Eva Costa Dias, Micaela Pinho and Diana Preto
This paper aims to explore the intricate and controversial sale of six hydroelectric dams in the Douro hydrographic basin by Energias de Portugal (EDP), a prominent Portuguese…
Abstract
Purpose
This paper aims to explore the intricate and controversial sale of six hydroelectric dams in the Douro hydrographic basin by Energias de Portugal (EDP), a prominent Portuguese energy company, to a French Consortium – ENGIE. The transaction, completed at the end of 2020, has sparked significant debate and scrutiny within the Portuguese legal and fiscal spheres due to its corporate and budgetary manoeuvres. The crux of the controversy lies in the complex corporate restructuring strategies used by EDP and the acquiring consortium to execute this transaction. These strategies, aimed at achieving tax neutrality, effectively circumvented the traditional tax liabilities typically associated with large-scale asset transfers. The paper delves into the legal intricacies of this operation, scrutinising the application of taxes such as stamp duty, corporate income tax, value added tax and property transfer tax, which were, in theory, applicable to the transaction. Furthermore, this study examines the broader implications of the deal, particularly concerning the principle of tax neutrality in corporate restructurings, the enforcement of anti-abuse clauses and the economic substance over legal form doctrine.
Design/methodology/approach
This study is based on secondary data supported by publicly reported evidence.
Findings
This case study highlights the challenges in taxing corporate transactions in the modern financial landscape and reflects these corporate manoeuvres' societal and ethical considerations.
Originality/value
Through an analysis of legal frameworks, corporate strategies and tax policies, this paper provides a comprehensive understanding of the transaction and its implications, offering insights valuable to legal professionals, policymakers and scholars in corporate law, taxation and business ethics.
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Micaela Pinho and Eva Dias Costa
Continuous introduction of advanced health technologies coupled with limited resources force governments to adopt rationing measures in all types of health systems. The mass media…
Abstract
Purpose
Continuous introduction of advanced health technologies coupled with limited resources force governments to adopt rationing measures in all types of health systems. The mass media can influence the application of these measures by rising people and patients' expectations and demands for new forms of healing. This article intends to find evidence of this influence by reporting two recent cases which occurred in Portugal involving two innovative drugs, one for the treatment of hepatitis C and another for type I spinal muscular atrophy. The new drugs were not publicly funded despite promising excellent overall health outcomes because of their high cost and exaggerated burden on national health system (NHS).
Design/methodology/approach
A qualitative research was used to collect information conveyed by the conventional media and social networks.
Findings
After a strong dissemination through conventional and social media of the nonapproved treatments, the drugs swiftly garnered support among the public and triggered remarkable and relentless advocacy efforts. The findings of this paper suggest that society opinions and, by extension, the decision of policy-makers are very susceptible to the influence of the mass media.
Practical implications
New ways of sharing information are changing health research and public health.
Social implications
These stories raise complex tensions and important questions about resource-allocation decisions involving scientific research or innovative medicine. Societal preferences seem very vulnerable to information conveyed by the mass media.
Originality/value
This study is the first attempt to awaken attention to the influence that Portuguese mass media may exercise on future healthcare rationing decisions.
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Ricardo Vinícius Dias Jordão and Davidson Junio Costa
This paper aims to analyze the economic-financial performance (EFP) and value creation (VC) in the Brazilian construction industry.
Abstract
Purpose
This paper aims to analyze the economic-financial performance (EFP) and value creation (VC) in the Brazilian construction industry.
Design/methodology/approach
Based on the theories of strategy and finance, a quantitative-qualitative, descriptive and explanatory and applied study was carried out, contrasting the performance of the Direcional company and the civil construction industry – both listed on the Brazilian Stock Exchange and the Over-the-Counter Market (B3)
Findings
The analysis of the EFP in the Brazilian construction industry shows that EZTEC, Helbor, Trisul and Direcional were the companies with the best EFP in the period. The analysis of the Economic Value Added (EVA®, henceforth EVA), as a VC metric and basis for assessing the relative technical efficiency score by Data Envelopment Analysis (DEA®, henceforth DEA), revealed that the companies Direcional, EZTEC, MRV and CR2 were considered efficient throughout the period covered. The multicriteria methodology for empirical testing of the EFP and VC allowed not only contrasts Direcional's results with the other companies of the construction industry but also offered a complementary tool for comparative analysis of enterprises of different sizes, structures and realities.
