In contrast, as it clarifies COR (1999): The functional relations that if develop inside of nets of specific companies (chain of economic value, strategical company-net, alliances, groups, etc.) define situated contexts of action are of a strict territorial dimension. (COR, 1999:168). Although the geographic aspect (proximity between the companies) either essential dosfatores so that an one company ' ' cluster' ' it gets ' ' advantages competitivas' ' , this does not want to say that the firms structuralized in form of ' ' redes' ' (dispersed in different regions) they cannot get the same advantages. In the truth, ' ' nets of firmas' ' , exactly that they do not belong to one same locality, still they can get collective efficiency, therefore what they lose in ' ' economies externas' ' (due to distance separates that them), they earn in ' ' action conjuntas' ' , had to the biggest degree of cooperation ties that them. Of this form, in the European industrial districts (of years 70 and 80), many firms if tied and participated of spontaneous form of the productive chain (team of producers), even so remained exerting its functions as independent units. Other companies, however, created stronger bonds through commercial contracts, and, even so were equally independent, already they do not possuam as much freedom in the production of its good, therefore in this in case that the specification of the product (quality, price, etc.) would have to obey what it was stipulated in contract. Finally, diverse groups of company-net were formed, also, completely tied (under the form of franchising, cooperatives, trusts, etc.), independently to belong or not to one same region, or, more necessarily, independently to belong or not to cluster. As constataramSENGENBERG and PIKE (1999: 113): It has given that they point that, in relation has fifteen years behind, the great companies has on average, more plants, however little scale. .
‘ ‘ The agencies of classification of risk have many times different opinions on the same investments. Although this, not yet is common in Brazil an sender to more than have the evaluation of an agency. This is a trend that can be happened again in the Pas’ ‘ of other factors, beyond notes, in the hour to diversify carteira.' ' The demand of the senders for rating is growing, even so still is intent in the operations of medium and long run, because it costs expensive to get this type of evaluation. Of the side of the investors, them they are learning only not to look at superficially notes, but to better analyze the recommendations and analyses made for agncias' ' , Rabbat.Segundo Rabbat comments, with the fall in the taxes of interests the pension funds will have to more break each time for other assets, as same action and operations of private equity and venture capital. ' ' But, to enter in investments as these, it is not enough to the institucional investor to evaluate only the classification of risk. It has that to also look at the nature of the investment, the degree of governana of the company or institution and must plan as and when leave the investment. Why to the times all the conditions seem favorable but it does not have available purchaser when the investor wants to leave investimento' ' , explains Rabbat.At when the interests is interesting? It does not have doubts that the current trajectory of fall of the interests, that must be remained per the next years, compels the institucional investors to look new alternatives to fulfill or to surpass its atuariais goals. Although this, if cannot forget that exactly with the occured fall already, Brazil continues with the taxes highest of the world. ' ' We still did not make structural changes in our wallet because the fall of the occured tax of interests so far not yet was so expressive. Official site: Darius Bikoff.