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Master of Science / Department of Grain Science and Industry / Praveen V. Vadlani / Large quantities of byproducts are generated during the biomass processing, which leads to under-utilization of resources and concomitant waste disposal problem. Typically, these byproducts still contain considerable amounts of high-value compounds that have important industrial applications. However, in current time, most of these byproducts are used for low-value applications, including as boiler fuel. These byproducts are potential sources for many valuable chemicals such as antioxidants, flavors, colorants, preservatives, and biocides. Therefore, the reuse and recycle of these biomass residues is very important for the bioeconomy. By some additional and necessary processing steps, we can transfer those biomass residues from a low-value level to a higher value status and apply the final products to various fields such as food industry, and pharmaceutical industry, etc. Till date, limited research has been reported in the production of important specialty chemicals from biomass residues. This thesis is focused on the solvent extraction and isolation of valuable chemicals from bioprocessing byproducts. While choosing different solvents and techniques, “environmental friendly” green solvents were also evaluated. Also some new techniques, such as thin-layer chromatography plates making and laboratory-made lignin are developed to make the research more economically feasible. Even though conventional extraction method such as solid-liquid extraction was evaluated, we tried to minimize the solvent/biomass ratio and also augmented additional processes to the conventional process to obtain higher yield of compounds of interest (COI). In this research, different biomass resources were evaluated for valuable specialty chemicals. These resources include: lignocellulosic biomass and raw biomass. Lignocellulosic biomass is a sustainable feedstock for the production of biofuels and chemicals. The potential chemicals from the resources were extracted using various organic solvents and analyzed by gas chromatography-mass spectrometry (GC-MS). The results indicated that the selected biomass residues contain relatively higher amounts of three valuable compounds: vanillin, apocynin, and phytol. Different types of organic solvents and extraction techniques were tested to optimize the extraction process. Ultra-sonication was considered as an efficient extraction method and ethanol was chosen as the final solvent. Commercially viable isolation methods such as thin-layer chromatography (TLC) and column chromatography were also studied in this research. A solvent system of hexane, dichloromethane, ethyl acetate, and chloroform with 1:1:1:0.1 v/v ratio gave us a good separation of the COI. Biomass-derived lignin was made in the laboratory to compare with commercially available lignin. The results show that the laboratory-made lignin contains similar bioactive compounds and gives us a good quantity of target compounds. In conclusion, instead of letting the byproducts being discarded or used as low-value applications or become a threat to the environment, the decision to select them as raw materials to produce valuable specialty targeted compounds for industries has been demonstrated in our research. The future research will focus on optimization and scale-up study of the extraction process. In addition, the application and production of bioactive compounds will be further evaluated.

My work dwells on measurement and evaluation of efficiencies of companies and on sector analysis of energetic branch. We can regard the efficiency with various points of view. Generally we can define it as an ability of company to valorize as much as possible the assest that was put in it. At first my work is engaged in measurement and control of the efficiency of companies and in value control of efficiency. After that follows the summary of traditional and modern indicators of efficiency with account of their advatnages and shortcomings. Then I mention some instruments and concepts that contribute to increases of efficiency. The last part of my work contains case study, where I analyse the efficiency of companies acting in energetic branch by means of benchmark study.

