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.

Shopping for apparel: how can kiosk systems help?

When shopping for apparel, many consumers seek advice from friends and family or store personnel. In-store kiosk systems might serve as an alternative decision support system. In the present study we address the key question of how such kiosk systems are evaluated by consumers. We conducted three focus group discussions with regular apparel shoppers aged between 23 and 39 years. In sum, qualitative information from 15 participants was subject to a qualitative content analysis with the aim of gaining a more comprehensive understanding of how apparel shoppers experience the shopping process. Getting a more in-depth understanding of the needs and wishes associated with the apparel shopping process gives a basis for evaluating the potential acceptance of electronic decision support systems in apparel shopping. Although our study is exploratory in nature, we are able to draw an initial picture of how kiosk systems could be used in apparel shopping.

Sponsoring, brand value and social media

The increasing involvement of individuals in social media over the past decade has enabled firms to pursue new avenues in communication and sponsoring activities. Besides general research on either social media or sponsoring, questions regarding the consequences of a joint activity (sponsoring activities in social media) remain unexplored. Hence, the present study analyses whether the perceived image of the brand and the celebrity endorser credibility of a top sports team influence the perceived brand value of the sponsoring firm in a social media setting. Moreover, these effects are compared between existing customers and non-customers of the sponsoring firm. Interestingly, perceived celebrity endorser credibility plays no role in forming brand value perceptions in the case of the existing customers. Implications for marketing theory and practice are derived.

INFLUENCE OF MANUFACTURER SIGNATURE ON STORE BRANDS' LOYALTY AND PURCHASE INTENTION

ABSTRACT With today's trend toward higher store concentration, building strong store brands has become a priority for many retailing companies. This study aims to analyze the differences in store brands' purchasing likelihood between store brands with a manufacturer identification - a manufacturer signature - and store brands with no information about the manufacturer, as well as the moderating role of the manufacturer signature on store brands' purchase intention. We carried out multiple group analysis through structural equation modeling. Our findings suggest that store brand image has the most significant influence on loyalty and purchase intention for both types of store brands. Moreover, and contrary to our expectations, we did not find empirical support for the moderating role of manufacturer signature on store brands' purchasing likelihood.

Competitiveness of tourist destinations: the study of 65 key destinations for the development of regional tourism

Tourism has reached world importance in the economy. The competition in tourism has intensified between destinations, whether the destinations are cities, regions or countries. In this sense, the evaluation of the tourism competitiveness of these destinations may be helpful in planning and prioritizing actions that will benefit the industry. This article discusses the concept of competitiveness by the multidimensional view of performance, efficiency and unit analysis. Using the theoretical framework lifted, this article shows the 'Study on the competitiveness of the 65 destinations inducers of regional tourism development' prepared by the Tourism Ministry, the Brazilian Support Service to Micro and Small Enterprises (Sebrae) and Getulio Vargas Foundation (FGV), its assumptions that guided this study as well its methodological aspects. Based on this methodology, it was carried out a diagnosis of these 65 destinations selected by the Brazilian Ministry of Tourism to be inducers of tourism in their respective regions. The result of competitiveness reached by these 65 inductors destinations is presented in this article, providing a map of the level of competitiveness of tourism in Brazil.

A incubação das micro, pequenas e médias empresas (MPMEs) em Portugal : uma discussão sobre custos de transacção, dimensão competitiva e a cadeia de valor

RESUMO: Este trabalho tem por objectivo discutir as formas como as incubadoras de empresas contribuem para a criação da cadeia de valores de Micros, Pequenas e Médias Empresas (MPMEs) permitindo a redução dos seus custos de transacção. Para melhor compreender a forma como se reduzem os custos de transacção é importante conhecer os pressupostos comportamentais que provocam a existência de tais custos: a racionalidade limitada, porque a nossa forma de pensar tem limitações; e o oportunismo, porque há pessoas com comportamentos desonestos envolvidas no negócio. O verdadeiro poder explicativo da teoria dos custos de transacção está, no entanto, na análise de três variáveis que determinam se esses custos serão mais baixos numa estrutura hierárquica ou num mercado. Estas três variáveis são: a especificidade de activos - se uma transacção envolve ou não activos específicos à actividade da empresa; a incerteza - qual o grau de incerteza em encontrar um produto ou serviço externo à empresa; e a frequência - e se um bem ou serviço é frequentemente utilizado ou não. As incubadoras de empresas são actualmente consideradas como uma iniciativa essencial ao desenvolvimento socioeconómico regional, e nacional. Estas instituições contribuem para corrigir ineficiências no mercado, conferindo às empresas uma capacidade de inovação tecnológica que garante empregos e a criação de riquezas, aumentando o bem-estar da sociedade. O sucesso da sua actuação resume-se à capacidade para gerar dimensões virtuais que contribuem para a cadeia de valores, permitindo as MPMEs, a redução dos seus custos de transacção. ABSTRACT: This work aims to discuss the relevant forms how incubators contribute to the value chain of a in micro, small and medium enterprises (MSME´s) reducing their transaction costs. To better understand how transaction costs can be reduced one must recognize the behavioral assumptions that are behind there existence; bounded rationality - because our way of thinking has limitations and opportunism - because there are dishonest people involved in the business. The true cost theory´s explanatory power comes from the analyses of the three variables that determine whether those costs will be lower in a hierarchical structure or a market structure. These three variables are: specificity of assets - if the transaction involves or not specific assets in for the firm´s activity; the uncertainty - what is the degree of uncertainty in finding a product or service external to the firm; and the frequency - what is the frequency of the good or service use. Business incubators are currently regarded as a key initiative for the national or regional economic development. The institutions contribute to correct market inefficiencies, improving the capacity of firms to produce technological innovations that guaranty jobs and wealth creation increasing welfare. The success of this all boils down to the capacity to create virtual dimensions that contributes to the MSME´s value chain reducing transaction costs.

