ABSTRACT Public procurement is crucial for the proper functioning of a country, but unfortunately, it can face problems that undermine its efficiency and transparency. For this reason, this research analyzes the top 23 companies that sold over $2.21 billion to the Ecuadorian government between 2015 and 2020. A descriptive methodology and a quantitative approach were used to classify the companies based on their origin, economic activity, and financial situation. The results reveal that 67% of these companies are of Ecuadorian origin. In terms of their financial situation, although they have a strong liquidity position, financing expenses completely dilute their profits, resulting in a negative net profit margin. This finding suggests the need to establish public policies that promote the diversification of economic sectors and the implementation of effective financial management strategies in contracting companies to improve their profitability and long-term financial sustainability.

RESUMEN La contratación pública es crucial para el buen funcionamiento de un país, pero desafortunadamente puede enfrentar problemas que perjudican su eficiencia y transparencia. Por este motivo, esta investigación analiza las 23 principales empresas que entre 2015 y 2020 vendieron más de 2.21 mil millones de dólares con el Estado ecuatoriano. Se utilizó una metodología descriptiva y un enfoque cuantitativo para clasificar a las empresas según su origen, actividad económica y situación financiera. Los resultados revelan que el 67% de estas empresas son de origen ecuatoriano. En cuanto a su situación financiera, aunque tienen una posición sólida en términos de liquidez, los gastos del financiamiento diluyen en su totalidad las utilidades, generando una rentabilidad neta de ventas negativa. Este hallazgo sugiere la necesidad de establecer políticas públicas que promuevan la diversificación de los sectores económicos y la implementación de estrategias de gestión financiera efectivas en las empresas contratistas para mejorar su rentabilidad y sostenibilidad financiera en el largo plazo.

Abstract The objective is to analyze the impact of leverage (short- and long-term debt), capital structure, solvency, Returns on Assets (ROA), and firm size on the stock returns of 52 firms quoted in Mexican stock market (BMV) for the period 2011(1Q)-2021(2Q). Methodology includes three panel approaches are implemented: Pooled Ordinary Least Square (POLS), Fixed-Effect Model (FEM) and Random Effect Model (REM). Findings suggest a statistically significant negative effect of firm size stock returns, whereas there is a statistically significant and positive impact of ROA and solvency on stock returns. We recommend that, investors should pay attention, not only, to company size and profitability-related indicators, but also to indebtedness, to prices reflect the risk associated with the assets. The originality lies in the fact that the issue of capital structure and its impact on the market value of Mexican companies has been scarcely studied, and an extensive sample of companies is used, and various panel data methodologies are also used to compare the results. We conclude that, the size and profitability indicators have a significant effect on the stock returns, but the leverage does not.

Resumen El objetivo es analizar el impacto del apalancamiento (deuda de corto y largo plazo), el Retorno sobre Activos (ROA) y el tamaño de la empresa sobre los rendimientos accionarios de 52 empresas que cotizan en la Bolsa Mexicana de Valores (BMV) para el periodo 2011(1T)-2021(2T). En la metodología, se implementan tres modelos panel: Mínimos Cuadrados Ordinarios Agrupados (MCO), Modelo de Efectos Fijos (MEF) y Modelo de Efectos Aleatorios (REM). Los resultados sugieren un efecto negativo estadísticamente significativo del tamaño de la empresa sobre el rendimiento de las acciones, mientras que existe un impacto positivo y estadísticamente significativo del ROA y la solvencia sobre el rendimiento de las acciones. La principal recomendación es que, los inversores presten atención, no solo al tamaño y rentabilidad de la empresa, sino también al nivel de endeudamiento, de tal forma que, los precios del mercado reflejen mejor el nivel de riesgo asociado a los diversos activos. La principal limitación es que, dada la disponibilidad de los datos, solamente se abarca empresas cotizadas en la bolsa, por lo que, no se sabe cuál es el efecto en empresas de menor tamaño. La originalidad radica en que la estructura de capital y su impacto en el valor de mercado de las empresas mexicanas ha sido escasamente estudiado. Además, se utiliza una amplia muestra de empresas, así como diversas metodologías de datos de panel para comparar los resultados. Se concluye que sí hay impacto significativo del tamaño y rentabilidad operativa, pero no hay impacto significativo del nivel endeudamiento en los rendimientos accionarios de las empresas de la BMV.

Resumen El objetivo del trabajo es analizar la relación entre la dimensión de gobernanza y el desempeño financiero de 35 empresas del sector industrial que cotizan en la Bolsa Mexicana de Valores durante el periodo 2019-2022. Basado en la teoría de la legitimidad se establece como hipótesis central que los mecanismos de gobierno corporativo favorecen el desempeño financiero corporativo. A través de una muestra de estudio conformada por 132 observaciones año y un análisis de regresión múltiple, se evidencia que algunos elementos de la gobernanza, tales como la obtención del distintivo ESR, la separación de las posiciones COB-CEO, el porcentaje de consejeros independientes, la participación de mujeres en los consejos y la protección de los intereses de los accionistas minoritarios incrementan la rentabilidad, la liquidez y el precio de la acción. Este trabajo hace tiene implicaciones prácticas para el sector empresarial y los reguladores en materia de gobierno corporativo en México.

