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1. Palavras iniciais.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯ
2. Motivação.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
2.1. Hierarquia das necessidades de Maslow͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
2.2. Teoria ERC de Aldefer͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳ
2.3. Teoria X e Teoria Y de McGregor͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
2.4. Teoria dos Dois Fatores de Herzberg͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬ
2.5. Teoria das Necessidades de McClelland͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ
2.6. Teoria do Estabelecimento de Objetivos͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯ
2.7. Teoria da Autoeficácia.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ
2.8. Teoria do Reforço͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ
2.9. Teoria da Equidade͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ
2.10. Teoria da Expectativa (ou expectância)͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ
2.11. Teoria da avaliação cognitiva.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭ
3. Questões comentadas͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ
4. Lista de questões͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϵ
5. Gabarito.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϰ
6. Bibliografia principal.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϱ


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94654393471

R FUHVFLPHQWR DOFDQFH GR SUySULR SRWHQFLDO H


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WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϱĚĞϲϱ


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dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϭ

(VVDV QHFHVVLGDGHV FRPS}HP D FOiVVLFD 3LUkPLGH GDV


1HFHVVLGDGHV GH 0DVORZ TXH DSUHVHQWD DV QHFHVVLGDGHV PDLV EiVLFDV QD
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eSRVVtYHODJUHJDUDVQHFHVVLGDGHVILVLROyJLFDVHGHVHJXUDQoDFRPR
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94654393471

VXSHULRU 6HJXQGR 0DVORZ DV QHFHVVLGDGHV LQIHULRUHV VHULDP VDWLVIHLWDV SRU


HVWtPXORV H[WHUQRV DR LQGLYtGXR HQTXDQWR DV GH QtYHO VXSHULRU VHULDP
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WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϲĚĞϲϱ


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dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϭ

QHFHVVLGDGHVGHDXWRUUHDOL]DomRRQGHRLQGLYtGXRSRGHEXVFDU FDGDYH]PDLV
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2VSRQWRVFHQWUDLVGD7HRULDPRWLYDFLRQDOGH0DVORZVmR

x ([LVWHP QHFHVVLGDGHV PDLV EiVLFDV GR TXH RXWUDV IRUPDQGR


XPDSLUkPLGH
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3DUWLQGR GR GHVHQYROYLPHQWR WHyULFR GH 0DVORZ &OD\WRQ $OGHIHU


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94654393471

FKDPDGD GH WHRULD (5* 3DUD HOD D PRWLYDomR GR WUDEDOKDGRU WDPEpP VH
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WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϳĚĞϲϱ


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PDLV EDL[R LUi DXPHQWDU 7UDWDVH GR PHFDQLVPR FKDPDGR GH
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QHFHVVLGDGH LQIHULRU GHYD HVWDU VDWLVIHLWD SDUD TXH VH SRVVD
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(TXHQHFHVVLGDGHVVmRHVVDVGD7HRULD(5&"

x 1HFHVVLGDGHV GH H[LVWrQFLD LQFOXHP DV QHFHVVLGDGHV GH


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UHODFLRQDPHQWR VRFLDO 3RGHP VHU DVVRFLDGDV jV QHFHVVLGDGHV
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94654393471

0DVORZ
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ĚŵŝŶŝƐƚƌĂĕĆŽ'ĞƌĂů͕Z,ĞKƌŐĂŶŝnjĂĕĆŽĞDĠƚŽĚŽƐƉĂƌĂŶĂůŝƐƚĂ
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dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϭ

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3DUD D 7HRULD ; RV IXQFLRQiULRV QmR JRVWDP GH WUDEDOKDU H GHYHP
WHU XPD VXSHUYLVmR PXLWR SUy[LPD SDUD RULHQWiORV DFRPSDQKiORV RX DWp
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QDWXUDOSDUDRWUDEDOKR

3DUD D 7HRULD <RV IXQFLRQiULRV DFKDP R WUDEDOKR DOJR WmR QDWXUDO


TXDQWR GHVFDQVDU RX VH GLYHUWLU 6RE HVWD YLVmR XPD SHVVRD PHGLDQD SRGH
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1DSUiWLFDQmRKiFRPSURYDomRGHTXHDVUHIHULGDV7HRULDVHVWHMDP
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1DV SURYDV HP TXHVW}HV FRPR HVVD TXH YRFr HVWi YHQGR p
LPSRUWDQWH WHU HP PHQWH TXH WXGR DTXLOR TXH HVWi OLJDGR D XP FKHIH TXH
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94654393471

