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Anchoring and Motivated Reasoning in Managers' Review of Accounting EstimatesJanuary 2016 (has links)
abstract: Accounting estimates are developed in a bottom-up fashion; subordinates generate estimates that are reviewed by managers. The anchoring heuristic suggests managers may be highly influenced by subordinates’ initial estimates. However, motivated reasoning theory predicts that reporting incentives will bias managers’ review in favor of estimates that are incentive consistent, and managers will selectively attend to information that supports their preferred conclusion, including their perceptions of the subordinate. Using experimental methods I manipulate the consistency of the subordinate estimate with management reporting incentives, and the narcissistic description of the subordinate. Consistent with motivated reasoning theory, I find that managers anchor on incentive consistent subordinate estimates, regardless of subordinate narcissism, but anchor less on incentive inconsistent subordinate estimates, especially when the estimate comes from a narcissistic subordinate. I also find evidence that managers believe narcissistic subordinates act strategically in their own self-interest, and selectively attend to this belief to adjust away from incentive inconsistent subordinate estimates, but not incentive consistent subordinate estimate. My results reveal two potential weaknesses in the management review process: susceptibility to subordinate anchors, and bias created by reporting incentives. / Dissertation/Thesis / Doctoral Dissertation Accountancy 2016
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A National Study on Leveraging Public Infrastructure Funds: Project Performance and Financing Source Analysis for Public-Private Partnerships (PPP) in the U.S. Transportation SectorJanuary 2016 (has links)
abstract: Transportation systems in the U.S. are in a poor state of disrepair. A significant investment is needed to replace or rehabilitate current transportation infrastructure. Currently, transportation investments are lackluster with the recession of 2008 heavily impacting transportation spending, inciting deficits and budgetary cuts at state and federal government levels. As a result, policy makers and public officials are increasingly looking for innovative financing and alternative delivery methods to supplement traditional financing and delivery for transportation projects. Subsequently, the number of public-private partnerships (PPP or P3) has increased substantially over the last two decades.
There is a growing need to quantify the project performance and financial benefits of PPP. This dissertation fills this gap in knowledge by performing a comprehensive quantitative analysis of PPP project performance and financial sources for transportation projects in the U.S. This study’s specific research objectives are:
(1) Develop a solid baseline for comparison, comprised of non-PPP projects;
(2) Quantify PPP project cost and schedule performance; and
(3) Quantify private versus public financing sources of PPP.
A thorough literature review led to the development of a structured data collection process for PPP and comparable non-PPP projects. Financing data was collected and verified for a total of 133 ongoing and completed projects; while performance data was verified for a subset of 81 completed projects. Data analysis included regression analysis, descriptive statistics, inferential statistics and non-parametric statistical tests.
The results provide benchmarks for PPP project performance and financing sources. For the performance results, non-PPP projects have an average cost change of 8.46 percent and an average schedule change of -0.22 percent. PPP projects have an average cost change of 3.04 percent and average schedule change of 1.38 percent. Statistical analysis showed cost change for PPP projects were superior to that of non-PPP; however, schedule change differences were not significant. For the financing results, private financing totaled 44.5 percent while public financing totaled 55.5 percent. This result shows private financing can be used to leverage public financing with close to a one-to-one ratio and that PPP has the potential to double the amount of infrastructure delivered to the public. / Dissertation/Thesis / Doctoral Dissertation Civil and Environmental Engineering 2016
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Planejamento orçamentário empresarial de indústrias do Distrito Industrial I de Bauru /Oliveira, Carlos Eduardo de. January 2008 (has links)
