Determinants of Capital Structure of Swedish limited companies : Testing Trade-off Theory Against Pecking Order Theory

Research question- This thesis investigates the determinants of capital structure of the Swedish companies. In order to do so, the two dominant theories of the corporate structure are studied and their assumptions are tested. Thus, the study researches which one of the two theories is more appealing for the Swedish market. Methodology-The study follows a purely quantitative study, by conducting an econometric analysis. The data are collected from a secondary source and more particularly the "Retriever" database, which contains financial data of the Swedish companies. Findings- The findings indicate that the determinants of the corporate structure for the Swedish market do not differ from other studies which have been conducted in other countries. However, there is a difference when it comes to tax and non-tax shields. The results suggest that in most cases the Pecking Order Theory appears to be more representative for the Swedish market, since most of the coefficient appear to be in favour of it. Moreover, the significance of the effect of the industry for the financial leverage is confirmed.

Organização de Aprendizagem e Administração do Conhecimento: estudo de caso do Porto de Suape - PE

Este trabalho pretende refletir o papel da organização de aprendizagem e administração do conhecimento como condição de necessidade para o desenvolvimento das organizações no século XXI. São cinco as disciplinas que vêm convergindo para facilitar a inovação nas organizações que aprendem. Embora desenvolvidas separadamente, cada uma delas é crucial para o sucesso das outras quatro. São elas: Domínio pessoal, Modelos mentais, Objetivo comum (visão compartilhada), Aprendizado em grupo e Raciocínio sistêmico (a quinta disciplina). A quinta disciplina - raciocínio sistêmico - é o alicerce da organização que aprende. É fundamental que as cinco disciplinas funcionem em conjunto. Este é um grande desafio, pois é muito mais difícil integrar novos instrumentos do que aplicá-los separadamente. Nesse sentido, o problema levantado por este estudo consistiu em verificar por que as organizações não atuam através de uma política de aprendizagem e administração do conhecimento. A metodologia utilizada na presente pesquisa quanto aos fins de investigação foi quantitativa, a presente pesquisa foi descritiva e quanto aos meios de investigação a pesquisa foi bibliográfica e estudo de caso. Conclui-se a pesquisa afirmando que a aprendizagem organizacional pressupõe, também, a maior capacidade de absorver as mudanças. Para que isso aconteça, é necessário criar, adquirir e transferir conhecimentos, mudando o próprio comportamento em função de novos conhecimentos e perspectivas. / This work aims to reflect the role of learning organization and knowledge management as a condition necessary for the development of organizations in the XXI century. There are five disciplines that are converging to facilitate innovation in learning organizations. Although developed separately, each is crucial to the success of the other four. They are: personal mastery, mental models, common goal(shared vision), Learning and Reasoning systemic group (the fifth discipline). The fifth discipline - systems thinking - is the foundation of the organization that learns. It is essential that the five disciplines to work together. This is a great challenge because it is much more difficult to integrate new tools than applying them separately. In this sense, the problem raised by this study was to determine why organizations do not operate through a policy of learning and knowledge management. The methodology used in this research as to the purpose of research was quantitative, this research was descriptive and the means of investigation was the research literature and case study. It follows research by stating that organizational learning also implies a greater capacity to absorb change. For that to happen, it is necessary to create, acquire and transfer knowledge, changing their own behavior in light of new knowledge and perspectives.

A gestão da informação sob a luz do Enterprise Content Management (ECM): um estudo de caso em uma universidade pública

