This thesis examines asset pricing and capital structure of small- and medium-sized enterprises (SMEs) in three essays. Firm finance and asset pricing are areas of voluminous research in the literature. Most of this research observes firms trading on public stock exchanges. In my thesis, I examine privately-owned SMEs where relatively little research has been done. I use a proprietary database of over 16,000 SMEs that sold from 1990 to 2010, reporting market valuations and accounting information. My findings contribute to the literature on asset pricing and capital structure of private firms that benefits researchers, entrepreneurs, investors, and analysts. The first essay examines whether the size effect in returns found in traded stocks is present in SMEs. The size-effect literature generally observes listed firms and finds that smaller firms tend to have higher returns. Using the SME database, I document the size effect in private firms using market valuations. I also find the size premium is concentrated in smaller SMEs. In firms smaller than $2.5 million in market value, the size effect is nearly 13 times stronger compared to larger firms. The second essay explores the effects of investor sentiment and marketwide liquidity in SME returns. Prior studies find these factors have effects in returns of listed firms. I find that SME returns are negatively related to sentiment and liquidity. As sentiment or liquidity rise, SME returns tend to fall. This study also finds that the effects of sentiment and liquidity are concentrated in smaller firms and weaken or disappear in larger SMEs. Apparently investors in smaller SMEs are more influenced by sentiment and liquidity. I also find that sentiment and liquidity have conditional effects on the magnitude of the size premium. The third and final essay examines SME capital structure. Firm capital structure has been one of the most contentious issues in finance theory for over 50 years. Relatively little research examines private firm finance and no previous studies to my knowledge have examined SME capital structure using market-based leverage ratios. I examine relations between leverage and capital structure determinants suggested by theory using market-based and book-value leverage ratios. I find support for both the trade-off and pecking-order theories. This study also finds that SMEs tend to use short-term debt much more than long-term debt and firms appear to practice maturity matching where managers tend to match borrowing terms with asset life. Evidence also suggests that capital structure determinants suggested by theory have greater explanatory power for market-based leverage ratios than for ratios based on book values.

This thesis deals with a specific area of cloud computing - Enterprise Content Management services and their adoption among small and medium-sized businesses. The main goal is to identify and analyse factors affecting the expansion of cloud ECM services among SMBs. Secondary goals include definition of basic concepts, introduction of benefits and risks, definition of a suitable category, presentation of several products from this category, analysis of cloud computing adoption surveys, identification and analysis of main adoption barriers, description of products with focus on identified barriers and compilation of a set of recommendations for cloud service providers. These goals were achieved by studying literature, searching and analyzing cloud computing adoption surveys and consulting with professionals. This thesis contributes to the field with mapping of real world companies' opinions into practical recommendations for cloud computing vendors. Other contributions include definition of product parameters that are important when making a cloud ECM adoption decision, presentation of current market situation and how individual producers deal with main customers' barriers. Benefits for customers include cloud ECM market overview and showing which facts are worth their notice.

The first part of Master`s thesis focuses on defining the concept of small and medium sized company, a description of their meaning and the possibility of obtaining grants from EU structural funds and from government institutions. Within the options of grant will be prepared and submitted a grant application for a subsidized loan from Czech-Moravian Guarantee and Development Bank or from another entity. The second part of Thesis deals with the business plan. Thesis compares business plan from the franchisor with the reality that arose in building small store in Tabor and its operation in the first fifteen months. Based on the comparison may be designed to optimizing cost outlets of the store. The contribution of this Thesis is to look at a small retail business and it's financing. Such a complex view can help to similar retailers with orientation in the establishment and funding of a similar type of retail businesses. It will also be evaluated by franchise concept Náš grunt in the light of the real picture of financing its stores.

This master thesis aims to explore the conditions of small and medium-sized enterprises in expanding to foreign markets and to find opportunities that will help these businesses to grow. By opportunity it is meant the company's own effort, or state and non-state support of SME's. In the thesis there is analyzed the situation of SME's in the Czech market and the services and support that businesses can use while expanding abroad, it also analyses the modern methods in this area. The aim of the thesis is to analyze trends in the field of internationalization of SMEs, to identify the key needs of Czech companies and to compare them with the actual support offered in the Czech market. Based on a comparison with foreign practice, namely New Zealand, it should propose new ways and opportunities in the process of expansion.

