The long run impact of mergers and acquisitions on performance – empirical study in the pulp and paper industry

Mergers and acquisitions (M&A) have played very important role in restructuring the pulp and paper industry (PPI). The poor performance and fragmented nature of the industry, overcapacity problems, and globalisation have driven companies to consolidate. The objective of this thesis was to examine how PPI acquirers’ have performed subsequent M&As and whether the deal characteristics have had any impact on performance. Based on the results it seems that PPI companies have not been able to enhance their performance in the long run after M&As although the per-formance of acquiring firms has remained above the industry median, and deal characteristics or the amount of premiums paid do not seem to have had any effect. The statistical significance of the results was tested with change model and regression analysis. Performance was assessed with accrual, cash flow, and market based indicators. Results are congruent with behavioural theory: managers and investors seem to be overoptimistic in determining the synergies from M&As.

The Andean Biotic Index (ABI): revised tolerance to pollution values for macroinvertebrate families and index performance evaluation.

Score-based biotic indices are widely used to evaluate the water quality of streams and rivers. Few adaptations of these indices have been done for South America because there is a lack of knowledge on mac-roinvertebrate taxonomy, distribution and tolerance to pollution in the region. Several areas in the Andes are densely populated and there is need for methods to assess the impact of increasing human pressures on aquatic ecosystems. Considering the unique ecological and geographical features of the Andes, macroinvertebrate indices used in other regions must be adapted with caution. Here we present a review of the literature on mac-roinvertebrate distribution and tolerance to pollution in Andean areas above 2 000masl. Using these data, we propose an Andean Biotic Index (ABI), which is based on the BMWP index. In general, ABI includes fewer macroinvertebrate families than in other regions of the world where the BMWP index has been applied because altitude restricts the distribution of several families. Our review shows that in the high Andes, the tolerance of several macroinvertebrate families to pollution differs from those reported in other areas. We tested the ABI index in two basins in Ecuador and Peru, and compared it to other BMWP adaptations using the reference condi-tion approach. The ABI index is extremely useful for detecting the general impairment of rivers but class quality boundaries should be defined independently for each basin because reference conditions may be different. The ABI is widely used in Ecuador and Peru, with high correlations with land-use pressures in several studies. The ABI index is an integral part of the new multimetric index designed for high Andean streams (IMEERA). Rev. Biol. Trop. 62 (Suppl. 2): 249-273. Epub 2014 April 01.

Defining a Performance Measurement System for Technology Marketing Team by Using the Balanced Scorecard Method

This thesis was produced for the Technology Marketing unit at the Nokia Research Center. Technology marketing was a new function at Nokia Research Center, and needed an established framework with the capacity to take into account multiple aspects for measuring the team performance. Technology marketing functions had existed in other parts of Nokia, yet no single method had been agreed upon for measuring their performance. The purpose of this study was to develop a performance measurement system for Nokia Research Center Technology Marketing. The target was that Nokia Research Center Technology Marketing had a framework for separate metrics; including benchmarking for starting level and target values in the future planning (numeric values were kept confidential within the company). As a result of this research, the Balanced Scorecard model of Kaplan and Norton, was chosen for the performance measurement system for Nokia Research Center Technology Marketing. This research selected the indicators, which were utilized in the chosen performance measurement system. Furthermore, performance measurement system was defined to guide the Head of Marketing in managing Nokia Research Center Technology Marketing team. During the research process the team mission, vision, strategy and critical success factors were outlined.

Added Value of Combining Value and Momentum Indicators in the Swiss Stock Market

The purpose of the thesis is to examine the added value of combining value and momentum indicators in the Swiss stock exchange. Value indicators employed are P/E, EV/EBITDA, P/CF, P/B ja P/S. Momentum indicators examined are 52-week high, acceleration rate, 12-month past return and 6-month past return. The thesis examines whether the composite value measures based on the above mentioned ratios can add value and whether the inclusion of momentum can further improve the risk return profile of the value portfolios. The data is gathered from the Swiss equity market during the sample period from May 2001 to May 2011. Previous studies have shown that composite value measures can somewhat add value to the value portfolio strategy. Similarly, recent academic literature have found evidence that momentum works well as a timing indicator for time to entry to value stocks. This study indicates that the added value of composite value measures exists. It also shows that momentum combined to acceleration rate can significantly improve the risk adjusted performance of value-only portfolios.