This work involves the organization and content perspectives on Enterprise Content Management (ECM) framework. The case study at the Federal University of Rio Grande do Norte was based on ECM model to analyse the information management provided by the three main administrative systems: The Integrated Management of Academic Activities (SIGAA), Integrated System of Inheritance, and Contracts Administration (SIPAC) and the Integrated System for Administration and Human Resources (SIGRH). A case study protocol was designed to provide greater reliability to research process. Four propositions were examined in order to reach the specific objectives of identification and evaluation of ECM components from UFRN perspective. The preliminary phase provided the guidelines for the data collection. In total, 75 individuals were interviewed. Interviews with four managers directly involved on systems design were recorded (average duration of 90 minutes). The 70 remaining individuals were approached in random way in UFRN s units, including teachers, administrative-technical employees and students. The results showed the presence of many ECM elements in the management of UFRN administrative information. The technological component with higher presence was "management of web content / collaboration". But initiatives of other components (e.g. email and document management) were found and are in continuous improvement. The assessment made use of eQual 4.0 to examine the effectiveness of applications under three factors: usability, quality of information and offered service. In general, the quality offered by the systems was very good and walk side by side with the obtained benefits of ECM strategy adoption in the context of the whole institution

Mudança dos processos de negócios e adequação da TI nas empresas em decorrência da implantação do sistema público de escrituração digital SPED: um estudo de casos múltiplos

Companies have always been organized by processes, often imperceptible to its employees. With the advancement of technology, organizational processes currently run an organization through computers, and thus generate immediate information that is available to each sector. With the objective of seeking business information in real time, the government created the SPED - Public System of Digital, which involves three subsystems, which are the Electronic Invoice, Digital Accounting Bookkeeping and Digital Tax Bookkeeping. This system is revolutionizing the business structures when gathering, in an innovative way, all information and interlinked business processes. For the implementation of SPED, a revision in the organizational processes is required, since the information is generated and is sent online to the government, without mistakes. Thus the study aimed to analyze the change brought about by the implementation of the Public System of Digital SPED in the main business processes. In order to do so, we have performed a multiple case study involving three companies in the state of Para, two operate in wholesale and one explores agribusiness. The Data collection was performed by accounting professionals, IT and managers. According to the results obtained, it was found that in two companies, the IT infrastructure was capable of deploying the new system without major problems, while one company had more difficulties to cope with the new system. However, all companies had to examine its processes to make the customizations needed to fit. It was also observed that there is no IT Governance in two companies. Therefore, we recommend the use of an appropriate model, not only for the implementation of SPED, but as a way to manage and extract better results from investment in information technology

Cerâmica de Santo Antônio do Potengi: entre tradição e modernidade

In the Rio Grande do Norte, the craftsmanship is generating of economy, it involves a significant number of people and is diversified in its raw materials and particular type. As reference of the craft local, the ceramics supplied the primary necessities in the utilitarian domestic servants, acquired piety in the religious figures, were toy in infantile amusements and, finally, gained status of pure ornament. By its historical representation, the district of Santo Antônio do Potengi is considered the most important center of manufacture of craftpottery in the State. The work of the potters continues in that locality anchored between the familiar inheritance and the participation each more influential time of the public politics destined to the sector situation verified for visible alterations in the shape of the pottery from the decade of 1990 with the implantation of a cooperative destined to the collective production. We observe in this passage, that such actions in the measure where they objectify to structuralize conditions ideal to support the artisan making, do not benefit in significant way the social development them craftsmen. It is important not to lose of sight that exists some involved dimensions in this process and that these surpass the common interest for the object and the consequent economic connotation of its commercialization. They are knowledge that imply in the access to raw materials, in the peculiar of the formal aspects and productive methods, in the contextual relations organized to defend the survival of the activity

Europeanization in VET policy as a process of reshaping the educational space

The EU represents a transforming educational space, where national and supranational boundaries in educational governance are becoming blurred. The EU has become an important actor in educational governance and an important arena for policy learning and transfer. This paper explores how the process of reshaping the educational space manifests itself in the process of the Europeanization of VET policy in the case of Estonia. In Estonia, this process was followed by the growth of executive VET institutions and has developed from rather uncritical initial policy transfer to more active learning from the EU, although conformism can still be seen in cases of the introduction of standardizing policy tools. (DIPF/Orig.)

