Suchergebnisse

The annual reports of the non-financial European firms listed at the Euro Stoxx-50 index over the period of 2007 and 2011 were content analysed. This study intends to address two main issues: to what extent the country-level institutional forces compel (directly) firm's risk reporting behaviour and in which way these country-level institutional forces moderate the relationship between risk reporting and firm-level characteristics. Main findings indicate that, during this period the European listed companies disclosed more risk information on a voluntary basis (such as operational and strategic risks) and with better informative content (more forward-looking and focused on positive news). Consistent with institutional theory, findings confirm that the country-level institutional forces explain variations on risk reporting. Additionally, it also indicates that the relationship between risk reporting and leveraged firms is weaker among countries with stronger institutional forces. These findings have several implications for investors and regulators in Europe basically in helping achieve efficiency in investment decisions and to stimulate further efforts to improve risk reporting regulations. This study makes two major contributions. First, it extends Elshandidy's et al. (2015) work by using other country-level institutional forces that capture the efficacy of corporate boards, the protection of minority shareholders' interests, country's level of democracy, law enforcement mechanisms, and press freedom. Second, it uses firms that are considered as a Blue-chip representation of super-sector leaders in the Eurozone (but from different institutional contexts). This research setting can be more insightful in shedding some light towards our understanding on how these leading firms can promote innovative and high quality level of RR and how country-level driving forces influence these variables. ; info:eu-repo/semantics/acceptedVersion

In 2010, Portuguese unlisted companies started to apply a new accounting frame of reference called Accounting Standardisation System (Sistema de Normalização Contabilística – SNC) based on IAS/IFRS. This paper seeks to analyse the impact of SNC first-time adoption regarding the accounting treatment of impairment losses. Portugal has been recognized as a Code-law country, with weak legal enforcement mechanisms, and conservative accounting practices. However, since 2005 Portuguese companies have been changing their financial reporting practices to a common-law institutional logic. Therefore, the present research setting might provide interesting insights to confirm if the differences found are due to management interests, rather than cultural issues. Differences found are neither due to cultural issues nor management interests. To mitigate political costs associated with their public visibility, larger companies present more credible financial statements that reflect their overall true financial and economic condition. This study is a valuable contribution to both the users of financial information and domestic standard-setters entities to help them understand and improve the impact of accounting standards. Consistent with Khalil and Simon (2014), it also contributes to the debate on the optimal flexibility permitted by International Financial Reporting Standards to improve reporting quality and reduce earnings management. ; info:eu-repo/semantics/acceptedVersion

Environmental issues are a critical factor for the today industry competitiveness. Indeed, the society and the individual consumers could set a common framework for companies' commitment and engagement regarding environment protection. Redesign the process, recover by-products or reuse effluents are some of the possible actions towards an eco-efficient strategy. Nevertheless, a point remains crucial in such mission: the ability to defend natural ecosystems from polluted wastewaters. For such purpose, a wastewater treatment plant that maximizes removal efficiency and minimizes investment and operation costs is a key factor. Brewery and winery are traditional industries with an important economic value in the agro-food sector. In 2003, the total beer production in the European Union (18 countries) was 344 x 105 m3, being recorded around 1800 breweries with 110 thousand employees. If Norway, Switzerland and Turkey are also included, those numbers rise up to 358 x 105 m3, 1839 units and 117 thousand, respectively. The excise revenue from beer industry in all these countries reaches over 8800 x 106 € (The Brewers of Europe, 2004). The worldwide wine production is 261 x 105 m3 (data from 2002), of which 69 % from Europe, 18 % from America, 5 % from Asia, 4 % from Africa and 4 % from Oceania. The worldwide wine consumption (2002) is 228 x 105 m3, distributed by Europe (68 %), America (20 %), Asia (7 %), Africa (3 %) and Oceania (2 %) (OIV, 2002). This chapter intends to present some key points on design and operation in wastewater treatment of brewery and winery industries. Therefore, an introduction of the industrial processes is first presented and then wastewater characteristics and treatment processes are discussed. Finally, the experience of a collaborative effort between University of Minho and two industrial companies, Unicer SA and ACPB (Adega Cooperativa de Ponte da Barca) is presented in order to address some practical problems of wastewater systems design and operation. Unicer SA and ACPB are very important ...

