Determining an aggregate quality to outrank SMEs under economics distress : a multicriteria analysis extension of the DuPont Model

This research presents a newly manner to determine an Aggregate Quality (AQ), and consequently a global ranking, of Small and Median Enterprises (SMEs) based upon an integration of the traditional Return on Equity (ROE) or DuPont decomposition into Multicriteria Analysis methods. This approach designs and implements a method named ED-ROE, which is shown as a complementary way to evaluate companies’ ROE (profitability) and to mitigate some imbalances and inconsistencies presented by the traditional DuPont system under economic distress. Therefore, it goes beyond the well-known financial distress because considers not only debt problems, but also other set of criteria (e.g. business risk, operational risk and financial risk) that create a state of concern and worry on Decision Makers (shareholders and stakeholders). The AQ obtained from the ED-ROE approach, which is also a measurement of a company’s performance, relies on PROMETHÉE methods (Preference Ranking Organization Method for Enrichment Evaluations), and bases their results on outranking relationships in order to provide accurate information for comparing and evaluating SMEs under distressed environments and multiple decision criteria. The research also introduces some regression models to compare the ED-ROE approach and the DuPont system in terms of their outcomes, consistency, statistical significance, and explanatory power. Summarizing, the main research scope is to provide more elements to justify the decision making process, and offer, at least in the short term, the decision to choose the best SMEs in order to characterize a specific sector or economic activity. The AQ assessment also helps to identify companies that have a good operating management (net profit margin), strong asset management (asset turnover) and outstanding capital management throughout a simultaneously coherent leverage level

Three essays in corporate governance and corporate finance : international evidence

This thesis presents three original research frameworks, two in corporate governance and one in corporate finance, distributed in three empirical chapters, respectively. Specifically, in Chapter 1, a novel multi-criteria decision analysis (MCDA) approach is developed not only to quantify an aggregate quality of corporate governance at firm level, but also to overcome the limitations of the existing measures (i.e., corporate governance indices) mainly with respect to full compensatory structures and industry-wide heterogeneity. Furthermore, the empirical approach, using PROMETHEE methods and econometric analysis of panel data, provides a strong inverse relationship between firm performance and corporate governance quality. The results rely on outranking relationships (over five million pair comparisons) among companies (1,203 US listed firms during 2002 to 2014) across various corporate governance criteria, comparing the aggregate quality against a well-known corporate governance index (ASSET4 ESG in Datastream).In Chapter 2, the theory of system reliability is used to model the behaviour of companies in terms of their corporate governance practices and mechanisms. Particularly, machine-learning techniques are proposed to assess a corporate governance system. The mapping of its inputs or specific indicators (e.g., corporate social responsibility, average number of board meetings, compensation policy, auditing independency and independent board) as components (either in operating or failed state), along with firm-specific conditions (i.e., age, size, risk, growth), into a reliability system aims to determine an approximate structure function that models the behaviour of the system. The proposed approach is applied to another data sample set of 1,109 US listed companies during 2002 to 2014, the financial and non-financial indicators are modelled as components of the corporate governance system, and returns on assets is defined as the system output. The results show that growth opportunities matter for the proper functioning of the system, and suggest that if companies are more transparent (i.e., components show a low probability of failure) both the trustworthiness of the companies and the system reliability improves.In Chapter 3, a research framework to analyse failure in mergers and acquisitions (M&A) reveals that not only deal characteristics (i.e., deal attitude, means of payments, deal size, ownership), but also acquirers’ and targets’ firm size, acquirers’ economic freedom, and targets’ accounting returns significantly explain the likelihood of deal failure. To this aim, a large dataset of 137,116 worldwide M&A deals (during 1977–2014 on more than 140 countries) and novel specifications of logit regression models are analysed. This chapter contributes and expands the literature in M&A deals and business research by evaluating how incumbents’ specific information can constrain the firms’ assets movement (efficiency perspective).Regarding the implications, the findings in Chapter 1 are of particular interest to both scholars and decision makers (e.g., managers, shareholders, investor, policy makers) including rating agencies, who want to assess advantages and disadvantages of corporate governance indices. Chapter 2’s findings are useful mainly for board of directors for detecting what corporate governance components are more line up with the most successful companies, or for quantifying firm reliability. The results in Chapter 3 suggest to bidders to be aware of not only deal characteristics, but also firm size discernments, economic freedom outlooks, and accounting figures when considering the exit option of a deal withdrawal