Nonparametric Evaluation of Quantitative Traits in Population-Based Association Studies when the Genetic Model is Unknown

Statistical association between a single nucleotide polymorphism (SNP) genotype and a quantitative trait in genome-wide association studies is usually assessed using a linear regression model, or, in the case of non-normally distributed trait values, using the Kruskal-Wallis test. While linear regression models assume an additive mode of inheritance via equi-distant genotype scores, Kruskal-Wallis test merely tests global differences in trait values associated with the three genotype groups. Both approaches thus exhibit suboptimal power when the underlying inheritance mode is dominant or recessive. Furthermore, these tests do not perform well in the common situations when only a few trait values are available in a rare genotype category (disbalance), or when the values associated with the three genotype categories exhibit unequal variance (variance heterogeneity). We propose a maximum test based on Marcus-type multiple contrast test for relative effect sizes. This test allows model-specific testing of either dominant, additive or recessive mode of inheritance, and it is robust against variance heterogeneity. We show how to obtain mode-specific simultaneous confidence intervals for the relative effect sizes to aid in interpreting the biological relevance of the results. Further, we discuss the use of a related all-pairwise comparisons contrast test with range preserving confidence intervals as an alternative to Kruskal-Wallis heterogeneity test. We applied the proposed maximum test to the Bogalusa Heart Study dataset, and gained a remarkable increase in the power to detect association, particularly for rare genotypes. Our simulation study also demonstrated that the proposed non-parametric tests control family-wise error rate in the presence of non-normality and variance heterogeneity contrary to the standard parametric approaches. We provide a publicly available R library nparcomp that can be used to estimate simultaneous confidence intervals or compatible multiplicity-adjusted p-values associated with the proposed maximum test.

Planeamento Fiscal nas operações relativas a instrumentos financeiros derivados e a sua tributação

Mestrado em Fiscalidade

Herança genética e marcadores moleculares associados à resistência de Euphorbia heterophylla L. aos herbicidas inibidores da ALS e PROTOX

This study aimed to assess the genetic inheritance, determine the better DNA isolation protocol for this species and to identify molecular markers associated with the Wild Poinsettia (Euphorbia heterophylla L.) resistance ALS- and PROTOX- inhibiting herbicides and. The genetic inheritance of resistance was determined from crosses between E. heterophylla biotypes susceptible (S) and resistant (R), backcrosses and F2 generation. The complete dominance of resistance was confirmed with dose response curves. Ten adjusted methods for DNA isolation described in the literature were tested. The specific primers for ALS and PROTOX genes were designed from the consensus DNA sequence of these genes, obtained by aligning the gene sequences of the species Manihot esculenta and Ricinus communis L. Additionally, it was assessed the transferability of twenty SSR (simple sequence repeat) markers designed for Manihot esculenta, because among the species of Euphorbiaceae with more developed SSRs markers, because it is the closest relative phylogenetic species of E. heterophylla. Regarding genetic inheritance, the frequencies observed in the F1, F2, RCs and RCr did not differ significantly from the expected frequencies for a trait controlled by two dominant genes for multiple resistance and a single dominant gene for simple resistance to ALS- and PROTOX-inhibiting herbicides. The similar levels of resistance to dosage up to 2000 g i.a. ha-1 of fomesafen and dosage up to 800 g i.a. ha-1 of imazethapyr observed in F1 (heterozygous) and homozygous R biotype confirm the complete dominance of resistance to PROTOX- and ALS-inhibiting herbicides, respectively. The 0.2%BME protocol allowed the isolation of 7,083 ng μL-1 DNA, significantly (P=0.05) higher than other methods. Co-isolation of phenolic compounds was observed in FENOL and 3%BME+TB methods, but the addition of polyvinylpyrrolidone (PVP40) in the protocol extraction buffer 3%BME+TA solved this problem. The primers designed for ALS and PROTOX genes amplified but not showed no visible polymorphism in agarose gel between the S and R biotypes of E. heterophylla. Regarding the SSR transferability, ten markers were transferred to E. heterophylla, however, these six primers showed polymorphism among S and R biotypes.

