Nanocompósitos magnéticos: potencialidades de aplicações em Biomedicina

The synthesis of magnetic materials such as nanostructured iron oxide has been intensively researched due to their broad applications in biomedicine. As these nanoparticles have high specific surface area, they are very reactive and can aggregate easily, and biodegrade when exposed to biological systems. Mesoporous silica is often employed as support matrix to protect the magnetic functional component, avoiding undesirable effects. In this context, this review describes various syntheses of silica-coated iron oxide nanoparticles, and their use in applications such as bioseparation, magnetic resonance imaging, hyperthermia and drug delivery systems showing the growing interest of these materials in biological area.

Investigating the spontaneous formation of SDS micelle in aqueous solution using a coarse-grained force field

A 1µs Molecular Dynamic simulation was performed with a realistic model system of Sodium Dodecyl Sulfate (SDS) micelles in aqueous solution, comprising of 360 DS-, 360 Na+ and 90000 water particles. After 300 ns three different micellar shapes and sizes 41, 68 and 95 monomers, were observed. The process led to stabilization in the total number of SDS clusters and an increase in the micellar radius to 2.23 nm, in agreement with experimental results. An important conclusion, is be aware that simulations employed in one aggregate, should be considered as a constraint. Size and shape distribution must be analyzed.

Autoagregação da 5,10,15,20-tetrakis(4-metoxifenil)porfirina (tmpp): estudos espectroscópicos e análises multivariadas

In this work, the spectroscopic properties of 5,10,15,20-tetrakis(4-methoxyphenyl)porphyrin (TMPP) in solvents of different polarities and water/ethanol mixtures were studied by electronic absorption spectroscopy and resonance light scattering associated with statistical analysis. The molar absorption coefficient and emission maximum of TMPP were dependent on solvent polarity. In the water/ethanol mixture, TMPP remained monomeric up to 25% of water, when it reaches its critical aggregation percentage. Oblique head-to-tail aggregate was found at intermediate water content (35 - 55%), while formation of a J-type aggregate was observed at higher water content (> 60%).

The harm principle and the greatest happiness principle: the missing link

In this article I present a possible solution for the classic problem of the apparent incompatibility between Mill's Greatest Happiness Principle and his Principle of Liberty arguing that in the other-regarding sphere the judgments of experience and knowledge accumulated through history have moral and legal force, whilst in the self-regarding sphere the judgments of the experienced people only have prudential value and the reason for this is the idea according to which each of us is a better judge than anyone else to decide what causes us pain and which kind of pleasure we prefer (the so-called epistemological argument). Considering that the Greatest Happiness Principle is nothing but the aggregate of each person's happiness, given the epistemological claim we conclude that, by leaving people free even to cause harm to themselves, we still would be maximizing happiness, so both principles (the Greatest Happiness Principle and the Principle of Liberty) could be compatible.

POPULATION STRUCTURE AND SPATIAL DISTRIBUTION OF Bauhinia cheilantha (Bong.) Steud. IN TWO FRAGMENTS AT DIFFERENT REGENERATION STAGES IN THE CAATINGA, IN SERGIPE, BRAZIL

ABSTRACTThis study aimed to analyze the vertical and diameter structure and the spatial distribution pattern of Bauhinia cheilantha in two Caatinga fragments in Sergipe, Brazil, at different regeneration stages. Thirty plots were demarcated in area I (Canindé de São Francisco and Poço Redondo), which has vegetation regeneration, and 25 plots in area II (Porto da Folha) with preserved vegetation, both having 400 m2. All B. cheilanthaindividuals had their height and circumference (circumference at breast height > 6 cm) measured. Possible differences in height and diameter at breast height were tested in the two populations by using Student’s T-test. The distribution pattern of species was calculated through Payandeh’s index. We sampled 154 B. cheilantha individuals, equivalent to 33.3% of the plots in area I and in 1,027 individuals in area II, totaling 100% frequency. Height and the diameter of the two populations were statistically different, where AI achieved all values lower than AII. The spatial distribution pattern of B. cheilantha found in both areas was aggregate, with values of 11.85 and 9.00, respectively. Thus, it became clear that the population in AII is at a more advanced successional status than AI, due to its longer conservation time.

Ammattiliitot makrotaloudessa - voimavara vai rasite?

