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- The effect of borrower country financial system and corporate governance system types on the spread of syndicated loansPublication . Moutinho, Nuno; Alves, Carlos Francisco; Martins, FranciscoPurpose This study aims to analyse the effect of borrower’s countries on syndicated loan spreads, featuring countries according to institutional factors, namely, financial systems and corporate governance systems. Design/methodology/approach This study is an empirical investigation based on a unique sample of more than 85,000 syndicated loans from 122 countries. The paper uses standard and two-stage least squares regression analysis to test whether the types of financial and corporate governance systems affect loan spreads. Findings The paper finds that borrowers from countries with financial systems oriented towards the banking-based paradigm pay lower interest rate spreads than those from countries with financial systems oriented towards the market-based paradigm. In addition, there is evidence that borrowers from countries with more developed financial systems pay lower spreads. The results also show that borrowers from countries with an Anglo-Saxon governance system pay higher spreads than borrowers from countries with a Continental governance system. Research limitations/implications This study does not consider potential promiscuous relationships that can arise at the ownership structure and governance level between banks and borrowers and may affect loan spreads. Practical implications This study suggests that financial and corporate governance systems are essential factors in the financial intermediation process. Furthermore, the evidence indicates that corporates with higher potential agency costs and higher potential information asymmetry are requested to pay higher spreads. Therefore, the opportunities to such corporates invest optimally tend to be scarcer. Originality/value The paper highlights the impact of institutional factors on the cost of financing, characterising the countries according to the type of financial system and the type of corporate governance system. The study finds that borrowers from countries with bank-based financial systems pay lower interest rate spreads than those from countries with market-based financial systems. The paper also highlights how the level of financial development affects the cost of financing. The paper focusses on non-financial firms, unlike financial firms, which have been the focus of several empirical studies on topics relating to the cost of funding and corporate governance.
- 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.
- XXX Jornadas Luso-Espanholas de Gestão Científica: livro de resumosPublication . Fernandes, Paula Odete (Ed.); Nunes, Alcina (Ed.); Lopes, Isabel Maria (Ed.); Pereira, João Paulo (Ed.); Teixeira, João Paulo (Ed.); Leite, Joaquim (Ed.); Alves, Jorge (Ed.); Ribeiro, Nuno A. (Ed.); Moutinho, Nuno (Ed.); Raposo, Mário Lino Barata (Ed.); Ferreira, João José (Ed.); Alves, Helena (Ed.); Leal Millán, Antonio (Ed.); Barroso Castro, Carmen (Ed.); Navarro García, Antonio (Ed.)A cooperação transfronteiriça tem vindo, cada vez mais, a assumir uma importância considerável no contexto do desenvolvimento regional, nacional e internacional, mas nem sempre apresenta correspondência com a estratégia de coesão entre as regiões e os povos. Nas regiões de fronteira, dadas as condições geográficas e as relações históricas e culturais seculares, existe uma necessidade premente para que os povos, em geral, e as entidades, públicas e privadas, locais e regionais, em particular, se empenhem continuamente em novos desafios de efetiva cooperação transfronteiriça. Esse incitamento visa criar um espaço de boa vizinhança e prosperidade social e económica, reforçar redes de cooperação e explorar novas potencialidades de desenvolvimento coeso, sustentável e competitivo nas zonas de fronteira. As XXX Jornadas Luso-Espanholas de Gestão Científica (XXX JLE 2020), sob o lema ‘Cooperação transfronteiriça: desenvolvimento e coesão territorial’, pretendem fundamentar a contínua e vasta contribuição para o enriquecimento e a partilha de conhecimento técnico-científico nas diversas áreas da gestão. Este evento, através da participação dos seus conferencistas com a apresentação de comunicações de qualidade, assentes nas distintas áreas científicas que norteiam as XXX JLE 2020, constituem prova evidente de construção de pontes, derrube de muros e abertura de caminhos plurais à comunidade científica, estimulando o intercâmbio entre o universo académico e profissional internacional. Neste sentido, o presente livro reúne os resumos das comunicações orais enviados às XXX Jornadas Luso-Espanholas de Gestão Científica, organizadas pela Escola Superior de Tecnologia e Gestão, do Instituto Politécnico de Bragança, e a Unidade de Investigação Aplicada em Gestão (UNIAG), entre os dias 5 e 8 de fevereiro de 2020. A finalizar, esta breve nota de apresentação, a Comissão Organizadora agradece a todos os que, generosamente, aceitaram intervir, como conferencistas convidados e como investigadores, nas XXX Jornadas Luso-Espanholas de Gestão Científica.
