The Terminal Value (TV) Performing in Firm Valuation: The Gap of Literature and Research Agenda

The uncertainty about the future of firms must be modeled and incorporated in the valuation of enterprises outside the explicit period of analysis, i.e., in the continuing or terminal value (TV). There is a multiplicity of factors that influence the TV of firms which are not being considered within current evaluation models. This aspect leads to the incurring of unrecoverable errors, thus leading to values of goodwill or bad will far away from the substantial value of intrinsic assets. As a consequence, the evaluation results will be presented markedly different from market values. There is no consensus in the scientific community about the method of computation of the TV as a forecast in an infinite horizon. The size of the terminal, or non-explicit period, assumed as infinite, is never called into question by scientific literature, or the probability of business bankruptcy. This paper aims to promote a study of the existing literature on the TV, to highlight the fragility of the evaluation models of companies that have been used by the academic community and by financial analysts, and to point out lines for future research to minimize these errors.

New Foods, New Consumers: Innovation in Food Product Development

BACKGROUND: Today, new lifestyles, higher incomes and consumer awareness are creating consumer demand for a year-round supply of high-quality, diverse and innovative food products. However, when it comes to innovation, the food sector is less changeable when compared to other sectors, such as high technology. Still, in the past decades much and important developments have been achieved in several areas related to foods and the food industry. METHODS: A systematic review of scientific literature was conducted on Science Direct. The topics investigated were: aspects related to innovation in food development (such as the transfer of innovation, open innovation, collaborative innovation and consumer perception and its role in the developing process); the innovation in the food industry (particularly regarding the processing technologies and packaging, which are two prominent areas of innovation in this sector nowadays); the innovation in the cooking sector (particularly in regards to the molecular gastronomy and science based cooking). RESULTS: A total of 146 articles were included in the review and the aspects focused allowed confirming that innovation has been recognized as a key driver of economic growth. Within the framework of ‘open innovation’, a number of key issues related to the acquisition of external knowledge in food technology must be taken into consideration. Food product development is highly dependent on the consumer perception and acceptance, and hence it is of utmost importance to include the consumer in the development process to minimize failure probabilities. The sectors of the food industry where important developments and innovation are registered include the processing technologies and the packaging systems, where the latest progresses have produced very significant outcomes. CONCLUSION: The present work allowed verifying the latest improvements and trend towards food product development from two perspectives, the product itself and the industrial processing. This sector is undoubtedly a major key for the success and competitiveness nowadays in the food industry.

Students’ Involvement in School and Parental Support: Contributions to the Socio-Educational Intervention

Student involvement in the school and the perception of parental support are core variables in the context of studies on personal and school adjustment of children and adolescents and should be considered in the context of socio-educational intervention. In this study, we formulated the following objectives: i) to understand the differences in students’ involvement in school and the perception of parental support, according to several socio- demographic and school variables, ii) to analyse the relationship between involvement and the perception of parental support iii) to outline socio-educational intervention strategies in the contexts of children’s lives. This is a non-experimental, correlational and cross-sectional study by means of a non-probabilistic convenience sample consisting of 150 children, aged between 10 and 16 years, attending the 2nd and 3rd cycles basic education [5th – 9th years of schooling] attending a school in the central region of Portugal. The data collection instruments were “Students’ Engagement in School: a Four-Dimensional Scale – SES-4DS” (Veiga 2013, 2016), the “Perceived Parental Support Scale” (Veiga, 2011) and a part with socio-demographic and school questions was added. We found significant differences in overall (and partial) amounts of student involvement and the perception of parental support, depending on the age, gender (in agency and behaviour subscales), school difficulties/retentions and methods of study (time, a place to study and a study schedule). We also found positive and significant relationships between student involvement and perception of parental support. The results are in line with the scientific literature in the field, which highlights the key role of the variables, student involvement and perception of parental support in the academic and psychosocial adjustment of young people. These should be considered in the context of socio-educational intervention. Given the above, we present areas and action strategies promoting parent and student involvement in the educational process.

Irrigation with Treated Wastewater: Potential Impacts on Microbial Function and Diversity in Agricultural Soils

The reuse of treated wastewater could be a promising measure to attenuate the water scarcity burden. In agriculture, irrigation with wastewater may contribute to improve production yields, reduce the ecological footprint and promote socioeconomic benefits. However, it cannot be considered exempt of adverse consequences in environmental and human health. Apart from the introduction of some biological and chemical hazardous agents, the disturbance of the indigenous soil microbial communities and, thus, of vital soil functions impacting soil fertility may occur. The consequences of these disturbances are still poorly understood. This chapter summarises the physicochemical and microbiological alterations in soil resultant from irrigation with treated wastewater that are described in scientific literature. These alterations, which involve a high complexity of variables (soil, wastewater, climate, vegetal cover), may have impacts on soil quality and productivity. In addition, possible health risks may arise, in particular through the direct or indirect contamination of the food chain with micropollutants, pathogens or antibiotic resistance determinants. The current state of the art suggests that irrigation with treated wastewater may have a multitude of long-term implications on soil productivity and public health. Although further research is needed, it seems evident that the analysis of risks associated with irrigation with treated wastewater must take into account not only the quality of water, but other aspects as diverse as soil microbiota, soil type or the cultivated plant species.

Probiotics, Prebiotics and Synbiotics

Probiotics are living microorganisms which, when ingested in certain amounts, have a positive impact on human health, mainly due to their roles in improving the balance of the intestinal microflora. On the other hand, the prebiotic are food ingredients that may also have a positive impact in the improvement of the intestinal flora. These components, which fall into the category of fibers, are not digested in the upper gastrointestinal tract, and therefore reach the colon where they stimulate the growth and/or the activity of some types of bacteria. The term synbiotic is used for products that contain both probiotics and prebiotics, thus taking advantage of both the addition of beneficial bacteria and the encouragement of the growth of resident beneficial bacteria. The present chapter aims to review the scientific literature related to prebiotics, probiotics and synbiotics, including their identification, properties and health benefits.