Calcareous grasslands have long been recognized as biodiversity hotspots in Europe.However, in recent decades these ecosystems have seen rapid decline. In Belgium, more than 100 ha of calcareous grasslands have been restored from oak coppices and pine forests since the 1990s. The aim of the present study was to provide a quantitative assessment of the success of these restoration efforts, using two sets of indicators: one related to soil conditions, the other related to vascular plant communities. Soil conditions were evaluated by comparing soil samples from pre-restoration forest stands, restored grasslands (3 age classes: 2-4 years; 5-8 years, 10-15 years) and reference grasslands. The analysis revealed no significant differences in soil N, P and K contents between pre-restoration forests and restored and reference grasslands. We observed a decrease in the mineralization rate indicators in both pre-restoration forests and recent grassland restorations, which was resorbed in older restorations. Floristic surveys revealed that plant species composition of older restorations was most like reference grasslands. However, some differences in species composition persisted after 15 years.Moreover, a few rare species did not colonise restored grasslands despite a close seed source.Non-recolonization by a set of species expected on calcareous grasslands may be due to dispersal limitation and higher cover by native invasive grasses in restored parcels. These results were discussed in term of implications for management.

A governança das corporações pode impactar o desempenho de empresas. Porém, ambientes institucionais e regras de governança dos países também podem influenciar, pelo menos indiretamente, características das firmas. Nesse contexto, esta pesquisa tem por objetivo investigar a relevância de variáveis de um país, particularmente, de variáveis associadas à governança, na lucratividade de empresas. Por meio de análise de regressão em dois níveis, buscase identificar (i) como variáveis específicas da empresa afetam diretamente seu desempenho e (ii) como variáveis de um país impactam indiretamente a lucratividade de firmas. Com base em 17.493 empresas de 38 países, estabelece-se que: (i) os níveis de burocracia, corrupção e imposição da lei de um país não são relevantes para a lucratividade de uma empresa, (ii) o grau de competitividade de um país tem influência indireta no desempenho corporativo, afetando a sensibilidade da lucratividade às dificuldades financeiras de empresas e ao dinamismo de setores, (iii) a assimetria informacional ligada à falta de disclosure sobre lucros e salários influencia a sensibilidade da lucratividade às dificuldades financeiras e (iv) a proteção ao credor pode afetar a sensibilidade da lucratividade ao grau de tangibilidade da empresa, uma vez que ativos fixos, mais tangíveis, podem servir de garantia para empréstimos.Palavras-chave: ambiente institucional, governança corporativa, lucratividade de empresas. ABSTRACTCorporate governance may affect firm performance. However, institutional environment and governance rules of different countries may also influence, at least indirectly, characteristics of companies. In this context, the objective of this investigation is to study the relevance of country-level variables, particularly those related to governance, on firm profitability. Through a two-level regression analysis, we aim to identify (i) how firm-specific variables directly impact performance of companies and (ii) how country-specific variables indirectly affect firm profitability. Using a sample of 17,493 companies from 38 countries, the results suggest that: (i) bureaucracy, corruption and law enforcement of a country are not relevant to firm profitability, (ii) competitiveness in a country has indirect influence on performance, since it influences the