STRATEGIES FOR SUPERIOR PERFORMANCE IN RECESSIONS: PRO OR COUNTER-CYCLICAL?

Recessions are recurring events in which most firms suffer severe impacts while others are less affected or may even prosper. Strategic management has made little progress in understanding such performance differences. In a scenario of decreased demand, intensified competition, and higher uncertainty, most firms try to survive by pro-cyclically cutting costs and investments. But firms could take advantage of undervalued resources in the market to counter-cyclically invest in new business opportunities to overtake competitors. We survey Brazilian firms in various industries about the 2008-2009 recession and analyze data using PLS-SEM. We find that while most firms pro-cyclically reduce costs and investments in recessions, a counter-cyclical strategy of investing in opportunities created by changes in the market enables superior performance. Most successful are firms with a propensity to recognize opportunities, an entrepreneurial orientation to invest, and the flexibility to efficiently implement investments.

CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE: THE SPANISH CASE

ABSTRACT The enormous interest aroused by corporate social responsibility both in the academic and the business worlds forms the background for this study. Its objective is to analyze the relationship between corporate social responsibility and financial performance in view of the debate in the literature on the subject. The study focuses on a sample of Spanish companies taken from the IBEX 35 stock market index, using panel data methodology, which offers advantages in comparison to methodologies used in other studies. We analyzed the period from 2003 to 2010. Our findings suggest that there is no obvious relationship between corporate social responsibility and financial results, at least in the case of Spain.

Relationship between antropometric, corporal composition and performance in young swimmers, boys and girls

The young athlete is physiologically unique from the adult and must be considered differently. The growth and development of their bones, muscles, nerves, and organs largely dictate their physiological and performance capacities (Bar–Or, 1983; Costill & Wilmore, 1994; Stager et al., 2008). Swimming performance, and the required times to reach a competition (TAC), shoud look for those diferences and should be compatibles with them.

A System Dynamics-Based Simulation Experiment for Testing Mental Model and Performance Effects of Using the Balanced Scorecard

This study develops a theoretical model that explains the effectiveness of the balanced scorecard approach by means of a system dynamics and feedback learning perspective. Presumably, the balanced scorecard leads to a better understanding of context, allowing managers to externalize and improve their mental models. We present a set of hypotheses about the influence of the balanced scorecard approach on mental models and performance. A test based on a simulation experiment that uses a system dynamics model is performed. The experiment included three types of parameters: financial indicators; balanced scorecard indicators; and balanced scorecard indicators with the aid of a strategy map review. Two out of the three hypotheses were confirmed. It was concluded that a strategy map review positively influences mental model similarity, and mental model similarity positively influences performance.

Modeling the Diffusion of Energy Performance Contracting

The Portuguese Energy Policy considers the development of a commercially viable and competitive market for energy performance contracting (EPC) as a main mechanism to achieve the objectives of energy efficiency improvement. This paper proposes a study to investigate how to achieve widespread adoption of energy performance contracting by means of system dynamics modelling and simulation. To explore and gather insights on this question, a system dynamics model representing the system of the Portuguese EPC market at industry level will be created. The simulation of that model will provide a helpful basis for analysing and explaining the development of key variables, and accelerating learning on the managerial, organizational and political adaptation processes that foster the diffusion of EPC adoption. The first phase of this research project aims at identifying and analysing the key factors and critical cause-effect relations that drive the adoption of EPC. With this purpose, a qualitative content analysis on relevant documents was performed and a set of interviews was conducted. That data was analysed to capture the critical variables and its interrelation to formulate a preliminary representation of the system structure as stock and flow diagrams.

