Comparative Analysis of Strategic Planning Based on a Systems Engineering Approach

Strategic planning is an organizational process, the purpose of which is to conceive, formulate and manage the strategies implementation in the enterprise. The implementation of strategic planning involves the implementation of a set of actions aimed at taking the organization from a known position to a more desirable position, creating sustainable competitive advantages

Equity offerings abroad and the adoption of IFRS : a test of the capital markets liability of foreignness

We examine how the reduction in information asymmetry brought about by the adoption of International Financial Reporting Standards (IFRS) affects the adverse selection costs of issuing equity at home and abroad. In particular, we examine whether there has been a reduction in the costs of raising equity in foreign markets- the capital markets liability of foreignness (CMLOF). Consistent with the view that mandatory IFRS adoption reduces information asymmetry, we find an increase in equity issues following IFRS adoption. In addition, we find an increase in the probability of firms issuing equity (and in the amount of equity raised) in foreign markets following IFRS adoption, suggesting a reduction in CMLOF costs. These results are more pronounced for smaller firms, with lower analyst coverage, and for firms with more need of external finance. Finally, we find lower adverse reaction to the announcement of equity offerings in foreign markets following IFRS adoption.COMPETE, QREN, FEDER, Fundação para a Ciência e a Tecnologia (FCT

Do improvements in the information environment affect real investment decisions?

We examine how changes in the information environment can affect real investment decisions. Using the events surrounding mandatory adoption of IFRS as exogenous shocks in information asymmetry, we find a significant increase in firms’ investment-to-price sensitivity following IFRS adoption that persists for years after the adoption. These results are in line with the learning hypothesis and suggest that the improvements in the information environment lead to stock prices that are more informative, which enhances managers’ reliance on stock prices in making investment and other decisions. We document that this increase in investment-to-stock price sensitivity is stronger for firms in countries with weaker exante institutional and accounting quality as well as for firms that experience a larger improvement in stock price informativeness. Finally, we also show that higher investment-to-stock-price sensitivity is associated with improvements in performance.COMPETE, QREN, FEDER, Fundação para a Ciência e a Tecnologia (FCT

Vertical Integration in Produce Markets: A Colorado Cooperative’s Strategic Response to Change

An evolving produce industry has placed vegetable growers in northern Colorado at a competitive disadvantage. The Colorado producers’ strategic response is to form a value-added, cold storage processing cooperative in the hopes of establishing a better position for marketing their vegetables on a year-round basis. This case study discusses the results of both a market demand and processing feasibility study conducted for these vegetable growers.cooperative, feasibility study, vegetable processing plant, Crop Production/Industries, Marketing,

Nickel induced endogenous dermatitis: two cases report

A sensibilização ao níquel representa uma das principais causas de dermatite de contacto alérgica. Um número significativo de doentes apresenta lesões cutâneas, em locais que não estão em contacto directo com este metal. Nos últimos anos a influência do conteúdo em níquel da dieta na evolução da dermatite ao níquel tem merecido particular atenção. Descrevem-se os casos de duas doentes com dermatite de contacto ao níquel em que, apesar da evicção total do contacto com este metal, persistiam lesões de dermatite eczematosa, predominando nas zonas de maior sudação. Com a exclusão da dieta de alimentos com alto teor em níquel observou-se uma redução progressiva da intensidade do eczema, conducente ao desaparecimento total das lesões. As doentes foram, então, submetidas a prova de provocação oral com sulfato de níquel. Na primeira doente estudada observou-se aparecimento de eritema, prurido e reacção eczematosa, generalizados, doze horas após a ingestão de 20 mg de sulfato de níquel. Concomitantemente verificou-se a ocorrência de eritema pruriginoso e pequenas vesículas, no local de aplicação do patch teste ao níquel. No segundo caso a reactivação da dermatite ocorreu seis horas após a ingestão de 10 mg de sulfato de níquel. A manutenção de dieta restritiva em alimentos com alto teor em níquel permitiu o desaparecimento total da dermatite e estabilização clínica que se mantém desde há 6 meses. O diagnóstico de dermatite endógena induzida pela ingestão de níquel foi demonstrado através da realização de prova de provocação oral. A excreção de níquel através do suor parece ser relevante. A redução da ingestão diária de níquel, permitindo a menor concentração deste elemento no suor poderá explicar a melhoria da dermatite, particularmente, nas zonas cutâneas de maior sudação