Submitted by Renata Lopes (renatasil82@gmail.com) on 2016-02-12T12:16:55Z No. of bitstreams: 1 diogosennacanongia.pdf: 2323385 bytes, checksum: a99ec9ad446059cd7c7ca2917bcf56d5 (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2016-02-26T12:11:14Z (GMT) No. of bitstreams: 1 diogosennacanongia.pdf: 2323385 bytes, checksum: a99ec9ad446059cd7c7ca2917bcf56d5 (MD5) / Made available in DSpace on 2016-02-26T12:11:14Z (GMT). No. of bitstreams: 1 diogosennacanongia.pdf: 2323385 bytes, checksum: a99ec9ad446059cd7c7ca2917bcf56d5 (MD5) Previous issue date: 2014-09-26 / FAPEMIG - Fundação de Amparo à Pesquisa do Estado de Minas Gerais / A partir de Modigliani e Miller (1958) foi iniciada uma vasta discussão sobre a estrutura de capital das empresas. Entre as teorias que emergiram ao longo dos anos, destacase aquelas baseadas no equilíbrio (trade-off) entre benefícios e custos da dívida e a Pecking Order Theory, cuja criação é atribuída a Myers e Majluf (1984). Por outro lado, Almeida e Campelo (2010) apontam o fato de que as teorias até então abordadas negligenciavam o papel da restrição financeira na decisão dos gestores, afirmando que o comportamento das empresas financeiramente restritas poderia ser substancialmente distinto das demais. Shyam- Sunders e Myers (1999) mostram ainda que a maioria dos testes empíricos que confirmam, ora uma teoria, ora outra, carecem de poder estatístico, visto que uma teoria poderia mostrarse correta, ainda que as empresas se comportem de acordo com a teoria alternativa. Dessa forma, propõem um novo teste baseado em simulações para confrontá-las. A partir de uma base de dados com empresas brasileiras de capital aberto, entre 2000 e 2013, é proposto um teste amplo, que visa avaliar simultaneamente as principais proposições teóricas sobre trade-off. Num segundo momento, é proposto um novo teste para a Pecking Order Theory, que incorpora em sua forma funcional a questão da restrição financeira, levantada por Almeida e Campelo (2010). Posteriormente, objetiva-se confrontálas a luz do teste do poder estatístico proposto por Shyam-Sunders e Myers (1999). As teorias baseadas em trade-off apontam para a presença de custos de ajustamento, havendo ainda uma folga financeira de 7% para realocação de dívida em direção a um ponto ótimo, de acordo com suas características. A Pecking Order Theory com restrição financeira também é confirmada, de modo que as empresas que não sofrem restrição assumem dívida exatamente na proporção de seu déficit (incluído o investimento pretendido) enquanto nas demais empresas, sob restrição, o endividamento não se mostra correlacionado com o referido déficit. Por fim, entretanto, ambas as teorias falham para o teste do poder estatístico, mostrando-se “corretas” mesmo sob bases de dados simuladas pela teoria alternativa. Ademais, é proposto um teste para a determinação da estrutura da dívida per si, considerando a determinação simultânea entre o curto e o longo prazo, assim como a opção entre a dívida privada e a emissão pública de títulos. / Modigliani and Miller (1958) has initiated a wide discussion on the capital structure of companies. Among the theories that have emerged over the years, there are the theories base on equilibrium (trade-off) between debt costs and benefits. Also the Pecking Order Theory, which creation is attributed to Myers and Majluf (1984). According to Almeida and Campelo (2010) these theories have neglected the role of financial constraints on decision makers, concluding that the behavior of financially constrained firms could be substantially different from others. Yet, Shyam-Sunders and Myers (1999) demonstrate most empirical tests have, confirming this or that theory lack on statistic power, due to the fact that a theory coud be confirmed even if companies behave according to the alternative theory. The authors propose a new test, using simulations, to confront both theories. Using a data base of Brazilian publicly traded companies, between 2000 and 2013, an extensive test is proposed to simultaneously evaluate the main theoretical proposals about trade-off. Afterwards, a new test is proposed to the pecking order theory, with a formula that incorporates financial constraint, brought up by Almeida and Campelo (2010). Finally, both theories are confronted with the statistic power test proposed by Shyam-Sunders and Myers. Trade-off theories suggests adjustment costs and a financial slack of 7% for debt relocation towards optimal point, according to its characteristics. Pecking Order Theory with financial constraint is also confirmed and suggests that companies witch do not suffer from constraint undertake debt exactly in proportion of its deficit (including pretended investment) while in the other companies, under constraint, debt ratio is not correlated with deficit. Finnaly, both theories fail the statistic power test, because they are confirmed even when the database is simulated from the alternative theory. Moreover, another test is proposed, regarding the structure of de debt itself, considering the short term and long term debt are chosen simultaneously. Same logic applies for the simultaneous choice between private debt and issuing public debt.

