Maria Elisabete Neves, Catarina Proença and Beatriz Cancela
This paper aims to analyze the corporate governance and corporate social responsibility (CSR) determinants of the Portuguese listed companies’ performance, considering a different…
Abstract
Purpose
This paper aims to analyze the corporate governance and corporate social responsibility (CSR) determinants of the Portuguese listed companies’ performance, considering a different point of view by managers, shareholders and other external stakeholders and investors.
Design/methodology/approach
To achieve this aim, the authors have used a sample of 34 nonfinancial listed companies in Euronext Lisbon between 2015 and 2020. The authors use the panel data methodology to test the hypotheses formulated according to the literature review, specifically the generalized method of moments (GMM) system estimation model proposed by Arellano and Bond (1991).
Findings
The main results point out that the determinants of the corporate performance vary depending on the dependent variable considered. From the managers’ perspective, the existence of an audit committee and expenses with the environment increase costs and reduce results, negatively influencing corporate performance, but the company’s maturity adds synergies in resource management and positively influences performance. Shareholders consider that gender diversity and board independence positively influence performance, whereas, for external stakeholders and long-term investors, gender diversity and the social responsibility committee harm the performance of Portuguese companies. However, environmental and social expenditures have a positive effect, showing that the market’s perception is that, in the long run, it is essential to eradicate poverty and protect the environment.
Originality/value
To the best of the authors’ knowledge, this study is the first one to analyze corporate governance and CSR determinants on the performance of listed Portuguese companies. This study shows that in a small banking-oriented country, there is still a long way to go in terms of increasing social responsibility and governance among different stakeholders. It is essential to promote actions that lead to effective governance and awareness of social responsibility.
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Maria Elisabete Neves, Beatriz Lopes Cancela and Vítor Manuel de Sousa Gabriel
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…
Abstract
Purpose
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.
Design/methodology/approach
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.
Findings
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.
Originality/value
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.
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Maria Neves, Catarina Proença, Beatriz Cancela and Zelia Serrasqueiro
The purpose of this study is to examine the determinants of the level of indebtedness in the health sector in Portugal, taking into account the effects of the COVID-19 pandemic…
Abstract
Purpose
The purpose of this study is to examine the determinants of the level of indebtedness in the health sector in Portugal, taking into account the effects of the COVID-19 pandemic. At the same time, an attempt is made to understand whether the effect of a pandemic crisis is similar to that of a financial crisis.
Design/methodology/approach
To achieve this aim, two subperiods were analyzed: a global period between 2011 and 2020 that includes the pandemic crisis and the period between 2011 and 2014, designated as the financial assistance period by the “Troika” in Portugal. For a sample of 514 companies belonging to the NACE code: 86100 – activities of the health sector with hospitalization, the panel data methodology was applied, specifically, the generalized method of moments system proposed by Arellano and Bover (1995) and Blundell and Bond (1998).
Findings
The results of the study are in line with the Pecking-order explanatory theory, demonstrating that companies in this sector follow a financing hierarchy, preferentially resorting to internally generated funds and external debt. Additionally, the results reveal that the capital structure of companies has changed due to the COVID-19 pandemic. As for the period of financial assistance, there are no major differences in evidence when the total debt ratio is considered. The results suggest different impacts when it comes to a bear market period caused by a health crisis or a period of growing economic slowdowns.
Originality/value
As far as we know, this is the first study that analyses the debt levels in the context of the health sector in a country with a financial system based on the bank sector, using short- and long-term debt ratios, taking into account the particularities of two different moments considered to be bear market that may eventually be useful for comparison with other bear market moments in other macroeconomic environments.
Propósito
El objetivo principal de este estudio es examinar los determinantes del nivel de endeudamiento en el sector de la salud en Portugal, teniendo en cuenta los efectos de la pandemia de COVID-19. Al mismo tiempo, se intenta comprender si el efecto de una crisis pandémica es similar al de una crisis financiera.
Diseño/metodología/enfoque
Para lograr este objetivo, se analizaron dos subperíodos: un período global entre 2011 y 2020 que incluye la crisis pandémica y el período entre 2011 y 2014, designado como el período de asistencia financiera por la “Troika” en Portugal. Para una muestra de 514 empresas pertenecientes al código NACE: 86100 – actividades del sector de la salud con hospitalización, se aplicó la metodología de datos de panel, específicamente, el método generalizado de momentos (GMM)-sistema propuesto por Arellano y Bover (1995) y Blundell y Bond (1998).
Resultados
Los resultados del estudio están en línea con la teoría explicativa del “Pecking-order”, demostrando que las empresas en este sector siguen una jerarquía de financiamiento, recurriendo preferentemente a fondos generados internamente y deuda externa. Además, los resultados revelan que la estructura de capital de las empresas ha cambiado debido a la pandemia de COVID-19. En cuanto al período de asistencia financiera, no hay diferencias significativas en la evidencia cuando se considera la proporción total de deuda. Los resultados sugieren impactos diferentes cuando se trata de un período de mercado bajista causado por una crisis de salud o un período de crecimiento económico más lento.
