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- Projectos de investimento: abordagem tradicional nas empresas portuguesasPublication . Moutinho, Nuno; Mouta, HelenaA decisão de implementação do projecto de investimento é tomada no momento inicial e depende do valor gerado ser superior ao investimento efectuado. As técnicas de avaliação podem basear-se tanto dados contabilísticos como em critérios baseados no cash flow. Neste trabalho, analisam-se as técnicas de avaliação do risco subjacente ao projecto, bem como se procura conhecer o custo de capital e a taxa de actualização mais utilizada pelas empresas. As empresas portuguesas realçam a taxa interna de rentabilidade, o valor actualizado líquido, a análise de cenários, o período de recuperação do capital, a dimensão do projecto e o risco de ciclo de negócio, bem como o custo de capital da empresa e do projecto como aspectos da análise de projecto de investimento mais relevantes. A dimensão e sector de actividade da empresa, bem como o tipo, a dimensão e a duração do projecto são factores que influenciam a análise efectuada pelas empresas portuguesas.
- Project appraisal: a reflectionPublication . Moutinho, Nuno; Mouta, HelenaWe present project evaluation approaches that should be used as a basis for decision. We try to find what aspects must be taken into account in project analysis, acknowledging the need to consider intangible aspects that are impossible to measure and that lead to subjective analysis to project evaluators. We also wish to understand if firms have adequate tools and methods that incorporate and quantify all non financial aspects. We have identified several other aspects that influence projects’ evaluation and decisionmaking. This is not a mere financial activity, but involves a diversity of behavioural and organizational factors, and business perception, which should be adequately adjusted to invest with success.
- Human resources and management in projectsPublication . Moutinho, Nuno; Mouta, HelenaWhen valuing an investment project, all the factors that affect its viability should be analysed. As such, not only financial aspects are important, but also non-financial aspects. In effect, in project appraisal we should analyse the human resources and the role of the project manager and his personal characteristics and attributes. We support the idea that human resources and project manager areas have to be analysed when determining a project’s viability.
- The importance of strategic analysis in investment appraisalPublication . Moutinho, Nuno; Mouta, HelenaThe investment of a company allows the creation of shareholder value, so an adequate analysis of all factors that may interfere with its viability is relevant. For the evaluation of a given project, financial criteria and non-financial criteria should be used. Here we highlight the importance of the strategic aspects for the investment decision and highlight the importance of the synergies and the consistency with the strategic objectives of the company. We also present the main strategic risks and how to minimize them.
- Project appraisal: a reflectionPublication . Moutinho, Nuno; Mouta, HelenaWe present project evaluation approaches that should be used as a basis for decision. We try to fi nd what aspects must be taken into account in project analysis, acknowledging the need to consider intangible aspects that are impossible to measure and that lead to subjective analysis to project evaluators. We also wish to understand if fi rms have adequate tools and methods that incorporate and quantify all non nancial aspects. We have identi ed several other aspects that infl uence projects' evaluation and decision-making. This is not a mere fi nancial activity, but involves a diversity of behavioural and organizational factors, and business perception, which should be adequately adjusted to invest with success.
- Social and environmental impact assessment - theoretical contributionsPublication . Moutinho, Nuno; Mouta, HelenaWhen we have to make an investment decision, we have to consider social and environmental factors that can bring some doubts about the project. We analyse not only which social and environmental characteristics to assess, but also identify main risks and show how to mitigate them. In addition, we support the idea that both areas have to be analysed at the beginning of the project and that it has to be done at the time investors analyse other factors, in particular technical issues.
- Commercial analysis in project appraisalPublication . Moutinho, Nuno; Mouta, HelenaAn adequate analysis of investment projects should provide a knowledge of the commercial factors that are critical to the success of the project. The evaluation of a project should identify the problems associated with the market where the project will be placed and develop the relevant market competencies to allow the project to meet the market’s expectations and face its competition. As such, project appraisal should analyse the aspects associated with the project’s commercial dynamic and, therefore, this work supports the idea that project appraisal should include an analysis of the commercial area.
- Which project characteristics are important? What are the project success factors?Publication . Moutinho, Nuno; Mouta, HelenaThe evaluation process of real investment projects must consider not only the traditional financial approach, but also non-financial aspects that can provide additional relevant information about projects. We investigate financial and non-financial areas most relevant in project appraisal, main critical success factors and areas of analysis that lead to the perception of project success, through nine hypotheses that are empirically tested. Companies are also segmented to verify their financial and non-financial practices, considering industries, type of project, size and duration of the project. The results show that non-financial factors affect the investment decision with larger importance than financial ones, specifically the strategic, technical and commercial areas. Perceived success of a project is related to the consideration of strategic, political and human resources aspects in its evaluation. There is a greater perception of success when companies attribute greater importance to financial and commercial aspects in project appraisal. The existence of many financial and strategic factors is associated with a greater perceived success of the project. We found that there is a greater perception of success in companies with larger projects, when the chairman of the board has higher tenure and when the project manager has a higher education degree and has variable reward.
- Social and environmental impact assessment: theoretical contributionsPublication . Moutinho, Nuno; Mouta, HelenaWhen we have to make an investment decision, we have to consider social and environmental factors that can bring some doubts about the project. We analyse not only which social and environmental characteristics to assess, but also identify main risks and show how to mitigate them. In addition, we support the idea that both areas have to be analysed at the beginning of the project and that it has to be done at the time investors analyse other factors, in particular technical issues.
- Investment projects: evaluation tools and methodsPublication . Moutinho, Nuno; Mouta, HelenaGiven the need to study di erent areas of analysis during the investment decision process, it is imperative to know which tools and methods are used by companies to assess various nancial and non- nancial aspects. As regards tools, we find that firms use checklists of analysis for non- fi nancial aspects, whereas they use their past experience in risk assessment, gathered from other projects. Records of past evaluation tend to be maintained in companies and those that use external advisors to evaluate projects tend to perform political analysis. As for the methods, companies use the identi cation of risk factors and assessment of ef fects and risk probabilities, the discussion and assessment of favorable and unfavorable factors to the project's execution, a coordinated analysis of fi nancial and non- financial aspects, and the creation of lists of risk indices, attributing a qualitative weight to each item. We have also analyzed the relationship between these tools and methods and each area of analysis in project evaluation.