A abordagem de linha de produto de software (LP) tem como objetivo principal promover a geração de produtos específicos de um determinado domínio com base na reutilização de uma infraestrutura central, chamada núcleo de artefatos. Um dos principais artefatos do núcleo de uma LP é a Arquitetura de LP (ALP), que representa a abstração de todas as arquiteturas de sistemas únicos que podem ser gerados, para um domínio específico. Avaliações de ALP são importantes, pois permitem aumentar a produtividade e a qualidade dos produtos da LP, bem como, seus resultados permitem a análise de metas de negócio e de retorno de investimento. Este trabalho propõe um método sistemático para avaliação de ALP, o SystEM-PLA (a Systematic Evaluation Method for Software Product Line Architectures). Tal método considera modelos de ALP em UML, por ser uma notação amplamente conhecida e consolidada. SystEM-PLA é composto por um metaprocesso de avaliação, diretrizes que guiam o usuário em como avaliar uma ALP e métricas básicas para modelos UML e atributos de qualidade. O método utiliza a abordagem SMarty (Stereotype-based Management of Variability), para gerenciar variabilidades em LP baseadas em UML. Análises de trade-off com o objetivo de priorizar atributos de qualidade para o desenvolvimento e evolução dos produtos de uma LP são realizadas com base na aplicação e coleta das métricas do SystEM-PLA em configurações de uma ALP. As métricas propostas para os atributos de qualidade complexidade e extensibilidade foram validadas por meio de um estudo experimental. Evidências indicaram a viabilidade de aplicação do método SystEM-PLA na indústria com base em um estudo experimental realizado com profissionais de uma empresa de grande porte no setor de desenvolvimento de software / The software product line (PL) approach aims at promoting the generation of specific products from a particular domain based on the reuse of a central infra-structure, so-called core assets. One of the main assets of a PL is the PL Architecture (PLA) that represents the abstraction of all possible single-product architectures that can be generated for a particular domain. PLA evaluations are important due to allow the increasing of the productivity and the quality of PL products, as well as their results allow business drivers and return on investment analyzes. This work proposes a Systematic Evaluation Method for Software Product Line Architectures, the SystEM-PLA. This method takes into account UML models with PLA variability explicitly represented, since UML is a widely known and consolidated notation. SystEM-PLA is composed of an evaluation meta-process, guidelines that drive the user on how to evaluate a PLA, and basic and quality attribute metrics. This method uses the proposed approach Stereotype-based Management of Variability (SMarty) to manage variabilities in UML-based PLs. Trade-off analyses to prioritize quality attributes for the development and evolution of PL products are carried out based on the application and collection of the SystEM-PLA metrics from PLA configurations. The quality attribute metrics were validated trough an experimental study. Evidences indicated the SystEM-PLA application feasibility in industry based on an experimental study, planned and conducted with professionals from a large software development organization

Made available in DSpace on 2016-03-15T19:30:54Z (GMT). No. of bitstreams: 1 Jose Matias Filho.pdf: 2247216 bytes, checksum: 9f58a8acab229af1da81ea011f6e8bd0 (MD5) Previous issue date: 2012-08-14 / The economic growth is close linked with the growth of the companies. There is a great expectation that the countries of the supposed block BRIC: Brazil, Russia, India and China presented a vigorous growth in the coming decades. The capital structure of these companies will have a key role in providing more financial resources for the increased activity, necessary for this expected growth. The present study investigated the capital structure of the companies in this supposed economic block, in order to identify its determinants, the influence of governmental policies in their training and the alignment with the main theories of capital structure currently discussed in the literature: agency costs, trade-off, asymmetric information and pecking order. Made a comparison with U.S. companies, the leading country in the world economy, and calculate the level of debt off of the sample. The results identified several variables as determinants of capital structure of companies of the