A rentabilidade das indústrias nacionais de cortiça: na ótica da gestão de tesouraria.

Dissertação de Mestrado Apresentado ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação de Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira.

Impacto da gestão de fundo de maneio na rendibilidade das empresas portuguesas: sector da cortiça

O estudo analisa o impacto da gestão de Fundo de maneio na rendibilidade de algumas empresas Portuguesas no sector da cortiça, sendo a amostra final constituída por 354 empresas no período de 2007 a 2013. O contributo para a literatura existente relaciona-se com a falta de estudos sobre o tema da relação entre a gestão de Fundo de Maneio e a rendibilidade das empresas do sector da cortiça. A relação entre a eficiência da gestão de Fundo de Maneio e a rendibilidade das empresas foi analisada usando dados em painel e a metodologia utilizada consistiu na análise de regressão utilizando o Modelo de Efeitos fixos. De entre os resultados obtidos, constatamos que os gestores podem aumentar a rendibilidade das empresas, reduzindo o prazo médio de existências e alargando o prazo médio de pagamentos. Não foi possível provar a existência de relação entre a duração do net trade cycle ou do prazo médio de recebimentos e a rendibilidade das empresas. Por outro lado, o grau de alavancagem operacional apresenta um efeito positivo sobre a rendibilidade da empresa.

Alavancagem como instrumento de estratégia operacional: o caso da obra de construção da nova sede da Assembléia Legislativa do Estado do Maranhão

Devido à grande competitividade do mercado atual, estão em vantagem competitiva aquelas empresas que conhecem profundamente seus resultados financeiros, para que a partir deste conhecimento seus gestores possam tomar decisões visando a maximização do lucro. Dentro deste pensamento, esta pesquisa trata da alavancagem como instrumento de estratégia operacional, para isso apresenta o estudo de caso de uma obra de construção civil, setor este cuja mão-de-obra é um significante insumo, cujos funcionários de produção trabalham horas extras, aumentando o lucro da empresa. O objetivo do presente trabalho é demonstrar como a alavancagem operacional pode ser utilizada como instrumento de estratégia operacional neste contexto. Quanto aos fins se trata de uma pesquisa descritiva e aplicada; quanto aos meios é bibliográfica, documental e de campo. Foi realizada na obra de construção da nova sede da Assembléia Legislativa do Estado do Maranhão que está sendo executada pela empresa Petra Construções Ltda na cidade de São Luís.

Estimating additionality and leverage:between public and private sector equity finance in Ireland (2000 – 2002)

This paper aims to contribute to the debate about the role of the public sector in stimulating greater use of private sector equity for business start-up and growth in two ways. First, to examine the extent to which the provision of public sector equity finance enables individual firms to raise additional funds in the private sector market place. Second, to consider the methodological implications for an economic impact assessment of industrial policy interventions (especially those which include an equity component) at the level of the individual firm. We assess the extent to which there may be indirect positive effects (externalities) associated with public sector financial assistance to individual firms and if so how they distort standard evaluation methodologies designed to estimate the level of additionality of that support. The paper draws upon the results of a recent study of the impact of Enterprise Ireland (EI) financial assistance to indigenous Irish industry in the period 2000 to 2002. The paper demonstrates that a process of re-calibration is necessary in estimates of economic impact in order to account for these positive externalities and the result in this study was a ‘boost’ to additionality. In operational and conceptual terms, the study underlines the importance of the relationship between private and public sector sources of equity finance as an important dynamic in the attempt by industrial and regional policy to stimulate the number of firms with viable investment proposals accessing external equity finance.

Strategic and operational risk in an international collaboration agency: a knowledge management solution

The International Cooperation Agency (identified in this article as IDEA) working in Colombia is one of the most important in Colombian society with programs that support gender rights, human rights, justice and peace, scholarships, aboriginal population, youth, afro descendants population, economic development in communities, and environmental development. The identified problem is based on the diversified offer of services, collaboration and social intervention which requires diverse groups of people with multiple agendas, ways to support their mandates, disciplines, and professional competences. Knowledge creation and the growth and sustainability of the organization can be in danger because of a silo culture and the resulting reduced leverage of the separate group capabilities. Organizational memory is generally formed by the tacit knowledge of the organization members, given the value of accumulated experience that this kind of social work implies. Its loss is therefore a strategic and operational risk when most problem interventions rely on direct work in the socio-economic field and living real experiences with communities. The knowledge management solution presented in this article starts first, with the identification of the people and groups concerned and the creation of a knowledge map as a means to strengthen the ties between organizational members; second, by introducing a content management system designed to support the documentation process and knowledge sharing process; and third, introducing a methodology for the adaptation of a Balanced Scorecard based on the knowledge management processes. These three main steps lead to a knowledge management “solution” that has been implemented in the organization, comprising three components: a knowledge management system, training support and promotion of cultural change.