Automatization of feeding the heat flux data to water circulation simulations of recovery boilers

Tässä työssä perehdytään soodakattiloiden vesikiertomallin rakentamiseen. Työn päätavoitteena on kehittää simulointimallia varten taulukkolaskentapohja, jonka avulla soodakattilan lämpövuotietoja on yksinkertaista ja nopeaa käsitellä ja siirtää Apros 6 -simulointiohjelmaan. Lisäksi tarkoituksena on pyrkiä automatisoimaan työvaiheet mahdollisimman pitkälle, jolloin vesikiertolaskennan tekeminen yksinkertaistuisi, yhtenäistyisi ja tarkentuisi. Tämä on mahdollista Excel- makrojen ja Apros 6:n uusien toimintojen avulla. Apros 6:ssa on nyt mahdollista hyödyntää SCL- komentotiedostoja, joiden avulla sujuva tiedonsiirto Aproksen ja Excelin välillä vodaan toteuttaa. Vesikiertolaskentaan käytettävän datan käsittely on aikaisemmin ollut työlästä ja sen tarkkuus on pitkälti riippunut mallintajasta. Tässä diplomityössä päästään hyödyntämään uusimpia ja realistisempia soodakattiloiden CFD- malleja, joiden avulla pystytään luomaan aikaisempaa tarkemmat lämpövuojakaumat soodakattilan lämpöpinnoille. Tämä muutos parantaa vesikiertolaskennan tarkkuutta. Työn kokeellisessa osassa uutta Excel laskentatyökalua ja uusia lämpövuoarvoja testataan käytännössä. Eräs vanha Apros- vesikiertomalli päivitetään uusilla lämpövuoarvoilla ja sen rakenteeseen tehdään muutoksia tarkkuuden parantamiseksi. Uuden mallin toimivuutta testataan myös 115 %:n kapasiteetilla ja tutkitaan kuinka kyseinen vesikiertopiiri reagoi suurempaan lämpötehoon. Näitä kolmea eri tilannetta vertaillaan toisiinsa ja tarkastellaan eroavaisuuksia niiden vesi-höyrypiireissä.

Efectos fiscales de los asentamientos hidroeléctricos: el caso de la cuenca de los Ríos Negro y Nare en Colombia

Con la presencia de asentamientos hidroeléctricos en su territorio, los municipios del oriente y nordeste antioqueño han visto afectada su estructura tributaria y territorial, a pesar de la reglamentación compen­satoria del sector eléctrico. Este artículo, analiza los efectos tributarios generados por la compensación del impuesto predial. Para lograrlo se revisan los montos recibidos por los municipios de las empresas generadoras y se realiza una indagación empírica del impuesto bajo los escenarios con y sin asenta­mientos hidroeléctricos. De esta forma se determina el diferencial tributario. Se concluye que, además de la insuficiencia de las transferencias para compensar la pérdida del capital natural de las cuencas hidroeléctricas, la expansión del sector eléctrico genera regresividad tributaria, por causa de privilegios y exenciones concebidos por las Leyes.

THE NETWORK EMBEDDEDNESS OF A FOREIGN SALES SUBSIDIARY The subsidiary personnel perspective

This study focuses on the network embeddedness of a subsidiary of a multinational company. Academic research has identified the rising role of geographically dispersed subsidiaries as valuable sources of strategic knowledge and value to the whole multinational company. Moreover, previous research suggests that in order to gather this knowledge and transfer it across the multinational company, a subsidiary needs to be insider, i.e. embedded, in both its local external network as well as in its internal corporate network. The purpose of this study is to describe the network embeddedness of a foreign sales subsidiary from the subsidiary personnel perspective and hence increase understanding on the phenomenon and provide suggestions to enhance overall subsidiary embeddedness. The empirical study was based on a theoretical framework on subsidiary network embeddedness and comprised a qualitative single-case study in a French sales subsidiary of a Nordic multinational company. Data collection included nine semi-structured interviews and six Network Pictures drawing tasks. Altogether eight people out of subsidiary staff of eleven participated in the study providing relatively exhaustive overview of the subsidiary personnel perspective. Based on the collected data, the relationships toward the most relevant network actors, both internal and external were identified and their impact on the subsidiary embeddedness were analyzed separately. Moreover, the subsidiary’s simultaneous embeddedness in both internal and external network, that is, the subsidiary dual embeddedness, was discussed to increase understanding how subsidiary personnel perceive their role between the two networks and its impact on the subsidiary activities. The findings of the study suggest that the subsidiary personnel perceives strong external embeddedness increasing internal and dual-embeddedness since intensive external collaboration requires including and activating other corporate units as well. The role of the local sales subsidiary is to act as the interpreter and connector between the internal and external network actors. Hence, by actively promoting relationship linkages between internal and external actors, the subsidiary may adopt an active role beyond its original corporate mandate. In order to achieve this, both managers on the subsidiary and corporate level need to promote open communication and increase cultural understanding between different corporate units.

