Entrepreneurial attitude, geographical isolation and university students - some evidence from the Atlantic

Some regions like Island of Madeira show high levels of firm birth rate. But the entrepreneurial experience is quite different from the European reality given the high level of micro-business owing o subsistence reasons, as a response to the reduced opportunity costs, the lack of profitable employment options and the high levels of unemployment. As a consequence the high level of entrepreneurship is only partially related to high tech innovative firms, qualified employment growth and economic diversification. The majority of the new firms are linked with traditional sectors (restaurants, boutiques, personal services and civil construction. Firm creation is also a result of the EU integration and cohesion policies. On the other hand infra-structure development policies explain the increasing importance of the public administration in terms of employment and consequently the low levels of unemployment. Traditionally, in the islands, the government intervention in terms of employment, economic planning is considered excessive. The island economies have been able to benefit from large streams of international solidarity in terms of high external aid per capita especially due to their strategic relevance. But the global economic and political change associated with the globalisation put increasing pressure on the island forcing them to reformulate their economic, social and political options. International donors and institutions like World Bank stresses issues such as economic diversification, economic and social modernisation and macroeconomic policies focused o supply side effects and the development of economic growth determining factors. Due to the reduced levels of international aid, islands are obliged to diminish levels of government intervention connected to public employment and direct production activities and to enhance private initiatives and entrepreneurship. In what concerns the outermost regions the EU enlargement demands increasing levels of competitivity, financial autonomy, economic diversification and entrepreneurial attitude. Given the lack of studies in this geographical area, the on-going economic, social and cultural modernisation induced by the integration in The EU sphere and the widespread perception about the changing times, we intend in this study to give some answers to the following questions: .how is the entrepreneurial attitude affected by the historical record of high levels of government intervention and public employment? .what kind of impacts results from the perceived “island penalty”, in terms of propensity towards entrepreneurship? .What is the main obstacle to the entrepreneurial event? .Should one wish to create a firm, what is the probability of the stated preference is in the high tech sectors? What kind of support will be required and welcomed from the public institutions? Studies and academic studies in islands have some advantages. The agglomeration of institutions, populations, firms and social networks in a reduced geographical space enable us to capture in some detail a vast group of variables, relationships and cause effects linked to a specific subject. Islands societies have a large and cohesive social capital, and share a homogenous set of values and cultural attitudes, which facilitates experiences of collective action. To conduct an empirical test in order to find out the most influential variables in the entrepreneurship attitude we use logit equations. The sample is made up of local university students, theoretically the most apt in developing innovative firms. We investigate also the differences between economics and managements and humanities students in terms of entrepreneurship propensity. An important matter in isolated, peripheral and underdeveloped regions is the diffusion of innovations. Consequently, student’s sources of information and knowledge regarding the overall tendencies of profitable, innovative and fashionable entrepreneurial experiences must be identified. Therefore, this paper describes the changing and uncertain economic and political environment faced by islands societies. A contextualisation of the relationship between entrepreneurship, economic growth and insular penalty is stretched and lastly, we provide an empirical study related to the entrepreneurial attitude in an insular region: The Island of Madeira.

Knowledge production and firm growth in Brazil

The aim of this study is to gauge the impact of the production of knowledge on the accumulation of fixed capital in Brazil. The hypothesis is that investment in R&D causes investment in fixed capital in Brazilian industrial firms. The empirical estimates rest on an IPEA database for information on firms and the workers linked to these firms during the period 1996-2003 and on the National Innovation Survey (PINTEC) for information on technological development. In the article, various estimates are made using three empirical procedures. First, the firms that grew most and invested most are described. Second, econometric models relating R&D expenditures, technological innovation and the accumulation of fixed capital are estimated. A model having five equations and a structure similar to that of CDM models is estimated. The system employs instrumental variables to correct for endogeneity and solves the selection problem by including a firm-survival equation. Third, the causal relations between R&D and investment in fixed capital are sought through contrafactual analysis and a difference model. The results support the initial hypothesis, indicating that investments in R&D lead to an average 17% increase in investments in fixed capital among Brazilian firms.firm growth, knowledge production, R&D, innovation, simultaneous equation models

Seasonal photosynthesis, respiration, and calcification of a temperate Maërl bed in southern Portugal

