ESTiG - Artigos em Revistas Indexados à WoS/Scopus
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- Airline stock market reaction to CrowdStrike IT outage: an event study analysisPublication . Costa, João; Cró, Susana; Moutinho, Nuno; Martins, António MiguelThis study investigates the short-term market effect of CrowdStrike IT outage in the airline industry. Using an event study methodology, we evidence that airline stocks respond significantly negatively to the technology disruption within two days before and after the event day. IT disruptions, by creating friction in daily operations, such as broken schedules, delayed or cancelled flights, negative externalities, and customer dissatisfaction, lead to loss of value for airlines. The results also show that the most affected airlines are those from main CrowdStrike customers countries (mainly non-Asian countries) and an irrelevance of the business model. Finally, the extent of the stock market’s response to the CrowdStrike IT outage is influenced by other airline characteristics such as profitability, size, leverage, and cyber risk rating.
- Application of Benford’s law to detect signs of under-invoicing in companies in the restaurant sector during the COVID-19 pandemicPublication . Martins, Ana Catarina Rodrigues; Alves, Jorge; Vaz, Clara B.The main objective of this study is to detect signs of under-invoicing by applying Benford‘s law to the Portuguese restaurant sector during the COVID-19 pandemic, in the context of government support policies. Between 2020 and 2021, the State adopted several measures to provide additional support to companies that have seen a significant decrease in their activity, namely, a reduction of at least 25% in turnover. A literature review was carried out focusing on the impact of the COVID-19 pandemic on the companies under analysis, the support measures adopted by the State and, finally, a survey of the theoretical component relating to the application of Benford‘s law in accounting. The data were collected from the Iberian Balance Sheet Analysis System database for 2019, 2020, and 2021. After analysing the data, significant deviations are observed in several digits, practically for all the compliance tests, both in the analysis of the first digit test and in the analysis of the first two digits test. The results therefore show signs of under-invoicing in 2020 by the analysed companies, which suffered, on average, a 79% reduction in turnover.
- (Des)ordem informacional: Uma discussão sobre o plano institucional de comunicação de crisePublication . Moraes, Thiago Assunção de; Cordeiro, Juliana de Oliveira; Reis, Uesllei SousaO acesso rápido e fácil às informações por meio da internet provoca desafios quanto ao seu controle e gerenciamento. A percepção de liberdade pode favorecer a criação e a disseminação de notícias falsas, um problema presenciado por pessoas e instituições. Desse modo, como podemos extinguir notícias falsas e comportamentos oportunistas no fornecimento de informação? Esse caso busca contribuir para o desenvolvimento das habilidades de análise, diagnóstico e busca por soluções; despertar o aluno para possíveis ameaças; exercitar a criatividade na tomada de decisões e na concepção de estratégias, orientando-o, assim, à responsabilidade pela informação e à consulta de fontes oficiais. Os fatos apresentados no enredo do caso para ensino foram inspirados em acontecimentos reais no Instituto Federal do Piauí (IFPI). Apesar da história ser fictícia, acontecimentos nesse sentido eventualmente ocorrem na instituição. As informações são oriundas do IFPI, extraídas através da Diretoria de Comunicação e do site da instituição. A página oficial do IFPI no Instagram também constitui fonte de dados. O caso pode ser utilizado em disciplinas de graduação e pós-graduação lato sensu, nos cursos de Tecnologia da Informação, Comunicação Social, Administração e Gestão Pública, que discutam temas como: imagem institucional, gestão, crise, divulgação (e suas ferramentas), comunicação estratégica.
- Determinants of sustainability performance of manufacturing companies using two-stage data envelopment analysisPublication . Sutiene, Kristina; Vaz, Clara B.; Vaitiekuniene, Raminta; Vaz, Clara B.The investigation of business performance via the lens of sustainability has become an increasingly attractive topic among scholars. This study contributes to the field by proposing a two-stage methodology. First, to assess companies’ efficiency in terms of sustainability, their scores of the environmental, social and governance (ESG) pillars are combined into the single weighted sustainability performance indicator using the ‘Benefit of the Doubt’ model, which is maximized for each company by comparing it against the best performers in terms of ESG scores based on Data Envelopment Analysis. Then, in the second stage, the significant determinants are identified after efficiency estimates are regressed on company performance indicators using Tobit panel regression. To demonstrate this approach, we selected 559 companies from the manufacturing sector, as this industry continues to face challenges to reduce environmental impact, improve resource efficiency, and promote social responsibility. The main findings include the examination of the best performers and underperforming companies in terms of sustainability, along with key financial indicators identified in the study.
