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The main goal of this paper is better understand the risk/return trade-off of investing in socially responsible investment funds (SRIF) and green investment funds (GIF).

To achieve our aim a green investment fund portfolio, a socially responsible investment portfolio and a conventional fund (CF) portfolio from the United States of America (USA) were selected to compare the efficiency of these three different portfolios, by using Value-Based Data Envelopment Analysis (DEA) methodology.

The results point out that SRIF and GIF are more efficient than CF. For five years, the CFs have not outperformed the GIF.

The results suggest that there is a growing awareness on the part of investors that sustainable companies are the companies that will allow a better quality of life and a more sustainable environment. It seems that somehow managers and investors are aware that the market will compensate them for thinking about a cleaner and more equitable world.

Low‐power data acquisition techniques for process monitoring are becoming increasingly important.

This article analysed how data collection systems (DCS) developed by governmental audit organizations (Court of Accounts) affect budgetary planning within local governments.

Eighteen semi-structured interviews complemented by six time-lagged interviews via WhatsApp were carried out with the actors involved in the preparation and auditing of the Medium-Term Expenditure Framework (MTEF) in Brazilian local governments. Documents such as the structured layouts of Courts' DCS and the publicised MTEF prepared by local governments were also analysed.

The findings indicate that Courts' DCS structured layouts reduce local governments' budgetary planning autonomy in elaborating their MTEF. It happens as the Courts' main driver is to make MTEF information auditable and not to improve the usefulness of information by governments. As a result, the planning choices of the local governments end up limited, not by the general legislation but by the rules established by the computerized systems of the Courts.

The paper's originality relies on demonstrating that the digitalisation of audit processes ultimately affects local governments' practices through structured layouts for the data collection on MTEF information - that impose rigidity on the budget planning process of local governments. The authors highlight the role of public sector auditing organisations as potential catalysts of reforms; however, this should be considered cautiously since the drivers and motivations of the organisation that sponsors public financial management reforms matter for overall reform effectiveness.

There are many advantages of microvia: it requires a much smaller pad, which saves the board size and weight; with microvia, more chips can be placed in less space or a smaller PCB, which results in a low cost; and with microvia, electrical performance improves due to a shorter pathway. Basically, there are five major processes for microvia formation: NC drilling; laser via fabrication including CO₂ laser, YAG laser, and excimer; photo‐defined vias, wet or dry; etch via fabrications including chemical (wet) etching and plasma (dry) etching; and conductive ink formed vias, wet or dry. This paper will discuss the materials and processes of these five major microvia formation methods. At the end, eight key manufacturers from Japan will be briefly illustrated for their research status and current capability of producing smallest microvia.

This work aims to analyze the factors that influence the performance and efficiency of Portuguese companies, namely the influence of social and environmental features.

To achieve our aim, we have used the Portuguese benchmark index, the Portuguese stock index – PSI, during the period from 2016 to 2020. To test the hypothesis panel data methodology was used, specifically, the GMM system originally proposed by Arellano and Bond (1991) and the Value-Based DEA developed by Gouveia et al. (2008).

The results of the GMM model show that social performance has a negative relationship with the company’s performance, from the perspective of different stakeholders, reinforcing that the cost-benefit trade-off of social spending is not yet understood as advantageous for the company’s performance. On the other hand, environmental performance, for external stakeholders, positively influences the company’s performance, perhaps due to pressure from society and the tradition of disclosing environmental matters. The value-based DEA results reinforce that from the perspective of the external stakeholder, non-efficient companies must increase their environmental performance to become efficient, highlighting the role of environmental performance in explaining efficiency. It is unanimous that social performance is still not seen as a lever of efficiency.

This is the first work to use a hybrid methodology to understand the performance determinants of a small banking-oriented country, emphasizing environmental and social aspects.

This study aims to understand which factors determine the corporate performance of Portuguese and Spanish listed companies between 2011 and 2018, also considering the sub-period marked by the presence of the Troika in Portugal, between 2011 and 2014.

