Capital Structure of Finnish SMEs and Financial Constraints

This thesis studies capital structure of Finnish small and medium sized enterprises. The specific object of the study is to test whether financial constraints have an effect on capital structure. In addition influences of several other factors were studied. Capital structure determinants are formulated based on three capital structure theories. The tradeoff theory and the agency theory concentrate on the search of optimal capital structure. The pecking order theory concerns favouring on financing source over another. The data of this study consists of financial statement data and results of corporate questionnaire. Regression analysis was used to find out the effects of several determinants. Regression models were formed based on the presented theories. Short and long term debt ratios were considered separately. The metrics of financially constrained firms was included in all models. It was found that financial constrains have a negative and significant effect to short term debt ratios. The effect was negative also to long term debt ratio but not statistically significant. Other considerable factors that influenced debt ratios were fixed assets, age, profitability, single owner and sufficiency of internal financing.

The factorial structure of the 41-item version of the Screen for Child Anxiety Related Emotional Disorders (SCARED) in a Spanish population of 8 to 12 years-old

On this instrumental study we intend to analyse the factorial structure of the Screen for Child Anxiety Related Emotional Disorders (SCARED) in a Spanish sample using exploratory and confirmatory factorial analysis. As a second objective we intend to develop a short form of it for rapid screening and, finally, to analyze the reliabilities of both questionnaires. The SCARED was administered to a community sample of 1,508 children aged between 8 and 12 years. The sample was randomly split using half for the exploratory analysis and the other half for the confirmatory study. Furthermore a reduced version of the SCARED was developed using the SchmidLeiman procedure. Exploratory Factor Analysis yielded a four factor structure comprised of Somatic/panic, Generalized anxiety, Separation anxiety and Social phobia factors This structure was confirmed using Confirmatory Factor Analysis. The four factors, the full scale and the short scale showed good reliabilities. The results obtained seem to indicate that the Spanish version of the SCARED has good internal consistency, and along with other recent results, has a structure of four related factors that replicates the dimensions proposed for anxiety disorders by the DSM-IV-TR

From network pictures to network insight in solution business – the role of internal communication

Operating in business-to-business markets requires an in-depth understanding on business networks. Actions and reactions made to compete in markets are fundamentally based on managers‘ subjective perceptions of the network. However, an amalgamation of these individual perceptions, termed a network picture, to a common company level shared understanding on that network, known as network insight, is found to be a substantial challenge for companies. A company‘s capability to enhance common network insight is even argued to lead competitive advantage. Especially companies with value creating logics that require wide comprehension of and collaborating in networks, such as solution business, are necessitated to develop advanced network insight. According to the extant literature, dispersed pieces of atomized network pictures can be unified to a common network insight through a process of amalgamation that comprises barriers/drivers of multilateral exchange, manifold rationality, and recursive time. However, the extant body of literature appears to lack an understanding on the role of internal communication in the development of network insight. Nonetheless, the extant understanding on the amalgamation process indicates that internal communication plays a substantial role in the development of company level network insight. The purpose of the present thesis is to enhance understanding on internal communication in the amalgamation of network pictures to develop network insight in the solution business setting, which was chosen to represent business-to-business value creating logic that emphasizes the capability to understand and utilize networks. Thus, in solution business the role of succeeding in the amalgamation process is expected to emphasize. The study combines qualitative and quantitative research by means of various analytical methods including multiple case analysis, simulation, and social network analysis. Approaching the nascent research topic with differing perspectives and means provides a broader insight on the phenomenon. The study provides empirical evidence from Finnish business-to-business companies which operate globally. The empirical data comprise interviews (n=28) with managers of three case companies. In addition the data includes a questionnaire (n=23) collected mainly for the purpose of social network analysis. In addition, the thesis includes a simulation study more specifically achieved by means of agent based modeling. The findings of the thesis shed light on the role of internal communication in the amalgamation process, contributing to the emergent discussion of network insights and thus to the industrial marketing research. In addition, the thesis increases understanding on internal communication in the change process to solution business, a supplier‘s internal communication in its matrix organization structure during a project sales process, key barriers and drivers that influence internal communication in project sales networks, perceived power within industrial project sales, and the revisioning of network pictures. According to the findings, internal communication is found to play a substantial role in the amalgamation process. First, it is suggested that internal communication is a base of multilateral exchange. Second, it is suggested that internal communication intensifies and maintains manifold rationality. Third, internal communication is needed to explicate the usually differing time perspectives of others and thus it is suggested that internal communication has role as the explicator of recursive time. Furthermore, the role of an efficient amalgamation process is found to be emphasized in solutions business as it requires a more advanced network insight for cross-functional collaboration. Finally, the thesis offers several managerial implications for industrial suppliers to enhance the amalgamation process when operating in solution business.

