CARME - Capítulos de livros
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- An experimental analysis of grandfathering versus dynamic auctioning in the EU ETSPublication . Botelho, Anabela; Fernandes, Maria Eduarda; Pinto, LígiaPurpose – This study constitutes a first attempt to experimentally test the performance of a 100% auction versus a 100% free allocation of CO2 permits under the rules and parameters that mimic the EU ETS (imperfect competition, uncertainty in emissions' control, and allowing banking), with environmental targets more restrictive than the current ones but foreseeable for the near future. Methodology/approach – Two experimental treatments were run to achieve our goal. Both included the rules and the parameters that parallel the EU ETS structure, the only difference being the rule for the primary allocation of permits. Findings – Our experimental results indicate that the EU ETS has the potential to reduce CO2 emissions, achieving targets considerably more restrictive than the current ones at high efficiency levels, both with auctioned and free emission permits. Practical implications – Concerns about undue scarcity, and corresponding high prices, in secondary markets generated by a primary auction market are not warranted under the proposed dynamic auction format. This adds arguments favoring auctioning over grandfathering as the rule for the initial allocation of emission permits in the EU ETS. Originality/value of chapter – This study implements a theoretically appropriate auction format for the primary allocation of emission permits (the Ausubel (2004) auction) and incorporates a first attempt to include in the analysis measures of the risk preferences of subjects participating in emission permits experiments. These characteristics are for the first time implemented under a complex experimental design (including uncertainty of emission abatement, and banking), trying to parallel the EU ETS trading environment.
- EU ETS allocation rules : an experimental examination of the Ausubel auctionPublication . Botelho, Anabela; Fernandes, Maria Eduarda; Pinto, LígiaThe European Union (EU), Emissions Trading System (ETS) is a major tool of the European Union’s policy aimed at mitigating global climate change. Since its introduction in 2005, the system has undergone several changes whereby auctions, rather than cost-free allocation, have been given an increasing role as a means of allocating emission permits. These auctions are currently run as sealed-bid, uniform-price auctions which induce demand reduction in multi-unit environments such as the EU ETS. This auction format may therefore contribute to the growing surplus of permits observed in the EU ETS. In this Chapter, we examine the performance of the theoretically appropriate Ausubel auction format under structural characteristics mimicking those in place in the EU ETS. The results provide evidence supporting the desirable properties of the Ausubel auction, but also indicate that it may lead to inequitable outcomes. In view of this, it is worthwhile to study not only how alternative auction formats could provide a sustainable solution to the surplus of permits, but also how they relate to the problem of carbon leakage resulting from regional carbon trading schemes.
- The Impact of Coaching Leadership on Employees' Positive OutcomesPublication . Ribeiro, Neuza; Menezes, RitaLeaders resort to a coaching leadership style—which relies heavily on listening, helping, supporting, developing, removing obstacles, and empowering others— to promote valuable work experiences and positive attitudinal and behavioral responses from employees. These employees’ outcomes are an important part of organizational success. In this chapter, the authors examine the connection between coaching leadership style and employees’ affective commitment, creativity, and customer orientation. A quantitative study was carried out based on the perceptions of 80 front office workers from different Portuguese organizations on their leaders and their own attitudes and behaviors. The results, consistent with existing literature, indicated that, when leaders adopt a coaching leadership style, their followers are more affectively committed, exhibit more creative behavior, and perform in a more customer-oriented way.
- Sustainability Report Evolution: The Nestlé Case Study ApplicabilityPublication . Eugénio, Teresa; Rodrigues, Susana; Gonçalves, Marco JoséThis chapter is a unique case study that aims to present the evolution of non-financial reporting in Nestlé Portugal from 2007 to 2016 with the aim to study in-depth the Nestlé sustainability report practices. This study proposes to identify the key milestones in the evolution of this type of report, to compare with the disclosure strategy of Nestlé international, to understand if this company follow the IIRC guidelines, to identify the contribution of the audit by an independent entity, to conclude if Nestlé contributes to the achieving of United Nations Sustainable Development Goals, and to identify if the awards Nestlé received matter in its sustainability initiatives. Public institutional information was preferably used, particularly the sustainability report and integrated report, processed with various work tools using the technique of content analysis. The conclusions made it possible to understand that Nestlé emerges as a company that integrates these issues into its strategy and can be a model for companies that wish to follow this report path towards sustainability.
- Successful and Unsuccessful routes for entrepreneurs: lessons from an Entrepreneurial Regional Project ProgramPublication . Rodrigues, Susana Cristina Serrano Fernandes; Ferreira, Vitor Hugo; Silva, GabrielThere is a significant research on entrepreneurs, but none to very few on Financed Entrepreneurial Project Programs at the regional level. This chapter attempts to identify which of the several activities developed in the “Leiria Entrepreneurial Project Program”, helped to promote business acceleration and, to identify successful and unsuccessful routes for the stimulus of the entrepreneurship activity. Secondary and primary data were collected to answer the research questions. The results reveal that “Mentoring”, "Participation in Workshops" and “Conferences” activities are the most important to stimulate the spirit of entrepreneurship. The entrepreneurs' success route lies on the competencies of the business promoters, on multidisciplinary teams capable of creating a product/service, and on the maturity of the business idea planning in all its phases. The entrepreneur 's failure path lies on the inability to clearly identify the business idea, its development and its implementation. The findings provide an important theoretical contribution as it unveils an unexplored filed. They also help decision-makers to select the entrepreneurial actives that most help entrepreneurs to boost their business.