The micro-politics of operational adjustment:veto players and the consolidation of demand in the NHS

Recent reports about procurement within the NHS have been highly critical. One problem identified in the reports is the fragmentation of NHS demand across an unnecessarily large number of suppliers. This fragmentation is said to increase transaction costs, reduce opportunities for scale economies and reduce NHS leverage over suppliers. It has been suggested, therefore, that an important way of improving procurement in the NHS is the better consolidation of demand with a lower number of preferred suppliers. However, such a policy, because it will create ‘winners’ and ‘losers’ within NHS organisations, has political as well as technical and practical ramifications. In this article, the authors present a model, the Veto Players Model, in order to assist managers to address these political ramifications. In the article, the authors not only demonstrate the utility of this model with regard to demand consolidation policies, but also argue that the model provides useful lessons for change management initiatives more generally.

Direct Computation of Operational Matrices for Polynomial Bases

Several numerical methods for boundary value problems use integral and differential operational matrices, expressed in polynomial bases in a Hilbert space of functions. This work presents a sequence of matrix operations allowing a direct computation of operational matrices for polynomial bases, orthogonal or not, starting with any previously known reference matrix. Furthermore, it shows how to obtain the reference matrix for a chosen polynomial base. The results presented here can be applied not only for integration and differentiation, but also for any linear operation.

Multi-objective analysis of impacts of distributed generation placement on the operational characteristics of networks for distribution system planning

Recent advances in energy technology generation and new directions in electricity regulation have made distributed generation (DG) more widespread, with consequent significant impacts on the operational characteristics of distribution networks. For this reason, new methods for identifying such impacts are needed, together with research and development of new tools and resources to maintain and facilitate continued expansion towards DG. This paper presents a study aimed at determining appropriate DG sites for distribution systems. The main considerations which determine DG sites are also presented, together with an account of the advantages gained from correct DG placement. The paper intends to define some quantitative and qualitative parameters evaluated by Digsilent (R), GARP3 (R) and DSA-GD software. A multi-objective approach based on the Bellman-Zadeh algorithm and fuzzy logic is used to determine appropriate DG sites. The study also aims to find acceptable DG locations both for distribution system feeders, as well as for nodes inside a given feeder. (C) 2010 Elsevier Ltd. All rights reserved.

Influence of the Operational Constraints in the Active Transmission Losses Allocation via Lagrange Multipliers

This paper presents an approach for the active transmission losses allocation between the agents of the system. The approach uses the primal and dual variable information of the Optimal Power Flow in the losses allocation strategy. The allocation coefficients are determined via Lagrange multipliers. The paper emphasizes the necessity to consider the operational constraints and parameters of the systems in the problem solution. An example, for a 3-bus system is presented in details, as well as a comparative test with the main allocation methods. Case studies on the IEEE 14-bus systems are carried out to verify the influence of the constraints and parameters of the system in the losses allocation.

Physical-chemical and operational performance of an anaerobic baffled reactor (ABR) treating swine wastewater

Since hog raising concentrates a huge amount of swine manure in small areas, it is considered by the environmental government organizations to be one of the most potentially pollutant activities. Therefore the main objective of this research was to evaluate by operational criteria and removal efficiency, the performance of a Anaerobic Baffled Reactor (ABR), working as a biological pre-treatment of swine culture effluents. The physical-chemical analyses carried out were: total COD, BOD(5), total solids (TS), fix (TFS) and volatiles (TVS), temperature, pH, total Kjeldahl nitrogen, phosphorus, total acidity and alkalinity. The ABR unit worked with an average efficiency of 65.2 and 76.2%, respectively, concerning total COD and BOD(5), with a hydraulic retention time (HRT) about 15 hours. The results for volumetric organic loading rate (VOLR), organic loading rate (OLR) and hydraulic loading rate (HLR) were: 4.46 kg BOD m(-3) day(-1); 1.81 kg BOD(5) kg TVS(-1) day(-1) and 1.57 m(3) m(-3) day(-1), respectively. The average efficiency of the whole treatment system for total COD and BOD(5) removal were 66.5 and 77.8%, showing an adequate performance in removing die organic matter from swine wastewater.