Orientador: Angelo Cataneo / Banca: Renato de Campos / Banca: Aquiles Elie Guimarães Kalatzis / Resumo: A globalização da economia e da concorrência e a grande quantidade de empresas que fecham suas portas por ano no Brasil reforça a importância do empresário planejar as suas ações. O planejamento passa a ser um fator diferencial para a sustentabilidade das empresas e o orçamento seu instrumento de mensuração quantitativa. Esta pesquisa descritiva apresenta um estudo elaborado nas indústrias do Distrito Industrial I da cidade de Bauru - SP, cadastradas NO CIESP - Diretoria Regional Bauru. As perguntas do questionário estão organizadas em blocos relacionados aos objetivos específicos e investigando as características das indústrias. O orçamento é utilizado por 57% das indústrias pesquisadas, que indica que nem todas as empresas consideram do orçamento empresarial como instrumento de mensuração quantitativa e de gestão, buscando torná-lo um instrumento de integração, condução e um meio eficiente de atingir os objetivos da empresa. Em termos específicos, esta pesquisa apresenta os fatores relevantes para o desenvolvimento do planejamento orçamentário. Por outro lado, o estudo apresenta os principais motivos pelos quais algumas empresas não elaboram esta atividade. Contudo, o planejamento orçamentário é um importante instrumento de gestão empresarial, proporcionando a concentração dos esforços dos administradores nos pontos-chave, minimizando a tensão no processo de tomada de decisão... (Resumo completo, clicar acesso eletrônico abaixo) / Abstract: The globalization of the economy - and of the competition - and the large number of companies which shut down every year in Brazil reinforces the importance of action planning for the businessman. Planning has become a differential factor for the sustainability of the companies, and the budget, their quantitative assessment instrument. This descriptive research presents a study made with the industries of the industrial estate I, in Bauru city, São Paulo state, registered at CIESP - Bauru regional board of directors. The questions in the questionnaire are organized in blocks related to the specific objectives of the research and investigating the characteristics of the companies. The budget is used by 57% of the companies surveyed, which indicates that not all the companies consider the use of the enterprise budget as an instrument for integration, direction, and an effective way to reach the company's goals. In specific terms, this research presents the relevant factors for the development of the budget planning. On the other hand, the study also presents the main reasons why some companies fail to fulfil this activity. Nevertheless, budget planning is an important instrument for enterprise management, leading to the concentration of managers' efforts on the key points, minimizing, thus, the strain in the decision making process. / Mestre
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Controles da produção primária em um Córrego de Mata Atlântica / Controls of primary production in an Atlantic Rainforest StreamCristiano Yuji Sasada Sato 24 February 2011 (has links)
Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Esta dissertação consiste de dois capítulos, cada um correspondendo a um estudo realizado de modo independente. Em um córrego de Mata Atlântica, Rio de Janeiro, Brasil, foram estudados efeitos de herbívoros e de controles ambientais no perifíton. No primeiro trabalho foram testados os efeitos do camarão Potimirim glabra, um engenheiro do ecossistema, nos parâmetros metabólicos de comunidades perifíticas (Produção, Respiração, Metabolismo Líquido da Comunidade e razão Produção:Respiração). O tratamento de inclusão de Potimirim produziu resultados inversos aos esperados, com aumento da clorofila e massa seca das comunidades perifíticas, levantando dúvida com relação à eficácia dos tratamentos. Nenhuma das variáveis metabólicas esteve relacionada aos tratamentos. Considera-se que efeitos artefato da gaiola utilizada na inclusão dos camarões podem ter prejudicado o efeito esperado de remoção de material pelos camarões. Os resultados podem indicar, entretanto, que para o efeito de herbívoros os parâmetros clorofila e massa seca sejam mais sensíveis e variáveis que os metabólicos para as comunidades estudadas. São recomendados futuros trabalhos com metodologias que reduzam os efeitos artefato, tais como exclusão de herbívoros com cercas elétricas. No segundo trabalho, foram estudados os estoques, a distribuição e os controles da biomassa perifítica para o córrego. Entre os substratos estudados, a areia apresentou os maiores estoques, com 5 vezes mais clorofila e 20 vezes mais massa seca que os substratos pedra e folha. Diferenças entre trechos com diferentes densidades do camarão herbívoro Potimirim glabra revelaram para o substrato pedra menores valores de massa seca para os locais onde o camarão é mais numeroso. Entre as variáveis ambientais, apenas a