What Is a Firm’s Life Expectancy? Empirical Evidence in the Context of Portuguese Companies

It is a fact that the uncertainty about a firm’s future has to be measured and incorporated into a company’s valuation throughout the explicit analysis period – in the continuing or terminal value within valuation models. One of the concerns that can influence the continuing value of enterprises, which is not explicitly considered in traditional valuation models, is a firm’s average life expectancy. Although the literature has studied the life cycle of a firm, there is still a considerable lack of references on this topic. If we ignore the period during which a company has the ability to produce future cash flows, the valuations can fall into irreversible errors, leading to results markedly different from market values. This paper aims to provide a contribution in this area. Its main objective is to construct a mortality table for non-listed Portuguese enterprises, showing that the use of a terminal value through a mathematical expression of perpetuity of free cash flows is not adequate. We provide the use of an appropriate coefficient to perceive the number of years in which the company will continue to operate until its theoretical extinction. If well addressed regarding valuation models, this issue can be used to reduce or even to eliminate one of the main problems that cause distortions in contemporary enterprise valuation models: the premise of an enterprise’s unlimited existence in time. Besides studying the companies involved in it, from their existence to their demise, our study intends to push knowledge forward by providing a consistent life and mortality expectancy table for each age of the company, presenting models with an explicitly and different survival rate for each year. Moreover, we show that, after reaching a certain age, firms can reinvent their business, acquiring maturity and consequently postponing their mortality through an additional life period.

Perceived Accessibility of Public Transport as a Potential Indicator of Social Inclusion

Perceived accessibility has been acknowledged as an important aspect of transport policy since the 70s. Nevertheless, very few empirical studies have been conducted in this field. When aiming to improve social inclusion, by making sus-tainable transport modes accessible to all, it is important to understand the factors driving perceived accessibility. Un-like conventional accessibility measures, perceived accessibility focuses on the perceived possibilities and ease of en-gaging in preferred activities using different transport modes. We define perceived accessibility in terms of how easy it is to live a satisfactory life with the help of the transport system, which is not necessarily the same thing as the objec-tive standard of the system. According to previous research, perceived accessibility varies with the subjectively-rated quality of the mode of transport. Thus, improvements in quality (e.g. trip planning, comfort, or safety) increase the per-ceived accessibility and make life easier to live using the chosen mode of transport. This study (n=750) focuses on the perceived accessibility of public transport, captured using the Perceived Accessibility Scale PAC (Lättman, Olsson, & Fri-man, 2015). More specifically, this study aims to determine how level of quality affects the perceived accessibility in public transport. A Conditional Process Model shows that, in addition to quality, feeling safe and frequency of travel are important predictors of perceived accessibility. Furthermore, elderly and those in their thirties report a lower level of perceived accessibility to their day-to-day activities using public transport. The basic premise of this study is that sub-jective experiences may be as important as objective indicators when planning and designing for socially inclusive transport systems.

La théorie du comportement planifié appliquée à l’engagement paternel lors de la transition à la parentalité

L’engouement de la recherche pour la paternité, observé depuis les années 80, a permis d’identifier une liste de variables considérées comme déterminant l’engagement paternel. Toutefois, peu d’efforts ont été faits pour comprendre le processus par lequel les hommes deviennent pères et comment ces différents facteurs interagissent pour mener aux comportements des pères. À cet égard, la théorie du comportement planifié (Ajzen, 1991), postulant que le comportement est déterminé par l’intention d’un individu, elle-même déterminée par les attitudes envers le comportement, la norme subjective et la perception de contrôle sur le comportement, constitue une avenue intéressante et peu étudiée afin d’expliquer les comportements d’engagement paternel de nouveaux pères. Ainsi, 300 couples hétérosexuels attendant leur premier enfant ont complété des questionnaires pré et postnataux évaluant les différentes composantes de la théorie du comportement planifié. Les résultats suggèrent que la présence de croyances d’essentialisme biologique chez les hommes et leur perception que des éléments de leur environnement limitent leur engagement sont associés négativement avec leur intention de participer aux tâches de soin. Il apparait également que les intentions des hommes à être engagés auprès de leur enfant, formulées avant la naissance de leur premier enfant, permettent de prédire leurs comportements postnataux. De plus, des variables postnatales maternelles sont liées à la participation des pères aux tâches de soin, plus particulièrement les attitudes d’essentialisme biologique des mères, qui de surcroît interagissent avec l’intention prénatale des pères dans la prédiction des comportements paternels. Ainsi, de plus faibles croyances essentialistes chez les mères sont associées à une plus grande participation des pères, particulièrement dans le contexte où ceux-ci avaient de plus faibles intentions prénatales. Il est donc important de considérer davantage les croyances et attentes des hommes avant qu’ils deviennent pères et l’interaction de ces caractéristiques avec celles des mères, afin de mieux comprendre les comportements d’engagement paternel dans des familles biparentales. Des interventions visant à réfuter les croyances essentialistes de futurs ou nouveaux parents quant aux compétences des hommes et des femmes s’avèrent une piste prometteuse pour favoriser un plus grand engagement paternel.

