O presente trabalho trata da Administração Baseada em Valor (VBM do inglês Value Based Management) , que é uma ferramenta de auxílio à administração de empresas, que busca a identificação de value drivers, que são controles internos a serem monitorados, que devem abranger os principais pontos vistos pelo mercado como criadores de valor, pois o objetivo central da VBM é a majoração de valor para o acionista. A VBM também se utiliza do fluxo de caixa descontado (DCF do inglês Discounted Cash Flow). O objetivo central desta dissertação é fazer uma análise comparativa da estrutura interna de funcionamento e acompanhamento e dos controles de uma organização do segmento de telecomunicações com a filosofia da VBM, identificando o distanciamento de uma para com a outra. A empresa pesquisada é a Dígitro Tecnologia Ltda., de Florianópolis, que não utiliza a VBM. É uma pesquisa quantitativa e foi desenvolvida através do método de estudo de caso. Sua investigação foi dividida em três pontos principais: (1) a identificação, na empresa, da estrutura básica necessária para a implantação da Administração Baseada em Valor, (2) os itens necessários para se montar um DCF e (3) os controles internos possuídos pela organização, que possam servir como value drivers ou suas intenções de implantar controles. O estudo de caso foi único e exploratório, contando com a aplicação de entrevistas semi-estruturadas, observação direta e coleta de documentos. Conclui-se que a organização pesquisada está distante da filosofia da VBM, porém, com intenção de utilizar-se de inúmeros conceitos da Administração Baseada em Valor para auxiliar sua gestão. / The present study is about Value Based Management (VBM), which is a tool to help Business Administration. VBM searches the recognition of the value drivers, which are internai controls to be supervised and must cover the main aspects seen by the market as something to increase the value of a company, that is the main objective of VBM. Thís tool also uses the Discounted Cash Flow (DCF). The main goal of this work is a comparative analysis of the internai functioning and monitoring structure and the internai contrais from a telecommunication company with the VBM philosophy, identifying the extent from one to the other. The organization searched is Dígitro Tecnologia ltda., from Florianópolis, state of Santa Catarina, in Brazil, where the VBM is not used. The research is quantitative and was developed by the method of study of case. lts investigation was divided in three main points: (1 ) the identification in the organization of the basic structure needed for the implementing of VBM, (2) the necessary items to build a DCF and (3) the internai controls used by the company, which can be considered value drivers or its intentions to have them. The study of the case is unique and exploratory, it is based on inteNiews, obseNation and documental evidence. The conclusion of this work is that the researched organization is distant from the VBM philosophy, although, it intends to use some of the V alue Based Managament concepts to help its administration.

O presente trabalho trata da Administração Baseada em Valor (VBM do inglês Value Based Management) , que é uma ferramenta de auxílio à administração de empresas, que busca a identificação de value drivers, que são controles internos a serem monitorados, que devem abranger os principais pontos vistos pelo mercado como criadores de valor, pois o objetivo central da VBM é a majoração de valor para o acionista. A VBM também se utiliza do fluxo de caixa descontado (DCF do inglês Discounted Cash Flow). O objetivo central desta dissertação é fazer uma análise comparativa da estrutura interna de funcionamento e acompanhamento e dos controles de uma organização do segmento de telecomunicações com a filosofia da VBM, identificando o distanciamento de uma para com a outra. A empresa pesquisada é a Dígitro Tecnologia Ltda., de Florianópolis, que não utiliza a VBM. É uma pesquisa quantitativa e foi desenvolvida através do método de estudo de caso. Sua investigação foi dividida em três pontos principais: (1) a identificação, na empresa, da estrutura básica necessária para a implantação da Administração Baseada em Valor, (2) os itens necessários para se montar um DCF e (3) os controles internos possuídos pela organização, que possam servir como value drivers ou suas intenções de implantar controles. O estudo de caso foi único e exploratório, contando com a aplicação de entrevistas semi-estruturadas, observação direta e coleta de documentos. Conclui-se que a organização pesquisada está distante da filosofia da VBM, porém, com intenção de utilizar-se de inúmeros conceitos da Administração Baseada em Valor para auxiliar sua gestão. / The present study is about Value Based Management (VBM), which is a tool to help Business Administration. VBM searches the recognition of the value drivers, which are internai controls to be supervised and must cover the main aspects seen by the market as something to increase the value of a company, that is the main objective of VBM. Thís tool also uses the Discounted Cash Flow (DCF). The main goal of this work is a comparative analysis of the internai functioning and monitoring structure and the internai contrais from a telecommunication company with the VBM philosophy, identifying the extent from one to the other. The organization searched is Dígitro Tecnologia ltda., from Florianópolis, state of Santa Catarina, in Brazil, where the VBM is not used. The research is quantitative and was developed by the method of study of case. lts investigation was divided in three main points: (1 ) the identification in the organization of the basic structure needed for the implementing of VBM, (2) the necessary items to build a DCF and (3) the internai controls used by the company, which can be considered value drivers or its intentions to have them. The study of the case is unique and exploratory, it is based on inteNiews, obseNation and documental evidence. The conclusion of this work is that the researched organization is distant from the VBM philosophy, although, it intends to use some of the V alue Based Managament concepts to help its administration.