sample, with predominance for the variables at the firm level, and to a lesser degree in the macro-economic level. Strongly corroborated the assumptions of the theories discussed, and provided robust evidence of being aligned with U.S. companies. They also showed a reasonable debt off for countries in the sample, which can be applied to increase de activity of enterprises, except Russia. / O crescimento econômico está intimamente ligado com o crescimento das empresas. Existe uma grande expectativa que os países do BRIC: Brasil, Rússia, Índia e China apresentem um crescimento vigoroso nas próximas décadas. A estrutura de capital dessas empresas terá um papel fundamental na oferta de mais recursos financeiros para o aumento da atividade, necessário a esse crescimento esperado. O presente estudo investigou a estrutura de capital das empresas desse suposto bloco econômico, buscando identificar suas determinantes, a influência das políticas governamentais na sua formação e o alinhamento com as principais teorias de estrutura de capital discutidas atualmente na literatura: custos de agência, trade-off, assimetria de informação e pecking order. Efetuou uma comparação com empresas dos EUA, país líder da economia mundial, além de calcular o nível de folga de endividamento das empresas da amostra. Os resultados identificaram diversas variáveis como determinantes da estrutura de capital das empresas da amostra, com predominância para as variáveis no nível da empresa, e em menor grau no nível macro-econômico. Corroboraram fortemente as premissas das teorias discutidas, e forneceram indícios robustos de estarem alinhadas com as empresas dos EUA. Mostraram também uma folga de endividamento razoável para os países da amostra, que pode ser aplicada no aumento da atividade das empresas, com exceção da Rússia.

Les coûts de la reproduction sont un compromis biologique (trade-off ) fondamental en théorie des histoires de vie. Par ce compromis, le succès, pour un organisme, d’un évènement de reproduction réduit sa survie et sa fertilité futures. Pour les écologues, ce trade-off correspond principalement à un compromis physiologique résultant d’un processus d’allocation ayant lieu à chaque instant et au niveau de chaque individu. Au contraire, en démographie évolutive, il est envisagé comme un trade-off génétique découlant du polymorphisme génotypique d’un gène pléiotropique agissant de manière antagoniste sur la reproduction aux jeunes âges et la fitness aux âges élevés. L’étude des mécanismes des coûts de la reproduction, physiologiques et génétiques, de leur possible cohabitation et de leur effets relatifs, croisés et conjoints est le sujet de cette thèse. Un examen attentif de la définition originelle des coûts de la reproduction par Williams (1966), nous permet de construire un modèle théorique des coûts physiologiques intégrant leurs aspects mécaniques et évolutifs. Cette construction nous permet d’induire l’intensité des coûts de la reproduction selon la position d’un organisme sur trois continuums d’histoire de vie: "slow-fast", "income-capital breeders" et "quantity-quality".A partir de la décomposition, par Stearns (1989b), de l’architecture des contraintes d’histoire de vie en trois parties – le niveau génotypique, la structure intermédiaire et le niveau phénotypique – nous étendons notre modèle conceptuel pour y intégrer à la fois des trade-offs physiologiques et génétiques. Cela nous permet d’inférer les effets de l’environnement, de sa variance et de la stochasticité individuelle sur la détectabilité de chaque famille de coûts. La différence entre coûts physiologiques et génétiques se retrouve également dans leur modélisation mathématique. Il est donc nécessaire de développer de nouveaux modèles permettant d’incorporer coûts physiologiques et génétiques. Nous proposons ensuite une méthode vectorielle de construction d’un tel type de modèle, que nous appelons Matrice de Projection de Population Multitrait (MPPM). Ce dernier peut implémenter chaque type de coût en l’intégrant dans la matrice en tant que trait. Nous étendons ensuite aux MPPMs les techniques d’analyse de sensibilité, standards en démographie évolutive, des modèles à un trait aux MPPMs. Surtout, nous décrivons un nouvel outil d’analyse, pertinent en théorie des histoires de vie et en démographie évolutive: la Trait Level Analysis. Elle consiste à comparer des modèles qui partagent les mêmes propriétés asymptotiques. Ceci est rendu possible par le repliement d’une MPPM selon certains traits, une opération qui réduit