Debt and Taxes: Evidence from bank-financed unlisted firms

This paper analyzes the capital structure decision of non-listed bank-financed firms using a rich and unique new data set of Portuguese firms. These firms are rarely studied in capital structure contexts and differ from large listed firms in terms of agency and asymmetric information problems and funding sources. It is argued that the solution of agency and asymmetric information problems for large firms shows up on the balance sheet (as restrictions on debt) whereas for small firms these problems are solved by financial institutions and are therefore less apparent on the balance sheet. This makes it easier for small firms to exploit tax advantages of debt. The empirical analysis shows that debt tax shields and provisions for tax loss carry-forwards have an important impact on the capital structure of small firms. It is also found that the balance sheet variables used for large listed firms in different countries to model agency costs and asymmetric information do not work well for small non-listed firms. The only significant variables (besides tax variables) for small firms are bankruptcy (collateral) variablesCapital Structure; Debt; Marginal Tax Rate; Trade-off Theory;

Territory and entrepreneurial performance An exercise on some industrial Portuguese regions

The present paper was motivated by the recent interest put on the regional context as having a major role tracing economic agents behaviours and inducing productive activity. Three main goals have been defined: to emphasise the relation between favourable regional factors for development and firm performance in the case of the most industrialised Portuguese regions; to distinguish in each region its own propensity for sustainable development and to evaluate if the region may be considered as intrinsic co-operative or resistant to co-operation. Methodologically, the analysis followed three major steps: 1) selection of regions with industrial characteristics; 2) creation and use of the endogenous growth capacity indicators; 3) consequent analysis of the SMEs (small and medium size firms) behaviour’s evolution. Based on Multivariate Analysis, the following regions were selected: Ave, Entre Douro e Vouga, Baixo Vouga, Pinhal Litoral and Península de Setúbal. Basically, they represent the areas where industrial activity is predominant in Portugal. When comparing the observed local environmental conditions of these regions with the results for the performance of their small firms, some conclusions could be achieved, regarding to three major issues: the relation between regional development factors development and firm performance; the regional propensity for sustainable development and the regional adequacy to networking. Key words: territorial systems of production; local endogenous capacities; SMEs performance.

Ways to open innovation: main agents and sources in the Portuguese case

Facing increasing open innovation trends, Portuguese enterprises are considering the related processes and impacts. Thus, this work aims to identify the sectors whose enterprises most engage in open innovation (such as cooperation on this issue) and which sources/agents are most used. This is analyzed by sector and type of innovation as an interesting way of differentiation for better open innovation strategy delineation. Using the data from the Community Innovation Survey (CIS-2012), it first appraises the nature of the innovation process, either cooperative or firm-based, as the starting level of analysis. Then, it differentiates the results by sector illustrating which cooperation sources/agents are most used (scope) and relative intensity of use (scale). This is important to assess levels of openness and related factors. Results show that main innovating sectors in Portugal are of three types: research-based, knowledge-based and service-based. They reveal an increasing focus on knowledge and services, trends that have been leading to more active openness towards innovation. For instance, health and construction are increasing their openness for innovating and internationalizing processes. However, Portuguese innovation is still more firm-based (in-house) than cooperation-based, especially concerning new products' launching. This work and future analyzes around it can contribute to encourage the open innovation strategy in more sectors of the economy as an easy and effective way to cope with rapid trends and changes. (C) 2017 Elsevier Ltd. All rights reserved.info:eu-repo/semantics/publishedVersio

Aspectos neonatais e maternos da gestação na adolescência: [dissertação]

