The Siemens iExperience Centers project began two years ago during the company’s participation in the strategical committee for the industry 4.0, promoted by the Portuguese government. This initiative gathered over 60 Portuguesecompanies to engage in discussion over many topics concerning the theme and figure out the measures and means necessary to embrace the new technologies, one of these being additive manufacturing. One main concern exposed by the majority of the companies was the necessity of creating a specific space that would provide the means to experiment with all of the new technologies that are emerging and perceive its real potential value for their processes. Siemens then decided to accept the challenge and develop this concept, partnering initially with BeeVeryCreative and CADflow to implement these centers.
The objective of this research is to test the hypothesis that there is a positive relation between social performance and economic and financial performance and if the more responsible companies are, the better their economical performance. To achieve the goal set, initially it was measured the social performance of Portuguesecompanies, and then companies were clustered according to their social performance, with the purpose to test if companies that have better social performance also have better economic and financial performance. The sample used was composed by nineteen Portuguesecompanies quoted in the Euronext Lisbon stock exchange, belonging to PSI 20 Index, considering a review period of five years, from 2005 to 2009. Companies listed on Euronext Lisbon are obliged, since 2005, to report their accounts according to International Accounting Standards - International Financial Reporting Standards (IAS-IFRS standard), and therefore should be more predisposed to adopt CSR practices. It was chosen a five years period of analysis, because a longer period of analysis can provide more reliable information about companies’ commitment with CSR and also allows an evolution analysis of the adoption of CSR.
organizational and individual ethics, highlighting breakthroughs made by some authors and gaps in a field that is being discovered almost in parallel by the corporate sector and academia. Afterwards we state our three objectives of the study, which include 1) a better understanding of the constructs we are studying, namely in the complexity of their sub-dimensions, through the creation and application of an integrated measurement tool, 2) the empirical study of the relation between CSR and individual ethics in Portuguesecompanies and finally 3) relate the main variables to other socio-demographical variables known for having an effect on individual ethics. Furthermore, we present as our main hypothesis that the more respondents perceive CSR features in their company the less they will tend to accept ethically dubious corporate conduct and test as well a moderation effect of organizational commitment on this relationship. In the next section, Method, we present the sample, the experiment procedure and each of the variables at study, we then present the Results, starting by the preliminary factor analyses of the main variables, their relations and the effects of the additional variables. In the Discussion, we review the results in light of our initial hypotheses and the literature supporting it, including the theoretical and practical implications of our findings and limitations and future recommendations. Finally, we conclude with an overview of the initial problem, the main findings brought by this study and future direction.
Thus, this dissertation aims to fill an existing gap in the selected years about the factors that influence the capital structure decisions for Portuguesecompanies. The results provided by the multiple linear regression model suggest that there are some factors with no influence in the level of leverage of a firm, referring to level of growth, fiscal advantages and business risk. Moreover, asset structure variable showed a positive relation with the leverage level. This result supports some previous empirical studies on this area (Titman & Wessels, 1988).
The variables chosen to measure the multiple dimensions of social performance (see Table I), were based and adapted from Green Paper guidelines , considering as well diverse literature on the subject, also the GRI guidelines, used by several Portuguesecompanies that report their social performance. The analysis and measure of social performance, was done through content analyses from companies’ sustainability and annual reports, available on companies’ official websites. An index was built, with 239 items, considering the relevant aspects for each of the variables defined for measuring social performance. Also it was considered the fact that most of the Portuguesecompanies set their CSR goals according to the three dimension of the sustainable development: Economic, Environmental and Social. To each item was attributed a score: 0 (to a negative answer); 1 (to a positive answer); 0,5 (to an incomplete answer).
In Europe, the CSR issue was boosted by Jacques Delors (former President of European Commission) in the Green Paper on social responsibility. In this Green Paper, two dimensions were defined, the internal and the external ones, which include several aspects of what should be considered in the CSR performance assessment (Commission of the European Community 2001). The internal dimension comprises issues related to “human resources management”, “health and safety at work”, “adapting to change”, and “management of environmental impacts and natural resources”. On the other hand, the external dimension of CSR includes “local communities”, “business partners, suppliers and consumers”, and “human rights and global environmental concerns”. Following the global market trend, Portuguesecompanies are also aware of these issues and report their social responsibility activities, although currently there are no social and sustainable indicators to assess the Portuguese CRS performance.
