The objective of the research reported in this dissertation is to conduct an empirical test of the hypothesis that, excluding income tax effects, the cost of capital to a firm is independent of the degree of financial leverage employed by the firm. This hypothesis, set forth by Franco Modigliani and Merton Miller in 1958, represents a challenge to the traditional view on the subject, a challenge which carries implications of considerable importance in the field of finance. The challenge has led to a lengthy controversy which can ultimately be resolved only by subjecting the hypothesis to empirical test. The basis of the test was Modigliani and Miller's Proposition II, a corollary of their fundamental hypothesis. Proposition II, in effect, states that equity investors fully discount any increase in risk due to financial leverage so that there is no possibility for the firm to reduce its cost of capital by employing financial leverage. The results of the research reported in this dissertation do not support that contention. The study indicates that, if equity investors require any increase in premium for increasing financial leverage, the premium required is significantly less than that predicted by the Modigliani-Miller Proposition II, over the range of debt-equity ratios covered by this study. The conclusion, then, is that it is possible for a firm to reduce its cost of capital by employing financial leverage. A secondary conclusion that can be drawn from this study is that earning power is an important variable to consider for inclusion in a regression model intended for use in investigating the effect of financial leverage on the cost of capital. The estimated partial regression coefficient of the earning-power variable was negative and highly significant in every cross-section year. Furthermore, earning power showed strong negative partial correlation with the debt-equity ratio. Therefore, omission of the earning-power variable from the regression model would have introduced upward bias into the estimated regression coefficient of the debt-equity ratio, making it appear that investors were reacting adversely to increasing debt-equity ratio. However, models used in previous tests of the Modigliani-Miller hypothesis have not included earning power.

Cette thèse porte sur l'étude du problème de tournées de véhicules compartimentés (Multi-Compartment Vehicle Routing Problem ou MC-VRP) dans le contexte de l'industrie de la nutrition animale. Les travaux de recherche et d'application sont concentrés sur la distribution dans le domaine agroalimentaire.En dépit d'une large application industrielle, les problèmes de MC-VRP ont été peu étudiés dans la littérature scientifique. Trois variantes du MC-VRP sont traitées dans cette thèse. D'une part, nous proposons les algorithmes "Greedy Randomized Adaptive Search Procedure" (GRASP) et "Iterated Local Search procedure" (ILS) pour résoudre le MC-VRP avec un compartiment de taille fixe dédié à chaque produit. Une extension de ce problème à des compartiments de tailles variables (Flexible Compartments Vehicle Routing Problem ou FC-VRP) est également résolue. D'autre part, nous proposons un GRASP et un Multi Start ILS pour la résolution du MC-VRP avec décisions d'affectation de chaque compartiment à un client et un produit.En dernier lieu, des travaux d'application industrielle sont présentés. Des tests d'évaluation de performances ont été réalisés dans un contexte de distribution d'aliments au bétail chez la société Nestal. Des outils d'aide à la décision ont été développés et mis en place dans cette société / This research concerns solving the Multi-Compartment Vehicle Routing Problem (MC-VRP) in the context of animal nutrition industry. Research and application work focuses on distribution in food industry.Despite its vast application in industry, little attention has been paid to the MC-VRP. We address three classes of MC-VRP in this research. Firstly, we propose two metaheuristics, "Greedy Randomized Adaptive Search Procedure" (GRASP) and "Iterated Local Search procedure" (ILS), in order to solve a MC-VRP with a fixed-sized compartment dedicated to each product. Also, an extension of this problem to variable-sized compartments which we call Flexible Compartments Vehicle Routing Problem (FC-VRP) is studied. Further, we propose a GRASP and a Multi Start ILS to solve a MC-VRP problem with assignment decisions of each compartment to one client and one product. Finally, some application work is presented. Experiments intended to measure performance in the context of food distribution to cattle were conducted for Nestal company. Decision support tools had been developed and implemented for this company