Made available in DSpace on 2016-01-26T18:56:24Z (GMT). No. of bitstreams: 1 RODRIGO TAKASHI Dissertacao corrigida.pdf: 1640747 bytes, checksum: 05cd181c479191c3730adbc45584dbd9 (MD5) Previous issue date: 2012-01-25 / This work aimed to study nitrogen dose on substrates and seedling development of businesses in protected conditions high passion fruit genotypes. The work was conducted under glass in the municipality of Presidente Prudente-SP from May to September 2010. Were used 12 treatments, being 3 commercial substrates (Bioplant®, coconut Fiber and Vivatto®) and 4 doses: 0; 150; 300; 600 mg dm-³ N in the form of urea. Have been assessed data on: (A) plant height (cm); number of sheets expanded (NFL); dry matter weight of leaves (MSPA), roots (MSR) and total (MST) (g); and chlorophyll content. To 60 days the best medium in MST were recorded in commercial coconut fiber substrate (3.75 g) and Vivatto® (3.46 g). The best results were obtained by MSPA in coconut Fiber and Vivatto®. For doses of N quadratic effect was for the variables of MSPA, MSR and MST in 300 mg dose from N dm-3. To 120 days the coconut fiber substrate presented the best medium to high and dry mass of aboveground and total. Regarding the MSR in the substrate Bioplant® there was better response to nitrogen application with 468 mg dm-3 dose with only 4.0 g MSR. To 120 days, the commercial coconut fiber substrate provided the best development of seedlings of fruit genotypes. And the best results in response to nitrogen fertilization on growth of seedlings to plant height parameters and total dry matter was obtained in the dose of 600 mg dm-³ N to 120 days in protected conditions. / Este trabalho teve como objetivo estudar substratos e doses de nitrogênio no desenvolvimento de mudas de porte alto de maracujazeiro em condições protegidas. O trabalho foi conduzido em estufa no município de Presidente Prudente- SP de maio a setembro de 2010. Foram utilizados 12 tratamentos, sendo 3 substratos comerciais (Bioplant®, Fibra de coco e Vivatto®) e 4 doses de: 0; 150; 300; 600 mg dm-³ de N na forma de uréia. Foram avaliados dados sobre: altura da planta (A) (cm); número de folhas expandidas (NFL); peso da matéria seca de folhas (MSPA), raízes (MSR) e total (MST) (g); e teor de clorofila. Aos 60 dias as melhores médias na MST foram registradas no substrato comerciais Fibra de Coco (3,75 g) e Vivatto® (3,46 g). Na MSPA as melhores resultados foram obtidas na Fibra de Coco e Vivatto®. Para as doses de N houve efeito quadrático para as variáveis de MSPA, MSR e MST na partir da dose 300 mg de N dm-3. Aos 120 dias o substrato fibra de coco apresentou as melhores médias para altura e massa seca da parte aérea e total. Em relação à MSR no substrato Bioplant® verificou-se melhor resposta a aplicação de nitrogênio com a dose 468 mg dm-³ com 4,0 g MSR. Aos 120 dias, o substrato comercial Fibra de coco proporcionou o melhor desenvolvimento das mudas de maracujazeiro. E os melhores resultados em resposta a adubação nitrogenada no desenvolvimento das mudas, para os parâmetros de altura de planta e matéria seca total foi obtida na dose de 600 mg dm-³ de N aos 120 dias em condições protegidas.