Originalidad/valor
Hasta donde sabemos, este es el primer estudio que analiza los niveles de deuda en el contexto del sector de la salud en un país con un sistema financiero basado en el sector bancario, utilizando ratios de deuda a corto y largo plazo, teniendo en cuenta las particularidades de dos momentos diferentes considerados como momentos de mercado bajista que eventualmente pueden ser útiles para comparar con otros momentos de mercado bajista en otros entornos macroeconómicos.
Objetivo
O principal objetivo deste estudo é examinar os determinantes do nível de endividamento no setor de saúde em Portugal, levando em consideração os efeitos da pandemia de COVID-19. Ao mesmo tempo, tenta-se compreender se o efeito de uma crise pandêmica é semelhante ao de uma crise financeira.
Design/metodologia/abordagem
Para atingir esse objetivo, foram analisados dois subperíodos: um período global entre 2011 e 2020, que inclui a crise pandêmica, e o período entre 2011 e 2014, designado como o período de assistência financeira pela “Troika” em Portugal. Para uma amostra de 514 empresas pertencentes ao código NACE: 86100 – atividades do setor de saúde com hospitalização, foi aplicada a metodologia de dados em painel, especificamente o método generalizado de momentos (GMM)-sistema proposto por Arellano e Bover (1995) e Blundell e Bond (1998).
Resultados
Os resultados do estudo estão de acordo com a teoria explicativa da ordem de preferência (“Pecking-order”), demonstrando que as empresas neste setor seguem uma hierarquia de financiamento, recorrendo preferencialmente a fundos gerados internamente e dívida externa. Além disso, os resultados revelam que a estrutura de capital das empresas mudou devido à pandemia de COVID-19. No que diz respeito ao período de assistência financeira, não há diferenças significativas na evidência quando se considera a proporção total de dívida. Os resultados sugerem impactos diferentes quando se trata de um período de mercado em baixa causado por uma crise de saúde ou um período de desaceleração econômica.
Originalidade/valor
Até onde sabemos, este é o primeiro estudo que analisa os níveis de dívida no contexto do setor de saúde em um país com um sistema financeiro baseado no setor bancário, utilizando índices de dívida de curto e longo prazo, levando em consideração as particularidades de dois momentos diferentes considerados como momentos de mercado em baixa que eventualmente podem ser úteis para comparação com outros momentos de mercado em baixa em outros ambientes macroeconômicos.
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Maria Elisabete Neves, Ivo Ferreira, Zélia Serrasqueiro and Beatriz Cancela
The objective of this article is to study the factors influencing the leverage and debt maturity of 48 Public Entities and 297 Private Entities, in the health sector in Portugal…
Abstract
Purpose
The objective of this article is to study the factors influencing the leverage and debt maturity of 48 Public Entities and 297 Private Entities, in the health sector in Portugal, in the period between 2015 and 2021, including the pandemic crisis, coronavirus disease 2019.
Design/methodology/approach
To test the proposed hypotheses, the panel data methodology was used, considering the GMM (Generalized Method of Moments) system estimation method.
Findings
Our findings suggest that in times of crisis, both public and private entities resort to long-term loans to finance additional expenses and guarantee the continuity of health services. Also, there is a strong dependence on short-term debt (short leverage [SLEV]), especially in the public sector, suggesting some financial imbalance in current management, with no margin of financial security. In private hospitals, a more considered strategic definition is demonstrated, without current management risks.
Originality/value
As far as the authors are aware, this article is original and covers an important gap in the literature when considering the determinants of debt maturity in public and private hospitals in Portugal, a country where the debate about the essence of the National Health System, it’s in the news every day.
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Maria Elisabete Neves, Paulo Castanheira, António Dias, Rui Silva and Beatriz Cancela
The main goal of this paper is to study the specific characteristics of the performance of companies in the metallurgical sector, in the northern region of Portugal.
Abstract
Purpose
The main goal of this paper is to study the specific characteristics of the performance of companies in the metallurgical sector, in the northern region of Portugal.
Design/methodology/approach
To achieve this aim, the authors have used data from 325 companies manufacturing metal products, except machinery and equipment (CAE Rev.3 25) and 27 companies that manufacture machinery and equipment (CAE Rev. 3 28). The models were estimated by using the panel data methodology for the period between 2011 and 2019. Specifically, the estimation method of the generalized method of moments system (GMM system) proposed by Arellano and Bover (1995) and Blundell and Bond (1998) was used.
Findings
The results show that the main decisions on the performance of metallurgical companies in Northern Portugal depend on the dimensions of sales in the domestic market (SDM), sales in the community market (SCM), and sales in the foreign market (SFM) and also highlight that the signal and significance of the specific variables depends on how the different stakeholders understand performance.
Originality/value
As far as the authors know, this is the first study to comparatively analyze the two metallurgical databases in Portugal. Despite the huge difference in the size of the sample, this study’s results show that in an era of paradigm shift about what business objectives should be, stakeholders are still not environmentally aware and the social dimension is only considered by shareholders, but not yet by the manager and the general community.
