Effect of perceived default risk and accounting information quality on the decision to grant credit to SMEs

ABSTRACT: The present study analyses the influence that perceived default risk and accounting information quality have on the process of credit granting to SMEs. Empirical evidence was obtained from a survey of 471 bank loan officers in Spain, in which they were asked to answer questions relating to audited and not-audited firms. Through a Structural Equations Modeling (SEM) approach, the results confirm that the likelihood that the loan officers are more willing to provide access to credit to SMEs, and to do so in more favourable conditions, is negatively influenced by perceived default risk and positively influenced by the general perception about accounting information quality. Besides, we find that information quality is an antecedent of perceived risk, so that the latter becomes the central element of the research model. Additionally, the perceptions of the decision-makers regarding all the analysed variables are better for the audited SMEs than for the unaudited ones

Genome and Transcriptome Analysis of the Food-Yeast Candida utilis

The industrially important food-yeast Candida utilis is a Crabtree effect-negative yeast used to produce valuable chemicals and recombinant proteins. In the present study, we conducted whole genome sequencing and phylogenetic analysis of C. utilis, which showed that this yeast diverged long before the formation of the CUG and Saccharomyces/Kluyveromyces clades. In addition, we performed comparative genome and transcriptome analyses using next-generation sequencing, which resulted in the identification of genes important for characteristic phenotypes of C. utilis such as those involved in nitrate assimilation, in addition to the gene encoding the functional hexose transporter. We also found that an antisense transcript of the alcohol dehydrogenase gene, which in silico analysis did not predict to be a functional gene, was transcribed in the stationary-phase, suggesting a novel system of repression of ethanol production. These findings should facilitate the development of more sophisticated systems for the production of useful reagents using C. utilis

Uso conjunto de dois modelos cognitivos para a compreensão do processo de escolha do consumidor Joint use of two cognitive models in order to understand consumer choice process

O presente estudo tem por objetivo gerar um melhor entendimento do comportamento do consumidor, baseando-se em dois modelos cognitivos: risco percebido e conjunto de consideração. Neste sentido, teve foco no processo de avaliação e na escolha de alternativas dos consumidores, considerando diferentes percepções de risco em dois contextos de serviços. Uma amostra de 772 respondentes foi consultada através de um questionário estruturado. Os resultados indicam que a quantidade de marcas a serem consideradas como alternativa de consumo está associada apenas a algumas das dimensões do risco percebido. Também foram identificados quais atributos são considerados mais importantes na prestação dos serviços analisados e as estratégias redutoras de risco mais utilizadas pelos consumidores com diferentes níveis de percepção de risco. Conclusões e implicações gerenciais também são discutidas.<br>This study aims to generate a better understanding about consumer behavior based on two cognitive models: risk perception and consideration set. In this sense, it has focus on consumer evaluation and choice processes, considering different risk perception levels in two service settings. A survey with a sample of 772 respondents was performed through a structured questionnaire. Results indicate that the number of brands considered for choice is associated with some risk perception dimensions. It was also identified which attributes are considered the most important in service delivery as well as the most used risk reducing strategies by consumers with varying patterns of risk perception. Conclusions and managerial implications are also discussed