Research limitations/implications
Regardless of any contextual limitations, from a theoretical point of view, the research not only helps fill the research gap aforementioned but also expands knowledge on the topic and demonstrates how this multi-criteria methodology (integrating DEA and EVA) can be used to assess EFP and VC in addition to traditional tools. However, this new approach evaluates, at the same time, corporate and sectorial effectiveness by contrasting the efficiency and efficacy (simultaneously) in the generation of performance and value of a company in relation to the industry.
Practical implications
Significant implications for managerial practice could be noted by offering a tool to improve company performance and creating a competitive benchmarking process for analysts, investors, managers, financing agencies, shareholders, policymakers and business owners, as well as organizations and sectors in similar situations – who need to assess the EFP and VC holistically and improve their decision-making processes.
Originality/value
The uniqueness and innovation of this research come from the original multi-criteria methodology developed, applied and validated for analysis of EFP and VC. This methodology was operationalized through DEA applied to the companies' EVA, making it possible to compare corporate results and those of the whole industry in a balanced way – an unexplored issue in the literature, especially in emerging economies, opening several avenues for future research.
Objetivo
Este artículo tiene como objetivo analizar el desempeño económico-financiero (DEF) y la creación de valor (CV) en la industria de la construcción brasileña.
Diseño/metodología/enfoque
Con base en las teorías de estrategia y finanzas, se realizó un estudio cuanti-cualitativo, descriptivo, explicativo y aplicado, contrastando el desempeño de la empresa Direcional y de la industria de la construcción civil, ambas cotizadas en la Bolsa y Mercado Extrabursátil Brasileña (B3).
Hallazgos
El análisis de la DEF en la industria de la construcción brasileña muestra que EZTEC, Helbor, Trisul y la Direcional fueron las empresas con el mejor desempeño en el período. El análisis del Valor Económico Agregado (en adelante EVA), como métrica de CV y base para evaluar el puntaje de eficiencia técnica relativa mediante Análisis Envolvente de Datos (en adelante DEA), reveló que las empresas Direcional, EZTEC, MRV y la CR2 se consideraron eficientes durante todo el período cubierto. La metodología multicriterio para pruebas empíricas de la DEF y CV permitió no sólo contrastar los resultados de la Direcional con los de otras empresas del sector de la construcción, sino que también ofreció una herramienta complementaria para el análisis comparativo de empresas de diferentes tamaños, estructuras y realidades.
Originalidad y valor
La singularidad y la innovación de esta investigación provienen de la metodología original multicriterio desarrollada, aplicada y validada para el análisis de DEF y CV. Esta metodología fue operacionalizada a través de DEA aplicado al EVA de las empresas, permitiendo comparar los resultados corporativos y los de toda la industria de manera equilibrada – un tema inexplorado en la literatura, especialmente en las economías emergentes, abriendo varias vías para futuras investigaciones.
Limitaciones/implicaciones de la investigación
Independientemente de las limitaciones contextuales, desde un punto de vista teórico, la investigación no solo ayuda a llenar el vacío mencionado anteriormente, sino que también amplía el conocimiento sobre el tema y demuestra cómo esta metodología multicriterio (integrando DEA y EVA) puede utilizarse para evaluar el DEF y CV además de las herramientas tradicionales. Sin embargo, este nuevo enfoque evalúa, al mismo tiempo, la efectividad corporativa y sectorial contrastando la eficiencia y eficacia (simultáneamente) en la generación de desempeño y valor de una empresa en relación con la industria.
