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- Determinants of firm profitability: the case of portuguese meat manufacturing sector between 2014 – 2020Publication . Nguyen, Le Quyen; Alves, Jorge; Fernandes, António B.; Nunes, Alcina; Pereira, João Paulo; Ribeiro, Nuno A.; Fernandes, Paula OdeteThe research attempts to provide insights into the profitability of Portuguese meat manufacturing sector and its determining factors. A balanced data panel of 233 Portuguese firms between 2014 – 2020 is examined using static and dynamic panel estimators. Return on Assets is a proxy of firm profitability. Explanatory variables involve the firm characteristics, industrial attributes, and external environment. The results show that the average profitability of the Portuguese meat manufacturing sector is relatively low with a significant disparity in performance across the firms. Next, the paper reveals influencing factors associated with the sector´s success, making meat manufacturing the most valued activity in Portuguese agricultural production. Firm characteristics are highly related to profitability while macro factors show no significant impacts on the firms´ performance. Hence, the study provides useful information for policymakers and business managers in introducing measures and policies to improve the firms´ profitability.
- Corporate financing changes: consequencies for discretionary accruals estimationPublication . Alves, Jorge; Moreira, JoséThis study discusses the impact of financing changes on accruals models and discretionary accruals estimates. It pursues a threefold objective. Firstly, to show analytically how the occurrence of such changes affects discretionary accruals estimation. Secondly, to analyse empirically whether different accruals models (Jones, (1991); Dechow and Dichev, (2002); and McNichols,(2002) reflect in a similar way the impact of changes in corporate financing. Thirdly, to test an existent solution in literature to mitigate the problem caused by financing changes on discretionary accruals estimates. Empirical evidence shows that the measurement error induced by not well-specified accruals models is affected by the sign of financing changes, being different for positive and negative changes; all models reflect in a similar way the impact of changes in corporate financing and, for the Portuguese context, the matched-firm approach on financing changes used by Shan et al. (2010) to mitigate the problem caused by financing changes on discretionary accruals doesn’t work well.
- Entrepreneurial incentives among university students in Georgia and PortugalPublication . Taktakishvili, Tengiz; Charaia, Vakhtang; Moutinho, Nuno; Alves, JorgeThe study of entrepreneurial incentives among students is a highly relevant issue because it is of utmost importance for the economic development of the country to cultivate generations of entrepreneurs who will create high-value technological startups and contribute to the transformation of Georgia into a technological hub, a goal that we have been calling a priority for years. In recent years, there has been a tendency among young adults to show entrepreneurial initiative, although this is modest compared to what could truly change the image of the country. Funds and angel investors have emerged in the country, ready to invest in interesting business projects with global potential. In this process, the role of universities could be invaluable. The primary obstacle that Georgia's and Portugal's education systems are still facing is incorporating entrepreneurial skills into formal and vocational education. Scant is the rundown of colleges that have coordinated this new test in their educational programs.The region is characterized by precarious and unsystematic skill-based professional schooling, reflecting inadequate funding initiatives lacking sustainability. The article studies the factors influencing students' entrepreneurial incentives in Georgia and Portugal, identifies the interests and opportunities of Georgian and Portuguese university students in starting a business, and discusses the best foreign practices for encouraging students' entrepreneurial activity. The article reports a study, based on a survey, which identified the main facilitating and hindering factors that influence students' entrepreneurial incentives. The paper also analyzes the environment supporting students' entrepreneurial activities in Georgia and Portugal, discusses the possibilities of finding financing, and identifies the main obstacles that students face when starting a business.
- The effect of financing changes on discretionary accruals estimationPublication . Alves, Jorge; Moreira, JoséThis study discusses the impact of financing changes (banks, shareholders loans, equity increases and other equity instruments) on accruals models, and discretionary accruals estimates. It pursues a threefold objective. Firstly, to show analytically how the occurrence of such changes affects discretionary accruals estimation. Secondly, to analyse empirically whether different accruals models - Jones (1991), Dechow and Dichev (2002), and McNichols (2002) - reflect in a similar way the impact of changes in corporate financing. Thirdly, compare for the Portuguese context the efficiency of the proposed methodology to Shan, Taylor and Walter (2013), in order to assess the relative performance of each one. Empirical evidence shows that the measurement error induced by not well-specified accruals models is affected by the sign of financing changes, being different for positive and negative changes; all models reflect in a similar way the impact of changes in corporate financing; and for the Portuguese context, the matched-firm approach on financing changes, intended to mitigate the problem caused by such changes on discretionary accruals, does not work well.
- Exploring consumer insights on food product traceability in PortugalPublication . Nunes, Alcina; Fernandes, António B.; Pereira, João Paulo; Alves, Jorge; Ribeiro, Nuno A.; Fernandes, Paula OdeteIn today's fast-changing food industry, consumer expectations around safety, quality, and transparency push for more effective traceability systems. This study examines how Portuguese consumers perceive food product traceability, focusing on their awareness, trust, and preferences in product origin, production methods, and safety protocols. Through a survey, the socio-economic impact of advanced traceability systems was explored. The results show that most consumers consider traceability essential for ensuring food safety. However, a significant portion remains unaware of these systems. Factors such as product quality, price, and storage conditions were highlighted as top priorities when purchasing food, with traceability seen as a way to improve these aspects. Consumers are also intensely interested in information about product origins and transportation conditions, especially temperature control, as these directly affect safety and quality. This reflects growing concerns over foodborne illnesses and waste due to poor transportation practices. The research emphasises the need for greater consumer education on the value of traceability systems and the potential advantages of adopting digital traceability technologies. The study's originality lies in its specific focus on the behaviour of Portuguese consumers regarding food traceability, a topic that has been relatively underexplored in this context.