A novel approach for Modeling the steady-state VSC-based multiline FACTS controllers and their operational constraints

A new, simple approach for modeling and assessing the operation and response of the multiline voltage-source controller (VSC)-based flexible ac transmission system controllers, namely the generalized interline power-flow controller (GIPFC) and the interline power-flow controller (IPFC), is presented in this paper. The model and the analysis developed are based on the converters` power balance method which makes use of the d-q orthogonal coordinates to thereafter present a direct solution for these controllers through a quadratic equation. The main constraints and limitations that such devices present while controlling the two independent ac systems considered, will also be evaluated. In order to examine and validate the steady-state model initially proposed, a phase-shift VSC-based GIPFC was also built in the Alternate Transients Program program whose results are also included in this paper. Where applicable, a comparative evaluation between the GIPFC and the IPFC is also presented.

An air-standard cycle and a thermodynamic perspective on operational limits of Ranque-Hilsh or vortex tubes

A Thermodynamic air-standard cycle was envisaged for Ranque-Hilsh (R-H) or Vortex Tubes to provide relevant Thermodynamic analysis and tools for setting operating limits according to the conservation laws of mass and energy, as well as the constraint of the Second Law of Thermodynamics. The study used an integral or control volume approach and resulted in establishing working equations for evaluating the performance of an R-H tube. The work proved that the coefficient of performance does not depend on the R-H tube operating mode, i.e., the same value is obtained independently if the R-H tube operates either as a heat pump or as a refrigeration device. It was also shown that the isentropic coefficient of performance displays optima values of cold and hot mass fractions for a given operating pressure ratio. Finally, the study was concluded by comparing the present analysis with some experimental data available in the literature for operating pressures ranging 2-11 atm. (C) 2010 Elsevier Ltd and IIR. All rights reserved.

In-Line Monitoring of Particle Size during Emulsion Polymerization under Different Operational Conditions using NIR Spectroscopy

In the present work, the sensitivity of NIR spectroscopy toward the evolution of particle size was studied during emulsion homopolymerization of styrene (Sty) and emulsion copolymerization of vinyl acetate-butyl acrylate conducted in a semibatch stirred tank and a tubular pulsed sieve plate reactor, respectively. All NIR spectra were collected online with a transflectance probe immersed into the reaction medium. The spectral range used for the NIR monitoring was from 9 500 to 13 000 cm(-1), where the absorbance of the chemical components present is minimal and the changes in the NIR spectrum can be ascribed to the effects of light scattering by the polymer particles. Off-line measurements of the average diameter of the polymer particles by DLS were used as reference values for the development of the multi-variate NIR calibration models based on partial least squares. Results indicated that, in the spectral range studied, it is possible to monitor the evolution of the average size of the polymer particles during emulsion polymerization reactions. The inclusion of an additional spectral range, from 5 701 to 6 447 cm(-1), containing information on absorbances (""chemical information"") in the calibration models was also evaluated.

Optimized harvest scheduling in eucalyptus plantations under operational, spatial and climatic constraints

The representation of sustainability concerns in industrial forests management plans, in relation to environmental, social and economic aspects, involve a great amount of details when analyzing and understanding the interaction among these aspects to reduce possible future impacts. At the tactical and operational planning levels, methods based on generic assumptions usually provide non-realistic solutions, impairing the decision making process. This study is aimed at improving current operational harvesting planning techniques, through the development of a mixed integer goal programming model. This allows the evaluation of different scenarios, subject to environmental and supply constraints, increase of operational capacity, and the spatial consequences of dispatching harvest crews to certain distances over the evaluation period. As a result, a set of performance indicators was selected to evaluate all optimal solutions provided to different possible scenarios and combinations of these scenarios, and to compare these outcomes with the real results observed by the mill in the study case area. Results showed that it is possible to elaborate a linear programming model that adequately represents harvesting limitations, production aspects and environmental and supply constraints. The comparison involving the evaluated scenarios and the real observed results showed the advantage of using more holistic approaches and that it is possible to improve the quality of the planning recommendations using linear programming techniques.

Financial leverage and tangibility of assets of Brazilian companies of agribusiness in the post-real plan period

This paper aims to study the relationship between the debt level and the asset structure of Brazilian companies of the agribusiness sector, since it is considered a current and relevant discussion: to evaluate the mechanisms for fund-raising and guarantees. The methodology of Granger`s Causality test and Autoregressive Vectors was used to conduct a comparative analysis, applied to a financial database of companies with open capital of Brazilian agribusiness, in particular the agricultural sector and Fisheries and Food and Beverages in a period of 10 years (1997-2007) from quarterly series available in the database of Economatica(R). The results demonstrated that changes in leverage generate variations in the tangibility of the companies, a fact that can be explained by the large search of funding secured by fiduciary transfer of fixed assets, which facilitates access to credit by business of the Agribusiness sector, increasing the payment time and lowering interest rates.