Capital Structure and Firm Growth: R&D Intensive Companies

The purpose of this study is to examine and explain firm`s growth impact on capital structure decision-making in research and development intensive companies. Many studies claim that R&D has a pivotal impact on capital structure decisions, but corporate finance theories have often failed to explain these observed patterns. As sales growth is an important concept and objective for R&D firms, it is logical to assume that it plays a vital role in capital structure decisions. This study applies nomothetic research approach. The theoretical part employs a formal conceptual analysis in order to develop the propositions that are tested with empirical data. The empirical part consists of the analysis of three companies; the data is obtained from the annual reports over the period 2003 – 2008. The companies operate in IT- or ICT-industry and are publicly listed. The method for analyzing the case data is based on the financial indicators, which are obtained from the financials of the case companies. These economic indicators describe the capital structure and the financial decision-making of the firms. The method relates to the quantitative studies. Yet, this study extends the analysis beyond the indicators. Specifically, this study addresses the question of what is behind the economic indicators, therefore combining aspects of quantitative and qualitative analysis. The firms examined in this study seem to prefer internal finance during growth. However, external finance seems to be a catalyst for sales growth. Firms strongly prefer equity financing. In growth, the use of equity per capital either increases or stays in a constant level. Over the period 2003 – 2008, the firms were often associated to equity related transactions and short-term debt. Short-term debt was used as a substitute of long-term debt and equity. The case firms also adjusted their capital structure – these adjustments were carried out with short-term debt or equity. The case data also provides implications for the growth signal theory that was developed in this study. Based on the econometric indicators, arguments can be made that equity investors are `attracted` to growing R&D firms. This is because growth helps investors perceive the true type of firm. The findings of this study are best explained by the trade-off theory and the pecking order theory. These corporate finance theories are considered as mainstream. Little support can be found to the implications of the signaling theory and market timing theory.

Structure-related magnetic fabric studies : implications for deformed and undeformed Precambrian rocks

The aim of this thesis research was to gain a better understanding of the emplacement of rapakivi granite intrusions, as well as the emplacement of gold-bearing hydrothermal fluids in structurally controlled mineralizations. Based on investigations of the magnetic fabric, the internal structures could be analysed and the intrusion mechanisms for rapakivi granite intrusions and respectively different deformation stages within gold-bearing shear and fault zones identified. Aeromagnetic images revealed circular structures within the rapakivi granite batholiths of Wiborg, Vehmaa and Åland. These circular structures represent intrusions that eventually build up these large batholiths. The rapakivi granite intrusions of Vehmaa, Ruotsinpyhtää within the Wiborg batholith and Saltvik intrusions within the Åland batholith all show bimodal magnetic susceptibilities with paramagnetic and ferromagnetic components. The distribution of the bimodality is related to different magma batches of the studied intrusions. The anisotropy of magnetic susceptibility (AMS) reveals internal structures that cannot be studied macroscopically or by microscope. The Ruotsinpyhtää and Vehmaa intrusions represent similar intrusion geometries, with gently to moderately outward dipping magnetic foliations. In the case of Vehmaa, the magnetic lineations are gently plunging and trend in the directions of the slightly elongated intrusion. The magnetic lineations represent magma flow. The shapes of the AMS ellipsoids are also more planar (oblate) in the central part of the intrusion, whereas they become more linear (prolate) near the margin. These AMS results, together with field observations, indicate that the main intrusion mechanism has involved the subsidence of older blocks with successive intrusion of fractionated magma during repeated cauldron subsidence. The Saltvik area within the Åland batholith consists of a number of smaller elliptical intrusions of different rapakivi types forming a multiple intrusive complex. The magnetic fabric shows a general westward dipping of the pyterlite and eastward dipping of the contiguous even-grained rapakivi granite, which indicates a central inflow of magma batches towards the east and west resulting from a laccolitic emplacement of magma batches, while the main mechanism for space creation was derived from subsidence. The magnetic fabric of structurally controlled gold potential shear and fault zones in Jokisivu, Satulinmäki and Koijärvi was investigated in order to describe the internal structures and define the deformation history and emplacement of hydrothermal fluids. A further aim of the research was to combine AMS studies with palaeomagnetic methods to constrain the timing for the shearing event relative to the precipitation of ferromagnetic minerals and gold. All of the studied formations are dominated by monoclinic pyrrhotite. The AMS directions generally follow the tectonic structures within the formations. However, internal variations in the AMS direction as well as the shapes of the AMS ellipsoids are observed within the shear zones. In Jokisivu and Satulinmäki in particular, the magnetic signatures of the shear zone core differ from the margins. Furthermore, the shape of the magnetic fabric in the shear zone core of Jokisivu is dominated by oblate shapes, whereas the margins exhibit prolate shapes. These variations indicate a later effect of the hydrothermal fluids on the general shear event. The palaeo-magnetic results reveal a deflection from the original Svecofennian age geomagnetic direction. These results, coupled with correlations between the orientation of the NRM vectors and the magnetic and rock fabrics, imply that the gold-rich hydrothermal fluids were emplaced pre/syntectonically during the late stages of the Svecofennian orogeny.

