Small firms, growth and financial constraints

This paper analyses the impact of different sources of finance on the growth of firms. Using panel data from Spanish manufacturing firms for the period 2000-2006, we investigate the effects of internal and external finances on firm growth. In particular, we examine three dimensions of these financial sources: a) the performance of the firms’ capital structure in accordance with firm size; b) the effects of internal and external financial sources on growth performance; c) the combined effect of equity, external debt and cash flow on firm growth. We find that low-growth firms are sensitive to cash flow and short-term bank debt, while high-growth firms are more sensitive to long-term debt. Furthermore, equity capital seems to reduce barriers to external finance. Our main conclusion is that during the start-up phase, firms are unable to increase their financial leverage and so their capital structure fails to promote correct investment strategies. However, as their equity capital increases, alternative financial mechanisms, in particular long-term debt, become available, which have a positive impact on firm growth.

System GMM estimation with a small sample

Properties of GMM estimators for panel data, which have become very popular in the empirical economic growth literature, are not well known when the number of individuals is small. This paper analyses through Monte Carlo simulations the properties of various GMM and other estimators when the number of individuals is the one typically available in country growth studies. It is found that, provided that some persistency is present in the series, the system GMM estimator has a lower bias and higher efficiency than all the other estimators analysed, including the standard first-differences GMM estimator.

(Optimal) Spatial Aggregation in the Determinants of Industrial Location

Empirical studies on the determinants of industrial location typically use variables measured at the available administrative level (municipalities, counties, etc.). However, this amounts to assuming that the effects these determinants may have on the location process do not extent beyond the geographical limits of the selected site. We address the validity of this assumption by comparing results from standard count data models with those obtained by calculating the geographical scope of the spatially varying explanatory variables using a wide range of distances and alternative spatial autocorrelation measures. Our results reject the usual practice of using administrative records as covariates without making some kind of spatial correction. Keywords: industrial location, count data models, spatial statistics JEL classification: C25, C52, R11, R30

Estudi per la implantació d'un ERP en una empresa d'aplicació de pintura industrial i decorativa

La implantació d'un sistema ERP no és senzilla, requereix grans esforços i una bona administració a més de considerar molts altres aspectes per arribar a tenir èxit. Per aquest motiu, la presa de requeriments en aquest tipus de projectes esdevé pedra angular. A Estudi per la implantació d'un ERP en una empresa d'aplicació de pintura industrial i decorativa es realitza un estudi detallat de l'organització de l'empresa amb la finalitat de trobar els requeriments d'aquesta, seguidament es realitza un estudi de tres sistemes ERP per acabar trobant la solució que millor encaixa en les necessitats de l'empresa.

A three dimensional signed small ball inequality

"Vegeu el resum a l'inici del document del fitxer adjunt."

Reduction of small infrarenal abdominal aortic aneurysm expansion rate by statins.

BACKGROUND: To evaluate the effect of statins on the annual expansion rate (ER) of small infrarenal abdominal aortic aneurysms (AAA). PATIENTS AND METHODS: All patients under regular surveillance for small AAA between January 2000 and September 2007, in the Department of Angiology, Lausanne University Hospital, were included. Inclusion criteria were baseline abdominal aortic diameter between 25 and 55 mm, at least two measurements of AAA diameter and a minimum follow up of 6 months. Patients with Marfan disease, infectious or inflammatory AAA, and patients with prior AAA repair were excluded. The influence of statin use and other factors on ER were examined by bivariate and multivariate analysis. RESULTS: Among 589 patients who underwent an abdominal aorta evaluation, 94 patients (89 % men, mean age 69.1 years) were finally included in the analysis. Baseline AAA size was 39.9 ± 7.7 mm (mean±SE) and 48.7 ± 8.4 mm at end of follow-up. Patients had a regular aneurysm size assessment during 38.5 ± 27.7 months. Mean ER was 3.59 mm/y (± 2.81). The 50 patients who were treated with statin during the study period had a lower ER compared to the 44 controls (2.91 vs 4.37 mm/year, p = 0.01). CONCLUSIONS: This study confirms the considerable individual variations in the AAA expansion rate, and emphasizes the need for regular aortic diameter assessments. In this study, patients treated with statin demonstrate a significant decrease in the ER compared to controls. This finding need to be evaluated in prospective interventional studies powered to demonstrate the potential benefit of statin treatment.

Management des entreprises de l'économie sociale et solidaire Identités plurielles et spécificités

L'Économie Sociale et Solidaire (ESS) représente aujourd'hui, en Europe, près de 10 % de l'emploi total et même plus dans certains pays, dont la France. Avec la crise, ce secteur prend une importance sociale, économique et politique croissante. La gestion des coopératives, mutuelles, fondations et associations est ainsi doublement interrogée en interne vis-à-vis de leurs « propriétaires » disposant de motivations particulières (socioéconomiques) et vis-à-vis de leurs communautés et territoires (relations aux partenaires publics et aux citoyens). C'est pourquoi la performance de ces organisations prend nécessairement une dimension sociale, voire sociétale. Les logiques de fonctionnement et d'action des managers de l'ESS sont, elles aussi, souvent particulières, hybrides et parfois paradoxales. Elles remettent en cause les découpages et frontières classiques du management, ainsi que les modèles de rationalité associés (public/privé, marchand/non-marchand, intérêt collectif/intérêts particuliers...). Face à une telle complexité, les principes et les outils de gestion de ces entreprises sont-ils alors spécifiques ? Ces entreprises sont-elles à l'origine d'innovations managériales et sociales particulières ? Comment concilier solidarité et efficacité dans un univers de plus en plus concurrentiel ? L'évolution marchande et financière, comme les problématiques de développement durable, interrogent également le mode de fonctionnement et l'avenir de ces organisations. L'objectif de cet ouvrage collectif, auquel ont contribué des experts du management des entreprises de l'économie sociale qui ont participé à un colloque international - soutenu par le Crédit Mutuel - sur le sujet, est d'apporter des réponses quant à la manière de renouveler les stratégies et les modèles de management, sans pour autant renier les valeurs et les principes fondamentaux de l'ESS. Il s'adresse aux étudiants et aux professionnels travaillant dans le secteur de l'économie sociale et solidaire (coopératives, mutuelles, associations et fondations) et intéressera également tous les managers et étudiants en management.