Aplicación del manual de buenas prácticas para la atención de clientes, dirigido al personal de contacto del hotel Gran Sipán, Chiclayo

La presente investigación tuvo como objetivo administrar el manual de buenas prácticas de atención al cliente dirigido al personal de contacto para proporcionar una experiencia agradable y satisfactoria a los visitantes del hotel Gran Sipán ubicado en la ciudad de Chiclayo. El manual de buenas prácticas para la atención de clientes dirigido al personal de contacto directo contiene un conjunto de recomendaciones que ayudara a que los establecimientos turísticos puedan ofrecer un servicio satisfactorio para sus clientes y desempeña un importante rol porque guía al colaborador de la empresa a poder ser autosuficiente y brindar una acertada respuesta al huésped para generarle satisfacción y cubrir sus expectativas desde el primer momento. En el desarrollo de la investigación se logró trabajar con el 100% de los colaboradores directos en la atención al cliente además de una muestra de 142 personas que hicieron uso de los servicios del hotel El estudio proporción una visión amplia de la relación que tienen los colaboradores del hotel Gran Sipán con los huéspedes en el desarrollo de sus actividades y el uso de las buenas prácticas, evidenciándose algunos indicadores bajos percibidos por los huéspedes. Los resultados del presente estudio facilitan la gestión para el mejoramiento en el uso de las buenas prácticas en sus puntos más débiles, así como la eficiencia en la atención del huésped para brindar una experiencia agradable, segura, satisfactoriaTesisGestión empresarial y emprendimient

Evaluación de la conservación de la piña “oro miel” mínimamente procesada mediante la aplicación de recubrimientos comestibles a base de almidón de aloe vera y casabe

In this research the effect of edible coatings based on aloe vera and cassava starch on the physicochemical properties and the kinetic parameters of degradation of ascorbic acid (AA) in pineapple minimally processed during 16 days of storage at 4 ° C was evaluated. Five treatments (T1, T2, T3, T4 and T5) were tested, pineapple “honey gold” with coating solutions of different aloe vera / starch concentrations (100/0, 75/25, 50/50, 25/75 and 0/100 respectively), and a control treatment (T6 ) that corresponds to fruit without coating. The coatings were carried out by immersing the fruit previously processed for 1 minute. The results show that the treatment with the best pH values, titratable acidity (AT) and maturity index (IM) was T3 (pH: 3.61, AT: 0.0480, IM: 2.915), in terms of moisture and soluble solids (SS) the T1 treatment (% Moisture: 81.725) and T4 (SS: 11.19) showed the most optimal values. The model that best described the degradative behavior of AA is zero order, being the T4 treatment the most adequate to preserve vitamin C with a value (k: 0.781), a half-life (t ½: 28 days) and a decimal reduction time (D: 93 days).En esta investigación se evaluó el efecto de los recubrimientos comestibles a base de aloe vera y almidón de mandioca sobre las propiedades físico-químicas y los parámetros cinéticos de degradación del ácido ascórbico (AA) en piña mínimamente procesada durante 16 días de almacenamiento a 4ºC. Se probaron cinco tratamientos (T1, T2, T3, T4 y T5), la “miel de oro” de piña con soluciones de recubrimiento de diferentes concentraciones de aloe vera / almidón (100/0, 75/25, 50/50, 25/75 y 0/100 respectivamente), y  un  tratamiento  de  control  (T6)  que  corresponde  al  fruto  sin  recubrimiento.  Los  recubrimientos  se realizaron por inmersión de la fruta previamente procesada durante 1 minuto. Los resultados muestran que el tratamiento con los mejores valores de pH, acidez titulable (AT) e índice de madurez (IM) fue T3 (pH: 3.61, AT: 0.0480, IM: 2.915), en términos de humedad y sólidos solubles (SS) el tratamiento T1 (% Moisture: 81.725) y T4 (SS: 11.19) mostró los valores más óptimos. El modelo que mejor describe el comportamiento degradativo del AA es el orden cero, siendo el tratamiento T4 el más adecuado para preservar la vitamina C con un valor (k: 0,781), una vida media (t ½: 28 días) y un tiempo de reducción decimal (D: 93 días)

