Buyouyin rahoittaminen ja avainhenkilöiden sitouttaminen osana rahoitusratkaisua - Case-tutkimus buyoutin seurauksena perustetusta PK-yrityksestä

Tämän tutkimuksen tavoitteena on selvittää, miten päätös management buyoutin rahoitusratkaisusta syntyy PK-yrityksissä. Tutkimuksessa tarkastellaan niitä tekijöitä, joita pohditaan, kun mietitään buyoutin rahoitusta. Termillä management buyout tarkoitetaan yrityksen toimivan johdon tai henkilöstön tekemää koko yrityksen tai sen osan ostoa. Tutkimus kartoittaa lisäksi sitä, miten PK-yrityksen koko vaikuttaa rahoituksen saatavuuteen ja mitä ominaispiirteitä management buyout tuo perustettavan yrityksen rahoituksen suunnitteluun. Tutkimuksessa selvitetään myös sitä, miten pääomaa voidaan käyttää buyoutissa yritykselle merkityksellisten henkilöiden sitouttamiskeinona. Tutkimus selvittää myös, miten omistajayrittäjyys vaikuttaa työntekijöiden toimintaan yrityksessä ja pienentääkö työntekijöiden omistajuus epäsymmetristä informaatiota. Aiempi tutkimus osakeperusteisia järjestelmiä käyttävien yritysten päätöksenteosta on vähäistä ja tämä tutkimus keskittyykin tutkimaan aihetta laadullisin menetelmin käyttämällä toiminta-analyyttista tutkimusotetta. Tutkimus toteutettiin yksittäisen casen pohjalta. Case yritys on suomalainen IT-alan asiantuntijaorganisaatio, jonka palveluksessa työskentelee 19 henkilöä. Case-yritys perustettiin johdon ja avainhenkilöiden toteuttaman buyoutin seurauksena kesäkuussa 2015 ja yritys luokitellaan PK-yritykseksi. Tutkimuksen empiirinen aineisto kerättiin yrityksestä saadun materiaalin sekä viiden yksilöhaastattelun avulla. Tämän tutkimuksen mukaan buyout-oston menestyksekkääseen toteuttamiseen vaikuttaa erityisesti ydinryhmän jäsenten osaaminen, aiemmat kokemukset sekä sidosryhmäsuhteet. Sidosryhmäsuhteilla tarkoitetaan tässä jo aiemman yrityksen aikana luotuja suhteita esimerkiksi rahoittajiin ja toimittajiin. Aiempien suhteiden hyödyntäminen on ollut mahdollista siksi, että yhtiö irtosi yrityksestä, jonka liiketoimintayksikön johdossa henkilöt aiemmin toimivat. Tutkimus vahvisti teorian esittämää näkemystä siitä, että asiantuntijaorganisaatiossa työntekijöiden sitouttaminen on tärkeää, koska se parantaa heidän motivaatiotaan. Yrityksen näkökulmasta ihanteellisessa tilanteessa avainhenkilöt pysyvät yrityksessä pitkään. He tukevat yrityksen kasvua ammatillisella osaamisellaan, yrittäjämäisellä joustavuudellaan sekä esimerkiksi asiakassuhteiden menestyksekkääseen hoitoon liittyvillä kokemuksillaan. Kun yrityksen osakkeiden tarjoamista käytetään buyout-ostossa sitouttamiseen, tulee osakkeiden myynti suunnitella tarkasti, jottei henkilöille koidu ylimääräisiä kustannuksia, jotka pienentävät sitouttamistavan houkuttelevuutta.