Dissertação (mestrado) - Universidade Federal de Santa Catarina, Centro de Ciências da Saúde. Programa de Pós-Graduação em Ciências Médicas.Introdução: Este estudo foi realizado na Maternidade Carmela Dutra, Florianópolis, Santa Catarina, de agosto a dezembro de 2002. Objetivo: Avaliar a influência da gestação na adolescência sobre os resultados neonatais, considerando aspectos socioeconômicos e psicossociais. Introduction: This trial was conducted in the Carmela Dutra Maternity Hospital, Florianópolis, Santa Catarina, from August to December 2002. Objective: To assess the influence of teenage pregnancy on neonatal outcome, taking into account social-economic and psychosocial aspects. Methods: The sample was comprised of neonates born alive and their respective mothers of less than age 20 and in the age group 25 to 29. Data were collected based on post-partum interviews with the mothers, utilizing the chi square statistical test and admitting statistical significance when p<0.05. Results: Three hundred adolescents (43.4%) were included as well as 391 non-adolescents (56.6%), whose ages averaged 17.4 (+1.3) years and 26.9 (+1.3) years, respectively. The prevalence of neonates born alive from teenage mothers was 19.0%. There was an statistically significant association between being a pregnant teenager and not planning pregnancy, being single, living without a spouse, living in the consanguineous home or in the spouse's home, drinking less alcoholic beverages and taking illegal drugs during pregnancy, having the head of the family earn an income of less than or equal to three minimum wages, belonging to a lower social class, having a low school-level, dropping out of school, attending less than 6 pre-natal appointments and starting pre-natal care after the first quarter of pregnancy, weighing less than 50 kilograms before conception and being less frequently submitted to a cesarean section. No statistically significant association was found between teenage pregnancy and an Apgar score lower than 7 in the first and fifth minutes of life, low birth weight, prematurity, intra-uterine growth delay and neonatal mortality. Among adolescents and non-adolescents, the prevalences of birth weight lower than 2,500 grams were 9.3% and 7.4%; of prematurity, 10.0% and 9.2%; of neonates small for gestational age, 2.7% and 3.3%; and of neonatal mortality, 0.7% and 0.8%, respectively. Conclusion: In this study, teenage pregnancy does not interfere with neonatal outcome, but is associated with unfavorable conditions from the social-economic and psycho-social standpoints. Método: A amostra foi composta de nascidos vivos e respectivas mães com menos de 20 anos e de 25 a 29 anos. Os dados foram coletados de entrevistas com puérperas, sendo utilizado o teste estatístico qui-quadrado e admitida significância estatística, quando p<0,05. Resultados: Foram incluídas 300 adolescentes (43,4%) e 391 não adolescentes (56,6%), cujas médias de idades foram 17,4 (+1,3) anos e 26,9 (+1,3) anos, respectivamente. A prevalência de nascidos vivos de mães adolescentes foi de 19,0%. Houve associação estatisticamente significativa entre ser gestante adolescente e não planejar a gestação, ser solteira, viver sem companheiro, co-habitar com a família consangüínea ou com a do companheiro, ingerir menos bebida alcoólica e consumir mais drogas ilícitas durante a gestação, possuir chefe de família com renda inferior ou igual a três salários mínimos, pertencer à classe social baixa, possuir baixa escolaridade, abandonar a escola, comparecer a menos de 6 consultas e iniciar o pré-natal após o primeiro trimestre de gestação, pesar menos de 50 quilogramas antes da concepção e ser submetida à cesariana com menor freqüência. Não foi constatada associação estatisticamente significativa entre gestação na adolescência e índice de Apgar inferior a 7 no primeiro e quinto minuto de vida, baixo peso de nascimento, prematuridade, retardo de crescimento intrauterino e mortalidade neonatal. Entre adolescentes e não adolescentes, as prevalências de peso inferior a 2.500 gramas foram de 9,3% e 7,4%; de prematuridade, de 10,0% e 9,2%; de recém-nascidos pequenos para a idade gestacional, de 2,7% e 3,3%; e de mortalidade neonatal, de 0,7% e 0,8%, respectivamente. Conclusão: Neste estudo, a gestação na adolescência não interferiu nos resultados neonatais, mas esteve associada a condições desfavoráveis do ponto de vista socioeconômico e psicossocial

Acidose tubular renal tipo I: relato de um caso.

Trabalho de Conclusão de Curso - Universidade Federal de Santa Catarina, Centro de Ciências da Saúde, Departamento de Clínica Médica, Curso de Medicina, Florianópolis, 198

Human Resource Management Practices and Organisational Citizenship Behaviour: What is the relationship?

This study aims to provide additional empirical evidence on the impact of Human Resource Management Practices (HRMP) on Organizational Citizenship Behaviors (OCB). To this end it was hypothesized: HRMPs have a significant and positive effect on OCBs. A total of 525 participants, employees in different organisations in Portugal, participated in this study. The results revealed a significant and positive effect of HRMPs on OCBs. However, of the seven HRMPs only Performance Appraisal showed a significant effect on OCB.info:eu-repo/semantics/publishedVersio

Organizational Commitment as a reducer of Turnover Intentions: which component (affective, calculative and normative) is the best predictor?

This study aims to provide additional empirical evidence on the effect of the three components of organizational commitment on turnover intentions. To this end, we hypothesized that organizational commitment (affective, calculative, and normative) has a significant and negative effect on turnover intentions. A total of 302 participants, employees in different organizations in Portugal, participated in this study. The results revealed a significant and negative effect of affective commitment (AC) and normative commitment (NC) on turnover intentions. Of the three components, affective commitment is the one with the strongest association.info:eu-repo/semantics/publishedVersio

Does host LDL receptor contribute to tumor progression?

