Design/methodology/approach: Using a sample of 120 hand-collected reorganization plans, we present descriptive and regression (OLS, Poisson, negative binomial, and quantile) analyses to show the primary characteristics of delayed votes. Findings: Our results revealed that a high concentration of debt among the different classes of claimholders appeared to be related to fewer delays. Moreover, a higher number of banks and secured creditors with claims in the reorganization appeared to be positively correlated with delays. Finally, we argue that reorganization plans that require additional time to reach a vote are related to divestment proposals. Originality/value: There is still a lack of empirical results based on evaluations of multiple creditor characteristics and the reorganization proposals presented in firms’ reorganization plans. This is the first paper in Brazil to explore how conflicts of interest among different classes of creditors may relate to delays. Our paper contributes to the literature developed by Gilson (1990), Gilson et al. (1990), Brown et al. (1993), Franks and Tourus (1994), Helwege (1999), Ayotte and Morrison (2009), Ponticelli (2012), and Ivashina et al. (2015) regarding the characteristics of delaying reorganization plan votes during restructuring cases. We corroborate the results obtained by previous papers and provide an analysis of the role played by each class of claimholder in delaying plan votes for Brazilian firms

Resumo Objetivo: Este artigo apresenta uma análise teórica e empírica da literatura sobre falência e recuperação. Destacamos os principais artigos desenvolvidos na área e apresentamos um grupo de pesquisas realizadas após a aprovação da nova lei de falências no Brasil. Metodologia: Este artigo fornece uma pesquisa da literatura sobre falência e recuperação de empresas. Investigamos trabalhos clássicos e recentes na área e apresentamos os resultados de alguns estudos brasileiros, considerando o anúncio da lei de falências brasileira em 2005. Resultados: Demonstramos que a assimetria das informações, os problemas de coordenação e a heterogeneidade entre os credores são fundamentais para a resolução de dificuldades financeiras. Além disso, a escolha da reestruturação é feita de acordo com a alternativa de menor custo. Discutimos as implicações práticas das anotações na literatura analisando três casos de recuperação no Brasil e revelamos que a complexidade de cada caso pode influenciar a decisão de aprovar ou rejeitar o plano de recuperação. Contribuições: Investigamos a evolução da literatura sobre falências e recuperação e fornecemos uma pesquisa que explora a literatura internacional e brasileira.

Abstract Purpose: This paper presents both a theoretical and empirical review of the bankruptcy and reorganization literature. We point out the main articles developed in the field and present a group of studies carried out after the approval of the new bankruptcy law in Brazil. Design/methodology/approach: This paper provides a survey of the literature on bankruptcy and corporate reorganization. We investigate classic and recent papers in the field and present the results of some Brazilian studies that consider the announcement of the Brazilian bankruptcy law in 2005. Findings: We show that information asymmetry, coordination problems, and heterogeneity between creditors are pivotal to the resolution of financial distress. Moreover, the choice of restructuring is made according to the least-cost alternative. We discuss the practical implications of the literature by analyzing three cases of reorganization in Brazil and reveal that the complexity of each case can drive the decision to approve or reject the reorganization plan. Originality/value: We investigate the evolution of the bankruptcy and reorganization literature and provide a survey that explores both the international and Brazilian literature.

Due to the growth of Asian demand and production, Latin America is experiencing a boom in demand for commodities, which has led to an increase in exports of these goods. Argentina does not escape this context, in the case of minerals the activity exhibited an important development in the last years. While mining companies take advantage of this boom, governments are increasingly dependent on foreign investment for the extraction of these resources, as well as incomes from the activity. In this context of neo-extractivism, the Rio Colorado Potassium Project (PRC), developed by Vale, represented the largest mining enterprise in the country and the most important of its kind in South America. Budgeted at USD 6.3 billion, only 30% was executed, and since 2013 the work is paralyzed. However, in 2016, Vale takes up the feasibility study to propose a restructuring of the original design to a third of its capacity and make the plan attractive to new partners. This article analyzes PRC: origins, history, antecedents, conflicts of interest and perspectives around its potential reactivation to contribute to a serious and informed discussion on the subject. In particular, its economic, social and environmental sustainability is investigated.

