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- The interrelation between environmental, social, and governance (ESG) and transparency: a bibliometric analysisPublication . Cardoso, Celso Araújo; Moutinho, Nuno; Scalabrini, Elaine C.B.Sustainability has been a central issue in recent decades, leading to the formal integration of the environmental, social and governance (ESG) dimensions by the United Nations in 2004. Although ‘CSR’, ‘sustainability’ and ‘ESG’ are often used interchangeably, ESG provides criteria for assessing sustainability progress. Transparent disclosure of ESG information is crucial to attracting investment and building trust, despite challenges such as gaming and greenwashing. In this context, this paper aims to analyse the evolution of research on ESG and transparency and identify trends. The study reveals an exponential publication growth using a bibliometric analysis of 497 articles from the SCOPUS database between 2011 and 2025. Europe and China lead the way in publications, influenced by EU regulations and international pressures/domestic standards. There is strong collaboration between the US, Europe, and China about academic production.
- 2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firmsPublication . Martins, António Miguel; Albuquerque, Bruno; Sardinha, Luís; Moutinho, NunoThis study examines the short-term market effect of Donald Trump' victory in the 2024 US presidential election on largest US and non-US listed worldwide fuel fossil and renewable firms. Employing an event study methodology, we observe a negative and statistically significant stock price reaction for worldwide renewable listed firms. An analysis by economic zones reveals the existence of negative abnormal returns for renewable energy firms in the US, Europe, India and in the rest of the world. In the case of China, abnormal returns are not statistically significant. With respect to worldwide fossil fuel listed firms, abnormal returns are generally not statistically significant. However, regarding US firms, we observe positive and statistically significant abnormal returns. These abnormal returns are explained by the change of US energy policy (pro-oil and gas policy) and the expected cut in subsidies and lower profitability of investments in green energies. Finally, our study provide insight into which firm-specific characteristics emerge as value drives around US presidential elections. The results show that despite the change in environmental policy in the US, favourable to fossil energy, the stock markets reward firms with high environmental ratings. Overall, our results indicate that 2024 US presidential election, for implying a change in US energy policy, has relevant policy implications for energy listed firms.
- 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.