- Do green innovation strategies exist? Past, present and future trends in literaturePublication . Silvério, Ana Cristina; Fernandes, Cristina I.; Maran, Thomas K.For companies to subsist in the highly changeable and competitive market, they must foster innovation. Similarly, for companies to respond to market changes, fluctuations and trends, they need to develop green-oriented strategies. Therefore, reversing the innovation process to be greener is becoming a strategic opportunity for companies. As well as contributing to the company's long-term performance, green innovations can be a differentiation tool for improving the company's competitive position. Despite the growth in literature on green innovation strategies, the field is dispersed. This paper therefore provides a comprehensive overview of past, present and future trends in the literature on green innovation strategies through a systematic literature review and a bibliometric analysis, employing two bibliometric techniques: bibliographic coupling and cluster analysis.FindingsFor this purpose, the Web of Science database was used, where 509 documents were collected, which were then subjected to a selection process. In total, 63 scientific studies were selected and analyzed, resulting in the identification and classification of theoretical perspectives on green innovation strategies, in which five main approaches emerged: (1) Implications of green innovation strategies, (2) Drivers of green innovation strategies, (3) Diffusion/diffusers of green innovation strategy, (4) Internal and external drivers of green innovation strategy and (5) Stakeholders in the green innovation process. The review highlighted existing gaps in the literature and illuminated avenues for future research, indicating potential research questions. Originality/valueCollectively, our findings hold significant implications for organizational strategies by providing a robust framework for firms to understand critical factors influencing green innovation. Beyond its strategic relevance, this study advances the green innovation management literature through a holistic framework analyzing how companies can strategically pursue green innovation driven by internal and external factors.
- The impact of hotel operational factors and crises on corporate debtPublication . Pereira, Rita; Alves, Jorge; Moutinho, NunoTourism is an important sector for the development and economic growth of a country and the work and dynamism of hotels in this context is fundamental. Therefore, companies may take on debt to enable greater investment, which can enhance the quality of their operational activities in the hotels they manage. Bearing this in mind, this study seeks to identify the operational factors – specifically hotel characteristics - that affect the debt of Portuguese hotel companies, also during periods of crisis. Based on a sample of 9842 observations from 1191 hotel companies between the years 2005 to 2020, both descriptive and inferential analysis were conducted using the ordinary least squares method. The results show that a hotel’s debt is positively influenced by its star rating but negatively affected by its ownership. For younger companies, the relationship with debt is positively influenced by ownership and negatively impacted by the hotel's brand. The study also concludes that the debt of these companies tends to increase during periods of economic or financial crisis.
- Institutional trust as a driver of product boycotts in EuropePublication . Baptista, Nuno; Dos-Santos, Maria; Mata, Fernando; Silva, Natacha JesusDespite the significant growth in consumer boycotts, research has devoted insuffi- cient attention to the institutional factors that may motivate consumers to engage in such behaviour. This article aims to address this research gap. The main objective is to analyse the factors that affect consumer boycotts from an institutional sustainabil- ity perspective, by focusing on a specific dimension of institutional sustainability: institutional trust. Information and data came from the 2023 round of the European Social Survey, a cross-national survey covering 25 Countries. The article applies a binomial univariable logit model to test the influence of institutional trust and other potential drivers on boycott decisions and a multivariable binomial logistic regres- sion to explore possible interrelationship between independent variables. The results confirm that boycotts are affected by institutional trust and other factors including demographic and socio-economic characteristics of the consumers, consumers’ per- ception of ICT, satisfaction with public institutions, and consumers’ evaluation of personal well-being. This article contributes to political consumerism literature by focusing on the impact of institutional trust in boycotting behaviour. This relation- ship is underexplored in existing literature, since most literature researches con- sumer boycotts from a triple-bottom perspective and neglects the effects of the insti- tutional dimension of sustainability in consumer behaviour. The article brings new insights into the motivations of consumers at the political and institutional levels and opens new directions for future research to explore institutional sustainability related to the good practices of governance.