京都大学 / 0048 / 新制・課程博士 / 博士(医学) / 甲第18872号 / 医博第3983号 / 新制||医||1008(附属図書館) / 31823 / 京都大学大学院医学研究科医学専攻 / (主査)教授 河野 憲二, 教授 古川 壽亮, 教授 髙橋 良輔 / 学位規則第4条第1項該当 / Doctor of Medical Science / Kyoto University / DGAM

No description available.

L’objectif de ce travail était d’étudier la mémoire autobiographique (MAb) aux stades débutants de la maladie d’Alzheimer et d’analyser le lien avec le Self défini selon le modèle de Prebble et collaborateurs. (2013) et en investiguant les substrats neuro-anatomiques. Notre étude a confirmé qu’il existait une altération de la MAb chez les patients atteints de maladie d’Alzheimer, dans sa composante épisodique et émotionnelle, quelle que soit l’ancienneté des souvenirs. Nous avons pu rattacher ce déficit épisodique à l’atrophie des régions temporales internes et en suggérer l’implication de l’hippocampe gauche dans le contexte temporel des souvenirs et de l’amygdale droite dans la composante émotionnelle. En revanche, il existait une relative préservation du niveau des détails des souvenirs émotionnels résiduels, et surtout, des souvenirs sémantisés, ces derniers étant supportés par le néocortex temporal. Concernant le Self de façon plus générale, les résultats mettent en évidence un lien entre Self-conceptuel et MAb, par le biais des processus de sémantisation et d’intégration des souvenirs qui permettent de former des représentations abstraites à partir des expériences vécues. Par ailleurs, nous avons également montré que le sens subjectif de soi est inhérent à toutes les autres composantes du Self. Par l’étude d’un cas unique et d’imagerie volumétrique de groupe, le cortex préfrontal médian a été mis en évidence comme substrat commun à toutes les composantes du Self, suggérant un rôle clé de cette structure pour supporter le sens subjectif de soi. Ces résultats ouvrent des pistes de remédiation par la réminiscence basée sur les mécanismes de sémantisation, d’intégration et sur les aspects émotionnels, au centre desquels se trouvent les souvenirs définissant-le-soi. Aussi notre étude engage-t-elle à analyser ces composantes du Self au sein de réseaux, en connectivité fonctionnelle et anatomique. / The present study aimed at studying autobiographical memory (AbM) in patients at early stages of Alzheimer’s disease, as well as at analyzing the link between AbM and the Self components (as defined by Prebble et al., 2013), and finally, at investigating its neuro-anatomical correlates. The results we obtained confirmed AbM is damaged in patients with regards to episodic and emotional components, whatever the age of the memory. The deficit in episodic memory was associated with medial temporal lobe atrophy, with the left hippocampus seemingly involved in the temporal context of the memories and the right amygdala in the emotional component. Conversely, specificity of remaining emotional memories was relatively preserved, as well as semanticized memories, which rely on the temporal neocortex. In the context of the Self more generally, our results highlight a relationship between the conceptual-Self and autobiographical memories, through semanticization and integration processes, which allow the formation of the most abstracted forms of self-representations. Moreover, the subjective sense of Self appears as a prerequisite to all other Self components. Based upon a case study and a volumetric group study, we were able to show that the implication of the medial prefrontal cortex is common to all Self components, suggesting its key role for the subjective sense of Self. Our results point to a potential rehabilitation therapy based on reinforcing self-defining memories to strengthen the Self. This work will be completed by the study of functional and anatomical networks sustaining the Self.

