Financial Characteristics of Family Businesses and Financial Aspects of Succession

Family businesses are special in many respects. By examining their financial characteristics one can come to unique conclusions/results. This paper explores the general characteristics of the financial behaviour of family businesses, presents the main findings of the INSIST project’s company case studies concerning financing issues and strategies, and intends to identify the financial characteristics of company succession. The whole existence of family businesses is characterized by a duality of the family and business dimensions and this remains the case in their financial affairs. The financial decisions in family businesses (especially SMEs) are affected by aspects involving a duality of goals rather than exclusively profitability, the simultaneous presence of family and business financial needs, and the preferential handling of family needs at the expense of business needs (although it has to be said that there is evidence of family investments being postponed for the sake of business, too. Family businesses, beyond their actual effectiveness, are guided by individual goals like securing living standards, ensuring workplaces for family members, stability of operation, preservation of the company’s good reputation, and keeping the company’s size at a level that the immediate family can control and manage. The INSIST project’s company case studies revealed some interesting traits of family business finances like the importance of financial support from the founder’s family during the establishment of the company, the use of bootstrapping techniques, the financial characteristics of succession, and the role of family members in financial management.

THE HYDROSOCIAL COSTS OF HIGH-VOLUME HYDRAULIC FRACTURING: A TALE OF TWO COUNTIES IN MICHIGAN

Although natural gas has been praised as a clean and abundant energy source, the varying impacts and uncertainties surrounding the process of extracting natural gas from unconventional sources, known as horizontal high-volume hydraulic fracturing (HVHF) or “fracking,” have raised important concerns. The practice of HVHF is expanding so quickly that the full impacts are not yet known. This thesis project, using a grounded theory methodological approach, explores the risks and benefits associated with HVHF as recognized by the residents of two Michigan counties, one that currently produces natural gas by HVHF (Crawford County) and one that does not (Barry County). Through an analysis of media content related to HVHF in each case study site and interviews with stakeholders in both counties, this study examines perceptions of risks and benefits by comparing two communities that differ in their level of experience with HVHF operations, contributing to our understanding of how perceptions of risks and benefits are shaped by natural gas development. The comparative analysis of the case study counties revealed similarities and differences between the case study counties. Overall, Barry County residents identified fewer benefits and more risks, and had stronger negative perceptions than Crawford County residents. This study contributes to the social science literature by developing a richer theoretical frame for understanding perceptions of HVHF and also shares recommendations for industry, organizations, regulators, and government leaders interested in effectively communicating with community stakeholders about the benefits and risks of HVHF.

Fatores que influenciam a adesão à terapêutica antirretroviral : a perceção dos enfermeiros de um serviço de infeciologia

RESUMO - A investigação no âmbito da infeção por VIH/SIDA tem tido avanços notáveis, nomeadamente no que se refere à evolução da terapêutica antirretroviral, sendo atualmente o único meio de controlar a doença. Nesta área, a compreensão da problemática da adesão torna-se importante para as instituições e para os profissionais de saúde, quer pelas taxas de morbilidade e mortalidade associadas à doença, quer pelos problemas de saúde pública e pelos gastos financeiros das organizações de saúde. A adesão ao regime terapêutico é um conceito que engloba tanto o cumprimento da prescrição medicamentosa, como dos comportamentos promotores de saúde. O presente estudo teve como objetivo identificar como os enfermeiros, a desempenhar funções num serviço de infeciologia, percecionam a adesão à terapêutica antirretroviral, por indivíduos portadores de VIH/SIDA. Participaram neste estudo nove enfermeiras a desempenhar funções no serviço de Medicina 1/Infeciologia/HDI do Hospital Fernando Fonseca, EPE, que reuniam os critérios definidos. Como metodologia para a identificação da perceção dos enfermeiros realizou-se um estudo qualitativo e utilizou-se uma entrevista semi-estruturada. Da análise das entrevistas, resultaram diferentes áreas temáticas. Os resultados obtidos evidenciam a importância atribuída à adesão à terapêutica antirretroviral e demostram que o acompanhamento dos doentes pelos profissionais e instituições de saúde permite o desenvolvimento de estratégias promotoras de adesão. Verifica-se que é ainda necessário percorrer um longo caminho, de forma a se obterem resultados ótimos de adesão. Contudo, os resultados obtidos no presente estudo são um incentivo para o desenvolvimento de estratégias de adesão e para a melhoria da gestão da qualidade.