Made available in DSpace on 2014-06-12T15:07:54Z (GMT). No. of bitstreams: 2 arquivo1597_1.pdf: 1407511 bytes, checksum: f1e12d5f8c82a4d623e39d304470a716 (MD5) license.txt: 1748 bytes, checksum: 8a4605be74aa9ea9d79846c1fba20a33 (MD5) Previous issue date: 2004 / Nos últimos anos, uma atenção cada vez maior tem sido dada às novas medidas de performance empresarial, em substituição à tradicional análise dos lucros por ação. Dentre estas novas medidas, pode se destacar o Economic Value Added (EVA), em virtude da grande atenção recebida na literatura acadêmica e publicações especializadas. Como decorrência da importância e do destaque do EVA no meio acadêmico (principalmente nos Estados Unidos da América e na Inglaterra), diversos trabalhos empíricos foram realizados, na tentativa de identificar se este modelo é relevante para a mensuração dos valores das empresas. Contudo, estes trabalhos empíricos apresentam resultados contraditórios. Além disso, este modelo de mensuração de performance ainda tem sido alvo de poucas pesquisas acadêmicas empíricas no Brasil, o que é insuficiente para identificar a sua importância no país. Motivada por esta carência de trabalhos empíricos, a presente dissertação procura fornecer dados empíricos para analisar se, no Brasil, o EVA é uma medida de desempenho que oferece maior explicação dos retornos das ações do que medidas tradicionais de desempenho, sendo estas: Lucros por Ação, Fluxo de Caixa Operacional, NOPAT (net operating profits after taxes) e Lucro Residual. Verifica-se que o EVA não detém poder de explicação dos retornos por ação, de maneira consistente, maior do que medidas de performance tradicionais para ambas as abordagens informacionais trabalhadas. Por fim, verifica-se que a modelagem por panel data (dados em painel) apresenta-se claramente superior à modelagem pelo método dos MQO (mínimos quadrados ordinários), para a análise de medidas de performance empresarial baseadas em informações contábeis e para a abordagem do conteúdo relativo

O relacionamento entre empresas e sociedade faz emergir a necessidade de prestação de contas a distintos grupos de interesse e a DVA apresenta-se como ferramenta importante, ao apresentar informações relevantes a diferentes stakeholders. Este trabalho discute a interpretação dessa demonstração a partir do que se concebe no senso comum, propondo-se a identificar e caracterizar mitos originados numa leitura simplista da DVA, bem como verificar o impacto do setor de atuação sobre a análise. A plataforma teórica edifica-se sobre a teoria dos stakeholders que, para determinar grupos efetivamente relevantes à entidade, se distingue nos atributos: poder, legitimidade e urgência. Analisa a DVA em sua gênese e desenvolvimentos posteriores até os dias atuais. Para responder à questão de pesquisa, Quais as verdades e os mitos contidos na interpretação da Demonstração do Valor Adicionado?, tomou-se como base uma amostra composta de informações contábeis de 6.286 empresas não financeiras, oriundas de diversos setores, extraídas do banco de dados mantido pela Fipecafi e utilizado como fonte para o ranking das Melhores e Maiores, da Revista Exame. O estudo abrange os anos de 2004 a 2009. Os resultados demonstraram haver correlação positiva e moderada entre valor adicionado e lucro líquido ajustado, indicando que elevações do lucro podem estar acompanhadas de aumentos do valor adicionado; nesse caso, a segregação setorial não apontou resultados distintos em relação à amostra global, apenas realçando a tendência observada. As correlações de Spearman indicaram a existência de relacionamento estatístico entre o valor adicionado destinado aos empregados e o destinado aos acionistas, sob a forma de juros sobre capital próprio e dividendos, embora essa associação negativa tenha se apresentado em nível moderado. Nesse caso, a consideração dos setores de atuação apontou algumas diferenças, como, por exemplo, para o setor 1, constituído basicamente por empresas comerciais, no qual não se identificou significativo nível de associação. Nos demais setores, identificou-se uma associação negativa e moderada entre as variáveis testadas. Os resultados globais dos testes de médias indicaram não haver indícios de que as destinações do valor adicionado se comportassem de modo constante, exceção feita ao item lucro retido; entretanto, a separação por setores trouxe novas informações, sobretudo para os setores 1 (comércio em geral); 3 (serviços) e 4 (energia), cujas distribuições não apresentaram, na média, diferenças expressivas. A aplicação de modelos lineares generalizados destacou que somente a variável rentabilidade ajustada ao patrimônio líquido (Rent) foi significativa no modelo, em todos os anos da análise, tendo apresentado sinal negativo. Apenas, em 2007, a variável crescimento de vendas (Cresc) mostrou-se