No contexto atual dos mercados globalizados, as empresas enfrentam uma competicao cada vez mais complexa na obtencao de capital. Para atrai-lo, elas precisam oferecer um retorno que remunere o risco assumido pelos investidores, ou seja, gerar valor. A Gestao Baseada no Valor defende a maximizacao de riqueza dos acionistas como a meta principal da organizacao. No Brasil, essa abordagem tem sido adotada de forma mais intensa na ultima decada, tornando evidente a necessidade de monitorar o valor da firma nessa economia. Nesse contexto, o objetivo deste estudo foi identificar os principais direcionadores de valor das empresas de capital aberto nao financeiras brasileiras, representadas pelas companhias com acoes negociadas na Bolsa de Valores de Sao Paulo (BM&FBOVESPA), no periodo de 2000 a 2009. Para isso, foram avaliados quais indicadores financeiros estavam mais relacionados a geracao de valor, representada pelo Valor Economico Agregado (VEA), de forma a serem considerados direcionadores desse em cada setor economico. As tecnicas estatísticas utilizadas para esse proposito foram: correlacao, teste t para diferenca de medias entre as empresas com VEA positivo e negativo, regressao multipla, regressao em painel e regressão logistica. Um dos principais resultados encontrados foi que pelo menos dois tercos dos indicadores financeiros utilizados para analise de empresas nao explicam a geracao de valor. Considerando o universo pesquisado, os indicadores financeiros significativamente relacionados a geracao de valor foram: retorno sobre o patrimonio liquido (ROE), retorno sobre o ativo (ROA), spread do acionista, margem bruta, margem liquida e giro do ativo, todos com coeficiente positivo, ou seja, com relacao direta com o VEA. Alem disso, na analise dos setores economicos, por suas caracteristicas especificas, foram encontradas divergencias entre os indicadores financeiros considerados direcionadores de valor. Em relacao ao desempenho das empresas no periodo de analise, observou-se que a maioria delas destruiu valor, ja que apenas 30% obtiveram valor economico agregado anual positivo. Porem, nao ha uniformidade entre os setores, pois as porcentagens medias variaram de 6,7% (setor textil) a 66,7% (setor de petroleo e gas). Outra contribuicao deste trabalho foi a avaliacao das diferencas na geracao de valor das empresas brasileiras antes e apos a crise do subprime. Como resultado tem-se que, embora o ano de 2009 tenha sido o segundo pior nesse quesito, nao foi encontrada diferenca significativa, no conjunto, entre os periodos antes e depois da crise, apesar das divergencias identificadas entre os setores. Esta pesquisa inova pela sua amplitude, ao utilizar um significativo numero de indicadores financeiros (33), que refletem o resultado de estrategias da empresa ligadas a estrutura de capital, rentabilidade, liquidez, operacao e investimento e, tambem, uma ampla base de dados (345 empresas, totalizando 2.205 relatorios anuais), abrangendo dez anos de analise em quinze setores economicos. Assim, espera-se que os resultados contribuam para subsidiar a tomada de decisao nas organizacoes, utilizando a abordagem da Gestao Baseada no Valor, bem como para auxiliar na selecao e monitoramento das empresas pelos investidores. / In the current context of globalized markets, the enterprises face a competition more and more complex in the capital obtainment. To attract it, they need to offer a return that rewards the risk taken by the investors, in other words, create value. The Value Based Management (VBM) defends the shareholders wealth maximization as the main goal of the firm. In Brazil, this approach has been adopted more intensively in the last decade, becoming evident the need of monitoring the business value in this economy. In this context, the objective of this study was to identify the main value drivers of non-financial publicly traded Brazilian companies, represented by the ones with shares traded in the Sao Paulo Stock Exchange (BM&FBOVESPA), in the period from 2000 to 2009. For this purpose, it was evaluated which financial indicators were more associated to the value creation, represented by the Economic Value Added (EVAR), in a way that they could be considered value drivers in each economic sector. The statistical techniques used to obtain the results were: correlation, test t for mean differences between the firms with EVAR positive and negative, multiple regression, panel regression and logit model. One of the main results obtained was that at least two thirds of the financial indicators used for company analysis don\'t explain the value creation. Considering the universe studied, the financial indicators significantly related to the value creation were: return on equity (ROE), return on assets (ROA), shareholder spread, gross margin, net margin and asset turnover, all of them with positive coefficient, what means that they have direct relation with EVAR. Furthermore, in the analysis of the economic sectors, because of their specific features, it was found differences between the financial indicators considered value drivers. In relation to the companies\' performance in the period analyzed, it was observed that most of them destroyed value, since only 30% obtained positive annual economic value added. However, there is no uniformity between the sectors, because the average percentages varied from 6.7% (textile sector) to 66.7% (oil and gas sector). Another contribution of this assignment was the analysis of the differences in the Brazilian companies\' value creation before and after the subprime crisis. As a result, despite the fact that the year of 2009 had been the second worst in this criterion, it was found no significant difference, considering the whole sample, between the periods before and after the crisis. However, divergences were identified between the sectors. This research innovates for its extent, using a significant number of financial indicators (33), which reflect the result of the firm strategies connected to capital structure, profitability, liquidity, operation and investment, besides a wide database (345 companies, totalizing 2,205 annual reports), covering ten years of analysis in fifteen economic sectors. Therefore, it is expected that the results contribute to subsidize the decision making in the organizations, using the approach of Value Based Management, as well as to help the selection and monitoring of the firms by the investors.

The side-effects of chemotherapy treatment are an increasingly important research focus as more cancer patients are reaching survivorship. While treatment allows for survival, it can also lead to problems which can significantly affect quality of life. Cognitive impairments after chemotherapy treatment are one such factor. First presented as anecdotal patient reports, over the last decade empirical evidence for this cognitive concern has been obtained. Much attention has been focused on post-chemotherapy research, yet little attention has been granted to these same patients’ cognition before treatment commences. Breast cancer (BC) patients face many obstacles before chemotherapy treatment such as: surgery and side-effects of anesthesia, increased cytokine activity, stress of a new disease diagnosis and upcoming challenges, and emotional burdens such as depression and anxiety. Many of these factors have independently been shown to affect cognitive abilities in both healthy populations as well as other patient groups. Therefore, the pre-treatment (or baseline) BC patient status warrants systematic study. This would then reduce mistakenly attributing carried-over cognitive deficits to side effects of chemotherapy. As well, it is possible that certain confounding variables may have neural manifestations at baseline that could be exacerbated by chemotherapy agents. The following thesis first presents a review paper which critically describes the current literature examining chemotherapy-related cognitive impairments (CRCIs), as well as possible confound variables affecting this population. Subsequently, three original research papers present pre-chemotherapy data showing significant neuroanatomical and neurofunctional differences in BC patients compared to controls. In particular, these neural differences are present in brain regions that have been reported in post-chemotherapy papers. This, as well as the effects of variables such as the number of days since surgery, depression and anxiety scores and more, support the initiative that research attention should increase focus on these patients at baseline in order to better understand their post-chemotherapy results.