Diagnostic performance of visual screening tests in the elderly

This study aimed to determine and evaluate the diagnostic accuracy of visual screening tests for detecting vision loss in elderly. This study is defined as study of diagnostic performance. The diagnostic accuracy of 5 visual tests -near convergence point, near accommodation point, stereopsis, contrast sensibility and amsler grid—was evaluated by means of the ROC method (receiver operating characteristics curves), sensitivity, specificity, positive and negative likelihood ratios (LR+/LR−). Visual acuity was used as the reference standard. A sample of 44 elderly aged 76.7 years (±9.32), who were institutionalized, was collected. The curves of contrast sensitivity and stereopsis are the most accurate (area under the curves were 0.814−p = 0.001, C.I.95%[0.653;0.975]— and 0.713−p = 0.027, C.I.95%[0,540;0,887], respectively). The scores with the best diagnostic validity for the stereopsis test were 0.605 (sensitivity 0.87, specificity 0.54; LR+ 1.89, LR−0.24) and 0.610 (sensitivity 0.81, specificity 0.54; LR+1.75, LR−0.36). The scores with higher diagnostic validity for the contrast sensibility test were 0.530 (sensitivity 0.94, specificity 0.69; LR+ 3.04, LR−0.09). The contrast sensitivity and stereopsis test's proved to be clinically useful in detecting vision loss in the elderly.

Diagnostic performance of visual screening tests in the elderly

The aging of Portuguese population is characterized by an increase of individuals aged older than 65 years. Preventable visual loss in older persons is an important public health problem. Tests used for vision screening should have a high degree of diagnostic validity confirmed by means of clinical trials. The primary aim of a screening program is the early detection of visual diseases. Between 20% and 50% of older people in the UK have undetected reduced vision and in most cases is correctable. Elderly patients do not receive a systematic eye examination unless a problem arises with their glasses or suspicion vision loss. This study aimed to determine and evaluate the diagnostic accuracy of visual screening tests for detecting vision loss in elderly. Furthermore, it pretends to define the ability to find the subjects affected with vision loss as positive and the subjects not affected with the same disease as negative. The ideal vision screening method should have high sensitivity and specificity for early detection of risk factors. It should be also low cost and easy to implement in all geographic and socioeconomic regions. Sensitivity is the ability of an examination to identify the presence of a given disease and specificity is the ability of the examination to identify the absence of a given disease. It was not an aim of this study to detect abnormalities that affect visual acuity. The aim of this study was to find out what´s the best test for the identification of any vision loss.

Development of a penetration test for timber impregnation products for use in old buildings

This paper studies the application of commercial biocides to old maritime pine timber structures (Pinus pinaster Ait.) that have previously been impregnated with other products. A method was developed in the laboratory to be used in situ to determine the impregnation depth achieved by a new generation biocide product applied to timber from an old building. This timber had once been treated with an unknown product difficult to characterize without extensive analysis. The test was initially developed in laboratory conditions and later tested on elements of the roof structure of an 18th century building. In both cases the results were promising and mutually consistent with penetration depths for some treatments reaching 2.0 cm. The application in situ proved the tests viability and simplicity of execution giving a clear indication on the feasibility of possible re-treatments.

Analysis of constructed wetland performance for irrigation reuse

Most of the wastewater treatment systems in small rural communities of the Cova da Beira region (Portugal) consist of constructed wetlands (CW) with horizontal subsurface flow (HSSF). It is believed that those systems allow the compliance of discharge standards as well as the production of final effluents with suitability for reuse. Results obtained in a nine-month campaign in an HSSF bed pointed out that COD and TSS removal were lower than expected. A discrete sampling also showed that removal of TC, FC and HE was not enough to fulfill international irrigation goals. However, the bed had a very good response to variation of incoming nitrogen loads presenting high removal of nitrogen forms. A good correlation between mass load and mass removal rate was observed for BOD5, COD, TN, NH4-N, TP and TSS, which shows a satisfactory response of the bed to the variable incoming loads. The entrance of excessive loads of organic matter and solids contributed for the decrease of the effective volume for pollutant uptake and therefore, may have negatively influenced the treatment capability. Primary treatment should be improved in order to decrease the variation of incoming organic and solid loads and to improve the removal of COD, solids and pathogenic. The final effluent presented good physical-chemical quality to be reused for irrigation, which is the most likely application in the area.