Simulation of the energy performance of maize production integrated to pig farming

The study evaluated the energy performance of pig farming integrated with maize production in mechanized no-tillage system. In this proposed conception of integration, the swine excrement is used as fertilizers in the maize crop. The system was designed involving the activities associated to the pig management and maize production (soil management, cultivation and harvest). A one-year period of analysis was considered, enabling the production of three batches of pigs and two crops of maize. To evaluate the energy performance, three indicators were created: energy efficiency, use of non-renewable resources efficiency and cost of non-renewable energy to produce protein. The energy inputs are composed by the inputs and infrastructure used by the breeding of pigs and maize production, as well as the solar energy incident on the agroecosystem. The energy outputs are represented by the products (finished pigs and maize). The results obtained in the simulation indicates that the integration improves the energy performance of pig farms, with an increase in the energy efficiency (186%) as well as in the use of the non-renewable energy resources efficiency (352%), while reducing the cost of non-renewable energy to produce protein (‑58%).

An Overview of the Cleantech Sector - Evaluating Environmental Indicators

The purpose of the thesis is to give an overview of the cleantech sector and to give an answer how cleantech companies can evaluate the environmental sustainability of their business by utilizing various indicators and measures. The thesis is a literature study and it is based on a secondary data. Thesis presents the definitions to cleantech as well as its history and the main industries. Cleantech market overview in Finland and worldwide is also introduced. Furthermore, various indicators are presented in order to evaluate the environmental sustainability of companies' business. In the end, indicators used in cleantech sector are evaluated. As a result, the thesis presents the following methodologies that can be used in evaluating the environmental sustainability in the cleantech sector: Sustainability assessment framework, Environmental value analysis, COMPLIMENT - Environmental performance index for industries and Environmental assessment for cleaner production. More tools are still needed to evaluate environmental sustainability in the cleantech sector.

Quality Indicators of Cervical Cytopathology Tests in the Public Service in Minas Gerais, Brazil

Objective The objective of this study is to assess the performance of cytopathology laboratories providing services to the Brazilian Unified Health System (Sistema Único de Saúde - SUS) in the State of Minas Gerais, Brazil. Methods This descriptive study uses data obtained from the Cervical Cancer Information System from January to December 2012. Three quality indicators were analyzed to assess the quality of cervical cytopathology tests: positivity index, percentage of atypical squamous cells (ASCs) in abnormal tests, and percentage of tests compatiblewith high-grade squamous intraepithelial lesions (HSILs). Laboratories were classified according to their production scale in tests per year≤5,000; from 5,001 to 10,000; from 10,001 to 15,000; and 15,001. Based on the collection of variables and the classification of laboratories according to production scale, we created and analyzed a database using Microsoft Office Excel 97-2003. Results In the Brazilian state of Minas Gerais, 146 laboratories provided services to the SUS in 2012 by performing a total of 1,277,018 cervical cytopathology tests. Half of these laboratories had production scales≤5,000 tests/year and accounted for 13.1% of all tests performed in the entire state; in turn, 13.7% of these laboratories presented production scales of > 15,001 tests/year and accounted for 49.2% of the total of tests performed in the entire state. The positivity indexes of most laboratories providing services to the SUS in 2012, regardless of production scale, were below or well below recommended limits. Of the 20 laboratories that performed more than 15,001 tests per year, only three presented percentages of tests compatible with HSILs above the lower limit recommended by the Brazilian Ministry of Health. Conclusion The majority of laboratories providing services to the SUS in Minas Gerais presented quality indicators outside the range recommended by the Brazilian Ministry of Health.

Designing of Balanced Performance Measurement System to Purchasing Process

The performance measurement produces information about the operation of the business process. On the basis of this information performance of the company can be followed and improved. Balanced performance measurement system can monitor performance of several perspectives and business processes can be led according to company strategy. Major part of the costs of a company is originated from purchased goods or services are an output of the buying process emphasising the importance of a reliable performance measurement of purchasing process. In the study, theory of balanced performance measurement is orientated and framework of purchasing process performance measurement system is designed. The designed balanced performance measurement system of purchasing process is tested in case company paying attention to the available data and to other environmental enablers. The balanced purchasing performance measurement system is tested and improved during the test period and attention is paid to the definition and scaling of objectives. Found development initiatives are carried out especially in the scaling of indicators. Finally results of the study are evaluated, conclusions and additional research areas proposed.