Although same-sex couples and their offspring have been legitimised in many European countries, heteronormativity is still embedded in institutions and practices, thereby continuing to affect the daily lives of LGBT individuals. Italy represents a clear example of the hegemonic power of heteronormativity because of the fierce opposition to recognising lesbian and gay parenthood among many parts of society. This paper focuses on the peculiarities of the Italian scenario with the aim of highlighting how heteronormativity works in contemporary neoliberal contexts. By drawing on queer and feminist perspectives, the article also analyses how LGBT equal rights demands can contribute, to some extent, to reinforcing heteronormativity. Implications concerning strategies for challenging the regime of normality and queering kinship are discussed. ; info:eu-repo/semantics/acceptedVersion

The present study aims to identify the degree of compliance with the intangible assets disclosure requirements outlined in the Accounting and Financial Reporting Standard (Norma Contabilística de Relato Financeiro – NCRF) 6 - Intangible Assets. It also seeks to analyse the factors influencing compliance with intangible assets mandatory disclosure requirements. An analysis of the 500 largest companies ranked by Exame Magazine, 2010, which are subject to the general Portuguese Accounting Standards System (Sistema de Normalização Contabilística - SNC), was conducted to check whether their Financial Statements for the years 2010 (transition year) and 2011 were made available on their websites. The methodology chosen to answer the research questions and achieve the proposed objectives was the content analysis of the financial statements of a sample of 37 Portuguese unlisted companies. The data collected in 2010 and 2011 allowed the construction of an index of intangible assets and the identification of disclosure explanatory factors. We tested six hypotheses for a possible association between the disclosure index and six explanatory variables through analysis, descriptive statistics, normality, differences in means, correlation and regression. Our results show an average of 30% in the disclosure index for intangible assets. Contrary to what was expected, results confirm that the adoption of SNC did not cause a higher level of disclosure over time. Companies' size is the most influencing factor, indicating that larger companies disclose information on intangible assets basically to reduce agency costs, political costs related to their public visibility, and in such a way manage the relationship with their relevant stakeholders. ; info:eu-repo/semantics/acceptedVersion

The purpose of this paper is to assess the risk‐related disclosure (RRD) practices in annual reports for 2005 Portuguese companies in the non‐finance sector. The paper conducts a content analysis of a sample of 81 companies (42 listed and 39 unlisted). In considering corporate governance effects, the sample is reduced to the 42 listed companies that are required to disclose a corporate governance report. Implementation of IAS/IFRS and the European Union's Modernisation Directive in 2005 did not affect the quantity and quality of RRD positively. Disclosures are generic, qualitative and backward‐looking. Public visibility (as assessed by size and environmental sensitivity) is a crucial influence in explaining RRD: companies appear to manage their reputation through disclosure of risk‐related information. Agency costs associated with leverage are important influences also. In listed companies, the presence of independent directors improves the level of RRD. Content analysis does not allow readily for in‐depth qualitative inquiry. The coding instrument is subject to coder bias. Information about risk can be provided in sources other than annual reports. The study is confined to one year/one country and pre‐dates the global financial crisis (GFC) (2008) and the implementation of IFRS 7 (2007). The results point to the desirability of enhancing accountability by mandating further disclosure of substantive and relevant risk‐related information in company annual reports. The RRD observed are shown to be explained by a confluence of agency theory, legitimacy theory and resources‐based perspectives.

AbstractMany techniques of forecasting are based upon extrapolation from time series. While such techniques have useful applications, they entail strong assumptions which are not explicitly enunciated. Furthermore, the time series approach not based on an indigenous forecast principle. The first attack from the present point of view was initiated by S. S. Wilks.Of particular interest over a wide range of operational situations in reliability, for example, is the behavior of the extremes of the Weibull and Gumbel distributions. Here we formulate forecasters for the minima of various forms of these distributions. The forecasters are determined for minimization in mean square of the distance. From n original observations the forecaster provides the minimum of the next m observations when the original distribution is maintained.For each of the forecasters developed, tables of efficiency have been calculated and included in the appendix. An explicit example has been included for one of the forecasters. Its performance has been demonstrated by the use of Monte Carlo technique. The results indicate that the forecaster can be used in practice with satisfactory results.

La idea de un género naturalizado como sexo e idealizado en la figura del héroe nacional, ha alimentado el imaginario cubano durante décadas, definiendo lealtades y deserciones. Este texto recurre a pesquisa bibliográfica, análisis de experiencias empíricas como un modo de colocar en diálogo diferentes historias de marginación de las disidencias de género en Cuba– las Unidades Militares de Apoyo a la Producción (UMAP), el éxodo del Mariel y la actual política trans. Nuestras reflexiones pretenden sumar al esfuerzo teórico-político de pensar otra ontología del género -como tránsito, como geografía -que permita imaginar políticas emancipadoras, teniendo en cuenta que las políticas cubanas fallan al comprender los tránsitos de género y consecuentemente, frenan estos procesos. ; info:eu-repo/semantics/publishedVersion

