Timing and economic value of mergers and acquisitions

Doctor of Philosophy in the Faculty of Business Administration

Information security value in e-entrepreneurship

This paper researches the information security value in e-entrepreneurship by revising the literature that establishes the entrepreneurial domain and by relating it with the development of technological resources that create value for the customer in an online business. It details multiple paradigms regarding consumer’s values of information security, while relating them with common practices and previous researches in technological entrepreneurship. This research presents and discusses the benefits of information security standards in e-entrepreneurship. It details and discusses the ISO 27001 and PCI-DSS information security standards that can be used to differentiate security initiatives to achieve competitive advantage, while preserving information leadership as a critical resource for online business success. Based on the literature review, a theoretical research model is presented and research hypotheses are discussed. This model believes that information security affects information leadership and that information leadership, as a unique resource in e-business, contributes to e-entrepreneurship success. The adoption of information security standards affects customer’s trust in e-business, which also benefits e-entrepreneurial strategy.

Corporate governance : value creation and performance in credit unions

In this study, we examine the relationship between good corporate governance practices and the creation of value/performance of credit unions from 2010 to 2012. The objective was to create and validate a corporate governance index for credit unions, and to then analyse the relationship between good governance practices and the creation of value/performance. The problem question is: do good corporate governance practices provide value creation for credit unions? The research started by creating indices from factor analysis to identify latent dependent variables related to value creation and performance; next indices were created from the principal component analysis for the creation of independent latent variables related to corporate governance. Finally, based on panel data from regression models, the influence of the variables and indices related to corporate governance on the indices of value creation and performance was verified. Based on the research, it became evident that the Corporate Governance Index (IGC) is mainly impacted by Executive Management, with 40.31% of the IGC value, followed by the Representation and Participation dimension, with 34.07% of the IGC value. The contribution for academics was the creation of the Corporate Governance Index (IGC) applied for credit unions. As for the contribution to the system of credit unions, the highlight was the effectiveness of the mechanisms for economic-financial and asset management adopted by BACEN, credit unions and OCEMG.

Participation of portuguese manufacturing industry in global value chains

Portugal’s manufacturing sector has a significant importance both in national income and employment. As has been pointed out by several researchers, the traditional methods of analysis fail to grasp all the dimensions of economic competitiveness. This dissertation is then, at its core, an analysis of Portugal’s manufacturing industry in terms of the latter’s value added to production and impact to employment under the framework of global value chains. The current dissertation seeks to study in which way the Portuguese manufacturing industry, and its respective sectors, has a direct and indirect impact on the creation of value added and employment and how this impact can be measured. For development of this work the input-output approach for calculation of multipliers and the new framework proposed by Timmer et al. (2013) for calculation of GVC income and GVC jobs indicators were used, elaborated on the basis of the WIOD project dataset. Moreover, to illustrate the application of the provided methodology the Portuguese textile industry was used as an example. It was found that the changes in final demand of such sectors as Pulp, Paper, Printing and Publishing; Machinery, Nec and Textiles and Textile Products would have a larger impact on generated value added than other manufacturing sectors. At the same time, employment created by the changes in final demand would be more impacted by such sectors as Food, Beverages and Tobacco; Wood and Products of Wood and Cork and Textiles and Textile Products. In this regard, the number of low-skilled workers in Portugal seems to be more effected by changes in final demand, than those occupied by higher -skilled individuals. Moreover, it was found that the distribution of GVC income and GVC jobs for the Portuguese manufacturing industry shares a similar outlook. However, upon closer inspection of GVC labour distribution by skill levels there seems to exist a general progression in which low-skilled jobs requirements are met by local resources, while the need for higher skilled jobs require a greater “off-shoring” of work The results obtained through calculations of presented multipliers provide a powerful tool for policy makers in strategic planning of development of national economy. Using the provided methodology and obtained results, a government and supranational organizations could define which industry would have the greatest impact for an additional unit of output generated through the economy, and thus define the sectors for further investments.

