Individual Entrepreneurship Capacity and Performance of SMEs

This paper analyses the importance of human capital and organizational capital on the determination of SME’s performance, by proposing and testing a conceptual model about Individual Entrepreneurship Capacity, and its impact both on non-economic and economic performance. This constitutes an innovative approach in the sense that uses information collected at the individual level, that is, the entrepreneur. Moreover, it constitutes a first attempt for facing the caveat in the literature on the relationship among types of capital and entrepreneurial performance. A model where the individual entrepreneurship capital is defined as a function of two types of capital: Human and Organizational; is proposed and empirically tested. For the Human Capital we consider three dimensions: (a) Individual Characteristics; (b) Managerial Push; and (c) Managerial Pull. As concerns the Organizational Capital, four dimensions are considered: (i) Individual Entrepreneurial Behavior; (ii) Collective Entrepreneurial Behavior; (iii) Managerial Practices; and (iv) Organizational Culture (in terms of the Superstructure and the Socio-Structure). The use of the stepwise method provides the selection of significant variables that impact on SME’s performance. When only non-economic indicators are considered for measuring the performance, in what respects the human capital we find out that the only significant variable is: enthusiasm at work. In what concerns the organizational capital the significant variables are: efficient organizational structure; participative management; incentives for interdisciplinary discussion and dialogue; and frequent meetings of working groups. For its turn, when economic indicators are considered for measuring the performance, we find out that the significant human capital determinants are: entrepreneur’s intuition; and propensity for innovating activities. In terms of organizational capital determinants we reveal that the significant variables are: efficient organizational structure; and use of external indicators for improving entrepreneurial performance. The main policy implication of the paper is the possibility of creating, at an individual level, new incentives and motivational tools based on the identification of the most important variables of human capital and organizational capital, for fostering SME’s performance.Human Capital, Organizational Capital, Performance, SME

Online engagement on esports streams

The global esports market is expected to generate 950 million dollars online in 2020, being 18.2 million from streaming with an audience of 495 million and has been growing 10% per year, opening opportunities for brands to connect with their clients (Newzoo, 2020). This dissertation goal is to understand how esports streams viewers experience can influence ultimately impact their reaction on brands advertising on the stream. More specifically, how esports streams viewing experience influences online engagement and how does online engagement influence brand attitude and purchase intention. A questionnaire was elaborated and shared on social media related to gaming and the data collected was analysed using a quantitative analysis using simple linear regression models. Main findings are that experience does have a positive impact on online engagement and online engagement has a positive impact on purchase intention, while there was no evidence of online engagement having impact on brand attitude. The main takeaways from this analysis is that a positive experience watching esports plays a vital role on engagement highlighting the importance of a quality content being produced can make advertising during the stream more effective, thus resulting in better ROI results for brands. Was also found that consumers are more subject to commercial aspects being communicated from advertising than branding aspects. As for further research this dissertation opens questions for how does experience and online engagement influence other variables and if there are different results depending on the type of streams.Espera-se que o mercado global de esports gere 950 milhões de dólares online em 2020, sendo 18,2 milhões de streaming com uma audiência de 495 milhões e tem vindo a crescer 10% ao ano, abrindo oportunidades para as marcas se conectarem com seus clientes (Newzoo, 2020). O objetivo desta dissertação é entender como a experiência dos espectadores de esports streams pode influenciar o impacto de publicidade de presente nas streams. Mais especificamente, como a experiência a ver esports streams influencia o online engagement e como esse influencia a atitude da marca e a intenção de compra. Um questionário foi elaborado e partilhado nas redes sociais relacionadas com jogos e os dados foram analisados por forma quantitativa usando modelos de regressão linear simples. As principais conclusões são que a experiência tem um impacto positivo no online engagement e o online engagement tem um impacto positivo na intenção de compra, porém não existe evidência de que o online engagement tenha impacto na atitude da marca. A principal conclusão é que uma experiência positiva a ver esports streams desempenha um papel vital no online engagement, destacando a importância de um conteúdo de qualidade para tornar a publicidade mais eficaz, resultando em melhores resultados de ROI. Também foi constatado que os consumidores estão mais sujeitos aos aspectos comerciais sendo comunicados pela publicidade do que aos aspectos de branding. Para investigação futura, esta dissertação abre questões sobre como a experiência e o online engagement influenciam outras variáveis e se existem resultados diferentes dependendo do tipo de stream

Equity research - Pirelli & C. S.P.A.

