Orientador: Johan Hendrik Poker Junior / Dissertação (mestrado) - Universidade Estadual de Campinas, Faculdade de Ciências Aplicadas / Made available in DSpace on 2018-08-27T13:12:25Z (GMT). No. of bitstreams: 1 Oliveira_SilasFerreiraReisde_M.pdf: 1466220 bytes, checksum: 781775ebb21394d361b2c05def677f90 (MD5) Previous issue date: 2015 / Resumo: As organizações na atualidade necessitam ser eficientes no investimento e gestão dos recursos internos estratégicos para serem competitivas no contexto da globalização. Um dos recursos organizacionais é o capital intelectual, que pode ser entendido como a somatória do conhecimento na organização que agrega valor, e que segundo alguns autores é composto pelo capital humano, estrutural e relacional. Assim é importante a sua mensuração, uma vez que é um recurso que pode ser aprimorado, propiciando melhor retorno pelo seu investimento. No estudo foi utilizado para mensuração do capital intelectual o modelo VAIC¿ que utiliza dados contábeis para a mensuração da eficiência do capital intelectual na criação de valor. A pesquisa teve como objetivo geral estimar a distribuição de retorno na margem de criação de valor do investimento nos componentes do capital intelectual na base amostral empregada. Para avaliar a margem de criação de valor foi utilizada a diferença entre o ROIC e o WACC. Foram utilizados na pesquisa dados disponibilizados no Balanço Social IBASE, no demonstrativo de valor adicionado (DVA) e na base Thomson Reuters, em uma observação não balanceada entre 1998 e 2012 sobre 48 empresas em sua maioria de capital intensiva no Brasil. No estudo foi utilizada a técnica da regressão multivariada de dados em painel para avaliar a influência do investimento no capital intelectual em retorno na margem de criação de valor para a base amostral. Também o estudo utilizou a Simulação de Monte Carlo para extrapolar a distribuição dos componentes do capital intelectual. Como resultado foi possível concluir que as empresas da base amostral têm a possibilidade de aumentar a margem em criação de valor, ou seja, a margem entre o ROIC e o WACC, através do investimento no capital humano. Isso ocorre porque há um melhor retorno pelo investimento nas pessoas da organização (HCE), do que o investimento no capital estrutural (SCE) na base amostral. Também foi obtido como resultado no estudo, ao empregar a simulação de Monte Carlo, uma probabilidade de 38,99% de o retorno do investimento no capital intelectual ser negativo. Dessa maneira é importante para as empresas a aplicação de técnicas de controle, como programas de melhoria contínua da qualidade, objetivando reduzir o risco do investimento no capital intelectual sobre a criação de valor. Esta pesquisa pode ser considerada como um estudo inicial sobre o uso de modelos de pesquisa operacional para mensuração de capital intelectual no Brasil / Abstract: Organizations nowadays need to be efficient in investment and management of strategic internal resources to be competitive in the context of globalization. One of organizational resources is the intellectual capital that can be understood as the sum of knowledge in the organization that aggregate value, and according to some authors is composed of human, structural and relational capital. Therefore it is important its mensuration, because it is a resource that can be improved, providing better return for its investment. In study was used the VAIC¿ model to measure the intellectual capital, that uses accounting data to measure the efficiency of intellectual capital in creating value. The research had as main objective to estimate the distribution of return in margin of value creation on investment in the components of intellectual capital on the employed sample basis. To assess the value creation margin was used the difference between ROIC and WACC. Were used in the research data available on the IBASE Social Balance, the value added statement (DVA) and Thomson Reuters base, in an unbalanced observation between 1998 and 2012 about 48 companies mostly capital intensive in Brazil. In the study was used the technique of multivariate regression analysis of panel data to evaluate the influence of investment in intellectual capital of return on margin of value creation for the employed sample basis. Also the study used the Monte Carlo Simulation to extrapolate the distribution of the components of intellectual capital. As a result it was concluded that the companies in the sample basis have the possibility to increase the margin on value creation, in other words, the margin between ROIC and WACC by investing in human capital. This happen because there is a better return by investing in people of organization (HCE), than investing in structural capital (SCE) on the sample basis. It was also obtained as a result of the study, by employing a Monte Carlo simulation, a probability of 38.99% of the return on investment in intellectual capital be negative. Thus, is important for companies to apply control techniques, such as continuous quality improvement programs aimed to reducing the risk of investment in intellectual capital on value creation. This research can be considered as an initial study on the use of operational research models to measure intellectual capital in Brazil / Mestrado / Pesquisa Operacional / Mestre em Pesquisa Operacional

