RESUMEN Este estudio investiga la estructura de vencimientos de la deuda de 275 empresas brasileñas no financieras que cotizan en bolsa desde 2010 hasta 2019. Los hallazgos revelan que estas empresas no distribuyen los vencimientos de sus deudas al renovarlas, a diferencia de lo observado por Choi et al. (2018) en empresas estadounidenses. Incluso después del shock de refinanciación tras la pérdida de la calificación de inversión de la deuda soberana brasileña en 2015, estas empresas no aumentaron la distribución de vencimientos de su deuda. Al utilizar la pérdida de la calificación de inversión de Brasil como un "experimento cuasi natural" en el modelo de shock exógeno, los autores evalúan la gestión de la deuda corporativa. Los resultados indican que las empresas brasileñas pueden enfrentar considerables riesgos de refinanciación de deuda debido a la concentración de vencimientos en rangos de madurez específicos durante futuros shocks de crédito. El control adecuado de las estructuras de financiamiento es crucial para asegurar que las empresas sigan siendo resilientes y no tengan que rechazar inversiones rentables o activos de alta calidad durante las crisis financieras. Esta investigación tiene implicaciones significativas para la práctica corporativa y los riesgos asociados a la financiación de proyectos rentables, especialmente en países con mercados de capital menos eficientes 27 201 2019 renovarlas 2018 (2018 estadounidenses 2015 experimento natural exógeno crédito 2 20 (201 (20 (2 (

ABSTRACT This study investigates the maturity structure of listed non-financial Brazilian companies from 2010 to 2019 and reveals that these companies do not spread their debt maturities upon renewal, unlike the results observed by Choi et al. (2018) for US firms. Even after the rollover shock in 2015 where the Brazilian sovereign debt’s investment were downgraded, these firms did not increase the maturity spread of their debt. In addition, the research evaluated corporate debt management by utilizing Brazil’s downgrade as a “quasi-natural experiment” in the exogenous shock model. The results indicate that Brazilian companies may face considerable debt rollover risks due to the concentration of maturities in specific maturity ranges during future credit shocks. Proper control of financing structures is crucial to ensure that companies remain resilient and do not have to turn down profitable investments or high-quality assets during financial crises. This research has significant implications for corporate practice and the associated risks of financing profitable projects, particularly in countries with less efficient capital markets. nonfinancial non 201 renewal al 2018 (2018 debts s downgraded addition Brazils Brazil quasinatural quasi natural experiment model shocks highquality high quality crises projects markets 20 (201 2 (20 (2 (

RESUMO Este estudo investiga a estrutura de vencimento da dívida de 275 empresas abertas não financeiras brasileiras de 2010 a 2019. Os resultados mostram que essas empresas não dispersam seus vencimentos de dívida na renovação, ao contrário do observado por Choi et al. (2018) para empresas dos Estados Unidos. Mesmo após o choque de rolagem da dívida depois da perda do grau de investimento da dívida soberana brasileira em 2015, essas empresas não aumentaram a dispersão de vencimentos. Ao utilizar a perda do grau de investimento do Brasil como um "experimento quase-natural" no modelo de choque de crédito, o presente estudo avalia a gestão da dívida corporativa. Os resultados indicam que as empresas brasileiras podem enfrentar consideráveis riscos de rolagem da dívida devido à concentração de vencimentos em faixas específicas durante futuros choques de crédito. O controle adequado das estruturas de financiamento é crucial para garantir que as empresas permaneçam resilientes e não precisem recusar investimentos lucrativos ou ativos de alta qualidade durante crises financeiras. Esta pesquisa tem implicações significativas para a prática corporativa e os riscos associados ao financiamento de projetos lucrativos, particularmente em países com mercados de capitais menos eficientes. 27 201 2019 renovação al 2018 (2018 Unidos 2015 experimento quasenatural quase natural quase-natural crédito eficientes 2 20 (201 (20 (2 (