To achieve this aim, panel data methodology was used, specifically the generalized method of moments (GMM) estimation method proposed by Arellano and Bond (1991), Arellano and Bover (1995) and Blundell and Bond (1998) for 110 non-financial companies from the Iberian Peninsula.

The results point out different signs and significance of the variables in the companies of the two countries. Regarding the sub-period, our results suggest that the intervention of the Troika in Portugal acted in a very different way from the neighboring country.

This research shows the importance of studying countries individually, even with small dimensions, to reinforce the path that is still necessary for more sustainable companies. Furthermore, when companies have strong governance structures, the harmful contagion from one neighboring country to another may not happen.

This paper aims to analyze the impact of the adoption of ISO 14001 and ISO 9001 on the performance of Portuguese companies. The sample includes the companies listed on Euronext Lisbon, with economic, financial and specific information – the specific being environmental information and quality information – for the period between 2015 and 2019, which corresponds to the post-Troika period when some economic growth started to be witnessed. The specific information of each area is translated into the environmental certification by the ISO 14001 standard, the quality certification by the ISO 9001 standard, and sustainability reports.

To achieve this aim, four variables were used as a measure of the companies' performance, Return on Assets (ROA), Return on Equity (ROE); Tobin's Q and EBITDA Margin. With this data, different panel models were tested to validate if ISO 9001 and ISO 14001 certifications impact Portuguese listed companies performance. Specifically, the authors have used the Generalized Method of Moments, GMM-System, an estimation method proposed by Arellano and Bover (1995) and Blundell and Bond (1998).

The results show that, in general, the environment and quality variables fail to explain the dependent variables, that is, ISO certifications do not provide positive or negative variations in the performance of companies, suggesting that they are not yet as much for civil society, as well as for current or potential shareholders. When used as an independent variable, certification according to the ISO 14001 or 9001 standards, negative and significant oscillations were verified in the dependent variable, MgEBITDA, suggesting that only for managers this variable is determinant, but with a negative impact, given the high costs, it entails without pressure from other stakeholders.

This study is the first to analyze the impact of the adoption of ISO 14001 and ISO 9001 on Portuguese companies' performance. This empirical study aims to show all investors, managers, regulators and civil society itself the long path that still needs to be taken toward sustainability.

As high-tech industries are the main responsible for research and development (R&D), the purpose of this paper is to investigate some of the possible determinants of R&D investment in this type of industry.

The analysis is based on a sample of European high-tech industries represented both by countries of civil law origin and common law origin. The authors used data from 155 high-tech firms in the period between 2011 and 2016. The sample was collected from Amadeus database. The panel data methodology was used to test the dependence of R&D expenses ratio according to different variables. Specifically, the authors have used the generalized method of moments (GMM) estimation method.

The results point out that there are differences in the explanation of the R&D ratio depending on whether the authors are dealing with countries of civil legal origin or common legal origin. The evidence also suggests that the intangible assets, contrary to the expect result, have a negative influence on R&D. Probably in this recovery time, as de global financial crisis and the sovereign debt crisis for Eurozone countries, the high-tech firms are using their intangible assets to create value and not for more investments in R&D. Companies are not renewing their asset stocks.

As high-tech companies are traditionally rich in R&D, this research can contribute with additional pieces to the knowledge of the factors that contribute to this. Thereby, this study may be interesting for managers, investors and civil society. This study adds value as it is unique in addressing this topic on this new dimension, with respect to the sample and indicators presented.

Como las industrias de alta tecnología son las principales responsables por la I + D, proponemos investigar algunos de los posibles determinantes de la inversión en I + D en este tipo de industria.

Nuestro análisis se basa en una muestra de indústrias europeas de alta tecnología representadas tanto por países de origen civil como por derecho consuetudinario. Utilizamos datos de 155 empresas de alta tecnología en el período comprendido entre 2011 y 2016. Nuestra muestra se recopiló de la base de datos Amadeus. La metodología Panel Data se utilizó para evaluar la dependencia del índice de gastos de I + D de acuerdo con diferentes variables. Específicamente, hemos utilizado el método de estimación del Método Generalizado de Momentos (GMM).