L'Intégration d'un Module d'Étude Internet Dans la Classe de Comptabilité: Perceptions des Élèves et les Résultats Académiques

Implemented in the context of Business Administration students enrolled in a college level three year technology program, this research investigated students’ perceptions and academic results concurrent with the implementation of an online web module designed to facilitate student self-study. The students involved in this research were enrolled in a program that, while offering a broad education in business disciplines, specialized in the field of accounting. As a result, students were enrolled in academically rigorous accounting courses in each of the six semesters of the program. The weighting of these accounting courses imposes a significant self-study component – typically matching or exceeding the time spent in class. In this context many of the students enrolled in the Business Administration Program have faced difficulties completing the self-study component of the course effectively as demonstrated in low homework completion rates, low homework grade averages and ultimately low success rates in the courses. In an attempt to address this situation this research studied the implementation of a web-based self-study module. Through this module students could access a number of learning tools that were designed to facilitate the self-study process under the premise that more effective self-study learning tools will help remove obstacles and provide more timely confirmation of learning during student self-study efforts. This research collected data from a single cohort of students drawn from the first three sequential accounting courses of the Business Administration Program. The web-based self-study module was implemented in the third of the three sequential accounting courses. The first two of these courses implemented a traditional manual self-study environment. Data collected from the three accounting courses included homework completion rates, homework, exam and final grades for the respective courses. In addition the web-study module allowed the automatic reporting of student usage of a number of specific online learning tools. To complement the academic data, students were surveyed to gain insight into their perceptions of the effectiveness of the web-based system. The research provided a number of interesting insights. First among these was a confirmation of the importance of the self-study process in the academic achievement of the learners. Regardless of the self-study environment, manual or web-enhanced, a significant positive correlation existed between the students’ self-study results, demonstrated in both homework completion rates and homework averages and the corresponding final grades. These results confirm the importance of self-study found generally in the prevailing academic literature regarding students enrolled in higher education. In addition, the web-enhanced learning environment implemented during the third accounting course coincided with significantly higher homework completion rates and corresponding homework averages: homework completion rates in particular increased from a combined average of 63% in the first two accounting courses to 93% in the web-enhanced context of the third accounting course. Moreover, the homework completion rates of the web-enhanced course were evenly distributed across the cohort of students. A quartile-based analysis was subsequently completed. Quartiles were constructed by ranking the students according to their combined average homework completion rates from the first two manual self-study courses, Accounting I and II. The quartile-based homework completion rates for the manual self-study courses Accounting I and II were subsequently compared to the results these same quartiles of students achieved in the web-based self-study within Accounting III. While the first two courses demonstrated significantly uneven homework completion rates across the quartiles ranging from 31% to 91% homework completion rates, the differences among the four quartiles within the web-enhanced module, with an average homework completion rate of 93%, were statistically insignificant. Congruent with the positive academic results observed in the third, web-enhanced course, through the corresponding survey, students expressed a strong attitude in favor of the online self-study environment. This research was designed to add to the existing research that studies the implementation of learning in an online setting. Specifically, the research was designed to explore a middle ground of online learning – a web-enhanced course – a context that supplements the classroom experience rather than replacing it. The web-enhanced accounting course demonstrated impressive favorable results, both academically and in terms of students' perception of the system; these results suggest that a web-enhanced environment can provide learning tools that facilitate the self-study process while providing a structured learning environment that can help developing learners reach their potential.