GHFLV}HV H RIHUHFH UHFRPSHQVDV VRFLDLV H VLPEyOLFDV HVWDUi PDLV OLJDGR j


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WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϵĚĞϲϱ


ĚŵŝŶŝƐƚƌĂĕĆŽ'ĞƌĂů͕Z,ĞKƌŐĂŶŝnjĂĕĆŽĞDĠƚŽĚŽƐƉĂƌĂŶĂůŝƐƚĂ
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dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϭ

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$ 7HRULD GRV 'RLV )DWRUHV GH +HU]EHUJ p XPD GDV WHRULDV


PRWLYDFLRQDLV PDLV LPSRUWDQWHV VHQGR WDPEpP FKDPDGD GH 7HRULD GD
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6HJXQGR HVVD WHRULD D PRWLYDomR SDUD R WUDEDOKR UHVXOWD GH GRLV


IDWRUHV

x )DWRUHV +LJLrQLFRV UHIHUHQWHV DR DPELHQWH GH WUDEDOKR


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94654393471

VDWLVIDomRQmRpRRSRVWRGDLQVDWLVIDomR

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(QTXDQWRLVVRQDDXVrQFLDGHIDWRUHVPRWLYDFLRQDLV KDYHULDTXDQWR
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5REELQV   GHVWDFD TXH HVVD WHRULD QmR UHFHEHX UHVSDOGR QD
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SRUTXH SHVVRDV SUHRFXSDGDV GHPDLV HP UHDOL]DU RV REMHWLYRV
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PHPEURV GH XPD HTXLSH PHOKRUHP VHX GHVHPSHQKR 2V ERQV

WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϭϮĚĞϲϱ


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dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϭ

JHUHQWHV JHUDLV QmR FRVWXPDP WHU XPD DOWD QHFHVVLGDGH GH


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SRVVXHP JUDQGH QHFHVVLGDGH GHSRGHU H EDL[D QHFHVVLGDGH GH
DILOLDomR 3RGHVH FRQVLGHUDU TXH XPD JUDQGH PRWLYDomR SHOR
SRGHUpUHTXLVLWRSDUDDHILFiFLDDGPLQLVWUDWLYD

7UDWDVHFRPRVHYrGHXPDWHRULDFRPEDVWDQWHVXSRUWHPDVTXH
SRVVXL GLILFXOGDGHV HP VH RSHUDFLRQDOL]DU GDGR TXH p FXVWRVR H GHPRUDGR
FRQVHJXLULGHQWLILFDU DVQHFHVVLGDGHVGRLQGLYtGXRVREHVWDWHRULDMiTXHHODV
VmRVXEFRQVFLHQWHV

 7HRULDGR(VWDEHOHFLPHQWRGH2EMHWLYRV

2 IRFR FHQWUDO GD 7HRULD GR (VWDEHOHFLPHQWR GH 2EMHWLYRV RULJLQDGD


GRV HVWXGRV GH (GZLQ /RFNH p TXH R HVWDEHOHFLPHQWR GH REMHWLYRV p D PDLRU
IRQWHGHPRWLYDomRSDUDRWUDEDOKRGHXPIXQFLRQiULR

6RE D SHUVSHFWLYD GHVVD WHRULD R REMHWLYR XPD YH] HVWDEHOHFLGR


GLUHFLRQDRIXQFLRQiULRSDUDRVHXDWLQJLPHQWRGL]HQGRSDUDHOHRTXHSUHFLVD
VHUIHLWRHTXDORHVIRUoRTXHGHYHUiVHUJDVWRSDUDLVVR
94654393471

$OJXQVSRQWRVFKDPDPDDWHQomRVREUHD7HRULDGR(VWDEHOHFLPHQWR
GH2EMHWLYRV

 2 GHVHPSHQKR p PHOKRUDGR SRU REMHWLYRV HVSHFtILFRV QmR


SRULGHLDVJHQpULFDVFRPR³GrRPi[LPRGHVL´
 2EMHWLYRV GLItFHLV SRGHP PHOKRUDU R GHVHPSHQKR PDLV GR
TXH RV REMHWLYRV IiFHLV GHVGH TXH HOHV WHQKDP VLGR DFHLWRV
SHORIXQFLRQiULR

WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϭϯĚĞϲϱ


ĚŵŝŶŝƐƚƌĂĕĆŽ'ĞƌĂů͕Z,ĞKƌŐĂŶŝnjĂĕĆŽĞDĠƚŽĚŽƐƉĂƌĂŶĂůŝƐƚĂ
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dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϭ

 2XWUR SRQWR TXH PHOKRUD R GHVHPSHQKR p R IHHGEDFN SRLV


HVWH VHUYH FRPR XP JXLD SDUD R FRPSRUWDPHQWR H DMXGD D
SHUFHEHUDVGLVFUHSkQFLDVHQWUHRREMHWLYRHRGHVHPSHQKR(OH
IXQFLRQD HVSHFLDOPHQWH EHP TXDQGR QmR IRU H[WHUQR PDV VLP
DXWRJHUHQFLDGR SHOR IXQFLRQiULR 1HVVH XOWLPR FDVR R
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GHVHPSHQKR H QmR SUHFLVDULD GH QLQJXpP OKH GDQGR IHHGEDFN
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 2 FRPSURPHWLPHQWR FRP R REMHWLYR p XP GRV SUHVVXSRVWRV
GD7HRULDSRLVRIXQFLRQiULRSUHFLVDDFUHGLWDUTXHFRQVHJXH
DWLQJLU R REMHWLYR H SUHFLVD WDPEpP TXHUHU DOFDQoiOR 2
FRPSURPHWLPHQWR WHQGH D VHU PDLRU TXDQGR R FRPSURPLVVR p
S~EOLFRTXDQGRVH SRGHPFRQWURODURVUHVXOWDGRVHTXDQGRRV
REMHWLYRV VmR DXWRHVWDEHOHFLGRV HP YH] GH GLWDGRV SRU
WHUFHLURV
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QmR QRYDV  H LQGHSHQGHQWHV H QmR LQWHUGHSHQGHQWHV  3DUD
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HVWDEHOHFHUREMHWLYRVSDUDRJUXSR
 $ FXOWXUD QDFLRQDO WDPEpP H[HUFH JUDQGH LQIOXrQFLD VREUH D
PRWLYDomRDGYLQGDGRHVWDEHOHFLPHQWRGHREMHWLYRV(PSDtVHV
94654393471

FRP FXOWXUD YROWDGD DR GHVHPSHQKR LQGLYLGXDO FRPR (VWDGRV


8QLGRVH&DQDGiRHVWDEHOHFLPHQWRGHREMHWLYRVGLItFHLVWHQGH
DPRWLYDUPDLVHQTXDQWRHPFXOWXUDVFROHWLYLVWDVHFRPJUDQGH
GLVWkQFLD GR SRGHU FRPR R %UDVLO H D )UDQoD REMHWLYRV
PRGHUDGDPHQWHGLItFHLVSRGHPVHUPDLVDSURSULDGRV

 3DUD D VXD SURYD p SUHFLVR WHU HP FRQWD DLQGD TXH R


HVWDEHOHFLPHQWRGHREMHWLYRVSRGHWUD]HUGHVYDQWDJHQVFRPRRIRFRH[FHVVLYR

WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϭϰĚĞϲϱ


ĚŵŝŶŝƐƚƌĂĕĆŽ'ĞƌĂů͕Z,ĞKƌŐĂŶŝnjĂĕĆŽĞDĠƚŽĚŽƐƉĂƌĂŶĂůŝƐƚĂ
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dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϭ

QRVSDGU}HVHUHVXOWDGRVHDIDOWDGHSHUFHSomRGDVPXGDQoDVTXHDFRQWHFHP
QRDPELHQWH

(P UHVXPR SDUD HVVD WHRULD HVWDEHOHFHU REMHWLYRV HVSHFtILFRV H


GHVDILDGRUHVpRPHOKRUTXHRVJHVWRUHVSRGHPID]HUSDUDJHUDUDPRWLYDomR
QHFHVViULDSDUDTXHRVIXQFLRQiULRVPHOKRUHPRVHXGHVHPSHQKRQRWUDEDOKR

