Venture capital investment on SME

This thesis studies venture capital investment on small and medium-sized enterprises (SMEs). The specific objective of the study is to test whether venture capitalists have a positive effect on SMEs. In addition effect of several other factors is studied in financial crisis. Used determinants are formulated based on three capital structure theories. The pecking order theory concerns favoring on financing source over another. The agency theory and the tradeoff theory concentrate on the search of optimal capital structure. The data of this study consist of financial statement data and results of corporate questionnaire. Regression analysis was used to find out the effects of several determinants. Regression models were formed based on the presented theories. SMEs with and without venture capitalists were considered separately. It was found that venture capitalists have a positive effect on SMEs. Although some results between SMEs with and without venture capitalists were mixed.

Characteristics of credit risk assessment methods of major Nordic banks in allocating capital when extending credits to large corporations

Credit risk assessment is an integral part of banking. Credit risk means that the return will not materialise in case the customer fails to fulfil its obligations. Thus a key component of banking is setting acceptance criteria for granting loans. Theoretical part of the study focuses on key components of credit assessment methods of Banks in the literature when extending credits to large corporations. Main component is Basel II Accord, which sets regulatory requirement for credit risk assessment methods of banks. Empirical part comprises, as primary source, analysis of major Nordic banks’ annual reports and risk management reports. As secondary source complimentary interviews were carried out with senior credit risk assessment personnel. The findings indicate that all major Nordic banks are using combination of quantitative and qualitative information in credit risk assessment model when extending credits to large corporations. The relative input of qualitative information depends on the selected approach to the credit rating, i.e. point-in-time or through-the-cycle.

Murcha de fusário em helicônia: fontes de resistência, método alternativo de detecção e defesa estrutural

O cultivo das helicônias vem sendo afetado pela murcha, causada por Fusarium oxysporum f.sp. cubense. Este trabalho objetivou identificar fontes de resistência, verificar a detecção da resistência através de método alternativo e avaliar a lignificação como mecanismo de defesa do hospedeiro ao patógeno. As espécies utilizadas na identificação de resistência foram Heliconia bihai, H. psittacorum cvs. Golden Torch e Golden Torch Adrian, H. rostrata, H. stricta cvs. Capri e Fire Bird, H. psittacorum cvs. Sassy e Alan Carle, H. caribea, H. latispatha, H. wagneriana e H. chartacea cv. Sexy Pink. A avaliação dos sintomas foi realizada aos 40 dias após a inoculação baseada em escala de notas variando de 1 a 6. As espécies consideradas resistentes foram H. bihai, H. psittacorum cvs. Golden Torch e Golden Torch Adrian, H. rostrata, H. stricta cv. Capri, H. psittacorum cv. Sassy e H. caribea. O método alternativo de detecção de resistência consistiu na utilização de filtrado fúngico obtido a partir do cultivo em meio Czapek, utilizando várias concentrações do mesmo depositando em folhas destacadas das cultivares resistentes e suscetíveis H. psittacorum cvs. Golden Torch e Alan Carle, respectivamente. A avaliação foi feita após 48 horas de incubação, onde a concentração em 50% do filtrado foi a mais eficiente na distinção da resistência. O mecanismo estrutural foi observado em secções histológicas nas raízes das espécies utilizadas no estudo de resistência, inoculadas com o método de injeção e não inoculadas, que permitiram verificar a ausência de relação entre a resistência e a lignificação.