Abstract This paper aims to analyze the relationship between the governance dimension and the financial performance of 35 listed companies in the industrial sector from the Mexican Stock Exchange during the period 2019-2022. Based on the legitimacy theory the main hypothesis of study establishes that corporate governance mechanisms favor corporate financial performance. Through a study sample composed by 132 yearly observations and a multiple regression analysis, empirical results show that some corporate governance practices, such as the ESR recognition, the separation of COB-CEO positions, the independent directors percentage, the women participation on the board and the protection of the minority shareholders’ interests increase profitability, liquidity and the share price. This work has practical implications for the business sector and regulators regarding corporate governance in Mexico.

Resumen Esta investigación se propuso examinar detenidamente la información financiera de las Administradoras de Fondos de Pensiones (AFP) con el objetivo central de entender la relación entre el número de afiliados activos y diversos ratios financieros durante el periodo 2014-2022. Utilizando el método estadístico de la correlación de Pearson, así como un análisis detallado de los afiliados activos, utilidad neta y patrimonio de las AFP, se revelaron relaciones diversas entre el número de afiliados activos y los indicadores financieros. Los resultados también señalaron variabilidades significativas en el crecimiento y disminución de afiliados activos, utilidad neta y patrimonio en cada AFP. En conclusión, se observaron pocas relaciones notables, tanto positivas como negativas, entre el número de afiliados activos y varios indicadores financieros, como los ratios de liquidez, solvencia, gestión y rentabilidad. Este estudio proporciona una visión integral de las dinámicas financieras en las AFP, contribuyendo a una comprensión más profunda de la compleja interacción entre la membresía activa y la salud financiera de estas entidades.

Abstract This research set out to closely examine the financial information of the Pension Fund Administrators (AFPs) with the central objective of understanding the relationship between the number of active members and various financial ratios during the period 2014-2022. Using the statistical method of Pearson's correlation, as well as a detailed analysis of active members, net income and equity of the AFPs, diverse relationships between the number of active members and financial indicators were revealed. The results also showed significant variability in the growth and decline of active members, net income and equity in each AFP. In conclusion, few notable relationships, both positive and negative, were observed between the number of active members and various financial indicators, such as liquidity, solvency, management and profitability ratios. This study provides a comprehensive view of the financial dynamics in the AFPs, contributing to a deeper understanding of the complex interaction between active membership and the financial health of these entities.

Resumo A metionina é um dos dois aminoácidos contendo enxofre necessário na dieta de humanos, outros mamíferos e espécies aviárias, enquanto a maior parte da metionina produzida é usada como aditivos na alimentação animal, especialmente na produção pecuária e no mercado avícola. Neste artigo foi realizada a avaliação técnico-econômica e o projeto conceitual de um processo de produção de dl-metionina de qualidade alimentar em escala industrial utilizando o simulador SuperPro Designer®. A planta foi projetada para produzir 109 t de dl-metionina por ano por meio de síntese química. O investimento total de capital e o custo operacional anual da planta proposta foram de US$ 8,282 milhões e US$ 1,323 milhões, respectivamente, enquanto o valor presente líquido, a taxa interna de retorno e o período de retorno do projeto da planta proposta foram de US$ 4,436 milhões, 20,33% e 4,74 anos, respectivamente. As descobertas indicaram que o processo de produção proposto é viável e rentável para um preço de venda de dl-metionina de US$ 35/kg. O inovador modelo de simulação obtido neste trabalho poderá ser utilizado para posteriores estudos de optimização, bem como para aumentar a produtividade e lucratividade da planta proposta.

Abstract Methionine is one of the two sulfur-containing amino acids demanded in the diet of humans, other mammals and avian species, while most of the produced methionine is consumed as an animal feed additive, especially in livestock production and the poultry market. In this paper, the techno-economic assessment and conceptual design of an industrial scale, feed grade dl-methionine production process was carried out using SuperPro Designer® simulator. The plant was designed to produce 109 tons of dl-methionine per year through the chemical synthesis route. The total capital investment and annual operating cost of the proposed plant were USD $ 8.282 million and USD $ 1.323 million, respectively, while the net present value, the internal rate of return and payback time of the project were USD $ 4.436 million, 20.33 % and 4.74 years, respectively. The findings indicated that the proposed production process is feasible and profitable for a dl-methionine selling price of USD $ 35/kg. The innovative simulation model obtained in this work could be used for further optimization studies, as well as to increase the productivity and profitability of the proposed plant.