Power converter topologies for wind energy conversion systems: Integrated modeling, control strategy and performance simulation

This paper presents new integrated model for variable-speed wind energy conversion systems, considering a more accurate dynamic of the wind turbine, rotor, generator, power converter and filter. Pulse width modulation by space vector modulation associated with sliding mode is used for controlling the power converters. Also, power factor control is introduced at the output of the power converters. Comprehensive performance simulation studies are carried out with matrix, two-level and multilevel power converter topologies in order to adequately assert the system performance. Conclusions are duly drawn.

Durability performance of concrete made with fine recycled concrete aggregates

Fine recycled aggregates are seen as the last choice in recycling for concrete production. Many references quote their detrimental influence on the most important characteristics of concrete: compressive and tensile strength; modulus of elasticity; water absorption; shrinkage: carbonation and chloride penetration. These two last characteristics are fundamental in terms of the long-term durability of reinforced or prestressed concrete. In the experimental research carried out at IST, part of which has already been published, different concrete mixes (with increasing rates of substitution of fine natural aggregates sand - with fine recycled aggregates from crushed concrete) were prepared and tested. The results were then compared with those for a reference concrete with exactly the same composition and grading curve, but with no recycled aggregates. This paper presents the main results of this research for water absorption by immersion and capillarity, chloride penetration (by means of the chloride migration coefficient), and carbonation resistance, drawing some conclusions on the feasibility of using this type of aggregate in structural concrete, while taking into account any ensuing obvious positive environmental impact.

Hábitos de sono e performance académica: estudo comparativo entre Estónia e Portugal

Actualmente, na nossa sociedade, muitas das actividades diárias têm prioridade sobre o sono. A privação do sono em estudantes tem sido documentada em variados países e o problema reside no conflito entre a necessidade física e psicológica, dos estudantes, de dormir e os seus horários. Esta privação do sono é, muitas das vezes, relacionada com a diminuição do humor e do rendimento académico. No intuito de combater estes problemas, alguns estudantes recorrem ao uso de fármacos ou substâncias com vista a melhorar a sua qualidade de vida e o seu rendimento escolar. O objectivo deste estudo é (1) avaliar a qualidade de sono dos estudantes universitários, (2) avaliar a percentagem de estudantes que consomem fármacos ou substâncias para modificar o seu sono e (3) comparar os resultados entre duas escolas de saúde, Escola Superior de Tecnologia da Saúde do Porto, Portugal (ESTSP) e a Tallinn Health Care College, Estónia (THCC).

Caracterização experimental e numérica do desempenho térmico de um edifício "gaioleiro": identificação de oportunidades de melhoria

O sector dos edifícios é responsável por uma percentagem significativa dos consumos de energia primária e de energia eléctrica em Portugal, associada principalmente ao conforto térmico dos seus ocupantes. A União Europeia pretende uma redução de 20%, até 2020, dos consumos de energia e consequentes emissões de CO2 através da melhoria da eficiência energética dos edifícios públicos e residenciais. Em Portugal, o Plano Nacional para a Eficiência Energética (PNAEE) tem por objectivo obter uma poupança anual de energia de pelo menos 1% até ao ano de 2016, tomando como base a média de consumos de energia final, registados entre 2001 e 2005. Neste contexto, os edifícios anteriores a 1990 (primeira versão do RCCTE) podem apresentar um potencial significativo de melhoria da sua eficiência energética com base na sua reabilitação. Os edifícios “Gaioleiros” (1880 – 1930) constituindo uma parte importante do património histórico da cidade de Lisboa, para os quais a informação sobre o seu desempenho térmico é limitada, considerou-se pertinente efectuar um estudo destinado à sua caracterização experimental e numérica, face à especificidade do comportamento térmico das suas paredes caracterizadas pela elevada espessura. No presente trabalho, apresenta-se a metodologia e os resultados experimentais da medição da resistência térmica das paredes e da medição das necessidades térmicas de aquecimento da habitação. Estes resultados experimentais foram utilizados na validação do modelo de simulação térmica da habitação, que posteriormente serviu para avaliar as suas necessidades térmicas de aquecimento (Nic) e de arrefecimento (Nvc), identificar oportunidades de melhoria e avaliar o respectivo potencial de reabilitação. Neste trabalho, como contributos para uma reabilitação sustentável, apresentam-se avaliações de oportunidades de melhoria com base em estratégias de reforço do isolamento térmico. Dos resultados obtidos concluiu-se que melhorando o isolamento térmico das paredes e vãos envidraçados é possível baixar consideravelmente os consumos de energia associados à habitação, cumprindo assim as exigências estabelecidas no RCCTE ao nível dos requisitos de qualidade térmica da envolvente e consumos energéticos para edifícios novos e grandes reabilitações.