Development of research networks : the case of social capital

The aim of this study is to explore how a new concept appears inscientific discussion and research, how it diffuses to other fields and out of the scientific communities, and how the networks are formed around the concept. Text and terminology take the interest of a reader in the digital environment. Texts create networks where the terminology used is dependent on the ideas, viewsand paradigms of the field. This study is based mainly on bibliographic data. Materials for bibliometric studies have been collected from different databases. The databases are also evaluated and their quality and coverage are discussed. The thesauri of those databases that have been selected for a more in depth study have also been evaluated. The material selected has been used to study how long and in which ways an innovative publication, which can be seen as a milestone in a specific field, influences the research. The concept that has been chosen as a topic for this research is Social Capital, because it has been a popular concept in different scientific fields as well as in everyday speech and the media. It seemed to be a `fashion concept´ that appeared in different situations at the Millennium. The growth and diffusion of social capital publications has been studied. The terms connected with social capital in different fields and different stages of the development have also been analyzed. The methods that have been used in this study are growth and diffusion analysis, content analysis, citation analysis, coword analysis and cocitation analysis. One method that can be used tounderstand and to interpret results of these bibliometric studies is to interview some key persons, who are known to have a gatekeeper position in the diffusion of the concept. Thematic interviews with some Finnish researchers and specialists that have influenced the diffusion of social capital into Finnish scientificand social discussions provide background information. iv The Milestone Publications on social capital have been chosen and studied. They give answers to the question "What is Social Capital?" By comparing citations to Milestone Publications with the growth of all social capital publications in a database, we can drawconclusions about the point at which social capital became generally approved `tacit knowledge´. The contribution of the present study lies foremost in understanding the development of network structures around a new concept that has diffused in scientific communities and also outside them. The network means both networks of researchers, networks of publications and networks of concepts that describe the research field. The emphasis has been on the digital environment and onthe socalled information society that we are now living in, but in this transitional stage, the printed publications are still important and widely used in social sciences and humanities. The network formation is affected by social relations and informal contacts that push new ideas. This study also gives new information about using different research methods, like bibliometric methods supported by interviews and content analyses. It is evident that interpretation of bibliometric maps presupposes qualitative information and understanding of the phenomena under study.

Social capital and health : variations, associations and challenges

Although social capital and health have been extensively studied during the last decade, there are still open issues in current empirical research. These concern for instance the measurement of the concept in different contexts, as well as the association between different types of social capital and different dimensions of health. The present thesis addressed these questions. The general aim was to promote the understanding of social capital and health by investigating the oldest old and the two major language groups in Finland, Swedish- and Finnish-speakers. Another aim was to contribute to the discussion on methodological issues in social capital and health research. The present thesis investigated two empirical data sets, Umeå 85+ and Health 2000. The Umeå 85+ study was a cross-sectional study of 163 individuals aged 85, 90, and 95 or older, living in the municipality of Umeå, Sweden, in the year of 2000. The Health 2000 survey was a national study of 8,028 persons aged 30 or above carried out in Finland in 2000-2001. Different indicators of structural (e.g. social contacts) and cognitive (e.g. trust) social capital, as well as health indicators were used as variables in the analyses. The Umeå 85+ data set was analyzed with factor analysis, as well as univariate and multivariate analysis of variance. The Health 2000 data was analyzed with logistic regression techniques. The results showed that the Swedish-speakers in the Finnish data set Health 2000 had consistently higher prevalence of social capital compared to the Finnish-speakers even after controlling for central sociodemographic variables. The results further showed that even if the language group differences in health were small, the Swedishspeakers experienced in general better self-reported health compared with the Finnish-speakers. Common sociodemographic variables could not explain these observed differences in health. The results imply that social capital is often, but not always, associated with health. This was clearly seen in the Umeå 85+ data set where only one health indicator (depressive symptoms) was associated with structural social capital among the oldest old. The results based on the analysis of the Health 2000 survey demonstrated that the cognitive component of social capital was associated with self-rated health and psychological health rather than with participation in social activities and social contacts. In addition, social capital statistically reduced the health advantage especially for Swedish-speaking men, indicating that high prevalence of social capital may promote health. Finally, the present thesis also discussed the issue of methodological challenges faced with when analyzing social capital and health. It was suggested that certain components of social capital such as bonding and bridging social capital may be more relevant than structural and cognitive components when investigating social capital among the two language groups in Finland. The results concerning the oldest old indicated that the structural aspects of social capital probably reflect current living conditions, whereas cognitive social capital reflects attitudes and traits often acquired decades earlier. This is interpreted as an indication of the fact that structural and cognitive social capital are closely related yet empirically two distinctive concepts. Taken together, some components of social capital may be more relevant to study than others depending on which population group and age group is under study. The results also implied that the choice of cut-off point of dichotomization of selfrated health has an impact on the estimated effects of the explanatory variables. When the whole age interval, 35-64 years, was analyzed with logistic regression techniques the choice of cut-off point did not matter for the estimated effects of marital status and educational level. The results changed, however, when the age interval was divided into three shorter intervals. If self-rated health is explored using wide age intervals that do not account for age-dependent covariates there is a risk of drawing misleading conclusions. In conclusion, the results presented in the thesis suggest that the uneven distribution of social capital observed between the two language groups in Finland are of importance when trying to further understand health inequalities that exist between Swedish- and Finnish-speakers in Finland. Although social capital seemed to be relevant to the understanding of health among the oldest old, the meaning of social capital is probably different compared to a less vulnerable age group. This should be noticed in future empirical research. In the present thesis, it was shown that the relationship between social capital and health is complex and multidimensional. Different aspects of social capital seem to be important for different aspects of health. This reduces the possibility to generalize the results and to recommend general policy implementations in this area. An increased methodological awareness regarding social capital as well as health are called for in order to further understand the cfomplex association between them. However, based on the present data and findings social capital is associated with health. To understand individual health one must also consider social aspects of the individuals’ environment such as social capital.