Perpetual debt valuation: the net present value myopia

Would you prefer to receive a fixed rent for a period of 50 years, 75 years or perpetually? Well, if you have chosen the perpetual option, you are absolutely right. However, when considering a mathematical and financial approach, they may all end up roughly the same whenever the Net Present Value (NPV) is approximately identical. It makes common sense to choose the perpetual option even if the NPV exhibits myopia when computing the discount value of a fixed yearly rent. After a certain period, the discount value becomes approximately the same even when adding more yearly fixed rents. Corporations and governments issue perpetual bonds while recognizing these may not represent a very good financing strategy and thus implying that most of these issues are either callable or convertible on the issuer’s request. In approaching the existing perpetual debt related NPV myopia, this paper holds two main goals: firstly, we intend to study the behaviours of perpetual debt yields against other perpetual instruments and, secondly, we consider the financial methods for assessing the value of money before proposing a formula adjustment that might serve to overcome default NPV when evaluating fixed rents in perpetuity.

Perpetual debt valuation: the net present value myopia

Would you prefer to receive a fixed rent for a period of 50 years, 75 years or perpetually? Well, if you have chosen the perpetual option, you are absolutely right. However, when considering a mathematical and financial approach, they may all end up roughly the same whenever the Net Present Value (NPV) is approximately identical. It makes common sense to choose the perpetual option even if the NPV exhibits myopia when computing the discount value of a fixed yearly rent. After a certain period, the discount value becomes approximately the same even when adding more yearly fixed rents. Corporations and governments issue perpetual bonds while recognizing these may not represent a very good financing strategy and thus implying that most of these issues are either callable or convertible on the issuer’s request. In approaching the existing perpetual debt related NPV myopia, this paper holds two main goals: firstly, we intend to study the behaviours of perpetual debt yields against other perpetual instruments and, secondly, we consider the financial methods for assessing the value of money before proposing a formula adjustment that might serve to overcome default NPV when evaluating fixed rents in perpetuity.

The value of peer support and a strengths-based approach in a groupwork programme for fathers in a family support setting

This paper seeks to share and critically explore the learning gained through the genesis, realisation, and facilitation process of Just for Dads, a groupwork programme for fathers, run in a family support setting. It highlights the importance of and challenges involved in engaging men in practice, and in groupwork aimed at fathers in particular. It recounts the significance of using a strengths perspective as a framework for engaging fathers in groupwork and highlights its value as experienced by participants and facilitators. The dynamic of peer learning which developed as a key part of the groupwork process is discussed, both in relation to how it was experienced by participants and also the degree to which the facilitators were part of that dynamic. Overall the paper aims to document and air key issues arising in this relatively unexplored arena of groupwork and family support practice.

Increasing the value of household appliances by adding a heat pump system

Historically, domestic tasks such as preparing food and washing and drying clothes and dishes were done by hand. In a modern home many of these chores are taken care of by machines such as washing machines, dishwashers and tumble dryers. When the first such machines came on the market customers were happy that they worked at all! Today, the costs of electricity and customers’ environmental awareness are high, so features such as low electricity, water and detergent use strongly influence which household machine the customer will buy. One way to achieve lower electricity usage for the tumble dryer and the dishwasher is to add a heat pump system. The function of a heat pump system is to extract heat from a lower temperature source (heat source) and reject it to a higher temperature sink (heat sink) at a higher temperature level. Heat pump systems have been used for a long time in refrigerators and freezers, and that industry has driven the development of small, high quality, low price heat pump components. The low price of good quality heat pump components, along with an increased willingness to pay extra for lower electricity usage and environmental impact, make it possible to introduce heat pump systems in other household products. However, there is a high risk of failure with new features. A number of household manufacturers no longer exist because they introduced poorly implemented new features, which resulted in low quality and product performance. A manufacturer must predict whether the future value of a feature is high enough for the customer chain to pay for it. The challenge for the manufacturer is to develop and produce a high-performance heat pump feature in a household product with high quality, predict future willingness to pay for it, and launch it at the right moment in order to succeed. Tumble dryers with heat pump systems have been on the market since 2000. Paper I reports on the development of a transient simulation model of a commercial heat pump tumble dryer. The measured and simulated results were compared with good similarity. The influence of the size of the compressor and the condenser was investigated using the validated simulation model. The results from the simulation model show that increasing the cylinder volume of the compressor by 50% decreases the drying time by 14% without using more electricity.  Paper II is a concept study of adding a heat pump system to a dishwasher in order to decrease the total electricity usage. The dishwasher, dishware and water are heated by the condenser, and the evaporator absorbs the heat from a water tank. The majority of the heat transfer to the evaporator occurs when ice is generated in the water tank. An experimental setup and a transient simulation model of a heat pump dishwasher were developed. The simulation results show a 24% reduction in electricity use compared to a conventional dishwasher heated with an electric element. The simulation model was based on an experimental setup that was not optimised. During the study it became apparent that it is possible to decrease electricity usage even more with the next experimental setup.