Implicaciones prácticas/de gestión
Se podrían observar implicaciones significativas para la práctica gerencial al ofrecer una herramienta para mejorar el desempeño de la empresa y crear un proceso de evaluación comparativa competitivo para analistas, inversionistas, gerentes, agencias financieras, accionistas, formuladores de políticas y propietarios de negocios, así como organizaciones y sectores en situaciones similares, que necesitan evaluar el DEF y el CV de manera integral y mejorar sus procesos de toma de decisiones.
Details
Keywords
- Strategy and finance theories
- Emerging markets
- Economic-financial performance
- Value creation
- Data envelopment analysis (DEA®)
- Economic value added (EVA®)
- Value creation tree
- Teorías de la estrategia y finanzas
- Mercados emergentes
- Desempeño económico-financiero
- Creación de valo
- Análisis Envolvente de Datos (DEA®)
- Valor económico Agregado (EVA®)
- Árbol de creación de valor
Social movement research often focusses on phases of success and large protest events. By contrast, taking an interest in the question of how organizational change occurs within…
Abstract
Social movement research often focusses on phases of success and large protest events. By contrast, taking an interest in the question of how organizational change occurs within social movements, this study points out the importance of phases of low protest activity. The organizational structure of the Portuguese anti-austerity protests provides a thought-provoking case, as large protests organized by civil society actors other than the trade unions were a novelty in 2011. Furthermore, there are long periods of absence of large protests, and the organizational structure of the protests has undergone significant changes. Based on fieldwork in Portugal between September 2011 and March 2013, I differentiate between four phases in the organization of protests against austerity. I argue that it is mainly times of low degrees of activism – times that are rarely taken into account by social movement research – that lead to radical changes in the organizational structure of a social movement. The impact of the following factors on the direction of change is analyzed: (a) strategic choice; (b) values and normative commitments; (c) (potential) alliances and participants; (d) inspiration from other cases of social movement activism; and (e) learning processes, the history of social movements and the impact of memory.
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Elizabeth Bell, Gabriela Fernández Castillo, Maha Khalid, Gabrielle Rufrano, Allison M. Traylor and Eduardo Salas
Across many high-stakes contexts, teams influence their members’ physical and psychological Well-Being. For example, teams can provide social support and backup behaviors to…
Abstract
Across many high-stakes contexts, teams influence their members’ physical and psychological Well-Being. For example, teams can provide social support and backup behaviors to reduce demands on team members. On the contrary, teams engaged in conflict or other deleterious processes can serve as a source of stress for their members. Despite these potential impacts, existing research primarily focuses on the impact of teamwork on team-level, rather than individual-level outcomes. This chapter argues that teams play an important role in members’ Well-Being, synthesizing existing research on the topic and focusing on synthesizing research that suggests teams play an important and overlooked role in members’ Well-Being, and providing recommendations for future research in this domain.
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Nuvea Kuhn, Luis Felipe Dias Lopes, Wesley Vieira da Silva, Luciana Santos Costa Vieira da Silva and Claudimar Pereira da Veiga
The primary objective of the study is to explore and elucidate the relationship between spirituality and workplace performance. This study aims to fill a gap in the existing…
Abstract
Purpose
The primary objective of the study is to explore and elucidate the relationship between spirituality and workplace performance. This study aims to fill a gap in the existing literature by presenting a theoretical–methodological framework that incorporates various aspects and research propositions, differentiating them based on specific mediating variables.
Design/methodology/approach
This research uses a systematic literature review methodology, analyzing 95 articles published over 20 years (2002–2022). This approach is designed to collate and synthesize evidence supporting the proposed relationship between spirituality and workplace performance and to understand the nuances of spirituality’s influence on performance.
Findings
The systematic review reveals recurring mediating constructs and various established theoretical–empirical relationships between spirituality and workplace performance throughout the study period. It highlights the significant role of spirituality in enhancing worker well-being, engagement and productivity.