Tutkielman tavoite oli kuvata ammattiliittojen vaikutusta makrotalouteen. Ammattiliittojen voimaa pyrittiin kuvaamaan työvoiman järjestäytymisasteella muiden mittareiden ollessa kansantalouden inflaatio, työttömyys ja kokonaistuottavuus. Aineisto kattoi 20 OECD-maata, joiden tilastoista koottiin paneeliaineisto. Aineisto kattoi vuodet 1990-2010. Erilaisten liittojärjestelmien vuoksi maat jaettiin neljään eri luokkaan, joita verrattiin keskenään. Paneeliaineistoa tutkittiin kiinteiden vaikutusten sekä satunnaisten vaikutusten mallilla. Tulokset myötäilivät hyvin alan teorioita; tavallisesti vahvat ammattiliitot lisäsivät inflaatiota ja työttömyyttä. Merkittävämmäksi seikaksi nousi järjestäytymisasteen ja kansantalouden tuottavuuden välinen positiivinen korrelaatio. Silti ammattiyhdistysliikkeen kansantaloudellinen merkitys näytti näiden todisteiden valossa olevan negatiivinen, joten taloudellisesti ajatellen ne eivät ole mielekkäitä; jos AY-liikkeelle haluaa löytää perustellun aseman yhteiskunnassa, on se tehtävä jostakin muusta tutkimusnäkökulmasta kuin kansantaloustieteellisestä.

Physical, chemical and microbiological properties of a Dystrophic Yellow Latosol using manipueira

The study aimed to evaluate chemical, microbiological and hydro-physical changes of a Dystrophic Yellow Latosol, receiver of different levels of manipueira (cassava wastewater) application, in the cultivation of 'Terra Maranhão' banana. The experimental design was a randomized block with three replications in a factorial scheme 3 x 4, in which it was considered three soil depths and four levels of manipueira. It was evaluated the weighted mean diameter of the aggregate, the percentage of aggregation at different periods, soil density, particle density, porosity and soil saturated hydraulic conductivity, in addition to pH of P (mg dm -3), K (mg dm-3), Ca (cmolc dm-3), Mg (cmolc dm-3), Ca+Mg (cmolc dm-3), Al (cmolc dm-3), Na (cmolc dm -3), H+Al (cmolc dm-3), CEC (cmolc dm-3), V%, OM (g kg-1), soil microbial biomass (Ug Cg-1 dry soil), acid phosphatase (Ug PNP g-1 h-1). The use of manipueira influenced some physical characteristic of the soil, but it was not possible to specify the effect of increasing application dosage. Therefore, the application did not affect the biological indicators assessed in the soil or its pH. The use of manipueira as a fertilizer in the doses used in this study showed low increase of K, P, H+Al and Al in the soil and a good increase of Mg, Ca and Ca+Mg, Na, CEC and V%.

Spatial statistics applied to soybean production data from Paraná State for 2003-04 to 2009-10 crop-years

In the current study, we performed a soybean production spatial distribution analysis in Paraná State. Seven crop-year data, from 2003-04 to 2009-10, obtained from the Paraná Department of Agriculture and Supply (SEAB) were used to develop a Boxmap for each crop-year, show soybean production throughout this time interval. Moran's index was used to measure spatial autocorrelation among municipalities at an aggregate level, while LISA index local correlation. For each index, different contiguity matrix and order were used and there was a significance level study. As a result, we have showed spatial relationship among cities regarding the production, which allowed the indication of high and low production clusters. Finally, identifying main soybean-producing cities, what may provide supply chain members with information to strengthen the crop production in Paraná.

Soil physical attributes in chemigated banana plantation with wastewater

ABSTRACT The feasibility of using sewage wastewater as a water and nutrient source for plants is an alternative to harness agricultural natural resource, observing its influence on the organic matter dynamics and soil energy. Our objective here was to evaluate the effects of applying different doses of effluent from a sewage treatment plant, in Janaúba – MG, Brazil, over the physical attributes of a soil grown with “Prata Anã” banana. From soil sample collection at depths of 0-20, 20-40, and 40-60 cm, we determined the following soil properties: soil density, total porosity, macroporosity, microporosity, organic matter, clay dispersed in water and stability of soil aggregate. The experimental design was in randomized blocks with four repetitions. Wastewater raising doses promoted increase in suspended solids, contributing to macroporosity reduction at 20-40 and 40-60 cm depths; as well as a reduction in organic matter within 0-20 cm layer. Clay dispersal was observed in the depths of 0-20 cm, being derived from an increase in sodium content. Concurrently, there was a reduction of soil aggregate stability.

