Fatores relevantes no relacionamento Banca-PME : orientações para gestores de PME

Mestrado em Ciências Empresariais

Ownership Structure, Board Composition and Entrepreneurship : Evidence from Family Firms and Venture-Capital Backed Firms

The purpose of this article is to investigate how ownership structure, especially family and/or venture-capital involvement, as well as entrepreneurial activities, defined as strategic change and renewal, help explain the involvement of independent members on boards of directors. The CEOs of 2,455 small and medium-sized, private enterprises from practically all industries were contacted in a telephone survey, resulting in an exceptionally high response rate. The findings reveal that family firms are more reluctant to involve independent directors on their boards than non-family firms that presence of venture capitalists increases the frequency of independent board members and that ownership has an impact on board roles. The results do not support the hypothesised relationship that independent directors enhance entrepreneurial activities. One implication of our study is that the often-argued-for strategic contribution of outsiders to the boards in family firms may be overemphasised. Another implication is that family firms that choose to acquire additional capital should be aware that this could result in a change in the board composition and the loss of control of the business. However, new and external owners’ inclusion on the board seems to be negotiable since there are also venture capitalists that do not insist on board representation.

Improved beef production from supplementation of Hereford, Brahman and crossbred cattle grazing low and medium quality pastures in the subtropics of Australia

Subtropical grasslands are low in organic matter digestibility (OMD) (0.60) and nitrogen (N) (15 g/kg) for much of the year and this limits cattle production which is characterized by low calving rates and low weaning weights. Production has been based on Bos taurus British breeds of cattle but this is changing and now many breeding herds comprise B, indicus cows and their crosses. This change has increased some aspects of production, but low calving rates persist. A 4-year study was undertaken with a view to improve calving rates and weaner output by supplementing cows grazing either native or improved pastures with a high protein oilseed meal (cottonseed meal; CSM) on four sites. These sites were subdivided into a total of 36 paddocks to allow for two replications in a 3 breeds X 3 supplementation rates X 2 pastures factorial design. Selected cows (no. = 216) from Hereford (H), Brahman (B) and Brahman X Hereford (BH) breed types were set to graze either native pastures (0.45 to 0.62 OMD, 8 to 15 g N per kg; low quality) or improved pastures (0.47 to 0.67 OA ID, 10 to 22 g N per kg; medium quality). Cows were given either 0, 750 or 1500 g/day of CSM for 130 days from calving until 4 weeks into a 12- to 13-week mating period. The CSM was given as two meals per week. Live weight at mating of cows on the low quality pasture was increased (P < 0.01) over those not supplemented by feeding either 750 g CSM per day (H and B cows) or 1500 g CSM per day tall cows). There was no significant effect of supplementation on the mating weights of B cows grazing the medium quality sites. Calving rate of B cows was not increased by their supplementation on either low (4-year mean 58.3 %) or medium quality pastures (66.8%) but did tend to be higher in H cows when supplemented at 1500 g CSM per day on the low (66.7 v. 78.0 (s.e. 6.09) %; P < 0.1) and medium quality pastures (70.5 v. 93.5 (s.e. 4.72) %). An increased calving rate (65.8 (s.e. 6.6) % to 83.2 (s.e. 5.82) % in supplemented BH cows grazing low quality pastures approached significance (P < 0.1) when given CSM at 1500 g/day but there was no increased trend in calving rate when this breed type was supplemented on medium quality pastures. Weaning weights of calves from and B and BH cows were increased (P < 0.05) by supplementation of their darns at 750 g/day and for calves weaned from H cows supplemented at 1500 g/day of CSM. Supplementation at 1500 g/day on low quality pastures increased weaner output per cow mated by 120% for H, by 65% for BH cows and by 50% for B cows. Weaner output was increased by 34 and 40%, respectively, for B and H cows when supplemented at 750 g/day and grazing medium quality pastures but there teas no significant effect of supplementation on output from BH cows. Responses in many parameters differed between years. These results were interpreted as a response to the protein in the oilseed meal supplement by B, taurus and B. taurus X B. indicus cross cows grazing on the subtropical pastures. The study also highlighted that responses to the meal differed between breed types, between the quality of the grazed pasture and between the years of supplementation.