Rhodolith (maerl) beds are biodiversity hotspots with a worldwide distribution. Maerl is the general term for free-living non-geniculate rhodoliths or coralline red algae. In southern Portugal, maerl beds are mainly composed of Phymatolithon lusitanicum, recently identified as a new species and commonly misidentified as Phymatolithon calcareum. Photosynthesis, respiration, and growth rates of the algae were measured seasonally, as well as the photosynthetic pigment composition. To characterize the seasonal and interannual patterns of key abiotic conditions in the largest described maerl bed of the Portuguese coast, temperature, irradiance, and dissolved oxygen were continuously monitored over a 2-year period. At the bed depth (22 m), temperature ranged between 14 degrees C in winter and 24 degrees C in summer, irradiance varied from 5 to 75 mu.mol m(-2) s(-1) , and dissolved oxygen from 5.8 to 7.25 mg O-2 L-1. We found a strong linear relationship (r(2) = 0.95) between gross primary production (GPP) and relative electron transport rates (rETRs). Both methods led to similar results and an average molar ratio of 0.24. Photosynthesis and respiration increased in summer and decreased in autumn and winter. In the summer of 2013, the growth rates were twofold higher (1.34 mu.mol CaCO3 g(-1) day(-1)) than in the other seasons. In winter and spring, to compensate for light deprivation and low temperature, algae increased their chlorophyll a and carotenoid concentrations while also decreasing their phycobilin concentration, in this case probably due to nutrient limitation. To isolate the role of temperature on the algae's metabolism, the photosynthetic and respiration rates of individual thalli were measured at eight different temperatures in the laboratory (from 12 degrees C to 26 degrees C). Phymatolithon lusitanicum photosynthesis increased twofold after a threshold of 18 degrees C (from 2.2 at 18 degrees C to 3.87 mu mol O-2 m(-2) s(-1) at 20 degrees C), whereas respiration increased fourfold with temperature after a threshold of 22 degrees C (from -0.38 at 18 degrees C to -1.81 (mu mol O-2 m(-2) s(-1) at 24 degrees C). The significant increases on respiration, photosynthetic rates, and maximum growth with temperature reveal that the metabolic rates of P. lusitanicum are highly sensitive to ocean warming.UIDB/04326/2020info:eu-repo/semantics/publishedVersio

O ASSISTENTE SOCIAL E A POLÍTICA DE CULTURA: REFLEXÕES SOBRE A INSERÇÃO DO PROFISSIONAL DE SERVIÇO SOCIAL

Resumo Este artigo objetiva evidenciar a importância da inserção do assistente social na política de cultura. Sabe-se que existe um processo de continuidade e ruptura sobre a relação do Serviço Social com a cultura e que existe uma série de transformações ocorrendo em nível nacional a fim de torna-la uma política social de direito. A partir dessa perspectiva buscou-se estudar a referida temática e elencar atividades que o profissional possa desenvolver