Food packaging indicators and sensors

Various categories of food packaging indicators namely; VTT, Ageless Eye, Mocon, Åbo Akademi and Impak were selected and incorporated into food trays manufactured at LUT packaging laboratory. Each of these food packaging indicators was used to investigate (visually and qualitatively) the transmission of oxygen through the seal, and tray material, as well as to detect microbial activity within the content of the package. Applications of different methods of gas flushing, content variation and introduction of two distinct levels of oxygen scavengers were employed as treatments to evaluate the packaging performance of the food packaging indicators. Ease of handling of each food packaging indicator was also taken into considerations. Findings showed that for packages, which contained chicken product, the amount of oxygen in the package, measured immediately after the sealing operation on the first day gradually decreased to zero percent by the third day of the storage period. The oxygen level remained at this point throughout the duration of storage for the chicken packages. Besides, level of oxygen in the packages without product continued to increase with the storage time, at moderate rate of 0.1% for 100%N2 and 0.3% for 30%CO2/70%N2 empty packages. More carbon dioxide gas was recorded for packages flushed with 30%CO2/70%N2. Results also revealed that visual analysis of one of the color indicators for example Ageless Eye, conformed to the data derived from the luminescence food-packaging indicator. This shows that packaging operation of the packaging line was considerably stable, and efficient with negligible exception. However, it was found that most of the food packaging indicators investigated in this research study exhibited considerable packaging challenges, such as, reaction with the content of the package (Impak); over sensitivity (Åbo Akademi and Impak); ease of handling problem (Åbo Akademi); and ease of activation problem (VTT indicators). In this study, the strengths and limitations of different indicators were analyzed. This study demonstrates the applicability of various indicators in MAP using chicken package application.

Performance Degradation Modelling and Techno-Economic Analysis of Lithium-Ion Battery Energy Storage Systems

Transmission system operators and distribution system operators are experiencing new challenges in terms of reliability, power quality, and cost efficiency. Although the potential of energy storages to face those challenges is recognized, the economic implications are still obscure, which introduce the risk into the business models. This thesis aims to investigate the technical and economic value indicators of lithium-ion battery energy storage systems (BESS) in grid-scale applications. In order to do that, a comprehensive performance lithium-ion BESS model with degradation effects estimation is developed. The model development process implies literature review on lifetime modelling, use, and modification of previous study progress, building the additional system parts and integrating it into a complete tool. The constructed model is capable of describing the dynamic behavior of the BESS voltage, state of charge, temperature and capacity loss. Five control strategies for BESS unit providing primary frequency regulation are implemented, in addition to the model. The questions related to BESS dimensioning and the end of life (EoL) criterion are addressed. Simulations are performed with one-month real frequency data acquired from Fingrid. The lifetime and cost-benefit analysis of the simulation results allow to compare and determine the preferable control strategy. Finally, the study performs the sensitivity analysis of economic profitability with variable size, EoL and system price. The research reports that BESS can be profitable in certain cases and presents the recommendations.

Factors affecting performance proficiency : a case study involving intermediate piano students

The goal of this study was to determine the effect of a number of factors on the performance proficiency of three intermediate piano students having different learning styles, all of whom shared the same teacher. Four sets of data were collected in this investigation: the methodology of the teacher; the practice behaviour of the participants; the effect of intrinsic factors, such as participant attitude, motivation, and ownership of learning; and the effect of extrinsic factors that included parental influence, and participants' school- and employment-related responsibilities. Performance proficiency and assessment of practice behaviour were measured by three external, professionallyqualified music examiners. Performance proficiency varied to some extent between participants, but they shared similar practice behaviours. Learning style does not, therefore, affect practice behaviour. Although they planned their practice time, participants did not show much evidence of monitoring the quality of their practice. On the other hand, participants showed positive attitude; they were motivated to learn; and they were observed to plan their practice time, all indicators of, among other things, positive influence of the teacher and parents. Participants showed evidence that these constructive habits were a denominator common to both their schoolwork and piano practice. It was apparent that, except for learning style, all factors examined had an effect on performance proficiency. Performance proficiency is, therefore, influenced by a large web of factors, a finding that is instructive for classroom teachers. Teachers need to avoid the temptation to teach toward performance expectations. Emphasis should be placed instead on teaching and assessing formative learning strategies.