le nombre de traits du modèle en moyennant ses transitions selon les abondances ergodiques relatives. Ainsi, la Trait Level Analysis permet de mesurer l’importance évolutive des coûts de la reproduction en comparant des modèles implémentant ces coûts, avec des versions ergodiquement équivalentes de ces modèles mais repliées selon les traits supportant les compromis. Nous utilisons des méthodes, classiques et nouvelles, de calculs des moments de la fitness – gradient de sélection, variance du succès reproducteur, variance environnementale – que nous appliquons aux modèles avec coûts et sans coûts afin de mesurer leurs effets démographiques et évolutifs. Nous présentons les effets conjoints des coûts physiologiques et génétiques sur la distribution par âge des taux vitaux d’une population. Nous montrons également comment les coûts physiologiques influencent les deux composants de la sélection efficace, en aplatissant le gradient de sélection d’un côté et en accroissant la taille efficace de la population de l’autre. Enfin, nous démontrons comment l’effet tampon des coûts sur les variances environnementales et démographiques améliore la résilience d’une population soumise aux coûts physiologiques de la reproduction / Costs of reproduction are pervasive in life history theory. Through this constraint, the reproductive effort of an organism at a given time negatively affects its later survival and fertility. For life historians, they correspond mostly to a physiological trade-off that stems from an allocative process, occurring at each time-step, at the level of the individual. For evolutionary demographers, they are essentially about genetic trade-offs, arising from a genetic variance in a pleiotropic gene acting antagonistically on early-age and late-age fitness components. The study, from an evolutionary demographic standpoint, of these mechanisms and of the relative, cross and joint effects of physiological and genetic costs, is the aim of this thesis. The close examination of Williams (1966)’s original definition of the physiological costs of reproduction led us to produce a theoretical design of their apparatus that accounts for both their mechanistic and evolutionary mechanisms. This design allowed us to make predictions with regards to the strength of costs of reproduction for various positions of organisms on three life-history spectra: slow-fast, income-capital breeders and quality-quantity. From Stearns (1989b)’s tryptic architecture of life history trade-offs –that divides their structure into the genotypic level, the intermediate structure and the phenotypic level – we devised a general framework, which models the possible cohabitation of both physiological and genetic costs. From this, we inferred differing detectability patterns of both types of costs according to the environmental conditions, their variance and individual stochasticity. We could also establish that both costs buffer environmental variations, but with varying time windows of effect. Their dissimilarity emerges also from the differences between mathematical projection models specific to each cost. A new family of evolutionary models is therefore required to implement both physiological and genetic trade-offs. We then describe the vector-based construction method for such a model which we call Multitrait Population Projection Matrix (MPPM) and which allows incorporating both types of costs by embedding them as traits into the matrix. We extend the classical sensitivity analysis techniques of evolutionary demography to MPPMs. Most importantly, we present a new analysis tool for both life history and evolutionary demography: the Trait Level Analysis. It consists in comparing pairs of models that share the same asymptotic properties. Such ergodic equivalent matrices are produced by folding, an operation that consists in reducing the number of traits of a multi-trait model, by averaging transitions for the traits folded upon, whilst still preserving the asymptotic flows. The Trait Level Analysis therefore allows, for example, to measure the evolutionary importance of costs of reproduction by comparing models incorporating them with folded versions of these models from which the costs are absent. Using classical and new methods to compute fitness moments – selection gradient, variance in reproductive success, environmental variance - in models with and without the costs, we can show their effects on various demographic and evolutionary measures. We reveal, in this way, the combined effects of genetic and physiological costs on the vital rates of an age-structured population. We also demonstrate how physiological costs affect both components of effective selection, as they flatten the slope of selection gradients and increase the effective size of a population. Finally, we show how their buffering of environmental and demographic variance confer greater resilience to populations experiencing physiological costs of reproduction

