A importância da gestão baseada na criação de valor para o acionista (Value-Based Management): o caso do Grupo Galp Energia

A avaliação de empresas sempre constituiu um tema de elevada reflexão, sendo que vários especialistas tentam encontrar os modelos que melhor se adaptam a situações específicas e para as quais precisam de determinar um valor. No contexto empresarial português começa a ganhar significância a prática da gestão orientada para a criação de valor (Value-Based Management). O conceito de Value-Based Management assistiu a um particular desenvolvimento nos últimos 20 anos como resultado da globalização e desregulamentação dos mercados financeiros, dos avanços nas tecnologias de informação e do aumento da importância dos investidores institucionais. Vários analistas apresentaram evidência de que as empresas que adotam sistemas VBM melhoram o seu desempenho económico em relação a outras de dimensão semelhante no mesmo setor. É neste contexto que o EVA (Economic Value Added) se apresenta como uma métrica de desempenho privilegiada nos processos de controlo das decisões estratégicas tomadas. No presente trabalho pretendemos abordar o conceito da gestão baseada na criação de valor e a sua importância para o acionista, o que implica rever outros modelos de avaliação tradicionais baseados no valor contabilístico. Como métrica de avaliação do desempenho passado da empresa ao nível da criação de valor vamos dar particular importância ao estudo do EVA, fazendo referência à possível correlação entre esta métrica e o MVA (Market Value Added). O objetivo principal é analisar empiricamente a relação do EVA como medida de desempenho associada à criação de valor para os acionistas com a performance da empresa. Com efeito, vamos efetuar um estudo de caso, que vai incidir sobre um grupo empresarial português, referência no seu setor de atividade, o Grupo Galp Energia, cotado na Euronext Lisbon. Pensamos que a crescente prática da gestão baseada na criação de valor nas empresas cotadas em Portugal e a necessidade de aferir os resultados desta, tornam esta investigação pertinente, para além do facto de serem poucos os estudos empíricos à questão da criação de valor e a sua correlação com o valor acrescentado de mercado e com o valor de mercado dos capitais próprios das empresas cotadas em Portugal.

The intersection of people, technology and local space. PPGIS and Web in practice for participatory planning

Dissertation submitted in partial fulfilment of the requirements for the Degree of Master of Science in Geospatial Technologies

Real time manufacturing systems simulator

A área da simulação computacional teve um rápido crescimento desde o seu apareciment, sendo actualmente uma das ciências de gestão e de investigação operacional mais utilizadas. O seu princípio baseia-se na replicação da operação de processos ou sistemas ao longo de períodos de tempo, tornando-se assim uma metodologia indispensável para a resolução de variados problemas do mundo real, independentemente da sua complexidade. Das inúmeras áreas de aplicação, nos mais diversos campos, a que mais se destaca é a utilização em sistemas de produção, onde o leque de aplicações disponível é muito vasto. A sua aplicação tem vindo a ser utilizada para solucionar problemas em sistemas de produção, uma vez que permite às empresas ajustar e planear de uma maneira rápida, eficaz e ponderada as suas operações e os seus sistemas, permitindo assim uma rápida adaptação das mesmas às constantes mudanças das necessidades da economia global. As aplicações e packages de simulação têm seguindo as tendências tecnológicas pelo que é notório o recurso a tecnologias orientadas a objectos para o desenvolvimento das mesmas. Este estudo baseou-se, numa primeira fase, na recolha de informação de suporte aos conceitos de modelação e simulação, bem como a respectiva aplicação a sistemas de produção em tempo real. Posteriormente centralizou-se no desenvolvimento de um protótipo de uma aplicação de simulação de ambientes de fabrico em tempo real. O desenvolvimento desta ferramenta teve em vista eventuais fins pedagógicos e uma utilização a nível académico, sendo esta capaz de simular um modelo de um sistema de produção, estando também dotada de animação. Sem deixar de parte a possibilidade de integração de outros módulos ou, até mesmo, em outras plataformas, houve ainda a preocupação acrescida de que a sua implementação recorresse a metodologias de desenvolvimento orientadas a objectos.