ABSTRACT This article aims to present a Multicriteria Decision Aiding (MCDA) model for assessing risk management maturity. Therefore, it is proposed to use a Maturity Model (MM) for risk management aligned with the ELECTRE TRI method. The ELECTRE TRI was chosen as the sorting method because it has a strong axiomatic structure based on the relationship of concordance and discordance between the alternative and the profile that delimits each of its classes. To test the proposal, a case study was carried out on a real company in the construction industry. For the development of the risk management maturity assessment model, a questionnaire was applied to collect data related to risk management practices in the organization. After collection, the data were used for modeling in a Decision Support System to apply the ELECTRE TRI, which managed to classify and identify the organization’s risk management maturity at level 3 (managed). MCDA (MCDA Therefore MM (MM classes proposal industry organization collection organizations s managed. . (managed) (managed

Ascosporic infection plays a major role in the epidemiology of citrus black spot (CBS) in South Africa, a disease caused by Phyllosticta citricarpa. Phyllosticta pseudothecium maturation and ascospore release models have been integrated in infection models to predict the availability of the primary inoculum source. However, these models have not been validated on a broader data set and this study aimed to validate and improve these epidemiological models. New pseudothecium maturation and ascospore release models for P. citricarpa were developed, based on weather and ascospore trap data from 13 locations and up to five seasons. From the 29 data sets analysed, 3775 3-hourly periods with ascospore events were recorded on 1798 days; 90% of these events occurred between 16.0 °C and 32.1 °C (daily Tmin and Tmax of 15.4 °C and 33.5 °C, respectively) and 75% occurred above a relative humidity (RH) of 55.9% (daily RH > 47.9%). Rain was recorded during 13.8% of these ascospore events and 20.0% of ascospore days. Using logistic regression, a Gompertz model that best predicted pseudothecium maturation, or the probability of onset of ascospore release, was developed and was markedly more accurate than the previously described models. The model consisted of DDtemp [cumulative degree-days from midwinter (1 July) calculated as (minimum + maximum daily temperature) / 2 - 10 °C] and DDwet (DDtemp accumulated only on days with >0.1 mm rain or vapour pressure deficit <5 hPa) as variables in the formula: probability of first ascospore event = exp(-exp(-(-3.131 + 0.007 x DDtemp - 0.007 x DDwet))). A Gompertz model [PAT = exp(-2.452 x exp(-0.004 x DDwet2))] was also developed for ascospore release; DDwet2 = DDtemp accumulated, from first seasonal ascospore trap day, only on days with >0.1 mm rain or vapour pressure deficit <5 hPa. Similar to the DDwet2 model described in a previous study, this model adequately predicted the general trend in ascospore release but poorly predicted periods of daily, 3-day and 7-day ascospore peaks.SIGNIFICANCE: • We developed a new pseudothecium maturation model from 29 data sets, comprising different climatic regions in South Africa, and validated previously published models. The new model was markedly more accurate in predicting the onset of ascospore release and can be used to improve existing CBS epidemiological models and improve risk assessment and management of CBS in South African citrus orchards.

Abstract Education, both at the early levels of socialization and in the later stages of formal education, is putting at risk the development of the individual autonomy so necessary for the student to reach the maturity of adulthood. Educational policies, the new educational models and society itself are dissociating progressive autonomy from responsibility, feelings of reason, emotion from will and motivation of duty in their educational practice. The consequences are that students are anchored in childish attitudes of omnipotence with an inability to adjust accordingly to reality and reacting, in most cases, aggressively. Bioethics and education have a necessary relationship with the construction of moral and autonomous subjects. Bioethics, which has a multidisciplinary and interdisciplinary character, must address the current and complex problems of education and contribute to thinking about educational models that form committed, responsible and supportive citizens. An educational model must be constructed within a bioethical debate and, within the framework of the ethics of care, without dissociating itself from normative ethics.

Resum L'educació, tant en els primers nivells de socialització com en les seves etapes posteriors d'educació formal, està posant en risc el desenvolupament de l'autonomia individual tan necessària perquè l'alumne arribi a la maduresa pròpia de l'etapa adulta. Les polítiques educatives, els nous models educatius i la societat mateixa estan desvinculant l' autonomia progressiva de la responsabilitat, els sentiments de la raó, l'emoció de la voluntat i la motivació del deure en la seva praxi educativa. Les conseqüències són que els alumnes queden ancorats en actituds infantils d'omnipotència amb incapacitat de fer un ajustament adequat amb la realitat i reaccionant en la majoria de casos amb agressivitat. La bioètica i l'educació tenen una relació necessària amb la construcció de subjectes morals i autònoms És urgent traçar una línia per sota de la qual no es donin les condiciones necessaries pel desenvolupament ple de la nostra joventut. La bioètica, que té un caràcter multidisciplinar i interdisciplinar, ha d' atendre als problemes actuals i complexos de l' educació i contribuir a pensar models educatius que formin ciutadans compromesos, responsables i solidaris. Un model educatiu s'ha de construir dins d'un debat bioètic i, en el marc de l'ètica del cuidar, sense desvincular-se de les ètiques de caràcter normatiu.