Social implications
This study addresses the impacts on societal views of work, employee well-being and organizational culture, especially considering the growing discussions around holistic and spiritually inclusive workplaces.
Originality/value
This paper introduces originality by presenting a theoretical–methodological framework that emphasizes five distinct research propositions. These propositions, rooted in a comprehensive literature review, provide insights into how spirituality might influence workplace performance through various mediating variables.
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Ricardo Vinícius Dias Jordão, Jorge Novas and Vipin Gupta
This paper aims to analyze the role of a knowledge-based network (k-network) in the intellectual capital (IC) and organizational performance of Brazilian small and medium-sized…
Abstract
Purpose
This paper aims to analyze the role of a knowledge-based network (k-network) in the intellectual capital (IC) and organizational performance of Brazilian small and medium-sized enterprises (SMEs).
Design/methodology/approach
This paper presents a descriptive, qualitative and applied case study, developed taking into account the theories of strategy, IC, networks and finance to analyze the relationship between k-network and the generation of IC and organizational performance in a multifocal perspective (observed in terms of financial and marketing results, efficiency and efficacy and innovation and competitiveness) in Brazilian SMEs.
Findings
The findings showed that k-network plays a crucial role in the generation of the IC and improvements in organizational performance in SMEs. In addition, the results revealed the strategic relevance of the relationship between people and enterprises to master the process of creation and sharing information and knowledge in the analyzed network. Taken as a whole, the conclusions demonstrated the establishment of IC (in its three dimensions) as a consequence of the strategic association of SMEs in k-network, as well as the mediation role of IC as a way to promote improvements in organizational performance, considering the observed amelioration in financial results, marketing growth, efficiency, efficacy, innovation and competitiveness.
Research limitations/implications
This research provides theoretical contributions by broadening knowledge of the practical relationship between k-network, IC and the multifocal perspective of SMEs organizational performance – a relevant and underexplored issue in the literature, offering several avenues for future research.
Practical implications
The results highlight the economic, political and social relevance of SMEs and the strategic use of k-network to overcome SMEs organizational, financial and managerial difficulties. In such context, analysts, managers, businesspeople and other decision-makers are expected to use this type of network to improve the IC, in its human, relational and structural dimensions, mastering companies’ knowledge and sustainable organizational performance.
Originality/value
The paper fills a significant research gap, revealing how k-networks can and should be used as a deliberate strategy by SMEs to create, acquire, use, absorb and share information and knowledge, as well as to generate IC, thus providing organizational, financial, innovative and competitive benefits to these enterprises and their network.
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Ricardo Vinícius Dias Jordão and Vander Ribeiro de Almeida
One of the main contemporary challenges in organisations is finding ways of measuring their intellectual capital (IC), and its effects on competitiveness and financial…
Abstract
Purpose
One of the main contemporary challenges in organisations is finding ways of measuring their intellectual capital (IC), and its effects on competitiveness and financial sustainability. The purpose of this paper is to analyse the influence of IC on the long-term financial performance of Brazilian companies.
Design/methodology/approach
Considering that previous studies have not been able to explain the role of IC in financial sustainability (measured by long-term corporate performance), this paper attempts to fill this gap by means of a quantitative, descriptive and applied study. Based on the theories of knowledge management, accounting and finance, the authors have undertaken a study of the companies listed on the BM&FBovespa, based on secondary data, using a multi-industrial cut, over the period 2005 to 2014, using descriptive and multivariate statistics.
Findings
The analysis supports three major conclusions: IC influences positively the profitability and corporate return of these companies; the more intangible-intensive public companies listed on the BM&FBovespa demonstrate higher financial sustainability than the others, in terms of profitability and corporate return, either individually, globally or by industry; and that IC helps increase financial performance, systematically, over time.
Research limitations/implications
Contributions of the following types were sought: theoretical (increasing an understanding of the effects of IC on business performance from a long-term perspective – an understanding that is still only incipient in the management literature); and empirical (increasing an understanding of the role of IC in the differentiation of companies, in organisational profitability and on the return on applications of resources).
