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- What we (do not) know about research on innovation in hotels: a bibliometric analysisPublication . Fernandes, Catarina; Pires, Rui A.R.This chapter performs a bibliometric analysis on innovation in hotels field. More specifically, it maps the current research front on innovation in hotels field based on 287 papers published in refereed journals indexed to the Scopus database. Using the VOSviewer software and the bibliographic coupling method, it was possible to identify and systematize the main research streams of this field: 1) technological innovation, 2) sustainable innovation, 3) innovative work behavior, 4) market orientation’ role in promoting innovation, 5) knowledge-based resources as a driver of innovation and performance as an outcome of innovation, 6) service innovation, 7) knowledge sharing and management as a key factor for innovation, 8) innovation ambidexterity, 9) innovation in time of crisis, and 10) learning approach as a source of innovation. The findings presented in this chapter will enable future authors studying innovation in hotels to focus their studies more effectively.
- Bank governance and performance: a survey of the literaturePublication . Fernandes, Catarina; Farinha, Jorge; Martins, Francisco Vitorino; Mateus, CesárioThis paper seeks to review the theoretical and empirical literature on the relationship between bank governance and performance, providing a comprehensive understanding of the existing research and offering guidance for investors and regulators on the major points of consensus and disagreement among researchers on this issue. Although the question of what determines the levels of firms’ performance, with special emphasis on the role of the corporate governance, has long been the subject of substantial academic research, it gained increased attention in the banking industry in the last decade due to a series of financial scandals and, more recently, to the global financial crisis. In fact, in the wake of the 2007–2008 financial crisis, bank corporate governance mechanisms received heightened attention, accompanied by the renewed interest in the degree of effectiveness of such mechanisms, and their impact on performance. Given the vast number of influences on corporate performance, such as the numerous characteristics of the board of directors, there is an abundant literature on the determinants of performance. Thus, this paper tries to bring together this diverse body of knowledge into a coherent whole. Banks have unique attributes that interfere with the way in which the usual corporate governance mechanisms work. Thus, the main differences between banks and non-financial firms, which justify that some of the regularities found in the literature on the relationship between a set of corporate governance mechanisms and performance do not hold for banks, are also analysed. Then, we extensively review the literature on the board of directors and its impact on performance in the financial crisis and non-financial crisis periods. Finally, we also survey the (very) scarce research on the relationship between board characteristics and bank failures.
- The impact of board characteristics and CEO power on banks’ risk-taking: stable versus crisis periodsPublication . Fernandes, Catarina; Farinha, Jorge; Martins, Francisco Vitorino; Mateus, CesárioWe examine the impact of board structure, CEO power and other bank-specific factors on bank risk-taking for a sample of 72 publicly listed European banks in both stable and crisis periods. Using a simultaneous equations approach, our main findings indicate that the proportion of independent directors, the board size, and Chief Executive Officer (CEO) power affected bank risk-taking negatively during the recent financial crisis. On the contrary, institutional shareholder ownership and the presence of an ex-CEO as Chairman influenced bank risk-taking positively. Additionally, we separately analyse stable and crisis periods and observe that in the pre-crisis period only board independence and institutional ownership keep the same impact on risk while CEO power has no influence and the existence of an ex-CEO as Chairman reduces risk-taking by banks. We conclude that different governance characteristics have different relevance for banks’ risk-taking contingent on the economic environment being one of stability or crisis.
- The usefulness of accounting information and management accounting practices under environmental uncertaintyPublication . Pires, Rui A.R.; Alves, Maria C.G.; Fernandes, CatarinaThe purpose of this paper is twofold. Firstly, we aim to investigate the relationships among environmental uncertainty, broad-scope and timely management accounting information usefulness, and (traditional and contemporary) management accounting practices (MAPs) usage. Secondly, we intend to explore how these relationships influence decision-makers’ satisfaction with management accounting information. Survey data were obtained through an online questionnaire from 114 large manufacturing companies operating in Portugal. The findings indicate a positive relationship between environmental uncertainty and timely management accounting information usefulness and between (broad-scope and timely) management accounting information usefulness and (traditional and contemporary) MAPs usage. The findings also show that decision-makers’ satisfaction with management accounting information improves when there is a good fit between environmental uncertainty, broad-scope and timely management accounting information usefulness, and MAPs usage. In this way, organisations need to adjust the implementation and usage of MAPs to contextual factors, using both contemporary and traditional MAPs, to achieve greater decision-makers’ satisfaction with management accounting information. Thus, the results achieved in this study are useful for both theory and practice and have several implications for professionals engaged in MAPs implementation and decision-making activities.