Origin and structure of the Kranz tissue in bracts of Cyperus giganteus Vahl (Cyperaceae)

Cyperus giganteus shows Kranz anatomy of the clorocyperoid type or with two sheaths, one internal, adjacent to the vascular system and known as Kranz sheath, with thin-walled cells and a large number of organelles, mainly chloroplasts; and an external sheath, the mestome sheath or endodermis, the cells of which present thickened walls, are without chloroplasts and possess a suberin lamella, together with the casparian strip which are detected in early stages of differentiation. The development of the vascular bundles shows the Kranz sheath originating from the procambial as well as the mestome sheath. The chloroplasts of the Kranz cells are relatively larger, with convoluted thylakoids and a prominent peripheral reticulum, while the chloroplasts of the mesophyll cells are relatively smaller, with thylakoids forming grana and a sparse peripheral reticulum. These ultrastructural characteristics show similarities to those of other species of the genus Cyperus.

Factor structure of Bech's version of the Brief Psychiatric Rating Scale in Brazilian patients

The objective of the present study was to evaluate the factor structure of Bech's version of the Brief Psychiatric Rating Scale (BPRS), translated into Portuguese. The BPRS was administered to a heterogeneous group of psychiatric inpatients (N = 98) and outpatients (N = 62) in a University Hospital. Each patient was evaluated from one to eight times. The interval between consecutive interviews was one week for the inpatients and one month for the outpatients. The results were submitted to factorial analysis. The internal consistency of the total scale and of each factor was also estimated. Factorial analysis followed by normalized orthogonal rotation (Varimax) yielded four factors: Withdrawal-Retardation, Thinking Disorder, Anxious-Depression and Activation. Internal consistency measured by Cronbach's alpha coefficient ranged from 0.766 to 0.879. The data show that the factor structure of the present instrument is similar to that of the American version of the BPRS which contains 18 items, except for the absence of the fifth factor of the latter scale, Hostile-Suspiciousness.

Distortion and internal warping torsion of a double symmetric hollow section

This thesis is made in cooperation with Laboratory of Steel Structures and the steel company SSAB. Maximization of the benefits of high-strength steel usually requires the usage of thin wall thicknesses. This means the failures related to buckling, distortion and warping stand out. One must be aware of these phenomena to design thin-walled structures stressed with forces such as torsional loading. It is also important to take into account small stress ranges when evaluating the accurate fatigue strength of structures. The objective of this thesis is to clarify the theory of the uniform and non-uniform torsion. This paper focuses on warping due to the non-uniform torsion in double symmetric box girder and structural hollow section. The arisen stress states are explained and researched using the finite element method. Another research target is the distortion in double symmetric box girder due to torsion, and the restraining effect of transverse diaphragms at the load end. Multiple transverse diaphragms are used to study more efficient restraining against warping and distortion than a common one end plate structure.