Tissue engineering and regenerative medicine has been providing exciting technologies for the development of functional substitutes aimed to repair and regenerate damaged tissues and organs. Inspired by the hierarchical nature of bone, nanostructured biomaterials are gaining a singular attention for tissue engineering, owing their ability to promote cell adhesion and proliferation, and hence new bone growth, compared with conventional microsized materials. Of particular interest are nanocomposites involving biopolymeric matrices and bioactive nanosized fi llers. Biodegradability, high mechanical strength, and osteointegration and formation of ligamentous tissue are properties required for such materials. Biopolymers are advantageous due to their similarities with extracellular matrices, specifi c degradation rates, and good biological performance. By its turn, calcium phosphates possess favorable osteoconductivity, resorbability, and biocompatibility. Herein, an overview on the available natural polymer/calcium phosphate nanocomposite materials, their design, and properties is presented. Scaffolds, hydrogels, and fi bers as biomimetic strategies for tissue engineering, and processing methodologies are described. The specifi c biological properties of the nanocomposites, as well as their interaction with cells, including the use of bioactive molecules, are highlighted. Nanocomposites in vivo studies using animal models are also reviewed and discussed. ; The research leading to this work has received funding from the European Union's Seventh Framework Programme (FP7/2007-2013) under grant agreement no REGPOT-CT2012-316331-POLARIS, and from QREN (ON.2 - NORTE-01-0124-FEDER-000016) cofinanced by North Portugal Regional Operational Program (ON.2 - O Novo Norte), under the National Strategic Reference Framework (NSRF), through the European Regional Development Fund ...

This text is based on an appraisal of theoretical developments in queer feminisms and seeks to translate such concerns to a field of inquiry that we call queer feminist critical psychology. The text uses the concept of homonormativity as a specific apparatus of heteronormativity to tackle sexual politics and neoliberalism and applied to two interrelated domains: citizenship and the family. Such a perspective entails a critique of these notions in terms of the exclusionary assumptions they are based on and read as an example of the effects of homonormativity. Issues of representability are also discussed within this framework showing how these family and citizenship concepts are only intelligible within the scope of certain assumptions of gender, sexuality and political economy. The article also analyses issues of recognition of humanity that are always already derived from these norms. The construction of alternative forms of knowledge, specifically queer feminist critical psychology, implies taking into account these intersected spheres to produce knowledge that is situated and attentive to these norms, for the purposes of deconstruction.

Aroma composition was analyzed in grape musts from five Vitis vinifera red cultivars (Pedral, Sousón, Caíño Redondo, Espadeiro and Mencía) grown in Galicia (NW Spain) with the aim to know the potential profile of these varieties. All cultivars were collected from Coto Redondo Winery vineyard (A.O.C. Rías Baixas) and grown under the same conditions. All cultivars (with a total of 96 aroma compounds, 35 free volatile and 61 glycosidically bound compounds) were identified and quantified by GC-MS. The results showed that Caíño Redondo and Pedral had the highest concentrations of volatile compounds. The free fraction showed the highest concentration for all cultivars studied with the exception of Pedral. High concentrations of free C6-compounds and free alcohols were found for all red cultivars studied, especially for Caíño Redondo. Sousón and Mencía presented similar characteristics in the free fraction. Pedral showed an important contribution of glycosidically bound compounds. This cultivar showed the highest concentration of bound alcohols, terpenoids, volatile phenols, and C13-norisoprenoids. With terpenoids, higher levels were found in the bound fraction than in the free fraction. Regarding C13-norisoprenoids, Pedral also showed an important contribution of these varietal compounds. The principal component analysis (PCA) showed a good separation of the different grape cultivars, so they could be discriminated based on their potential volatile composition. The oenological potential of ancient and minority grape varieties from NW Spain, with the aim to provide genetic diversity, is illustrated with this work. ; This work was partially supported by the project 07MRU016403PR from the Galician government (Spain). The authors would like to thank to the Coto Redondo Winery from As Neves - Pontevedra (Galicia, Spain) especially Antonio Mendez. P. Canosa and M. Vilanova are grateful to the Spanish Ministry of Education and Conselleria de Innovacion e Industria from Xunta de Galicia for different financial ...

O presente texto originou-se do convite das editoras da Revista Cenário para que fosse escrito um ensaio sobre como vemos a relação entre a pandemia do coronavírus e o setor de turismo. As reflexões foram feitas a partir das experiências dos autores que, no momento da redação, residiam em três países: Brasil, Costa Rica e Estados Unidos. O texto foi escrito entre 10 de maio e 10 de junho de 2020, período no qual o Brasil e os Estados Unidos se tornaram epicentros da pandemia e a Costa Rica se tornou modelo mundial de correta gestão da crise sanitária mundial. O artigo reflete sobre a importância de se compreender o histórico mundial de crises que afetaram o turismo nos últimos 50 anos. Discute a perspectiva de como um problema que era atual no turismo - o overtourism - perdeu importância e significado de forma abrupta, justamente pelo surgimento de outro problema radical - a redução, ou quase estagnação total, das viagens mundiais. Apresenta a perspectiva que se impõe ao turismo agora uma reformulação do setor, inclusive com forte apelo à sustentabilidade e à distribuição mais igualitária das riquezas por ele geradas. O ensaio deliberadamente não apresenta previsões sobre o turismo, mas sim aponta uma série de questões sobre o momento atual e sobre a possibilidade de retorno à "normalidade".