profundidade esteve relacionada aos dados de biomassa nos substratos pedra e areia. A comparação dos dados deste estudo com trabalhos anteriores pode indicar que distúrbios provocados por enchentes podem alterar os estoques e os padrões de distribuição para este córrego. / This dissertation consists of two chapters, each corresponding to an independent study. In an Atlantic Rainforest stream, Rio de Janeiro, Brazil, the effects of herbivores and of environmental controls on periphyton were studied. In the first experiment I tested the effects of the shrimp Potimirim glabra, an ecosystem engineer, on the metabolic parameters of periphytic communities (Production, Respiration, Net Daily Metabolism and Production:Respiration ratio). The Potimirim inclusion treatments produced results opposite to the expected, with higher chlorophyll and dry mass of the periphytic communities. This lead to doubt of the efficacy of the treatments. None of the metabolic variables was related to the treatments. It is considered that artificial effects of the cage used in the shrimp inclusion may have changed the expected effect of material removal by the shrimps. The results may hint, however, that the chlorophyll and dry mass parameters may be more sensitive to and variable with the effects of herbivores than the metabolic parameters in the studied communities. Future work is recommended with methods that reduce artificial effects, such as herbivore exclusion using electric fences. In the second experiment, stocks, distribution and controls of periphytic biomass were studied for the stream. Among the studied substrates, sand presented the highest stocks, with 5 times more chlorophyll and 20 times more dry mass than the rock and leaf substrates. Differences among reaches with different densities of the herbivore shrimp Potimirim glabra revealed for the stone substrate smaller dry mass values in the reaches where the shrimp is more abundant. Among environmental variables, only depth was related to biomass, in the substrates rock and sand. The comparison of data in this study with previous work may hint that disturbances caused by spates may change stocks and distribution patterns for this stream.
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A importância da gestão de riscos e controles internos como respostas a riscos empresariais / The importance of risk management and internal controls as a response to business risksDulcidio Lavoisier de Oliveira Peres 25 August 2010 (has links)
O principal objetivo deste estudo foi verificar a importância da gestão de riscos e controles internos como resposta a riscos empresariais. A relevância do assunto é respaldada na crescente necessidade apresentada pelas empresas para mitigar seus riscos empresarias com objetivo de enfrentar o mundo globalizado e a acirrada concorrência, além de buscar diferencial na qualidade de gestão empresarial e proporcionar maior valor agregado a seus acionistas. Adicionalmente, foram realizadas pesquisas de mercado, sobre assuntos afins ao tema principal, por meio de aplicação de questionários junto a Unidades de Relacionamento com investidores de grandes empresas brasileiras e a empregados de empresas de auditorias independentes com grande experiência de mercado, permitindo ao leitor visão panorâmica da situação atual dos referidos temas. A metodologia utilizada foi a pesquisa documental e bibliográfica, com utilização de documentos de trabalho e relatórios de consultorias privadas e uso de material acessível ao público em geral como livros, artigos, dissertações, seminários e legislações publicados. Como conclusão, é apresentada seleção contemplando 15 importantes lições. / The main purpose of this study was to verify the importance of risk and internal controls management as a response to corporate risks. The subject relevance is supported by the growing need presented by companies to mitigate corporate risks in order to face the globalized world and the fierce competition, seek distinction in corporate management and achieve a larger value added to its shareholders. Furthermore, market researches on topics related to the main theme have been carried out through the use of questionnaires alongside the Units for Relationship with major Brazilian companies investors and independent auditors companies employees who have great market experience thus leading the reader to a wider view of the present situation on the aforementioned themes. The methodology used in this thesis was the document and literature research, through the use of work documents and private consulting reports as well as information available to the general public such as published books, articles, theses, seminars and laws. As a conclusion, the selection is presented and brings about fifteen important lessons.