Resumen La metionina es uno de los dos aminoácidos que contienen azufre requeridos en la dieta de humanos, otros mamíferos y especies aviares, mientras que la mayoría de la metionina producida es usada como aditivos de alimento animal, especialmente en la producción de ganado y el mercado avícola. En este artículo, se llevó a cabo la evaluación técnico-económica y diseño conceptual de un proceso de producción de dl-metionina de grado alimenticio a escala industrial usando el simulador SuperPro Designer®. La planta fue diseñada para producir 109 t de dl-metionina por año a través de la ruta de la síntesis química. La inversión total de capital y el costo anual de operación de la planta propuesta fueron de USD $ 8,282 millones y USD $ 1,323 millones, respectivamente, mientras que el valor actual neto, la tasa interna de retorno y el periodo de recuperación de la inversión del proyecto fueron de USD $ 4,436 millones, 20,33 % y 4,74 años, respectivamente. Los hallazgos indicaron que el proceso de producción propuesto es factible and rentable para un precio de venta de la dl-metionina de USD $ 35/kg. El modelo de simulación innovador obtenido en este trabajo puede usarse para estudios de optimización posteriores, así como también para incrementar la productividad y rentabilidad de la planta propuesta.

Resumen Objetivo. Desarrollar un Análisis de Ciclo de Vida (ACV), en granjas ganaderas con manejo rotacional del pastizal según composición botánica. Materiales y métodos: Se compararon granjas lecheras de Cotopaxi, a 2800- 3590 msnm. Granja 1: carga de 1 y 1,2 UA/ha, con 50% de Llantén (Plantago lanceolata), 50% de Trébol blanco (Trifolium repens). Granja 2: Carga de 1 y 1,2 UA/ha, 85 % de Ryegrass (Lolium perenne)-15% Trébol blanco (Trifolium repens). Granja 3: Carga de 1 y 2,1 UA/ha, 33 % de Ryegrass-33% Llantén-34% de Trébol blanco. Se usó fertilización, balanceado y animales Holstein tipos mestizo, neozelandés y norteamericano y reposo del pasto. Resultados: Hubo diferencias en uso de la tierra, coincidente en granjas 1 y 3, en mano de obra familiar. En la Granja 1, el reposo fue 15 a 28 días y FDN de 47,38 a 28,03 y 1,96 a 2,45 Mcal de energía y en 3, valores de Energía Metabolizable de 1,99 a 40 día y 2,11 a 35 días, menos leche/vaca que 3 y superior a 1. En producción de leche/ha, las granjas 1 y 3 superiores con 24 kg vs 19 kg. Esto fue positivo en ACV en esas granjas. Existió potencial para convertir más energía del sistema a productos. Conclusión: En el ACV, se encontró coincidencia con indicadores de sistemas especializados en producción de leche, balances de nitrógeno, energía y sus relaciones con el ambiente y emisiones, aunque se puede recuperar eficiencia con mejoras al manejo y sin insumos extras a la granja.

Abstract Aim. Develop a Life Cycle Analysis (LCA) in livestock farms with rotational management of the pasture according to botanical composition. Materials and methods: Dairy farms from Cotopaxi, at 2800-3590 meters above sea level, were compared. Farm 1: load of 1 and 1.2 AU/ha, with 50% Plantain (Plantago lanceolata), 50% White Clover (Trifolium repens). Farm 2: Load of 1 and 1.2 AU/ha, 85% Ryegrass (Lolium perenne)-15% White clover (Trifolium repens). Farm 3: Load of 1 and 2.1 AU/ha, 33% Ryegrass-33% Plantain-34% White Clover. Fertilization, balancing and crossbred, New Zealand and North American type Holstein animals and grass rest were used. Results: There were differences in land use, coinciding in farms 1 and 3, in family labor. On Farm 1, rest was 15 to 28 days and NDF from 47.38 to 28.03 and 1.96 to 2.45 Mcal of energy and in 3, Metabolizable Energy values from 1.99 to 40 days and 2 .11 to 35 days, less milk/cow than 3 and higher than 1. In milk production/ha, farms 1 and 3 higher with 24 kg vs 19 kg. This was positive for ACV on those farms. There was potential to convert more of the system's energy into products. Conclusion: In the LCA, a coincidence was found with indicators of specialized systems in milk production, nitrogen balances, energy and their relationships with the environment and emissions, although efficiency can be recovered with improvements in management and without extra inputs to the farm.