 7HRULDGD$XWRHILFiFLD

$ DXWRHILFiFLD p D FRQYLFomR TXH XP LQGLYtGXR SRVVXL GH TXH VHUi


FDSD] GH UHDOL]DU GHWHUPLQDGD WDUHID 1HVWH VHQWLGR TXDQWR PDLV DXWRHILFD]
PDLRUVXDFRQILDQoDGHTXHSRGHUiUHDOL]DUGHWHUPLQDGDWDUHIDFRPVXFHVVR

5REELQV HW DO   DUJXPHQWDP TXH DV SHVVRDV FRP EDL[D
DXWRHILFiFLD DSUHVHQWDP PDLRU SUREDELOLGDGH GH GLPLQXLU RV HVIRUoRV RX GH
GHVLVWLU GR WUDEDOKR HQTXDQWR DV SHVVRDV FRP DXWRHILFiFLD HOHYDGD WHQWDP
YHQFHURVGHVDILRVFRPPDLRUIRUoDGHYRQWDGH

$OpP GLVVR DR UHFHEHP IHHGEDFN QHJDWLYR DV SHVVRDV FRP EDL[D H
DOWD DXWRHILFiFLD UHDJHP GLIHUHQWHPHQWH HQTXDQWR DV SHVVRDV FRP EDL[D
DXWRHILFiFLD SHUGHP R HPSHQKR SHOD WDUHID DV SHVVRDV FRP DOWDDXWRHILFiFLD
WHQGHPDUHDJLUFRPPDLVGHWHUPLQDomRHPRWLYDomR
94654393471

+iTXDWURIRUPDVGHVHDXPHQWDUDDXWRHILFiFLDLQGLYLGXDO

 0DHVWULD SUiWLFD p R JDQKR GH H[SHULrQFLD FRP D SUiWLFD QR


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PHOKRUTXDQGRRIXQFLRQiULRVHYrFRPRSDUHFLGRFRPDSHVVRD
TXHHVWiVHQGRREVHUYDGD

WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϭϱĚĞϲϱ


ĚŵŝŶŝƐƚƌĂĕĆŽ'ĞƌĂů͕Z,ĞKƌŐĂŶŝnjĂĕĆŽĞDĠƚŽĚŽƐƉĂƌĂŶĂůŝƐƚĂ
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dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϭ

 3HUVXDVmR YHUEDO p D WpFQLFD XWLOL]DGD SHODV SDOHVWUDV


PRWLYDFLRQDLV 2 VXMHLWR p FRQYHQFLGR GH TXH SRGH UHDOL]DU R
WUDEDOKR SRU RXWUD SHVVRD TXH R SHUVXDGH HP XPD FRQYHUVD
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HVWi³DQLPDGD´FRPDWDUHIDDVHUUHDOL]DGD

 7HRULDGR5HIRUoR

(VWDEHOHFH TXH R FRPSRUWDPHQWR GR LQGLYtGXR VHUi UHVXOWDGR GH


HVWtPXORVGRDPELHQWH RVUHIRUoRV 

$ DSOLFDomR GD 7HRULD GR 5HIRUoR QD JHVWmR p HP JUDQGH SDUWH
GHFRUUHQWH GRV HVWXGRV GH 6NLQQHU VREUH R FRQGLFLRQDPHQWR RSHUDQWH 3DUD
HOH VH DV SHVVRDV IRVVHP VXEPHWLGDV D FRQVHTXrQFLDV SRVLWLYDV HP
GHFRUUrQFLD GH XP FRPSRUWDPHQWR GHVHMDGR HODV WHQGHULDP D DGRWDU HVVH
FRPSRUWDPHQWRGHIRUPDPDLVIUHTXHQWH

$VVLPQmR VH WUDWDHPVHQWLGRHVWULWRGHXPDWHRULDPRWLYDFLRQDO


XPD YH] TXH QmR FRQVLGHUD DVSHFWRV LQWHUQRV DR LQGLYLGXR GLUHWDPHQWH PDV
DSHQDVVHXFRPSRUWDPHQWRFRPRUHVSRVWDDHVWtPXORVDPELHQWDLVTXHSRGHP
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 7HRULDGD(TXLGDGH

$ WHRULD GD HTXLGDGH p IiFLO GH DSUHQGHU H SRVVXL XPD DERUGDJHP


EDVWDQWH LQWXLWLYD 6HJXQGR HOD DV SHVVRDV FRPSDUDP RV EHQHItFLRV
UHVXOWDGRV  TXH REWpP DWUDYpV GH GHWHUPLQDGR QtYHO GH HVIRUoR
LQYHVWLPHQWRV  FRP RV EHQHItFLRV H HVIRUoRV HPSUHHQGLGRV SRU RXWUDV

WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϭϲĚĞϲϱ


ĚŵŝŶŝƐƚƌĂĕĆŽ'ĞƌĂů͕Z,ĞKƌŐĂŶŝnjĂĕĆŽĞDĠƚŽĚŽƐƉĂƌĂŶĂůŝƐƚĂ
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dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϭ

SHVVRDV RX DWp SRU HODV PHVPDV  $R FRPSDUDU DV SHVVRDV SRGHP VH
SHUFHEHUHPXPDGDVVHJXLQWHVVLWXDo}HV

x ,QMXVWLoD SRU VHU VXEUHFRPSHQVDGR TXDQGR D UHODomR


UHVXOWDGRVLQYHVWLPHQWRVGRIXQFLRQiULRpPHQRUGRTXHDTXH
HOHREVHUYDHPWHUFHLURV2IXQFLRQiULRDFKDTXHPHUHFLDPDLV
UHFRPSHQVDV
x (TXLGDGH RX MXVWLoD TXDQGR D UHODomR
UHVXOWDGRVLQYHVWLPHQWRVGRIXQFLRQiULRpLJXDOjREVHUYDGDHP
WHUFHLURV
x ,QMXVWLoD SRU VHU VREUHUUHFRPSHQVDGR TXDQGR D UHODomR
UHVXOWDGRVLQYHVWLPHQWRV GR IXQFLRQiULR p PDLRU GR TXH D TXH
HOH REVHUYD HP WHUFHLURV 2 IXQFLRQiULR DFKD TXH UHFHEH PDLV
UHFRPSHQVDVGRTXHPHUHFH

4XDQGRRVIXQFLRQiULRVSHUFHEHPTXHHVWmRSDVVDQGRSRUDOJXPWLSR
GHLQMXVWLoDpSRVVtYHOHVSHUDUTXHHOHVVHPRWLYHPQDGLUHomRGHUHVWDXUDUR
VHQVRGHHTXLGDGHSRUPHLRGHXPDGDVVHJXLQWHVDOWHUQDWLYDV

 0RGLILFDURVLQVXPRVTXHLQYHVWHQDDWLYLGDGH SRUH[HPSOR
UHDOL]DU PHQRV HVIRUoRV SDUD TXH UHFHED EHQHItFLRV GH DFRUGR
FRPRHVIRUoRUHDOL]DGR 
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JDQKH PDLV FRPLVVmR SRU YHQGHU PDLV SHoDV HP XPD ORMD
94654393471

LQGHSHQGHQWHPHQWH GH SHUFHEHU TXH R FOLHQWH YDL GHYROYHU DV


PHUFDGRULDVSRUQmROKHVHUYLUHP 
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SHQVDYDDQWHV$VVLPRTXHUHFHEHGHYROWDGDHPSUHVDSDVVD
DOKHSDUHFHUMXVWR 

WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϭϳĚĞϲϱ


ĚŵŝŶŝƐƚƌĂĕĆŽ'ĞƌĂů͕Z,ĞKƌŐĂŶŝnjĂĕĆŽĞDĠƚŽĚŽƐƉĂƌĂŶĂůŝƐƚĂ
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dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϭ

 5HYHU D SHUFHSomR TXH SRVVXL GH WHUFHLURV SRU H[HPSOR


TXDQGR R IXQFLRQiULR DFKDYD TXH UHFHELD R PHVPR TXH XP
FROHJD TXH WUDEDOKDYD PXLWR PHQRV HOH SRGH SDVVDU D SHQVDU
TXH QR IXQGR R FROHJD GHOH QmR WUDEDOKD WmR SRXFR DVVLP D
ILPGHMXVWLILFDUDPHVPDUHPXQHUDomR 
 %XVFDU RXWUD UHIHUrQFLD SRU H[HPSOR TXDQGR R IXQFLRQiULR
DFKD TXH D SHVVRD FRP TXHP HOH HVWi VH FRPSDUDQGR QmR p
FRPSDUiYHOjVXDVLWXDomRSRUDOJXPPRWLYROHYDQGRRPHVPR
DVHFRPSDUDUFRPRXWURLQGLYtGXR 
 $EDQGRQDU D VLWXDomR SRU H[HPSOR SHGLU SDUD VHU
WUDQVIHULGRGHIXQomRRXDWpPHVPRSHGLUGHPLVVmR 