- Do borrower country financial system and corporate governance system types influence the spread of syndicated loans?Publication . Moutinho, Nuno; Alves, Carlos Francisco; Martins, FranciscoPurpose – This study aims to analyse the effect of borrower’s country on syndicated loan spreads, featuring countries according to institutional factors, namely financial systems and corporate governance systems. Design/methodology/approach – This study is an empirical investigation based on a unique sample of more than 85,000 syndicated loans from 122 countries. The paper uses standard and 2LS regression analysis to test whether types of financial and corporate governance systems affect loan spreads. Findings – The paper finds that borrowers from countries with financial systems oriented towards the banking-based paradigm pay lower interest rate spreads than those from countries with financial systems oriented towards the market-based paradigm. There is evidence that borrowers from countries with more developed financial systems pay lower spreads. The results also evidence that borrowers from countries with an Anglo-Saxon governance system pay higher spreads than borrowers from countries with a Continental governance system. Originality - The paper highlights the impact of institutional factors on the cost of financing characterizing the countries according to the type of financial system and the type of corporate governance system. The study finds that borrowers from countries with bank-based financial systems pay lower interest rates spreads compared to those from countries with market-based financial systems. The paper also highlights how the level of financial development affects the cost of financing. The paper also focuses on non-financial firms, unlike financial firms which have been the focus of several empirical studies on topics relating to the cost of financing and corporate governance. Research limitations/implications – This study does not consider potential promiscuous relationships, that can arise at the level of ownership structure and governance, between banks and borrowers, that may affect loan spreads. Practical implications – This study suggests that borrower’s financial and corporate governance systems are important factors in the financial intermediation process. The evidence suggests that corporates with higher potential agency cost and higher potential information asymmetry relatively to external loans providers are requested to pay higher spreads. Therefore, the opportunities to such corporates invest optimally tend to be scarcer.
- The effect of the evergrande bankruptcy on Chinese real estate listed firmsPublication . Martins, António Miguel Valente; Moutinho, NunoThe objective of the study is to examine the intra-industry effects of Evergrande’s bankruptcy on the Chinese real estate listed firms. Based on an event study, we evidence a negative and statistically significant stock price reaction to Evergrande’s bankruptcy announcement. These results are consistent with the contagion effect. We also find the highest negative impact on real estate firms with greater leverage and a higher similarity in cash flows with the bankrupt firm. Finally, the magnitude of the stock market reaction to Evergrande’s bankruptcy is reinforced or mitigated by firm-specific determinants such as size and liquidity.
- Firm performance in portuguese outdoor tourism industry: the corporate governancePublication . Bhattarai, Sadikshya; Baral, Sadiksha; Moutinho, Nuno; Nunes, Alcina; Fernandes, Paula OdeteFirms working in the outdoor recreational activities supply are influenced by internal and external economic, financial and social aspects, and other external factors, like climate change that affect their financial performance. Although recognising the importance of this emergent tourism type, there is not much research on the factors that affect financial performance in turnout tourism companies, namely, the ones related to corporate governance. Therefore, this study aims to analyse the impact of ownership and management of outdoor tourism companies on their performance, using a set of control variables as the size of firms, their location and their financial leverage. The study focuses on Portuguese firms from which was collect data from 2010 to 2019. The application of an OLS regression shows an inverted-U shaped relationship between the size of a firm’s board and the firm performance and that firms with the largest ownership percentage have higher performance. This situation seems to better control agency problems.