Manejo de Capital de trabajo

acase@tulane.edu / BACKGROUND Malawi is one of the least developed countries in the world, where the government’s investment in the health care system, including mental health services is very low. As a result, there is limited access to mental health services and general health workers lack training to address mental health issues. Low detection rates of common mental disorders (CMDs) in Malawi suggest that a large percentage of people with CMDs are going unrecognized and untreated. Social capital is important in this context because it may improve mental health for men and women in rural, sub-Saharan settings, such as rural Malawi, where there is little or no mental health care. This dissertation presents three papers related to the relationship between social capital and mental health in rural Malawi. The first paper explores the social determinants of social capital, the second paper examines the relationship between social capital and mental health, and the final paper looks at the role of gender as a moderator in this relationship. METHODS The analyses in this dissertation use a subset of data from the 2008 and 2010 Malawi Longitudinal Study of Families and Health” (MLSFH). The study sample included 1523 females and 994 males who had both 2008 and 2010 SF-12 mental health scores. The seven social capital measures were financial and non-financial transfers given and received, financial and non-financial reciprocity, and social participation. The six mental health measures were the 2010 SF-12 mental health composite score (MCS-12); the 4 components/scales of the 2010 MCS-12 which includes role/emotional functioning, social functioning, vitality, and mental health functioning; and overall satisfaction as perceived by the respondent. Paper #1 used seven ordinary least squared multiple regression and ordered logistic regression models to determine the determinants of social capital in 2008. Paper #2 used six ordinary least squared multiple regression and logistic regression models to determine the association between 2008 social capital measures and mental health outcomes in 2010 from 2008 and 2010 longitudinal data. Paper #3 used six ordinary least squared multiple regression and logistic regression models stratified by sex to determine the association between 2008 social capital measures, 2008 gender attitudes and gender power, and mental health outcomes in 2010 for males and females. RESULTS Paper #1 found that none of the predictor variables were statistically significant for all seven social capital measures, although being from the Central region of Malawi and attending Church in the last week were associated with five out of seven measures. Paper #2 found only one measure of social capital had a positive association with a measure of mental health, while three other measures of social capital had a negative association with a mental health measure. Paper #3 found clear differences between men and women when examining the role of gender on the relationship between social capital and mental health. CONCLUSION These results will inform future studies seeking to measure social capital in rural, sub-Saharan African settings and will provide insights when planning interventions to increase social capital in order to improve mental health for men and women in resource-poor settings. The measures of social capital used in this study should be further explored further and validated in other rural, sub-Saharan African settings. / 1 / Stacy Wallick