3DUD D 7HRULD GD (TXLGDGH H[LVWHP GLIHUHQWHV SRQWRV GH UHIHUHQFLD


TXH RV IXQFLRQiULRV SRGHP DGRWDU TXDQGR HVWmR ID]HQGR HVVDV FRPSDUDo}HV
(OHVVmRRVVHJXLQWHV

x 3UySULRLQWHUQR R SRQWR GH FRPSDUDomR QHVVH FDVR p R


SUySULR IXQFLRQiULR TXDQGR RFXSDYD RXWUD SRVLomR GHQWUR GD
PHVPDRUJDQL]DomR
x 3UySULRH[WHUQR R SRQWR GH FRPSDUDomR QHVVH FDVR p R
SUySULR IXQFLRQiULR TXDQGR RFXSDYD XPD SRVLomR GHQWUR GH
RXWUDRUJDQL]DomR
94654393471

x 2XWURLQWHUQR R SRQWR GH FRPSDUDomR QHVVH FDVR p RXWUR


IXQFLRQiULR TXH RFXSD XPD IXQomR GHQWUR GD PHVPD
RUJDQL]DomR
x 2XWURH[WHUQR R SRQWR GH FRPSDUDomR QHVVH FDVR p RXWUR
IXQFLRQiULRTXHRFXSDXPDIXQomRHPRXWUDRUJDQL]DomR

3DUDWHUPLQDUDYLVmRGRVSRQWRVPDLVLPSRUWDQWHVGHVVDWHRULDFRP
IRFR QR VHX FRQFXUVR WHPRV TXH FRQVLGHUDU TXH D VXD HYROXomR WHP VH
FRQFHQWUDGR HP EXVFDU FRPSUHHQGHU R TXH VHULD D HTXLGDGH RX MXVWLoD QD

WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϭϴĚĞϲϱ


ĚŵŝŶŝƐƚƌĂĕĆŽ'ĞƌĂů͕Z,ĞKƌŐĂŶŝnjĂĕĆŽĞDĠƚŽĚŽƐƉĂƌĂŶĂůŝƐƚĂ
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dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϭ

SHUFHSomRGRIXQFLRQiULR1HVVHVHQWLGRVmRWUrVDVGLPHQV}HVGHMXVWLoD TXH
FRPS}HPXPDTXDUWDH~OWLPDGLPHQVmR FRQIRUPHUHODFLRQDGRDVHJXLU

 -XVWLoD DWULEXWLYD RX GLVWULEXWLYD  UHIHUHVH j SHUFHSomR


GH TXH R UHVXOWDGR REWLGR IRL MXVWR e R FRQFHLWR FOiVVLFR
HQIRFDGRSHOD7HRULDGD(TXLGDGH
 -XVWLoDSURFHVVXDOWUDWDGDSHUFHSomRGHMXVWLoDQRSURFHVVR
XWLOL]DGR SDUD GHWHUPLQDU R UHVXOWDGR UHFHELGR (QYROYH R
VHQWLPHQWR GRV IXQFLRQiULRV GH TXH HOHV H[HUFHP DOJXP
FRQWUROH VREUH RV SURFHVVRV H GH TXH H[SOLFDo}HV VmR GDGDV
SDUDDVUHFRPSHQVDVRIHUHFLGDVSHODRUJDQL]DomR
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WUDWDGR FRP GLJQLGDGH H UHVSHLWR (VWi OLJDGD j MXVWLoD QDV
LQWHUDo}HVHQWUHIXQFLRQiULRVHJHVWRUHV
 -XVWLoD RUJDQL]DFLRQDO p R UHVXOWDGR GDV WUrV GLPHQV}HV GD
MXVWLoD WRPDGDV HP FRQMXQWR 7UDWDVH GD SHUFHSomR SHOR
IXQFLRQiULR GH TXH R DPELHQWH GH WUDEDOKR p MXVWR FRPR XP
WRGRSDUDVHWUDEDOKDU$WHQGrQFLDpVHROKDUDHTXLGDGHFDGD
YH]PDLVFRPIRFRQDMXVWLoDRUJDQL]DFLRQDO

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