Bacillus subtilis contains two small c-type cytochromes with homologous heme domains but different types of membrane anchors.

We demonstrate that the cccB gene, identified in the Bacillus subtilis genome sequence project, is the structural gene for a 10-kDa membrane-bound cytochrome c(551) lipoprotein described for the first time in B. subtilis. Apparently, CccB corresponds to cytochrome c(551) of the thermophilic bacterium Bacillus PS3. The heme domain of B. subtilis cytochrome c(551) is very similar to that of cytochrome c(550), a protein encoded by the cccA gene and anchored to the membrane by a single transmembrane polypeptide segment. Thus, B. subtilis contains two small, very similar, c-type cytochromes with different types of membrane anchors. The cccB gene is cotranscribed with the yvjA gene, and transcription is repressed by glucose. Mutants deleted for cccB or yvjA-cccB show no apparent growth, sporulation, or germination defect. YvjA is not required for the synthesis of cytochrome c(551), and its function remains unknown.

Casolà o industrial?: estudi organolèptic i microbiològic de la vida útil del pernil cuit

Treball de recerca realitzat per un alumne d'ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l'any 2009. Aquest treball tracta sobre el temps de garantia o de vida útil d’un producte alimentari i està basat en esbrinar quin és el millor mètode o envàs per conservar el pernil cuit llescat durant la seva vida útil, per tal que es mantinguin les propietats organolèptiques i microbiològiques inicials de l’aliment durant el màxim de temps possible. Per comparar envasos he utilitzat els industrials (envàs al buit i envàs en atmosfera) i els envasos que podem trobar quan comprem un producte llescat en el mostrador d’una botiga o supermercat. Per a fer l’estudi doncs s’ha utilitzat el pernil cuit, conegut com a pernil dolç, un dels productes més consumits per la societat actual. El pernil ha estat tractat en tres situacions diferents: llescat en una màquina de carnisseria i envasat en mètodes de conservació domèstics, llescat en màquines industrials i envasat en diferents envasos (al buit i en atmosfera modificada) utilitzats per les grans empreses i llescat en màquines industrials i envasat al buit sotmès a un tractament amb altes pressions. Després d’aquests processos s’ha realitzat un estudi de vida útil, és a dir, s’ha analitzat el producte al laboratori, amb l’objectiu de trobar quin és el millor envàs per a la conservació del pernil cuit.

El bosc dels fartets o la història d'una depuradora ecològica

Treball de recerca realitzat per una alumna d'ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l'any 2009. Aquest treball té per objectiu plantejar el disseny d’una depuradora ecològica i un petit bosc de ribera amb la finalitat de divulgar i reivindicar el paper crucial que juguen les zones humides en el gran ecosistema de la Terra. Davant l’imminent esgotament de les principals energies fòssils i la manca de recursos tant bàsics com l’aigua, es pretén insistir en els molts avantatges d’importar la capacitat depuradora de les zones humides com a tecnologia alternativa per tractar aigües residuals industrials, agrícoles i urbanes, amb una despesa energètica pràcticament nul•la i uns beneficis ecològics, econòmics i de cost de la oportunitat més que evidents. El reciclatge d’aigües residuals es presenta com un dels reptes més importants de les societats actuals. La denominada fitodepuració aprofita el poder refinador de la vegetació present en les zones humides per reduir o eliminar contaminants de l’aigua mitjançant una sèrie de complexos processos biològics i fisicoquímics que la natura, en la seva dinàmica perfecte, ha dissenyat durant 4500 milions d anys. I és en base a aquestes qualitats depuradores d’aquests ecosistemes aquàtics que sorgeix la figura de l’aiguamoll artificial.

Relationship between technological progress, capital elasticity and emissions of industrial pollutants for the production sectors in Catalonia

As is known, the Kyoto Protocol proposes to reinforce national policies for emission reduction and, furthermore, to cooperate with other contracting parties. In this context, it would be necessary to assess these emissions, both in general and specifically, by pollutants and/or among productive sectors. The object of this paper is precisely to estimate the polluting emissions of industrial origin in Catalonia in the year 2001, in a multivariate context which explicitly allows a distinction to be made between the polluter and/or the productive sector causing this emission. Six pollutants considered, four directly related to greenhouse effect. A multi-level model, with two levels, pollutants and productive sectors, was specified. Both technological progress and elasticity of capital were introduced as random effects. Hence, it has been permitted that these coefficients vary according to one or other level. The most important finding in this paper is that elasticity of capital has been estimated as very non-elastic, with a range which varies between 0.162 (the paper industry) and 0.556 (commerce). In fact, and generally speaking, the greater capital the sector has, the less elasticity of capital has been estimated. Key words: Kyoto protocol, multilevel model, technological progress