Syftet med denna studie är att undersöka och analysera det statistiska signifikanta sambandet mellan kapitalstruktur och lönsamhet för bolag noterade på OMXS Large Cap. Det görs under tidsperioden före samt under Covid-19 och studien använder sig av ett antal variabler för att kunna analysera ett potentiellt samband över en femårsperiod. Uppsatsen undersöker även om det eventuella sambandet ändras av Covid-19 pandemin. Studien har utgått ifrån en kvantitativ metod med en deduktiv ansats. För att ge svar på forskningsfrågan har paneldata regressioner genomförts på 30 bolag noterade på OMXS Large Cap för perioderna 2017-2019 och 2020-2021. Studien kommer fram till att det finns statistiskt signifikanta samband mellan kapitalstruktur och lönsamhet avseende vissa variabler samtidigt som studien finner att det inte finns samband för vissa andra variabler. Resultaten visar på både negativa och neutrala samband och slutsatsen att hög skuldsättningsgrad har en negativ effekt på lönsamhet dras, vilket stämmer överens med tidigare forskning inom ämnet. Sambanden som hittades visade sig ändras mellan perioden innan och under Covid-19 / The purpose of this study is to investigate the statistically significant relationship between capital structure and profitability for companies listed on OMXS Large Cap. This is done in connection with Covid-19 and the study uses a number of variables to analyze a potential relationship over a five-year period. The study  further examines if the possible relationship is affected by Covid-19. The study has been based on a quantitative method with a deductive approach. In order to answer the purpose of the study, the authors have carried out panel data regressions on 30 companies listed on OMXS Large Cap for the periods 2017-2019 and 2020-2021. The study finds that there exists statistically significant relationships between capital structure and profitability for some of the variables, whilst other variables show no significance. The results show both negative and neutral relations and the conclusion that a higher debt ratio has a negative effect on profitability is drawn, showing the same result as previous research. The results also show that the relationships differ from before the pandemic period to under.

Syftet med denna studie är att analysera eventuella kapitalstruktursförändringar i samband med Covid-19 pandemin hos svenska företag noterade på Stockholmsbörsen, OMXS, inom Large Cap. Urvalet utgörs av företag inom alla sektorer i Large Cap, exklusive finanssektorn. Sambandet mellan bolagens beroende och oberoende variabler analyseras före och under pandemins tidsperiod, 2015–2022. De beroende variablerna utgörs som Proxy för kapitalstruktur och omfattas av totala-, kortfristiga-, och långfristiga skulder i förhållande till totala tillgångar. Medan de oberoende variablerna utgörs av företagsstorlek, lönsamhet samt tillväxt. För att uppnå detta baseras uppsatsens teoretiska ramverk på Modigliani och Miller proposition 1 & 2, Pecking Order teorin och Trade Off teorin tillsammans med tidigare empiriska studier samt undersökningar. Uppsatsens analyser omfattas av en deskriptiv analys av samtliga variabler, en korrelationsanalys av de oberoende variablerna och slutligen flera multivariata regressionsanalyser mellan samtliga variabler. För att erhålla de mest valida och reliabla slutsatserna kommer uppsatsen tillämpa en kvantitativ forskningsmetod och en deduktiv ansats. Uppsatsens resultat fann flest statistiskt signifikanta samband mellan samtliga skuldkvoter och företagsstorlek. Uppsatsens slutsats konstaterade att kapitalstrukturen hos OMXS företag inom Large Cap hade förändrats under pandemin i jämförelse med före pandemin. Sammantaget bidrar denna uppsats till en djupare förståelse för sambandet mellan samtliga analyserade variabler baserat på en historisk bakgrund. Därmed kan svenska bolag inom alla sektorer, exklusive finanssektorn, skapa en bättre uppfattning kring sina kapitalstrukturer inför framtida finanskriser. / The purpose of this study is to analyze potential capital structure changes in connection