Resumen La educación, tanto en los primeros niveles de socialización como en sus etapas posteriores de educación formal, está poniendo en riesgo el desarrollo de la autonomía individual tan necesaria para que el alumno llegue a la madurez propia de la etapa adulta. Las políticas educativas, los nuevos modelos educativos y la sociedad misma están desvinculando la autonomía progresiva de la responsabilidad, los sentimientos de la razón, la emoción de la voluntad y la motivación del deber en su praxis educativa. Las consecuencias son que los alumnos quedan anclados en actitudes infantiles de omnipotencia con incapacidad de hacer un ajuste adecuado con la realidad y reaccionando en la mayoría de casos con agresividad. La bioética y la educación tienen una relación necesaria con la construcción de sujetos morales y autónomos. Es urgente trazar una línea por debajo de la cual no se den las condiciones necesarias para el desarrollo pleno de nuestra juventud. La bioética, que tiene un carácter multidisciplinar e interdisciplinar, debe atender a los problemas actuales y complejos de la educación y contribuir a pensar modelos educativos que formen ciudadanos comprometidos, responsables y solidarios. Un modelo educativo debe construirse dentro de un debate bioético y, en el marco de la ética del cuidar, sin desvincularse de las éticas de carácter normativo.

Resumen El trabajo de Racionalidad Limitada Financiera por Propietarios o Administradores de las Micro-Empresas Mexicanas pretende evaluar la racionalidad limitada por individuo responsable sometido a elegir el rumbo a seguir que permita supervivencia en el mercado. La investigación empírica se apoya en un instrumento de recolección de datos aplicado a una muestra de microempresas. El objetivo principal es categorizar jerárquicamente los comportamientos, ideas y orientaciones que expliquen la construcción racional por los propietarios o administradores hacia la toma de decisión financiera. Nuestro aporte es la construcción de un mapa de comportamientos por micro-empresarios bajo dos racionalidades financieras, fuerte y débil, determinada por la curva de aprendizaje [learnig by doing. Donde el modelo si probo que la racionalidad limitada financiera esta positivamente influida por la madurez empresarial explicada por la analogía entre la intuición y la percepción situacional financiera del microempresario la cual es orientada por los aprendizajes, conocimientos, aversiones al riesgo y no únicamente es definida por la escala empresarial.

Abstract The Limited Financial Rationality by Owners or Administrators of Mexican Micro-Enterprises work aims to evaluate the rationality limited per responsible individual subjected to choosing the direction to follow that allows survival in the market. Empirical research is based on a data collection instrument applied to a sample of microenterprises. The main objective is to hierarchically categorize behaviors, ideas and orientations that explain rational construction by owners or managers towards financial decision making. Our contribution is the construction of a behavioral map by micro-entrepreneurs under two financial rationalities, strong and weak, determined by the learning curve (learning by doing). Where the model did prove that limited financial rationality is positively influenced by business maturity explained by the analogy between intuition and the financial situational perception of the microentrepreneur, which is guided by learning, knowledge, risk aversion and is not only defined by the business scale.

Résumé Le travail de Rationalité Financière Limitée par les propriétaires ou administrateurs de micro-entreprises mexicaines vise à évaluer la rationalité limitée par individu responsable soumis pour choisir la voie à suivre qui permet la survie sur le marché. La recherche empirique repose sur un instrument de collecte de données appliqué à un échantillon de micro entreprises. L’objectif principal est de catégoriser hiérarchiquement les comportements, les idées et les orientations qui expliquent la construction rationnelle par les propriétaires ou gestionnaires vers la prise de décision financière. Notre contribution est la construction d’une carte comportementale par des micro-entrepreneurs sous deux rationalités financières, forte et faible, déterminées par la courbe d’apprentissage [learning by doing]. Lorsque le modèle a prouvé que la rationalité financière limitée est influencée positivement par la maturité entrepreneuriale expliquée par l’analogie entre l’intuition et la perception financière situationnelle du micro entrepreneur qui est guidée par l’apprentissage, la connaissance, l’aversion au risque et ne se définit pas uniquement par l’échelle entrepreneuriale.