Hybridity, communism and the avant-garde: Irena Blühová and Tina Modotti

This investigation compares the work of Irena Blühová and Tina Modotti between 1924 and 1936 based on ideas of cultural hybridity, photographic theory and social and Marxist art history. Centred on the premise that they worked in similar socio- political environments, shared common biographical points and were some of the first modernist women photographers in their region, a number of aspects relating to their work are examined in relation to their socio-political background. Selected works by Blühová and Modotti are analysed and compared, making apparent that, whilst they start photographing with different ulterior motives, thematically their work is moving into a similar direction from around 1926. Partly, this is due to their involvement with the communist party and the links between politics and photography on an international scale; partly to the fact that they share a concern for the culture of the countries they worked in. These concerns are expanded upon by the fact that both Blühová and Modotti intermediate between the national and the international, the aesthetic, social and the political within their local contexts, which forms distinct similarities in their work.

Assessments of training load in elite youth soccer

One of the most popular sports globally, soccer has seen a rise in the demands of the game over recent years. An increase in intensity and playing demands, coupled with growing social and economic pressures on soccer players means that optimal preparation is of paramount importance. Recent research has found the modern game, depending on positional role, to consist of approximately 60% more sprint distance in the English Premier League, which was also found to be the case for frequency and success of discrete technical actions (Bush et al., 2015). As a result, the focus on soccer training and player preparedness is becoming more prevalent in scientific research. By designing the appropriate training load, and thus periodization strategies, the aim is to achieve peak fitness in the most efficient way, whilst minimising the risk of injury and illness. Traditionally, training intensity has been based on heart rate responses, however, the emergence of tracking microtechnology such as global positioning system (GPS) and inertial sensors are now able to further quantify biomechanical load as well as physiological stress. Detailed pictures of internal and external loading indices such as these then combine to produce a more holistic view of training load experience by the player during typical drills and phases of training in soccer. The premise of this research is to gain greater understanding of the physical demands of common training methodologies in elite soccer to support optimal match performance. The coaching process may then benefit from being able to prescribe the most effective training to support these. The first experimental chapter in this thesis began by quantify gross training loads of the pre-season and in-season phases in soccer. A broader picture of the training loads inherent in these distinct phases brought more detail as to the type and extent of external loading experienced by soccer players at these times, and how the inclusion of match play influences weekly training rhythms. Training volume (total distance) was found to be high at the start compared to the end of pre-season (37 kilometres and 28 kilometres), where high cardiovascular loads were attained as part of the conditioning focus. This progressed transiently, however, to involve higher-speed, acceleration and change-of-direction stimuli at the end of pre-season compared to the start and to that in-season (1.18 kilometres, 0.70 kilometres and 0.42 kilometres high-intensity running; with 37, 25 and 23 accelerations >3m/s2 respectively) . The decrease in volume and increase in maximal anaerobic activity was evident in the training focus as friendly matches were introduced before the competitive season. The influence of match-play as being a large physical dose in the training week may then determine the change in weekly periodisation and how resulting training loads applied and tapered, if necessary. The focus of research was then directed more specifically to the most common mode of training in soccer, that also featured regularly in the pre-season period in the present study, small-sided games (SSG). The subsequent studies examined numerous manipulations of this specific form of soccer conditioning, such as player numbers as well as absolute and relative playing space available. In contrast to some previous literature, changing the number of players did not seem to influence training responses significantly, although playing format in the possession style brought about larger effects for heart rate (89.9%HRmax) and average velocity (7.6km/h-1). However, the following studies (Chapters 5, 6 and 7) revealed a greater influence of relative playing space available to players in SSG. The larger area at their disposal brought about greater aerobic responses (~90%HRmax), by allowing higher average and peak velocities (>25km/h-1), as well as greater distance acceleration behaviour at greater thresholds (>2.8m/s2). Furthermore, the data points towards space as being a large determinant in strategy of the player in small-sided games (SSG), subsequently shaping their movement behaviour and resulting physical responses. For example, higher average velocities in a possession format (8km/h-1) reflects higher work rate and heart rate load but makes achieving significant neuromuscular accelerations at a high level difficult given higher starting velocities prior to the most intense accelerations (4.2km/h-1). By altering space available and even through intentional numerical imbalances in team numbers, it may be easier for coaches to achieve the desired stimulus for the session or individual player, whether that is for aerobic and neuromuscular conditioning. Large effects were found for heart rate being higher in the underloaded team (85-90%HRmax) compared to the team with more players (80-85%HRmax) as well as for RPE (5AU versus 7AU). This was also apparent for meterage and therefore average velocity. It would also seem neuromuscular load through high acceleration and deceleration efforts were more pronounced with less numbers (given the need to press and close down opponents, and in a larger area relative to the number of players on the underloaded team. The peak accelerations and deceleration achieved was also higher when playing with less players (3-6.2m/s2 and 3-6.1m/s2) Having detailed ways in which to reach desired physical loading responses in common small training formats, Chapter 8 compared SSG to larger 9v9 formats with full-size 11v11 friendly matches. This enabled absolute and relative comparisons to be made and to understand the extent to which smaller training formats are able to replicate the required movements to be successful in competition. In relative terms, it was revealed that relative acceleration distance and Player Load were higher in smaller 4v4 games than match-play (1.1m.min-1 and 0.3m.min-1 >3m/s2; 16.9AU versus 12AU). Although the smallest format did not replicate the high-velocity demands of matches, the results confirmed their efficacy in providing significant neuromuscular load during the training week, which may then be supplemented by high-intensity interval running in order to gain exposure to more maximal speed work. In summary, the data presented provide valuable information from GPS and inertial sensor microtechnology which may then be used to understand training better to manipulate types of load according to physical conditioning objectives. For example, a library of resources to direct planning of drills of varying cardiovascular, neuromuscular and perceptual load can be created to give more confidence in session outcomes. Combining external and internal load data of common soccer training drills, and their application across different phases and training objectives may give coaches a powerful tool to plan and periodize training.