Aislamiento enzimático de protoplastos a partir de mesófilo de Dioscorea alata cultivar “Pico de Botella”

A plant protoplast cell lacking a cell wall is surrounded by its plasma membrane and is potentially able to regenerate the cell wall, grow and divide. The aim of this study was to evaluate different commercial enzyme concentrations and times of action in the isolation of protoplasts of D. alata cultivar “Bottle Peak”. The protoplasts were isolated from mesophyll of vitroplants combining concentrations of the enzymes Cellulase Onozuka R10® (0,0 to 1,5% w/v) and Macerozyme R10® (0,0 to 0,5% w/v), to action times of 6 to 18h and pH of 5,6, giving approximately 0,015g of leaf protoplast isolation medium yam at 27 ± 2 °C, 40 rpm, followed by washing in isolation medium without enzymes, purification in 24% sucrose, resuspension in protoplast culture medium yam and counting in Neubauer camera. Most protoplasts were obtained with 1% Cellulase and 0,5% macerozyme in 18h of action, with an average of 18,6 x106 protoplasts g-1 fresh tissue. Regression analysis (R2 = 0,84) yielded the data obtained, optimum conditions for the most isolated protoplasts correspond to a combination of 0,96% Cellulase and 0,36% macerozyme to 13,99 h action, with an value estimated of 15,3 x106 protoplasts g-1 tissue. The enzymatic method to isolate protoplasts yam, recommended assessing their feasibility for cell wall regeneration, growing, dividing and forming microcolonies and microcallos.Un protoplasto vegetal es una célula que carece de pared celular, se encuentra rodeada por su membrana plasmática y es potencialmente capaz de regenerar la pared celular, crecer y dividirse. El objetivo del trabajo fue evaluar diferentes concentraciones de enzimas comerciales y tiempos de acción en el aislamiento de protoplastos de Dioscorea alata cultivar “Pico de Botella”. Los protoplastos fueron aislados del mesófilo de vitroplantas combinando concentraciones de las enzimas Celulasa Onozuka R10® (0,0 a 1,5% p/v) y Macerozima R10® (0,0 a 0,5% p/v), a tiempos de acción de 6 a 18h y pH de 5,6; exponiendo aproximadamente 0,015g de hoja en medio de aislamiento de protoplastos de ñame a 27±2 °C, 40 rpm, seguido de lavado en medio de aislamiento sin enzimas, purificación en sacarosa al 24%, resuspensión en medio de cultivo de protoplastos de ñame y conteo en cámara de Neubauer. La mayor cantidad de protoplastos se obtuvo con Celulasa al 1% y Macerozima al 0,5% en 18h de acción, con un promedio de 18,6 x106 protoplastos g-1 de tejido fresco. Los análisis de regresión (R2 = 0,84) de los datos obtenidos arrojaron, que las condiciones óptimas para obtener la mayor cantidad de protoplastos aislados corresponden a una combinación de 0,96% de Celulasa y 0,36% de Macerozima, a 13,99 h de acción, estimando un valor de 15,3x106 protoplastos g-1 de tejido. El método enzimático permite aislar protoplastos de ñame, recomendándose evaluar su viabilidad para regeneración su pared celular, crecer, dividirse y formar microcolonias y microcallos. Palabras clave: ñame, celulasa, macerozima, protoplasto

Etanolisis De Aceite De Girasol En Medio Expandido Con Co2 Catalizada Con Lipasa

Se llevó a cabo la etanolisis de aceite de girasol catalizada por lipasa de Pseudomonas cepacia a 40 oC usando dióxido de carbono denso como medio de reacción. En la mezcla de reacción (etanol + aceite de girasol) se disolvió 45% p/p de CO2 a 130 bar de presión. Se estudió el comportamiento cinético a través de muestreo a diferentes períodos de tiempo. Se comparó la reacción de etanolisis en medio expandido con CO2 con la reacción llevada a cabo en un recipiente cerrado herméticamente sin CO2, a presión ambiente, a la misma temperatura, la misma carga de sustratos y la misma cantidad de lipasa inmovilizada que en la primera. En ambos casos, el biocatalizador mostró similar grado de desactivación después de las respectivas reacciones etanólisis. Los datos experimentales obtenidos para las respectivas reacciones se correlacionaron utilizando un modelo cinético simplificado