with the Covid-19 pandemic among Swedish publicly traded companies on the Stockholm Stock Exchange, OMXS, within Large Cap. The sample consists of companies across all sectors within Large Cap, excluding the finance sector. Focusing on the relationship between the dependent and independent variables before and during the period of the pandemic, 2015–2022. The dependent variables consist of total-, short- term-, and long- term debt as a proportion to the total assets. These dependent variables constitute as a Proxy for capital structure. The independent variables include size, profitability and growth. To accomplish this, the theoretical framework for this essay is based on Modigliani and Miller proposition 1 & 2, The Pecking Order Theory, The Trade Off Theory along with previous empirical studies. The analyzes contains of a descriptive analysis of all variables, a correlation analysis of the independent variables, and lastly several multivariate regressions analyses between all variables. In order to make it possible to acquire the most valid and reliable conclusions, the study will be based on a quantitative method, applying a deductive approach. The results found the most statistically significant relationships between all debt ratios and company size. The conclusion stated that the capital structure of OMXS companies, within Large Cap, had changed during the pandemic compared to before. In summary the results contribute to a deeper understanding of the relationship between all analyzed variables based on a historical background. Hence Swedish companies within these sectors can gain a better understanding of their capital structure for future financial crises.

Thesis (MPhil (Philosophy))--University of Stellenbosch, 2006. / ENGLISH ABSTRACT: Every individual has a mental image of what a ‘good’ life entails. Whether this idea of a good life is based on hedonist, preference satisfaction or ideal theories, or a combination of these theories, it forms the underlying framework that indicates and measures how well or how poorly we are doing. The smaller the discrepancy between these suppositions we nurture and our real circumstances, the greater the degree of wellbeing and satisfaction we experience. This satisfaction with our lives can be indicated on objective and subjective scales, and these serve as a direct reflection of our quality of life. In addition to self experienced quality of life, quality of life is also seen as the aim of health care. However, as the World Health Organization (WHO) sketches an almost utopian view of health, the field is deemed to be so wide that it includes man in his totality. This state of total psychological, physical and social welfare is further seen as a primary or basic necessity to which everyone is entitled. Human welfare, or quality of life, viewed from a healthcare perspective, serves as the criterion for substantiating, informing and guiding health care. Not only are choices regarding the type and degree of intervention in the therapeutic situation guided by this, but quality of life is also regarded as the single cut-off point for determining whether continued existence would be better or worse than not existing at all. A further outcome of quality of life is the use of QALYs (quality-adjusted life years) and TTO (Time trade-off). These instruments are designed to determine the net efficiency of therapeutic intervention by combining two dimensions, namely quality and quantity of life. Quality of life and [healthy] lifespan are therefore combined in a single framework of value assessment, and this framework is applied as the main criterion for allocating limited resources. This application of quality of life has been adjusted to serve as the main measure for determining the value of a life. In this study quality of life will critically be investigated with the focus on self experienced quality of life; quality of life as the aim of health care; and quality of life as the determining factor to place a value on a human life. The study indicates that the concept of quality of life had to undergo a natural and unavoidable development and expansion to keep pace with the changed medical ethos of our times. The writer indicates that the transformation of quality of life as the aim of healthcare to quality of life as the factor for determining the value of a life is currently ethically unacceptable in its application. Finally, a more acceptable development that includes referred competition and social responsibility is suggested.