Analyse de la performance du système portuaire de l'Arctique canadien

Les changements climatiques amènent des transformations profondes de l’environnement arctique. La diminution de l’étendue de la couverture de glace permet un accès facilité aux ressources naturelles et aux communautés nordiques. Au Canada, la région arctique est caractérisée par une géographie archipélagique et un réseau de transport rudimentaire. Le transport maritime est le mode privilégié pour l’acheminement du fret aux communautés et aux sites industriels de l’Arctique. La littérature scientifique présente des lacunes importantes au sujet de la navigation commerciale dans l’Arctique canadien. Peu d’études portent sur le trafic de ravitaillement en raison de son volume peu élevé et de la faible diversité des types de produits transportés, bien qu’il s’agisse d’une activité grandement significative pour les populations et l’économie du Nord. Cette recherche vise à combler cette lacune en dressant un portrait du transport maritime et de la performance des opérations portuaires dans l’Arctique canadien. L’étude est structurée en quatre parties. Une analyse du trafic et des échanges maritimes est d’abord réalisée sous trois échelles : internationale, nationale et intra-arctique. Ensuite, l’étude de la flotte et des routes fait ressortir la distribution géographique des transporteurs. Puis, la performance des ports est mesurée grâce à des indicateurs et un système de cotation. Finalement, une évaluation des opérations maritimes arctiques est menée par l’entremise d’informations récoltées lors d’entrevues avec les membres de l’industrie maritime, de conférences et de travail de terrain. Les sujets abordés concernent l’évolution de la desserte, les défis posés par la navigation en milieu arctique et le développement des ports du Nord canadien. Les résultats de l’étude mènent à la conclusion que le transport maritime dans l’Arctique est caractérisé par une croissance positive du volume acheminé et une implication profonde des transporteurs dédiés à la desserte nordique, mais des infrastructures portuaires et maritimes sous-développées.

Évaluation de la performance des structures des soins de santé primaires du district sanitaire de Labé (Guinée)

Contexte : En République de Guinée, depuis 1984, l’ensemble des structures de soins ont intégré le programme de Soins de santé primaires et Médicaments Essentiels (PEV/SSP/ME). Pour la réalisation de ce programme, d’importants efforts et des sommes des millions de dollars ont été investis, mais les indicateurs de santé du pays sont toujours des plus alarmants du monde (EDS- 2005). Objectif : Evaluer la performance des structures de soins de santé primaires (SSP) d’un district sanitaire guinéen à partir des documents administratifs suivi d’une enquête sur la satisfaction des prestataires et des bénéficiaires et des parties prenantes du district. Méthodologie : Il s’agit d’une étude descriptive de cas touchant 10 des 18 structures de soins de santé primaires du district sanitaire de Labé. Elle porte sur une analyse quantitative de résultats de 10 contrôles semestriels (2004-2009) et sur une analyse qualitative composée d’entretiens menés auprès de 308 bénéficiaires et de quelques membres des Comités de gestion des structures pour apprécier le niveau de performance des structures ciblées. Résultats : Toutes les structures publiques du district sanitaire sous étude étaient intégrées1. Malgré cela, la tendance moyenne des consultations affiche une allure sinusoïdale (fluctuante). Bien que la disponibilité, l’accessibilité, l’utilisation et la couverture adéquate et effective des services de Consultation Primaire Curative (CPC) et de Planification Familiale (PF) n’ont pas connu d’amélioration durant la période de 2004 à 2009. La tendance moyenne de la Consultation prénatale (CPN) et celle de la Vaccination (VA) se sont améliorées au cours de la période d’étude. Les prestataires de services SSP déclarent être assez satisfaits de leur formation mais ne le sont pas pour leur condition de travail surtout ceux du milieu rural (faible rémunération, environnement difficile), qualité moindre de la supervision et ruptures fréquentes de stock en médicaments essentiels. Pour les bénéficiaires, leur satisfaction se limite au respect de leurs valeurs culturelles et de leur interaction avec les prestataires de soins. Cependant, ils déplorent le long temps d’attente, la mauvaise qualité de l’accueil, les coûts élevés des prestations et le manque d’équité qui sont des facteurs qualifiés comme des éléments de contreperformance des structures. Pour les autorités et des parties prenantes, la rupture des stocks en médicaments essentiels, le manque d’équipements et la faible motivation des prestataires sont les facteurs majeurs qui entravent la performance des structures sanitaires, surtout en milieu rural. Conclusion : Malgré l’intégration du programme des SSP dans les structures de SSP du district sanitaire de Labé, on note encore une insuffisance de leur utilisation, la faiblesse de la couverture, le manque de suivi et supervision des structures Une étude actualisée et plus étendue pourrait mieux cerner le sujet.