Resource Re-orchestration and firm survival in crisis periods: The role of business models of technology MNEs during COVID-19

Using data from world-leading digital-driven/technology multinational enterprises (DTMNEs), we draw from the resource orchestration theory to investigate the associations between business model (BM) drivers and firm performance during crisis periods. Drawing on data from the COVID-19 pandemic period, we deploy diverse analytical approaches including multivariate linear regressions and aggregated composite index statistical methods in examining how the BMs of our sampled DTMNEs drive firm performance. Our study highlights six methodological approaches that can be utilised by decision-makers in examining which variables in their BM drive better firm performance. Our findings revealed that the principal component analysis and multicriteria decision analysis (PROMETHEE methods) that espouse the use of aggregate composite index can provide significant and consistent predictive results in comparison to the traditional linear methods when examining the association between BM and firm performance during crisis periods. The paper provides policy and managerial implications on how firms and decision-makers can bolster business continuity, resilience, and plasticity by using analytical lenses that identify optimum resource orchestration during crises

Impact Evaluation of Training Natural Leaders during a Community-Led Total Sanitation Intervention: A Cluster-Randomized Field Trial in Ghana

We used a cluster-randomized field trial to evaluate training natural leaders (NLs) as an addition to a community-led total sanitation (CLTS) intervention in Ghana. NLs are motivated community members who influence their peers’ behaviors during CLTS. The outcomes were latrine use and quality, which were assessed from surveys and direct observation. From October 2012, Plan International Ghana (Plan) implemented CLTS in 60 villages in three regions in Ghana. After 5 months, Plan trained eight NLs from a randomly selected half of the villages, then continued implementing CLTS in all villages for 12 more months. The NL training led to increased time spent on CLTS by community members, increased latrine construction, and a 19.9 percentage point reduction in open defecation (p < 0.001). The training had the largest impact in small, remote villages with low exposure to prior water and sanitation projects, and may be most effective in socially cohesive villages. For both interventions, latrines built during CLTS were less likely to be constructed of durable materials than pre-existing latrines, but were equally clean, and more often had handwashing materials. CLTS with NL training contributes to three parts of Goal 6 of the Sustainable Development Goals: eliminating open defecation, expanding capacity-building, and strengthening community participation

Geographic patterns of tree dispersal modes in Amazonia and their ecological correlates

Unidad de excelencia María de Maeztu CEX2019-000940-MAim: To investigate the geographic patterns and ecological correlates in the geographic distribution of the most common tree dispersal modes in Amazonia (endozoochory, synzoochory, anemochory and hydrochory). We examined if the proportional abundance of these dispersal modes could be explained by the availability of dispersal agents (disperser-availability hypothesis) and/or the availability of resources for constructing zoochorous fruits (resource-availability hypothesis). Time period: Tree-inventory plots established between 1934 and 2019. Major taxa studied: Trees with a diameter at breast height (DBH) ≥ 9.55 cm. Location: Amazonia, here defined as the lowland rain forests of the Amazon River basin and the Guiana Shield. Methods: We assigned dispersal modes to a total of 5433 species and morphospecies within 1877 tree-inventory plots across terra-firme, seasonally flooded, and permanently flooded forests. We investigated geographic patterns in the proportional abundance of dispersal modes. We performed an abundance-weighted mean pairwise distance (MPD) test and fit generalized linear models (GLMs) to explain the geographic distribution of dispersal modes. Results: Anemochory was significantly, positively associated with mean annual wind speed, and hydrochory was significantly higher in flooded forests. Dispersal modes did not consistently show significant associations with the availability of resources for constructing zoochorous fruits. A lower dissimilarity in dispersal modes, resulting from a higher dominance of endozoochory, occurred in terra-firme forests (excluding podzols) compared to flooded forests. Main conclusions: The disperser-availability hypothesis was well supported for abiotic dispersal modes (anemochory and hydrochory). The availability of resources for constructing zoochorous fruits seems an unlikely explanation for the distribution of dispersal modes in Amazonia. The association between frugivores and the proportional abundance of zoochory requires further research, as tree recruitment not only depends on dispersal vectors but also on conditions that favour or limit seedling recruitment across forest types