Nuestros resultados señalan que existen diferencias en la explicación de la relación de I + D dependiendo de si estamos tratando con países de origen legal civil u origen legal común. Nuestra evidencia también sugiere que los activos intangibles, al contrario del resultado esperado, tienen una influencia negativa en la I + D. Probablemente en este tiempo de recuperación económica, desde la crisis financiera mundial y la crisis de la deuda soberana para los países de la zona euro, las empresas de alta tecnología están utilizando sus activos intangibles para crear valor y no para más inversiones en I + D. Las empresas no renuevan sus activos.

Dado que las empresas de alta tecnología son tradicionalmente ricas en I + D, esta investigación puede contribuir con piezas adicionales al conocimiento de los factores que contribuyen a esto. Por lo tanto, este artículo puede ser interesante para gerentes, inversores y la sociedad civil. Este artículo agrega valor, ya que es único al abordar este tema en esta nueva dimensión, con respecto a la muestra y los indicadores presentados.

Como as indústrias de alta tecnologia são as principais responsáveis pela investigação e desenvolvimento, neste trabalho propomos investigar alguns dos possíveis determinantes da I&D nesse tipo de indústria.

A Nossa análise é baseada em uma amostra de indústrias europeias de alta tecnologia representadas por países de origem do direito civil e de direito comum. Foram utilizados dados de 155 empresas de alta tecnologia no período compreendido entre 2011 e 2016. Os dados foram recolhidos da base de dados Amadeus. Foi usada a metodologia de Dados em Painel para testar a dependência entre as despesas de I&D e as diferentes variáveis explicativas. Especificamente, usamos o método de estimação Método generalizado de momentos (GMM).

Os nossos resultados apontam que existem diferenças na explicação do índice de I&D, dependendo de estarmos lidando com países de origem legal civil ou de origem legal comum. As evidências também sugerem que os ativos intangíveis, ao contrário do resultado esperado, influenciam negativamente a I&D. Provavelmente neste período de recuperação económica, desde a crise financeira global e a crise da dívida soberana dos países da zona do euro, as empresas de alta tecnologia estão a usar os seus ativos intangíveis para criar valor e não para mais investimentos em I&D. As empresas não estão a renovar os seus ativos.

Como as empresas de alta tecnologia são tradicionalmente ricas em I&D, este trabalho pode contribuir com peças adicionais para o conhecimento dos fatores que contribuem para esse facto. Assim, este artigo pode ser interessante para gestores, investidores e sociedade civil. Trata-se de uma investigação que agrega valor, pois é único ao abordar este tópico nesta nova dimensão, com relação à amostra e às variáveis apresentadas.

In the reliability assessment of composite laminate structures with multiple components, the uncertainty space defined around design solutions easily becomes over-dimensioned, and not all of the random variables are relevant. The purpose of this study is to implement the importance analysis theory of Sobol’ to reduce the dimension of the uncertainty space, improving the efficiency toward global convergence of evolutionary-based reliability assessment.

Sobol’ indices are formulated analytically for implicit structural response functions, following the theory of propagation of moments and without violating the fundamental principles presented by Sobol’. An evolutionary algorithm capable of global convergence in reliability assessment is instrumented with the Sobol’ indices. A threshold parameter is introduced to identify the important variables. A set of optimal designs of a multi-laminate composite structure is evaluated.

Importance analysis shows that uncertainty is concentrated in the laminate where the critical stress state is found. Still, it may also be reasonable in other points of the structure. An accurate and controlled reduction of the uncertainty space significantly improves the convergence rate, while maintaining the quality of the reliability assessment.

The theoretical developments assume independent random variables.

Applying Sobol’ indices as an analytical dimension reduction technique is a novelty. The proposed formulation only requires one adjoint system of equilibrium equations to be solved once. Although a local estimate of a global measure, this analytical formulation still holds because, in structural design, uncertainty is concentrated around the mean-values.