Evaluación técnica y económica para analizar la viabilidad del montacargas eléctrico en el sector productivo

Esta tesis pretende demostrar y describir las diferentes características de los montacargas que existen en el mercado, teniendo en cuenta sus ventajas y desventajas, logrando como objetivo analizar la viabilidad de la implementación de los montacargas eléctricos en la industria colombiana a partir de la información brindada sobre las características esenciales de los montacargas eléctricos que hay en el mercado. Así mismo, se quiere mostrar que los montacargas eléctricos generan un ahorro sustancial en comparación con los montacargas convencionales que hay hoy en día en el mercado, logrando así que la industria colombiana reduzca sus gastos en un porcentaje mediante la implementación de las nuevas referencias de montacargas eléctricos los cuales serian una alternativa para las compañías colombianas. Mediante una detallada revisión conceptual, se mostrara la viabilidad de los montacargas eléctricos frente a los otros tipos de montacargas, teniendo como premisa el conocimiento de lo que hoy en día requieren las industrias colombianas, y cumpliendo así con una detallada comparación en donde se enfatice la diferenciación de los montacargas eléctricos con otros tipos que existen y se logre brindar una clara percepción de estos junto con las ventajas de estos vehículos para lograr así brindar mayor información a la industria colombiana sobre las ventajas de la implementación de los montacargas eléctricos en la industria colombiana.

Autonomía financiera de los municipios en Colombia. Contenido, alcance y principales dificultades en el Estado unitario

Informe final de investigación en el que se define el contenido y se delimita el alcance de la autonomía financiera en los entes municipales en Colombia. Lo anterior, partiendo del premisa del artículo 311 de la C.N., en donde el Municipio es concebido como la “entidad fundamental de la división político-administrativa del Estado (…)”, al cual se le arrogó autonomía como derecho y como garantía institucional, para destinarlo a ser la piedra angular de la organización territorial del Estado, autonomía para la gestión de sus intereses que se manifiesta en la facultad de administrar sus recursos, establecer tributos y participar en las rentas nacionales; indicando que es éste el objeto de análisis del presente documento. La autonomía financiera en los municipios será analizada desde el punto de vista constitucional, normativo, jurisprudencial y doctrinal. Se demostrará que ésta es el resultado de la evolución en la forma en la cual se ha hecho y se hace el gasto público en Colombia, una transición que de manera simultánea al proceso político administrativo, ha demostrado que sólo a través del empoderamiento de los municipios puede concretarse la eficiencia como principio orientador del gasto público. Además, se examinará la autonomía financiera municipal en sus dos manifestaciones esenciales, es decir, revisando la forma en que los municipios obtienen sus recursos y la forma en que posteriormente los ejecutan.