- XXX Jornadas Luso-Espanholas de Gestão Científica. Cooperação transfronteiriça: desenvolvimento e coesão territorial: livro de atas - Vol. IIIPublication . Fernandes, Paula Odete (Ed.); Nunes, Alcina (Ed.); Lopes, Isabel Maria (Ed.); Pereira, João Paulo (Ed.); Teixeira, João Paulo (Ed.); Leite, Joaquim (Ed.); Alves, Jorge (Ed.); Ribeiro, Nuno A. (Ed.); Moutinho, Nuno (Ed.); Raposo, Mário Lino Barata (Ed.); Ferreira, João José (Ed.); Alves, Helena (Ed.); Leal Millán, Antonio (Ed.); Barroso Castro, Carmen (Ed.); Navarro García, Antonio (Ed.)As XXX Jornadas Luso-Espanholas de Gestão Científica (XXX JLE 2020), que tinham como tema principal ‘Cooperação transfronteiriça: desenvolvimento e coesão territorial’ decorreram entre os dias 5 e 8 de fevereiro de 2020, com a participação de mais de 270 conferencistas. Para além das mais de 200 comunicações apresentadas, envolvendo um total de 564 investigadores nacionais e internacionais, as XXXJLE 2020 contaram com a presença de alguns distintos convidados, começando no dia 6 de fevereiro na Sessão com os editores das revistas (Helena Alves, João Ferreira e António Navarro; Bernabé Escobar como moderador) e no dia 7 de fevereiro com a Mesa-Redonda onde se refletiu sobre Cooperação Transfronteiriça: Desenvolvimento e coesão territorial (Isabel Ferreira, Fernando Freire de Sousa, Raquel Rocha, João Bule, José Luis Prieto e Paula Franco; Miguel André Cabral como moderador). Foram, ainda, distinguidos 22 trabalhos científicos que apresentaram uma elevada qualidade científica. A todos, investigadores, conferencistas e convidados, se fica a dever o êxito científico das XXX Jornadas Luso Espanholas de Gestão Científica. Os quatro volumes de atas que agora se publicam são fruto da totalidade das comunicações dos investigadores apresentadas nas XXX JLE 2020, agrupadas em 19 capítulos, de acordo com a sessão paralela em que foram apresentadas, cobrindo, assim, praticamente todas as áreas das ciências empresariais: Administração Pública; Contabilidade; Desenvolvimento Regional; Docência: Metodologia e Experiências docentes; Empreendedorismo; Economia Social; Empresa Familiar; Estratégia; Ética e Responsabilidade Social; Finanças; Fiscalidade; Gestão das Organizações sem Fins Lucrativos; Gestão de Desporto; Inovação e Gestão do Conhecimento; Marketing; Organização de Empresas; Recursos Humanos; Turismo; Jovens investigadores em ciências económicas e empresariais. A Organização das XXX JLE 2020, a publicação do livro de resumos, a publicação do livro de atas são o resultado do esforço conjunto de várias pessoas e instituições. Fica aqui expresso o reconhecimento e gratidão à Presidência do Instituto Politécnico de Bragança, à Direção da Escola Superior de Tecnologia e Gestão e à Câmara Municipal de Bragança pelas condições logísticas proporcionadas e por todo o apoio recebido, à Pró-Presidência para a Comunicação e aos Serviços de Imagem do IPB, à Fundação para a Ciência e a Tecnologia e à Unidade de Investigação Aplicada em Gestão (UNIAG), a todas as entidades públicas e privadas que patrocinaram a realização das XXX JLE 2020, a todos os membros das Sessões de Abertura e de Encerramento das XXX JLE 2020, a todos os membros da Comissão Científica (Portuguesa e Espanhola), aos conferencistas, aos investigadores e aos moderadores das diferentes sessões, pela excelente qualidade dos trabalhos apresentados e pelo rigor e profundidade com que os diversos temas foram abordados e discutidos. Por último, mas não menos importante, à Comissão Organizadora e respetivo Staff por aceitarem mais este desafio e por ‘viajarem’ comigo nesta longa, árdua, mas profícua jornada e por todo o suporte desde o primeiro minuto, o meu Muito Obrigada! A finalizar e em nome da Comissão Organizadora gostaria de expressar o nosso voto final e desejar que estas Jornadas Luso-Espanholas de Gestão Científica continuem a ter todo o êxito e força que têm vindo a demonstrar, a ensinar e que proporcionem não só, momentos de reflexão e debate sobre as questões mais prementes para e no futuro, bem como a discussão de novos desafios e oportunidades de cooperação em rede, transferência e partilha de conhecimento.