Stereological and allometric studies on neurons and axo-dendritic synapses in the superior cervical ganglia of rats, capybaras and horses

The superior cervical ganglion (SCG) in mammals varies in structure according to developmental age, body size, gender, lateral asymmetry, the size and nuclear content of neurons and the complexity and synaptic coverage of their dendritic trees. In small and medium-sized mammals, neuron number and size increase from birth to adulthood and, in phylogenetic studies, vary with body size. However, recent studies on larger animals suggest that body weight does not, in general, accurately predict neuron number. We have applied design-based stereological tools at the light-microscopic level to assess the volumetric composition of ganglia and to estimate the numbers and sizes of neurons in SCGs from rats, capybaras and horses. Using transmission electron microscopy, we have obtained design-based estimates of the surface coverage of dendrites by postsynaptic apposition zones and model-based estimates of the numbers and sizes of synaptophysin-labelled axo-dendritic synaptic disks. Linear regression analysis of log-transformed data has been undertaken in order to establish the nature of the relationships between numbers and SCG volume (V(scg)). For SCGs (five per species), the allometric relationship for neuron number (N) is N=35,067xV (scg) (0.781) and that for synapses is N=20,095,000xV (scg) (1.328) , the former being a good predictor and the latter a poor predictor of synapse number. Our findings thus reveal the nature of SCG growth in terms of its main ingredients (neurons, neuropil, blood vessels) and show that larger mammals have SCG neurons exhibiting more complex arborizations and greater numbers of axo-dendritic synapses.

Information internalisation in internationalising the firm

Internationalisation occurs when the firm expands its selling, production, or other business activities into international markets. Many enterprises, especially small- and medium-size firms (SMEs), are internationalising today at an unprecedented rate. Managers are strategically using information to achieve degrees of internationalisation previously considered the domain of large firms. We extend existing explanations of firm internationalisation by examining the nature and fundamental, antecedent role of internalising appropriate information and translating it into relevant knowledge. Based on case studies of internationalising firms, we advance a conceptualisation of information internalisation and knowledge creation within the firm as it achieves internationalisation readiness. In the process, we offer several propositions intended to guide future research. (C) 2002 Elsevier Science Inc. All rights reserved.

Body size and latitudinal gradients in regional diversity of New World birds

Axe latitudinal gradients in regional diversity random or biased with respect to body size? Using data for the New World avifauna, I show that the slope of the increase in regional species richness from the Arctic to the equator is not independent of body size. The increase is steepest among small and medium-sized species, and shallowest among the largest species. This is reflected in latitudinal variation in the shape of frequency distributions of body sizes in regional subsets of the New World avifauna. Because species are added disproportionately in small and medium size classes towards low latitudes, distributions become less widely spread along the body size axis than expected from the number of species. These patterns suggest an interaction between the effects of latitude and body size on species richness, implying that mechanisms which vary with both latitude and body size may be important determinants of high tropical diversity in New World birds.

Factors Influencing the Implementation of the Balanced Scorecard in Portugal: Empirical Evidence From Privately Owned and Publicly Owned Organizations

In this paper we aim to identify and analyze a set of variables that can potentially influence the adoption and knowledge of the Balanced Scorecard (BSC) in Portugal. Hypotheses were tested using data obtained from a questionnaire sent to 591 publicly-owned organizations (local governments, municipal corporations and hospitals) and 549 privately-owned organizations (large companies and small and medium enterprises) in Portugal. The results allow us to conclude that although the majority of respondents claimed to know the BSC, its use in Portugal is still limited and very recent, particularly in the public sector organizations. However, it should be noted that its use has increased in Portugal in recent years. The study also reveals that in spite of the noticeable differences between public and private sector, the BSC is used in the public sector after a few adjustments to the traditional model. Using as theoretical framework the contingency and institutional theories, we found that decentralization, vertical differentiation and the degree of higher education are associated with the implementation of the BSC.