O futuro da web semântica e sua importância nas organizações

Trabalho realizado sob orientação do Prof. António Brandão Moniz para a disciplina “Factores Sociais da Inovação” do Mestrado Engenharia Informática realizado na Faculdade de Ciências e Tecnologia da Universidade Nova de Lisboa (Portugal)

Estudo e desenvolvimento de sistema de cobrança de portagens baseado em NFC

Tese para obter o grau de Mestre em Engenharia Electrónica e Telecomunicações

The operation of autonomous mobile robot assistants in the environment of care facilities adopting a user-centered development design

The participation of the Fraunhofer Institute for Manufacturing Engineering and Automation IPA (Stuttgart, Germany) and the companies User Interface Design GmbH (Ludwigsburg, Germany) plus MLR System GmbH (Ludwigsburg, Germany) enabled the research and findings presented in this paper; we would like to namely mention Birgit Graf and Theo Jacobs (Fraunhofer IPA) furthermore Peter Klein and Christiane Hartmann (User Interface Design GmbH).

Retaining repatriates: an exploratory study in portuguese companies

This study aims to understand the factors which may explain the retention of repatriates from companies acting within Portugal. These factors can be related either to the individual, or to the work, to the organisation or to non-working contexts. Eight companies located in Portugal have participated in this study. Several semi-structured interviews were done to 16 organizational representatives and to 28 repatriates. The obtained results show that the repatriates’ retention on the visited companies may be influenced by several categories of factors. We can conclude that it is (1) the good relation with the leadership, (2) the recognition of the performed job but, also (3) the seniority, (4) the age and the (5) depressed national job market. These are the major factors that emerge as relevant factors for the retention. Hence, there is not only one category of explaining determining factors for the retention decision, but there are several. These findings will be discussed in detail and implications and suggestions for future research will be proposed as well.

Avaliação da Usabilidade de um Projeto de eHealth, enquadrado na visão europeia de Health Technology Assessment (HTA)

Trabalho de projeto apresentado à Escola Superior de Comunicação Social como parte dos requisitos para obtenção de grau de mestre em Audiovisual e Multimédia.

Low-cost vibration sensors: tendencies and applications in condition monitoring of machines and structures

Trabalho Final de Mestrado para obtenção do grau de Mestre em Engenharia Mecânica

Aplicação do conceito de gestão de ativos físicos numa estação elevatória de águas

Trabalho Final de Mestrado para obtenção do grau de Mestre em Engenharia Mecânica

Geography of the Information Society

All every day activities take place in space. And it is upon this that all information and knowledge revolve. The latter are the key elements in the organisation of territories. Their creation, use and distribution should therefore occur in a balanced way throughout the whole territory in order to allow all individuals to participate in an egalitarian society, in which the flow of knowledge can take precedence over the flow of interests. The information society depends, to a large extent, on the technological capacity to disseminate information and, consequently, the knowledge throughout territory, thereby creating conditions which allow a more balanced development, from the both the social and economic points of view thus avoiding the existence of info-exclusion territories. Internet should therefore be considered more than a mere technology, given that its importance goes well beyond the frontiers of culture and society. It is already a part of daily life and of the new forms of thinking and transmitting information, thus making it a basic necessity essential, for a full socio-economic development. Its role as a platform of creation and distribution of content is regarded as an indispensable element for education in today’s society, since it makes information a much more easily acquired benefit.”…in the same way that the new technologies of generation and distribution of energy allowed factories and large companies to establish themselves as the organisational bases of industrial society, so the internet today constitutes the technological base of the organisational form that characterises the Information Era: the network” (CASTELLS, 2004:15). The changes taking place today in regional and urban structures are increasingly more evident due to a combination of factors such as faster means of transport, more efficient telecommunications and other cheaper and more advanced technologies of information and knowledge. Although their impact on society is obvious, society itself also has a strong influence on the evolution of these technologies. And although physical distance has lost much of the responsibility it had towards explaining particular phenomena of the economy and of society, other aspects such as telecommunications, new forms of mobility, the networks of innovation, the internet, cyberspace, etc., have become more important, and are the subject of study and profound analysis. The science of geographical information, allows, in a much more rigorous way, the analysis of problems thus integrating in a much more balanced way, the concepts of place, of space and of time. Among the traditional disciplines that have already found their place in this process of research and analysis, we can give special attention to a geography of new spaces, which, while not being a geography of ‘innovation’, nor of the ‘Internet’, nor even ‘virtual’, which can be defined as one of the ‘Information Society’, encompassing not only the technological aspects but also including a socio-economic approach. According to the last European statistical data, Portugal shows a deficit in terms of information and knowledge dissemination among its European partners. Some of the causes are very well identified - low levels of scholarship, weak investments on innovation and R&D (both private and public sector) - but others seem to be hidden behind socio-economical and technological factors. So, the justification of Portugal as the case study appeared naturally, on a difficult quest to find the major causes to territorial asymmetries. The substantial amount of data needed for this work was very difficult to obtain and for the islands of Madeira and Azores was insufficient, so only Continental Portugal was considered for this study. In an effort to understand the various aspects of the Geography of the Information Society and bearing in mind the increasing generalised use of information technologies together with the range of technologies available for the dissemination of information, it is important to: (i) Reflect on the geography of the new socio-technological spaces. (ii) Evaluate the potential for the dissemination of information and knowledge through the selection of variables that allow us to determine the dynamic of a given territory or region; (iii) Define a Geography of the Information Society in Continental Portugal.

