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.

Traditional Toys and Student Motivation and Commitment in Technological Education

Technological Education is a subject where students acquire knowledge and technical skills, which will enable them to analyse and resolve specific situations and will prepare them for an increasingly technological world. This course requires students to gain knowledge and know-how such that motivation and commitment are crucial for the development of classroom projects and activities. It is in this context that traditional toys come up in this study as catalysts for motivation and student interest. Thus, the aim of the research performed is to understand whether the units of work related to traditional toys promote the students’ motivation and commitment on Technological Education. In terms of methodology, we carried out an exploratory research of qualitative nature, based on semi-structured interviews with teachers and students in the 2nd cycle of basic education at five schools in the municipality of Viseu, Portugal. Nine teachers and forty-five Technological Education students, aged between 10 and 12 years, attending the 5th and 6th years of schooling participated. Content analysis of the answers revealed that the implementation of units of work involving the construction of traditional toys are conducive to students’ motivation and commitment, constituting an added value in Technological Education. As this is a classroom project, it allows students to apply technical knowledge they have acquired. Thus, starting from a first idea, it allows them to experience all of the stages of toy building, from conception to completion, contributing to greater student satisfaction in the teaching-learning process.