5 Nevertheless, since accruals are the primary tools for taxable income shifting in general regime and as SMEs’ book-tax conformity is high, I believe that, more important than defining technical-economic coefficients, it is valuable to investigate the strategic accrual management behaviour of SMEs to resolve the trade-off between taxable and book income and its influence in the option for income taxation regimes. This is an important issue since Healy and Wahlen (1999) indicate that one of the policy makers’ interests is in the magnitude and frequency of earnings management to show if their effects are widespread enough to warrant new or additional standards. Besides, and according to the same authors, evidence on which accruals and which standards are used to manage earnings, and on the motives for this management, should help policy makers to identify which standards are needed to be reviewed and consequently to better allocate scarce resources for enforcement of standards. Consequently, the efforts to find a consensual and attractive STR are hampered by a gap in our knowledge on what determines SMEs’ choice for this regime or not. Therefore, this study addresses this gap in taxation literature by exploring the determinants for Portuguese SMEs’ choice for STR, focusing upon the earnings quality of financial reporting and by using tax return data.
To collect data, researchers created an online survey using a Google tool, which was then sent to the identified companies. The contact was established through personalized email, where the purpose of the study and the required type of collaboration were explained. Two weeks after the first contact, a second email was sent to the companies that had not yet responded to the survey. This procedure was again repeated a week later. Results refer to the data collected during the months of April and May 2016.
According to this information, one can argue that the absorptive capacity factors are a key factor for adopting more efficient and profitable measures, regardless of the fact that these have a higher initial cost. However, considering the number of companies that carried out energy audits together with those that have an energy manager or an energy management system, and considering the number of companies that applied for energy efficiency funds, it is recognized that there may be a lack of clarity of the benefit to each individual but also difficulty in using targeted funds for these types of measures. Therefore, it may be necessary to create policies aiming to inform and assist the MSMEs, thus filling the lack of energy managers and energy management systems since these imply costs that smaller companies cannot afford. Anderson & Newell (2004) state that subsidizing more efficient technologies may be better for adopting an EEM than the use of policies to tax the resource usage. Schleich & Fleiter (2017) reached the conclusion that the German energy audit program accelerated the adoption of EEMs by the MSMEs. In the Portuguese scenario, some policies, like those applied in Germany, may attain the same achievements given the results of this work.
When checking the statistical significance of the regression coefficients, we could observe that all the beta estimates were statistically significant, meaning that changes in the Portuguese market returns will influence the changes on each company’s returns. However, except for two periods for Jerónimo Martins, the alpha estimates were statistically significant, meaning that there were other factors explaining the expected value of excess returns other than the market risk premium, which is not in line with the CAPM.
Following this line of reasoning, it seems clear that informal learning expresses the role that a broader perspective in the study of learning plays in the human resources development area. It reflects, as defended by literature, not only the social aspect of learning but also the complexity of today’s organizations, when it comes to systems and technology. The study of the human resources professionals’ perceptions on this issue helped to clarify if companies operating in Portugal are aware of this proactive learning behaviour and whether or not their learning management strategies and systems incorporate informal learning. This idea constitutes the major conclusion of this study. Emphasising informal learning tools and putting learning in easy reach is increasingly more significant to organizations. Therefore, organizations can or rather should deliberately include informal learning in the organization’s strategy. The rapid pace of learning and the increased market demand is asking for people to constantly develop themselves and attain more knowledge, regardless of the industry sector. Companies that have identified the need to innovate training and development practices are determined to understand how to best apply informal learning and integrate it into a structured training and development program.
particularly interesting for two main reasons: a) first, it correspond to the two years of application of the new accounting frame of reference, with a different institutional logic regarding financial reporting. The previous accounting frame of reference, the Portuguese Accounting Plan (POC – Plano Oficial de Contabilidade) followed a code law institutional logic. However, since SNC is based on IAS/IFRS standards it is characterised by a common-law institutional logic. Moreover, since 2005, Portuguese listed companies have been adapting their financial reporting practices to a common-law institutional logic (Guerreiro et al. 2012). However, Portuguese unlisted companies only performed this change in 2010. Thus, this research setting is interesting to assess the consequences of this change of financial reporting practices institutional logic and understand which companies are better prepared to comply with this new accounting frame of reference; b) second, it corresponds to a period of specific financial distress for Portuguesecompanies due to the deep consequences of the recent global financial crisis of 2007-2008 and the recent European sovereign debt crisis. Therefore, it is useful to analyse if companies used disclosures on intangible assets to manage their relations with relevant stakeholders in order to manage corporate reputation during a period of financial distress.
The presence of Portuguesecompanies in China is still very neglectful, in terms of FDI only around 20 companies were identifies and the exports of Portugal to China represent only 0.9% of total Portuguese total exports. The Portuguesecompanies have the perception that the Chinese market is growing very fast, has a significant dimension for the products their companies deal with, but is not becoming yet very important in their business portfolio (Ilhéu 2005). This author also concluded that, there is a wide spectrum of opportunities in China for Portuguesecompanies, but the Portuguesecompanies consider as obstacles the existence of difficulties like “fragmented market, high compet ition and poor market infrastructure, mostly distribution” (394) and risks such as “lack of transparency of political and legal environment, unknown rules of the games Chinese wants them to play, difficulty of getting guanxi, difficulty of understanding local partners because of cultural distance, corruption and disrespect for intellectual property rights” (394).
