STRATEGIC DECISIONS OF FAMILY FIRMS ON CASH ACCUMULATION

ABSTRACTGiven the particular strengths, weaknesses, and peculiarities of family firms as well as the importance of liquidity in today’s marketplace, we analyze the distinct characteristics and strategies of family businesses related to the amount of cash a firm holds. We look beyond the traditional factors that influence decisions related to cash management to examine factors that are particularly important for family firms. Specifically, we outline the relevance of strategic decisions guided by family firms’ conservatism, flexibility, long-term view, and the active control that they have over family members. To our knowledge, no prior studies exist regarding family firms and their strategic adjustment of cash holding. Therefore, we investigate whether the ownership structure of the firm (through the presence of a controlling family) moderates decisions on cash holding. We found that family firms tend to accumulate cash for strategic reasons and as a result of their own idiosyncrasies. Thus, family firms can achieve optimal cash accumulation more efficiently than non-family firms.

Tillering and forage accumulation in Marandu grass under different grazing intensities

Studies of plant responses to defoliation are important to develop pasture management strategies. The objective of this study was to evaluate the population density of basal, aerial and reproductive tillers, tiller appearance and mortality rates, forage accumulation and sward structure in Marandu grass pastures under different grazing intensities. The experimental period was from January to June 2006, divided in three seasons: summer, autumn and winter. The pastures were continuously grazed using variable stocking rates. The grazing intensities corresponded to 15, 30 and 45 cm of sward height. The experiment was arranged in a complete randomized block design with three treatments and two replicates. The sward heights were measured twice a week. The response variables were: forage accumulation, forage mass and its morphological components; and population densities of basal (TPDb), aerial (TPDa) and reproductive (TPDr) tillers. The highest TPDb (P > 0.05) was recorded for the shortest sward pasture, and the highest TPDr (P<0.05) for the tallest sward pasture. Swards showed a tiller size/density compensation mechanism and, consequently, the forage accumulation was similar (P > 0.05) among the grazing intensities. Pasture with a sward height of 35 cm had 94% of sun light interception. The highest variations in forage accumulation and sward structure were more influenced by seasonal differences than by grazing intensities. Pastures of Marandu grass showed large flexibility in grazing management, which allowed it to be maintained at sward heights between 15 and 35 cm.

Nutrient accumulation and biomass production of alfafa after soil amendment with silicates

Studies on the use of silicate correctives in agriculture show that they have great potential to improve soil chemical characteristics, however, little information is available on the reactivity rates of their particle-size fractions. This study investigated whether the reactivity rates obtained experimentally could be considered in the calculation of ECC (effective calcium carbonate) for soil liming, promoting adequate development of alfalfa plants. Six treatments were evaluated in the experiment, consisting of two slag types applied in two rates. The experimental ECC was used to calculate one of the rates and the ECC determined in the laboratory was used to calculate the other. Rates of limestone and wollastonite were based on the ECC determined in laboratory. The rates of each soil acidity corretive were calculated to increase the base saturation to 80%. The treatments were applied to a Rhodic Hapludox and an Alfisol Ferrudalfs. The methods for ECC determination established for lime can be applied to steel slag. The application of slag corrected soil acidity with consequent accumulation of Ca, P, and Si in alfalfa, favoring DM production.

Phytomass production and nutrient accumulation by green manure species

Green manuring is recognized as a viable alternative to improve nutrient cycling in soils. The aim of this study was to evaluate the phytomass production and nutrient accumulation in shoots of the summer green manures jack bean [Canavalia ensiformis (L.) DC.], dwarf pigeon pea (Cajanus cajanvar var. Flavus DC.), dwarf mucuna [Mucuna deeringiana (Bort) Merr] and sunn hemp (Crotalaria juncea L.), under nitrogen fertilization and/or inoculation with N-fixing bacteria. A split plot design was arranged with the four Fabaceae species as main plots and nitrogen fertilization (with and without) and inoculation with diazotrophic bacteria (with and without) as the subplots, in a 2² factorial. The experiment was arranged as a randomized complete block design with four replications. In the conditions of this trial, the sunn hemp had the highest production of shoot phytomass (12.4 Mg ha-1) and nutrient accumulation, while the dwarf mucuna had the lowest production of shoot phytomass (3.9 Mg ha-1) and nutrient accumulation. The results showed no effect of nitrogen fertilization or inoculation with N-fixing bacteria on the production of shoot phytomass and nutrient accumulation, except for inoculation without nitrogen fertilization, resulting in greater P accumulation (p <0.05) in the sunn hemp and greater Zn and Mn accumulation in the dwarf mucuna. These findings indicate that N fertilization or inoculation with N2-fixing bacteria for Fabaceae are low efficiency practices in the edaphoclimatic conditions of this study.