The effect of governance mechanism and structure on fees and performance of Mutual Funds in Canada

Taking advantage of the unique Canadian setting, this study empirically analyzes the impact of presence of the board of directors, as an internal governance mechanism, on fees and performance of mutual funds. Further, the impact of the board structure on fees and performance of corporate class funds is analyzed. We find that corporate class funds, which have a separate board of directors for the fund, charge higher fees; however, they also provide superior performance than trust funds. Furthermore, we find that for corporate class funds, smaller board, with higher percentage of independent directors, and with the fund CEO acting as the chairman of the board is likely to charge lower fees. Also, more independent boards are strongly associated with superior fee-adjusted performance.

Wage Flexibility and Contract Structure in Germany

In this paper, we look at how labor market conditions at different points during the tenure of individuals with firms are correlated with current earnings. Using data on individuals from the German Socioeconomic Panel for the 1985-1994 period, we find that both the contemporaneous unemployment rate and prior values of the unemployment rate are significantly correlated with current earnings, contrary to results for the American labor market. Estimated elasticities vary between 9 and 15 percent for the elasticity of earnings with respect to current unemployment rates, and between 6 and 10 percent with respect to unemployment rates at the start of current firm tenure. Moreover, whereas local unemployment rates determine levels of earnings, national rates influence contemporaneous variations in earnings. We interpret this result as evidence that German unions do, in fact, bargain over wages and employment, but that models of individualistic contracts, such as the implicit contract model, may explain some of the observed wage drift and longer-term wage movements reasonably well. Furthermore, we explore the heterogeneity of contracts over a variety of worker and job characteristics. In particular, we find evidence that contracts differ across firm size and worker type. Workers of large firms are remarkably more insulated from the job market than workers for any other type of firm, indicating the importance of internal job markets.

Développement d'une méthode d'isolation des noyaux adaptée aux macrophages pour une caractérisation protéomique d'une nouvelle structure autophagique induite par le virus HSV-1

L’autophagie est un processus cellulaire catabolique qui a été conservé durant l’évolution de la levure à l’homme. Cet important mécanisme consiste en une dégradation des composants cytoplasmiques dans une structure lytique, le lysosome. Il existe trois types de l’autophagie : la microautophagie, l’autophagie médiée par les chaperones et la macroautophagie nommée « autophagie ». Il a été démontré que lors de l’autophagie, le matériel cytoplasmique (protéines cytosoliques et organites) est séquestré dans l’autophagosome qui finit par fusionner avec le lysosome, formant ainsi l’autophagolysosome. Le matériel séquestré et la membrane interne de l’autophagosome seront dégradés par les hydrolases lysosomales. Plusieurs études se sont focalisées sur la détermination de la machinerie moléculaire et les mécanismes de l’autophagie. Il a été démontré l’implication de 31 molécules Atg essentielles dans le processus de l’autophagie. L’identification de ces protéines a permis de déceler le rôle de l’autophagie non seulement dans le maintien de l’homéostasie cellulaire mais aussi dans la défense contre les agents pathogènes. En effet, l’autophagie joue un rôle important dans l’immunité innée conduisant à contrôler l’évasion des pathogènes dont les bactéries et les virus. Également, l’autophagie est impliquée dans l’immunité adaptative en favorisant la présentation des antigènes viraux par le CMH de classe II aux cellules T CD4+. De plus, une étude récente suggère que l’autophagie contribue à la présentation antigénique par le CMH de classe I aux cellules T CD8+ durant une infection virale par le virus HSV-1 (Herpes simplex type 1). Toutefois, certains virus y compris HSV-1 ont pu développer des mécanismes pour contourner et inhiber en partie le rôle protecteur de l’autophagie. Récemment, une étude dans notre laboratoire a mis en évidence, lors d’une infection virale par HSV-1 des cellules macrophages BMA, la présence d’une nouvelle structure autophagique dans une phase tardive de l’infection. Cette nouvelle structure est différente des autophagosomes classiques à double membrane et est caractérisée morphologiquement par quatre membranes dérivées de l’enveloppe nucléaire interne et externe. Peu de choses ont été rapportées sur cette nouvelle voie autophagique qui peut être un mécanisme de défense cellulaire quand l’autophagie classique dans le cytosol est inhibée par HSV-1. Il devient donc intéressant de caractériser les molécules impliquées dans la formation de ces autophagosomes issus du noyau par spectrométrie de masse. Pour ce faire, il était impératif d’établir un outil d’isolation des noyaux à partir de macrophages infectés par HSV-1 dans lesquels les autophagosomes issus des noyaux seront formés. La validation de cette méthode d’isolation a été effectuée en déterminant la pureté et l’intégrité des noyaux isolés à partir des cellules non infectées (contrôle) et infectées par HSV-1. La pureté des préparations de noyaux isolés a été caractérisée par l’absence de contaminants cellulaires et un enrichissement en noyaux. Également, il a fallu déterminer la cinétique de formation des autophagosomes issus des noyaux pour les deux lignées cellulaires de macrophages utilisées dans ce projet. Dans une perspective future, l’analyse protéomique à partir des échantillons purs des noyaux isolés (non infectés et infectés) mènera à identifier les protéines impliquées dans la formation des autophagosomes dérivés des noyaux, ce qui permettra ultérieurement d’effectuer des études sur les mécanismes moléculaires et les fonctions de cette nouvelle voie autophagique.