Abstract: As in the private sector, risk management has gained also increasing popularity by public entities. Nonetheless, the correct implementation of risk management might be a difficult task to accomplish. The Dutch case is an interesting example, since municipalities in the Netherlands have a special bylaw for risk management. However, as innovative as it might seems for the public context, there would be some evidence of the limitations that municipalities in the Netherlands have faced in the implementation of risk management practices (Boorsma and Haisma, 2005). We consider that maturity models could contribute on the task of assessing the implementation of risk management practices. Taking to account also the fundamental and practical difficulties found in current maturity of risk management models, we have made significant efforts to explain and also adapt this method to the characteristics of these entities. When applying the improved maturity of risk management practices model to a sample of municipalities, we found empirical support for the construct validity of our proposed model, as well as relevant findings for the field. We discovered in our sample a pattern indicating that larger municipalities have a higher maturity of risk management practices score, thus implemented more sophisticated risk management practices. In addition, we found that the entities that participated in the empirical part of our study, had higher scores in the first stages while obtaining lower scores in the last dimensions (“risk decision and control” and “risk implementation and reviewing”). Through the analysis of two cases of our sample, we also evaluated possible associations between “organizational arrangements” and the maturity of risk management practices scores. Even though we still considered this proposed maturity of risk management practices model a developing method that need additional enhancements, we also believe that our proposed model could be a pertinent method for the diagnosis of risk management practices of Dutch municipalities, as well as to influence the correct implementation of the discipline by these local entities.

Resumen: Al igual que en el sector privado, la gestión de riesgos ha aumentado su popularidad en entidades públicas. Sin embargo, su correcta implementación puede ser difícil de lograr. El caso neerlandés es interesante, porque los municipios de los Países Bajos tienen un estatuto especial para la gestión de riesgos. Sin embargo, por innovador que parezca en el contexto público, hay cierta evidencia de las limitaciones a las que los municipios neerlandeses se han enfrentado al implementar prácticas de gestión de riesgos (Boorsma y Haisma, 2005). Asumimos que los modelos de madurez podrían contribuir a la tarea de evaluar la implementación de prácticas de gestión de riesgos. Tomando en cuenta también las dificultades prácticas y fundamentales de los modelos actuales de madurez de gestión de riesgos, nos hemos esforzado, en particular, por explicar y también por adaptar este método a las características de tales entidades. Al aplicar el modelo mejorado de madurez de prácticas de gestión de riesgos a una muestra de municipios holandeses, encontramos respaldo empírico para la validez del constructo del modelo que proponemos, al igual que hallazgos relevantes para nuestro campo. En nuestra muestra descubrimos un patrón que indicaba que los municipios más grandes obtuvieron una mejor puntuación de madurez de prácticas de gestión de riesgos, es decir que implementaban prácticas de gestión de riesgos más sofisticadas. Además, descubrimos que las entidades que participaron en la parte empírica de nuestro estudio obtuvieron mejores resultados durante las primeras etapas y peores en las últimas dimensiones (“decisión y control de riesgos” e “implementación y evaluación de riesgos”). Mediante el análisis en profundidad de dos casos de nuestra muestra, también evaluamos posibles asociaciones entre “acuerdos organizacionales” y las puntuaciones de madurez de prácticas de gestión de riesgos. Aunque todavía consideremos que este modelo de madurez de prácticas de gestión de riesgos propuesto es un instrumento en desarrollo que requiere mejorías, también creemos que el modelo que proponemos podría ser un método pertinente para el diagnóstico de prácticas de gestión de riesgos de municipios neerlandeses, y también para influir en que estas entidades locales implementen correctamente la disciplina.