- O Impacto do Euro no Mercado de Capitais PortuguêsPublication . Fernandes, CatarinaEm anos recentes muitos países têm eliminado progressivamente barreiras económicas e financeiras, facilitando o seu acesso ao mercado de capitais e incentivando o investimento no estrangeiro. Na Europa tal processo culminou com a criação da União Económica e Monetária e a adopção de uma moeda única. Esta dissertação pretende investigar o impacto da introdução do euro no mercado de capitais português testando a integração versus segmentação do mercado relativamente a um índice europeu composto pelos onze países que aderiram à União Económica e Monetária e o Reino Unido, através da aplicação da metodologia desenvolvida por Jorion e Schwartz [86]. Embora o Reino Unido não tenha aderido à moeda única é incluído no índice devido à sua dimensão em termos de capitalização de mercado e à sua importância como centro financeiro. Os mercados de capitais estão completamente integrados se os investidores estão expostos exclusivamente aos factores de risco comuns à União Económica e Monetária e os valorizam de forma idêntica. Portanto, em mercados integrados a relação risco/rendibilidade é determinada apenas por factores globais. Inversamente, no caso da segmentação apenas os factores domésticos influenciam aquela relação. Os investidores estão expostos e valorizam apenas os factores específicos ao país. In recent years many countries have progressively removed economic and financial barriers, allowing easier access to their capital market and encouraging the investment abroad. In Europe such process reached the highest point with the creation of the European Monetary Union and the adoption of a single currency. This dissertation pretends investigate the impact of the euro introduction to the portuguese capital market testing the integration versus segmentation of the market relatively to an european index which consists of the EMU - 11 countries and the UK, through the application of the methodology developed by Jorion e Schwartz [86]. Although the UK has not joined the single currency it is included in the index because of its size in terms of market capitalization and its importance as a financial center. Capital markets are completely integrated if investors are exposed exclusively to the common European Monetary Union risk factors and price them identically. Hence, in integrated markets the risk/return relationship is only determined by global factors. Conversely, in the case of segmentation only domestic factors influence that relationship. Investors face and price only country specific factors.
- Females in social entrepreneurship: what we know and what we need to knowPublication . Fernandes, Catarina; Pires, Rui A.R.Social entrepreneurship (SE), which aims to solve social problems of deprived groups, has become a popular area of research and practice. The recent investigation on SE has been characterized by a greater focus on gender differences, emphasizing that the role and characteristics of females are more suitable for social entrepreneurial initiatives. This chapter investigates the predominant themes on females in SE and identifies further research opportunities. On the one hand, the main macro (e.g., sociocultural values) and micro (e.g., personality traits) levels determinants are examined. On the other hand, the macro (e.g., social change) and micro (e.g., women economic empowerment) levels outcomes of females in SE are analyzed. Furthermore, directions for future research are suggested which will enable future authors to focus their studies more effectively.
- Determinants of European Banks’ bailouts following the 2007–2008 financial crisisPublication . Fernandes, Catarina; Farinha, Jorge; Martins, Francisco Vitorino; Mateus, CesárioExtraordinary amounts of public funds and/or assistance were made available to banks since the onset of the 2007–8 financial crises. Governments worldwide have launched a massive bailout package to support banks in distress. Using a probit model, this article investigates the likelihood of bailouts following the financial crisis. Our results lead us to conclude that the governance characteristics of banks, specifically the characteristics of boards, bank risks, as well as bank-level and country-specific banking sector features, explain the likelihood of bailouts in the European banking sector. In particular, we find that board banking experience, longer directors’ tenure, less busy boards, and the existence of a corporate governance committee decrease the likelihood of banks participating in a bailout programme. Inversely, board independence, credit, and liquidity risks increase the probability of banks being bailed out. Furthermore, fewer limitations on banking freedom and greater openness of the banking sector have a harmful impact on the occurrence of bailouts. Our study therefore suggests relevant policy implications, which might help supervisors, regulators, and other public authorities in avoiding costly bailouts.