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Controles de Capitais no Brasil: uma avaliação a partir da literatura. / Capital Controls in Brazil: a review from the literature.Mariana Aparecida Rachid Novaes 28 September 2012 (has links)
O objetivo desse trabalho é responder quatro perguntas centrais a partir da literatura sobre os controles de capitais no Brasil: Os controles de capitais foram e têm sido eficazes no Brasil? O Brasil tem seguido o seqüenciamento proposto pelo FMI ao adotar controles de capitais? Os controles de capitais no Brasil são endógenos? A liberalização econômica favorece o crescimento econômico de um país? Para tanto, foram estudados outros casos de adoção de controles de capitais em diferentes economias, a partir da literatura existente, e a experiência brasileira com controles de capitais. A literatura empírica foi analisada com o intuito de verificar se os controles de capitais são eficazes para objetivos de política econômica ou se deve sustentar o processo de liberalização financeira, como defendido por alguns economistas mais ortodoxos. / The main goal of this work is to answer four key questions related to the capital controls in Brazil from a literature perspective: Were capital controls effective, and have they been, in Brazil? Has Brazil followed the sequencing proposed by IMF when adopting capital controls? Are capital controls in Brazil endogenous? Does economic liberalization promote economic growth to a country? For that, experiences of capital controls adoption in different economies were studied, using the international literature, as well as the Brazilian experience with capital controls. The empirical literature has been analyzed in order to verify if capital controls are effective for the main goals of economic politics or if a financial liberalization should be applied, as supported by some orthodox economists.
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Integração de modelos de processo e produto na fase de construção para o controle da produção e da qualidade com o apoio de BIMVillamayor Ibarra, José Fernando January 2016 (has links)
Os controles de produção e qualidade executados no canteiro de obras têm sido frequentemente associados a trâmites burocráticos, sendo limitados a tarefas administrativas, em lugar de adicionar valor para os clientes internos e externos. Por esta razão, diversas pesquisas propuseram abordagens e indicadores para a integração entre controles de produção e qualidade. Uma das abordagens apontadas na literatura como promissora consiste no uso de dispositivos móveis, para apoiar a implementação destes controles. Tais dispositivos permitem a gestão de grandes quantidades de informações, evitando retrabalhos e erros derivados da coleta manual no papel e transcrição posterior para dispositivos digitais. Outros esforços têm se focado na integração entre os modelos de processo e produto de forma que a informação possa ser utilizada de forma mais eficaz na fase de construção. Os modelos de processo são necessários para realizar o planejamento e controle da produção, enquanto os modelos do produto são relacionados a representações 2D e 3D das obras e, mais recentemente, a modelos BIM. No entanto, a literatura sobre o uso de tecnologia da informação para implementar sistemas integrados de controle da produção e da qualidade é escassa. O objetivo do presente trabalho consiste em desenvolver um modelo para a integração entre processos gerenciais, representados pelos sistemas de planejamento e controle da produção e de gestão da qualidade, e um modelo BIM do produto, buscando facilitar o acompanhamento da execução da obra, incluindo o desempenho em termos de qualidade e a ocorrência de perdas. Foram desenvolvidos dois estudos empíricos em diferentes empresas construtoras, sendo adotada a abordagem metodológica da design science research. A principal contribuição deste trabalho está relacionada à execução da integração entre os resultados de controles pró-ativos no canteiro e o modelo BIM do empreendimento de forma sistemática. Além disso, o modelo proposto tem a possibilidade de ser adaptado para usos diversos, podendo, assim, incorporar informações correspondentes a outras fases do ciclo de vida dos empreendimentos construtivos. / Production and quality controls undertaken in construction sites have often been associated to bureaucratic procedures, being limited to simple administrative tasks, instead of adding value for internal and external stakeholders. For that reason, some research studies have proposed approaches and indicators for the integration of production and quality controls. One of these approaches pointed out in the literature is the use of mobile devices, to support the implementation of those controls. Those devices allow the management of large information batches, reducing rework and errors derived from manual paper-based data collection and further transcription to digital media. Other efforts have focused on the integration between product and process models so that information can be more effectively used during the construction phase of the project. Process models are necessary for carrying out production planning and control, while product models are concerned with 2D or 3D design, and, most recently, with BIM models. Nonetheless, the literature on the use of information technology for implementing integrated production and quality control is scarce. The aim of this research work is to develop a model for the integration of management processes, composed by production planning, control and quality management processes, and a BIM product model, in order to facilitate the monitoring of project execution, including the performance in terms of quality and the occurrence of waste. Two empirical studies were carried out in different construction companies, using the design science research approach. The main contributions of this investigation are related to the integration between some proactive control results and the BIM model in a systematic way. Furthermore, the proposed model has the possibility to be adapted for diverse uses, such as incorporating information from different phases of the construction project life cycle.