Working Capital Management: a Bibliometric Study

This thesis is a study of articles published in scientific journals about working capital management using bibliometric methods. The study was restricted to articles published in 1990–2010 that deal with the whole working capital management topic not a single sub-area of it. Working capital is defined as current assets minus current liabilities; sometimes also a definition of inventory plus accounts receivable minus accounts payable is used. The data was retrieved from the databases ISI Web of Science and Sciverse Scopus. Articles about working capital management were found 23. Content analysis, statistical analysis and citation analysis was performed to the articles. The most cited articles found in citation analysis were also analyzed by nearly same methods. This study found that scientific research of working capital management seems not to be concentrated to specific persons, organizations or journals. The originality and novelty in many articles is low. Many articles studied relation between working capital management and profitability in firms or working capital management practices of firms using statistical analyses. Data in articles was firms of all sizes, except in developing economies only big firms were used. Interesting areas for future research could be surveys made about working capital management practices in firms, finding of best practices, tools for working capital management, inventing or improving alternative views to working capital management like process-oriented view and firm or industry specific studies.

Working capital management in the value chain of automotive industry

The objective of this Master’s thesis is to examine working capital management in the automotive industry in years 2006-2008. The study is conducted by the analysis of financial statements. The sample consists of 65 companies that represent different stages in the value chain of automotive industry beginning from raw material suppliers and ending to car dealers. Working capital management is studied by the cash conversion cycle (CCC). The results show that the average CCC of the value chain is 67 days. Car manufacturers had the longest CCC, 106 days, whereas the CCC of oil companies was the shortest, 22 days. The findings suggest that the cycle time of working capital usually follows the cycle time of inventories, since the changes in cycle times of accounts receivable and payable compensate each other. Improvements in working capital management could be achieved by sharing more accurate information in the chain for example about inventory levels and order points of customer. It could also be discussed within the automotive industry, if the long credit periods, which tie up working capital, are really needed. New technologies enable faster payments, which would reduce the cash conversion cycles, improve the profitability of companies, and increase the competitiveness of the value chain. Working capital should not be reduced at the expense of value chain partners, because nowadays the competition is rather between the value chains than between the companies. Similar research design is applied earlier to study working capital management in the value chain of pulp and paper industry. Even if the industries and the structures of the chains differ from each other, results were surprisingly similar. In future research, working capital management in other industries’ value chains could still be studied and compared to previous studies. ICT industry, for example, could be an interesting object.