Des principes de responsabilité et de solidarité pour un accès équitable aux soins de santé : le cas des travailleurs de l'informel urbain du Cameroun en situation de vulnérabilité

La question de l’accès financier des personnes socialement défavorisées aux soins de santé est aujourd’hui un enjeu éthique de grande importance dans de nombreux pays à faible revenu ou en voie d’émergence. On peut se demander comment l’équité dans l’accès aux soins peut être rendue effective puisque l’égalité des chances pour tous et la santé sont des pré-requis aux choix de vie et à la réalisation de soi. Les soins de santé sont donc d’une importance éthique particulière du fait qu’ils contribuent à préserver notre statut comme citoyens pleinement fonctionnels. Au Cameroun, bien que des efforts considérables soient consentis par les pouvoirs publics et leurs partenaires extérieurs pour favoriser l’accès aux soins des personnes défavorisées, le secteur de la santé reste encore très marqué par l’inégalité dans l’accès financier aux prestations sanitaires. Les médicaments les plus essentiels ne sont pas financièrement à la portée de tous et les coûts d’accès aux soins ambulatoires et hospitaliers dans les formations sanitaires sont manifestement prohibitifs pour une large frange de la population. Lors des épisodes de maladie, l’accès aux soins se fait par le paiement direct au point d’accès, et la pratique de l’automédication s’est répandue du fait de l’incapacité des personnes socialement défavorisées à payer leurs soins sans courir le risque de perdre l’essentiel de leur revenu. Les mesures de prise en charge sociale ou des systèmes de financement qui garantissent la réduction des inégalités entre les classes sociales sont fortement limitées par les faibles capacités d’une économie qui repose essentiellement sur l’informel. Sur la base de cette réalité, cette thèse analyse à partir du cas des travailleurs vulnérables du secteur informel urbain, la pertinence du choix politique de la couverture universelle santé au Cameroun à travers les principes de responsabilité et de solidarité. La population d’étude choisie est celle des travailleurs vulnérables du secteur informel en considération des problématiques liées à leur accès aux soins de santé, de l’importance de leur apport dans l’économie du pays ( 90 % des travailleurs) et du rôle qu’elle pourrait jouer dans l’atteinte de l’objectif de la couverture universelle santé. La thèse analyse donc, d’une part, les conditions et les modalités de répartition des biens sociaux qui répondent à la nécessaire redistribution équitable des ressources, en l’occurrence l’accès aux soins de qualité. Après avoir montré les préoccupations d’ordre politique, social, économique et éthique liées au problème d’accès universel aux soins, la thèse propose des stratégies opérationnelles susceptibles de conduire à l’amélioration de la qualité des soins et à un assainissement de la gestion du secteur des services de soins (éthique du care et éthique de bonne gouvernance). Aussi, dans la perspective de la recherche d’un financement local soutenable et durable de l’accès de tous aux soins, la thèse propose une approche participative. L’exploration de cette perspective aboutit au résultat qu’une approche inclusive et intégrée de promotion de l’économie informelle (dynamisation de ses activités et potentialisation de ses acteurs) pourrait faire de ce secteur un véritable levier de développement économique et social. Un développement social et solidaire durable et susceptible, sur le long terme, de réaliser l’objectif de la couverture universelle santé. En d’autres termes, elle propose des stratégies de capabilisation et de responsabilisation des travailleurs du secteur informel, en vue d’une société plus impliquée, plus responsable et plus solidaire. Une approche susceptible de matérialiser le droit à la santé, de construire l’autonomie des travailleurs en situation de vulnérabilité et de renforcer leurs capacités contributives à travers une opérationnalisation adaptée au contexte des principes de responsabilité et de solidarité.