Performance of transport and selective media for swine Bordetella bronchiseptica recovery and it comparison to polymerase chain reaction detection

Three comparative assays were performed seeking to improve the sensitivity of the diagnosis of Bordetella bronchiseptica infection analyzing swine nasal swabs. An initial assay compared the recovery of B. bronchiseptica from swabs simultaneously inoculated with B. bronchiseptica and some interfering bacteria, immersed into three transport formulations (Amies with charcoal, trypticase soy broth and phosphate buffer according to Soerensen supplemented with 5% of bovine fetal serum) and submitted to different temperatures (10ºC and 27ºC) and periods of incubation (24, 72 and 120 hours). A subsequent assay compared three selective media (MacConkey agar, modified selective medium G20G and a ceftiofur medium) for their recovery capabilities from clinical specimens. One last assay compared the polymerase chain reaction to the three selective media. In the first assay, the recovery of B. bronchiseptica from transport systems was better at 27ºC and the three formulations had good performances at this temperature, but the collection of qualitative and quantitative analysis indicated the advantage of Amies medium for nasal swabs transportation. The second assay indicated that MacConkey agar and modified G20G had similar results and were superior to the ceftiofur medium. In the final assay, polymerase chain reaction presented superior capability of B. bronchiseptica detection to culture procedures.

Carbohydrate mouth rinse: does it improve endurance exercise performance?

It is well known that carbohydrate (CHO) supplementation can improve performance in endurance exercises through several mechanisms such as maintenance of glycemia and sparing endogenous glycogen as well as the possibility of a central nervous-system action. Some studies have emerged in recent years in order to test the hypothesis of ergogenic action via central nervous system. Recent studies have demonstrated that CHO mouth rinse can lead to improved performance of cyclists, and this may be associated with the activation of brain areas linked to motivation and reward. These findings have already been replicated in other endurance modalities, such as running. This alternative seems to be an attractive nutritional tool to improve endurance exercise performance.

Outsourcing decision-making aspects considered by IT departments in Brazilian companies

The study of Information Technology (IT) outsourcing is relevant because companies are outsourcing their activities more than ever. An important IT outsourcing research area is the decision-making process. In other words, the comprehension of how companies decide about outsourcing their IT operations is relevant from research point of view. Therefore, the objective of this study is to understand the decision-making process used by Brazilian companies when outsourcing their IT operations. An analysis of the literature that refers to this subject showed that six aspects are usually considered by companies on the evaluation of IT outsourcing service alternatives. This research verified how these six aspects are considered by Brazilian companies on IT outsourcing decisions. The survey showed that Brazilian companies consider all the six aspects, but each of them has a different level of importance. The research also grouped the aspects according to their level of importance and interdependency, using factorial analysis to understand the logic behind IT outsourcing decision process. (C) 2009 Elsevier B.V. All rights reserved.

Sustainability certification of bioethanol: how is it perceived by Brazilian stakeholders?

This paper investigates whether initiatives for sustainability certification of Brazilian ethanol can be expected to stimulate a change among producers toward more sustainable production - and, if so, what those changes would likely be. Connected to this, several questions are raised including whether producers might prefer to target other markets with less stringent demands, and if certification might lead to structural changes in the sector because producers who lack the capacity to meet the new requirements cannot remain competitive. The analysis of interviews with a diverse group of stakeholders under the guidance of the Technological Innovation Systems framework allowed us identify different actions taken by the Brazilian sugarcane ethanol sector in response to requirements of sustainability. The interviewees agreed that sustainability certification is an important element for the expansion of biofuel production in Brazil. Brazilian stakeholders have created a platform for more competitive sustainable production and have initiated relevant processes in response to the development connected to sustainability certification. Yet, the certification activities have had a limited impact in terms of the number of involved stakeholders. But interview responses indicate that the sector may adapt to new certification requirements rather than leave markets where such requirements become established. Structural changes can be expected if certification requirements as they exist in many initiatives are introduced in unflexible ways. The social importance of the ethanol industry is large in Brazil and some adjustments for certification may be required. The paper concludes by suggesting some actions for the industry. (C) 2010 Society of Chemical Industry and John Wiley & Sons, Ltd

Prolactin: Does it exert an up-modulation of the immune response in Trypanosoma cruzi-infected rats?