- Financial performance in portuguese outdoor tourism industry: a quantitative researchPublication . Baral, Sadiksha; Bhattarai, Sadikshya; Moutinho, Nuno; Nunes, Alcina; Fernandes, Paula OdeteTourism is a vital industry in south European countries, like Portugal, where outdoor tourism is growing. Understanding the macroeconomic importance of outdoor tourism in the Portuguese economy, it is also noticeable there are fewer studies regarding the profitability of outdoor companies. Therefore, this paper investigates the financial determinants influencing the profitability of Portuguese outdoor tourism companies for the period 2010 to 2020. The results from an OLS regression allow finding evidence that companies working capital and financial autonomy are positively related to company performance. Moreover, size is negatively associated with the companies' performance in this industry. Leverage and sales growth seem not relevant to ensuring outdoor companies' profitability. The results also show that companies' location is not important in explaining the performance of outdoor tourism companies.
- Avaliação de desempenho financeiro de empresas de alojamento portuguesas usando o modelo FAHP-TOPSISPublication . Fonseca, Clara Margarida Lopes; Alves, Jorge; Moutinho, NunoObjetivo: Dada a importância do turismo na economia portuguesa, o presente estudo tem como principal objetivo avaliar o desempenho financeiro de empresas de alojamento em Portugal. Metodologia: Com base em 3.364 empresas com dados disponíveis para o ano 2020 na base de dados Sistema de Análise de Balanços Ibéricos (SABI), é calculado um ranking financeiro das empresas. Para o efeito, é estruturado um modelo hierárquico de avaliação de desempenho financeiro baseado em critérios e subcritérios de liquidez, alavancagem, rendibilidade, crescimento e atividade. Cada um desses critérios e subcritérios são avaliados e ponderados por meio do modelo Fuzzy Analytic Hierarchy Process (FAHP). De seguida esses pesos são utilizados para classificar as empresas usando o Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). Originalidade: Tanto quanto se conhece, trata-se do primeiro estudo a aplicar a metodologia FAHP e TOPSIS para classificar empresas portuguesas de alojamento. Resultados: Com base na metodologia utilizada foi possível elaborar um ranking financeiro das empresas de alojamento em Portugal para o ano 2020. Implicações Práticas: O ranking financeiro das empresas de alojamento em Portugal será de utilidade para um conjunto diverso de stakeholders, nomeadamente investidores que pretendam alocar capital neste setor de atividade, bem como credores que procurem informação sobre a reputação destas empresas para a concessão de crédito. Limitações: A presente investigação tem como principal limitação o facto de ter recorrido a julgamentos para os indicadores financeiros de artigos relacionados, mas que estudam um setor de atividade diferente. Essa necessidade deveu-se ao facto de ainda estar em curso o questionário para apurar os julgamentos dos respetivos indicadores financeiros para o setor de atividade em estudo.
- Learning by Doing Experience: Students’ Motivations and Perceptions of a Blended Intensive ProgrammePublication . Scalabrini, E.C.B.; Form, Stephan; Moutinho, NunoThis research investigates the learning by doing approach in education, centring on a business simulation game carried out in a Blended Intensive Program (BIP) developed by a European consortium of higher education institutions, named the STARS EU consortium. The program, which involved professors and aspiring entrepreneur students, was designed to equip students with practical business knowledge in a safe and risk-free setting. In this context, this study aimed to identify the participants’ motivations and perceptions of the knowledge acquired from the program. Based on a questionnaire applied to 26 participants, there is evidence of a high level of students’ motivation to attend the program and a positive perception of their knowledge after completing it. This work allows us to conclude that new learning methods, such as business simulation and learning by doing, are essential for the new generation of students.