Análisis e implementación del proceso de importación para la empresa Cajas y Cartones

La empresa Cajas y Cartones, ubicada en Barranquilla, Atlántico. Es una empresa productora y comercializadora de productos hechos a partir de papel y cartón. En el presente año se encuentra creando un plan de expansión basándose en la mejora de sus procesos. Uno de los puntos claves de mejora es la diversificación de proveedores; no solo contar con proveedores nacionales sino incluir también proveedores internacionales. Esto conlleva a la empresa a una búsqueda de proveedores de materia prima en el exterior, evaluando variables como la competencia, la disponibilidad de material y los altos precios en el mercado nacional de papel y cartón con el objetivo de disminuir sus costos y ampliar sus posibilidades de cobertura de mercado. Es por esta razón que surge el proyecto de investigación aplicada (Proyecto de aplicación práctica-PAP), el cual se basa en el análisis estructural de la compañía, el estudio e investigación internacional de proveedores de papel y cartón, la consecución de posibles proveedores y analizando los costos tanto logísticos como financieros de mover mercancía desde otras partes del mundo hacia Colombia. Finalmente se estudia la implementación y adecuación de un departamento de comercio exterior dentro de la compañía, con el objetivo que la empresa esté preparada para futuras importaciones con respecto al conocimiento del mercado internacional, trámites, normas y requisitos extranjeros y nacionales, transporte y movimiento de mercancía en ámbitos internacionales y agenciamiento aduanero.

An economic decision support tool for simulating paratuberculosis control strategies in a UK suckler beef herd

A dynamic, deterministic, economic simulation model was developed to estimate the costs and benefits of controlling Mycobacterium avium subsp. paratuberculosis (Johne's disease) in a suckler beef herd. The model is intended as a demonstration tool for veterinarians to use with farmers. The model design process involved user consultation and participation and the model is freely accessible on a dedicated website. The 'user-friendly' model interface allows the input of key assumptions and farm specific parameters enabling model simulations to be tailored to individual farm circumstances. The model simulates the effect of Johne's disease and various measures for its control in terms of herd prevalence and the shedding states of animals within the herd, the financial costs of the disease and of any control measures and the likely benefits of control of Johne's disease for the beef suckler herd over a 10-year period. The model thus helps to make more transparent the 'hidden costs' of Johne's in a herd and the likely benefits to be gained from controlling the disease. The control strategies considered within the model are 'no control', 'testing and culling of diagnosed animals', 'improving management measures' or a dual strategy of 'testing and culling in association with improving management measures'. An example 'run' of the model shows that the strategy 'improving management measures', which reduces infection routes during the early stages, results in a marked fall in herd prevalence and total costs. Testing and culling does little to reduce prevalence and does not reduce total costs over the 10-year period.

Shoot yield drives phosphorus use efficiency in Brassica oleracea and correlates with root architecture traits

The environmental and financial costs of using inorganic phosphate fertilizers to maintain crop yield and quality are high. Breeding crops that acquire and use phosphorus (P) more efficiently could reduce these costs. The variation in shoot P concentration (shoot-P) and various measures of P use efficiency (PUE) were quantified among 355 Brassica oleracea L. accessions, 74 current commercial cultivars, and 90 doubled haploid (DH) mapping lines from a reference genetic mapping population. Accessions were grown at two or more external P concentrations in glasshouse experiments; commercial and DH accessions were also grown in replicated field experiments. Within the substantial species-wide diversity observed for shoot-P and various measures of PUE in B. oleracea, current commercial cultivars have greater PUE than would be expected by chance. This may be a consequence of breeding for increased yield, which is a significant component of most measures of PUE, or early establishment. Root development and architecture correlate with PUE; in particular, lateral root number, length, and growth rate. Significant quantitative trait loci associated with shoot-P and PUE occur on chromosomes C3 and C7. These data provide information to initiate breeding programmes to improve PUE in B. oleracea.