The side-effects of chemotherapy treatment are an increasingly important research focus as more cancer patients are reaching survivorship. While treatment allows for survival, it can also lead to problems which can significantly affect quality of life. Cognitive impairments after chemotherapy treatment are one such factor. First presented as anecdotal patient reports, over the last decade empirical evidence for this cognitive concern has been obtained. Much attention has been focused on post-chemotherapy research, yet little attention has been granted to these same patients’ cognition before treatment commences. Breast cancer (BC) patients face many obstacles before chemotherapy treatment such as: surgery and side-effects of anesthesia, increased cytokine activity, stress of a new disease diagnosis and upcoming challenges, and emotional burdens such as depression and anxiety. Many of these factors have independently been shown to affect cognitive abilities in both healthy populations as well as other patient groups. Therefore, the pre-treatment (or baseline) BC patient status warrants systematic study. This would then reduce mistakenly attributing carried-over cognitive deficits to side effects of chemotherapy. As well, it is possible that certain confounding variables may have neural manifestations at baseline that could be exacerbated by chemotherapy agents. The following thesis first presents a review paper which critically describes the current literature examining chemotherapy-related cognitive impairments (CRCIs), as well as possible confound variables affecting this population. Subsequently, three original research papers present pre-chemotherapy data showing significant neuroanatomical and neurofunctional differences in BC patients compared to controls. In particular, these neural differences are present in brain regions that have been reported in post-chemotherapy papers. This, as well as the effects of variables such as the number of days since surgery, depression and anxiety scores and more, support the initiative that research attention should increase focus on these patients at baseline in order to better understand their post-chemotherapy results.

The side-effects of chemotherapy treatment are an increasingly important research focus as more cancer patients are reaching survivorship. While treatment allows for survival, it can also lead to problems which can significantly affect quality of life. Cognitive impairments after chemotherapy treatment are one such factor. First presented as anecdotal patient reports, over the last decade empirical evidence for this cognitive concern has been obtained. Much attention has been focused on post-chemotherapy research, yet little attention has been granted to these same patients’ cognition before treatment commences. Breast cancer (BC) patients face many obstacles before chemotherapy treatment such as: surgery and side-effects of anesthesia, increased cytokine activity, stress of a new disease diagnosis and upcoming challenges, and emotional burdens such as depression and anxiety. Many of these factors have independently been shown to affect cognitive abilities in both healthy populations as well as other patient groups. Therefore, the pre-treatment (or baseline) BC patient status warrants systematic study. This would then reduce mistakenly attributing carried-over cognitive deficits to side effects of chemotherapy. As well, it is possible that certain confounding variables may have neural manifestations at baseline that could be exacerbated by chemotherapy agents. The following thesis first presents a review paper which critically describes the current literature examining chemotherapy-related cognitive impairments (CRCIs), as well as possible confound variables affecting this population. Subsequently, three original research papers present pre-chemotherapy data showing significant neuroanatomical and neurofunctional differences in BC patients compared to controls. In particular, these neural differences are present in brain regions that have been reported in post-chemotherapy papers. This, as well as the effects of variables such as the number of days since surgery, depression and anxiety scores and more, support the initiative that research attention should increase focus on these patients at baseline in order to better understand their post-chemotherapy results.

No contexto atual dos mercados globalizados, as empresas enfrentam uma competicao cada vez mais complexa na obtencao de capital. Para atrai-lo, elas precisam oferecer um retorno que remunere o risco assumido pelos investidores, ou seja, gerar valor. A Gestao Baseada no Valor defende a maximizacao de riqueza dos acionistas como a meta principal da organizacao. No Brasil, essa abordagem tem sido adotada de forma mais intensa na ultima decada, tornando evidente a necessidade de monitorar o valor da firma nessa economia. Nesse contexto, o objetivo deste estudo foi identificar os principais direcionadores de valor das empresas de capital aberto nao financeiras brasileiras, representadas pelas companhias com acoes negociadas na Bolsa de Valores de Sao Paulo (BM&FBOVESPA), no periodo de 2000 a 2009. Para isso, foram avaliados quais indicadores financeiros estavam mais relacionados a geracao de valor, representada pelo Valor Economico Agregado (VEA), de forma a serem considerados direcionadores desse em cada setor economico. As