Tese de mestrado, Biologia Evolutiva e do Desenvolvimento, Universidade de Lisboa, Faculdade de Ciências, 2015O cancro é uma das principais causa de morte em todo o mundo e sabe-se que cada vez mais factores extrínsecos, como a dieta, podem afectar o seu desenvolvimento. Diversos estudos têm demonstrado que as células tumorais aumentam as suas necessidades de colesterol para a síntese de novas membranas, pensando-se que este seja um factor que facilite a proliferação deste tipo de células. Do ponto de viste epidemiológico, foram já identificadas associações causais entre níveis sistémicos de colesterol e desenvolvimento (incidência) de cancro, nomeadamente de cancro da mama. No nosso laboratório foi inclusivé demonstrado que a estimulação in vitro de células de cancro da mama com a lipoproteina de baixa densidade (do inglês, low-density lipoprotein - LDL) levava a um aumento da proliferação celular, diminuição da adesão e aquisição de um fenótipo mesenquimatoso, associado a um aumento de capacidade migratória das células tumorais. No presente projecto pretendemos avaliar de que forma a ausência do receptor do LDL nas células do microambiente tumoral poderia afectar a progressão tumoral. Neste sentido, optámos por utilizar um modelo genético, ao contrário da maioria dos estudos em que são utilizadas dietas ricas em colesterol para aumentar os níveis deste em circulação. O ratinho knock-out para o receptor do LDL (criado em 1993) permite-nos avaliar se é especificamente o colesterol transportado pelo LDL e a interação deste com o receptor (LDLR) que é capaz de potenciar uma maior progressão tumoral. É de salientar que estes ratinhos já apresentam elevados níveis de LDL em circulação, não sendo necessário utilizar uma dieta rica em colesterol para que estes níveis sejam aumentados. Neste projecto, o desenho experimental baseia-se na introdução de células tumorais de melanoma positivas para o receptor do LDL em ratinhos também eles positivos para o receptor, mas também em ratinhos LDLR knockout. Através deste modelo experimental, podemos verificar se o receptor nas células do microambiente tumoral é crucial para o desenvolvimento e progressão tumorais. Este trabalho permitiu ainda avaliar a importância de um receptor de colesterol nas células no microambiente tumoral. Em particular na formação de vasos sanguíneos, verificámos que apesar de não existirem diferenças no número de vasos endoteliais, normalmente formados através do clássico processo angiogénico já largamente descrito na literatura, existiam diferenças quanto ao número de canais que também fazem o aporte sanguíneo aos tumores, e que são formados pelas próprias células tumorais intercaladas com as células endoteliais. Este tipo de canais é descrito na literatura como “Mimetismo Vascular”, mais específicamente como Vasos Mosaico ou Mosaicismo Vascular. Relativamente à influência que o colesterol transportado pelo LDL possa ter sobre as células tumorais, apenas verificamos aumentos nas taxas proliferativas in vivo, não conseguindo demonstrar um efeito directo do colesterol sobre as células de melanoma, in vitro. Tendo em conta os resultados obtidos neste estudo, podemos concluir que elevados níveis de LDL em circulação potenciam uma maior progressão tumoral num ambiente cujas células são negativas para o receptor que faz a remoção dessa lipoproteina da circulação. Para além disso, constatámos também que num ambiente sem LDLR, e havendo excesso de LDL em circulação, surgem mais canais vasculares compostos por células endoteliais intercaladas com células tumorais (Vasos Mosaico).In this work, we investigated the role of host Low-Density Lipoprotein Receptor (LDLR) in the progression of Melanoma. By using an LDLR knockout mice model (with higher levels of Low-density lipoprotein (LDL) in circulation) and LDLR positive melanoma tumor cells, we tested if the absence of receptor in the tumor microenvironment has influence in tumor volume, vascular density or tumor cell proliferation. Paraffin or Frozen Tumor samples were used to perform immunohistochemistry and immunofluorescence analysis. We also performed in vitro experiments to see the behavior of melanoma tumor cells in he presence of elevated levels of LDL-cholesterol. Our results showed that in the LDLR knockout mice tumors were bigger than in wild-type mice and there are also more tumor cell proliferation in these mice. However, in vitro, we could not demonstrate that LDL-cholesterol per se promotes melanoma cell proliferation. We sought to explore the mechanisms by which cholesterol might favor melanoma progression; for this purpose we analysed the angiogenic phenotype of tumors grown on LDLR KO or wild type mice. Surprisingly, we didn’t find differences in the number of endothelial vessels between these two models. In contrast, we observed the presence of more mosaic vessels (tumor channels are composed by the intercalation of endothelial and tumor cells) and a small tendency for vascular mimicry (blood carrying channels formed by tumor cells only) occurrence in tumors from LDLR knockout mice. In conclusion, our study supports the idea that the absence of LDLR in the tumor microenvironment may enhance the formation of mosaic vessels and this way favor tumor growth