This is a one year half thesis. This research was conducted within the context of the food services sector of Higher Education Institution dining halls and in the midst of the rising global call for food resource management and food waste reduction. The main aim of this research therefore was to identify opportunities for learning and change for a more sustainable food economy, contributing to Education for Sustainable Production and Consumption, and by further implication, Education for Sustainable Development. To achieve this aim, I used Cultural Historical Activity Theory as theoretical and methodological framework; drawing on the second and the third generations of this theory. Implicated in the above research approach is the identification of expansive learning opportunities from the surfacing of ‘tensions’ and ‘contradictions’. In this case study of the Rhodes University Campus Food Services, such tensions and contradictions inhibiting a more sustainable food economy, involving food waste production were identified. To narrow the scope of the study, one dining hall formed the focus of the case, with a two phased research approach whereby one research question and three goals were developed for each phase. The former being the exploration phase and the latter being the initial stages of the expansive phase. Methods used in line with the methodological framework included ten individual interviews with food producers (staff members), nine focus group discussions with food consumers (students), observations of the dining hall activities which lasted for over a month and two ‘Change Laboratory Workshops’. Some of the findings of this research are that food wastage cannot be addressed and appropriately curtailed without an intensive consideration of all the stages of food economy. Multiple contradictions and sources of tensions embedded in the Food Services Sector constituted major causes of food waste. Additionally, the lack of substantial food waste related teaching and learning activities, the presence of disputed rules, institutional structure and traditional practices within the Food Services all exacerbated the tensions and contradictions. More so, prioritizing some of this identified contradictions and tensions hindering a more sustainable food economy and relegating some as unimportant or nonurgent is unproductive. Finally, the non-existence of facilitated deliberation, consultation, dialogue, collaboration between food producers and food consumers has been identified as an obstacle to learning and institutional change. Recommendations abound in re-orienting, re-educating, and re-informing the constituents of the food economy. Re-visiting and revising of rules and regulations guiding conduct of students and kitchen staff members in the RU dining halls, as well as revision of existing learning support materials and mediating tools in use is needed. Recognition and consideration of the concerns and interests of students and kitchen staff members are also needed. Finally, there is a need to continue to address the tensions and contradictions identified in this case study, to further the Expansive Learning Process if a more sustainable food economy at Rhodes University is to be established.

The study determines the effects of resilience training on team performance. An investigation was undertaken to: * establish a theoretical foundation for using resilience training to improve performance; * identify parameters and criteria for determining the effects of resilience training on the individual within the team; * gain insight on how learners experienced the resilience training; and * whether they implemented the resilience training within the workplace. This study included the review of literature on various motivational theories, resilience, psycho-education, adult learning and team performance. It also included an empirical investigation on the effects of resilience training on the individual within the team and the team performance as such. Data was collected against the main research question: What is the effect of strengths-focussed training on team performance? / Educational Studies / M.Ed. (Didactics)

The observation that similar firms faced with a similar situation and seemingly applying similar market strategies and achieving differing degrees of success sparked the study. The question that arose was whether the market strategies applied by these firms adhered to the principles of a sound market strategy put forward in the literature. The study found that the market strategy applied by the firms in question complied with the principles of market strategy, to varying degrees. The firms that adhered to these principles to a greater degree appeared to have been more successful than the others. It appeared that the latter firms neglected the principle "sustainable competitive advantage''. It was concluded that the adherence to the principles of a sound market strategy could lead to improved performance. / Business Management / D. Comm. (Business Management)

The objective of the study was to explore and to describe the extent to which the SIDO/UNIDO WED Programme had empowered participating women microentrepreneurs in the food-processing sector in Tanzania. The research question was: To what extent have SIDO/UNIDO WED Programme-supported women microentrepreneurs in the food-processing sector been empowered? The justification for the study was that most studies on women's empowerment have been on micro credit-based microenterprises and almost none on entrepreneurship-based ones. Furthermore, there is a very scanty coverage of Africa in women's empowerment research. Theoretical perspectives in gender and gender relations in accordance with the feminist empowerment paradigm as it is influenced by the international women's movement and empowerment guided the study. The study used a cross-sectional and causal-comparative research design. The sample comprised 78 women microentrepreneurs: 39 programme-supported and 39 others constituted a control group. Participation in the SIDO/UNIDO WED Programme was the independent variable. Women's empowerment was the outcome of interest with the following indicators as dependent variables: freedom to use own income; contribution to household income; ownership of assets; involvement in business associations; participation in trade fairs; freedom of movement and awareness of injustice. Measurement of women's empowerment was on three dimensions: economic, socio-cultural and psychological in two arenas: individual/household and community. Qualitative and quantitative primary data were collected using in-depth interviews and questionnaires. A constant comparative approach in qualitative data analysis and discussion was adopted. At first level of quantitative data analysis, descriptive statistical procedures involving cross tabulations and frequency distributions were used.Then chi-square tests and bivariate correlation analysis were performed. The findings indicated that WED Programme-supported women had become empowered in almost all indicators. However, they lacked control over their assets like their counterparts in the control group. The findings on women's freedom of movement show that it is an area where traditional ideologies, as structural factors, are resistant to changes normally influenced by women's income. The majority of interviewees from both categories were of the view that husbands and wives should have equal say in decision making and division of labour between husbands and wives should also be equal. / Development Studies / D. Litt et Phil. (Development Studies)