Finally, the fourth question had the purpose to test to what extent managers follow their capital structure policies when facing a difficult situation. In response to the situation where a new growth opportunity could not be financed without departing from established target ratio or financing hierarchy, cutting the dividends or selling off existent assets, the results were quite surprising: 47,1% answered that they would cut the dividends in order to meet capital needs and only 38,2% said that they would deviate from established capital structure policies. Although the questionnaire did not specifically asked if firms set a payout ratio, it seems reasonable to conclude that they do so since all of them are publicly traded and are among the largest Portuguesecompanies. Thus, these results do not seem to be consistent with the idea that the financing decision is the most flexible of all the decisions in corporate finance.
Central banks, faced with weaknesses in the banking sector, handled a dilemma: choose between the moral hazard of guaranteed redemption and the destabilization of the financial system in general caused by the collapse of major financial institutions of systemic point of view (“too-big-to-fail”) (Paulo, 2012). The systemic crisis that affected the euro area has highlighted serious inconsistencies in the governance model, internal organization and the instruments available to the management of the single currency (Costa, 2014). Lock the risk of contagion to other Member States and to preserve the stability of the Eurozone became thus the most urgent objectives of the European Central Bank (ECB) (Lourtier, 2011). The reform of the financial system, which has been implemented in recent years, came thus strengthen the commitment to the establishment of the European Banking Union that will allow a more rigorous supervision of financial markets (Farhi & Tirole, 2014; Praet, 2014). Given the size that the sovereign debt crisis hit and its repercussions in the whole euro area, the objective of this research will be conducted into the regulatory role that the ECB took over during this turbulent period, from December 2007 to December 2013, and how Portuguesecompanies suffered constraints on bank financing.
time was right to launch this initiative, given the indispensable protection of the State, the increased number of emigrants, and the continuous protests from the export trade sector (which had great hopes for Salazar’s economic program and his promises of aid). The proposal of the Sociedade Linha de Navegação Portugal-Brasil was excluded since, although its representatives were well-known within the Portuguese financial and commercial community, Magalhães Correia doubted that the company had the capacity to make sufficient financial capital available to purchase the ships. He felt that the responsibility for operating the Portugal-Brazil route should be given to one of the two main Portuguesecompanies chosen by public tender, without imposing the requirement to transport a certain percentage of emigrants, so as to avoid conflict with the foreign companies, and as an alternative, requiring the emigrant to pay a variable fee as a way of financing the State’s support and the protection of the Portuguese ships.
These results are in line with those of Rahman and Hmadan (2012) found in the Malaysian market, in the sense that the most common item and the biggest impact arises from foreign translations. Given the current situation of Portuguese economy, companies expose themselves more in other countries, and by looking into the exchange rates variations of the three most common foreign country partners (Angola, Brazil and USA) during 2012, it is clear that, especially in relation with the Brazilian currency, the Euro weakens (See appendix 1). This means a negative effect in the financial statements of the Portuguesecompanies. These findings are in line with the opinion expressed in the exploratory interview by the A UDITOR who says that: “the market takes more into
This study focuses on the way firms’ dividend policy is influenced by earnings management. The discretionary accruals methodology defended by Dechow et al. (1995), Kasznik (1999) and Kothari et al. (2005) is applied to measure earnings management. In order to add new lines of research on this matter, the study includes an in-depth analysis of the way both constructs relate to each other in different ownership contexts. The empirical study relies on an innovative set of 4,258 listed and non-listed Portuguesecompanies, representing a panel of around 20 thousand observations distributed over the period 2013-2017. The results demonstrate a positive statistically significant relationship between earnings management and dividend policy in the twelve methodologies considered. It is also predicted that the effect of earnings management on dividend policy is more pronounced in firms with a majority shareholder (more than 50% of share capital) as opposed to firms with non-concentrated ownership, and in firms with a majority corporate shareholder in contrast to companies with an individual/familiar ownership. In the case of the sample that faces taxpaying and non- taxpaying firms, the results about the effect of earnings management on dividend policy are relevant but present a contrary signal between each other. The divergence in terms of the relationship signal is surprising and may inspire future researches on this specific field.
Regarding Portuguesecompanies, the research about EPS is scarce. Two studies are worth notice: Alves (2006; 2014) and Freixinho (2012). The former is a normative study, which describes IAS 33. The latter is an empirical research which provides an overview of EPS reporting according to IAS 33 by Portuguese listed companies in the years 2010-2011. The results showed a few companies were not complying with the regulation. This Work Project extends Freixinho’s (2012) research to more periods, 2012-2015. It provides a qualitative and quantitative analysis, and continues paving the study of reporting patterns in Portugal. Moreover, it gives two insights into EPS reporting by Portuguese listed companies: reporting compliance with IAS 33 and value relevance, that is, EPS impact on stock prices.