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Beatriz Lopes Cancela, Arnaldo Coelho and Maria Elisabete Neves
This study aims to investigate the role of green strategic alliances (GSAs) in fostering a green shared vision (GSVis) and green shared value (GSV) and their impact on green…
Abstract
Purpose
This study aims to investigate the role of green strategic alliances (GSAs) in fostering a green shared vision (GSVis) and green shared value (GSV) and their impact on green organizational identity (GOI) and sustainability.
Design/methodology/approach
The authors employed structural equation modeling to analyze data collected through a 60-item questionnaire administered in Portugal and China, allowing the authors to test their theoretical model.
Findings
The findings of the authors' study indicate that green strategic alliances have a positive influence on the development of a GSVis and GSV in both countries. This, in turn, contributes to improved sustainability and the establishment of a GOI. Furthermore, the authors' results demonstrate that these alliances enhance GSV, resulting in enhanced sustainability performance and a stronger green identity, with a notable increase in awareness of environmental and social practices.
Originality/value
This article is innovative as it applies organizational learning and value creation theories to gain a deeper understanding of how alliances can shape the green identity of companies and contribute to their overall sustainability.
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Beatriz Lopes Cancela, Maria Elisabete Duarte Neves, Lúcia Lima Rodrigues and António Carlos Gomes Dias
In the macroeconomic environment of the Iberian Peninsula, this paper aims to examine the influence of corporate governance characteristics on corporate sustainability…
Abstract
Purpose
In the macroeconomic environment of the Iberian Peninsula, this paper aims to examine the influence of corporate governance characteristics on corporate sustainability performance. The purpose of this paper is to address corporate practices while determining which corporate governance characteristics can improve corporate sustainability, considering, for this purpose, three dimensions of sustainability: economic, environmental and social.
Design/methodology/approach
This sample comprises 99 non-financial companies of the Iberian Peninsula, during the 2013–2017 period. The authors have used the panel data methodology, specifically the generalized method of moments (GMM) estimation method proposed by Arellano and Bover (1995) and Blundell and Bond (1998) to test the hypotheses formulated.
Findings
The results obtained have shown that corporate sustainability performance is affected differently depending on the sustainability dimension that is considered. Specifically, the economic dimension is determined by public debt, the board size, board diversity and the existence of an audit committee. Regarding the environmental dimension, the board size and the presence of the audit committee, as well the corporate social responsibility committee, are the most important determinants. Finally, the social dimension was influenced by the board size, audit committee and the control variable of capital structure, which means that in this dimension, the sources of financing used by the company also help in determining its levels of social concern.
Originality/value
To the best of the authors’ knowledge, this is the first time that a study has been carried out in the Iberian Peninsula on the corporate sustainability using GMM-system model for three dimensions of sustainability. Corporate sustainability depends on external and internal factors of companies. Therefore, regulators and managers should realize that they will have to be more effective in their statements.
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This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.
Abstract
Purpose
This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.
Design/methodology/approach
This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.
Findings
This paper identifies the importance of strategic alliances for organizations that integrate sustainability into their strategic plans.
Originality/value
The briefing saves busy executives, strategists and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.
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Violeta Alarcão, Pedro Candeias, Miodraga Stefanovska-Petkovska, Sónia Pintassilgo and Fernando Luís Machado
A growing body of evidence suggests that experiences of discrimination may affect physical and mental health through multiple pathways. This paper aims to characterize the extent…
Abstract
Purpose
A growing body of evidence suggests that experiences of discrimination may affect physical and mental health through multiple pathways. This paper aims to characterize the extent of everyday perceived discrimination among Brazilian and Cape Verdean immigrant adults in Portugal, to identify its forms and analyze its association with mental health.
Design/methodology/approach
This study draws on data from the EQUALS4COVID19 (Equity in health in times of pandemic) project that implemented a cross-sectional survey combining online and face-to-face questionnaires for data collection between February and November 2022.
Findings
Women were less likely than men to report no discrimination experiences and more likely to report combined bases of discrimination. While Brazilian women were more likely than Cape Verdean counterparts to report gender and nationality-based discrimination, Cape Verdean women and men were more likely to report experiencing race-based discrimination. Gender (being identified as a woman) and length of stay in Portugal were the main predictors of depression, while resilience and perceived social support were protective factors. Participants with higher levels of resilience showed a significantly diminished association between perceived discrimination and depressive symptoms.
Practical implications
This study highlights the need for further research on the interlocking influences of gender, race, nationality and other structures of power, on health and illness to increase our understanding of what would help meet the specific needs of migrants’ mental health and improve equitable health care.
Originality/value
The findings on the multiple and intersectional discrimination perceived by the Brazilian and Cape Verdean populations in Portugal illustrated the ways mental health can be affected by social structures, such as gender and ethnic hierarchies, and can be used to inform the relevance to design and implement programs on combating individual and institutional discrimination and improving the rights of all people.