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This study aims to assess how undergraduates’ exposure to entrepreneurship education (EE) may increase their volitional desire and behavioral control to start-up a business.

The model establishes three different paths from EE to entrepreneurial intention (EI): attraction and passion through desire and confidence through control. These paths are assessed by partial least-squares structural equation modeling in a sample of 650 undergraduates from Poland, Turkey and Portugal.

The most effective way by which EE may increase EI is by promoting a favorable change in the attractiveness of the entrepreneurship career. Contrary to expectations based on the literature, the effects of EE on perceived behavioral control are weak and limited to aspects related to financial control.

EE programs should consider desire and control in different phases of training, with the following learning outcomes: explore prospective rewards of an attractive entrepreneurial career, develop self-efficacy regarding management competences and gain control by assuring skills to cope with failure.

To the best of the authors’ knowledge, this study is the first to establish a path from EE to EI through passion and desire. It is also the first to consider entrepreneurial passion as a positive anticipated emotion in the model of goal-directed behavior. The results allow to relate the different paths with different learning outcomes of EE programs.

The purpose of this paper is to contribute to research on individual entrepreneurial intention (IEI) by assessing the importance of entrepreneurship education to students in vocational training programmes and using the theory of planned behaviour (TPB) to analyse these students’ entrepreneurial intentions. The family background of the students and their exposure to entrepreneurship subject matter were included as antecedents of TPB components and IEI.

To test the research model, the primary data were collected with questionnaires distributed to students in their last year of vocational training programmes with and without entrepreneurship coursework, in a region of Northern Portugal. The data were analysed using structural equation modelling.

The results show that TPB dimensions substantially contribute to explaining students’ IEI. However, their family background makes only a minor contribution, and exposure to entrepreneurship education has no influence on IEI.

Given these results, the authors propose a broader discussion is needed of the importance of introducing business classes into the curricula of vocational training programmes.

This research’s results show that IEI models need to assign greater importance to variables related to previous exposure to entrepreneurial experiences through direct family members. The findings contribute to a fuller understanding of IEI and the factors that precede the formation of this intention among students in training programmes.

Fighting the stigma of mental disorder is the core focus of nursing teachers closely working with mental health institutions and patients. The sharing of experiences calls attention to common motivations and concerns leading researchers to explore this universal phenomenon. The purpose of this paper is to evaluate the symbolic representation of mental disorder by undergraduate nursing students and to develop an instrument that contributes to reduce stigma.

Cross-cultural study, using a quantitative and qualitative analysis and of descriptive and exploratory nature, on the categorization of drawings made by undergraduate nursing students in Brazil and Portugal – to graphically represent mentally ill patients. The research was performed throughout a period of two school years, involving a total of 187 students. All ethical recommendations were considered.

Approximately, 50 different symbols were identified and sorted into categories. The most representative ones were “Interrogation” and “The World.” The study makes noteworthy contributions to raise awareness and enhance understanding on how future nursing graduates experience and perceive mental disorder.

Despite the cultural differences and geographical distance of participants, the study revealed similarities on how mental disorder is perceived. Students have still a little knowledge of new practices, of the profound changes in psychiatry and the major efforts of all mental health professionals to fight social exclusion of mentally ill persons. Drawing is a powerful educational tool to understand how people, namely, nursing students, feel and respond to mental illness.

Analysis of public sources.

The bank named “Novo Banco” (New Bank in Portuguese) was created because of an emergency intervention by the Bank of Portugal to save the “good” assets of the once great but bankrupt Banco Espírito Santo (BES) on August 4, 2014. The toxic assets remained in BES (dubbed “bad bank”). BES was one of the biggest private banks in Portugal, with origins mounting back to the year 1869. In 2013, it was headed by the founder’s great-grandson, Ricardo Salgado, when an external audit revealed several problems with the bank’s accounting and concluded that BES had a severe financial problem (the risky credit represented 11.1% of the bank’s accounts). The bank underwent a public capital increase (endorsed by several public figures, including the Portuguese President at the time, Cavaco Silva) of €1.045m to reposition itself, which was 100% successful (demand of about 160%, with a significant part of foreign investors). However, continued amounts of suspicions led Ricardo Salgado to be replaced by Vitor Bento (via a settlement between BES’s shareholders and the Bank of Portugal) in July 2014. At the end of that same month, BES announced imparities totaling the amount of €4.2535m. This led the European Central Bank to suspend BES’s access to the financial operations, forcing it to reimburse its credit to the Eurosystem in the value of €10.000m. In two days, the stock prices dropped by 80% to around €0.03 per share. It was later proven that the administration led by Ricardo Salgado had disobeyed the Bank of Portugal 21 times between December 2013 and July 2014, apparently acting against the institution’s best interests. Some carousel schemes with companies within the Espirito Santo Group were also detected in BES’ financial movements to improve the bank’s financial statements.