Made available in DSpace on 2014-06-11T19:24:46Z (GMT). No. of bitstreams: 0 Previous issue date: 2012-12-07Bitstream added on 2014-06-13T19:52:28Z : No. of bitstreams: 1 lourenco_atc_me_sjrp.pdf: 715101 bytes, checksum: f6eda809d57aeb01f984d341986bcc68 (MD5) / Ministerio de Asuntos Exteriores Y de Cooperacion / A bovinocultura de corte apresenta importância e crescimento de destaque no agronegócio brasileiro, liderando desde 2004 as exportações mundiais de carne bovina. Algumas áreas podem e devem evoluir para que o Brasil se consolide como sinônimo de carne bovina segura, de alta qualidade e com produtos de alto valor agregado. Neste sentido, este trabalho propôs avaliar o uso do ultrassom de alta intensidade para reduzir a carga microbiana em derivado de carne bovina sem o uso de temperaturas extremas, necessárias no tratamento térmico convencional. Considerando que a tecnologia de ultrassom disponível está relativamente bem adaptada para alimentos fluidos, estudou-se o efeito letal do ultrassom de alta intensidade sob pressão (manossonicação – MS) e em combinação com temperatura e pressão (manotermossonicação - MTS) na redução de Listeria monocytogenes em extrato de carne bovina diluído. Os tratamentos variaram quanto à amplitude da onda gerada com intensidades de potência transferida ao meio variando entre 92 e 240 W (ou 4 W/ml e 10,4 W/ml), pressão entre 1,0 a 4,0 bar e temperatura entre 40 a 60 o C. Os resultados foram expressos em função do tempo para a redução de um ciclo logarítmico ou 90% da população inicial de microrganismos (valor D). Os tratamentos proporcionaram até 4 ciclos de redução logarítmica da Listeria monocytogenes no extrato de carne bovina. Os menores tempos de redução logarítmica obtidos foram D MS de 1,12 minutos, determinado a 240 W (10,4 W/ml) e 3,5 bar, e DMTS de 0,16 minutos a 162 W, 2,5 bar e 60ºC. A manotermossonicação mostrou forte influência da temperatura do tratamento, com 2 ciclos de redução logarítmica em 5 minutos a 40 o C e 4 ciclos em 40 segundos a 60 o C, demonstrando um efeito sinérgico significativo ao redor de 60% entre... / The beef cattle industry is an important sector of economic growth on Brazilian agribusiness, leading, since 2004, the world beef exports. Some areas can and should evolve to consolidate Brazil as a synonym of high quality safe beef and high value-added products. This research project proposed to evaluate the use of ultrasound to reduce microbial load on a beef by-product without the use of extreme temperatures, usually required in conventional thermal treatments. Considering that the ultrasound technology is relatively well adapted to fluid foods, the lethal effect of high intensity ultrasound under pressure (manosonication - MS) and temperature (manothermosonication - MTS) was investigated to reduce Listeria monocytogenes in diluted beef extract. The intensities of the treatments varied according to the amplitude of wave generated, at power level of energy transferred to the medium varying from 92 W and 240 W (or 4 W/ml and 10.4 W/ml), pressure from 1.0 to 4.0 bar, and in the temperature range of 40 to 60 o C. The results were expressed in terms of the time required for one log cycle reduction or 90% of the initial microorganism population reduction (D-value). The treatments resulted up to 4 log-cycles reduction of Listeria monocytogenes in beef extract. The shortest logarithmic reduction times obtained were DMS of 1.12 minutes, determined at 240 W (10.4 W/ml) at 3.5 bar, and a DMTS of 0.16 minutes at 162 W, 2.5 bar and 60ºC. The manothermosonication showed a strong influence of treatment temperature, with a 2-log cycle reduction in 5 minutes at 40 o C, and a 4-log cycle reduction in 40 seconds at 60 o C demonstrating a significant synergic effect around 60% between 50 o C and 60 o C. Within the experimental operational conditions used, the manosonication and manothermosonication showed to be effective... (Complete abstract click electronic access below)