El avance tecnológico ha contribuido al incremento de eventos disruptivos de diferente naturaleza en las empresas que podrían producir pérdida de información; por tal motivo, es vital realizar análisis de riesgos adecuado. Considerando que las empresas navieras no están exentas de amenazas, ataques o vulnerabilidades, este artículo propone un Modelo para Medir la Madurez del Análisis de Riesgos de los Activos de Información en éste contexto empresarial. Para cumplir esto, se ejecutaron tres actividades. En la primera, se analizó y seleccionó MAGERIT, OCTAVE y MEHARI como metodologías de análisis de riesgos considerando su uso en otras iniciativas de construcción de modelos de madurez. Luego, se realizaron entrevistas a siete empresas navieras a fin de conocer su postura frente a la problemática planteada. Finalmente, podemos determinar que la construcción de esta propuesta conlleva la ejecución de un proceso de análisis de riesgo formalizado y con técnicas proactivas acorde al contexto empresarial establecido.

Technological progress has contributed to the increase of disruptive events of different nature in companies that could produce loss of information; for this reason, it is vital to carry out adequate risk analysis. Considering that shipping companies are not exempt from threats, attacks or vulnerabilities, this article proposes a Model to Measure the Maturity of Risk Analysis of Information Assets in this business context. To accomplish this, three activities were executed. In the first, MAGERIT, OCTAVE and MEHARI were analyzed and selected as risk analysis methodologies considering their use in other maturity modeling initiatives. Afterwards, seven shipping companies were interviewed in order to know their position regarding the proposed problem. Finally, we can determine that the construction of this proposal involves the execution of a formalized risk analysis process and proactive techniques according to the established business context.

BACKGROUND: There are different uses of data in an organisation. Data are required for reporting purposes, decision-making and providing access to vital facts to enable work processes across business units. Data are central to an organisation's capacity in anchoring fiscal and strategic plans on valid, accurate and current facts, and are also a vital element in an organisation's capacity to meet legal, compliance and risk management requirements. To ensure sound decision-making, data must be treated as an asset within organisations, with sound data governance principles entrenched and employed for data handling from inception to deletion OBJECTIVES: This article proposes a Data Governance Maturity Evaluation Model for government departments of the Eastern Cape province, South Africa METHOD: The methodology for this study is Design Science. The Design Science Process Model, was followed in the development, design and demonstration, and evaluation and communication of the data governance framework. A sequential exploratory mixed-method approach was used for data collection and analysis RESULTS: A conceptual data governance maturity model was proposed for government departments of the Eastern Cape province, South Africa. The model was tested through an exploratory sequential mixed-method approach of data collection and analysis. Data were collected from four departments CONCLUSION: The results of the survey confirm the applicability of the model in the set context and reinforced the findings from the literature that maturity models can be used to improve or enhance data governance in public enterprises

RESUMO Este artigo testou uma estratégia de investimento em valor para o mercado brasileiro, usando critérios de seleção das ações baseados nas formulações de Graham (2007), de modo que fossem eliminadas as empresas de desempenho inferior que apresentassem riscos não capturados pelos modelos tradicionais. Foram selecionadas 532 ações durante o período de maio de 2005 a abril de 2015 e, após a aplicação dos filtros de Graham, foram obtidas carteiras de 10 anos de maturidade. Com a simulação do desempenho das carteiras pelo período analisado e do cálculo do índice de Sharpe, foi possível verificar: (i) a validade do uso do modelo de Graham para selecionar ações no mercado brasileiro; (ii) a hierarquização dos filtros de Graham pelo critério de relevância; e (iii) a composição ideal de uma carteira de investimentos orientada pelo value investing para o mercado brasileiro no período analisado. As carteiras obtidas foram capazes de oferecer retornos ajustados aos riscos superiores ao do Índice Bovespa no período, além de apresentarem medidas de risco inferiores. Os resultados atestaram a validade da estratégia de value investing no mercado nacional.

ABSTRACT This paper tested a value investing strategy for the Brazilian market, selecting stocks based on the criteria suggested by Graham (2007) so that lower quality companies with potential risks not captured by the traditional risk models were eliminated. Five hundred thirty-two stocks were analyzed in the period from May 2005 to April 2015 and, after applying the Graham selection filters, portfolios with 10-year maturity were obtained. After simulating the portfolios’ performances over the analysis period and measuring the Sharpe ratios, it was possible to verify: (i) the validity of the Graham model for selecting stocks in the Brazilian market, (ii) tiering of the Graham filters according to their relevance, and (iii) the ideal composition for a value investing portfolio in the Brazilian market for the period analyzed. The portfolios obtained were able to offer higher risk adjusted returns than the Bovespa Index in the period, as well as lower risk metrics. The results confirmed the validity of the value investing strategy in the domestic market.