The Finnish Paper Workers' Union at a crossroads: Labor union representativeness in a changing environment, 1980-2008

This thesis consists of four articles and an introductory section. The main research questions in all the articles refer to the changes in the representativeness of the Finnish Paper Workers' Union. Representativeness stands for the entire entity of external, internal, legal and reputational factors that enable the labor union to represent its members and achieve its goals. This concept is based on an extensive reading of quantitative and qualitative industrial relations literature, which includes works based on Marxist labor-capital relations (such as Hyman's industrial relations studies), and more recent union density studies as well as gender- and ethnic diversity-based 'union revitalization' studies. Müller-Jentsch's German studies of industrial relations have been of particular importance as well as Streeck's industrial unionism and technology studies. The concept of representativeness is an attempt to combine the insights of these diverse strands of literature and bring the scientific discussion of labor unions back to the core of a union's function: representing its members. As such, it can be seen as a theoretical innovation. The concept helps to acknowledge both the heterogeneity of the membership and the totality of a labor union organization. The concept of representativeness aims to move beyond notions of 'power'. External representativeness can be expressed through the position of the labor union in the industrial relations system and the economy. Internal representativeness focuses on the aspects of labor unions that relate to the function of the union as an association with members, such as internal democracy. Legal representativeness lies in the formal legal position of the union – its rights and instruments. This includes collective bargaining legislation, co-decision rules and industrial conflict legislation. Reputational representativeness is related to how the union is seen by other actors and the general public, and can be approximated using data on strike activity. All these aspects of representativeness are path-dependent, and show the results of previous struggles over issues. The concept of representativeness goes beyond notions of labor union power and symbolizes an attempt to bring back the focus of industrial relations studies to the union's basic function of representing its members. The first article shows in detail the industrial conflict of the Finnish paper industry in 2005. The intended focus was the issue of gender in the negotiations over a new collective agreement, but the focal point of the industrial conflict was the issue of outsourcing and how this should be organized. Also, the issue of continuous shifts as an issue of working time was very important. The drawn-out conflict can be seen as a struggle over principles, and under pressure the labor union had to concede ground on the aforementioned issues. The article concludes that in this specific conflict, the union represented its' female members to a lesser extent, because the other issues took such priority. Furthermore, because of the substantive concessions. the union lost some of its internal representativeness, and the stubbornness of the union may have even harmed the reputation of the union. This article also includes an early version of the representativeness framework, through which this conflict is analyzed. The second article discusses wage developments, union density and collective bargaining within the context of representativeness. It is shown that the union has been able to secure substantial benefits for its members, regardless of declining employment. Collective agreements have often been based on centralized incomes policies, but the paper sector has not always joined these. Attention is furthermore paid to the changing competition of the General Assembly, with a surprisingly strong position of the Left Alliance still. In an attempt to replicate analysis of union density measures, an analysis of sectoral union density shows that similar factors as in aggregate data influence this measure, though – due to methodological issues – the results may not be robust. On this issue, it can be said that the method of analysis for aggregate union density is not suitable for sectoral union density analysis. The increasingly conflict-ridden industrial relations predicted have not actually materialized. The article concludes by asking whether the aim of ever-increasing wages is a sustainable one in the light of the pressures of globalization, though wage costs are a relatively small part of total costs. The third article discusses the history and use of outsourcing in the Finnish paper industry. It is shown using Hyman's framework of constituencies that over time, the perspective of the union changed from 'members of the Paper Workers' Union' to a more specific view of who is a core member of the union. Within the context of the industrial unionism that the union claims to practice, this is an important change. The article shows that the union more and more caters for a core group, while auxiliary personnel is less important to the union's identity and constituencies, which means that the union's internal representativeness has decreased. Maintenance workers are an exception; the union and employers have developed a rotating system that increases the efficient allocation of these employees. The core reason of the exceptional status of maintenance personnel is their high level of non-transferable skills. In the end it is debatable whether the compromise on outsourcing solves the challenges facing the industry. The fourth article shows diverging discourses within the union with regard to union-employer partnership for competitiveness improvements and instruments of local union representatives. In the collective agreement of 2008, the provision regulating wage effects of significant changes in the organization or content of work was thoroughly changed, though this mainly reflected decisions by the Labor Court on the pre-2008 version of the provision. This change laid bare the deep rift between the Social Democratic and Left Alliance (ex-Communist) factions of the union. The article argues that through the changed legal meaning of the provision, the union was able to transform concession bargaining into a basis for partnership. The internal discontent about this issue is nonetheless substantial and a threat to the unity of the union, both locally and at the union level. On the basis of the results of the articles, other factors influencing representativeness, such as technology and EU law and an overview of the main changes in the Finnish paper industry, it is concluded that, especially in recent years, the Finnish Paper Workers' Union has lost some of its representativeness. In particular, the loss of the efficiency of strikes is noted, the compromise on outsourcing which may have alienated a substantial part of the union's membership, and the change in the collective agreement of 2008 have caused this decline. In the latter case, the internal disunion on that issue shows the constraints of the union's internal democracy. Furthermore, the failure of the union to join the TEAM industrial union (by democratic means), the internal conflicts and a narrow focus on its own sector may also hurt the union in the future, as the paper industry in Finland is going through a structural change. None of these changes in representativeness would have been so drastic without the considerable pressure of globalization - in particular changing markets, changing technology and a loss of domestic investments to foreign investments, which in the end have benefited the corporations more than the Finnish employees of these corporations. Taken together, the union risks becoming socially irrelevant in time, though it will remain formally very strong on the basis of its institutional setting and financial situation.

