The Influence of Age and Size on Family-Owned Firms’ Financing Decisions: Empirical Evidence Using Panel Data

Based on four samples of Portuguese family-owned firmsdi) 185 young, low-sized family-owned firms; ii) 167 young, high-sized familyowned firms; iii) 301 old, low-sized family-owned firms; and iv) 353 old, high-sized family-owned firms d we show that age and size are fundamental characteristics in family-owned firms’ financing decisions. The multiple empirical evidence obtained allows us to conclude that the financing decisions of young, low-sized family-owned firms are quite close to the assumptions of Pecking Order Theory, whereas those of old, high-sized family-owned firms are quite close to what is forecast by Trade-Off Theory. The lesser information asymmetry associated with greater age, the lesser likelihood of bankruptcy associated with greater size, as well as the lesser concentration of ownership and management consequence of greater age and size, may be especially important in the financing decisions of family-owned firms. In addition, we find that GDP, interest rate and periods of crisis have a greater effect on the debt of young, low-sized family-owned firms than on that of family-owned firms of the remainder research samples.

Estudo dos determinantes do crescimento das empresas familiares portuguesas

No presente estudo procuramos analisar os determinantes do crescimento das empresas familiares portuguesas, através de uma amostra de empresas familiares membros da Associação de Empresas Familiares, durante o período de 2006 a 2014. Com vista ao teste das hipóteses em estudo foram utilizados dados em painel, com modelos de efeitos fixo e aleatório. A variável dependente definida foi o crescimento das vendas. As variáveis independentes definidas foram: dimensão; idade; endividamento; endividamento de curto prazo; endividamento de médio longo prazo; produtividade da mão-de-obra; estrutura do ativo; variável dummy da crise financeira; variável dummy da administração pertencer à família; e variável dummy do género do administrador. Os resultados obtidos confirmam a dimensão, a idade e o endividamento como determinantes do crescimento; ABSTRACT: In the present study we analyzed the determinants of growth of family businesses through a sample of family businesses members of the Family Business Association, during the period between 2006 and 2014. In order to test the hypotheses under study were used panel data, with models of fixed and random effects. The Sales growth was defined as the dependent variable. The independent variables were defined: size; age; debt; short-term debt; medium and long term debt; labor productivity; asset structure; dummy variable of the financial crisis; dummy administration belong to the family; and dummy administrator gender variable. The results confirm the size, age, and debt as determinants of growth.

Non-specific transient mutualism between the plant parasitic nematode, Bursaphelenchus xylophilus , and the opportunistic bacterium Serratia quinivorans BXF1, a plant-growth promoting pine endophyte with antagonistic effects

The aim of this study is to understand the biological role of Serratia quinivorans BXF1, a bacterium commonly found associated with Bursaphelenchus xylophilus, the plant parasitic nematode responsible for pine wilt disease. Therefore, we studied strain BXF1 effect in pine wilt disease. We found that strain BXF1 promoted in vitro nematode reproduction. Moreover, the presence of bacteria led to the absence of nematode chitinase gene (Bxcht-1) expression, suggesting an effect for bacterial chitinase in nematode reproduction. Nevertheless, strain BXF1 was unable to colonize the nematode interior, bind to its cuticle with high affinity or protect the nematode from xenobiotic stress. Interestingly, strain BXF1 was able to promote tomato and pine plant-growth, as well as to colonize its interior, thus, acting like a plant-growth promoting endophyte. Consequently, strain BXF1 failed to induce wilting symptoms when inoculated in pine shoot artificial incisions. This bacterium also presented strong antagonistic activities against fungi and bacteria isolated from Pinus pinaster. Our results suggest that B. xylophilus does not possess a strict symbiotic community capable of inducing pine wilt disease symptoms as previously hypothesized. We show that bacteria like BXF1, which possess plant-growth promoting and antagonistic effects, may be opportunistically associated with B. xylophilus, possibly acquired from the bacterial endophytic community of the host pine.