- O BSC, o SIPOC e o Visual Management como ferramentas de potenciar a melhoria organizacional: um estudo de caso aplicado ao setor dos transportesPublication . Cardim, Sofia; Borges, Mário; Vara, Natália; Queirós, CristinaA estrutura empresarial portuguesa é composta maioritariamente por micro, pequenas e médias empresas, que nem sempre dispõem dos recursos físicos, materiais e humanos para desenvolver os seus processos operacionais da forma mais sustentável. Estas empresas representam uma fonte de emprego para um grande número de trabalhadores. O presente trabalho tem como principais objetivos evidenciar a importância da utilização do instrumento Balanced Scorecard e do SIPOC, introduzidos através do Visual Management, como ferramentas de melhoria do processo de trabalho numa PME do setor dos transportes. A metodologia é do tipo estudo de caso, com uma observação participante. Como principais resultados da implementação destas ferramentas, verificou-se uma melhoria de diversos processos internos inerentes ao desenvolvimento da sua atividade, sistematizando e desenvolvendo ações diversas no âmbito da sua atividade operacional. Estas mudanças encontram-se relacionadas, em grande medida, com a informatização de alguns processos, nomeadamente respeitantes com o controlo da frota, cargas e viagens, que eram realizados de forma manual e que passaram a ser realizados de forma informatizada, que se fizeram sentir na melhoria do bem-estar dos trabalhadores, essencialmente, da gestão de topo.
- Presidential elections and secretary appointment: an event study for us biotechnology and drugsPublication . Martins, António Miguel; Albuquerque, Bruno; Sardinha, Luís; Moutinho, NunoThe aim of this study is to analyse the effect of the 2024 US presidential election and the appointment of the US health secretary to the largest US listed biotechnology and drug firms. Using an event study methodology, we find that President Donald Trump's election had no significant impact on the industry. On the contrary, the results show statistically significant negative stock price reactions around the US health secretary appointment. The negative industry reaction to the US health secretary appointment is largely explained by his scepticism about vaccination and criticism about the high prices of drug prescriptions and margins in the industry. These results highlight the importance of top government position appointments, especially when such appointments eliminate much of the uncertainty regarding future government action in the industry and political uncertainty hypothesis. Finally, cross-section analysis reveals that the firms most penalized by the 2024 US presidential election and the appointment of the US health secretary are those with the highest investments in R&D and capital expenditures. This could mean lower future investments in new vaccines or drugs, seriously harming society.
- Selection and weight determination of factors for price adjustment formulae based on bill of quantitiesPublication . Oliveira, Rui; Abreu, Maria Isabel; Lopes, JorgeThis study investigates the effectiveness of standard price adjustment formulae for construction contracts in Portugal. Price adjustment is a mechanism that aims to adjust contractual values to market price fluctuations in labor, materials, and equipment. Such formulae are often generalized and applied in contractual practices without being properly tailored to the specific characteristics of each project. To fill this gap, this study, informed by convergent proposals, builds on the argument that the use of different bill of quantities (BOQs)-based price adjustment formulae for the same contract is fairer, more equitable, and with greater capacity to cushion sudden variations in prices. Using a case study, consisting of a public construction contract, the study analyses price differences obtained through the application of the standard formula and compares them, over different periods, with those obtained through the use of two alternative calculation formulae specifically developed according to the project's characteristics. The performance of all scenarios was evaluated against the evolution of the growth rate of the construction cost index (CCI). The results demonstrate that the standard formula, even when it is readjusted, provides disproportionate results. In contrast, the BOQ-based price adjustment formulae, developed according to different phases of the works, provide results that are very close to those obtained by CCI-based escalation. The behavior of these customized formulae, even during periods of high price indices increases, closely tracks that of inflation. The results of the study call for the enactment of a more comprehensive legal mechanism so that all cost elements of a construction project can be properly reflected in price adjustment methodologies.