Abstract Purpose The survival and growth of organizations presently depend on managing processes and capabilities to effectively use large volumes of data from different sources to assist organizations’ strategic and operational goals. This paper aims to test the relationship between organizational analytical capabilities (OAC), the performance results in organizational resilience (OR) and the business process management maturity (BPMM). Design/methodology/approach Based on a survey of companies operating in the state of Espírito Santo, Brazil, a conceptual model was proposed and tested using the partial least squares algorithm. Findings The results confirm the proposed theoretical hypotheses that OAC and BPMM positively impact OR. In addition, the results show that OAC exert a moderating effect on the relationship between BPMM and OR. Practical implications It is understood that stimulating the practice of data and information analysis in the organizational routine translates into a relevant managerial behavior, as this attitude leverages the knowledge development and understanding about how to manage unexpected risk events, enabling companies to assess their ability to react to disruptions, even in terms of operational failures.

Resumo: A utilização de sistemas de gestão, tais como ISO 9001, ISO 14001 e OHSAS 18001, tem aumentado, assim como a necessidade de integrá-los. A integração traz diversos benefícios como melhora na tomada de decisão, diminuição do risco de se ter atividades redundantes e contraditórias, bem como melhor utilização de recursos. É importante se estabelecer uma forma de avaliar o grau de maturidade em Sistemas de Gestão Integrados (SGI), tendo em vista que a integração proporciona muitos benefícios. Um instrumento que faça essa avaliação poderá propor melhorias visando uma integração maior. Por meio de uma revisão na literatura, foi possível notar que não há trabalhos que realizem a avaliação da maturidade da integração de sistemas de gestão tomando como ponto de apoio o conceito de modelos de maturidade e a estrutura utilizada pelo modelo apresentado na ISO 9004. Foi feita uma revisão exploratória seguida de uma revisão bibliográfica sistemática sobre SGI, assim como foi realizada uma pesquisa bibliográfica sobre modelo de maturidade. O passo seguinte foi o desenvolvimento de uma ferramenta que recebeu a avaliação de especialistas acadêmicos e profissionais da indústria. Conta com 21 questões divididas em 4 áreas, sendo elas: Política; Planejamento; Implementação/Execução; e Verificação/Ação. Como resultado alcançado, é possível destacar a apresentação de um panorama geral sobre as pesquisas em SGI, bem como a proposta de uma ferramenta de avaliação do grau de maturidade da integração dos sistemas de gestão. Conclui-se que têm aumentado, ao longo dos anos, trabalhos relacionados à SGI e que tal estudo é importante tanto do ponto de vista do mercado como acadêmico.

Abstract: Management systems, such as ISO 9001, ISO 14001 and OHSAS 18001 have been increasingly employed in organizations and their joint use has led to a trend towards their integration. Many benefits, as improvement in decision making, reduction in the risk of development of redundant and conflicting activities, and a better use of resources can be obtained through integration. Therefore, an instrument that assesses the degree of maturity of Integrated Management Systems (IMS) should be employed in organizations for improvements in the integration. According to a literature review conducted in this study, no research that takes the concept of maturity models as a point of support has focused on the evaluation of such maturity level in IMS. An exploratory review, a systematic literature review on IMS, and a literature search regarding maturity models were performed. A tool assessed by academic experts and industry professionals was developed and involved 21 questions divided into 4 areas, namely Policy; Planning; Implementation / Execution; and Verification / Action. An overview of research into IMS, as well as the tool developed can be highlighted in the present research. It can be concluded that the number of studies on IMS has increased over the years, which is important from the point of view of both the market and the academic area.