LA REINVENCIÓN DE LA PRODUCCIÓN EDITORIAL EN LA ERA DIGITAL; DENTRO DEL PROCESO DE GENERACIÓN Y TRANSFERENCIA DEL CONOCIMIENTO

Analiza la producción editorial a la luz de los cambios propuestos por los avances de la tecnología de los sistemas de información y comunicación. Señala impactos de internet en la producción y difusión de contenidos en ambientes y organizaciones de enseñanza e investigación. Enfatiza la responsabilidad compartida de la bibliotecología y ciencias de la información con la industria editorial, en el proceso de transferencia de información y la creación de conocimiento.

¿Puede la gestión del conocimiento influir en los resultados empresariales?

El objetivo de este artículo es analizar la influencia de la gestión del conocimiento en los resultados empresariales. En primer lugar, se ha realizado una revisión de la literatura, que ha permitido establecer las dimensiones más comunes de la gestión del conocimiento y de los resultados, para su posterior medición. Se han tomado como dimensiones de la gestión del conocimiento: la creación; el almacenamiento y la transferencia; y la aplicación y uso del conocimiento. La adquisición de información, la diseminación de ésta y la interpretación compartida se han utilizado como medidas para la creación de conocimiento. Asimismo, se han utilizado como medidas de la aplicación y uso del conocimiento, el empowerment, el trabajo en equipo y el compromiso con el conocimiento. Como dimensiones de los resultados se han utilizado resultados operativos, financieros y de innovación. La metodología utilizada se basa en el estudio del caso, a través de datos primarios y secundarios. Los resultados obtenidos muestran que la gestión del conocimiento influye en los resultados tanto operativos, como financieros y de innovación. De este modo, las empresas analizadas que tienen un mayor grado de gestión del conocimiento, a través del trabajo en equipo, incremento del empowerment, flexibilización en la toma de decisiones y una visión global de la empresa, entre otras prácticas, obtienen mayores resultados, tanto operativos, como financieros y de innovación.

A gestão da informação sob a luz do Enterprise Content Management (ECM): um estudo de caso em uma universidade pública

This work involves the organization and content perspectives on Enterprise Content Management (ECM) framework. The case study at the Federal University of Rio Grande do Norte was based on ECM model to analyse the information management provided by the three main administrative systems: The Integrated Management of Academic Activities (SIGAA), Integrated System of Inheritance, and Contracts Administration (SIPAC) and the Integrated System for Administration and Human Resources (SIGRH). A case study protocol was designed to provide greater reliability to research process. Four propositions were examined in order to reach the specific objectives of identification and evaluation of ECM components from UFRN perspective. The preliminary phase provided the guidelines for the data collection. In total, 75 individuals were interviewed. Interviews with four managers directly involved on systems design were recorded (average duration of 90 minutes). The 70 remaining individuals were approached in random way in UFRN s units, including teachers, administrative-technical employees and students. The results showed the presence of many ECM elements in the management of UFRN administrative information. The technological component with higher presence was "management of web content / collaboration". But initiatives of other components (e.g. email and document management) were found and are in continuous improvement. The assessment made use of eQual 4.0 to examine the effectiveness of applications under three factors: usability, quality of information and offered service. In general, the quality offered by the systems was very good and walk side by side with the obtained benefits of ECM strategy adoption in the context of the whole institution