Made available in DSpace on 2016-07-18T17:51:08Z (GMT). No. of bitstreams: 1 RODRIGO TAKASHI Dissertacao corrigida.pdf: 1640747 bytes, checksum: 05cd181c479191c3730adbc45584dbd9 (MD5) Previous issue date: 2012-01-25 / This work aimed to study nitrogen dose on substrates and seedling development of businesses in protected conditions high passion fruit genotypes. The work was conducted under glass in the municipality of Presidente Prudente-SP from May to September 2010. Were used 12 treatments, being 3 commercial substrates (Bioplant®, coconut Fiber and Vivatto®) and 4 doses: 0; 150; 300; 600 mg dm-³ N in the form of urea. Have been assessed data on: (A) plant height (cm); number of sheets expanded (NFL); dry matter weight of leaves (MSPA), roots (MSR) and total (MST) (g); and chlorophyll content. To 60 days the best medium in MST were recorded in commercial coconut fiber substrate (3.75 g) and Vivatto® (3.46 g). The best results were obtained by MSPA in coconut Fiber and Vivatto®. For doses of N quadratic effect was for the variables of MSPA, MSR and MST in 300 mg dose from N dm-3. To 120 days the coconut fiber substrate presented the best medium to high and dry mass of aboveground and total. Regarding the MSR in the substrate Bioplant® there was better response to nitrogen application with 468 mg dm-3 dose with only 4.0 g MSR. To 120 days, the commercial coconut fiber substrate provided the best development of seedlings of fruit genotypes. And the best results in response to nitrogen fertilization on growth of seedlings to plant height parameters and total dry matter was obtained in the dose of 600 mg dm-³ N to 120 days in protected conditions. / Este trabalho teve como objetivo estudar substratos e doses de nitrogênio no desenvolvimento de mudas de porte alto de maracujazeiro em condições protegidas. O trabalho foi conduzido em estufa no município de Presidente Prudente- SP de maio a setembro de 2010. Foram utilizados 12 tratamentos, sendo 3 substratos comerciais (Bioplant®, Fibra de coco e Vivatto®) e 4 doses de: 0; 150; 300; 600 mg dm-³ de N na forma de uréia. Foram avaliados dados sobre: altura da planta (A) (cm); número de folhas expandidas (NFL); peso da matéria seca de folhas (MSPA), raízes (MSR) e total (MST) (g); e teor de clorofila. Aos 60 dias as melhores médias na MST foram registradas no substrato comerciais Fibra de Coco (3,75 g) e Vivatto® (3,46 g). Na MSPA as melhores resultados foram obtidas na Fibra de Coco e Vivatto®. Para as doses de N houve efeito quadrático para as variáveis de MSPA, MSR e MST na partir da dose 300 mg de N dm-3. Aos 120 dias o substrato fibra de coco apresentou as melhores médias para altura e massa seca da parte aérea e total. Em relação à MSR no substrato Bioplant® verificou-se melhor resposta a aplicação de nitrogênio com a dose 468 mg dm-³ com 4,0 g MSR. Aos 120 dias, o substrato comercial Fibra de coco proporcionou o melhor desenvolvimento das mudas de maracujazeiro. E os melhores resultados em resposta a adubação nitrogenada no desenvolvimento das mudas, para os parâmetros de altura de planta e matéria seca total foi obtida na dose de 600 mg dm-³ de N aos 120 dias em condições protegidas.

The food industry represents one of the most promising business sectors for sustainable development comprising numerous environmental, social and economic challenges. The industry is fragmented into a multitude of organizations with particular supply chains based within a complex multi-stakeholder environment. Therefore, the organizational goal of creating a sustainable supply chain is experiencing increased attention within research. Even though previous literature has assessed the diverse drivers and barriers impacting sustainable supply chain management (SSCM), the theory of stakeholder management for SSCM has so far barely been recognized. This paper aims to fill this research gap and establishes the connection between the concepts of stakeholder management and SSCM taking into consideration the implicated drivers and barriers. The assessment of prominent drivers and barriers as well as crucial stakeholder groups functions as a basis for the evaluation of possible stakeholder strategies suitable for SSCM. This research study is situated in the context of small and medium-sized enterprises (SMEs) in the German food industry. By conducting 13 semi-structured interviews with supply chain representatives this study follows a qualitative research approach. The data analysis reveals that SMEs in the German food industry face numerous obstacles in their attempt to implement sustainability within the supply chain. Moreover, it is apparent that current stakeholder strategies are insufficient in the context of supply chain sustainability. A closer network beyond business is considered the most effective strategic objective for the engagement with crucial stakeholder groups in order to enhance the drivers and reduce the impact of existing barriers. Consequently, this thesis provides a theoretical contribution by developing a deeper understanding of stakeholder management as a tool for increasing supply chain sustainability and further advances existing theory with the formation of a new analytical framework as well as the recognition of a novel stakeholder strategy.