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A importância da auditoria interna para as organizaçõesWernli, Naomi Scuratovski January 2013 (has links)
O presente trabalho tem por objetivo identificar de que forma a auditoria interna pode contribuir com o atingimento dos objetivos da organização tendo em vista o seu papel atual dentro do contexto de instabilidade financeira que ocasiona o aumento dos riscos inerentes ao negócio fazendo com que este departamento seja desafiado a gerir os riscos presentes, futuros, juntamente com a pressão por reduzir custos e agregar valor à organização. A importância da auditoria interna é destacada como sendo uma área que possui alto potencial dentro da organização dados seu conhecimento acerca dos riscos e processos internos e que pode ampliar sua atuação em áreas que possuem relevância sob o ponto de vista da alta administração. / This final paper focus on identify how internal audit can contribute to the achievement of organizational goals with a view to its current role within the context of financial instability that causes the increase of inherent business risks and therefore this department is challenged to manage the present and future risks, along with the pressure to reduce costs and add value to the organization. The importance of internal audit is highlighted as an area that holds great potential within the organization given their risk knowledge and internal processes that can expand its activities in areas that are relevant from the point of view of top management.
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Análise do risco operacional na unidade de call center de uma instituição financeiraMoschos, Cristina January 2011 (has links)
O Risco Operacional nas instituições financeiras foi normatizado com a Resolução nº 3.380 em 29 de junho de 2006, emitida pelo Conselho Monetário Nacional. Desde então, entidades autorizadas a funcionar pelo Banco Central do Brasil tiveram de adequar suas estruturas e procedimentos com o intuito de aumentar os controles sobre eventos internos e externos à instituição, com a finalidade de reduzir perdas financeiras a partir da mitigação deste tipo de risco. Dessa forma, a presente dissertação tem como objetivo apresentar como um banco comercial precisa agir para adequar seus processos às novas exigências legais diante de um assunto com uma importância tão significativa. Este trabalho, além de apresentar os procedimentos de gestão de riscos em uma entidade, procura também elucidar como o risco operacional, no departamento de Call Center da instituição financeira escolhida, pode afetá-la, no caso da inobservância dos procedimentos a serem adotados com vistas à mitigação das falhas já identificadas e de possíveis ocorrências que possam comprometer a continuidade da organização. Os resultados obtidos na pesquisa mostram que o banco em estudo, em relação a outras instituições financeiras pesquisadas, ainda apresenta-se em uma etapa de desenvolvimento da sua área de gestão de riscos, trabalhando em conformidade com a legislação vigente e buscando aperfeiçoar suas técnicas de identificação e mensuração dos riscos operacionais. / Operational risk in financial institutions was normalized with Resolution No. 3380 on June 29, 2006, issued by the National Monetary Council. Since then, entities authorized to operate by the Central Bank of Brazil had to adapt its structures and procedures in order to tighten controls on internal and external events to the institution, in order to reduce financial losses from this type of risk mitigation. Thus, this paper aims to present as a commercial bank must act to adjust its processes to the new legal requirements before a subject with a very significant importance. This paper, besides presenting the procedures for managing risks in an entity, also seeks to clarify how operational risk, the department's Call Center financial institution chosen may affect it, in the case of a failure of procedures to be adopted in order mitigating the flaws already identified and possible events that could endanger the continuity of the organization. The results obtained from the survey show that the bank under study in relation to other financial institutions surveyed, still comes in a stage of development of their area of risk management, working in accordance with current legislation and seeking to improve their techniques identification and measurement of operational risks.
