ANÁLISE DAS MUDANÇAS DOS FATORES DETERMINANTES DA ESTRUTURA DE CAPITAL EM FUNÇÃO DO CICLO DE VIDA DAS EMPRESAS BRASILEIRAS SÃO BERNARDO DO CAMPO

As várias teorias acerca da estrutura de capital despertam interesse motivando diversos estudos sobre o assunto sem, no entanto, ter um consenso. Outro tema aparentemente pouco explorado refere-se ao ciclo de vida das empresas e como ele pode influenciar a estrutura de capital. Este estudo teve como objetivo verificar quais determinantes possuem maior relevância no endividamento das empresas e se estes determinantes alteram-se dependendo do ciclo de vida da empresa apoiada pelas teorias Trade Off, Pecking Order e Teoria da Agência. Para alcançar o objetivo deste trabalho foi utilizado análise em painel de efeito fixo sendo a amostra composta por empresas brasileiras de capital aberto, com dados secundários disponíveis na Economática® no período de 2005 a 2013, utilizando-se os setores da BM&FBOVESPA. Como resultado principal destaca-se o mesmo comportamento entre a amostra geral, alto e baixo crescimento pelo endividamento contábil para o determinante Lucratividade apresentando uma relação negativa, e para os determinantes Oportunidade de Crescimento e Tamanho, estes com uma relação positiva. Para os grupos de alto e baixo crescimento alguns determinantes apresentaram resultados diferentes, como a singularidade que resultou significância nestes dois grupos, sendo positiva no baixo crescimento e negativa no alto crescimento, para o valor colateral dos ativos e benefício fiscal não dívida apresentaram significância apenas no grupo de baixo crescimento. Para o endividamento a valor de mercado foi observado significância para o Benefício fiscal não dívida e Singularidade. Este resultado reforça o argumento de que o ciclo de vida influência a estrutura de capital

The impact of e-business infusion on channel coordination, conflict and reseller performance

Manufacturer–reseller interactions are becoming more technology-enabled as channels of distribution increasingly utilize e-business tools on the Internet. This research examines the performance consequences for resellers as these technological advances are applied to distribution activities between channel members. Using a sample of 216 resellers of computer products, the research explores the impact of e-business tools in 2 areas of manufacturer–reseller interactions: supply tasks and demand tasks. The results suggest that e-business in supply tasks increases relationship coordination between manufacturer and reseller, whereas e-business in demand tasks increases coordination as well as conflict within the channel dyad. The increase of conflict constitutes a potential “dark side” of e-business in channel relationships that may provide an explanation for e-business implementation failures and negative returns on investment in technology.

A genetic algorithm for the generalised transportation problem

The generalised transportation problem (GTP) is an extension of the linear Hitchcock transportation problem. However, it does not have the unimodularity property, which means the linear programming solution (like the simplex method) cannot guarantee to be integer. This is a major difference between the GTP and the Hitchcock transportation problem. Although some special algorithms, such as the generalised stepping-stone method, have been developed, but they are based on the linear programming model and the integer solution requirement of the GTP is relaxed. This paper proposes a genetic algorithm (GA) to solve the GTP and a numerical example is presented to show the algorithm and its efficiency.

Communicating knowledge about police performance

This paper describes the organizational processes of knowledge acquisition, sharing, retention and utilisation as it affected the internal and external communication of knowledge about performance in an English police force. The research was gathered in three workshops for internal personnel, external stakeholders and chief officers, using Journey Making, a computer-assisted method of developing shared understanding. The research concluded that there are multiple audiences for the communication of knowledge about police performance, impeded by the requirement to publish performance data. However, the intelligence-led policing model could lead to a more focused means of communication with various stakeholder groups. Although technology investment was a preferred means of communicating knowledge about performance, without addressing cultural barriers, an investment in technology may not yield the appropriate changes in behaviour. Consequently, technology needs to be integrated with working practices in order to reduce organizational reliance on informal methods of communication.

Optometry:science, techniques and clinical management

An introduction to the theory and practice of optometry in one succinct volume. From the fundamental science of vision to clinical techniques and the management of common ocular conditions, this book encompasses the essence of contemporary optometric practice. Now in full colour and featuring over 400 new illustrations, this popular text which will appeal to both students and practitioners wishing to keep up to date has been revised significantly. The new edition incorporates recent advances in technology and a complete overview of clinical procedures to improve and update everyday patient care. Contributions from well-known international experts deliver a broad perspective and understanding of current optometric practice. A useful aid for students and the newly qualified practitioner, while providing a rapid reference guide for the more experienced clinician.