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.

Computer-based monitoring platform for renewable energy systems: Four experimental application cases using NI LabVIEW

Sustainability and responsible environmental behaviour constitute a vital premise in the development of the humankind. In fact, during last decades, the global energetic scenario is evolving towards a scheme with increasing relevance of Renewable Energy Sources (RES) like photovoltaic, wind, biomass and hydrogen. Furthermore, hydrogen is an energy carrier which constitutes a mean for long-term energy storage. The integration of hydrogen with local RES contributes to distributed power generation and early introduction of hydrogen economy. Intermittent nature of many of RES, for instance solar and wind sources, impose the development of a management and control strategy to overcome this drawback. This strategy is responsible of providing a reliable, stable and efficient operation of the system. To implement such strategy, a monitoring system is required.The present paper aims to contribute to experimentally validate LabVIEW as valuable tool to develop monitoring platforms in the field of RES-based facilities. To this aim, a set of real systems successfully monitored is exposed.

El abuso sexual a niñas, niños y adolescentes: un secreto familiar, un problema familiar, un problema social

This investigation has the purpose of identifying how to prevent through educational processes, and then eradicate, the sexual abuse against children and adolescents in rural communities from Salvador, Guatemala, Honduras and Nicaragua. The premise is that sexual abuse cannot be approached in an isolated way; it requires integral and committed actions of the institutions in charge of children and adolescents’ integral protection and development. This implies considering: the legal framework, the response offered by government and private organizations towards the prevention and attention of rights as well as their actions to penalize and restore the violated rights; the role of families as main responsible of the well being of their children and the role of children and adolescents.

METODOLOGÍA PARA LA GESTIÓN DE CUENCAS HIDROGRÁFICAS SIGUIENDO EL ENFOQUE DEL RIESGO INTEGRAL

Se presenta metodología general del enfoque de riesgo a través de la tecnología de los Sistemas de Información Geográfcos, la evolución de los conceptos del enfoque integral de riesgo como apoyo a la Gestión de las Cuencas Hidrográfcas y su evolución. Mediante ejemplos de proyectos realizados con base en una metodología integradora en la variable de riesgo, que es útil, para realizar un ordenamiento integral de los recursos ambientales (biofísicos, socioeconómico-culturales) a nivel de la Cuenca Hidrográfca.El grado de riesgo se determina, partiendo de que el riesgo se entiende como una evaluación cognoscitiva de las pérdidas que pueden ocurrirle a un elemento expuesto, de acuerdo con sus características, su situación y un contexto particular de tiempo y de espacio, el análisis, cuantifca espacialmente el grado de riesgo, utilizando la tecnología SIG.El modelo general de ordenamiento territorial con énfasis en prevención en el que se considere el riesgo como una función de la amenaza y de la vulnerabilidad, esto es, r = f(A,V) Finalmente, se  introduce  la evolución de  los conceptos con el aporte de  los escenarios de amenazas y el manejo de la vulnerabilidad socioeconómica que permite aplicar el enfoque de riesgo integral, por medio de la tecnología SIG.Palabras claves: Amenaza, vulnerabilidad, riesgo, manejo integrado de recursos naturales,ordenamiento territorial, Sistemas de Información Geográfcos.Abstract General methodology of focusing on risk is presented through the technology of the Geographic Information System (GIS), the evolution of the concepts of the integral focus of risk as a support to the management of Hydrographic Watershed and its evolution.Through  examples of  completed projects,  an  integrative methodology  is made of  the  risk variable that is useful to achieving an integral ordering of the environmental resources (biophysics, socioeconomic-cultural) at the Hydrographic Watershed level.The risk degree is determined, starting form the premise that the risk can be understood as a cognitive evaluation from the losses that can happen to an exposed element, according to their characteristics, situation and a particular context of time and space, the quantifed analysis, especially of the degree of risk, using GIS technology.The general model of territorial ordering, with emphasis on prevention and what is considered the risk as a function of the hazard and the vulnerability, that is: r = f(A, V).Finally, evolution of the concepts is introduced, with the contribution of the hazard scenarios and management of the socioeconomic vulnerability that allows application of the risk focus, by GIS technology.Key words: hazards, vulnerability, risk, integrated management of natural resources, territorial ordering, GIS, Geographic Information Systems.