Investigation of the structure and dynamics of the centromeric epigenetic mark

Le centromère est le site chromosomal où le kinetochore se forme, afin d’assurer une ségrégation fidèles des chromosomes et ainsi maintenir la ploïdie appropriée lors de la mitose. L’identité du centromere est héritée par un mécanisme épigénétique impliquant une variante de l’histone H3 nommée centromere protein-A (CENP-A), qui remplace l’histone H3 au niveau de la chromatine du centromère. Des erreurs de propagation de la chromatine du centromère peuvent mener à des problèmes de ségrégation des chromosomes, pouvant entraîner l’aneuploïdie, un phénomène fréquemment observé dans le cancer. De plus, une expression non-régulée de CENP-A a aussi été rapportée dans différentes tumeurs humaines. Ainsi, plusieurs études ont cherchées à élucider la structure et le rôle de la chromatine contenant CENP-A dans des cellules en prolifération. Toutefois, la nature moléculaire de CENP-A en tant que marqueur épigénétique ainsi que ces dynamiques à l'extérieur du cycle cellulaire demeurent des sujets débat. Dans cette thèse, une nouvelle méthode de comptage de molécules uniques à l'aide de la microscopie à réflexion totale interne de la fluorescence (TIRF) sera décrite, puis exploitée afin d'élucider la composition moléculaire des nucléosomes contenant CENP-A, extraits de cellules en prolifération. Nous démontrons que les nucléosomes contenant CENP-A marquent les centromères humains de façon épigénétique à travers le cycle cellulaire. De plus, nos données démontrent que la forme prénucléosomale de CENP-A, en association avec la protéine chaperon HJURP existe sous forme de monomère et de dimère, ce qui reflète une étape intermédiaire de l'assemblage de nucléosomes contenant CENP-A. Ensuite, des analyses quantitatives de centromères lors de différenciation myogénique, et dans différents tissus adultes révèlent des changements globaux qui maintiennent la marque épigénétique dans une forme inactive suite à la différentiation terminale. Ces changements incluent une réduction du nombre de points focaux de CENP-A, un réarrangement des points dans le noyau, ainsi qu'une réduction importante de la quantité de CENP-A. De plus, nous démontrons que lorsqu'une dédifférenciation cellulaire est induite puis le cycle cellulaire ré-entamé, le phénotype "différencié" décrit ci-haut est récupéré, et les centromères reprennent leur phénotype "prolifératif". En somme, cet oeuvre décrit la composition structurale sous-jacente à l'identité épigénétique des centromères de cellules humaines lors du cycle cellulaire, et met en lumière le rôle de CENP-A à l'extérieur du cycle cellulaire.