Automatic processing, quality assurance and serving of real-time weather data over lightweight protocols

Recent advances in technology have produced a significant increase in the availability of free sensor data over the Internet. With affordable weather monitoring stations now available to individual meteorology enthusiasts a reservoir of real time data such as temperature, rainfall and wind speed can now be obtained for most of the United States and Europe. Despite the abundance of available data, obtaining useable information about the weather in your local neighbourhood requires complex processing that poses several challenges. This paper discusses a collection of technologies and applications that harvest, refine and process this data, culminating in information that has been tailored toward the user. In this case we are particularly interested in allowing a user to make direct queries about the weather at any location, even when this is not directly instrumented, using interpolation methods. We also consider how the uncertainty that the interpolation introduces can then be communicated to the user of the system, using UncertML, a developing standard for uncertainty representation.

Redox signalling and detection of protein oxidation by mass spectrometry

It is now recognised that redox control of proteins plays an important role in many signalling pathways both in health and disease. Proteins can undergo a wide variety of oxidative post-translational modifications (oxPTM); while the reversible modifications are thought to be most important in physiological processes, non-reversible oxPTM may contribute to pathological situations and disease. The oxidant is also important in determining the type of oxPTM (chlorination, nitration, etc.), and the susceptibilities of residues vary depending on their structural location. The best characterized oxPTMs involved in signalling modulation are partial oxidations of cysteine to the disulfide, glutathionylated or sulfenic acid forms, but there is increasing evidence that specific oxidations of methionine and tyrosine may have some biological roles. Well understood examples of oxidative regulation include protein tyrosine phosphatases, e.g. PTP1B/C, and members of the MAPK pathways such as MEKK1 and ASK1. Transcription factors such as NFkB and Nrf-2 are also regulated by redox-active cysteines. Improved methods for analysing specific oxPTMs in biological samples are critical for understanding the physiological and pathological roles of these changes, and tandem or MS3 mass spectrometry techniques interfaced with nano-LC separation are being now used. MS3 fragmentation markers for a variety of oxidized residues including tyrosine, tryptophan and proline have been identified, and a precursor ion scanning method that allows the selective identification of these oxPTMs in complex samples has been developed. Such advances in technology offer potential for biomarker development, disease diagnosis and understanding pathology.

Automatic processing, quality assurance and serving of real-time weather data

Recent advances in technology have produced a significant increase in the availability of free sensor data over the Internet. With affordable weather monitoring stations now available to individual meteorology enthusiasts a reservoir of real time data such as temperature, rainfall and wind speed can now be obtained for most of the United States and Europe. Despite the abundance of available data, obtaining useable information about the weather in your local neighbourhood requires complex processing that poses several challenges. This paper discusses a collection of technologies and applications that harvest, refine and process this data, culminating in information that has been tailored toward the user. In this case we are particularly interested in allowing a user to make direct queries about the weather at any location, even when this is not directly instrumented, using interpolation methods. We also consider how the uncertainty that the interpolation introduces can then be communicated to the user of the system, using UncertML, a developing standard for uncertainty representation.

Indigenous and foreign innovation efforts and drivers of technological upgrading:evidence from China

This paper explores the drivers of technology upgrading in emerging economies using a recent Chinese firm-level panel dataset over the 2001-2005 period. It extends the Directed Technical Change theory by considering differences in technology intensities across industries within a country; examines the drivers of technical change, efficiency improvement and TFP growth in Chinese manufacturing firms; and explores the roles of indigenous innovations and foreign technology. It finds that FDI contributes to static industry capabilities by advanced technologies embedded in imported machineries, but not to dynamic technological capabilities of indigenous firms in developing countries. Collective indigenous R&D activities at industry level are the major driver of technology upgrading of indigenous firms that push up the technology frontier. Policy implications are discussed.

Overcoming barriers to membrane protein structure determination

After decades of slow progress, the pace of research on membrane protein structures is beginning to quicken thanks to various improvements in technology, including protein engineering and microfocus X-ray diffraction. Here we review these developments and, where possible, highlight generic new approaches to solving membrane protein structures based on recent technological advances. Rational approaches to overcoming the bottlenecks in the field are urgently required as membrane proteins, which typically comprise ~30% of the proteomes of organisms, are dramatically under-represented in the structural database of the Protein Data Bank.