Equity research - Siemens Gamesa renewable energy

Mestrado Bolonha em FinançasSiemens Gamesa is a Spanish-German wind engineering firm based in Biscay, Spain. The company operates in three core segments: Onshore, Offshore and Operation & Maintenance (Service), and has a global presence servicing in more than 90 countries. This report slightly differs from a typical Equity Research report, in the sense that no recommendation was provided. While drafting the MFW, an acquisition by Siemens Energy unfolded and SGRE’s shares were delisted from the Madrid Stock Exchange. Having this in mind, I appraised the acquisition as Fairly Valued, since the difference between the acquisition price and my target price was 0.76%. The valuation methodologies used were Discounted Cash Flow Model (using Free Cash Flow to the Firm) and Multiples Valuation (using EV / Sales). An emphasis was placed on the DCF method, and my final target price (€18.19/Sh.) was the result of a comprehensive and detailed forecast analysis (until 2027). SGRE’s main drivers for investment are: i) worldwide lead position in Offshore, ii) highly diversified operations by geography and iii) synergies and cost optimization strategies driven by its full integration of Siemens Energy. Risk-wise, the company and the overall industry should particularly focus on the regulation risk. Concerns regarding noise pollution, wind farm-related accidents, and the fact that the turbines are not recyclable might be a deal-breaker for the foreseeable future when it comes to public subsidies allocation. Technologically speaking, the company also faces the risk that its solutions become obsolete – a normal occurrence in a fast-paced embryonic industry. The biggest question mark on SGRE’s future is on its indebtedness level. When compared to the peers, the company’s level of solvency is concerning, especially considering next years’ investment needs. Deleveraging is not only the key to future success, but it can also be the only chance of survival on such a capital-intensive industry.A Siemens Gamesa é uma empresa hispano-alemã de engenharia eólica com sede na Biscay, em Espanha. A empresa opera em três segmentos principais: Onshore, Offshore e Operação e Manutenção (Serviço), e tem uma presença global, prestando serviços em mais de 90 países. Este relatório difere ligeiramente de um relatório típico de Equity Research, no sentido em que não foi apresentada qualquer recomendação. Durante a elaboração do MFW, Siemens Energy adquiriu por inteiro a Siemens Gamesa e as acções da SGRE foram retiradas da Bolsa de Madrid. Tendo em conta este facto, avaliei a aquisição como Fairly Valued, uma vez que a diferença entre o preço de aquisição e o meu preço-alvo foi de 0,76%. As metodologias de avaliação utilizadas foram o modelo DCF (utilizando o FCFF) e a Avaliação por Múltiplos (utilizando EV / Vendas). A ênfase foi colocada no método DCF, e o meu preço-alvo final (€18,19/Sh.) foi o resultado de uma análise abrangente e pormenorizada das previsões (até 2027). Os principais factores de investimento da SGRE são: i) posição de liderança mundial no sector Offshore, ii) operações muito geograficamente diversificadas e iii) sinergias e estratégias de otimização de custos impulsionadas pela integração total da Siemens Energy. Em termos de risco, a empresa e o sector em geral devem centrar-se especialmente no risco regulatório. As preocupações com a poluição sonora, os acidentes relacionados com os parques eólicos e o facto de as turbinas não serem recicláveis podem ser um obstáculo num futuro próximo no que respeita à atribuição de subsídios públicos. Do ponto de vista tecnológico, a empresa corre também o risco de as suas soluções se tornarem obsoletas, o que é normal numa indústria embrionária e de ritmo acelerado. O maior ponto de interrogação sobre o futuro da SGRE reside no seu nível de endividamento. Quando comparado com os seus pares, o nível de solvência da empresa é preocupante, especialmente tendo em conta as necessidades de investimento para os próximos anos. A desalavancagem não é apenas a chave para o sucesso futuro, mas pode também ser a única hipótese de sobrevivência num sector com tão capital-intensivo.info:eu-repo/semantics/publishedVersio