Abstract Coffee cultivation has strong social and historical-cultural roots in the mountainous area of the state of Veracruz. Its ancestral cultivation was carried out in agroforestry systems, the original pattern of which has been modified. The association of coffee with cash crops is conceived as an option to address its low profitability. Therefore, the objective was to compare the level of sustainability of traditional polyculture coffee versus commercial polyculture coffee in three communities in Chocamán, Veracruz during 2021. A survey and a sampling were carried out to estimate plant and soil biodiversity; a physical-chemical analysis of the soil was also performed. Regarding the environmental aspect, organic matter had a higher percentage in commercial polyculture coffee. In the economic dimension, commercial polyculture coffee was 50% more profitable compared to traditional polyculture coffee. On the social side, there were differences in schooling, age of producers, off-farm activities, level of organization and type of agriculture. It was concluded that commercial polyculture coffee had better economic indicators, while traditional polyculture coffee achieved better environmental and social indicators.

Resumen El cultivo del café tiene un fuerte arraigo social e histórico-cultural en la zona montañosa del estado de Veracruz. Su cultivo ancestral se realizaba en sistemas agroforestales, cuyo patrón original se ha modificando. La asociación de café con cultivos comerciales se concibe como una opción para afrontar su baja rentabilidad. Por tanto, el objetivo fue comparar el nivel de sustentabilidad de café policultivo tradicional, contra café policultivo comercial, en tres comunidades de Chocamán, Veracruz durante 2021. Se realizaron encuesta y muestreo para estimar biodiversidad vegetal, edáfica y análisis físico-químico del suelo. En lo ambiental, la materia orgánica tuvo mayor porcentaje en el café policultivo comercial. En la dimensión económica, el café policultivo comercial fue 50% más rentable respecto al café policultivo tradicional. En la parte social, hubo diferencias en escolaridad, edad de los productores, actividad extrafinca, nivel de organización y tipo de agricultura. Se concluyó que el café policultivo comercial tuvo mejores indicadores económicos, mientras que el café policultivo tradicional alcanzó mejores indicadores ambientales y sociales.

ABSTRACT Introduction: The optimal design of technologies for the production of combined assortments, constitutes a profitable alternative for the development of the cultivation of Manihot esculenta Crantz (cassava) and its industrializable products. Objective: To develop the economic optimization for the design of a combined assortment plant of Manihot esculeta Crantz by semi-mechanized way. Materials and Methods: A hybrid semi-mechanized scheme was devised for the combined production of starch, cassava and flour. A second order extreme vertex design (EVD) was generated for the distribution of cassava in the three productions, and the quadratic models obtained for profit (G), net present value (NPV), internal rate of return (IRR) and discounted payback period (DRP) were optimized. For the evaluation of the indicators, the design of the basic equipment and the material and energy balances were developed. Results and Discussion: The multipurpose semi-mechanized technology uses the same initial stages for the three processes and a common pneumatic drying for the starch and flour processes. The optimal operating parameters correspond to a profit of 236 882 USD/year, a NPV of 1 242 730 USD, an IRR of 33.10 % and a DRP of 3.97 years, and are achieved for a distribution of 60 % for starch, 10 % for cassava and 30 % for flour. Conclusions: With the raw material distribution that optimizes economic and profitability indicators, production feasibility is guaranteed with energetic and environmental compatibility.

RESUMEN Introducción: El diseño óptimo de tecnologías para la producción de surtidos combinados, constituye una alternativa rentable para el desarrollo del cultivo de Manihot esculenta Crantz (yuca) y sus productos industrializables. Objetivo: Desarrollar la optimización económica para el diseño de una planta de surtidos combinados de Manihot esculeta Crantz por vía semi-mecanizada. Materiales y Métodos: Se concibió un esquema semi-mecanizado híbrido para la producción combinada de almidón, casabe y harina. Se generó un diseño de vértices extremos (DVE) de segundo orden para la distribución de yuca en las tres producciones, y optimizaron los modelos cuadráticos obtenidos para la ganancia (G), el valor actual neto (VAN), la tasa interna de retorno (TIR) y el periodo de recuperación al descontado (PRD). Para la evaluación de los indicadores se desarrolló el diseño del equipamiento fundamental y los balances materiales y energéticos. Resultados y Discusión: La tecnología semi-mecanizada multipropósito emplea las mismas etapas iniciales para los tres procesos y un secado neumático común para los procesos de almidón y harina. Los parámetros óptimos de operación se corresponden con una Ganancia de 236 882 USD/año, un VAN de 1 242 730 USD, una TIR del 33,10 % y un PRD de 3,97 años, y se alcanzan para una distribución de 60 % para la obtención de almidón, 10 % para casabe y 30 % para harina. Conclusiones: Con la distribución de materia prima que optimiza los indicadores económicos y de rentabilidad, se garantiza la factibilidad de la producción con compatibilidad energética y ambiental.