Mestrado em FinançasO objetivo do relatório é a elaboração de uma recomendação de investimento na Pirelli & C. S.p.A. e portanto irá ser incluído neste relatório uma avaliação detalhada da empresa. O motivo da seleção da empresa a estudar deveu-se unicamente à unidade curricular de Equity Research, leccionada no semestre anterior à elaboração deste projecto, na qual estudei a indústria em que a Pirelli opera tendo despertado o meu interesse para aprender um pouco mais sobre a esta empresa, uma das maiores a operar na Indústria de Pneus e Borracha mundialmente. O preço calculado para a acção da Pirelli foi obtido ao aplicar o modelo dos Fluxos de Caixa Descontados (DCF), como avaliação absoluta, e confirmado pela avaliação relativa obtida através do método dos múltiplos comparáveis. A recomendação deste relatório é de Compra, tendo sido calculado um preço de €5.51 para o final do ano de 2019, o que representa uma valorização de 17% face ao preço da acção à data do relatório. Neste relatório é também analisado o risco do investimento na Pirelli e foi mantida a recomendação de Compra, mesmo considerando os potenciais riscos que a empresa enfrenta ao ser depende do sector automóvel e do preço das matérias-primas.The purpose of the report is to assemble an investment proposition for Pirelli & C. S.p.A. Therefore a detailed valuation of the company will be included in this report. The reason behind the selection of the company to study was solely due to the Equity Research course attended in the previous semester. In the course I had the opportunity to study the industry where Pirelli operates and my interested in learning a little more about this company, one of the largest companies in the world to operate in the Tyre and Rubber Industry, increased. The price calculated for Pirelli's share was obtained by applying the Discounted Cash Flow (DCF) model as a type of an absolute valuation and it was confirmed by the relative valuation obtained using the comparable multiples method. At the end the recommendation of this report is to buy the stock as a price of €5.51 is expected for the year-end 2019, which represents a 17% appreciation from the share price at the date of the report. This report also analyzes the risk of investing in Pirelli and the buy recommendation did preserve, even considering the potential risks that the company faces in being dependent on the automotive sector and the price of the raw materials.info:eu-repo/semantics/publishedVersio

Snapshot of macroalgae and fish assemblages in temperate reefs in the Southern European Atlantic Ecoregion

Most of the biodiversity studies in the South European Atlantic Shelf ecoregion are limited to shallow subtidal or intertidal habitats, while deeper reef habitats, also of relevant ecological importance, are particularly understudied. Macroalgal communities, associated fauna, and sea surface temperature were studied in deep reefs (25-30 m) at two locations in this ecoregion: Parcel, North of Portugal (41 degrees N), and Tarifa, Southern Spain (35 degrees N). Specifically, algal assemblages were assessed using biomass collection and associated ichthyofauna was assessed using visual census techniques using scuba. Seawater surface temperature was higher (>3 degrees C) in the southern region-Tarifa, compared to the northern region-Parcel. Our survey revealed 18 fish species and 23 algae species. The highest abundance of cold-water species (both macroalgae and fish species) was recorded in Parcel and warm-water species were dominant in Tarifa. In light of climate global trends, both regions might experience biodiversity shifts towards tropicalization. Current knowledge on their biodiversity is imperative to further evaluate potential shifts.info:eu-repo/semantics/publishedVersio

On the design and prototyping of crowdwalk: leveraging the wisdom of the crowd to inspire walking activities