Debido al crecimiento de la demanda asiática y de su producción, Latinoamérica vive un auge por la demanda de commodities lo que ha provocado el aumento de las exportaciones de estos bienes. En el caso argentino, el sector metalífero exhibió un importante desarrollo en los últimos años. Mientras las mineras aprovechan este boom, los gobiernos dependen cada vez más de la inversión extranjera para la extracción de estos recursos, así como de los ingresos producto de su renta. En este marco de neoextractivismo, el proyecto Potasio Río Colorado (PRC), desarrollado por la compañía Vale, representaba el mayor emprendimiento minero del país y el más importante de su tipo de Sudamérica. Presupuestado en USD 6.300.000, sólo se ejecutó un 30% y desde 2013 la obra está paralizada. No obstante, en 2016 Vale retoma el estudio de factibilidad para plantear una reestructuración del diseño original a un tercio de su capacidad y volver el plan atractivo a nuevos socios. Este artículo analiza PRC: orígenes, historia, antecedentes, conflictos de intereses y perspectivas en torno a su potencial reactivación para aportar a una discusión seria e informada sobre el tema. Particularmente, se investiga su sustentabilidad económica, social y medioambiental.

This article addresses the changes that are evident in the productive and labor dynamics in the Neuquén hydrocarbon basin over the past six years, product of the exploration and exploitation of unconventional reservoirs and the development of new technologies. Based on the consultation of secondary sources and interviews with different public and private actors, the context of restructuring of the sector and the implications in the organization of work are revised. It has been associated with the drop in international crude oil prices since 2014, which imposed adjustments in the structure and operations of the firms, as well as the deregulation, opening and new energy policy implemented since beginning of 2016, with impact on salary relationships. External and functional labor flexibility, the reorganization and intensification of work and the reduction of remunerations in operations in unconventional reservoirs, together with the subsidies for new gas prices at the wellhead, boosted the productive expansion from 2018. The advance of research allows to deduce that the new regime of accumulation focused on the liberalization of the economy, the elevation of gas tariffs and fuel prices in the domestic market, and the labor adjustment, opened to the transnational capital the opportunity to access the resources of the Vaca Muerta geological formation and from them generate business in different scales and corporate strategies.

El presente artículo aborda los cambios que se evidencian en la dinámica productiva y laboral en la cuenca hidrocarburífera Neuquina a lo largo de los últimos seis años, producto de la exploración y explotación de reservorios no convencionales y del desarrollo de nuevas tecnologías. A partir de la consulta de fuentes secundarias y de la realización de entrevistas a distintos actores públicos y privados, se revisa el contexto de reestructuración del sector y las implicancias en la organización del trabajo. Tales cambios se asocian a la caída operada en los precios internacionales del petróleo crudo desde fines de 2014, que impuso ajustes de estructura y operativos en las firmas; y a la posterior desregulación, apertura de la economía y nueva política energética instrumentada desde inicios de 2016, con impacto en las relaciones salariales. La flexibilidad laboral externa y funcional, la reorganización e intensificación del trabajo y la rebaja de las remuneraciones en las operaciones no convencionales, junto a los subsidios a los precios del gas nuevo en boca de pozo, impulsaron la expansión productiva a partir de 2018. El avance de investigación permite deducir que el nuevo régimen de acumulación centrado en la liberalización de la economía, la elevación de las tarifas de gas y los precios de los combustibles en el mercado interno, así como el ajuste laboral, abrieron al capital trasnacional la oportunidad de acceder a los recursos de la formación geológica Vaca Muerta y a partir de ellos generar negocios en distintas escalas y estrategias corporativas.

Resumo Neste artigo analisamos a composição da força de trabalho na Europa e sua evolução, centrando-nos na relação entre precariedade, desemprego e segurança social, desde a crise de 1970 aos nossos dias, com particular atenção para as mudanças ocorridas depois da crise de 1970, da crise 1981-1984 e da crise de 2008. Centrar-nos-emos na composição da força de trabalho interna e externa (migrações) bem como nos efeitos a curto e médio prazo dos programas sociais focalizados e seu impacto na restruturação da força de trabalho, que veio colocar em causa o pacto social erguido na Europa do Norte e centro no pós guerra e na Europa do sul depois da revolução portuguesa e da transição espanhola nos anos 70 do século XX. As fontes deste trabalho são quantitativas (estatísticas da Comissão Europeia, análise de balanços sociais de empresa, Eurostat e INE) e qualitativas (pesquisa da evolução das políticas sindicais, entrevistas, entre outras).

Abstract In this article we analyze the composition of the labor force in Europe and its changes, focusing on the relationship between precariousness, unemployment and social security since the crisis of 1970 until today, with particular attention to the changes that took place since the crisis of 1970, including the crisis of 1981-1984 and the crisis of 2008. We focus on the composition of the internal and external labor force (migrations) and on the short and medium-term effects of focused social programs and their impact on the restructuring of the labor force, which questioned the social pact raised in Northern and Central Europe in the post war period and in Southern Europe after the Portuguese revolution and the Spanish transition in the 1970s. The sources of this work are quantitative (statistics from the European Commission, analysis of corporate annual reports, Eurostat and INE) and qualitative (a study of the changes in union policies, interviews and others).