Caracterização experimental e numérica da permeabilidade ao ar da envolvente e do sistema de ventilação de um edifício "Gaioleiro"

Os edifícios do tipo “Gaioleiro”, em continuidade com os edifícios do tipo Pombalino, são um conjunto arquitectónico e cultural de elevada importância, expressivo na cidade de Lisboa, sendo fundamental a sua conservação e reabilitação para responder a algumas das actuais preocupações relacionadas com a segurança (funcional, estrutural e construtiva), eficiência energética e valorização deste edificado. A conservação de energia e actual regulamentação de eficiência energética nos edifícios de habitação, baseada nos princípios da Directiva Europeia relativa ao Desempenho Energético de Edifícios 2002/91/EC (EPBD - Energy Performance of Buildings Directives), aplicam-se a edifícios novos e a grandes reabilitações. Contudo, a conservação de energia é uma preocupação transversal (ambiental, económica e social) e nas últimas décadas tem sido objecto de investigação. No entanto, a caracterização experimental de sistemas de ventilação e a sua influência no desempenho térmico de edifícios é escassa, não se conhecendo trabalhos em edifícios “Gaioleiros”. Para a correcta avaliação da eficiência energética das soluções de reabilitação a implementar nestes edifícios é essencial o estudo do seu sistema de ventilação natural. A presente dissertação pretende caracterizar experimentalmente o sistema de ventilação de um edifício “Gaioleiro” através de ensaios de pressurização e de gás traçador. Os ensaios de pressurização destinam-se a avaliar a permeabilidade ao ar das componentes que integram a envolvente, e assim, suportar a estimativa da taxa de infiltrações de ar. Os ensaios com gases traçadores destinam-se a medir a taxa média de renovação de ar, tendo sido, neste trabalho, avaliadas as taxas de renovação de ar para a condição actual, para uma condição de melhoria da permeabilidade ao arda envolvente e para a condição de também ser aplicado um exaustor na chaminé. Esta avaliação experimental permitiu suportar o desenvolvimento e validação do modelo numérico de simulação da ventilação. Com este modelo validado são estimadas as taxas médias de ventilação e são estudadas oportunidades de melhoria de acordo com as exigências de qualidade do ar interior e de eficiência energética, como contributo para uma construção (reabilitação) sustentável. Do trabalho experimental foi evidenciado que se for exclusivamente melhorada a permeabilidade do ar da envolvente existe um elevado risco da taxa de ventilação ser insuficiente, apesar de no Regulamento das Características de Comportamento Térmico dos Edifícios (RCCTE) serem previstas taxas de renovação mais elevadas para essa nova situação. Conclui-se que a caixilharia é o elemento que mais contribui para a permeabilidade ao ar da envolvente (60%). A permeabilidade ao ar deste edifício é muito elevada, sendo possível melhorar substancialmente (reduzir em 50% as necessidades nominais anuais de energia útil para aquecimento) através de intervenções ao nível das janelas e das gralhas de admissão de ar.