A crescente influência que a internet tem trazido à população e às organizações do início do século XXI é, certamente, um dos fatos marcantes desta época. Por sua versatilidade e custo relativamente baixo, a internet tem se destacado como meio de comunicação nas mais diversas formas, desde um simples e-mail à transmissão de imagem e som em tempo real. Todo este desenvolvimento não seria possível (pelo menos da forma que se conhece atualmente) se a tecnologia de transmissão de dados via internet não tivesse se desenvolvido a ponto de permitir velocidades adequadas para estas aplicações. Ou seja, evidencia-se a importância da internet em banda larga. No mercado de pequenas empresas (porém, não apenas neste mercado), constata-se que ainda há uma parcela significativa de usuários de internet discada que não aderiram à banda larga. Este trabalho tem o objetivo de identificar os motivos que provocam esta resistência (as chamadas barreiras de adoção). Para tanto, foi feita uma revisão da literatura sobre qualidade em serviço (seguindo a linha de pesquisa de Parasuraman, Zeithaml e Berry) e modelos de aceitação de tecnologia (seguindo a linha de pesquisa de Davis e Venkatesh) com seus respectivos desdobramentos. Baseado nesta literatura, este estudo foi composto de três partes: i) pesquisa qualitativa com um fornecedor de banda larga, ii) pesquisa qualitativa com usuários de internet discada e iii) pesquisa quantitativa com usuários e não usuários de internet. A pesquisa qualitativa com fornecedor foi focada no modelo de lacunas de qualidade (PARASURAMAN et al., 1985 e ZEITHAML et al., 1988). Nesta etapa, foram identificados dois tipos de lacuna: controladas e não controladas. Enquanto as lacunas não controladas são consideradas pouco significativas como barreiras de adoção (podendo, no entanto, estimular o cancelamento do serviço), as lacunas controladas são barreiras bem conhecidas: preço e forma de precificação (fixo versus variável). Como as decisões do fornecedor buscam geração de valor, estas barreiras são mantidas em um nível controlado, procurando-se um equilíbrio entre volume e preço. A pesquisa qualitativa com usuário de internet discada foi focada na UTAUT (VENKATESH et al., 2003). Teve o objetivo de avaliar qualitativamente as percepções de usuários de internet discada sobre o serviço de internet banda larga, à luz das dimensões de expectativa de desempenho, expectativa de esforço, condições facilitadoras e influência social. Neta etapa, identificou-se claramente uma barreira na percepção de valor (custo/benefício) por parte dos potenciais clientes. A pesquisa quantitativa também foi focada na UTAUT, mas com algumas adaptações ao contexto. Foram identificados como fatores relevantes para diferenciar os usuários dos não usuários de banda larga: intenção de comportamento, viabilidade (construto análogo às ?condições facilitadoras? da UTAUT original) e influência social. O resultado esperado (análogo à ?expectativa de desempenho?) não foi significativo na diferenciação dos dois públicos, contrariando uma forte hipótese da UTAUT. Por fim, o fator de facilidade esperada (análogo à ?expectativa de esforço?) também apareceu como não significativo; porém, sob alguns critérios, este fator apresentou sinais de que pode diferenciar os dois públicos. / The growing influence that internet has brought to population and to organizations since the beginning of 21st. century is, certainly, one of the outstanding factors of this time. For its versatility and relatively low cost, internet has been detached as communication means in many different ways, from a simple e-mail to the transmission of image and sound on real time. All this development would not be possible (at least as it is known nowadays) if data transmission technology through internet had not have been developed enough to allow adequate speed for these applications. Thus, it is shown the importance of broadband internet. In small business market (though not only in this market), one can still find significant part of dial-up internet users that have not adopted broadband. This work has the objective of identifying the reasons that lead to this resistance (the so called adoption barriers). For such, a literature review was done about quality service (following the research line of Parasuraman, Zeithaml and Berry) and technology acceptance models (following the research line of Davis and Venkatesh), with its respective deployments. Based on this literature, this study was composed by three