The impact of size and age of the company on assessing financial risk

Textiles and tourism sectors are two important sectors in Portuguese economy. Its high exposure to both internal and international economy volatility transform the companies operating in these economic sectors especially vulnerable to recent economic crises in Portugal and European Union. The objective of this paper is to evaluate and understand the impact of size and age on the financial health of textile and tourism companies, measured by economic indices. An empirical based model is proposed. Its implications are derived and tested on a sample of 4061 Portuguese companies from textile and tourism sector, during the period 2005-2009. The results conclude that age has a stronger impact on the risk of failure than size. Whereas the effect of age is generally positive regarding the financial health of the company, the effect of size is less clear and depends on the age of the company.

Financial and economic analysis of prevention of needlesticks in the hospital sector

This paper discusses the financial and economic analysis of prevention of needlestick accidents related to Occupational Health and Safety projects and presents the application to a case study involving a Hospital.

Financial Risk Analysis of Portuguese Textile and Tourism Companies

Textile and tourism sectors are two important industries in the Portuguese economy. However, its high exposure to both internal and international economic volatility make the companies operating in these economic sectors particularly vulnerable to economic crises, such as the ones which have been impacting Portugal and the European Union. The objective of this paper is to evaluate and understand the impact of size and age on the financial health of textile and tourism companies, measured by economic indices. An empirical based model is proposed. Its implications are derived and tested on a sample of 4061 Portuguese companies from textile and tourism sectors, during the period 2005-2009. The findings suggest that age has a major impact on the risk of failure, rather than size. Whereas the effect of age is generally positive regarding the financial health of the company, the effect of size is less clear and ultimately depends on the age of the company.

Financial Risk Analysis of Portuguese Textile and Tourism Companies

Textile and tourism sectors are two important industries in the Portuguese economy. However, its high exposure to both internal and international economic volatility make the companies operating in these economic sectors particularly vulnerable to economic crises, such as the ones which have been impacting Portugal and the European Union. The objective of this paper is to evaluate and understand the impact of size and age on the financial health of textile and tourism companies, measured by economic indices. An empirical based model is proposed. Its implications are derived and tested on a sample of 4061 Portuguese companies from textile and tourism sectors, during the period 2005-2009. The findings suggest that age has a major impact on the risk of failure, rather than size. Whereas the effect of age is generally positive regarding the financial health of the company, the effect of size is less clear and ultimately depends on the age of the company.

The impact of size and age of the company on assessing financial risk.

Textiles and tourism sectors are two important sectors in Portuguese economy. Its high exposure to both internal and international economy volatility transform the companies operating in these economic sectors especially vulnerable to recent economic crises in Portugal and European Union. The objective of this paper is to evaluate and understand the impact of size and age on the financial health of textile and tourism companies, measured by economic indices. An empirical based model is proposed. Its implications are derived and tested on a sample of 4061 Portuguese companies from textile and tourism sector, during the period 2005-2009. The results conclude that age has a stronger impact on the risk of failure than size. Whereas the effect of age is generally positive regarding the financial health of the company, the effect of size is less clear and depends on the age of the company.

Prevenção de stress ocupacional em linha de montagem: um estudo de caso mexicano

Este estudo de caso apresenta a aplicação de uma metodologia, que inclui a análise ergonômica, a análise institucional, dinâmica de grupo e entrevistas individuais, em uma fábrica no México. O problema que provocou o estudo foi a queda de produtividade, relacionada pela direção da empresa com a existência de stress ocupacional. Utilizando-se da abordagem da pesquisa-ação, o estudo focalizou o pessoal de nível administrativo e de linha de montagem nos quais se podia observar sinais de stress. Foram identificadas as causas do problema e, com a participação dos envolvidos, foi estabelecido um programa de prevenção de stress ocupacional. Resultados positivos foram observados após a implementação do programa.

Financial strategies for minimizing corporate income taxes under Brazil's new global tax system

In 1996, Brazil adopted a worldwide income tax system for corporations. This system represents a fundamental change in how the Brazílian government treats multinational transactions and the tax minimizing strategies relevant to businesses. In this article, we describe the conceptual basis for worldwide tax systems and the problem of double taxation that they create. Responses to double taxation by both the governments and the priva te sector are considered. Namely, the imperfect mechanisms developed by Brazil and other countries for mitigating double taxation are analyzed. We ultimately focus on the strategies that companies utilize in order not only to avoid double texetion, but also to take advantage of tax havens.

International transfer pricing restrictions: impact on corporate financial policy

Transfer pricing is a pervasive issue that presents significant tax savings potential concerning international enterprises. The authors discuss company incentives to manage transfer prices in an article appearing in the preceding issue of this journal. In response to these incentives, governments have increasingly enacted and enforced domestic restrictions on transfer prices. In this article, contemporary norms restricting transfer pricing are analyzed. The OEGO and US pricing standards are assessed and Brazil's recent application of these standards is considered. Transfer pricing methods are described and evidence of their use is presented. We conclude by describing an intercompany transfer pricing policy intended to facilitate internaI financiaI management and minimize externaI tax threats.

Student stress and quality of education

Today, managers are increasingly interested in knowing how the work in organizations aftects employees' health. Less common is the interest in stress erupting in the academic community - among students, faculty and administrators. The authors present a reflection paper focused on student stress. In this paper, they first examine McLean 's model of context, vulnerability and stressors. This model provides the framework for the student surveys and for the entire paper. Based on the students surveys, an assessment is made of how asma" group of students are coping with stress. The paper fina"y suggests what can be done by students, faculty, and administrators to insta" and/or improve social support systems that might reduce the harmful eftects of stress on students and thus impact the quality of education.