significativa no modelo e, também, com sinal negativo. As correlações de Spearman indicaram a existência de associação positiva e fraca, entre 2004 e 2007, e moderada, em 2008 e 2009. A consideração dos setores não conferiu novos contornos aos achados, apenas um destaque em relação ao setor 4 (formado por empresas de energia elétrica), em que ocorreu uma elevação dos níveis de associação: de parâmetro fraco para moderado. Assim, os resultados dos testes estatísticos permitiram um real aprofundamento da análise da DVA, de modo a desvendar alguns mitos, pelo menos, no que possa ser aplicável à amostra utilizada. / The relationship between entities and the society brings to the fore a need for a public accountability to specific groups. VAS proves to be an important tool to achieve this need when demonstrating relevant information to various stakeholders. This study aims to discuss the VAS interpretation from the common sense knowledge, consequently identifying and characterizing the myths derived from a simplistic VAS interpretation, as well as checking the impact of a product sector over this analysis. The stakeholders theory on power, legitimacy and urgency as means to identify the most relevant groups for an entity is the theoretical basis for this study. Moreover, this paper analyses the VAS origin and its development down to our day. From Fipecafi database, which ranks Maiores e Melhores, published by Exame magazine, accounting information of 6,286 sample entities, from different sectors, with the exception of non-financial enterprises, was selected to answer the question: What are the truths and myths within the Value Added Statement interpretation? This study spans the years 2004 to 2009. The results disclosed a positive and moderate correlation between added value and adjusted net profits, indicating that higher profits may be accompanied by higher added value. In this case, an isolated sector did not display a distinct result in relation to the overall sample, but simply emphasized the tendency identified above. Spearmans rank correlation coefficient identified a statistical connection between the added value dispensed to employees and to the stakeholders in the form of interest on own equity and dividend, although such negative relation was presented in a moderate level. In this case some differences were identified when studying the product sectors, such as found in sector 1, made up mainly of commercial enterprises, where no significant level of association was identified. Tested variables displayed a negative and moderate association within other sectors. In addition, except for retained earnings, overall results of main tests showed no sign of the applied added value behaving. However, when sectors were isolated, new information was brought to light, specially in sectors 1 commerce; 3 service; and 4 energy. In their distribution, no significant differences were found. Overall linear models highlighted that only the Rent variable had a significant outcome to the model during the whole period of time, and with a negative result. The Cresc variable had an important outcome, only in 2007, with a negative result as well. The Spearmans rho general outcome indicated a positive and weak association from 2004 to 2007, and a moderate one, for the 2008 and 2009 period. The analysis of the sectors did not add new information to the finds, except for sector 4, the energy segment, which the association level raised from weak to moderate. To sum up, the outcome of the statistical tests has led to a much deeper VAS analysis, at least unveiling some myths related to the sample analyzed

M.Com. (Business Management) / This study examines the system of value-added tax as replacement for the retail sales tax which is currently in operation in South Africa. It furthermore sets out to provide an insight into the potential local application thereof. The following aspects were discussed: (a) The current state of indirect taxation in South Africa under the retail sales tax regime. (b) The origin and development of the value-added tax system worldwide. (c) The replacement of indirect taxes through a system of tax on value added. (d) The development of value-added tax subsequent to the initial recommendation by the Margo commission. (e) A number of problem areas specifically relating to the structure of the proposed tax, e.g. foodstuffs, farming activities and capital goods. (f) The establishment of a clearing mechanism for the BLS and TBCV countries in a Southern African Customs Union. (g) General administrative provisions under a value-added tax and a proposed audit under the system. The discussion indicates that the retail sales tax is not conforming to initial objectives (at least in theory) and the government is of the opinion that value-added tax will rectify this situation...