Väsymiskestävyyden määritys murtumismekaanisilla särönmallinnusohjelmilla

Tässä työssä tutkitaan Wärtsilä Oyj:n moottorin ja ABB Oy:n generaattorin muodostaman aggregaatin väsymiskestävyyttä lineaarisen murtumismekaniikan avulla. Työn tavoitteena on selvittää ABAQUS/XFEM- ja FRANC3D-ohjelman soveltuvuus kuormitukseltaan ja geometrialtaan vaativan generaattorirungon suunnittelutyökaluksi. Generaattorirungon kuormitukset aiheutuvat aggregaatin käynnin sekä käynnistys- ja sammutusvaiheen aikai-sista syntyvistä värähtelyistä. Tutkimuksessa tarkastellaan generaattorirungon väsymistä käynninaikaisella kuormituksella. Työssä mallinnettiin generaattorirungosta valittu hitsausdetalji alimallinnustekniikalla, jolloin alimallin reunaehdot voitiin määrittää aggregaatille tehdyn vastelaskennan perus-teella. Alimallista tutkittiin kahta erilaista hitsiliitostyyppiä, joihin mallinnettiin XFEM- ja FRANC3D-ohjelmilla erikokoisia säröjä hitsiliitosten rajaviivalle sekä juuren puolelle. Tutkittavilla ohjelmilla saatujen jännitysintensiteettikertoimien avulla säröille voitiin las-kea ekvivalentti jännitysintensiteettikerroin, jota verrattiin kokeellisesti saatuun jännitysin-tensiteettikertoimen kynnysarvoon. XFEM- ja FRANC3D-ohjelmia vertailtiin käytön helppouden, tulosten tarkkuuden sekä laskenta-aikojen perusteella. Käytettävyyden ja laskenta-aikojen perusteella XFEM-ohjelma soveltui paremmin käytettäväksi teollisuudessa suunnittelu- ja kehitystyön apu-työkaluna. FRANC3D taas antoi XFEM-ohjelmaa luotettavampia tuloksia, mutta laskenta-ajat olivat moninkertaiset.