Comparação de métodos de amostragem para análise estrutural de florestas ineqüiâneas

O presente trabalho foi realizado em um povoamento florestal ineqüiâneo, pertencente à Universidade Federal de Viçosa-MG, objetivando comparar estimativas do número de árvores por hectare, volume por hectare, área basal por hectare, diâmetro médio e altura média do povoamento e número de espécies, utilizando parcelas de área fixa (método I) e amostragem por ponto horizontal (método de Bitterlich), com fatores de área basal K=1, K=2 e K=4 (métodos II, III e IV, respectivamente). Após análises, constatou-se que: a) para atender a um determinado erro de amostragem, há a necessidade de maior número de pontos de amostragem, em comparação ao número de parcelas de área fixa; b) não houve diferença estatística entre as estimativas de volume por hectare, área basal por hectare, diâmetro médio e altura média do povoamento, obtidas nas parcelas de área fixa e nos pontos de amostragem, independentemente do fator de área basal; c) a amostragem por ponto horizontal (método de Bitterlich) poderá ser utilizada para caracterização da composição florística se houver aumento de intensidade amostral ou se a floresta apresentar baixa diversidade de espécies; e d) houve diferença estatística entre o número de árvores por hectare e por classe de diâmetro para os métodos de amostragem estudados. Os métodos II, III e IV subestimaram o número de árvores nas maiores classes de dap (diâmetro à altura do peito) e superestimaram-no nas menores.

Avaliação quantitativa da sustentabilidade estrutural de um latossolo vermelho-amarelo cultivado com eucalipto na região de Peçanha-MG

Uma das limitações para que o desenvolvimento florestal sustentável seja atingido está relacionado com a questão do tráfego durante a realização das operações de colheita e transporte de madeira, pois elas podem causar degradação da estrutura do solo. Visando obter uma solução para este problema, os objetivos deste estudo foram: a) propor um modelo de sustentabilidade da estrutura dos solos cultivados com Eucalyptus spp., na região de Peçanha-MG, em função da pressão de preconsolidação (sigmap) e da umidade (U); e b) determinar, através do uso deste modelo, a influência das operações realizadas com o Feller-Büncher e Skidder (Pneu 30.5L.32), Feller-Büncher e Skidder (Pneu 66.43.00.26) e Harvester e Forwarder na estrutura do solo. Este estudo foi conduzido em um Latossolo Vermelho-Amarelo (LV), sob Eucalyptus, utilizando amostras indeformadas, coletadas antes e após as operações da colheita, na profundidade de 0,10 a 0,125 m. As amostras indeformadas foram utilizadas nos ensaios de compressão uniaxial. Foram determinadas também a textura e a densidade de partículas do solo. O modelo de sustentabilidade da estrutura do Latossolo Vermelho-Amarelo obtido para os projetos deste estudo é expresso pela seguinte equação: sigmap = 10(2,72-1,29 U). O uso dos modelos de sustentabilidade da estrutura e da pressão de preconsolidação, determinada após o tráfego, permitiu quantificar os efeitos causados pelo Feller-Büncher e Skidder (Pneu 30.5L.32), Feller-Büncher e Skidder (Pneu 66.43.00.26) e Harvester e Forwarder na estrutura do Latossolo Vermelho-Amarelo. Nos projetos Buriti e São Leonardo, as operações realizadas com o Harvester e Forwarder foram as que mais degradaram a estrutura do solo, enquanto no projeto Dourado foram as realizadas com o Feller-Büncher e Skidder (Pneu 30.5L.32) e Feller-Büncher e Skidder (Pneu 66.43.00.26).

Intellectual capital management in international and Russian software companies

The importance of the company’s intellectual capital (IC) increased during the last decades due to knowledge-based economy development. Despite the clear understanding of the IC importance, researchers agree on the fact that many difficulties in management of intangibles still exist from the both theoretical and practical points of view. The goal of the study is to conduct a comparison of IC management approaches used in international and Russian software companies. To carry out a proper comparison and identify similarities and differences, software firms are explored from the point of view of IC, and then be compared in the context of international and Russian sectors. At the end of the study, current IC management findings in international and Russian software companies are presented, and comparison of IC management is done. It was investigated from the comparison that international and Russian software companies have similarities and few principal differences in several IC management areas. The comparison of IC management approaches between international and Russian software companies provide helpful information to both, researchers and practitioners.