BACKGROUND: A lack of profitability attributes to 23% of business failures, which in turn, stems from young entrepreneurs' inability to recognise and discover profitable business opportunities. Enhancing entrepreneurial alertness (EA) can play a crucial role in identifying and evaluating lucrative business prospects. AIM: The aim of this paper is to examine how entrepreneurial alertness (EA) impacts the business performance of youth-owned enterprises in South Africa. SETTING: The paper focussed on registered and unregistered youth-owned businesses operating in various sectors in South Africa. METHODS: This study was conducted by distributing self-administered questionnaires to youth entrepreneurs who run registered and unregistered businesses. A quantitative research approach was adopted using simple random sampling to collect primary data. A sample size of 126 youth entrepreneurs was attained, and multiple regression was used to test the study hypotheses. RESULTS: Entrepreneurial alertness measured using evaluation and judgement dimensions were found to have a direct impact on enterprise profitability and subsequently lead to overall enterprise performance. The results further showed that scanning and search, and association and connection dimensions do not have an impact in any of the enterprise performance indicators. CONCLUSION: South African youth entrepreneurs do not associate alertness to enterprise performance when alertness is measured by scanning and search, and association and connection. CONTRIBUTION: The study reveals that alertness measured by evaluation and judgment has an impact on enterprise performance and that alertness can be used to mitigate failures of youth-owned enterprises. The study recommends that business performance must be measured by innovativeness rather than profitability since alertness impacts innovativeness more.

Resumo O objetivo deste artigo é investigar a influência dos traços de personalidade narcisista dos CEOs no endividamento das empresas brasileiras não financeiras listadas na B3. Pesquisas sobre os traços narcisistas têm como temática principal o impacto na rentabilidade das organizações. Desse modo, este trabalho visa preencher a lacuna da compreensão das implicações dos traços narcisistas dos CEOs nas decisões de endividamento das empresas e dos seus determinantes ao inserir uma característica psicológica. Esta pesquisa se torna relevante pois ajuda acadêmicos, profissionais de negócios e formuladores de políticas a identificarem padrões e tendências que possam alertar para possíveis crises financeiras. O impacto causado por este artigo está relacionado às evidências acerca dos efeitos que a contratação de CEOs narcisistas ocasionam no endividamento, pois compreender a interação entre o perfil do CEO e as escolhas financeiras da empresa pode fornecer orientações práticas para a gestão de riscos e tomadas de decisão informadas, contribuindo assim para o campo da estratégia empresarial e finanças corporativas. Foi utilizada uma amostra de 299 empresas não financeiras, analisadas de 2011 a 2020, com dados da base da Economatica, Relatórios Anuais, Relatos Integrados, Relatórios de Sustentabilidade e Relatórios da Administração. Para mensurar os traços de personalidade narcisista utilizou-se duas proxies, baseadas na assinatura e na proeminência da fotografia do CEO. O endividamento foi medido pelos indicadores: endividamento oneroso, total, de curto e longo prazo. Os resultados apontam que quanto maior os traços narcisistas dos CEOs maior será o endividamento das organizações, contribuindo para compreensão aprofundada dos fatores que influenciam as decisões financeiras das empresas, uma vez que identificar os fatores que levam a decisões arriscadas de endividamento pode permitir a implementação de medidas preventivas e estratégias de gestão de risco mais eficazes. B3 B organizações modo psicológica acadêmicos informadas corporativas 29 201 2020 Economatica Anuais Integrados Administração utilizouse utilizou proxies indicadores oneroso total prazo eficazes 2 20 202

ABSTRACT The objective of this article is to investigate the influence of CEO narcissistic personality traits on the indebtedness of Brazilian non-financial companies listed on the B3. Other research on narcissistic traits has focused on their impact on the profitability of organizations. Thus, this study aims to fill the gap in understanding the impact of CEO narcissistic traits on companies' debt decisions and their determinants by including a psychological characteristic. This research is relevant because it helps academics, business professionals and policymakers to identify patterns and trends that could warn of possible financial crises. The impact of this article is related to the evidence on the effects of hiring narcissistic CEOs on indebtedness, since understanding the interaction between the CEO's profile and the company's financial decisions can provide practical guidelines for risk management and informed decision making, thus contributing to the field of business strategy and corporate finance. A sample of 299 non-financial companies was analyzed from 2011 to 2020, using data from the Economática database, annual reports, integrated reports, sustainability reports and management reports. Two proxies were used to measure narcissistic personality traits, based on the CEO's signature and the prominence of his or her photo. Indebtedness was measured by the following indicators: onerous, total, short-term and long-term debt. The results show that the greater the narcissistic traits of the CEOs, the greater the indebtedness of the organizations. This contributes to a deeper understanding of the factors that influence companies' financial decisions, since identifying the factors that lead to risky debt decisions can enable the implementation of preventive measures and more effective risk management strategies. nonfinancial non B3 B organizations Thus characteristic academics crises s companys company making finance 29 201 2020 database photo indicators onerous total shortterm short term longterm long strategies 2 20 202