During the course of infection by Trypanosma cruzi, the host immune system is involved in distinct, complex interactions with the endocrine system, and prolactin (PRL) is one of several hormones involved in immunoregulation. Although intensive studies attempting to understand the mechanisms that underlie Chagas` disease have been undertaken, there are still some pieces missing from this complex puzzle. Because data are scarce concerning the role of PRL involvement in Chagas` disease and taking into account the existence of crosstalk between neuroendocrine hormones and the immune system, the current study evaluates a possible up-regulation of the cellular immune response triggered by PRL in T. cruzi-infected rats and the role of PRL in reversing immunosuppression caused by the parasitic infection. The data shown herein demonstrate that PRL induces the proliferation of T lymphocytes, coupled with an activation of macrophages and the production of nitric oxide (NO), leading to a reduction in the number of blood trypomastigotes during the peak of parasitemia. During the acute phase of T. cruzi infection, an enhancement of both CD3+CD4+ and CD3+CD8+ T cell populations were observed in infected groups, with the highest numbers of these T cell subsets found in the infected group treated with PRL Because NO is a signaling molecule involved in a number of cellular interactions with components of the immune system and the neuroendocrine system, PRL can be considered an alternative hormone able to up-regulate the host`s immune system, consequently lowering the pathological effects of a T. cruzi infection. (C) 2011 Elsevier B.V. All rights reserved.

It's all very well, in theory: Theoretical perspectives and their applications in contemporary pedagogical research

Current debates about educational theory are concerned with the relationship between knowledge and power and thereby issues such as who possesses a truth and how have they arrived at it, what questions are important to ask, and how should they best be answered. As such, these debates revolve around questions of preferred, appropriate, and useful theoretical perspectives. This paper overviews the key theoretical perspectives that are currently used in physical education pedagogy research and considers how these inform the questions we ask and shapes the conduct of research. It also addresses what is contested with respect to these perspectives. The paper concludes with some cautions about allegiances to and use of theories in line with concerns for the applicability of educational research to pressing social issues.

Perceptions of mental health service delivery among staff and Indigenous consumers: it's still about communication

Objective: A needs analysis was undertaken to determine the quality and effectiveness of mental health services to Indigenous consumers within a health district of Southern Queensland. The study focussed on identifying gaps in the service provision for Indigenous consumers. Tools and methodologies were developed to achieve this. Method: Data were collected through the distribution of questionnaires to the target populations: district health service staff and Indigenous consumers. Questionnaires were developed through consultation with the community and the Steering Committee in order to achieve culturally appropriate wording. Of prime importance was the adaptation of questionnaire language so it would be fully understood by Indigenous consumers. Both questionnaires were designed to provide a balanced perspective of current mental health service needs for Indigenous people within the mental health service. Results: Results suggest that existing mental health services do not adequately meet the needs of Indigenous people. Conclusions: Recommendations arising from this study indicate a need for better communication and genuine partnerships between the mental health service and Indigenous people that reflect respect of cultural heritage and recognises the importance of including Indigenous people in the design and management of mental health services. Attention to the recommendations from this study will help ensure a culturally appropriate and effective mental health service for Indigenous consumers.

Attributions for the performance of self and other: It matters who the "other" is

This study tested hypotheses that locus of causality attributions for the academic performance of others are influenced by whether the other is a specific individual, or a typical other, and whether the other is similar or dissimilar to self. The research was carried out in two studies. Study 1 entailed development of two scales to measure perceptions of interpersonal similarity: 254 Australian undergraduates rated their similarity to either a specific other or to typical other students. In Study 2, 332 subjects completed one of the 16-item scales developed in Study 1, along with Rosenberg's self-esteem scale, and self-attribution and other-attribution versions of the Multidimensional Multi-attribution Causation Scale (MMCS). Results showed that attributions for the academic performance of others were strongly affected by whether the other was perceived to be similar or dissimilar to self, especially when the other was a specific individual. In particular, causal attributions for similar specific others were more favourable than attributions for self.

Solution structure of amyloid beta-peptide(1-40) in a water-micelle environment. Is the membrane-spanning domain where we think it is?