RESUMO A contemporânea reestruturação econômica possui dois importantes componentes que articulados impactam na reconfiguração espacial que sofre o território brasileiro: são eles a logística de Estado e a logística corporativa voltadas para os transportes e funcionando como estratégias para o planejamento e para a gestão territorial (pública) e corporativa, com a finalidade de inserir e expandir a fluidez e a competitividade e alterar as configurações territoriais. Já os processos de expansão geográfica do capital contam com a atuação do poder público no atendimento das demandas corporativas por infraestruturas de transportes e armazenamento. Na mesma direção, a logística realizada pelas empresas, otimiza os sistemas de engenharia de transportes, a fim de minimizar novas construções e custos de produção. Este estudo mostra que a logística, enquanto inovação organizacional, serve para aumentar a fluidez e a competitividade territorial, interferindo no reordenamento de diversos espaços do território brasileiro.

ABSTRACT The contemporary economic restructuring has two important components that articulated impact on the spatial reconfiguration in Brazilian territory: they are, the state logistics and corporate logistics focused on transportation and functioning as strategies for planning and management territorial (public) and corporative, with the purpose of inserting and expanding fluency, competitiveness and changing territorial configurations. The process of geographical expansion of capital count with the participation of the public power in the service of corporate demands for transport and infrastructure. In the same direction, the logistics held by companies optimizes engineering systems of transport and storage, to minimize new constructions and production costs. This study, therefore, has as scope to show that the logistics, as organizational innovation, serves to increase the fluidity and territorial competitiveness, interfering in the reordering of various spaces in the Brazilian territory.

RESUMEN La contemporánea reestructuración económica posee dos importantes componentes que articulados impactan en la reconfiguración espacial que sufre el territorio brasileño: son ellos la logística de Estado y la logística corporativa volcadas al transporte y funcionando como estrategias para la planificación y la gestión (público) y corporativa, con la finalidad de insertar y expandir la fluidez y la competitividad y alterar las configuraciones territoriales. Los procesos de expansión geográfica del capital cuentan con la actuación del poder público en la atención de las demandas corporativas por infraestructuras de transporte. En la misma dirección, la logística realizada por las empresas optimiza los sistemas de ingeniería de transporte y de almacenamiento a fin de minimizar nuevas construcciones y costos de producción. La investigación, tiene como objetivo mostrar que la logística, como innovación organizacional, sirve para aumentar la fluidez y la competitividad territorial, interfiriendo en el reordenamiento de diversos espacios del territorio brasileño.

Globally, states use state-owned companies (SOCs) or public corporations to provide public goods, limit private and foreign control of the domestic economy, generate public funds for the fiscus, increase service delivery and encourage economic development and industrialisation. Particularly given its unique socio-political and economic dynamics, a country such as South Africa clearly needs this type of strategic enterprise. Yet, that does not mean that everything at our SOCs is as it should be. The beleaguered South African Broadcasting Corporation (SABC) has recently seen the resignation of board members, shareholder interference in its operational affairs, and a high turnover of chief accounting officers and other executive management members. Due to non-performance, it has also received several cash injections from its shareholder to enable it to continue to deliver its services. In addition, the shareholder minister took it upon herself to amend the SABC's memorandum of incorporation, conferring upon herself the authority to appoint, suspend or even dismiss key executive members. South African Airways (SAA), in turn, has had seven CEOs in less than four years, has had to be bailed out at a cost of R550 million, and has in addition been granted a R5 billion guarantee by the shareholder for a restructuring exercise. Other SOCs such as Eskom, the Post Office and Telkom have also experienced high board and executive management turnover, perennial underperformance necessitating regular bailouts, and challenges regarding the division of power between their boards and the various shareholder ministers. Another issue that seems to plague South Africa's SOCs is the appointment of board members and executive officials with questionable qualifications. By critically examining the corporate governance challenges besetting the SABC, SAA and Eskom in particular, this article seeks to explore the root causes of the corporate governance deficiencies of SOCs, and how their corporate governance can be enhanced. It is concluded that the challenges faced by the country's SOCs are twofold: firstly, the SOCs boards' lack of appreciation of the cardinal corporate governance rules, and secondly, the role of government as a single or dominant shareholder, which results in substantial political interference in the running of the SOCs. This dual problem requires a dual solution. To arrest the problem of poor corporate governance in SOCs, government as the shareholder should firstly appoint fit and proper directors, having followed a sound due-diligence process. Once it has established such properly skilled and competent boards, however, government should adopt an arm's-length approach to the affairs of the SOCs as a way of insulating these corporations from political interference.