Eri laskentamenetelmien vertailu hitsatun rakenteen väsymislaskennassa

Tässä työssä tutkittiin eri mitoitusmenetelmien soveltuvuutta hitsattujen rakenteiden vä-symislaskennassa. Käytetyt menetelmät olivat rakenteellinen jännityksen menetelmä, te-hollisen lovijännityksen menetelmä ja murtumismekaniikka. Lisäksi rakenteellisen jänni-tyksen määrittämiseksi käytettiin kolmea eri menetelmää. Menetelmät olivat pintaa pitkin ekstrapolointi, paksuuden yli linearisointi ja Dongin menetelmä. Väsymiskestävyys määritettiin kahdelle hitsiliitoksen yksityiskohdalle. Laskenta tehtiin käyttäen elementtimenetelmää rakenteen 3D-mallille. Tutkittavasta aggregaattirungosta oli olemassa FE-malli mutta alimallinnustekniikkaa hyödyntämällä pystyttiin yksityiskohtai-semmin tutkimaan vain pientä osaa koko rungon mallista. Rakenteellisen jännityksen menetelmä perustuu nimellisiin jännityksiin. Kyseinen mene-telmä ei vaadi geometrian muokkausta. Yleensä rakenteellisen jännityksen menetelmää käytetään hitsin rajaviivan väsymislaskennassa, mutta joissain tapauksissa sitä on käytetty juuren puolen laskennassa. Tässä työssä rakenteellisen jännityksen menetelmää käytettiin myös juuren puolen tutkimisessa. Tehollista lovijännitystä tutkitaan mallintamalla 1 mm fiktiiviset pyöristykset sekä rajaviivalle että juuren puolelle. Murtumismekaniikan so-veltuvuutta tutkittiin käyttämällä Franc2D särön kasvun simulointiohjelmaa. Väsymislaskennan tulokset eivät merkittävästi poikkea eri laskentamenetelmien välillä. Ainoastaan rakenteellisen jännityksen Dongin menetelmällä saadaan poikkeavia tuloksia. Tämä johtuu pääasiassa siitä, että menetelmän laskentaetäisyydestä ei ole tietoa. Raken-teellisen jännityksen menetelmällä, tehollisen lovijännityksen menetelmällä ja murtumis-mekaniikalla saadaan samansuuntaiset tulokset. Suurin ero menetelmien välillä on mal-linnuksen ja laskennan vaatima työmäärä.

Interdependence of Emerging Eastern European stock markets

One of the main developments in the global economy during the past decades has been the growth of emerging economies. Projections for their long-term growth, changes in the investment climate, corporate transparency and demography point to an increasing role for these emerging economies in the global economy. Today, emerging economies are usually considered as financial markets offering opportunities for high returns, good risk diversification and improved return-to-risk ratios. However, researchers have noted that these advantages may be in decline because of the increasing market integration. Nevertheless, it is likely that certain financial markets and specific sectors will remain partially segmented and somewhat insulated from the global economy for the year to come. This doctoral dissertation investigates several stock markets in Emerging Eastern Europe (EEE), including the ones in Russia, Poland, Hungary, the Czech Republic, Bulgaria and Slovenia. The objective is to analyze the returns and financial risks in these emerging markets from international investor’s point of view. This study also examines the segmentation/integration of these financial markets and the possibilities to diversify and hedge financial risk. The dissertation is divided into two parts. The first includes a review of the theoretical background for the articles and a review of the literature on EEE stock markets. It includes an overview of the methodology and research design applied in the analysis and a summary of articles from the second part of this dissertation and their main findings. The second part consists of four research publications. This work contributes to studies on emerging stock markets in four ways. First, it adds to the body of research on the pricing of risk, providing new empirical evidence about partial stock market segmentation in EEE. The results suggest that the aggregate emerging market risk is a relevant driver for stock market returns and that this market risk can be used to price financial instruments and forecast their performance. Second, it contributes to the empirical research on the integration of stock markets, asset prices and exchange rates by identifying the relationships between these markets through volatility and asset pricing. The results show that certain sectors of stock markets in EEE are not as integrated as others. For example, the Polish consumer goods sector, the Hungarian telecommunications sector, and the Czech financial sector are somewhat isolated from their counterparts elsewhere in Europe. Nevertheless, an analysis of the impact of EU accession in 2004 on stock markets suggests that most of the EEE markets are becoming increasingly integrated with the global markets. Third, this thesis complements the scientific literature in the field of shock and volatility spillovers by examining the mechanism of spillover distribution among the EU and EEE countries. The results illustrate that spillovers in emerging markets are mostly from a foreign exchange to the stock markets. Moreover, the results show that the effects of external shocks on stock markets have increased after the enlargement of the EU in 2004. Finally, this study is unique because it analyzes the effects of foreign macroeconomic news on geographically closely related countries. The results suggest that the effects of macroeconomic announcements on volatility are significant and have effect that varies across markets and their sectors. Moreover, the results show that the foreign macroeconomic news releases, somewhat surprisingly, have a greater effect on the EEE markets than the local macroeconomic news. This dissertation has a number of implications for the industry and for practitioners. It analyses financial risk associated with investing in Emerging Eastern Europe. Investors may use this information to construct and optimize investment portfolios. Moreover, this dissertation provides insights for investors and portfolio managers considering asset allocation to protect value or obtain higher returns. The results have also implications for asset pricing and portfolio selection in light of macroeconomic news releases.