Moral reasoning in sport: validation of the Portuguese version of the RSBH value-judgement inventory in adolescents

The purpose of this study was to examine the validity and reliability of the Portuguese version of the Rudd Stoll Beller Hahm Value-judgement Inventory (RSBHVI) in a sample of adolescents. The RSBHVI, which measures moral and social reasoning, was translated using a back translation method. A sample of 238 10th to 12th grade high school students (age mean value 16.93 years, s = 1.34) completed the Portuguese versions of RSBH, and the Task and Ego-orientation Questionnaire. Partial support for the original structure of the moral reasoning scale, but not the social reasoning scale, was found. Females, and non-athletes and individual sport athletes scored significantly higher than males and team sport athletes in moral reasoning, respectively. Moral reasoning was negatively correlated with ego-orientation (r = −30; p <. 001) and uncorrelated with task-orientation (r = .10, p > .05). Participants who were low-ego scored higher in moral reasoning than those who were high-ego. It is suggested that decreasing levels of ego-orientation may be necessary to improve athletes’ moral reasoning.

Staff and students co-creating curricula in UK higher education: exploring process and evidencing value

Student engagement in learning and teaching is receiving a growing level of interest from policy makers, researchers, and practitioners. This includes opportunities for staff and students to co-create curricula, yet there are few examples within current literature which describe and critique this form of staff-student collaboration (Bovill (2013a), Healey et al (2014), Cook-Sather et al (2014). The competing agendas of neoliberalism and critical, radical pedagogies influence the policy and practice of staff and students co-creating curricula and, consequently, attempt to appropriate the purpose of it in different ways. Using case-based research methodology, my study presents analysis of staff and students co-creating curricula within seven universities. This includes 17 examples of practice across 14 disciplines. Using an inductive approach, I have examined issues relating to definitions of practice, conceptualisations of curricula, perceptions of value, and the relationship between practice and institutional strategy. I draw upon an interdisciplinary body of literature to provide the conceptual foundations for my research. This has been necessary to address the complexity of practice and includes literature relating to student engagement in learning and teaching, conceptual models of curriculum in higher education, approaches to evidencing value and impact, and critical theory and radical pedagogies. The study makes specific contributions to the wider scholarly debate by highlighting the importance of dialogue and conversational scholarship as well as identifying with participants what matters as well as what works as a means to evidence the value of collaborations. It also presents evidence of a new model of co-creating curricula and additional approaches to conceptualising curricula to facilitate collaboration. Analysis of macro and micro level data shows enactment of dialogic pedagogies within contexts of technical-rational strategy formation and implementation.

Impact of IS/IT Investments on Firm Performance: Does Stakeholder Orientation Matter?

This research project addresses a central question in the IS business value field: Does IS/IT investments impact positively on firm financial performance? IS/IT investments are seen as having an enormous potential impact on the competitive position of the firm, on its performance, and demand an active and motivated participation of several stakeholder groups. Actual research conducted in the Information Systems field, relating IS/IT investments with firm performance use transactions costs economics and resource-based view of the firm to try to explain and understand that relationship. However, it lacks to stress the importance of stakeholder management, as a moderator variable in that relationship. Stakeholder theory sees the firm as the hub centric to the spokes representing various stakeholders who were in essence equidistant to the firm, and survival and continuing profitability of the corporation depend upon its ability to fulfil its economic and social purpose, which is to create and distribute wealth or value sufficient to ensure that each primary stakeholder group continues as part of the corporation’s stakeholder system. Stakeholder theory in its instrumental version, argues that if a firm pays attention to the stakes of all stakeholder groups (and not just shareholders), it will obtain higher levels of financial performance. With this premise in mind, the aim of this paper is to discuss and test the use of stakeholder theory in the IS business value stream of research, in order to achieve a better understanding of the impact of IS/IT investments on firm performance (moderated by stakeholder management). To achieve the expected impact from an IS/IT investment, it is argued that firms need a strong commitment from those stakeholder groups, which lead us to the need of a corporate “stakeholder orientation”. When firm financial performance is measured by returns on assets (ROA), returns on investments (ROI) and returns on sales (ROS), the results show that “stakeholder orientation” impact positively in the relation between IS/IT and firm performance, using a sample of Portuguese large companies.