- Governo das sociedades, custos de agência e crise financeira: que relação?Publication . Fernandes, CatarinaO debate sobre o governo das sociedades tem ganho crescente relevo nos meios académico e empresarial desde o fim da década de 1980. Esse maior destaque foi originado por diversos fatores, dos quais se salientam a crise na Ásia, os escândalos financeiros que assolaram grandes empresas cotadas norte-americanas e algumas empresas de auditoria e, mais recentemente, a crise financeira mundial. Embora há muito defendida a necessidade de aperfeiçoar os instrumentos existentes e de descobrir novos mecanismos, de modo a encontrar um sistema de governo das sociedades que minimize os custos de agência, a crise financeira mundial com origem nos EUA veio dar-lhe novo “fôlego”. E, agora, com especial ênfase na banca. Falhas no governo das sociedades, em particular no setor bancário, têm sido apontadas como culpadas pela crise financeira global iniciada em 2007, só comparável à Grande Depressão. Assim, este artigo pretende, em primeiro lugar, apresentar uma caracterização genérica dos mecanismos de governo das sociedades, integrando no estudo os denominados custos de agência e, em seguida, analisar tais mecanismos no setor bancário, estabelecendo uma relação entre eles e a crise financeira. A pesquisa efetuada permite demonstrar a importância dos instrumentos de governo das sociedades na minimização dos custos de agência, nomeadamente no contexto da crise financeira. Ainda que o setor bancário tenha as suas especificidades, a investigação feita indica que existe uma relação entre aqueles instrumentos e a performance dos bancos e que fragilidades no governo das sociedades determinaram em larga medida a crise financeira.
- Gamificação aplicada a geoparques: uma proposta de modelo conceptualPublication . Andrade, Mariana; Correia, Ricardo; Fernandes, CatarinaAliada às tecnologias interativas, a indústria turística tem apostado na gamificação, uma estratégia que utiliza estratégias de jogo fora do contexto tradicional, com o objetivo de potenciar experiências, aumentar o consumo e influenciar escolhas. Esta ferramenta digital cria um maior envolvimento entre o indivíduo e a atração, o que promove a eficácia, o interesse e a motivação. Apesar de não constituir um jogo completo utiliza alguns elementos fundamentais como a atribuição de distintivos, pontos, medalhas ou estatutos, mantendo os consumidores seduzidos na dinâmica do jogo em que a principal motivação é alcançar objetivos cada vez mais altos. Através de recompensas e benefícios a marca incentiva a fidelização dos consumidores e o consumo exclusivo dos produtos em questão. O Geoturismo surge, aliado aos geoparques, como uma estratégia de valorização territorial que tem como principal objetivo a promoção da educação e valorização do património geológico, histórico e cultural de uma dada região. Neste sentido, os geoparques ambicionam a transformação dos recursos geológicos em produtos turísticos competitivos, valorizando e protegendo a biodiversidade e o património. Com o objetivo de aliar estes dois contextos (gamificação e geoturismo) propõe-se neste artigo um modelo conceptual focado na caracterização do potencial impacto que a gamificação da oferta associada a um geoparque terá para a atratividade da sua oferta nomeadamente ao nível do desenvolvimento de uma imagem positiva do Geopark e da influência na decisão de visita dos turistas.
- Using strategic management accounting practices to measure and manage intellectual capital: a proposalPublication . Pires, Rui A.R.; Alves, Maria C.G.; Fernandes, CatarinaThe main purpose of this chapter is to examine the role of management accounting to measure and manage intellectual capital (IC), and more specifically to explore the potential role of strategic management accounting (SMA) in this process. In addition, this chapter is intended to link SMA practices and some IC resources. SMA practices enable the identification, measurement, and management of IC resources such as production processes and innovation capacity (e.g., target costing), quality management (e.g., quality costing), knowledge-based resources related to the organization´s external relationships (e.g., attribute costing, value chain costing, and target costing), and brand image (e.g., brand valuation/management). SMA practices, given its external orientation, enable, mainly, the identification and management of resources encompassed in relational capital. Therefore, this chapter contributes to the extant literature regarding the measurement and management of IC, highlighting the role of SMA, and provides some suggestions for further research.