Orientador: Roger Darros-Barbosa / Banca: José Antonio Gomes Vieira / Banca: Ricardo Tokio Higuti / Resumo: A bovinocultura de corte apresenta importância e crescimento de destaque no agronegócio brasileiro, liderando desde 2004 as exportações mundiais de carne bovina. Algumas áreas podem e devem evoluir para que o Brasil se consolide como sinônimo de carne bovina segura, de alta qualidade e com produtos de alto valor agregado. Neste sentido, este trabalho propôs avaliar o uso do ultrassom de alta intensidade para reduzir a carga microbiana em derivado de carne bovina sem o uso de temperaturas extremas, necessárias no tratamento térmico convencional. Considerando que a tecnologia de ultrassom disponível está relativamente bem adaptada para alimentos fluidos, estudou-se o efeito letal do ultrassom de alta intensidade sob pressão (manossonicação - MS) e em combinação com temperatura e pressão (manotermossonicação - MTS) na redução de Listeria monocytogenes em extrato de carne bovina diluído. Os tratamentos variaram quanto à amplitude da onda gerada com intensidades de potência transferida ao meio variando entre 92 e 240 W (ou 4 W/ml e 10,4 W/ml), pressão entre 1,0 a 4,0 bar e temperatura entre 40 a 60 o C. Os resultados foram expressos em função do tempo para a redução de um ciclo logarítmico ou 90% da população inicial de microrganismos (valor D). Os tratamentos proporcionaram até 4 ciclos de redução logarítmica da Listeria monocytogenes no extrato de carne bovina. Os menores tempos de redução logarítmica obtidos foram D MS de 1,12 minutos, determinado a 240 W (10,4 W/ml) e 3,5 bar, e DMTS de 0,16 minutos a 162 W, 2,5 bar e 60ºC. A manotermossonicação mostrou forte influência da temperatura do tratamento, com 2 ciclos de redução logarítmica em 5 minutos a 40 o C e 4 ciclos em 40 segundos a 60 o C, demonstrando um efeito sinérgico significativo ao redor de 60% entre... (Resumo completo, clicar acesso eletrônico abaixo) / Abstract: The beef cattle industry is an important sector of economic growth on Brazilian agribusiness, leading, since 2004, the world beef exports. Some areas can and should evolve to consolidate Brazil as a synonym of high quality safe beef and high value-added products. This research project proposed to evaluate the use of ultrasound to reduce microbial load on a beef by-product without the use of extreme temperatures, usually required in conventional thermal treatments. Considering that the ultrasound technology is relatively well adapted to fluid foods, the lethal effect of high intensity ultrasound under pressure (manosonication - MS) and temperature (manothermosonication - MTS) was investigated to reduce Listeria monocytogenes in diluted beef extract. The intensities of the treatments varied according to the amplitude of wave generated, at power level of energy transferred to the medium varying from 92 W and 240 W (or 4 W/ml and 10.4 W/ml), pressure from 1.0 to 4.0 bar, and in the temperature range of 40 to 60 o C. The results were expressed in terms of the time required for one log cycle reduction or 90% of the initial microorganism population reduction (D-value). The treatments resulted up to 4 log-cycles reduction of Listeria monocytogenes in beef extract. The shortest logarithmic reduction times obtained were DMS of 1.12 minutes, determined at 240 W (10.4 W/ml) at 3.5 bar, and a DMTS of 0.16 minutes at 162 W, 2.5 bar and 60ºC. The manothermosonication showed a strong influence of treatment temperature, with a 2-log cycle reduction in 5 minutes at 40 o C, and a 4-log cycle reduction in 40 seconds at 60 o C demonstrating a significant synergic effect around 60% between 50 o C and 60 o C. Within the experimental operational conditions used, the manosonication and manothermosonication showed to be effective... (Complete abstract click electronic access below) / Mestre