- Impact of earnings quality on company's performance: a literature reviewPublication . Duarte, Ana Filipa; Lisboa, Inês; Carreira, PedroPurpose: Stakeholders use financial information in their decision-making process. Although, if financial information lacks appropriate quality, stakeholders’ perceptions will be biased. Thus, understanding earnings quality is crucial. Earnings quality is linked with the thematic of earnings management, as managing earnings is likely to decrease their quality. More recently, the literature has turned its attention to the impact of earnings quality on company’s performance. This work aims to understand the characteristics of earnings quality and how can it be measured. Additionally, it plans to investigate the impact of earnings quality on company’s performance. Methodology: This work is a literature review about earnings quality and its impact on company’s performance. Seven characteristics of earnings quality are simultaneously considered: accruals quality, persistence, predictability, smoothness, value relevance, timeliness, and conservatism. Different measures of these characteristics are analyzed, by explaining the differences among them and identifying the specific cases when these characteristics can be used. Moreover, the impact of earnings quality on company’s performance is analyzed to investigate if low earnings quality has a negative impact on company’s performance. Different measures of performance/ratios are also addressed, both market-based and accounting-based. Findings: High earnings quality usually has a positive impact on performance since the investment and financing decisions are based on correct information, thus increasing company’s profits and value creation. The use of earnings management practices, or of other techniques that reduce earnings quality, increase the probability of financial distress, as decisions may not be accurate, and the company’s financial situation may be different from the one presented in the financial statements. Originality: This paper presents an in-depth study of earnings quality and its impact on company’s performance. Most studies focus on earnings management, or other specific characteristic of earnings quality, but in an isolated perspective. Few studies consider the seven characteristics of earnings quality simultaneously. This study addresses this caveat. Moreover, the impact of earnings quality on performance is also relevant, especially to stakeholders, for a better understanding of the company’s financial information and for better decision making that can increase the company’s value.
- The Impact of Corporate Governance on Earnings Management of Portuguese Listed FirmsPublication . Lisboa, Inês; Costa, AlexandraThis work aims to analyze the impact of corporate governance characteristics on earnings management of Portuguese non-financial listed firms, for the period 2012–2016. Using panel data, we regress discretionary accruals, a proxy of earnings management, against corporate governance characteristics and control variables. The main results show that only two corporate governance variables: the independence of the board of directors and the type of corporate governance model adopted (one-tier or two-tier), and one control variable: level of indebtedness, are relevant to explain firm’s earnings management. Results show that discretionary accruals increase with the independence of the board of directors. Moreover, companies who adopt the two-tier model are less prone to increase accruals due to a greater separation of functions and supervision and an increase in the monitorization of opportunistic behaviors. Finally, this study provides evidence that a high level of indebtedness is a deterrent to earning management practices since creditors also monitor the company’s financial situation.
- Social entrepreneurship: what people are looking for when they talk about it?Publication . Ciccarino, Irene Dobarrio Machado; Rodrigues, Susana Cristina Serrano FernandesSocial entrepreneurship is a new way of doing business and thus a new way of generating and delivering value to society. This study is a consolidation strategy to social entrepreneurship research field, providing an in-dept understanding of the concept and its diversity through the different approaches of social entrepreneurship support organizations - GSESO’s. It explores in what extent the fragmentation of the social entrepreneurship literature reflects the social entrepreneurship initiatives diversity. Content analysis was applied to the online material of the biggest GSESO. As a result, the study provides a benchmark for investors. It also helps social entrepreneurial initiatives [SEI] to better fit the investors’ expectations. Knowing what motivates an investment allow that fit. The core aim of GSESOs when choosing an investment are social change or social problems solution. The GSESOs invests in former social organizations capable to provide sustainable social impact. They rely on subjective criteria to choose where invest, with great focus on entrepreneur profile, on the prevalence of social mission and on the belief of a sustainable business model. The key business model elements considered are innovation and large-scale social impact through a replicable business model. It seems that the GSESOs investment strategy favor sustaining technologies and innovations that balance the market forces. The opportunity is exploited through social bricolage in a flexible, embedded and risk tolerant way. This business model can spread their social impact easily by replication. While the four GSESOs studied here support social entrepreneurship differently, they share the believe in the social entrepreneurship potential to improve human life and society development. They all work to expand and improve social entrepreneurship, in order of increase its power to act.
- Bibliometrics in Public AdministrationPublication . Marques, Tânia M. G.; Reis, Nuno Rosa; Serra, Fernando A. R.Introduction: Bibliometrics refers to the studies which seek to compute the processes of written communication, including several methods for tracking the scientific information on a discipline, a field, or a topic. Thus, bibliometrics make available a complementary perspective of the history, path, and evolution of a discipline through the quantitative analysis of its existent literature. In Public Administration, there is arguably a scarcity of bibliometric studies. The relevance and usefulness of the bibliometric approach has not been yet fully grasped by the Public Administration scholars. Thus, an advancement on this comprehension and a widespread use of bibliometric techniques may contribute to advance the research in the Public Administration discipline.
- Building Strategic Capabilities in Brazilian FirmsPublication . Fleury, Maria Tereza Leme; Calixto, Cyntia Vilasboas; Frias Pinto, Cláudia Sofia; Fleury, AfonsoIn this chapter, we highlight the strategic capabilities that have enabled six Brazilian companies to achieve competitive advantage. We selected firms from different industries and stages of internationalization in order to show a broad perspective of local and international successful firms. WEG and Fanen developed technological capabilities associated to both world-class manufacturing and product innovation, whereas Stefanini and Integration have consolidated knowledge about servicing emerging markets. Grendene’s production and operations are its key capabilities for international operations through exports, while innovative design and processes support their strategy in the local markets. The key capabilities of Dr.Consulta are entrepreneurship and innovation. In sum, due to highly turbulent institutional and economic environment, Brazilian firms have had to develop some specific capabilities, especially those related to financial management and organizational flexibility.