Alteração estrutural de uma área florestal explorada convencionalmente na bacia do Paraíba do Sul, Minas Gerais, nos domínios de Floresta Atlântica

O presente estudo, realizado no município de Matias Barbosa,MG, na Fazenda Paciência, teve como objetivo avaliar as alterações estruturais ocorridas em uma Floresta Estacional Semidecidual, nos domínios de floresta Atlântica, em decorrência das atividades de exploração convencional de um plano de manejo. Para isso, foi utilizado um trecho contínuo de floresta que teve uma área explorada há seis anos e outra área não-explorada. Foram lançadas parcelas para estudo da vegetação arbórea, nas quais se avaliou a sua estrutura. Os dados foram analisados de forma comparativa, considerando-se a situação observada na área de floresta não-explorada como desejável. O resultado do estudo indicou que a atividade de exploração madeireira realizada na Fazenda Paciência tem levado a alterações significativas na estrutura, além de um depauperamento do valor comercial do estoque remanescente da área de floresta explorada, podendo levar a um comprometimento dos recursos da comunidade florestal.

Análise da madeira do Pinus oocarpa parte II: caracterização estrutural da lignina de madeira moída

Este estudo caracterizou a Lignina de Madeira Moída (LMM) proveniente de Pinus oocarpa cultivado na região do Cerrado brasileiro. A LMM foi isolada e analisada por meio das espectrometrias no infravermelho com transformada de Fourier (IVTF), de ressonância magnética nuclear do próton e carbono-13 e por intermédio de métodos químicos de análise por via úmida. A LMM apresentou uma fórmula mínima igual a C9H9,2O2,6(OCH 3)0,8 e massas molares médias em massa (Mw) e numérica (Mn) de 3.969 e 1.133 Da, respectivamente. A LMM dessa madeira se enquadra dentro das ligninas típicas de coníferas.

Análise estrutural em floresta ombrófila densa de terra firme não explorada, Amazônia Oriental

O estudo teve como objetivo analisar a composição florística e as estruturas horizontal, interna e diamétrica da floresta. A pesquisa foi conduzida na Unidade de Manejo Florestal (UMF) da Fazenda Tracajás (02º35'53"S e 47º47'10"W), Município de Paragominas, Estado do Pará, Brasil. A floresta foi estratificada em três áreas homogêneas, denominadas classes I, II e III de estoques volumétricos, empregando-se análise multivariada: análises de agrupamento e discriminante. Em cada classe de estoque foram instaladas, aleatoriamente, cinco parcelas de 100 x 100 m (1,0 ha) cada uma, para medição dos indivíduos com dap > 15 cm. No centro de cada parcela de 100 x 100 m foi instalada uma subparcela de 10 x 100 m (0,1 ha), para medição dos indivíduos com 5 cm < dap < 15 cm. Nas classes I, II e III de estoques volumétricos das árvores com dap > 15 cm (nível I de inclusão), respectivamente, estimou-se uma densidade total de 322,4; 309,0; e 313,8 indivíduos por hectare, bem como dominância total de 27,36; 27,45; e 25,88 m²/ha e volume de fuste total de 358,69; 328,33; e 308,69 m³/ha. Nas classes I, II e III de estoques volumétricos das árvores com 5 cm < dap < 15 cm (nível II de inclusão), respectivamente, estimaram-se densidade total de 846; 854; e 886 indivíduos por hectare, dominância total de 4,80; 4,93; e 5,46 m²/ha e volume de fuste total de 93,98; 91,23; e 97,61 m³/ha. As espécies de maior valor de importância relativa, Lecythis idatimon (potencial), Rinorea guianensis (não comercial) e Pouteria guianensis (potencial), ocorreram em todos os níveis de inclusão e classes de estoque. As distribuições de diâmetros de todas as espécies e das espécies comerciais com dap > 5 cm, estimadas pela equação de Meyer, confirmaram a tendência exponencial negativa ("J-invertido"). A análise da estrutura da floresta em classes de estoque permitiu melhor conhecimento da composição de espécies e da estrutura fitossociológica, sendo útil na tomada de decisões em planos de manejo de rendimento sustentável.