ANTECEDENTS AND CONSEQUENCES OF HOUSEHOLD FINANCIAL MANAGEMENT IN BRAZILIAN LOWER-MIDDLE-CLASS

Through two complementary and exploratory studies – one qualitative and one quantitative – this research aims to understand the ways in which lower-middle-class families in Brazil manage their household finances. The study proposes an integrated framework that brings together various previously disconnected theoretical fragments. Based on a survey with a sample of 165 lower-middle-class female consumers of a retail company in São Paulo, we explored and tested, via a quantitative study, how antecedents such as personal characteristics affect the financial management process, as well as its consequences, either negatively as defaults or positively as savings. The model calibration and analysis were derived from a series of regression analyses. The results revealed the mediator role that financial management plays in the relationship between personal characteristics and defaults and savings. Compared to previous studies with consumers of more affluent countries, we identified peculiar findings among Brazilian lower-middle-class consumers: inadequate attention to control, weak or no focus on short- or long-range planning, widespread absence of budget surplus, and influence of critical events on episodes of default.

CROSS-COUNTRY STUDY ON THE DETERMINANTS OF BANK FINANCIAL DISTRESS

ABSTRACTBank failures affect owners, employees, and customers, possibly causing large-scale economic distress. Thus, banks must evaluate operational risks and develop early warning systems. This study investigates bank failures in the Organization for Economic Co-operation and Development, the North America Free Trade Area (NAFTA), the Association of Southeast Asian Nations, the European Union, newly industrialized countries, the G20, and the G8. We use financial ratios to analyze and explore the appropriateness of prediction models. Results show that capital ratios, interest income compared to interest expenses, non-interest income compared to non-interest expenses, return on equity, and provisions for loan losses have significantly negative correlations with bank failure. However, loan ratios, non-performing loans, and fixed assets all have significantly positive correlations with bank failure. In addition, the accuracy of the logistic model for banks from NAFTA countries provides the best prediction accuracy regarding bank failure.

CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE: THE SPANISH CASE

ABSTRACT The enormous interest aroused by corporate social responsibility both in the academic and the business worlds forms the background for this study. Its objective is to analyze the relationship between corporate social responsibility and financial performance in view of the debate in the literature on the subject. The study focuses on a sample of Spanish companies taken from the IBEX 35 stock market index, using panel data methodology, which offers advantages in comparison to methodologies used in other studies. We analyzed the period from 2003 to 2010. Our findings suggest that there is no obvious relationship between corporate social responsibility and financial results, at least in the case of Spain.

Personalidade e percepção de stress em bombeiros

RESUMO: O objectivo deste estudo consistiu na obtenção de dados que ajudem a melhor compreender as diversas correlações entre traços de personalidade e a percepção de stress em bombeiros, de modo a que seja possível identificar factores desencadeantes de stress, bem como traços de personalidade que reforcem positiva ou negativamente esses mesmos factores . A amostra é constituída por 302 bombeiros pertencentes a corporações das regiões do Ribatejo e da Extremadura, sendo que todos os participantes desempenham funções de bombeiro voluntário ou profissional/efectivo. De entre os bombeiros participantes 238 são do sexo masculino e 64 são do sexo feminino tendo idades compreendidas entre os 17 e os 73 anos (m= 32,75 ; dp=9,309). As medidas utilizadas neste estudo são as seguintes: Marlow-Crowne Social Desirability Scale – Short Form C (MCSDS-C) de Ballard (1992), para a avaliação da desejabilidade social; Perceived Stress Scale (PSS) de Cohen, Kamarck & Mermelstein (1983), para a avaliação do stress e o Revised NEO Personality Inventory (NEO PI-R) de Costa & McCrae (1992) , para a avaliação da personalidade. Os resultados obtidos demonstraram associações significativas entre as dimensões da personalidade, nomeadamente o neuroticismo, a extroversão, a abertura à experiência e a conscienciosidade, e o stress. Verificaram-se correlações positivas entre as dimensões de neuroticismo e abertura à experiência relativamente ao stress, ao invés das dimensões de extroversão e conscienciosidade que por sua vez se correlacionaram negativamente com o stress. Este estudo demonstra também que os bombeiros profissionais(efectivos apresentam um mais elevado nível de stress comparativamente aos bombeiros pertencentes à categoria de voluntários, tal como os bombeiros com nove ou menos anos na função comparativamente aos bombeiros com mais de nove anos na função. Verificou-se também que os bombeiros do sexo masculino apresentam menos índices de stress comparativamente aos do sexo feminino. ABSTRACT: The purpose of this study was to obtain data can help us to better understand the various correlations between personality traits and the perception of stress in firefighters in order to identify trigger stress factors and personality traits which increase positively or negatively these same factors. The sample consists of 302 firefighters belonging to corporations within the regions of Ribatejo and Extremadura, being that all participants are either professional/effective or volunteer firefighters. Among the participating firefighters 238 are males and 64 are females, having aged between 17 and 73 years (m=32.75; dp=9.309). The measures used in this study are the following: Marlow-Crowne Social Desirability Scale – Short Form C (MCSDS-C) by Ballard (1992), for the assessment of social desirability; Perceived Stress Scale (PSS) by Cohen, Kamarck & Mermelstein (1983), for the assessment of stress and the Revised NEO Personality Inventory (NEO PI-R) by Costa & McCrae (1992) , for the assessment of personality. The results obtained showed significant associations between the personality dimensions of neuroticism, extraversion, openness and conscientiousness, and stress. The dimensions of neuroticism and openness are positively correlated to stress, on the other hand, the dimensions of extraversion and conscientiousness are negatively correlated to stress. Results also show that professional/effective firefighters have a higher level of stress as compared to volunteer firefighters as do firefighters with nine or fewer years in function compared with firefighters with more than nine years in function. It was also noted that male fire fighters present minor stress levels comparatively to female firefighters.