ABSTRACT The use of irrigation enhances productivity, reduces vulnerability to drought and climate variation, and boosts agricultural production. This study aimed to verify the economic viability of implementing center pivot irrigation for corn, cowpea, and soybean crops. A 50-hectare area irrigated by a center pivot system was considered, simulating rotational cultivation in the region of Paraíso das Águas, MS. The historical average ET0 of 8 mm day-1 for the region was used for project design and irrigation management. Financial indicators were calculated based on regional technical cultivation coefficients. Overall, 62.1% of the total production costs for the corn, cowpea, and soybean agricultural system were allocated to preparation, planting, cultural practices, and harvesting, while 34.8% were allocated to irrigation (investment in hydraulic equipment and infrastructure, energy, depreciation, and maintenance). The net present value (NPV) for corn, cowpea, and soybean crops were $72.07, $359.68, and $410.59 per hectare, respectively, averaging $842.34 per hectare per year. This profitability provides gains for producers, generating employment and regional development. The implementation of a 50-hectare center pivot irrigation system is economically feasible for cultivating corn, cowpea, and soybeans, considering a 4-year and 9-month return on capital investment under the study conditions. productivity variation corn cowpea 50hectare 50 considered Águas MS ET day1 day 1 day- management coefficients Overall 621 62 62.1 preparation planting practices harvesting 348 34 34.8 infrastructure energy depreciation maintenance. maintenance . maintenance) NPV (NPV 7207 72 07 $72.07 35968 359 68 $359.68 41059 410 59 $410.5 respectively 84234 842 $842.3 year producers development soybeans 4year 4 9month month 9 conditions 5 6 62. 3 34. 720 7 0 $72.0 3596 35 $359.6 4105 41 $410. 8423 84 $842. $72. $359. $410 $842 $72 $359 $41 $84 $7 $35 $4 $8 $ $3

Resumo À medida que a pandemia do COVID-19 diminui, a tendência de demanda por plantas ornamentais começa a diminuir. Para manter sua competitividade, é necessário estudar as políticas governamentais e o desempenho do cultivo de aglaonemas. Os objetivos deste estudo foram: 1) analisar a lucratividade e a competitividade de aglaonema na Indonésia, juntamente com o impacto político, e 2) simular flutuações na competitividade da aglaonema após as mudanças em seus indicadores. A Matriz de Análise de Políticas (MAP) foi empregada para subsidiar os métodos descritivos e quantitativos. O objeto de pesquisa foi a variedade Suksom Jaipong, de cor vermelho-fogo, a aglaonema mais popular da década de 2000. Os dados foram coletados de agricultores de julho de 2022 a novembro de 2022 na cidade de Depok, um dos centros de plantas ornamentais da Indonésia. Os resultados do estudo explicaram que o cultivo de aglaonema na cidade de Depok foi lucrativo e obteve vantagens competitivas e comparativas, indicadas pelos valores de PCR e DRCR de 0,146 e 0,107. A avaliação das políticas utilizando indicadores de Transferência de Produtos, NPCO, Transferência de Entradas, Transferência de Fatores, NPCI, EPC e SRP, mostrou que políticas comerciais como o livre comércio não prejudicaram a competitividade dos agricultores e, pelo contrário, estimularam positivamente a competitividade do aglaonema. As simulações de uma diminuição da produção ou de um enfraquecimento da taxa de câmbio da rupia Indonésia provaram não afectar significativamente a competitividade. Este estudo conclui que a competitividade de aglaonema na cidade de Depok é relativamente elevada, apoiada pela otimização dos recursos locais. COVID19 COVID 19 COVID-1 diminui diminuir aglaonemas 1 político 2 MAP (MAP quantitativos Jaipong vermelhofogo, vermelhofogo vermelho fogo, fogo vermelho-fogo 2000 202 comparativas 0146 0 146 0,14 0107 107 0,107 Produtos NPCO Entradas Fatores NPCI SRP contrário elevada locais COVID1 COVID- 200 20 014 14 0,1 010 10 0,10 01 0,

Abstract As the COVID-19 pandemic decreases, the demand trend for ornamental plants begins to decline. To maintain its competitiveness, it is necessary to study the government policies and the performance of aglaonema farming. The objectives of this study were: 1) to analyze the profitability and competitiveness of aglaonema in Indonesia along with the policy impact, and 2) to simulate fluctuations in aglaonema’s competitiveness after the changes in its indicators. The Policy Analysis Matrix (PAM) was employed in supporting the descriptive and quantitative methods. The research object was the variety fiery red ‘Suksom Jaipong’, the most popular aglaonema in the 2000s. The data was collected from farmers in July 2022 - November 2022 in Depok City, one of Indonesia’s centers for ornamental plants. The results of the study explained that aglaonema farming in Depok City was profitable and gained both competitive and comparative advantages, indicated by PCR and DRCR valued at 0.146 and 0.107. The evaluation of policy using Output Transfer, NPCO, Input Transfer, Factor Transfer, NPCI, EPC, and SRP indicators, showed that trade policies such as free trade did not harm farmers’ competitiveness and on the contrary, positively stimulated aglaonema’s competitiveness. The simulations of a decrease in production or a weakening of the Indonesian rupiah exchange rate have proven to not significantly affect competitiveness. This study concludes that the competitiveness of aglaonema in Depok City is relatively high, supported by the optimization of local resources. COVID19 COVID 19 COVID-1 decreases decline were 1 impact 2 aglaonemas s indicators PAM (PAM methods Suksom Jaipong, Jaipong , Jaipong’ 2000s 202 Indonesias advantages 0146 0 146 0.14 0107 107 0.107 Transfer NPCO NPCI EPC contrary high resources COVID1 COVID- 20 014 14 0.1 010 10 0.10 01 0.