To be submitted in fulfilment of the requirements for the degree MASTER OF TECHNOLOGIAE: In Quality In the Faculty of Engineering AT THE CAPE PENINSULA UNIVERSITY OF TECHNOLOGY, 2012 / Over the last decades, due to the lack of safety concern and inadequate quality management in logistical process, it caused unsafe and poor quality of maize products. Thus, this study looks into the key factors that affect maize exports from South Africa in order to improve the logistical processes and reduce the risks involved in the process. The main risks associated with poor traceability and logistical chain management of maize export, as well as issues pertaining to non-conformance to the different food safety standards were explored. Data were collected a group of food business operators (FBO) (n1=127) and food business inspectors (n2=20) through a number of interviews and a self-administered questionnaire. Data were then analysed by using the SPSS-V19 programme to generate descriptive statistical results to determine the specific needs and gaps within the current system as well as providing recommendations on the specific food safety changes pertaining to the maize export industry. The results showed that there is a lack of understanding among role-players regarding FBO legislation. In the comparison of many large companies, there is only a few small role-players adhere to the legislation pertaining to food safety and traceability. This has impacted on the quality of maize products negatively. This strongly suggested that all role-players that handle maize for export must be registered for FBO codes with Department of Agriculture, Forestry and Fisheries. The study also recommended that the Perishable Products Export Control Board (PPECB) should inspect and confirm the legitimacy of the FBO codes that appears on the maize export documentation. Keywords: Quality, food safety, food business operator, maize export, logistical processes, and traceability.

Nos últimos anos a busca por hábitos alimentares mais saudáveis vem crescendo gradativamente e a opção por alimentos integrais participa efetivamente desta tendência. O trigo como fonte de fibras alimentares vem sendo utilizado na forma do farelo de consumo humano, farinha integral ou na composição de pães e massas integrais. Porém, até o momento, poucos alertas são levantados quanto aos contaminantes existentes nas porções externas do grão e se o processamento é capaz de reduzir estes contaminantes a níveis aceitáveis. Neste projeto de pesquisa foram investigadas características de perigos existentes na matéria-prima e/ou processamento, utilizando a sistemática mundialmente aplicada e conhecida como Análises de Perigos e Pontos Críticos de Controle (APPCC). O projeto foi desenvolvido em moinho de trigo onde as Boas Práticas de Fabricação (BPF) e o Manejo Integrado de Pragas (MIP) já estavam implementados. A metodologia APPCC foi desenvolvida após revisão dos Programas de Pré-Requisitos, descrição detalhada do processo produtivo e análises exploratórias/confirmatórias em pontos estratégicos, seguindo para a aplicação dos sete Princípios teóricos do Sistema. Com os resultados das análises exploratórias constatou-se que as etapas do processamento retiraram grande parte dos contaminantes presentes no trigo in natura, originando uma farinha integral com parâmetros físicos, químicos e microbiológicos, de acordo com a legislação vigente. Com a Análise de Perigos e Pontos Crítico de Controle aplicado à produção de farinha de trigo integral, foi constatado que o processamento reduz os contaminantes presentes no trigo a níveis aceitáveis, desde que os três PCCs identificados nas etapas de peneiramento (Turbo-Peneira) e transporte (Filtro e Detector de Metais) sejam corretamente monitorados. Na aplicação da árvore decisória não foram constatados pontos críticos de controle (PCC) para o insumo Trigo. / In recent years the search for healthier eating habits is growing gradually and the choice of whole grain foods is included in this trend. Wheat as a source of dietary fiber has been used in the form of wheat bran, whole wheat flour or as part of the composition of whole wheat bread and pasta. However, so far, few alerts are raised regarding the contaminants in the external portions of the grain, and the possibility of the processing reduces these contaminants to acceptable levels. In this research project, hazard characteristics were investigated in the grain and/or processing, through the systematic applied worldwide and known as Hazard Analysis and Critical Control Points (HACCP). The project was developed in a wheat mill where the Good Manufacturing Practices (GMP) and Integrated Pest Management (IPM) were already implemented.The HACCP methodology was developed after review of Prerequisite Programs, detailed description of the production process and exploratory/confirmatory analysis at strategic points, then moving to the application of the seven theoretical System Principles. The results of exploratory analyzes found that processing steps removed most of the contaminants in wheat, yielding a whole wheat flour with safe physical, chemical and microbiological parameters, in accordance with current legislation. The Hazard Analysis and Control Point Critical system were applied to the production of whole wheat flour, it was found that the processing reduces contaminants in wheat at acceptable levels, provided that the three points of control present in sieving (Turbo Sieve) and transport (filter and Metal Detectors) are monitored properly. In the decision-tree approach was not found critical control points (CCP) for wheat storage.