- Exploring factors influencing firm profitability: the case of the meat industry in PortugalPublication . Nguyen, Le Quyen; Fernandes, António B.; Nunes, Alcina; Pereira, João Paulo; Ribeiro, Nuno A.; Fernandes, Paula Odete; Alves, JorgeThe study examines the profitability of the meat industry in Portugal and its determining factors. Annual financial data of the Portuguese firms are col- lected from the database Analysis System of Iberian Balance Sheets from 2014 to 2020. Based on 1,631 observations, one dependent variable and four groups of independent variables are tested using estimation methods, i.e., Pooled Ordinary Least Square and Fixed Effects and Generalised Method of Moments. The empir- ical evidence shows that firm size and tangible assets have significant impacts on firm profitability. Besides, profitability is persistent, implying that the continuous nature of profitability over time provides a firm with an advantage in capturing new opportunities to improve its performance. However, external factors show no effects on firm profitability. In general, the capability to manage assets and liabili- ties flexibly is highly related to profitability, enabling the firms to prosper after the financial crisis. Therefore, the paper provides useful information for stakeholders in considering solutions to improve firms ́ resilience and profitability while facing unfavourable economic conditions.
- A afiliação a uma marca: retrato dos estabelecimentos hoteleiros em PortugalPublication . Alves, Jorge; Vaz, Clara B.; Martins, Catarina AntóniaA hotelaria é um dos setores mais importantes na atividade turística em Portugal. Conhecer as características e especificidades das unidades hoteleiras a operar em Portugal é importante para todos aqueles que tomam decisões sobre o investimento neste setor. Conhecer a realidade da afiliação dos estabelecimentos hoteleiros portugueses a uma marca é também uma questão de muito interesse para os hoteleiros no apoio à tomada de decisões estratégicas. Com recurso à análise do universo dos estabelecimentos hoteleiros existentes em Portugal, é feita a sua caracterização quanto às especificidades, instalações e equipamentos. Em termos metodológicos estima-se um modelo de regressão logística que permite discutir a afiliação dos estabelecimentos hoteleiros portugueses a uma marca. Os resultados permitem concluir que pouco mais de um terço dos estabelecimentos hoteleiros em Portugal são afiliados a uma marca, sendo esta afiliação mais frequente nas regiões mais turísticas. Os resultados permitem ainda verificar que os estabelecimentos hoteleiros afiliados possuem, em média, maior número de estrelas, maior capacidade e menor número de equipamentos que os estabelecimentos hoteleiros não afiliados.
- Financial performance assessment of branded and non-branded hotel companies. Analysis of the Portuguese casePublication . Martins, Catarina Antónia; Vaz, Clara B.; Alves, JorgePortugal has been experiencing a continuous growth in tourism activity, with hospitality industry as one of the main tourism sectors. Therefore, the assessment of hotel companies’ performance is very important to assist decision processes. The purpose of this paper is to assess the financial performance (FP) of 570 hotel companies operating hotel units in Portugal in 2017. To explore the question of brand affiliation, a comparison was made between hotel companies with similar stars rating and market orientation. In addition, this paper intends to fill a gap in literature studying the Portuguese reality on the subject of brand affiliation. Design/methodology/approach – The present study uses a methodology based on data envelopment analysis (DEA) to assess the overall performance for each company, which further decomposed into the within-group performance and the technological gap. The performance of the hotel company is assessed through the aggregation of multiple financial indicators using the composite indicator (CI) derived from the DEA model. A bivariate analysis based on the Tobit regression to test the robustness of brand effect on FP of hotel companies (HC) was also included. Findings – The empirical results show that branded companies, on average, have significantly better overall FP than non-branded companies. On the one hand, the brand effect tends to improve the within-group FP of HCs and the brand presents a statistically significant positive effect on the FP. On the other hand, the best practices are observed in both branded and non-branded companies. Practical implications – The results of this study illustrate that, globally, the better FP of the branded companies is because of their individual relative companies’ performance and a better model of operation given by the brand effect. Brand affiliation will generally allow for a better FP and essentially a better profitability for invested equity, a higher return on sales and a higher value added per employee. Originality/value – The study provides important theoretical and practical contributions that can assist the strategic decision of the HCs in choosing to operate independently or to adopt brand affiliation. Also, it is innovative because the FP of branded and non-branded HCs is measured not using a set of individual financial ratios but through a single CI that aggregates those financial ratios, using a DEA model.
- Corporate financing changes: consequencies for discretionary accruals estimationPublication . Alves, Jorge; Moreira, JoséThis study discusses the impact of financing changes on accruals models and discretionary accruals estimates. It pursues a threefold objective. Firstly, to show analytically how the occurrence of such changes affects discretionary accruals estimation. Secondly, to analyse empirically whether different accruals models (Jones, (1991); Dechow and Dichev, (2002); and McNichols,(2002) reflect in a similar way the impact of changes in corporate financing. Thirdly, to test an existent solution in literature to mitigate the problem caused by financing changes on discretionary accruals estimates. Empirical evidence shows that the measurement error induced by not well-specified accruals models is affected by the sign of financing changes, being different for positive and negative changes; ali models reflect in a similar way the impact of changes in corporate financing and, for the Portuguese context, the matched firm approach on financing changes used by Shan et al. (2010) to mitigate the problem caused by financing changes on discretionary accruals doesn't work well.