Finance Valuation, Strategy

The essence of discounted cash flow valuation is simple; the asset is worth the expected cash flows it will generate, discounted to the reference date for the valuation exercise (normally, the day of the calculation). A survey article was written in Parker (1968), where it was stated that the earliest interest rate tables (use to discount value to the present) dated back to 1340. Works from Boulding (1935) and Keynes (1936) derived the IRR (Internal Rate of Return) for an investment. Samuelson (1937) compared the IRR and NPV (Net Present Value) approaches, arguing that rational investors should maximize NPV and not IRR. The previously mentioned works and the publication of Joel Dean’s reference book (Dean, 1951) on capital budgeting set the basis for the widespread use of the discounted cash flow approach into all business areas, aided by developments in portfolio theory. Nowadays, probably the model with more widespread use is the FCFE/FCFF (Free Cash Flow to Equity and Free Cash Flow to Firm) model. For simplification purposes, we will focus on the FCFE model, which basically is the FCF model’s version for the potential dividends. The focus is to value the business based on its dividends (potential or real), and thus care must be taken in order not to double count cash flows (this matter was treated in this case) and to assess what use is given to that excess cash flow – if it is invested wisely, what returns will come of them, how it is accounted for, etc. (Damodaran, 2006). The bridge to the FCFF model is straightforward; the FCFF includes FCFE and added cash that is owed to debtholders. References: Parker, R.H. (1968). “Discounted Cash Flow in Historical Perspective”, Journal of Accounting Research, v6, pp58-71. Boulding, K.E. (1935). “The Theory of a Single Investment”, Quarterly Journal of Economics, v49, pp479-494. Keynes, J. M. (1936). “The General Theory of Employment”, Macmillan, London. Samuelson, P. (1937). “Some Aspects of the Pure Theory of Capital”, Quarterly Journal of Economics, v51, pp. 469–496. Dean, Joel. (1951). “Capital Budgeting”, Columbia University Press, New York. Damodaran, A. (2006). “Damodaran on Valuation”, Second Edition, John Wiley and Sons, New York.

All information is taken from public sources and with consented company interviews.

Opportunities for value creation may be found in awkward and difficult circumstances. Good strategic thinking and ability to act swiftly are usually crucial to be able to take advantage of such tough environments. Amidst a country-wide economic crisis and general disbelief, José de Mello Group (JMG) saw one of its main assets’ (Brisa Highways) market value tumble down to unforeseen figures and was forced to act on it. Brisa’s main partners were eager in overpowering JMG’s control of the company, and outside pressure from Deutsche Bank was rising, due to the use of Brisa’s shares as collateral. JMG would have to revise its strategy and see if Brisa was worth fighting for; the market implicit assessment about the company’s prospects was very penalizing, but JMG’s predictions on Brisa’s future performance indicated that this could be an investment opportunity. Would it be wise to bet against the market?

This study is excellent for finance and strategy courses, at both undergraduate and graduate levels. Company valuation and corporate strategy are required.

This study has used public sources, interview with one of the case protagonists.

This business case portrays the problems that an energy producing company faced in Portugal, in its transition from being a public company to becoming privatized. The Portuguese Government issued EDP with generous subsidies to guarantee its future profits and privatization success, but a few years later, after EDP was fully privatized, there was great political pressure to downsize such subsidies. The case describes the main steps taken by EDP from its creation and privatization, culminating at the end of 2017, where it was heavily criticized by media and political parties due to a high value of subsidies that had been granted to the company by the Portuguese Government in the past, while it was still a public company, and the renegotiation of those same subsidies after it had been privatized. EDP’s President António Mexia was under police investigation due to having led the renegotiation talks in 2007, and it was feared that EDP’s investors could refrain from investing in the company. Should EDP campaign to clear its good name, or would it be better to let the matter fall with the passing of time? Could the share value be affected? Should EDP prepare itself for loss of revenue due to an eventual downsizing of the subsidies?