Desde hace varios años se ha reconocido que, para aumentar el impacto de la Ergonomía en las organizaciones, es necesario tener un enfoque sistémico. Objetivo: presentar los resultados del diagnóstico macroergonómico realizado en cinco organizaciones colombianas con el Modelo de madurez de Ergonomía (MME), una herramienta que permite evaluar la capacidad de una organización para introducir, aplicar y desarrollar la Ergonomía. Materiales y métodos: en el modelo se evalúa un conjunto de "factores influyentes", que conducen a un análisis sistémico de la organización, para clasificarla en uno de cinco posibles niveles de madurez. Resultados: las organizaciones evaluadas se ubicaron en el menor nivel de madurez del MME: "desconocimiento". Esto se debió a la carencia de personal capacitado en temas de Ergonomía, la falta de un equipo de trabajo responsabilizado con la Ergonomía, el enfoque reactivo en la solución de los problemas, la falta de alineación de la Ergonomía con la estrategia de la organización y las escasas acciones relacionadas con la evaluación de riesgos, entre otras. Conclusiones: la investigación muestra que los aspectos macroergonómicos son escasamente considerados, lo cual se refleja en el bajo nivel de madurez alcanzado. El MME puede ser de gran utilidad para el diagnóstico macroergonómico de las organizaciones, al ampliar el alcance de la evaluación ergonómica más allá de la evaluación clásica de los puestos de trabajo.

Since several years, it has been recognized the need of systems ergonomics in order to increase the impact of ergonomics in organizations. Objective: in this article the macroergonomic assessment of five Colombian organizations using Ergonomics Maturity Model (MME) are presented. Materials and methods: this model can be used to assess the capability of an organization to introduce, develop and implement ergonomics. The model includes a set of "influencing factors" that conduce to a systemic analysis of the organization, classifying it into five maturity levels. Results: the organizations were classified in the lowest "Ignorance" maturity level according to the MME, mainly caused by the lack of trained personnel in ergonomics fields, the lack of an ergonomics team, reactive approach to solving problems, misalignment of ergonomics with the strategy of the organization, and the limited ergonomics risk assessments. Conclusions: the results show that in these organizations, macroergonomics factors are not considered, which is reflected in the low level of maturity reached. The MME may be useful for macroergonomics diagnosis of organizations, contributing to expand the scope of ergonomic beyond of workplace.

Desde há vários anos se tem reconhecido que para aumentar o impacto da ergonomia nas organizações, é necessário ter um foco sistémico. Neste artigo se apresentam os resultados do diagnóstico macro ergonómico em cinco organizações colombiana usando o Modelo de Madureza de Ergonomia (MME), uma ferramenta que permite avaliar a capacidade de uma organização para introduzir, aplicar e desenvolver a ergonomia. No modelo se avaliam um conjunto de "fatores influentes", que conduzem a uma análise sistémica da organização, classificando-a em cinco níveis de madureza. As cincos organizações avaliadas ficaram classificadas no menor nível de madureza do MME: "desconhecimento". Isto esteve dado principalmente pela carência de pessoal capacitado em temas de ergonomia, a carência de uma equipe de trabalho responsabilizado com a ergonomia, o foco reativo na solução dos problemas, a falta de alienação da ergonomia com a estratégia da organização e as escassas ações relacionadas com a avaliação de riscos, entre outras. A pesquisa mostra como nas organizações avaliadas com o MME os aspetos macro ergonómicos são escassamente considerados, o qual reflete-se no baixo nível de madureza alcançado. O MME pode ser de grande utilidade para o diagnóstico macro ergonómico das organizações, ampliando o alcance da avaliação ergonómica para além da avaliação clássica dos postos de trabalho.

INTRODUCTION: Temporomandibular disorders (TMD) have proved to be a risk factor for developing hyperdivergent facial growth patterns. OBJECTIVE: The aims of this study were: (1) Assess differences between the cephalometric measurements in children with articular TMD and a control group, before and after mandibular growth peak according to cervical vertebral maturation; and (2) Identify a predictive model capable of differentiating patients with TMD and control group patients based on early cephalometric characteristics. METHOD: The study included children and adolescents with maximum age of 17 years, divided into experimental group (n=30) diagnosed with articular TMD-according to the Research Diagnostic Criteria for Temporomandibular Disorders (RDC/TMD) for children and adolescents-subdivided according to growth stage, called pre-peak (n=17) and post-peak (n=13) and control group (n = 30), matched by gender, skeletal maturity stage of the cervical vertebrae and classification of malocclusion. Lateral cephalometric and craniofacial structures were traced and their relations divided into: Cranial base, maxilla, mandible, intermaxillary relations, vertical skeletal relations and dental relations. Differences between the means for each variable were evaluated by applying the statistical Student t test for independent samples. RESULTS: The means of the variables analyzed in the pre-peak showed no statistically significant differences. However, analysis of post-peak showed that the experimental group displayed decreased SNA and SNB and increased SN.Gn and 1.NB (p<0.05). CONCLUSION: It was possible to identify a predictive model able to differentiate patients with TMD and asymptomatic controls from early cephalometric characteristics.