Under de senaste årtiondena har ansvarfullt företagande (CSR) varit ett ämne som erhållit allt mer fokus inom forskning och således även för företag och samhället i stort. CSR är ett ämne som är högst aktuellt då globalisering är ett faktum och medför att de företag som är verksamma idag bär ett globalt ansvar, då dessa är stora aktörer i en värld som kantas av ekonomiska kriser, miljöproblem och humanitär försummelse. Det ökade intresset från samhället för CSR har medfört att företagen idag ser detta som en strategisk investering och företags satsning i hållbarhetsaktiviteter har kommit att erhålla en allt större del av företags verksamhet. Frågan kvarstår om detta endast är en investering som ökar företagets etik och moral eller om det faktiskt är lönsamt, och även om lönsamma företag ökar sin investering i hållbarhetsarbete. En stor mängd forskning har utförts för att undersöka förhållandena mellan hållbarhet och lönsamhet, dock utan att konsensus i forskningsgrenen har uppkommit.       Grundat på den nuvarande forskningssituationen syftade denna studie till att undersöka vilken effekt ansvarsfullt företagande har på olika lönsamhetsmått, samt vilken effekt de olika lönsamhetsmåtten har på ansvarsfullt företagande, i företag registrerade på large cap och mid cap på Nasdaq OMX Stockholm. För att besvara studiens problemformulering och uppfylla studiens syfte har en kvantitativ forskningsansats brukats och ett urval av företag listade på large och mid cap Nasdaq OMX Stockholm har undersökts. För att sätta ett mått på ansvarsfullt företagande (CSP) har en innehållsanalys av företags årsrapporter och hållbarhetsrapporter genomförts, lönsamhetsmåtten (CFP) har utgått från redovisningsbaserade mått (ROE och ROA) samt ett marknadsbaserat mått (total avkastning). Vidare undersöks även relationen mellan variablerna, CSP och CFP, med en tidsaspekt och kontrollvariablerna storlek, risk, FoU och industritillhörighet har brukats. De teorier som har använts för att förklara CFP:s effekt på CSP är slappa resurser och direktörsopportunism, och effekten CSP har på CFP har teorierna intressentteorin, resursbaserad synvinkel och kompromissteorin använts.  Det resultat som framkommit genom de multipla regressionerna som testat studiens hypoteser visar att ROE:s effekt på CSP är positiv, medan både ROA:s och avkastningens effekt på CSP är neutral. Slutsatsen blir således delad då lönsamhetsmåttet ROE visar att företag som har en högre lönsamhet kommer investera mer i hållbarhet, denna effekt knyts samman med teorin om slappa resurser. Å andra sidan visar både ROA och avkastning på en neutral effekt på CSP vilket ej kan knytas till varken slappa resurser eller direktöropportunism. Vidare när istället CSP:s effekt på ROE, ROA och avkastning undersökts visar samtliga på en neutral påverkan. Den slutsats som kan dras från detta resultat är att hållbarhetsarbete ej empiriskt kan säkerställa en högre eller lägre lönsamhet, och varken intressentteorin, resursbaserad synvinkel eller kompromissteorin kan förklara resultatet. Med icke-konklusiva resultat föreslår författarna för vidare forskning inom området där mer forskning i den svenska kontexten är nödvändig.