This dissertation examines the tax treatment of interest incurred in financing mining capital expenditure. The capital expenditure under consideration is shaft-sinking and mining equipment. The reason for concern as regards this form of capital expenditure lies in the provisions of section 36(11)(a) of the Income Tax Act 58 of 1962 (‘the Act’). This provision counteracts section 15(a) read with sections 36(7E) and 36(7F) promulgated to encourage investment in mining through the immediate redemption of capital expenditure. Although mining companies generally finance shaft sinking and the acquisition of mining equipment, interest or finance charges are not capital expenditure for the purposes of section 36 of the Act. The study finds that on the basis of the exclusion referred to above, interest or finance charges cannot be deducted in terms of section 15(a) of the Act, against income earned from mining operations. The study, however, finds that section 11(a) or section 24J of the Act, can be relied on to deduct interest incurred to finance shaft-sinking and mine equipment. In order to rely on section 11(a), the interest or finance charges must have been incurred, but not however necessarily, by a person conducting trade for the production of income. It must further not be capital in nature. In contrast, section 24J(2), requires a person who is conducting trade to have incurred the interest in the production of income – there is no requirement that it must not be of a capital nature. Section 24JA works hand-in-hand with section 24J in that any amount deemed as interest in terms of a diminishing musharaka or murabaha arrangement, can be deducted against income under section 24J(2). The study recommends that section 36(11)(a) be amended by including interest or finance as capital expenditure. If this is done mining operators will no longer have to use sections 11(a) or 24J – provisions which fall outside of the mining tax regime – to claim a deduction. Amending section 36(11) would ensure that interest or finance charges are fully deductible against mining income because a deduction under section 11(a) or 24J(2) depends on the quantum of non-mining income. The study concludes that this recommendation is unlikely to be considered as the 2016 Davis Tax Committee Report on Hard Rock Mining recommended to the Minister of Finance that the entire mining tax regime be scrapped and that the taxation of mining be aligned with the tax regime for manufacturing. / Mini Dissertation (LLM (Tax Law))--University of Pretoria, 2020. / Mercantile Law / LLM (Tax Law) / Unrestricted

Memoria para optar al Título Profesional de Ingeniero Agrónomo / El propósito del presente trabajo fue el cálculo del costo del capital promedio ponderado (WACC), a través del método de valoración de activos de capital (CAPM) tomando como base 32 compañías de Chile y Perú vinculadas al sector agroindustrial. Para la estimación de los índices beta financiero del modelo CAPM se utilizaron valores accionarios mensuales comprendidos entre los años 2000 y 2011 de cada compañía y los indicadores bursátiles IPSA y IGBVL comprendidos en el mismo periodo. Los resultados presentaron diferencias significativas del WACC entre países donde las compañías investigadas del sector agroindustrial obtuvieron una media de 5,67% y una desviación estándar de 1,16% mientras que las compañías del sector agroindustrial peruano presentaron una media de 7,33% con una desviación estándar de 2,01%. Como discusión se compararon estos resultados con otros estudios relacionados señalando que esta diferencia en el WACC entre países, de las compañías agroindustriales investigadas, podrían estar relacionadas: (1) con el desarrollo del mercado financiero de cada país, (2) el desarrollo y las características propias de cada mercado durante esa década, marcada por un alto grado de incertidumbre. A partir de este método se propuso un modelo econométrico para determinar el sentido y magnitud del efecto de la variable país. El modelo mostró un intercepto de un 6,9% y para Chile tuvo una variación de un -1,72% en la comparación entre ambos países. Este modelo podría ser mejorado con un conjunto de datos de panel o series temporales multidimensionales.

This study has been undertaken to analyse the potential of sport as cultural capital in the South African Police Service. There is a need to determine the role of sport in the SAPS and its realisation as a cultural capital and to also find out why the SAPS does not fully realise sport as Cultural Capital. The study offers an understanding of aspects of law enforcement agency sport, cultural and social capital, social cohesion, the social role of sport, sport governance, political power and struggle and sport policy in the SAPS. A review of relevant literature dealing with sport in the law enforcement agencies, cultural and social capital and sport policy was carried out. The sources to gather information embody: books, magazines, articles, newspapers, Government media reports, journals and information from the internet. Single stage sampling procedure was used as the researcher has access to names in the population and can sample the people or other elements directly (Creswell, 2009). A schedule of questions served as the main data collection tool, and it was piloted on ten per cent of the members of the population who did not serve in the final sample of respondents. This exercise assisted in validating the questions. The qualitative study was done with face-to-face semi-structured interviews to get the views of SAPS sport participants relating to SAPS sport. The questions schedule was used to conduct face-to-face interviews to collect data analysed using Atlas ti. SAPS sport contributes towards the accrual of cultural capital within the South African Police Service, but with an exception of language culture, embodied cultural capital and objectified cultural capital. The study concludes that workplace sport has a positive influence on employees' performance and it contributes significantly towards the high level of employees' commitment to the organisation. Police officers should be given opportunities to be involved in sport and recreation activities within the working environment. SAPS should ensure that proper resources are provided and are made easily accessible to enable employees to participate in sport regardless of rank. All police personnel should be exposed to opportunities that are there because of participation in sport in the work environment. SAPS top management should give full support to all members who are interested in participating in sport because of the benefits that are accrued when taking part in sport. Proper sport structures should be put in place at all levels of SAPS sphere of operations so that there should not be communication breakdown in relation to sport issues. / Thesis (DPhil)--University of Pretoria, 2016. / Biokinetics, Sport and Leisure Sciences / DPhil / Unrestricted

