Student’s Perception on the Personal Impact of a Social Education Degree Internship

The functional profile of the social educator is based on the development of theoretical, technical and personal/relational skills, which should guide training courses organization. Assuming the shortcomings of a merely theoretical approach, besides a consistent preparation in theoretical and essential technical contents for socio-educational intervention, practice in context should be favoured as an opportunity to develop professional skills, together with a critical reflection on the functional profile. This study emerges from the need to reflect and rethink the internship, as well as how the respective supervision is developed, of the degree in social education at the School of Education of the Polytechnic Institute of Viseu, and it is based on the students’ perceptions about the impact of the internship on personal development. This is a qualitative and exploratory study, using the documentary analysis of 50 final internship reports. From the content analysis, four categories emerged referring to gains in terms of acquiring and managing knowledge, development of technical skills, personal and relational development and reinforcement of professional identity. The importance given to personal and relational development should be noted (41.4% of mentions) taking into account its relevance in constructing a professional identity. Findings on the technical skills and on the increase of profession knowledge, also by mobilising theoretical training, positively reinforce the internship model that is based on a proximity supervision approach and on a dialogical perspective of the professional learning.

What Is a Firm’s Life Expectancy? Empirical Evidence in the Context of Portuguese Companies

It is a fact that the uncertainty about a firm’s future has to be measured and incorporated into a company’s valuation throughout the explicit analysis period – in the continuing or terminal value within valuation models. One of the concerns that can influence the continuing value of enterprises, which is not explicitly considered in traditional valuation models, is a firm’s average life expectancy. Although the literature has studied the life cycle of a firm, there is still a considerable lack of references on this topic. If we ignore the period during which a company has the ability to produce future cash flows, the valuations can fall into irreversible errors, leading to results markedly different from market values. This paper aims to provide a contribution in this area. Its main objective is to construct a mortality table for non-listed Portuguese enterprises, showing that the use of a terminal value through a mathematical expression of perpetuity of free cash flows is not adequate. We provide the use of an appropriate coefficient to perceive the number of years in which the company will continue to operate until its theoretical extinction. If well addressed regarding valuation models, this issue can be used to reduce or even to eliminate one of the main problems that cause distortions in contemporary enterprise valuation models: the premise of an enterprise’s unlimited existence in time. Besides studying the companies involved in it, from their existence to their demise, our study intends to push knowledge forward by providing a consistent life and mortality expectancy table for each age of the company, presenting models with an explicitly and different survival rate for each year. Moreover, we show that, after reaching a certain age, firms can reinvent their business, acquiring maturity and consequently postponing their mortality through an additional life period.

Determinants of Terminal Value in the Evaluation of Companies: A Panel Data Approach to the Context of European Companies.

The uncertainty of the future of a firm has to be modelled and incorporated into the evaluation of companies outside their explicit period of analysis, i.e., in the continuing or terminal value considered within valuation models. However, there is a multiplicity of factors that influence the continuing value of businesses which are not currently being considered within valuation models. In fact, ignoring these factors may cause significant errors of judgment, which can lead models to values of goodwill or badwill, far from the substantial value of the inherent assets. Consequently, these results provided will be markedly different from market values. So, why not consider alternative models incorporating life expectancy of companies, as well as the influence of other attributes of the company in order to get a smoother adjustment between market price and valuation methods? This study aims to provide a contribution towards this area, having as its main objective the analysis of potential determinants of firm value in the long term. Using a sample of 714 listed companies, belonging to 15 European countries, and a panel data for the period between 1992 and 2011, our results show that continuing value cannot be regarded as the current value of a constant or growth perpetuity of a particular attribute of the company, but instead be according to a set of attributes such as free cash flow, net income, the average life expectancy of the company, investment in R&D, capabilities and quality of management, liquidity and financing structure.