RFID together with multi-agent systems to control global value chains

Nowadays, the cooperative intelligent transport systems are part of a largest system. Transportations are modal operations integrated in logistics and, logistics is the main process of the supply chain management. The supply chain strategic management as a simultaneous local and global value chain is a collaborative/cooperative organization of stakeholders, many times in co-opetition, to perform a service to the customers respecting the time, place, price and quality levels. The transportation, like other logistics operations must add value, which is achieved in this case through compression lead times and order fulfillments. The complex supplier's network and the distribution channels must be efficient and the integral visibility (monitoring and tracing) of supply chain is a significant source of competitive advantage. Nowadays, the competition is not discussed between companies but among supply chains. This paper aims to evidence the current and emerging manufacturing and logistics system challenges as a new field of opportunities for the automation and control systems research community. Furthermore, the paper forecasts the use of radio frequency identification (RFID) technologies integrated into an information and communication technologies (ICT) framework based on distributed artificial intelligence (DAI) supported by a multi-agent system (MAS), as the most value advantage of supply chain management (SCM) in a cooperative intelligent logistics systems. Logistical platforms (production or distribution) as nodes of added value of supplying and distribution networks are proposed as critical points of the visibility of the inventory, where these technological needs are more evident.

Extreme Value Theory versus traditional GARCH approaches applied to financial data: a comparative evaluation

Although stock prices fluctuate, the variations are relatively small and are frequently assumed to be normal distributed on a large time scale. But sometimes these fluctuations can become determinant, especially when unforeseen large drops in asset prices are observed that could result in huge losses or even in market crashes. The evidence shows that these events happen far more often than would be expected under the generalized assumption of normal distributed financial returns. Thus it is crucial to properly model the distribution tails so as to be able to predict the frequency and magnitude of extreme stock price returns. In this paper we follow the approach suggested by McNeil and Frey (2000) and combine the GARCH-type models with the Extreme Value Theory (EVT) to estimate the tails of three financial index returns DJI,FTSE 100 and NIKKEI 225 representing three important financial areas in the world. Our results indicate that EVT-based conditional quantile estimates are much more accurate than those from conventional AR-GARCH models assuming normal or Student’s t-distribution innovations when doing out-of-sample estimation (within the insample estimation, this is so for the right tail of the distribution of returns).

Deformação miocárdica em atletas de diferentes modalidades – Um estudo por 2D Speckle Tracking: projecto de investigação

Mestrado em Tecnologia de Diagnóstico e Intervenção Cardiovascular. Área de Especialização: Ultrassonografia Cardiovascular

Estudo para a implementação de plataformas de e-learning no sistema de formação dos recursos humanos da saúde: o caso particular dos enfermeiros de um hospital privado

Mestrado em Intervenção Sócio-Organizacional na Saúde - Área de especialização: Políticas de Administração e Gestão de Serviços de Saúde.

Valor em risco (VAR - value at risk): metodologias não paramétricas

O VAR (Value at Risk) ,valor em risco, é a perda máxima provável de uma carteira para um nível de confiança determinado, num horizonte temporal especificado.

Impacto das comunidades de consumidores no valor das marcas

International Congress Marketing Trends Annual Conference in Paris, 17 – 19 January 2013

A Service Integration Platform for Collaborative Networks

Integrated manufacturing constitutes a complex system made of heterogeneous information and control subsystems. Those subsystems are not designed to the cooperation. Typically each subsystem automates specific processes, and establishes closed application domains, therefore it is very difficult to integrate it with other subsystems in order to respond to the needed process dynamics. Furthermore, to cope with ever growing marketcompetition and demands, it is necessary for manufacturing/enterprise systems to increase their responsiveness based on up-to-date knowledge and in-time data gathered from the diverse information and control systems. These have created new challenges for manufacturing sector, and even bigger challenges for collaborative manufacturing. The growing complexity of the information and communication technologies when coping with innovative business services based on collaborative contributions from multiple stakeholders, requires novel and multidisciplinary approaches. Service orientation is a strategic approach to deal with such complexity, and various stakeholders' information systems. Services or more precisely the autonomous computational agents implementing the services, provide an architectural pattern able to cope with the needs of integrated and distributed collaborative solutions. This paper proposes a service-oriented framework, aiming to support a virtual organizations breeding environment that is the basis for establishing short or long term goal-oriented virtual organizations. The notion of integrated business services, where customers receive some value developed through the contribution from a network of companies is a key element.

NCRF 21 – provisões, passivos contingentes e activos contingentes: suas implicações fiscais e de auditoria

Dissertação apresentada ao Instituto Superior de Contabilidade e Administração do Porto (ISCAP) para a obtenção do Grau de Mestre em Auditoria Docente orientador: Mestre Domingos da Silva Duarte

A novel framework for modeling value for the customer, an essay on negotiation

This paper proposes a novel framework for modelling the Value for the Customer, the so-called the Conceptual Model for Decomposing Value for the Customer (CMDVC). This conceptual model is first validated through an exploratory case study where the authors validate both the proposed constructs of the model and their relations. In a second step the authors propose a mathematical formulation for the CMDVC as well as a computational method. This has enabled the final quantitative discussion of how the CMDVC can be applied and used in the enterprise environment, and the final validation by the people in the enterprise. Along this research, we were able to confirm that the results of this novel quantitative approach to model the Value for the Customer is consistent with the company's empirical experience. The paper further discusses the merits and limitations of this approach, proposing that the model is likely to bring value to support not only the contract preparation at an Ex-Ante Negotiation Phase, as demonstrated, but also along the actual negotiation process, as finally confirmed by an enterprise testimonial.