L’objet de cette recherche est la construction d’un outil de comptabilité socioenvironnementale, dans un contexte de recherche-intervention au sein d’une entreprise de l’Economie Sociale et Solidaire, par une personne appartenant à cette organisation. La visée transformative de cette intervention est l’inscription de cette organisation dans la soutenabilité forte. Le travail réalisé vise à répondre aux questions suivantes : Quel design d’outil pour répondre à ces attentes ? Existe-t-il ou faut-il le créer ? Quels éléments du contexte de l’organisation influencent son adoption ? L’objectif de transformation visé peut-il être atteint ? Si oui dans quelles conditions ? Afin d’apporter des éléments de réponses à celles-ci, le concept de soutenabilité et ses traductions comptables existantes sont examinés. La manière dont le design de l’outil influence son adoption ainsi que le potentiel transformatif d’un outil de ce type sont ensuite étudiés. N’ayant pas identifié d’outil répondant aux attentes initiales, nous avons développé un système de comptabilité triple capital sans monétarisation. Bien que ce modèle présente des limitations qui nécessitent de poursuivre les recherches, il propose une opérationnalisation du concept de soutenabilité forte des capitaux (social et environnemental) comme systèmes adaptatifs complexes. Ce faisant, il identifie les difficultés opérationnelles inhérentes à ce type de démarche. Il souligne de quelle manière la comptabilité de la soutenabilité forte est en substance une comptabilité de l’insoutenabilité des organisations, et l’impact de cette caractéristique sur la possibilité d’adoption d’un tel outil. Des leviers processuels destinés à améliorer son acceptabilité sont enfin proposés. / The purpose of this research is the construction of a socio-environmental accounting tool in a context of researchintervention, within a company of the Social Economy, by a person belonging to this organization. The transformative aim of this intervention is the inscription of this organization within strong sustainability. The aim is to answer the following questions: What tool design in order to meet these expectations? Does it exist, or does it have to be created? What elements of the organization's context influence its adoption? Can the transformation goal be achieved? If so, under what conditions? The concept of sustainability and its existing accounting translations are examined. The way in which the design of the tool influences its adoption and the transformative potential of a tool of this type are then studied. Not having identified a tool that meets the initial expectations, we developed a triple capital accounts system without monetization. Although this model has limitations that require further research, it proposes an operationalization of strong sustainability of capitals (social and environmental) as complex adaptive systems. In doing so, it identifies the operational difficulties to this type of approach. It underlines how strong sustainability accounting is essentially accounting for the unsustainability of organizations, and the impact of this feature on the adoption of such a tool. Processes to improve its acceptability are finally proposed.