Mapping financial stability

The ongoing global financial crisis has demonstrated the importance of a systemwide, or macroprudential, approach to safeguarding financial stability. An essential part of macroprudential oversight concerns the tasks of early identification and assessment of risks and vulnerabilities that eventually may lead to a systemic financial crisis. Thriving tools are crucial as they allow early policy actions to decrease or prevent further build-up of risks or to otherwise enhance the shock absorption capacity of the financial system. In the literature, three types of systemic risk can be identified: i ) build-up of widespread imbalances, ii ) exogenous aggregate shocks, and iii ) contagion. Accordingly, the systemic risks are matched by three categories of analytical methods for decision support: i ) early-warning, ii ) macro stress-testing, and iii ) contagion models. Stimulated by the prolonged global financial crisis, today's toolbox of analytical methods includes a wide range of innovative solutions to the two tasks of risk identification and risk assessment. Yet, the literature lacks a focus on the task of risk communication. This thesis discusses macroprudential oversight from the viewpoint of all three tasks: Within analytical tools for risk identification and risk assessment, the focus concerns a tight integration of means for risk communication. Data and dimension reduction methods, and their combinations, hold promise for representing multivariate data structures in easily understandable formats. The overall task of this thesis is to represent high-dimensional data concerning financial entities on lowdimensional displays. The low-dimensional representations have two subtasks: i ) to function as a display for individual data concerning entities and their time series, and ii ) to use the display as a basis to which additional information can be linked. The final nuance of the task is, however, set by the needs of the domain, data and methods. The following ve questions comprise subsequent steps addressed in the process of this thesis: 1. What are the needs for macroprudential oversight? 2. What form do macroprudential data take? 3. Which data and dimension reduction methods hold most promise for the task? 4. How should the methods be extended and enhanced for the task? 5. How should the methods and their extensions be applied to the task? Based upon the Self-Organizing Map (SOM), this thesis not only creates the Self-Organizing Financial Stability Map (SOFSM), but also lays out a general framework for mapping the state of financial stability. This thesis also introduces three extensions to the standard SOM for enhancing the visualization and extraction of information: i ) fuzzifications, ii ) transition probabilities, and iii ) network analysis. Thus, the SOFSM functions as a display for risk identification, on top of which risk assessments can be illustrated. In addition, this thesis puts forward the Self-Organizing Time Map (SOTM) to provide means for visual dynamic clustering, which in the context of macroprudential oversight concerns the identification of cross-sectional changes in risks and vulnerabilities over time. Rather than automated analysis, the aim of visual means for identifying and assessing risks is to support disciplined and structured judgmental analysis based upon policymakers' experience and domain intelligence, as well as external risk communication.

The Role of a firm’s mindset in international success - case study of Finnish marine industry firms

This thesis investigates the influence of a firm’s mindset on international success in the context of the Finnish marine industry. The study draws theoretical wisdom from organisational behaviour and strategic management literatures. The research aim set for this study was to identify and categorise existing strategic types based on mindsets found in the marine industry SMEs, and to link the influence of mindsets with success by examining the role of mindsets in a firm’s performance. Mindsets of firms were conceptualised as aggregate collections of perceptions that influence how the surrounding environment is discerned by the members of the firm. Mindsets are idiosyncratic to firms and therefore important firm-specific resources which influence decision-making and can be observed through the strategic behaviour of firms. Qualitative case study method was applied which was further supported by quantitative data on the financial performance of the ten case firms. Taxonomy based on the dimension of mindsets and prediction was developed to demonstrate four ideal types of firms identified within the marine industry. It was found that all of the case firms emphasised adaptation in their strategy while planning was emphasised to a varying degree. Moreover, two different methods of adapting were found; proactive and reactive. Firms which plan in the long-term and adapt proactively constantly investigate whether their plans are synchronous with the realities of the market; by having an open mindset, a firm’s perception of the reality of the market is enabling the firm to develop value creating strategies which are superiorly informed.This finding was supported by the financial data and led to the proposition that having an open mindset and placing a high level of emphasis on prediction may have a positive influence on international success. Also, it was proposed that concentrating only on exploiting business opportunities in the present time and not exploring any addition opportunities can have a negative influence on the firm’s performance, even if the mindset of the firm is open.