ABSTRACT The research aimed to investigate the economic aspects of rearing male layer-type chickens to produce meat, so as to determine the production cost and propose a selling price for the products obtained. The experiment was conducted at the Institute of Animal Science - Kostinbrod, Bulgaria, using Lohmann Brown Classic cockerels. A total of 800 chickens were initially involved. The birds were slaughtered at 5 and 9 weeks of age. The costs incurred for the rearing were classified as fixed and variable, and calculated cumulatively for each week of the experiment (Option 1). Subsequently, we tested the second option of the experiment - rearing all the cockerels until 9 weeks of age (Option 2). In this scenario, the chickens were slaughtered at a random moment after 5 weeks and up to 9 weeks of age. Mathematical modelling was applied to compare the economic indicators of Option 1 and Option 2. The economic efficiency was determined for both rearing options, and was higher in the second one. The optimum age of slaughter in terms of profitability was found to be 9 weeks of age. Thus, based on the economic analysis, we propose an alternative to the currently applied practice of culling the 1 day-old layer cockerels. Furthermore, a minimum selling price of 9.85 EUR/kg has been suggested for the sale of the derived meat product. layertype type obtained Kostinbrod Bulgaria 80 involved variable 1. . 1) Subsequently 2 2) scenario options one Thus analysis dayold day old Furthermore 985 85 9.8 EURkg EUR kg product 8 98 9.

RESUMO: Este trabalho busca avaliar a relação entre os fluxos e estoques externos da economia brasileira na década de 1990, e como essa interação afetou a vulnerabilidade externa do país durante esses anos. Realiza-se uma estimativa inédita da Posição Internacional de Investimentos (PII) para os anos 1990, na medida em que esses dados não são disponibilizados por fonte oficial, constituindo-se como uma das contribuições do artigo. Apresenta-se uma estimativa – também inédita – da rentabilidade desses estoques externos, além de alguns indicadores de endividamento externo. A década de 1990 assinala o aumento da abertura comercial e financeira e o aumento dos fluxos financeiros destinados ao país, que lhe permitiram estabilizar a taxa nominal de câmbio e, assim, controlar a inflação com sucesso após a implementação do Plano Real, em 1994, sem, contudo, alterar o padrão de inserção econômica externa do país. Ao longo da segunda metade da década de 1990, verifica-se a ampliação da circularidade entre a PII e as rendas enviadas (93% da variação do saldo da PII na década foi explicada pelas rendas enviadas), aumentando o passivo externo líquido e, consequentemente, a vulnerabilidade externa da economia brasileira, o que contribuiu para a ocorrência da nova crise do setor externo em 1999. RESUMO Realizase Realiza se (PII oficial constituindose constituindo artigo Apresentase Apresenta 199 assim Real 1994 sem contudo verificase verifica 93% 93 (93 enviadas, , enviadas) consequentemente 1999 19 9 (9 1 (

ABSTRACT: This study aimed to evaluate the relation between the external flows and stocks of the Brazilian economy in the 1990s (1990-2000) and how this interaction affected its external vulnerability during those years. An unprecedented estimate of the International Investment Position (IIP) for the 1990s is made as this datum is unavailable from official sources, constituting one of the contributions of this study. Another unprecedented estimate of the profitability of these external stocks is shown, in addition to some indicators of external debt. The 1990s marked the increase in commercial and financial openness and the increase in financial flows destined for Brazil, which enabled the stabilization of the nominal exchange rate and thus the successful control if inflation after the implementation of the Real Plan in 1994, without, however, changing the pattern of external economic insertion of the country. The second half of the 1990s witness an increase in circularity between IIP and sent income (93% of the variation in the IIP balance in the decade stemmed from income sent), increasing net external liabilities and the external vulnerability of the Brazilian economy, which contributed to the occurrence of a new crisis in the external sector in 1999. ABSTRACT s 19902000 1990 2000 (1990-2000 years (IIP sources shown debt Brazil 1994 without however country 93% 93 (93 sent, , sent) 1999 1990200 199 200 (1990-200 9 (9 199020 19 20 (1990-20 ( 19902 1 2 (1990-2 (1990- (1990 (199 (19 (1