Growth and nutrient accumulation in mycorrhized papaya seedlings cultivated in a phosphorus-fertilized substrate

ABSTRACT The indiscriminate use of mineral fertilizers in papaya orchards has increased production costs, and the use of arbuscular mycorrhizal fungi is a promising alternative to reduce such expenses. Therefore, the present research aimed at studying the efficiency of arbuscular mycorrhizal fungi (AMF) on dry matter and nutrient accumulation in Sunrise Solo papaya seedlings, by applying doses of P2O5 (triple superphosphate) that are harmful to the symbiosis. The experiment was carried out in a protected environment and was set up in a randomized block design with four replications, and consisted of four P2O5 doses (0, 672, 1386 and 2100 mg dm-3), three mycorrhizal fungi species (Gigaspora margarita, Entrophospora colombiana and Scutellospora heterogama) and the control treatment (mycorrhiza-free). Shoot and root dry matter as well as nitrogen, phosphorus and potassium contents in leaf and root tissues were assessed. Mycorrhizal inoculation promoted a 30% increase in shoot dry matter in relation to the control treatment. Mycorrhizal fungi promoted increases in leaf and root nitrogen content up to 672 mg dm-3 P2O5. Inoculation of E. colombiana favored the highest gains in root and shoot dry matter. P2O5 fertilization increased foliar and root phosphorus content.

Options listing and the volatility of the underling asset: a study on the derivative market function

There are basic misunderstandings on derivative markets. Some professionals believe that they are a kind of casinos and have no utility for the investors. This work looks at the effects of options introduction in the Brazilian market, seeking for another benefit for this introduction: changes in the stocks risk leveI. Our results are the same found in the US and other markets: the options introduction reduces the stocks volatility. We also found that there is a slight indication that the volatility becames more stochastic with this alternative.

Key factors in working capital management in the Brazilian market

Many studies have been conducted in corporate finance regarding long-term investment and financing decisions. However, short-term asset investments play a significant role in the balance sheet of companies. Moreover, financial managers dedicate significant amounts of time and effort to the subject of working capital management, balancing current assets and liabilities. This paper provides insights regarding the key factors of working capital management by exploring the internal variables of a number of companies. This study used data from 2,976 Brazilian public companies from 2001 to 2008, and found that debt level, size and growth rate can affect the working capital management of companies.

Biomass accumulation, photochemical efficiency of photosystem II, nutrient contents and nitrate reductase activity in young rosewood plants (Aniba rosaeodora Ducke) submitted to different NO3-:NH4+ ratios

The rosewood (Aniba rosaeodora Ducke) is a native tree species of Amazon rainforest growing naturally in acidic forest soils with reduced redox potential. However, this species can also been found growing in forest gaps containing oxide soils. Variations in the forms of mineral nitrogen (NO3- or NH4+) may be predicted in these different edaphic conditions. Considering that possibility, an experiment was carried out to analyze the effects of different NO3-:NH4+ ratios on the growth performance, mineral composition, chloroplastid pigment contents, photochemical efficiency photosystem II (PSII), and nitrate redutase activity (RN, E.C.1.6.6.1) on A. rosaeodora seedlings. Nine-month-old seedlings were grown in pots with a washed sand capacity of 7.5 kg and submitted to different NO3-:NH4+ ratios (T1 = 0:100%, T2 = 25:75%, T3 = 50:50%, T4 = 75:25%, and T5 = 100:0%). The lowest relative growth rate was observed when the NO3-:NH4+ ratio was equal to 0:100%. In general, high concentrations of NO3- rather than NH4+ favored a greater nutrient accumulation in different parts of the plant. For the chloroplastid pigment, the highest Chl a, Chl b, Chl tot, Chl a/b and Chl tot/Cx+c contents were found in the treatment with 75:25% of NO3-:NH4+, and for Chl b and Cx+c it was observed no difference. In addition, there was a higher photochemical efficiency of PSII (Fv/Fm) when high NO3- concentrations were used. A linear and positive response for the nitrate reductase activity was recorded when the nitrate content increased on the culture substrate. Our results suggest that A. rosaeodora seedlings have a better growth performance when the NO3- concentrations in the culture substrate were higher than the NH4+ concentrations.

Fine litter accumulation in Central Amazonian Tropical Rainforest canopy

Fine litter dynamics within the canopy differ from litter dynamics on the forest floor for reasons such as differences in microclimate, substrate, disturbance level, stratum influence and decomposition rates. This study is the first attempt to quantify the fine litter accumulated in the canopy of Central Amazonian forests. We compared the canopy litter accumulation to fine litter-layer on forest floor and to other forests and also investigated which were the mostly accumulated litter omponents. We found that Central Amazonian Rainforest intercepts greater fine litter in the canopy (294 g.m-2) compared to other forest formations with higher winds speed as in a Costa Rican Cloud Forest (170 g.m-2). The mean canopy fine litter accumulated at the end of the dry season was less than a half of that on soil surface (833 g.m-2) and the fine wood component dominates the canopy samplings (174 g.m-2) while leafy component predominate on soil surface litter (353 g.m-2).

Accumulation of dry matter and macronutrients by two varieties of sweet sorghum

Samples of two varieties of sweet .sorghum (Brandes and Rio) grown on a Dark Red Latosol (Barra Bonita, SP) were collected and analysed (dry matter and macronutrient contents) at intervals of 20 days. Both varieties showed faster uptake of most of the nutrients between flower initiation and head formation. Variety Brandes, in said period, took up more nutrients per day than the other, although its cycle was longer.

Accumulation of micronutrients by sweet sorghum under field conditions

Samples of two cultivars of sweet sorghum (Brandes and Rio) grown on a Dark Red Latosol (Latossolo Roxo, Barra Bonita, SP.) were collected at intervals of 20 days during their life cycle and the contents of micronutrients were determined by routine procedures. Usually the physiological stages in which the rate of absorption was higher were not the same for both varieties.