Expenditure on sports and leisure by the government of the state of Piauí / Gasto na função desporto e lazer pelo governo do estado do Piauí

ABSTRACT The present study aimed to analyze the participation of the government of Piauí in the bottom-up funding of sport and leisure public policies from 2013 to 2017, embracing four aspects: (1) comparison of expenditure with tax revenue; (2) comparison of expenditure with other social agendas, notably Social Assistance and Culture; (3) identifying the spending behavior regarding subfunctions; (4) analyzing the efficiency in resource liquidation comparatively. Quantitative data were collected from the National Treasure website and submitted to descriptive statistics. In a conclusive manner, the study indicated that: (a) state government expenditure with the SLF is far shorter than the estimated by the II National Sport Conference; (b) expenditure has not followed the positive revenue variation during the period; (c) when compared to Social Assistance and Culture, Sport and Leisure has been the less considered area on the government's agenda; (d) there has been an abrupt chance in the government's agenda towards performance sport; (e) the government acts in an efficient way regarding the liquidation of planned resources.

RESUMO O presente trabalho buscou analisar a participação do governo do estado do Piauí no financiamento bottom-up das políticas públicas de esporte e de lazer de 2013 a 2017, contemplando quatro dimensões: (1) comparação do gasto com a receita tributária; (2) comparação do gasto com outras agendas da área social, notadamente Assistência Social e Cultura; (3) identificar o comportamento de gasto em termos de subfunções; (4) analisar comparativamente a eficiência na liquidação dos recursos. Os dados quantitativos foram buscados diretamente no site do Tesouro Nacional e submetidos à estatística descritiva. De forma conclusiva, o estudo indicou que: (a) o gasto na FDL do governo estadual está muito distante do pretendido pela II Conferência Nacional de Esporte; (b) o gasto não acompanhou a variação positiva da receita ao longo do período; (c) quando comparado com Assistência Social e Cultura, Esporte e Lazer foi a área de menor peso na agenda do governo; (d) houve uma mudança abrupta na agenda de governo em direção ao esporte rendimento; (e) o governo age de forma eficiente na liquidação dos recursos planejados.

Assessing the timemania lottery as a sports public policy / A avaliação da loteria timemania como política pública de esporte

ABSTRACT This paper analyses the main results of Timemania as a sports public policy based on the efficiency, efficacy and social effectiveness principles. A descriptive-analytical research with qualitative approach was conducted through the analysis of contents from laws and official reports. Results suggest that the Timemania lottery was neither efficacious nor efficient, as it did not achieve the initial goals as to its revenues and debt payment for clubs. Timemania was not effective and did not significantly impact sports development. Finally, it is possible to conclude that Timemania, as a regulatory policy, fulfills the sole role of ensuring financial injection for major Brazilian football clubs.

RESUMO O artigo analisa os principais resultados da Timemania como política pública de esporte a partir dos princípios da eficiência, eficácia e efetividade social. Realizou-se uma pesquisa descritivo-analítica, com abordagem qualitativa, a partir da análise de conteúdos de leis e relatórios oficiais. Os resultados indicam que a Timemania não foi eficaz e eficiente, por não atender os objetivos iniciais de arrecadação e pagamento das dívidas dos clubes. A Timemania não foi efetiva e não impactou de forma significativa no desenvolvimento do esporte. Por fim, conclui-se que a Timemania, como uma política regulatória, cumpre o papel apenas de garantir um aporte financeiro para os clubes de futebol de maior destaque no Brasil.

effect of capital structure on the profitability of pharmaceutical companies the case of Iran

Funding combination is the most important issue for the companies while they know the amount of required capital. Companies should be careful regarding the appliance of financial providing methods compatible with the investment strategy of company and profitability. This study seeks to examine the relationship between the capital structure and the profitability of pharmaceutical companies in Iran. For this purpose, top 30 Iranian pharmaceutical companies defined as study samples and their financial data were gathered for the period of 2001-2010. In this study, the net margin profit and debts to asset ratio were used as indicators of profitability and capital structure, respectively and sales growth was used as a control variable. Results showed that there was significant negative relationship between the profitability and the capital structure which means that the pharmaceutical companies have established a Pecking Order Theory and the internal financing has led to more profitability