Abstract Background: The production of biofuels has caused an increase in the prices of agricultural commodities. Thus, the ecological footprint, social inclusion and profitability of production systems have encouraged the use of agro-industrial products as an alternative in ruminant feeds. Objective: To evaluate carcass yields, non-carcass components, and the economic viability of including licuri oil in diet of Santa Ines ewes. Methods: A total of 32 Santa Ines ewes (multiparous, non-lactating, 2-4 years old, and 36.7±0.87 kg of body weight-BW) were allotted to a randomized block design with four treatments (diets containing 0, 2, 4 or 5% licuri oil) with eight replicates per treatment, and confined for 77 days. Results: The incremental inclusion of licuri oil promoted a quadratic response on slaughter BW, carcass and true yields, chest widths, heart fat, pancreas, omental fat, and ribeye area (p<0.05). Carcass, heart and loin weight, shank yield, fat thickness and loin fat were reduced (p<0.05); while cooling losses, left half-carcass weight, saw blade yield, and proportion of meat in the loin increased (p<0.05) with increasing dietary levels of licuri oil. The control diet resulted in the best gross revenue (USD$609.39); however, there was a loss (USD$50.96) regarding economic performance indicators. Conclusion: The use of up to 2% licuri oil in the diet increased carcass yield of discard ewes.

Resumen Antecedentes: La producción de biocombustibles ha provocado un aumento en los precios de los productos agrícolas básicos. Por lo tanto, la huella ecológica, la inclusión social y la rentabilidad de los sistemas productivos han incentivado la busqueda de productos agroindustriales como alternativa para la alimentación de rumiantes. Objetivo: Evaluar el rendimiento en canal, los componentes ajenos a la canal, y la viabilidad económica de incluir aceite de licuri en dietas para ovejas de raza Santa Ines. Métodos: Un total de 32 ovejas Santa Ines (multíparas, no lactantes, de 2 a 4 años y de 36,7±0,87 kg de peso corporal-PC) fueron asignadas a un diseño de bloques al azar con cuatro tratamientos (dieta basal adicionada con 0, 2, 4 o 5% de aceite de licuri) con ocho repeticiones por tratamiento, y confinadas por 77 días. Resultados: Los niveles incrementales de aceite de licuri tuvieron un efecto cuadrático sobre el PC al sacrificio, el rendimiento real y de la canal, el ancho del pecho, la grasa del corazón, el páncreas, la grasa del epiplón y el área del ojo del lomo (p<0,05). Se redujo (p<0,05) el peso de la canal, el corazón y el lomo, el rendimiento del jarrete, el grosor de la grasa y la grasa del lomo; y aumentaron las pérdidas por enfriamiento, el peso de media canal restante, el rendimiento de la hoja de sierra y la proporción de carne en el lomo (p<0,05) con niveles incrementales de aceite de licuri. La dieta control resultó en el mejor ingreso bruto (USD$609,39); sin embargo, hubo una pérdida (USD$50,96) en los indicadores de desempeño económico. Conclusión: El uso de hasta un 2% de aceite de licuri en la dieta incrementa el rendimiento en canal de las ovejas de descarte.

Resumo Antecedentes: A produção de biocombustíveis tem causado um aumento nos preços das commodities agrícolas. Assim, a pegada ecológica, a inclusão social e a rentabilidade do sistema de produção têm incentivado o uso de produtos agroindustriais como alternativa alimentar para ruminantes. Objetivo: Avaliar os rendimentos de carcaça, componentes não carcaça e a viabilidade econômica da inclusão do óleo de licuri em dietas para ovelhas Santa Inês. Métodos: Um total de 32 ovelhas Santa Inês (multíparas, não lactantes, 2-4 anos e 36,7±0,87 kg de peso corporal-PC) foram distribuídas em delineamento em blocos casualizados com 4 tratamentos (dietas contendo óleo de licuri a 0, 2, 4 e 5% de matéria seca) com 8 repetições por tratamento e confinadas por 77 dias. Resultados: A inclusão de óleo de licuri promoveu efeito quadrático no PC de abate, rendimentos de carcaça e verdadeiros, largura de peito, gordura do coração, pâncreas, gordura omental e área de olho de lombo (p<0,05). Os pesos de carcaça, coração e lombo, rendimento de pernil, espessura de gordura e gordura do lombo foram reduzidos (p<0,05), e as perdas por resfriamento, peso de meia carcaça esquerda, rendimento de lâmina de serra e proporção de carne no lombo aumentaram (p<0,05) com um aumento nos níveis de óleo de licuri. A dieta controle resultou na melhor receita bruta (USD$609,39); no entanto, houve uma perda (USD$50,96) em relação aos indicadores de desempenho econômico. Conclusão: O uso de até 2% de óleo de licuri na dieta proporcionou aumento nos rendimentos de carcaça de ovelhas de descarte.