Studies on Thermal structure in the seas around in India

The thesis entitled Studies on Thermal Structure in the Seas Around India. An attempt is made in this study to document the observed variability of thermal structure, both on seasonal and short-term scales, in the eastern Arabian Sea and southwestern Bay of Bengal, from the spatial and time series data sets from a reasonably strong data base. The present study has certain limitations. The mean temperatures are based on an uneven distribution of data in space and time. Some of the areas, although having a ‘full annual coverage, do not have adequate data for some months. Some portions in the area under study are having data gaps. The consistency and the coherence in the internal wave characteristics could not be examined due to non-availability of adequate data sets. The influence of generating mechanisms; other than winds and tides on the observed internal wave fields could not be ascertained due to lack of data. However, a comprehensive and intensive data collection can overcome these limitations. The deployment of moored buoys with arrays of sensors at different depths at some important locations for about 5 to 10 years can provide intensive and extensive data sets. This strong data base can afford to address the short-term and seasonal variability of thermal field and understand in detail the individual and collective influences of various physical and dynamical mechanisms responsible for such variability.

Geometric Structure of the Adaptive Controller of the Human Arm

The objects with which the hand interacts with may significantly change the dynamics of the arm. How does the brain adapt control of arm movements to this new dynamic? We show that adaptation is via composition of a model of the task's dynamics. By exploring generalization capabilities of this adaptation we infer some of the properties of the computational elements with which the brain formed this model: the elements have broad receptive fields and encode the learned dynamics as a map structured in an intrinsic coordinate system closely related to the geometry of the skeletomusculature. The low--level nature of these elements suggests that they may represent asset of primitives with which a movement is represented in the CNS.

Limnological characteristics and zooplankton community structure of Mediterranean coastal lagoons undergoing restoration

Entre 1999 i 2003 es va desenvolupar un projecte Life de restauració a la maresma de La Pletera, afectada per un pla urbanització, i a la llacuna del Ter Vell, amb un elevat grau d'eutròfia (aiguamolls del Baix Ter, NE Península Ibèrica). L'objectiu d'aquesta tesi és establir el funcionament d'ambdós ecosistemes, analitzar-ne la problemàtica ambiental i avaluar els efectes de la restauració. A la maresma de la Pletera, es va analitzar el paper de la hidrologia en la composició i dinàmica dels nutrients i del zooplàncton en cinc llacunes, tres de les quals havien estat creades dins el projecte de restauració com a nous refugis per una espècie de peix amenaçada (Aphanius iberus). La hidrologia es va caracteritzar per un llarg període de confinament sense entrades d'aigua, interromput de manera irregular per inundacions puntuals. La dinàmica del nitrogen inorgànic es va relacionar amb les entrades d'aigua, mentre que la del fòsfor, del nitrogen total i de la matèria orgànica es va relacionar amb els processos d'acumulació i reciclatge intern durant el confinament. El zooplàncton es va analitzar mitjançant la combinació d'aproximacions taxonòmiques i de mides. L'estructura de mides de la comunitat es va veure més afectada per les interaccions tròfiques (depredació i competència) mentre que l'estructura taxonòmica va ser més sensible a factors abiòtics (nutrients). El ràpid creixement de la població A. iberus en les noves llacunes va suggerir que aquestes havien proporcionat l'hàbitat adequat per a l'espècie, almenys a curt termini. Les actuacions de restauració a la llacuna del Ter Vell es van centrar en la millora de la qualitat de l'aigua mitjançant (1) la construcció d'uns aiguamolls per depurar l'aigua d'entrada i (2) el dragat del sediment en diversos punts. Simultàniament a la restauració, però de forma independent, la gestió agrícola de l'aigua va reduir dràsticament el cabal d'entrada d'aigua dolça a la llacuna, provocant un canvi en el règim hídric. Es van analitzar els efectes a curt termini d'aquest canvi sobre la limnologia i el zooplàncton de la llacuna. Abans del canvi, la hidrologia era artificial ja que s'havia prolongat l'entrada d'aigua dolça d'acord amb la demanda agrícola, i per tant la llacuna presentava una elevada taxa de renovació de l'aigua i majors concentracions de nutrients. Després del canvi, la hidrologia va dependre més del clima, es van reduir les entrades d'aigua i es va allargar el període de confinament. La composició y dinàmica dels nutrients va tendir a assemblar-se a l'observada a les llacunes de la maresma, mentre que la comunitat del zooplàncton no ho va fer. L'estat ecològic de la llacuna va millorar després del canvi en el règim hídric.