The three-dimensional solution structure of the 40 residue amyloid beta-peptide, A beta(1-40), has been determined using NMR spectroscopy at pH 5.1, in aqueous sodium dodecyl sulfate (SDS) micelles, In this environment, which simulates to some extent a water-membrane medium, the peptide is unstructured between residues 1 and 14 which are mainly polar and likely solvated by water. However, the rest of the protein adopts an alpha-helical conformation between residues 15 and 36 with a kink or hinge at 25-27. This largely hydrophobic region is likely solvated by SDS. Based on the derived structures, evidence is provided in support of a possible new location for the transmembrane domain of A beta within the amyloid precursor protein (APP). Studies between pH 4.2 and 7.9 reveal a pH-dependent helix-coil conformational switch. At the lower pH values, where the carboxylate residues are protonated, the helix is uncharged, intact, and lipid-soluble. As the pH increases above 6.0, part of the helical region (15-24) becomes less structured, particularly near residues E22 and D23 where deprotonation appears to facilitate unwinding of the helix. This pH-dependent unfolding to a random coil conformation precedes any tendency of this peptide to aggregate to a beta-sheet as the pH increases. The structural biology described herein for A beta(1-40) suggests that (i) the C-terminal two-thirds of the peptide is an alpha-helix in membrane-like environments, (ii) deprotonation of two acidic amino acids in the helix promotes a helix-coil conformational transition that precedes aggregation, (iii) a mobile hinge exists in the helical region of A beta(1-40) and this may be relevant to its membrane-inserting properties and conformational rearrangements, and (iv) the location of the transmembrane domain of amyloid precursor proteins may be different from that accepted in the Literature. These results may provide new insight to the structural properties of amyloid beta-peptides of relevance to Alzheimer's disease.

Tailored advice on exercise - Does it make a difference?

Objectives: A controlled trial to compare the effectiveness of verbal advice from a family physician (FP) combined with either standard or tailored written information on physical activity in increasing the levels of physical activity in sedentary patients. Design: Sedentary patients (n = 763) were recruited through ten family practices and allocated to a control group or one of two intervention groups, Brief advice on physical activity was given by the FP during the consultation and either a standard or tailored pamphlet was mailed to the home address of patients assigned to the intervention groups within two days of their visit to the FP. Results: The response to follow-up, via a postal survey at one, six, and twelve months after the index consultation was 70%, 60%, and 57%, respectively. Treating all nonresponders as sedentary, the results revealed that although more tailored subjects reported some physical activity at each follow-up compared with the standard group, these differences were not significant, Furthermore, there was no significant difference in movement across the stages of readiness to exercise at follow-up between subjects in the tailored group who received material targeting their current stage (precontemplation or contemplation) and the standard group who received generic material that addressed both stages. Conclusion: These findings do not concur with the results from previous research in the areas of nutrition and smoking cessation where additional benefits were seen with a tailored intervention. Future research on the application of the principles of tailoring to the promotion of physical activity should focus on identifying which, if any, physical, social, psychological or environmental variables should be addressed to produce improved outcomes over and above the effects of well designed generic materials. (C) 1999 American Journal of Preventive Medicine.

Bioimpedance: Is it a predictor of true water volume?

Bioelectrical impedance analysis (BIA) has been reported to be insensitive to changes in water volumes in individual subjects, This study was designed to investigate the effect on the intra- and extracellular resistances (Ri and Re) of the segments of subjects for whom body water was changed without significant change to the total amount of electrolyte in the respective fluids, Twelve healthy adult subjects were recruited. Ri and Re of the leg, trunk, and arm of the subjects were determined from BIA measures prior to commencement of two separate studies that involved intervention, resulting in a loss/gain of body water effected either bt a sauna followed by water intake (study 1) or by ingestion (study 2). Ri and Re of the segments were also determined at a number of times following these interventions, The mean change in body water, expressed as a percentage of body weight, was 0.9% in study 1 and 1.25% in study 2. For each study, the results for each subject were normalized for each limb to the initial (prestudy) value and then the normalized results for each segment were pooled for all subjects, ANOVA of these pooled results failed to demonstrate any significant differences between the normalized mean values of Ri or Re of the segments measured through the course of each study, The failure to detect a change in Ri or Re is explained in terms of the basic theory of BIA.