parts: i) qualitative research with a broadband provider, ii) qualitative research with dial-up internet users and iii) quantitative research with broadband users and not users. The qualitative research with provider was focused on the quality gaps model (PARASURAMAN et al., 1985 and ZEITHAML et al., 1988). At this stage, two kinds of gaps were identified: controlled and uncontrolled. While the uncontrolled gaps are considered to be lowly significant as an adoption barrier (however, possibly stimulating the canceling of the service), the controlled gaps are well known barriers: price and pricing model (fix versus variable). Since the providers decisions aim value generation, these barriers are kept at a controlled level, seeking for a balance between volume and price. The qualitative research with dial-up internet users was focused on UTAUT (VENKATESH et al., 2003). It had the objective of evaluating qualitatively the dial-up internet users? perceptions about broadband internet, under the point of view of performance expectancy, effort expectancy, facilitating conditions and social influence. At this stage, it was clearly identified a barrier of value perception (cost/benefit) by the potential clients. The quantitative research was also focused on UTAUT, but with some adaptations to its context. It was identified as relevant factor for differentiating broadband users and not users: behavior intention, viability (construct analog to the facilitating conditions) and social influence. The expected performance was not significant in differentiating the two publics, against one of UTAUT strongest hypothesis. At last, the factor expected facility (analog to effort expectancy) also appeared as not significant; though, under some criteria, this factor presented signs that it may differentiate the two publics.

De grands ensembles de données sont de plus en plus utilisés dans divers domaines professionnels, tels que la médecine, la sociologie et l'économie. Ceci pose de nombreux défis dans leurs utilisations pour, par exemple, les classifier et la prise de décision. Pour cela nous n'avons pas seulement besoin d'algorithmes élaborés pour leur traitement, il faut aussi que les utilisateurs puissent visualiser et interagir avec les données pour pouvoir les appréhender et éventuellement corriger ou vérifier les traitement fait par les machines. Cette thèse explore cette problématique en étudiant l'interaction d'utilisateurs avec de grands ensembles de données sur des murs d'écrans.Le corps humain est fait pour interagir avec le monde physique, du microscopique aux grandes échelles. Nous pouvons naturellement nous coordonner pour voir, entendre, toucher et nous déplacer pour interagir avec l'environnement à diverses échelles. Au-delà d'un individu, les êtres humains collaborent en communicant et en se coordonnant. En suivant la définition de Dourish, l'Interaction Incorporée encourage les concepteurs d'interaction de profiter de l'expérience existante du monde physique des utilisateurs lors de la conception de l'interaction avec les interfaces numériques.Je soutiens que les grands espaces interactifs permettent une interaction incorporée de l'utilisateur avec des données répartis dans l'espace, en tirant parti des capacités physiques des utilisateurs, comme la marche, l'approche et l'orientation. Au-delà d'un simple utilisateur, ces environnements permettent aussi à plusieurs utilisateurs d'interagir ensemble en utilisant la communication verbale et gestuelle tout en ayant une conscience de la présence physique de chacun. Alors que dans le cadre mono-utilisateur, de nombreuses recherches portent sur la transformation d'actions physiques en modalités d'entrées, le cas des relations entre plusieurs utilisateurs a été très peu étudié. Dans cette thèse, je présente tout d'abord une expérience qui évalue formellement l'avantage pour un utilisateur d'exécuter une tâche de manipulation de données sur un grand mur d'écrans par rapport à un ordinateur de bureau. Cette expérience montre que les mouvements physiques de l'utilisateur l'aide à naviguer dans une grande surface de données, et permet de surpasser les techniques de navigation existantes sur un ordinateur de bureau tels que les techniques de Focus+Contexte. Avec la même tâche expérimentale, j'étudie ensuite la manipulation de données collaborative avec un mur d'écrans, en imposant différents styles de collaboration, de étroitement couplées à lâche. L'expérience mesure l'effet de l'introduction d'une