Financial Value Added FVA: uma nova ferramenta para a medição do desempenho financeiro das empresas

O objetivo dessa pesquisa é apresentar uma ferramenta alternativa ao valor econômico adicionado na mensuração da performance empresarial correlacionada com o valor de mercado. Na revisão da literatura apresenta-se o conceito de estrutura e custo de capital, utilizando a metodologia do CAPM e do APT. São igualmente apresentadas as principais medidas financeiras de desempenho tais como: retorno operacional sobre o investimento, retorno sobre o patrimônio liquido, retorno sobre os ativos, além de outras formas para cálculo do retorno. Na sequência introduzimos o conceito de lucro residual e o valor econômico adicionado, discutindo suas vantagens, desvantagens, dificuldades e limitações dessa ferramenta. Através do EVA podemos calcular o valor de mercado adicionado, fundamental para o cálculo do valor patrimonial ajustado. Também é apresentado nessa obra a interpretação do EVA pela ótica do modelo Fleuriet de planejamento financeiro. Após essa explanação teórica é apresentado o Financial Value Added proposto por esse trabalho, como alternativa ao Valor Econômico Adicionado na mensuração do desempenho empresarial. Essa ferramenta exclui da base de cálculo as receitas e despesas econômicas, uma vez que as mesmas em alguns casos distorcem o resultado como é constatado no teste com as empresas: Sadia S.A. e Perdigão S.A. onde os resultados foram 54% na Sadia e 13% na Perdigão superiores ao EVA. Em nenhum momento argumenta-se a substituição do EVA, apenas a introdução do FVA como alternativa nos casos em que o EVA não funcione adequadamente.

Changes in egg production of the western rock lobster (Panulirus cygnus) associated with appendage damage

Data collected during fish-ery-independent sampling programs were used to examine the impact of appendage damage (indicated by lost or regenerated legs and antennae) on the reproductive output of female western rock lobster (Panulirus cygnus). Most of the damaged females sampled had one (53%), two (27%), or three (13%) appendages that had been lost or that were regenerating. Appendage damage was associated with the reduced probability of a female developing ovigerous setae; and if setae were produced, with the reduced probability that females would produce more than one batch of eggs within a season. These effects were more pronounced as the number of damaged appendages increased. From data collected in 2002, it was estimated that the total number of eggs produced by mature females caught in the fishery was significantly reduced (P<0.001) by 3–9% when the impact of appendage damage was included.

Impacts of climate change and variability on fish value chains in Uganda

This study examines the vulnerability of fish pr oduction in Uganda, particularly as it r elates to the predicted impacts from climate change, using the concept of the value chain. The value chain approach has been recommended as a useful tool to study specific challenges facing a sector resulting from various drivers of change, including climate. Critically, such analyses can reveal context-specific response strategies to enhance a sector (Jacinto and Pomer oy 2010). The specific purpose of the study was to identify curr ent and potential impacts of climate change and corresponding adaptation strategies in fish value chains. The study builds upon information fr om earlier value chain analyses on fisheries and aquaculture production in Uganda to provide a more in-depth understanding of issues facing the fish industry, in particular, those to be incorporated in the CGIAR Resear ch Program Livestock and Fish.

The structure and margins of the Lake Chilwa fisheries in Malawi: a value chain analysis

Small freshwater pelagic fisheries in closed lakes are very important to millions of people in sub-Saharan Africa providing livelihoods and nutritional security. However, returns from these fisheries have been shown to �uctuate in response to climatic variability. In order to understand the impact of these fluctuations on the livelihoods of people dependant on these fisheries, there is a need for information on how the fish value chain is organized and how it functions in response to variation in supplies. The results will feed into strategies that build resilience in fishing households against the uncertainties arising from unstable ecosystems. The Lake Chilwa fishery value chain is composed of fishers, processors, traders, fish transporters, boat owners, owners of fish processing shades, fisheries associations, gear owners, gear makers, firewood sellers, and traders of fishing gear and equipment. The value chain employs many people and local authorities can consider using this information in the design of rural development strategies for employment generation in small-scale fishing communities. The findings from this study have a number of implications for the improvement of the livelihood of fishers and enhancing their capacity to mitigate against the effects of climate change.

Aquaculture of a high-value freshwater fish in [Malaysia] : the marble or sand goby (Oxyeleotris marmoratus, Bleeker)

The article highlights the aquaculture of marble or sand goby (Oxyeleotris marmoratus) in Malaysia. Topics discussed are: breeding, hatchery and nursery techiques, nutrition, growout techniques, and diseases.

Effects of El Niño events on energy demand and egg production of rockfish (Scorpaenidae: Sebastes): a bioenergetics approach

Fish bioenergetics models estimate relationships between energy budgets and environmental and physiological variables. This study presents a generic rockfish (Sebastes) bioenergetics model and estimates energy consumption by northern California blue rockf ish (S. mystinus) under average (baseline) and El Niño conditions. Compared to males, female S. mystinus required more energy because they were larger and had greater reproductive costs. When El Niño conditions (warmer temperatures; lower growth, condition, and fecundity) were experienced every 3−7 years, energy consumption decreased on an individual and a per-recruit basis in relation to baseline conditions, but the decrease was minor (<4% at the individual scale, <7% at the per-recruit scale) compared to decreases in female egg production (12−19% at the individual scale, 15−23% at the per-recruit scale). When mortality in per-recruit models was increased by adding fishing, energy consumption in El Niño models grew more similar to that seen in the baseline model. However, egg production decreased significantly — an effect exacerbated by the frequency of El Niño events. Sensitivity analyses showed that energy consumption estimates were most sensitive to respiration parameters, energy density, and female fecundity, and that estimated consumption increased as parameter uncertainty increased. This model provides a means of understanding rockfish trophic ecology in the context of community structure and environmental change by synthesizing metabolic, demographic, and environmental information. Future research should focus on acquiring such information so that models like the bioenergetics model can be used to estimate the effect of climate change, community shifts, and different harvesting strategies on rockfish energy demands.