Determinant factors of the implementation of the balanced scorecard in Portugal: empirical evidence in public and private organizations

In this article we aim to identify and analyze a set of variables that can potentially influence the adoption of the Balanced Scorecard (BSC)in Portugal. Hypotheses were tested using data obtained from a questionnaire sent to 591 publicly-owned organizations (local governments, municipal corporations and hospitals) and 549 privately-owned organizations (large companies and small and medium enterprises) in Portugal, with an overall response rate of 31.3%. The results allow us to conclude that although the majority of respondents claimed to know the BSC, its use in Portugal is still limited and very recent, particularly in the public sector organizations. However, it should be noted that its use has increased in Portugal in recent years. Using as theoretical framework the contingency and institutional theories, we found that decentralization, vertical differentiation and the degree of higher education are associated with the implementation of the BSC.

Implementing and certifying ISO 14001 in Portugal: motives, difficulties and benefits after ISO 9001 certification

The purpose of this study is to characterise the environmental management systems (EMS) certification process (International Organization for Standardization (ISO) 14001) in Portuguese small and medium enterprises (SMEs) following quality management system (QMS) certification (ISO 9001). The study is based on a sample from Portuguese SMEs which characterise the local reality in terms of companies certified in accordance with ISO 14001 after ISO 9001 certification. Some Portuguese SMEs have the EMS implemented but not certified, mainly given the lack of investment support and because it is considered merely a form of marketing. As such, they do not feel motivated to certificate an EMS in the company since they consider that it is a form of advertising and not a way to protect the environment. Nonetheless, it is already evident form other Portuguese SMEs that gained EMS certification that gains supersede marketing benefits and allow for evermore enduring benefits such as prevention of environmental risks, environment protection, improved company image, compliance with legislation and efficient use of natural resources. This paper also presented the main difficulties in achieving an EMS certification, including high certification costs, human resources, motivation issues and difficulties in changing the company’s culture.

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.

Language and trade: the (new) route of portuguese in the 21st century

Globalisation has eliminated frontiers and in the case of Europe helped the crossing of borders and changed forever the concept of social (and I would also say individual) geography: the rest of the world is out there; we can pretend not to see it, but we cannot avoid it. Moreover, Europe is undergoing a serious crisis, also economic, and new markets and business partners are welcome. In this context, cultural bonds like a common language can open new investment paths and give rise to successful stories. In this paper we intend to present an example of how low linguistic distance can lead to good business, even if a) in the internationalization process of the companies’ language is often forgotten as a management element and b) consumers of language products (like User Guides) are also not stimulating investment in language by the companies. Through the results of 2 studies carried out in 2010 and 2011 we will show how a pluricentric language like Portuguese is managed in multinational companies (MC) and Small and medium Enterprises (SMEs). The second study is based on an online survey questioning the effectiveness, efficiency and general quality of User Guides and the reaction of consumers to language. Results show that although playing a role in the internationalization process of companies in the same linguistic space, language is opportunistically used. On the other hand, Portuguese and Brazilian consumers show a very functional perception of the Portuguese language...

O papel do fundo de maneio das pequenas e médias empresas

Dissertação de Mestrado em Finanças Empresariais

Entrepreneurship Strategies in Family and Non-family Businesses

The goal of the present paper is to analyse the classic entrepreneurship strategies (Innovation, Risk and Proactivity) in small and medium-sized businesses. However as presented in the title, the study will go further by comparing the results of those strategies in familiar and nonfamiliar businesses. This study was carried on in construction and industry sectors, in the region of Vale do Sousa, in the north of Portugal. In order to classify businesses as familiar or non-familiar types two criterion were adopted: (1) Management Control, (2) Family Employability. On the opposite to some studies that present a larger percentage of familiar businesses in national and European entrepreneurial fabric, the criterion used leaded to a larger number of non-familiar businesses (53%). The results showed that in general SMEs in this region are not following entrepreneurship strategies. Analysing the entire sample without a separation of businesses by nature (familiar/non-familiar) only proactivity showed to be more present in the managerial decisions. There is a lack of innovation and risk culture. Comparing the groups only on proactivity tests was possible to verify some differences. It was concluded that non-familiar businesses are more proactive than familiar ones. Between those groups there are no statistical differences on the means of the variables innovation and risk. At the same time some tests were conducted to test the differences on the variable entrepreneurship. The results were similar to innovation and risk strategies: There are no significant differences on entrepreneurship between these groups of businesses.