This study covers energy sector, privatization issues and government support. The relevance of this study is good for use in Business Schools and MBA courses.

The purpose of this paper is to verify if the gender effects described in the wine consumer behaviour literature, namely, concerning information search and the motivations to buy, may be explained by the mediating effect of subjective knowledge, taking into consideration that the importance of knowledge in the decision process is gender specific.

A path analysis was modelled with an exogenous variable (gender), a mediating variable (subjective knowledge) and four dependent variables (need for information and three motivational dimensions). The model was assessed with empirical data obtained from a sample of 523 shoppers in large supermarkets in the areas of Lisbon and Oporto, Portugal. Structured interviews were conducted at checkout, collecting information on the relevant variables. Scales measuring the latent variables (knowledge, information and motivation) were previously validated through confirmatory factor analysis in a sample of 217 wine consumers.

Subjective knowledge fully mediates the effects of gender on motivation and information needs. Men think of themselves as more knowledgeable in wines and the mediation effect explains why, compared to women, they use less personal information sources and are more motivated to purchase wine.

The authors suggest promotion programmes in large supermarkets focussing on opportunities for wine knowledge development.

The study contributes to the literature by introducing and validating an alternative formulation of gender effects on wine shopping, emphasising the role of the purchaser’s perceived or subjective knowledge.

The monitoring of respirable particulate matter (PM₁₀) and of total carbon percentage (mass basis) in the atmosphere of São Carlos (SP) was performed in the period between September 1997 and January 2000. São Carlos, located in the central region of the state of São Paulo, has a population of close to 180,000 inhabitants and about 500 industrial establishments of medium to small size, mainly dealing with metallurgy, textiles, food and ceramics. The equipment used for air monitoring was a high volume sampler (GVS‐GRASEBY/GMW) equipped with a one‐stage inertial separator for a 10μm particle cut diameter. The PM₁₀ concentration was determined by gravimetry and the total carbon concentration by the Ströheim method. The results show a well defined seasonal dependence of both the PM₁₀ and of the total carbon concentration. Higher concentrations of PM₁₀ and carbon were observed in autumn and winter, which also coincided with low relative humidity and precipitation. The measured trends were compared with the PM₁₀ data from the city of São Paulo in the same period and showed similar seasonal dependence. However, in relative terms, the PM₁₀ concentration in São Carlos showed stronger seasonal dependence than in São Paulo.

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting‐edge research and case studies.

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

This review is based on “Value proposition as a catalyst for a customer focused innovation” by Jaka Lindič and Carlos Marques da Silva. By way of a case study based on Amazon.com's innovations, they offer a framework for identifying value proposition elements, comprising performance, ease of use, reliability, flexibility and affectivity (PERFA).

The paper provides strategic insights and practical thinking that have influenced some of the world's leading organizations.

The briefing saves busy executives 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.

There has been a growing concern about air quality because in recent years, industrial and vehicle emissions have resulted in unsatisfactory human health conditions. There is an urgent need for the measurements and estimations of particulate pollutants levels, especially in urban areas. As a contribution to this issue, the purpose of this paper is to use data from measured concentrations of particulate matter and meteorological conditions for the predictions of PM₁₀.

The procedure included daily data collection of current PM₁₀ concentrations for the city of São Carlos-SP, Brazil. These data series enabled to use an estimator based on artificial neural networks. Data sets were collected using the high-volume sampler equipment (VFA-MP10) in the period ranging from 1997 to 2006 and from 2014 to 2015. The predictive models were created using statistics from meteorological data. The models were developed using two neural network architectures, namely, perceptron multilayer (MLP) and non-linear autoregressive exogenous (NARX) inputs network.

It was observed that, over time, there was a decrease in the PM₁₀ concentration rates. This is due to the implementation of more strict environmental laws and the development of less polluting technologies. The model NARX that used as input layer the climatic variables and the PM₁₀ of the previous day presented the highest average absolute error. However, the NARX model presented the fastest convergence compared with the MLP network.

The presentation of a given PM₁₀ concentration of the previous day improved the performance of the predictive models. This paper brings contributions with the NARX model applications.