Individuals often struggle to move from the intention of attaining healthy lifestyles to their set goal. Long-lasting behaviors are hard to achieve, and despite the initial premises, the effectiveness of self-tracking tools has been found to wear off with time. In this work, we foster an alternative approach to the dominant narrative of quantification. We present CrowdWalk, a mobile application that leverages the wisdom of the crowd to produce location-based "walking challenges", thus supporting behavior change through highlighting opportunities for physical activity. We first present a study on how people find ways to perform physical activity in their daily routines. Based on these insights, we developed CrowdWalk, a tool that encourages those types of activities thus concluding with our design considerations for persuasive technologies. We present our full design and prototyping process along with a usability evaluation of the final tool. To begin with, we present a study on how people find ways to perform physical activity in their daily routines and then, we present CrowdWalk as a tool that encourages those types of activities thus concluding with our design considerations for persuasive technologies.Existe uma grande dificuldade nos indivíduos em transformar a intenção de adotar um estilo de vida saudável em objetivos concretos. Comportamentos sustentáveis dificilmente persistem e, apesar de todas as premissas, tem-se vindo a descobrir que a eficácia das ferramentas de monitorização de atividade física diminui com o passar do tempo. Neste trabalho é desenvolvida uma abordagem alternativa à temática da quantificação. Apresentamos o CrowdWalk, uma aplicação móvel que beneficia a sabedoria das pessoas para criar “desafios para andar a pé” baseados em localizações e assim, incentivar a mudança de comportamentos destacando oportunidades para exercer atividade física. Efetuamos um estudo acerca de que atividades as pessoas praticam no seu dia a dia, apresentamos o CrowdWalk como uma ferramenta que incentiva essas mesmas atividades, e concluímos considerações relativas ao design para tecnologias persuasivas que encorajam a atividade física

Fourier-Mukai transform for fine compactified Prym varieties

Consider a finite covering $\beta : C \to X$ of a smooth projective curve $X$ by a reduced, projective, planar curve $C$. Associated to two general polarizations on $C$, $q$ and $q'$, one can construct the corresponding compactified Prym varieties $\overline{\mathrm{P}}_\beta(q)$ and $\overline{\mathrm{P}}_\beta(q')$. Consider $\Gamma$ to be the group of line bundles whose torsion coincides with the order of $\beta$. In this article we construct a Fourier-Mukai transform between the derived categories of $\overline{\mathrm{P}}_\beta(q)$ and the $\Gamma$-equivariant derived category of $\overline{\mathrm{P}}_\beta(q')$. Hence, we obtain a derived equivalence between the $\mathrm{SL}(n,\mathbb{C})$-Hitchin fibre and its associated $\mathrm{PGL}(n,\mathbb{C})$-Hitchin fibre for a dense class of singular spectral curves. Our work then provides the extension of the Fourier-Mukai transform constructed by Arinkin and Melo-Rapagnetta-Viviani, which corresponds to autoduality of $\mathrm{GL}(n,\mathbb{C})$-Hitchin fibres in this class of singular spectral curves

TQM and six sigma in accounting literature

This study is based on the investigation of the relation between management accounting, Total Quality Management and six sigma, in articles published in 5 of the most renowned accounting journals: Management Accounting Review; European Accounting Review; Accounting, Auditing and Accountability; Critical Perspectives on Accounting; and Accounting Organizations and Society. Despite the vast existent literature related to both management accounting and quality management, this investigation contributes by characterizing the relation between them. This study was developed by extracting and analyzing variables such as author‟s characterization, research method, studied subjects and underlying organizational theory. These variables where subsequently associated with each other. This study‟s results show that investigation in this area is largely dominated by male authors, generally affiliated to either Europe or the US. The preferred research method in Europe was the case study, while US authors preferred the survey method. Contingency theory was the most adopted organizational theory. Actor-network and institutional theories were also used in a relevant amount of studies. It is also important to state that no article was extracted from European Accounting Review journal, since none met this study‟s requirements.Este estudo tem por base a investigação da relação entre a contabilidade de gestão e as ferramentas de gestão de qualidade TQM e six sigma, em publicações nas principais revistas da área da contabilidade, especificamente contabilidade de gestão: Management Accounting Review; European Accounting Review; Accounting, Auditing and Accountability; Critical Perspectives on Accounting; and Accounting Organizations and Society. Apesar da vasta literatura existente sobre ambos os temas, este trabalho pretende contribuir para a investigação da relação entre ambos. Para tal, várias variáveis, como a caracterização dos autores, a metodologia de estudo, temas abordados e a teoria organizacional presente, foram analisadas e associadas de forma adequada. Os resultados deste estudo mostram que a investigação nesta área é dominada por autores do sexo masculino, na maioria afiliados com a Europa ou Estados Unidos, origem da maioria dos artigos analisados. O método de estudo preferido foi o case study na Europa e nos Estados Unidos o questionário. A teoria da contigencia foi a mais adoptada para este tipo de estudo, apesar das teorias actor-network e instititucional terem sido bastante adoptadas, também. É também de salientar que nenhum artigo correspondente aos requisitos deste estudo foi encontrado na revista European Accounting Revie