Este artigo analisa o nível de maturidade em gestão de projetos de pequenas empresas desenvolvedoras de software, pertencentes ao polo tecnológico de São Carlos. Por meio de estudo de casos múltiplos, de caráter exploratório-descritivo, descrevem-se o grau de maturidade em gestão de projetos das empresas, suas práticas e problemas enfrentados. Foram analisadas cinco (5) empresas e os resultados indicam estágios iniciais de maturidade em gestão de projetos, baixos níveis de formalização das atividades, ausência de gestão de riscos e comunicação informal na equipe de projeto. A principal contribuição é a comparação entre níveis de maturidade e os problemas enfrentados pelos gestores. Revela um indício empírico da inadequação dos modelos de maturidade para a realidade de empresas similares às estudadas.

This paper aims to analyze the project management maturity level of small development software companies in the High-Tech Enterprise Center of São Carlos. The project management maturity level of these companies is presented through exploratory-descriptive research and multiple case studies, followed by a discussion of their project management practices. Five firms were analyzed and the results demonstrate the initial stages in project maturity, low formal activities level, and the lack of a consistent risk management, although they have presented good informal communication level between the project members. These findings indicate the need for further research, development and application of effective project management techniques and tools, in order to explore the high level of informal communication, even adapting maturity models for this specific business environment.

Los requerimientos de encaje perdieron importancia como instrumento de la política monetaria en la medida en que el crecimiento de los agregados monetarios dejó de ser el objetivo intermedio de la política en varios países. Sin embargo, algunos bancos centrales que utilizan las tasas de interés como instrumento de política han hecho uso de los encajes para fortalecer el control monetario en ciertas coyunturas. ¿Cuál es la efectividad de los encajes en un régimen que, por construcción, endogeniza la oferta monetaria para estabilizar las tasas de interés de corto plazo? En este documento se analiza teóricamente el efecto que pueden tener los encajes sobre la tasa de interés de los créditos y sobre la cartera del sistema financiero bajo un esquema monetario de tasas de interés. Se encuentra que dicho efecto depende de la existencia de incertidumbre sobre la tasa de interés de política futura y del consecuente riesgo que deben enfrentar los intermediarios financieros cuando los plazos de los créditos y los depósitos bancarios difieren de los plazos del crédito del banco central.

The use of reserve requirements as a key instrument of monetary policy has declined because of a change in the way that central banks implement its policy. In recent years, many central banks have shifted their intermediate target from monetary aggregates to short-term interest rates. However, in certain circumstances, some of them, which have an interest-rate strategy, use reserve requirements to control the creation of money. This paper analyzes theoretically the effect of a reserve requirements policy on market interest rates and bank credit under a monetary strategy of short-term interest rates. The model suggests that this effect depends on the existence of uncertainty about the future policy interest rate, and thus on the risk that commercial banks have to face when the maturity of its loans and deposits is different to the maturity of the short-term credit with the central bank.

Os requerimentos de encaixe perderam importância como instrumento da política monetária na medida em que o crescimento dos agregados monetários deixou de ser o objetivo intermediário da política em vários países. No entanto, alguns bancos centrais que utilizam as taxas de juros como instrumento de política fizeram uso dos encaixes para fortalecer o controle monetário em certas conjunturas. Qual é a efetividade dos encaixes num regime que, por construção, torna endógena a oferta monetária para estabilizar as taxas de juros a curto prazo? Neste documento se analisa teoricamente o efeito que podem ter os encaixes sobre a taxa de juros dos créditos e sobre a carteira do sistema financeiro sob um esquema monetário de taxas de juros. Verificase que o referido efeito depende da incerteza sobre a taxa de juros de política futura e do conseqüente risco que devem enfrentar os intermediários financeiros quando os prazos dos créditos e dos depósitos bancários diferem dos prazos do crédito do Banco Central.