Practical implications
The original proposal for the measurement of financial performance presented in this paper proved to be valid and consistent, complementing what is known about the subject under examination, contributing to the improvement of management theory and practice and providing a competitive benchmarking process. This can make it possible for company analysts or managers to evaluate their company in relation to its industry or its market as a whole by means of such indicators, individually or combined with other quantitative or qualitative metrics.
Originality/value
The results of this research reduce a gap in the management and accounting literature, as they shed light on the performance measurement process. In addition to the range and depth of the statistical tests carried out, attention should be drawn to the originality of the proposal presented in this paper. This facilitates the measurement of the effects of IC on financial performance through the selection and application of specific indicators for the assessment of the contribution of IC to organisational results.
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Lan Anh Nguyen, Steven Dellaportas, Gillian Maree Vesty, Van Anh Thi Pham, Lilibeth Jandug and Eva Tsahuridu
This research examines the impact of organisational culture on the ethical judgement and ethical intention of corporate accountants in Vietnam.
Abstract
Purpose
This research examines the impact of organisational culture on the ethical judgement and ethical intention of corporate accountants in Vietnam.
Design/methodology/approach
The study relies on survey data collected from 283 practising accountants in Vietnam. Organisational culture was measured using the Organisational Culture Assessment Instrument, developed by Cameron and Quinn (2011). The Instrument is developed based on the competing values framework comprised of four distinct cultures: clan, hierarchy, market and adhocracy. Ethical judgement and ethical intention were measured based on respondent responses to five ethical scenarios, each linked to a principle of professional conduct in the code of ethics.
Findings
The findings indicate that the clan culture (family oriented) is dominant and has a significant positive influence on accountants' ethical judgement and ethical intention. Respondents in the clan culture evaluate scenarios more ethically compared with accountants in the adhocracy and market cultures but not the hierarchy culture. Accountants who emphasise the adhocracy and market cultures display a more relaxed attitude towards unethical scenarios whereas respondents in the hierarchy culture (rule oriented) display the highest ethical attitude.
Research limitations/implications
The code of ethics, its content and how it is interpreted and applied may differ between professions, organisations or cultures.
Originality/value
Organisational research on ethical decision-making is ample but few studies link organisational culture with ethical judgement and ethical intention from the perspective of individual accountants.
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Ishani Sharma, Weng Marc Lim and Arun Aggarwal
With a growing preference for active, authentic, and cultural experiences over traditional ones, creative tourism has garnered significant academic interest. This study offers a…
Abstract
Purpose
With a growing preference for active, authentic, and cultural experiences over traditional ones, creative tourism has garnered significant academic interest. This study offers a comprehensive review of creative tourism research, delineating its evolution, prominent contributors, pivotal areas, and prospective trajectories through a bibliometric analysis.
Design/methodology/approach
Employing a bibliometric analysis using the biblioshiny and VOSviewer software, this study systematically reviews 198 articles on creative tourism identified and retrieved from the Scopus database.
Findings
A notable increase in creative tourism research is witnessed in recent times, with Portugal and the Netherlands leading in publications and citations, respectively. This review also pinpoints key authors, countries, institutions, and journals shaping the field, and presents emerging themes such as authenticity and creative experience, culture and heritage, urban and rural contexts, and co-creation in creative tourism.
Practical implications
Identifying core research contributors (authors, countries, institutions, journals) and contributions (themes, topics) assists academics in seeking collaborations and shaping future research. Practitioners are advised to adapt these trends (authenticity, co-creation, sustainability) into their strategic planning to meet market demands.
Originality/value
This study offers a seminal review of creative tourism through a bibliometric analysis, a technique that leverages the power of technology (data, software) to engage in retrospection and projection—the hallmark of benchmarking studies across fields, including tourism. Noteworthily, this study provides a detailed summary of the field’s trajectory and significant trends, positioning itself as an essential reference for academic scholars, industry professionals, and policymakers with a keen interest in creative tourism.