Custos e benefícios de um programa de exercício aeróbios na doença pulmonar obstrutica crônica: ensaio cliníco aleatório controlado

Pulmonary Rehabilitation, especially due to aerobic exercise, positive impact in reducing morbidity/mortality of patients with COPD, however the economic impact with costs of implementing simple programs of aerobic exercise are scarce. This is a blind randomized clinical trials, which aimed to evaluate the costs and benefits of a simple program of aerobic exercise in individuals with COPD, considering the financial costs of the Public Health System and its secondary endpoints. We evaluated lung function, the distance walked during six minutes of walking, the respiratory and peripheral muscle strength, quality of life related to health (QLRH), body composition and level of activity of daily living (ADL) before and after eight weeks of an aerobic exercise program consisting of educational guidance for both groups, control and intervention and supervised walks to the intervention group. The health costs generated in both groups were calculated following table Brazilian Public Health System. The sample consisted of forty patients, two being excluded in the initial phase of desaturation during the walk test six minutes. Were randomized into control and intervention group thirty-eight patients, three were excluded from the control group and one was excluded from the intervention group. At the end, thirty-four COPD comprised the sample, 16 in the control group and 18 in the intervention group (FEV1: 50.9 ± 14% pred and FEV1: 56 ± 0.5% pred, respectively). After for intervention, the intervention group showed improvement in meters walked, the sensation of dyspnea and fatigue at work, BODE index (p <0.01) in QLRH, ADL level (p <0.001) as well as increased strength lower limbs (p <0.05). The final cost of the program for the intervention group was R $ 148.75, including: assessments, hiking supervised by a physiotherapist and reassessments. No patient had exacerbation of IG, while 2 patients in the CG exacerbated, generating an average individual cost of R $ 689.15. The aerobic exercises in the form of walking showed significant clinical benefits and economic feasibility of its implementation, due to low cost and easy accessibility for patients, allowing them to add their daily practice of aerobic exercises

Handbook for disaster assessment

Incluye bibliografía.

Educação financeira no ensino médio: uma abordagem por meio da análise de produtos financeiros com ênfase em consórcios

This paper presents a differential approach of financial mathematics developed in high school, focusing on financial education. We seek through the insertion of texts, analysis of some financial products and by the interpretation of problems to contribute to the financial training of students. Aiming to make financial mathematics more attractive and accessible to the day-today, there are available for studies some practical tools like the citizen calculator which are available for computers and mobile phones. As well as spreadsheets and software Geogebra, that allow you to compare and analyze the financial costs of consortia, financing and financial applications,in addition to being allied in the preparation and control of personal and family budget. By applying the teaching sequence proposed in a nocturnal class of high school, we realized some difficulties that have limited the financial learning of math concepts.Yet identified progress regarding the financial education of students. These observations were made through qualitative and quantitative analysis from notes in the field diary and also answers given by students in specific form.

A magyar fiatalok jellemzése pénzügyi attitűdjeik és magatartásuk mentén – Vizsgálat a felsőoktatásban tanulók pénzügyi attitűdjeiről és magatartásáról = Characterization of the Hungarian youth with their financial attitudes and behaviours – A survey about the financial behaviour and attitudes of students