tecnicas estatísticas utilizadas para esse proposito foram: correlacao, teste t para diferenca de medias entre as empresas com VEA positivo e negativo, regressao multipla, regressao em painel e regressão logistica. Um dos principais resultados encontrados foi que pelo menos dois tercos dos indicadores financeiros utilizados para analise de empresas nao explicam a geracao de valor. Considerando o universo pesquisado, os indicadores financeiros significativamente relacionados a geracao de valor foram: retorno sobre o patrimonio liquido (ROE), retorno sobre o ativo (ROA), spread do acionista, margem bruta, margem liquida e giro do ativo, todos com coeficiente positivo, ou seja, com relacao direta com o VEA. Alem disso, na analise dos setores economicos, por suas caracteristicas especificas, foram encontradas divergencias entre os indicadores financeiros considerados direcionadores de valor. Em relacao ao desempenho das empresas no periodo de analise, observou-se que a maioria delas destruiu valor, ja que apenas 30% obtiveram valor economico agregado anual positivo. Porem, nao ha uniformidade entre os setores, pois as porcentagens medias variaram de 6,7% (setor textil) a 66,7% (setor de petroleo e gas). Outra contribuicao deste trabalho foi a avaliacao das diferencas na geracao de valor das empresas brasileiras antes e apos a crise do subprime. Como resultado tem-se que, embora o ano de 2009 tenha sido o segundo pior nesse quesito, nao foi encontrada diferenca significativa, no conjunto, entre os periodos antes e depois da crise, apesar das divergencias identificadas entre os setores. Esta pesquisa inova pela sua amplitude, ao utilizar um significativo numero de indicadores financeiros (33), que refletem o resultado de estrategias da empresa ligadas a estrutura de capital, rentabilidade, liquidez, operacao e investimento e, tambem, uma ampla base de dados (345 empresas, totalizando 2.205 relatorios anuais), abrangendo dez anos de analise em quinze setores economicos. Assim, espera-se que os resultados contribuam para subsidiar a tomada de decisao nas organizacoes, utilizando a abordagem da Gestao Baseada no Valor, bem como para auxiliar na selecao e monitoramento das empresas pelos investidores. / In the current context of globalized markets, the enterprises face a competition more and more complex in the capital obtainment. To attract it, they need to offer a return that rewards the risk taken by the investors, in other words, create value. The Value Based Management (VBM) defends the shareholders wealth maximization as the main goal of the firm. In Brazil, this approach has been adopted more intensively in the last decade, becoming evident the need of monitoring the business value in this economy. In this context, the objective of this study was to identify the main value drivers of non-financial publicly traded Brazilian companies, represented by the ones with shares traded in the Sao Paulo Stock Exchange (BM&FBOVESPA), in the period from 2000 to 2009. For this purpose, it was evaluated which financial indicators were more associated to the value creation, represented by the Economic Value Added (EVAR), in a way that they could be considered value drivers in each economic sector. The statistical techniques used to obtain the results were: correlation, test t for mean differences between the firms with EVAR positive and negative, multiple regression, panel regression and logit model. One of the main results obtained was that at least two thirds of the financial indicators used for company analysis don\'t explain the value creation. Considering the universe studied, the financial indicators significantly related to the value creation were: return on equity (ROE), return on assets (ROA), shareholder spread, gross margin, net margin and asset turnover, all of them with positive coefficient, what means that they have direct relation with EVAR. Furthermore, in the analysis of the economic sectors, because of their specific features, it was found differences between the financial indicators considered value drivers. In relation to the companies\' performance in the period analyzed, it was observed that most of them destroyed value, since only 30% obtained positive annual economic value added. However, there is no uniformity between the sectors, because the average percentages varied from 6.7% (textile sector) to 66.7% (oil and gas sector). Another contribution of this assignment was the analysis of the differences in the Brazilian companies\' value creation before and after the subprime crisis. As a result, despite the fact that the year of 2009 had been the second worst in this criterion, it was found no significant difference, considering the whole sample, between the periods before and after the crisis. However, divergences were identified between the sectors. This research innovates for its extent, using a significant number of financial indicators (33), which reflect the result of the firm strategies connected to capital structure, profitability, liquidity, operation and investment, besides a wide database (345 companies, totalizing 2,205 annual reports), covering ten years of analysis in fifteen economic sectors. Therefore, it is expected that the results contribute to subsidize the decision making in the organizations, using the approach of Value Based Management, as well as to help the selection and monitoring of the firms by the investors.