Above ground biomass functions with vegetation indices for multiple use systems of two evergreen oaks

Remote sensing is a promising approach for above ground biomass estimation, as forest parameters can be obtained indirectly. The analysis in space and time is quite straight forward due to the flexibility of the method to determine forest crown parameters with remote sensing. It can be used to evaluate and monitoring for example the development of a forest area in time and the impact of disturbances, such as silvicultural practices or deforestation. The vegetation indices, which condense data in a quantitative numeric manner, have been used to estimate several forest parameters, such as the volume, basal area and above ground biomass. The objective of this study was the development of allometric functions to estimate above ground biomass using vegetation indices as independent variables. The vegetation indices used were the Normalized Difference Vegetation Index (NDVI), Enhanced Vegetation Index (EVI), Simple Ratio (SR) and Soil-Adjusted Vegetation Index (SAVI). QuickBird satellite data, with 0.70 m of spatial resolution, was orthorectified, geometrically and atmospheric corrected, and the digital number were converted to top of atmosphere reflectance (ToA). Forest inventory data and published allometric functions at tree level were used to estimate above ground biomass per plot. Linear functions were fitted for the monospecies and multispecies stands of two evergreen oaks (Quercus suber and Quercus rotundifolia) in multiple use systems, montados. The allometric above ground biomass functions were fitted considering the mean and the median of each vegetation index per grid as independent variable. Species composition as a dummy variable was also considered as an independent variable. The linear functions with better performance are those with mean NDVI or mean SR as independent variable. Noteworthy is that the two better functions for monospecies cork oak stands have median NDVI or median SR as independent variable. When species composition dummy variables are included in the function (with stepwise regression) the best model has median NDVI as independent variable. The vegetation indices with the worse model performance were EVI and SAVI.

EFEITOS DE CENÁRIOS DE USO DO SOLO NA VAZÃO E PRODUÇÃO DE SEDIMENTOS NA BACIA DO RIO COBRES, PORTUGAL

Introdução Caracterização da área de estudo Materiais e métodos O modelo SWAT Dados de chuva, vazão e produção de sedimentos Tipos de solos e determinação dos parâmetros do SWAT Análises Estatísticas Cenários de Uso do Solo Resultados e discussões Estimativa da Vazão Estimativa da produção de sedimentos Modelagem Hidrossedimentológica em Diferentes Cenários Conclusões Referências bibliográficas RESUMO – A erosão dos solos é um dos mais graves problemas ambientais em todo o mundo, principalmente em regiões semiáridas que sofrem com a variabilidade espaço-temporal da precipitação. Este artigo analisou os processos hidrossedimentológicos na Bacia do Rio Cobres, localizada na porção semiárida de Portugal, utilizando o modelo SWAT. Neste estudo foram utilizados dados diários de precipitação, temperatura, umidade do ar, vazão e produção de sedimentos, para o período de 1960 a 2000, mapas digitais de elevação do terreno com resolução espacial de 90 m, uso e ocupação do solo e tipos de solo da bacia. Os resultados demonstraram a eficácia do modelo na calibração da vazão, com Coeficiente de Determinação (R²) = 0,81 e Coeficiente de Nash-Sutcliffe (NS) = 0,63, e também para produção de sedimentos com R² = 0,62 e NS = 0,47. O Cenário 3 (Mata) apresentou o maior decréscimo na vazão média, em relação aos Cenários 1 (Real) e 2 (Pastagem). Conclui-se que o modelo SWAT acoplado ao SIG é uma ferramenta poderosa na análise espaço-temporal do comportamento dos processos hidrossedimentológicos. Palavas-chave: SIG, modelo hidrossedimentológico, erosão ABSTRACT – Effects of Scenarios of Land Use on Runoff and Sediment Yield for Cobres River Basin, Portugal. Soil erosion is a major environmental problem worldwide, mainly in semiarid regions that suffer with rainfall spatial and temporal variability. Thus, this paper analysed the runoff-erosion process at the Cobres River Basin, located in semiarid portion of Portugal, using the SWAT model. In this paper, rainfall, temperature and humidity data from 1960 to 2000, and digital maps of land cover, terrain digital elevation model with spatial resolution of 90 m, soil types were used. The results showed the effectiveness of the model for the runoff calibration, with R² = 0.81 and NS = 0.63, and also for sediment yield with R² = 0.62 and NS = 0.47. Scenario 1 (Forest) had the highest decrease in average streamflow, in relation to the Scenarios 1 (Real) and 2 (Pasture) scenarios. It is concluded that the SWAT model coupled to GIS is a powerful tool in the analysis of temporal and spatial behaviour of runoff-erosion processes.