A pénzügyi piacok és termékek egyre komplexebbé válnak, ami együtt jár a pénzügyeket illető információs szakadék mélyülésével is – a lakosság egyre kevésbé képes pénzügyeiről körültekintő döntéseket hozni. Jelen tanulmány a magyar felsőoktatásban tanuló fiatalokat pénzügyi attitűdjeik mentén szegmentálja és jellemzi, annak érdekében, hogy hozzájáruljon a pénzügyi kultúra szintjét növelő programok sikerességéhez, legyen az állami indíttatású (pénzügyi edukáció) vagy a versenyszféra által vezérelt. A vizsgált fiatalok alapvetően három csoportba sorolhatók: (1) Konzervatívak, (2) Lázadók és (3) Tapasztaltak. A Konzervatívakra a stabil morális értékrend, alacsony kockázatvállalási hajlandóság jellemző, céljaik között egyaránt találunk rövid és hosszú távúakat is – informáltságuk, és ebből eredően pénzügyi ismeretszintjük alacsony, a hitelekkel szembeni attitűdjük negatív. A Lázadók csoportjára az „Élj a mának!” magatartás a jellemző, vagyis rövid távú céljaik vannak, kevésbé tudatosak, pénzügyi ismeretszintjük alacsony, ugyanakkor nyitottak az újdonságokra és a kockázatvállalási szintjük magasabb a másik két csoporténál. A Tapasztaltak csoportjára a tudatosság és a pénzügyi megfontoltság a jellemző – pénzügyi ismeretszintjük magasabb a másik két csoporténál. Náluk a hosszú távú célok dominálnak, de alacsony kockázatvállalási hajlandóság mellett. _____ Financial markets and financial instruments have become more and more complex in the last decades. Unfortunately, financial literacy of population cannot keep up with the innovation activity of financial sector. By segmenting and describing Hungarian young adults along their financial attitudes, the aim of this study is to provide recommendations to the programs aiming to enhance the development of financial literacy. According to the authors’ results, 18-25 year-old young adults can be categorized as (1) conservatives, (2) rebels and (3) experienced. Conservatives can be characterized by stable moral and values, low risktaking willingness and inappropriate financial knowledge. Both short and long term goals can be explored among their preferences. Conservatives have negative attitude to bank loans. The rebels can be described by the ancient Latin saying: “Carpe Diem”. They have short-term goals and the future financial stability is not an issue for them – their financial literacy is low. However, rebels are open-minded and their risk-taking willingness is greater than the other two group members. Despite of the low level of risk-taking willingness, the highest level of financial literacy is showed by the experienced group. They have long-term goals and are able to receive information about complex financial instruments.

Social impact bond feasibility study: Children and youth at risk: the Projecto Família program

Social impact bonds are an increasingly popular method of unlocking typical social investment barriers and fuelling social innovation. This feasibility study aims to understand whether a social impact bond is a suitable tool for decreasing unnecessary foster care placements in Portugal, which have been proven to cause significant social and financial damage to societies. This research question is answered through a financial model which combines the costs of this social problem with Projecto Família’s intervention model, a leading intensive family preservation service. Main findings suggest using SIB funding for a 5-year project with the goal of generating the proper impact measurement metrics lacking in the field.

Acute Coronary Syndrome Treatment Costs from the Perspective of the Supplementary Health System

AbstractBackground:Acute coronary syndrome (ACS) is defined as a “group of clinical symptoms compatible with acute myocardial ischemia”, representing the leading cause of death worldwide, with a high clinical and financial impact. In this sense, the development of economic studies assessing the costs related to the treatment of ACS should be considered.Objective:To evaluate costs and length of hospital stay between groups of patients treated for ACS undergoing angioplasty with or without stent implantation (stent+ / stent-), coronary artery bypass surgery (CABG) and treated only clinically (Clinical) from the perspective of the Brazilian Supplementary Health System (SHS).Methods:A retrospective analysis of medical claims of beneficiaries of health plans was performed considering hospitalization costs and length of hospital stay for management of patients undergoing different types of treatment for ACS, between Jan/2010 and Jun/2012.Results:The average costs per patient were R$ 18,261.77, R$ 30,611.07, R$ 37,454.94 and R$ 40,883.37 in the following groups: Clinical, stent-, stent+ and CABG, respectively. The average costs per day of hospitalization were R$ 1,987.03, R$ 4,024.72, R$ 6,033.40 and R$ 2,663.82, respectively. The average results for length of stay were 9.19 days, 7.61 days, 6.19 days and 15.20 days in these same groups. The differences were significant between all groups except Clinical and stent- and between stent + and CABG groups for cost analysis.Conclusion:Hospitalization costs of SCA are high in the Brazilian SHS, being significantly higher when interventional procedures are required.