Includes bibliography. / ORGANIZATION OF THESIS: In Chapter 2, the important contributions to the development of Capital Market Theory will be discussed. Greater emphasis will be given to the more classical contributions and only a brief outline of the mathematical development will be presented where it is deemed necessary for the ensuing development of the thesis. In Chapter 3, a modified approach for portfolio selection in thinly-traded environments is proposed. This proposal concentrates on improving estimation of the inputs for practical implementation of the usual Markowitz portfolio selection routine. The estimation procedure adopted makes corrections for thin-trading and also makes use of the CAPM to improve the vector of return inputs. Chapter 4, basically consists of four sections. The first, gives a brief outline on historical estimation problems associated with the market model. In the second section the extent of thin-trading is investigated on the JSE. Furthermore a suitable beta estimation procedure which corrects for the effects of thin-trading is investigated empirically. In the third section an extended market model is proposed. This model leads to a more detailed, yet tractable structure of the risk components of stocks on smaller markets. An empirical investigation is subsequently conducted to investigate the risk structure of JSE stocks. In the last section of Chapter 4, an example of an empirical study using risk-adjusted returns is presented. The example considers the choice between bullion and South African gold shares from the international diversification perspective. In Chapter 5, empirical tests of the CAPM are conducted. This chapter consists of 2 main sections, namely, univariate tests and multivariate tests of the CAPM. Both of the tests also consider possible extensions of the CAPM by encorporating additional factors in the tests. Chapter 6 represents the main focus of this thesis, here the power of the univariate and multivariate tests of the CAPM are investigated using a simulation approach. The power investigation is conducted on simulated data that charaterizes the NYSE, however the JSE parameters are also considered. In the final section of this chapter the power of these tests are compared using various structured residual variance-covariance matrices. Lastly, some final thoughts and directions for future research are offered.

The private equity industry has become a progressively more critical source of capital and effective governance for companies. The majority of capital raised by private equity funds is used for leveraged buyouts, with total funds under management amounting to R109 billion in 2009 for the South African industry. These funds are typically enhanced with additional deal level debt financing for each buyout thus representing, ex-ante, an active capital structure decision. The objective of this study was to understand the determinants of decisions on the extent and type of leverage used in LBOs, and attempts to explain why the observed financing choices were made by the individual private equity firms. Buyouts totalling over R 26 billion and spanning the period 1998 to 2010 are analysed. The findings are consistent with the predictions of the agency costs, trade-off and market timing theories of capital structure decisions; while little support is found for the pecking order and signalling theories. The results indicate clear patterns that lead to the supposition of an underlying model in which LBO sponsors seek to balance potential leverage related benefits with leverage related costs. The study also finds suggestive evidence indicating that the LBO financing package is designed methodically to respond to differences across firms in their size and maturity, growth prospects, in the variability of their earnings, and to a lesser extent the tangibility of their assets. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

Indiana University-Purdue University Indianapolis (IUPUI) / Nurse managers and the teams of registered nurses they lead play a major role in the provision of healthcare outcomes nationally. Nursing leadership models have evolved with contemporary society and have shifted from hierarchical models to those based on interactive relationships. Traditional study of nurse managers and registered nurses has focused on human capital (acquired knowledge, skills, and experience). However, nurse managers and registered nurses must utilize human capital through a network of social relationships or social capital in order to produce positive healthcare outcomes. Little is known about human capital and social capital in nurse managers and registered nurses in the provision of healthcare outcomes. The purpose of this dissertation was to improve our understanding of the importance of human capital and social capital in nurse managers and the nurses. Specific aims included: 1) to explore and describe the concepts of human capital and social capital and to explore if human capital and social capital vary by individual characteristics/human capital attributes (such as education level or years of experience) or by organizational characteristics (such as hospital size or unit type); 2) to examine if human capital and social capital were related; and 3) to explore whether human capital and social capital were related to turnover intent and job satisfaction in a sample of nurse managers and registered nurses. A quantitative descriptive cross-sectional survey of 64 nurse managers and 1139 registered nurses in a 15 hospital healthcare system was conducted. Measures included human capital, social capital, individual characteristics, organizational characteristics, turnover intent, and job satisfaction. The four major findings of this study were: 1) nurse manager human capital is acquired primarily through experience in the role, 2) nurse manager human capital is positively related to social capital, 3) nurse manager and registered nurse social capital varies by individual and organizational characteristics, and 4) social capital is positively related to job satisfaction and negatively related to turnover intent. This dissertation provides the foundation for further research and targeted interventions for development of human and social capital of nurse managers and registered nurses.