The determinants of trade credit: a study of portuguese industrial companies

Despite the relevance of trade credit as a source of business financing, the topic is far from being considered exhausted, especially because there is no general and integrated theory explaining the causes and consequences of trade credit.Our research aims to contribute towards the literature that studies the determinants for granting and receiving trade credit. In this sequence, the present study seeks to empirically test some theories about the reasons why companies grant and receive commercial credit. For this purpose we apply a fixed effect model to a panel of 11 040 Portuguese industrial companies, of which 360 are large companies and the majority 10 680 are Small and Medium Enterprises (SME) for the period between 2003 and 2009. We conclude that large companies (with greater access to credit market) serve as financial intermediaries to their clients with less access to finance. In addition, it was observed that the supplier companies use trade credit as a legal means of price discrimination. Finally, financially constrained enterprises, especially in times of financial crisis, use commercial credit as an alternative source of funding, endorsing the hypothesis of substitution between trade credit and bank credit.

Knowledge management in multinational companies: the repatriates’ role in the competitive advantage in subsidiaries

This paper addresses the topic of knowledge management in multinational companies (MNCs). Its purpose is to examine the role of expatriates in knowledge acquisition and transfer within MNCs. Specifically it focuses on knowledge acquisition and transfer from one MNC head office located in Germany to two Portuguese subsidiaries as a basis for competitive advantage in their Portuguese subsidiaries. A qualitative research methodology is used, specifically through an exploratory case study approach, which examines how international assignments are important for the role of expatriates In knowledge acquisition and transfer between foreign head offices and their Portuguese subsidiaries. The data were collected through semi structured interviews to 10 Portuguese repatriates from two Portuguese subsidiaries of one foreign MNC. The findings suggest that the reasons that lead to expatriating employees from Portuguese subsidiaries to foreign head offices are connected to (1) knowledge management strategies to development the subsidiary’s performance; (2) new skills and knowledge acquisition by future team leaders and business/product managers in Portuguese subsidiaries; (3) procuring knowledge, from agents in head office, to be disseminated amongst co-workers in Portuguese subsidiaries; (4) acquiring global management skills, impossible to acquire locally and; (5) developing global projects within MNC. Also our results show that knowledge acquisition and transfer from foreign head office, through subsidiaries’ expatriates, contributes directly to the Portuguese subsidiaries’ innovation, improved performance, competitive advantage and growth in the economic sectors in which they operate. Moreover, evidence reveals that expatriation is seen as a strategy to fulfil some of the main organisational objectives through their expatriates (e.g., create new products and business markets, develop and incorporate new organisational techniques and processes, integrate global teams within multinational corporation with a responsibility on the definition of global objectives). The results obtained suggest that expatriates have a central role in acquiring and transferring strategic knowledge from MNC head office to their subsidiaries located in Portugal. Based on the findings, the paper discusses in detail the main theoretical and managerial implications. Suggestions for further research are also presented. The study’s main limitation is the small size of the sample, but its findings and methodology are quite original and significant.

Gestão de stocks e armazém de matérias-primas

Relatório de Estágio apresentado ao Instituto Politécnico do Porto para obtenção do Grau de Mestre em Logística Orientadores do Instituto: Professor Doutor Luís Barreto e Mestre Jonas Lima Orientador da empresa: Engenheiro Vítor Carvalho

Surveillance technology and strategy for management of Portugal's EEZ

EEZ International, Summer 2003, p. 43-47