Modelação e Negociação de Flexibilidade em Comunidades de Energia Renovável

The progressive replacement of traditional generation resources with intermittent resources has reduced the available supply-side flexibility and increased the need to unlock flexibility on the demand-side. At the same time, the rising electricity consumption in residential buildings requires an analysis of the potential flexibility of the loads within them to contribute to the operation needs of electrical grids. Lastly, regulations governing self consumption have allowed end consumers to form energy communities based on local electricity markets. This is an additional incentive to define strategies for trading available flexibility at local level, in separate but simultaneously integrated structures within wholesale electricity markets. The proposed dissertation work focuses on studying the flexibility of energy production and consumption by prosumers within a Renewable Energy Community (REC). The objective is to investigate how residential flexibility can be determined, modeled, and aggregated for trading in a local market created for this purpose. The work to be developed will present a two-stage model that determines residential technical flexibility and establishes a local market only for its transaction. In the first stage, the optimal scheduling of domestic devices (flexible units or FUs) for each prosumer is determined, serving as a baseline for comparison, along with the technical limits of flexibility (maximum and minimum possible consumption profiles) for each FU. In the second stage, a market model is established only for flexibility exchanges. The technical flexibility determined in the first stage is offered to the Community Manager (CM) as flexibility offer, with an associated price. This entity acts as an aggregator and simultaneously as the operator of the local market. At this level, the Distribution System Operator (DSO) submits its flexibility requirements for the next day to the CM, who is responsible for executing the clearing process. The pricing of the flexibility offered by prosumers in the market is based on the base energy tariff they are subject to, which corresponds to the cost of their optimal scheduling obtained in the first stage, without considering this flexibility. Therefore, offering flexibility becomes an incentive to reduce prosumers energy costs or increase their utility, complementing their mere participation in energy markets. A case study based on a renewable energy community with a strong penetration of emerging technologies is used to validate and demonstrate the relevance of the proposed approach in terms of determining and activating residential FU flexibility. The obtained results show that participation in the local flexibility market leads to a reduction in prosumers energy costs, around 4.5%, in average. It can be an incentive for prosumers to join RECs that would not only have local energy trading structures but also mechanisms for negotiating and sharing flexibility. In addition, it was evidenced that the impact of electric vehicle chargers and battery energy storage systems on the total flexibility offered and accepted in the market is much greater than that the impact of other small loads studied. This not only constitutes an incentive for the study of the operational flexibility of these resources but also for investments in these emerging technologies.A substituição progressiva dos recursos de geração tradicionais por recursos intermitentes tem reduzido a flexibilidade disponível do lado da oferta e aumentado a necessidade de desbloqueá-la do lado da procura. Ao mesmo tempo, o aumento do consumo de eletricidade nos edifícios residenciais obriga a que seja analisada a flexibilidade potencial das cargas que o constituem, de modo a contribuir para as necessidades de operação das redes elétricas. Por último, a regulamentação do autoconsumo, tem permitido aos consumidores finais constituir comunidades energéticas baseadas em mercados locais de eletricidade. Isto torna ainda mais importante a definição de estratégias para comercializar a flexibilidade disponível a esse nível, em estruturas de mercado local separadas, mas simultaneamente integradas nos mercados grossistas de eletricidade. O trabalho proposto para dissertação assenta no estudo da flexibilidade da produção e consumo de energia por parte dos prosumidores de uma Comunidade de Energia Renovável. O objetivo é estudar como a flexibilidade residencial pode ser determinada, modelada e agregada de modo a ser transacionada num mercado local criado para esse fim. Assim, o trabalho a ser desenvolvido apresentará um modelo de dois estágios que determina a flexibilidade técnica residencial e cria um mercado local exclusivo para transaciona-la. Numa primeira fase, determina-se o escalonamento óptimo dos dispositivos domésticos (unidades flexíveis ou UF) de cada prosumidor, o que constitui uma baseline de comparação, bem como os limites técnicos de flexibilidade (perfis de consumo máximos e mínimos possíveis) de cada UF. Num segundo estágio, é estabelecido um modelo de mercado apenas para trocas de flexibilidade. A flexibilidade técnica determinada no primeiro estágio é disponibilizada ao Gestor de Comunidade (CM), enquanto oferta de flexibilidade, com um preço associado. Esta entidade desempenha as funções de agregador e simultaneamente de operador do mercado local. A este nível, o Operador do Sistema de Distribuição (ORD) submete os seus requisitos de flexibilidade, para o dia seguinte, ao CM, que é responsável pelo executar o clearing. A precificação da flexibilidade oferecida pelos prosumidores em mercado é feita com base no valor da tarifa base de energia a que estão sujeitos, que corresponde ao custo do seu escalonamento ótimo, obtido no primeiro estágio, que não considera essa mesma flexibilidade. Portanto, oferecer flexibilidade torna-se um incentivo para reduzir os custos energéticos dos prosumidores ou aumentar a sua utilidade, o que complementa a sua mera participação nos mercados de energia. Um caso de estudo baseado numa comunidade de energia com forte penetração de tecnologias emergentes é utilizado e valida a metodologia desenvolvida. Para além disso é evidenciada a relevância da abordagem proposta em termos de determinação e ativação da flexibilidade de UFs residenciais os impactos das mesmas no fecho de mercado. Os resultados evidenciam que participação no mercado local de flexibilidade induz uma redução dos custos energéticos dos prosumidores, na casa 4.5%, em média. O impacto dos carregadores de veículos elétricos e dos sistemas de armazenamento de energia em baterias na flexibilidade total oferecida e aceite em mercado é muito superior ao de outras pequenas cargas estudadas. Tudo isto pode vir a resultar num incentivo ao investimento nos recursos referidos, bem como à associação de prosumidores em comunidades de energia renovável, onde para além de estruturas locais de comercialização de energia, existam outras que permitam a negociação e partilha de flexibilidade