Economic feasibility analysis of the implementation of a high value-added molecule extraction system in an olive oil mill

The production of olive oil generates several by-products that can be seen as an additional business opportunity. Among them are the olive pits, already used for heat and/or electricity generation in some mills. They contain compounds that are commercially very interesting and, if recovered, contribute to the sustainability of the olive mills. The work presented in this paper is a preliminary evaluation of the economic feasibility of implementing a system based on a batch prototype with 1 m3 for the extraction of high value-added bioactive molecules from olive pits that are separated during the production of virgin olive oil. For the analysis, a small representative olive mill in Portugal was considered and the traditional Discounted Cash Flow Method was applied. Based on the assumptions made, the simple payback for implementation a system for the extraction of value-added molecules from the olive pits is around 7 years.

Customer Loyalty toward grocery retailing service: a multidimensional approach to costumer perceived value

Structured abstract Purpose: To deepen, in grocery retail context, the roles of consumer perceived value and consumer satisfaction, as antecedents’ dimensions of customer loyalty intentions. Design/Methodology/approach: Also employing a short version (12-items) of the original 19-item PERVAL scale of Sweeney & Soutar (2001), a structural equation modeling approach was applied to investigate statistical properties of the indirect influence on loyalty of a reflective second order customer perceived value model. The performance of three alternative estimation methods was compared through bootstrapping techniques. Findings: Results provided i) support for the use of the short form of the PERVAL scale in measuring consumer perceived value; ii) the influence of the four highly correlated independent latent predictors on satisfaction was well summarized by a higher-order reflective specification of consumer perceived value; iii) emotional and functional dimensions were determinants for the relationship with the retailer; iv) parameter’s bias with the three methods of estimation was only significant for bootstrap small sample sizes. Research limitations:/implications: Future research is needed to explore the use of the short form of the PERVAL scale in more homogeneous groups of consumers. Originality/value: Firstly, to indirectly explain customer loyalty mediated by customer satisfaction it was adopted a recent short form of PERVAL scale and a second order reflective conceptualization of value. Secondly, three alternative estimation methods were used and compared through bootstrapping and simulation procedures.

the health and well-being of nursing students in clinical practice . what prevents it? what promotes it?

Introduction: The training of nursing students in the context of clinical practice, is characterized by educational experiences, subject to various emotional stress (stress, ambivalence, frustration, conflict), sometimes making it very vulnerable student.However not all students use the same strategies minimizing their meanings and negative effects on the level of your health and well-being Objetiv:To analyze the perception that nursing students have about the determinants of their health status and well-being in clinical practice Methods: Exploratory research Results:The results reveal the complexity of the teaching / learning process in clinical practice, identified determinants that limit and / or promote health and well-being of students, or not contributing to their motivation, self-confidence and learning. All students value the presence of the following dimensions: affective-emotional (humanization in learning experiences); relational dynamics (interactions developed with all stakeholders); methods used (professional competence of the clinical supervisor and teacher); school curriculum (adaptation of learning in theory); socialization to the profession (become nurse).Conclusions: The results indicate, that although all students evidencing the dimensions described as fundamental to learning in clinical practice, the study results are dichotomous and ambivalent. Students 2nd and 3ºanos refer a low perception in clinical practice, the indicated dimensions, and for these source of concern and uncertainty in learning, such as limiting their health condition and well-being. For students of the 4th year, these dimensions are percecionadas as gifts, and sources of motivation, learning and catalysts such as promoting their health and well-being.