Post-pneumonectomy thoracic drainage: to drain or not to drain? A retrospective study

OBJECTIVE: To evaluate the need for post-pneumonectomy thoracic drainage. METHODS: This was a retrospective study of 46 patients having undergone pneumonectomy in the Thoracic Surgery Department of the Londrina University Hospital between January of 1998 and December of 2004. Patients were divided into two groups: those having been submitted to drainage and those not having been. The diseases involved were lung cancer, bronchiectasis and tuberculosis. RESULTS: Drainage was used in 21 patients, whereas no drainage was used in 25. The most common postoperative complication was subcutaneous emphysema (12 cases). Hospital stays were of shorter duration among patients who were not submitted to drainage than among those who were (mean, 6.5 days vs. 10.2 days). No serious postoperative complications were observed in the group of patients not submitted to drainage. CONCLUSION: The findings that evolutions were more favorable and hospital stays were shorter for the patients not submitted to drainage call into question the need for routine post-pneumonectomy drainage.OBJETIVO: Avaliar a necessidade de realização de drenagem torácica pós-pneumonectomia. MÉTODOS: É relatada a experiência do Serviço de Cirurgia Torácica do Hospital Universitário de Londrina de janeiro de 1998 a dezembro de 2004. Trata-se de um estudo retrospectivo, em que foram analisados 46 pacientes pneumonectomizados, divididos em dois grupos: drenados e não drenados. As doenças foram as mesmas: neoplasia, bronquiectasia e tuberculose. RESULTADOS: Foram drenados 21 pacientes e 25 não o foram. A complicação pós-operatória mais comum foi o enfisema subcutâneo (12 casos), sendo o tempo de internação menor (6,5 dias) nos pacientes não drenados em relação aos drenados (10,2 dias), sem que tenham sido observadas complicações graves. CONCLUSÃO: A evolução favorável dos 25 pacientes não drenados e o tempo de internação menor levam ao questionamento da necessidade de drenagem rotineira da cavidade pleural pós-pneumonectomia.Universidade Estadual de Londrina Programa de Mestrado e Doutorado em Medicina e Ciências da SaúdeUniversidade Federal de São Paulo (UNIFESP) Escola Paulista de MedicinaUniversidade Estadual de Londrina Centro de Ciências da Saúde Departamento de Clínica MédicaUNIFESP, EPMSciEL

The Welfare Cost of Macroeconomic Uncertainty in the Post-War Period

Lucas (1987) has shown the surprising result that the welfare cost of business cycles is quite small. Using standard assumptions on preferences and a fully-fledged econometric model we computed the welfare costs of macroeconomic uncertainty for the post-WWII era using the multivariate Beveridge-Nelson decomposition for trends and cycles, which considers not only business-cycle uncertainty but also uncertainty from the stochastic trend in consumption. The post-WWII period is relatively quiet, with the welfare costs of uncertainty being about 0.9% of per-capita consumption. Although changing the decomposition method changed substantially initial results, the welfare cost of uncertainty is qualitatively small in the post-WWII era - about $175.00 a year per-capita in the U.S. We also computed the marginal welfare cost of macroeconomic uncertainty using this same technique. It is about twice as large as the welfare cost -$350.00 a year per-capita.welfare costs of business cycles, Beveridge-Nelson decomposition