Exploration des conceptions de la performance privilégiées par des infirmières et des membres de l’équipe d’encadrement impliqués dans l’offre de services infirmiers : une étude qualitative exploratoire

Problématique : Les organisations de santé font face à des pressions diverses pour offrir des soins et des services qui répondent aux plus hauts critères de performance et rendre compte de cette performance. Ces pressions proviennent de différents acteurs tels que les usagers du système de santé et les décideurs politiques. En raison de la place importante que prennent les infirmières dans l’offre de services de santé, il existe un intérêt croissant pour la mise en place d’interventions visant à mesurer et à améliorer la performance des services infirmiers. Cependant, dans le cadre de ces processus, les organisations sont souvent confrontées à des visions différentes et conflictuelles de la performance et à diverses approches pour la mesurer. Objectifs : Cette étude qualitative exploratoire a pour but d’explorer les conceptions de la performance des membres de l’équipe d’encadrement impliqués dans la prestation des services infirmiers et des infirmières soignantes et d’examiner dans quelle mesure les conceptions de la performance des deux groupes d’acteurs correspondent ou entrent en conflit. Méthodologie : Des entrevues semi-dirigées ont été conduites auprès de cinq membres de l’équipe d’encadrement et de trois infirmières. Une analyse de contenu a été effectuée à la fois pour faire ressortir l’éventail des conceptions et celles qui sont les plus prépondérantes dans les discours. Le cadre de référence ayant guidé cette analyse est une adaptation du modèle conceptuel de Donabedian comprenant trois dimensions soit la structure, le processus et les résultats (Unruh & Wan, 2004). Résultats : L’analyse des données recueillies auprès des membres de l’équipe d’encadrement fait ressortir dix conceptions distinctes, mais interreliées de la performance qui mettent l’accent sur les éléments de processus de soins infirmiers et de résultats chez la clientèle. Concernant les infirmières, neuf conceptions ont été répertoriées et l’accent a été porté surtout sur les éléments concernant l’adéquation des ressources humaines infirmières et de processus de soins infirmiers. Certaines similitudes et différences ont été repérées entre les conceptions de ces deux groupes d’acteurs. Conclusion : Cette étude permet de mieux comprendre les conceptions de la performance des acteurs impliqués dans l’offre de services infirmiers. Le modèle intégrateur qui résulte de la combinaison de ces différentes conceptions offre un cadre utile pour guider la construction d’outils de mesure de performance directement en lien avec les soins infirmiers et répondre à la demande d’imputabilité par rapport à ces services.

Modélisation des liens entre des variables associées à l’environnement scolaire et la performance à l’écrit en français des finissants du secondaire au Québec

Le ministère de l’Éducation, du Loisir et du Sport (MELS) publie tous les ans des indicateurs (MELS, 2007) qui traitent de plusieurs aspects du système scolaire québécois. Quoique le MELS insiste sur l’obligation pour les écoles primaires et secondaires d’obtenir des résultats probants en termes d’« efficacité », les indicateurs utilisés pour apprécier la performance des écoles ne sont pas nécessairement conçus à cette fin. Une étude du MELS rapporte que les élèves de 5e secondaire éprouvent de la difficulté à obtenir de bons résultats à deux critères de correction (syntaxe et ponctuation, orthographe), parmi les six de l’épreuve unique de français écrit (MELS, 2008). Ce fait nous amène à nous intéresser à l’étude de la modélisation des liens entre des facteurs associés à l’environnement scolaire et les résultats des élèves de la région métropolitaine de Montréal, en ce qui a trait à ces deux critères pour les cohortes des années 2006, 2007 et 2008. Nous procédons d’abord à des analyses descriptives des variables pour chacune des trois populations. Nous poursuivons l’analyse en effectuant plusieurs modélisations multiniveaux multivariées des deux critères en fonction de variables indépendantes, caractéristiques de l’élève et de l’école. Les résultats de la présente recherche indiquent une relative stabilité dans la performance des élèves pour les trois années, avec une légère amélioration de la performance pour la cohorte de 2007, et qui se maintient pour la cohorte de 2008. Les élèves du secteur privé obtiennent de meilleurs résultats que ceux du public. Le résultat des filles est supérieur à celui des garçons et les élèves de langue maternelle française obtiennent de meilleurs résultats que ceux de langues maternelles différentes du français. Il importe cependant d’apporter quelques nuances dans l’interprétation de ces résultats. En outre, la part de variance dans la performance des élèves attribuable à l’élève est de l’ordre de 75,0 % et de l’ordre de 25,0 % à l’école. On note un effet différentiel des facteurs d’élève et d’école selon le critère considéré. Les variables caractéristiques de l’élève comptent pour 13,9 % de la variance totale de la performance des élèves en syntaxe et ponctuation et pour 9,8 % en orthographe. Les variables caractéristiques de l’école comptent pour 3,7 % de la variance totale de la performance des élèves en syntaxe et ponctuation et pour 6,4 % en orthographe. Certains facteurs d’école, comme la taille, la mixité ne semblent pas présenter un lien significatif avec la performance des élèves.