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Experimental and theoretical investigation of CO2 trans-critical power cycles and R245fa organic Rankine cycles for low-grade heat to power energy conversionLi, Liang January 2017 (has links)
Globally, there are vast amounts of low-grade heat sources from industrial waste and renewables that can be converted into electricity through advanced thermodynamic power cycles and appropriate working fluids. In this thesis, experimental research was conducted to investigate the performance of a small-scale Organic Rankine Cycle (ORC) system under different operating conditions. The experimental setup consisted of typical ORC system components, such as a turboexpander with a high speed generator, a scroll expander, a finned-tube condenser, an ORC pump, a plate evaporator and a shell and tube evaporator. R245fa was selected as the working fluid, on account of its appropriate thermophysical properties for the ORC system and its low ozone depletion potential (ODP). The test rig was fully instrumented and extensive experiments carried out to examine the influences of several important parameters, including heat source temperature, ORC pump speed, heat sink flow velocity, different evaporators and with or without a recuperator on overall R245fa ORC performances. In addition, in terms of the working fluid’s environmental impact, temperature match of the cycle heat processes and system compactness, CO2 transcritical power cycles (T-CO2) were deemed more applicable for converting low-grade heat to power. However, the system thermal efficiency of T-CO2 requires further improvement. Subsequently, a test rig of a small-scale power generation system with T-CO2 power cycles was developed with essential components connected; these included a plate CO2 supercritical heater, a CO2 transcritical turbine, a plate recuperator, an air-cooled finned-tube CO2 condenser and a CO2 liquid pump. Various preliminary test results from the system measurements are demonstrated in this thesis. At the end, a theoretical study was conducted to investigate and compare the performance of T-CO2 and R245fa ORCs using low-grade thermal energy to produce useful shaft or electrical power. The thermodynamic models of both cycles were developed and applied to calculate and compare the cycle thermal and exergy efficiencies at different operating conditions and control strategies. In this thesis, the main results showed that the thermal efficiency of the tested ORC system could be improved with an increased heat source temperature in the system with or without recuperator. When the heat source temperature increased from 145 oC to 155 oC for the system without recuperator, the percentage increase rates of turbine power output and system thermal efficiency were 13.6% and 14% respectively while when the temperature increased from 154 oC to 166 oC for the system with recuperator, the percentage increase rates were 31.2% and 61.97% respectively. In addition, the ORC with recuperator required a relative higher heat source temperature, which is comparable to a system without recuperator. On the other hand, at constant heat source temperatures, the working fluid pump speed could be optimised to maximise system thermal efficiency for ORC both with and without recuperator. The pressure ratio is a key factor impacting the efficiencies and power generation of the turbine and scroll expander. Maximum electrical power outputs of 1556.24W and 750W of the scroll expander and turbine were observed at pressure ratio points of 3.3 and 2.57 respectively. For the T-CO2 system, the main results showing that the CO2 mass flow rate could be directly controlled by varying the CO2 liquid pump speeds. The CO2 pressures at the turbine inlet and outlet and turbine power generation all increased with higher CO2 mass flow rates. When CO2 mass flow rate increased from 0.2 kg/s to 0.26kg/s, the maximum percentage increase rates of measured turbine power generation was 116.9%. However, the heat source flow rate was found to have almost negligible impact on system performance. When the thermal oil flow rate increased from 0.364kg/s to 0.463kg/s, the maximum percentage increase rate of measured turbine power generation was only 14.8%. For the thermodynamic analysis, with the same operating conditions and heat transfer assumptions, the thermal and exergy efficiencies of R245fa ORCs are both slightly higher than those of T-CO2. However, the efficiencies of both cycles can be enhanced by installing a recuperator at under specific operating conditions. The experiment and simulation results can thus inform further design and operation optimisations of both the systems and their components.
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