technique d'interaction partagée, dans lequel les collaborateurs effectuent chacun une partie d'une action pour émettre une commande. Les résultats montrent les avantages d'une telle technique en termes d'efficacité, d'engagement des utilisateurs, ainsi que de fatigue physique. Enfin, j'explore le concept d'augmentation de l'interaction humain-à-humain avec des techniques d'interaction partagées, et je propose un espace de conception pour ces techniques pour facilité la manipulation de données collaborative. Je présente la conception, la mise en œuvre et l'évaluation d'un ensemble de ces techniques, ainsi que les travaux futurs qui en découlent. / Large data sets are used acceleratingly in various professional domains, such as medicine and business. This rises challenges in managing and using them, typically including sense-making, searching and classifying. This does not only require advanced algorithms to process the data sets automatically, but also need users' direct interaction to make initial judgment or to correct mistakes from the machine work. This dissertation explores this problem domain and study users' direct interaction with scattered large data sets. Human body is made for interacting with the physical world, from micro scope to very large scales. We can naturally coordinate ourselves to see, hear, touch and move to interact with the environment in various scales. Beyond individual, humans collaborate with each other through communication and coordination. Based on Dourish's definitioncite{2001:AFE:513034}, Embodied Interaction encourages interaction designers to take advantage of users' existing skills in the physical world, when designing the interaction with digital artefacts. I argue that large interactive spaces enable embodied user interaction with data spread over space, by leveraging users' physical abilities such as walking, approaching and orienting. Beyond single users, co-located environments provide multiple users with physical awareness and verbal gestural communication. While single users' physical actions have been augmented to be various input modalities in existing research, the augmentation of between-user resources has been less explored. In this dissertation, I first present an experiment that formally evaluates the advantage of single users performing a data manipulation task on a wall-sized display, comparing to on a desktop computer. It shows that using users' physical movements to navigate in a large data surface, outperforms existing digital navigation techniques on a desktop computer such as Focus+Context. With the same experimental task, I then study the interaction efficiency of collaborative data manipulation with a wall-sized display, in loosely or closely coupled collaboration styles. The experiment measures the effect of providing a Shared Interaction Technique, in which collaborators perform part of an action each to issue a command. The results conclude its benefits in terms of efficiency, user engagement as well as physical fatigue. Finally, I explore the concept of augmenting human-to-human interaction with shared interaction techniques, and illustrate a design space of such techniques for supporting collaborative data manipulation. I report the design, implementation and evaluation of a set of these techniques and discuss the future work.

Klein- und mittelständische Unternehmen (KMU) sehen immer mehr den Herausforderungen und Chancen einer nachhaltigen Produktentwicklung entgegen, da die Entwicklung und Herstellung von Produkten zwangsläufig mit Umweltaspekten verbunden sind. Eine gute Anwendung von Methoden und Werkzeugen bestimmt so mitunter über Erfolg und Misserfolg eines Produktes als auch dessen Nachhaltigkeit und ist damit zentrales Element bei der Entwicklungsarbeit. Somit bestimmt eine dauerhafte Integration von Werkzeugen eine langfristige Wettbewerbsfähigkeit von Unternehmen. Da die geringeren Kapazitäten und Rahmenbedingungen von KMUs jedoch eine Barriere bei der Integration von Methoden und Werkzeugen darstellt, wird ein Ansatz beleuchtet, der mit Zuhilfenahme von Filtern bei der passenden Auswahl von Methoden und Werkzeugen Unterstützung bietet. Es werden Hemmschwellen und Erfolgsfaktoren bei der Anwendung von Methoden und Werkzeugen beleuchtet und ein möglicher Prozess skizziert, um die Integration zu fördern, die Mitarbeiter des Unternehmens zu schulen und langfristig die Anwendung von Methoden und Werkzeugen zur nachhaltigen Produktentwicklung in KMUs zu implementieren.