This work focuses on the need for new knowledge to allow hierarchical multi-project management to be conducted in the construction industry, which is characterised by high uncertainty, fragmentation, complex decisions, dynamic changes and long-distance communication. A dynamic integrated project management approach is required at strategic, tactical and operational levels in order to achieve adaptability. The work sees the multi-project planning and control problem in the context of supply chain management at main contractor companies. A portfolio manager must select and prioritise the projects, bid and negotiate with a wide range of clients, while project managers are dealing with subcontractors, suppliers, etc whose relationships and collaborations are critical to the optimisation of schedules in which time, cost and safety (etc) criteria must be achieved. Literature review and case studies were used to investigate existing approaches to hierarchical multi-project management, to identify the relationships and interactions between the parties concerned, and to investigate the possibilities for integration. A system framework was developed using a multi-agent-system architecture and utilising procedures adapted from literature to deal with short, medium and long-term planning. The framework is based on in-depth case study and integrates time-cost trade-off for project optimisation with multi-attribute utility theory to facilitate project scheduling, subcontractor selection and bid negotiation at the single project level. In addition, at the enterprise level, key performance indicator rule models are devised to align enterprise supply chain configuration (strategic decision) with bid selection and bid preparation/negotiation (tactical decision) and project supply chain selection (operational decision). Across the hierarchical framework the required quantitative and qualitative methods are integrated for project scheduling, risk assessment and subcontractor evaluation. Thus, experience sharing and knowledge management facilitate project planning across the scattered construction sites. The mathematical aspects were verified using real data from in-depth case study and a test case. The correctness, usefulness and applicability of the framework for users was assessed by creating a prototype Multi Agent System-Decision Support System (MAS-DSS) which was evaluated empirically with four case studies in national, international, large and small companies. The positive feedback from these cases indicates strong acceptance of the framework by experienced practitioners. It provides an original contribution to the literature on planning and supply chain management by integrating a practical solution for the dynamic and uncertain complex multi-project environment of the construction industry.

Une question fondamentale en neuroscience, ainsi que dans de nombreuses disciplines s’intéressant à la compréhension du comportement, telles que la psychologie, l’Economie, et la sociologie, concerne les processus décisionnels par lesquels les animaux et les humains sélectionnent des actions renforcées positivement ou négativement. Les processus décisionnels ainsi que leur base neuronale demeurent mal compris. D’autre part de nombreuses études ont révélé que les humains ainsi que les animaux prennent souvent des décisions sous-optimales. Notre principal objectif a été de comprendre la raison de ces comportements sous-optimaux. Par ailleurs, l’altération des processus sous-tendant la prise de décision, entraîne des pathologies. La compréhension des mécanismes décisionnels est essentielle au développement de stratégies de traitements plus efficaces. Dans cette étude nous avons proposé une nouvelle approche de l’étude des comportements décisionnels, basée sur l’hétérogénéité des préférences créées au cours de l’apprentissage du choix. Puis nous avons corrélé l’activité du putamen et du globus pallidus interne aux comportements préalablement décrits. Nos résultats montrent que bien que les primates apprennent à identifier la meilleure option et convergent vers une stratégie optimale dans un nombre important de sessions, ils n’arrivent pas en moyenne à optimiser leur comportement. Nous avons montré que ce comportement suboptimal des primates est caractérisé par la création de préférences irrationnelles par ces derniers pour des paramètres non pertinents de l’environnement. Nous avons finalement montré que bien qu’un faible nombre de neurones du putamen encode la valeur de l’action, leur contribution à l’activité de population est faible. L’activité du putamen reflète les futures performances des primates et prédit donc la formation des comportements irrationnels et rationnels. / A fundamental question in neuroscience, as well as in various fields such as economics, psychology and sociology, concerns the decision making processes by which animals and humans select actions based on reward and punishment. Both decision making processes and their neural basis are still poorly understood. Also, both human and animals often make suboptimal decisions in many tasks studied. Our first aim is to improve the understanding of why such sub-optimal decisions are made. Also, the alteration of decision making processes causes diseases, the understanding of whose mechanisms is essential in developing better treatment strategies. In this report, we propose a new approach which consists in extracting the neural substrates of choice behavior heterogeneity in between sessions. Our results show that although primates learn on average to identify the best option and converge to an optimal policy in a consequent number of sessions, they fail on average to optimize their behavior. We revealed that this suboptimal behavior was characterized by an unexpected high behavioral heterogeneity during the task that was due to the creation of irrelevant preferences by the monkeys. We finally show that although a few neurons of the putamen encode the action value, their contribution to the overall population activity is weak. Putamen activity rather reflects the futures performances and predicts the creation of rational and irrational behaviors.