Browsing by Issue Date, starting with "2019-05-10"
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- The impact of home country government in firm internationalisationPublication . Reis, Margarida da Silva; Santos, João Neves de Carvalho; Reis, Nuno Manuel Rosa dosThe present report is entrenched in the curricular internship carried out in the company INDICE ICT & MANAGEMENT, LDA in the city of Leiria. The aim of this report is the finalization of the Master’s in International Business. The main activity of the company is based in the execution and monitoring of investment projects for the entrepreneurial sector, namely through the support of the granting of European funds. The internship comprised 1040 hours, I developed activities related with the elaboration of investment projects for companies, whose main focus is the international path. The execution of this internship allowed me to apply the knowledge assimilated previously. Furthermore, the internship allowed the acquisition of new knowledge, through ideas sharing, undoubtedly resulting on an enriched experience. When following an international pathway, all firms can benefit from a rewarding experience, besides increasing their competitiveness, boosting of national economy in the marketplace. Considering the small domestic market, companies are obliged to take the international path. Nevertheless, this global process is not straightforward, and it presupposes a set of boundaries that need to be surpassed. Recently, national governments have had some influence in the internationalisation process of firms, resulting in the most feasible investment solutions. The current internship report intends to clarify what are the constraints experienced linked to the global sphere for the multinational firms, but also for Small and Medium Enterprises (SMEs). Additionally, this report intends to understand the way national politics contribute to the success of the overseas investment.
- Institutional quality, firm performance and business groups: evidence from emerging economiesPublication . Santos, Liliana Gavazzi; Santos, João Neves de Carvalho; Reis, Nuno Manuel Rosa dosFirms face numerous challenges while doing their business operations and one of the biggest challenges is to deal with the conditions of the institutional environment. In this study I analyse how the quality of the institutional environment influences firm performance in emerging economies. More exactly, this study develops a comprehensive conceptual model of six hypothesized relationships between the quality of the three institutional dimensions proposed by Scott (1995) (regulatory, normative and cognitive) and firm performance. Besides, it also examines the moderating effect of group affiliation on firm performance when institutional quality is low. The model is designed through a linear regression using a sample of 5.166 firms from 19 emerging economies to test the theoretical hypotheses. The findings indicate that lower regulatory and normative quality will lead to lower firm performance. The results also show that the moderating effect of group affiliation has a positive impact on firm performance only when regulatory quality of the institutional environment is low. Considering the effect of institutions and group affiliation on performance, this study contributes to our understanding of how firms from countries with lower institutional quality, that are more likely to face difficulties, can prepare themselves by building a theory that is context-specific.
- Dynamic - Constant proportion portfolio insurance: aplicação ao índice FTSE 100Publication . Gaspar, Eduardo José Diniz Pereira; Duarte, Elisabete Fernanda Mendes; Oliveira, Célia Patrício Valente deGiven the risk aversion usually associated with financial markets investors’, it is common, in literature, to present and study strategies to be used in order to limit risk. In this work, a traditional risk management strategy Constant Proportion Portfolio Insurance Strategy (CPPI) is modified in order to use a dynamic multiplier that varies based on the fluctuations of the risky asset prices. This strategy is called Dynamic - Constant Proportion Portfolio Insurance (D-CPPI). The multiplier is adjusted according to the price fluctuations, which means that it will increase when the quote goes up and decrease when the quote goes down. The work is based on the model presented by Yao & Li (2016) and is applied to the British stock market (FTSE 100) in the 2008-2018 period. The performance of D-CPPI is analysed and compared with the performance of the traditional CPPI strategy and with the Buy and Hold (BH) strategy. It also sought to analyse the impact of Brexit on the British market and whether the use of D-CPPI effectively reduces the risk faced by investors in this troubled period. The results show that the D-CPPI has the best profitability rates in falling markets despite its performance is generally lower than CPPI and BH strategies. BH proves to be the strategy that achieves better performance, despite being the one with the highest levels of risk. Brexit had a great impact in the market, however, the use of D-CPPI allowed to guarantee the expected results.
- Relatórios de sustentabilidade em Portugal e Espanha: sua publicação e auditoriaPublication . Rodrigues, Stacy; Eugénio, Teresa Cristina PereiraO presente trabalho de investigação parte do conceito de sustentabilidade e da sua relevância nas organizações. Este conceito é atualmente influenciado pelos novos desafios e estratégias de comportamento com vista a assegurar um melhor desempenho e resposta das empresas aos seus stakeholders. Na sequência desta preocupação por parte das organizações surge a necessidade de uma maior transparência da sua gestão nos mercados. Uma das formas neste estudo analisada é a elaboração e a publicação de relatórios de sustentabilidade. Os relatórios de sustentabilidade são uma ferramenta que as organizações adotam para publicarem e expor o seu desempenho económico, social e ambiental. Este estudo de caráter exploratório apresenta dois ensaios. O primeiro ensaio caracteriza um conjunto de 273 organizações espanholas e portuguesas que publicam relatórios de sustentabilidade com base na recolha de dados disponibilizados pelo GRI para um período de 2015, 2016 e 2017, e serve como base de trabalho ao 2º ensaio. No segundo ensaio, analisaram-se apenas as organizações que recorreram à verificação externa dos relatórios de sustentabilidade. São apresentados alguns fatores que condicionam a qualidade da auditoria nos relatórios de sustentabilidade através do desenvolvimento de um modelo estatístico. Os resultados indicam que as organizações reconhecem as preocupações ambientais e sociais na definição da sua estratégia para com os stakeholders e a necessidade de praticar um desenvolvimento sustentável. Do nosso universo é percetível que existe relação do setor praticado e que as empresas privadas e de grande dimensão são as que mais publicam relatórios de sustentabilidade. E ainda que, variáveis como empresa de auditoria ser Big4, dimensão da organização e setor de atividade são determinantes para a organização recorrer à verificação externa dos seus relatórios de sustentabilidade e garantir a qualidade na informação publicada.
- HIV/AIDS length of stay in Portugal under financial constraints: a longitudinal study for public hospitals, 2009–2014Publication . Augusto, Gonçalo; Abrantes, Alexandre V.; Martins, Maria R.; Dias, SaraThe global financial crisis and the economic and financial adjustment programme (EFAP) forced the Portuguese government to adopt austerity measures, which also included the health sector. The aim of this study was to analyse factors associated with HIV/AIDS patients' length of stay (LOS) among Portuguese hospitals, and the potential impact of the EFAP measures on hospitalizations among HIV/AIDS patients. METHODS: Data used in this analysis were collected from the Portuguese database of Diagnosis Related Groups (DRG). We considered only discharges classified under MCD 24 created for patients with HIV infection. A total of 20,361 hospitalizations occurring between 2009 and 2014 in 41 public hospitals were included in the analysis. The outcome was the number of days between hospital admission and discharge dates (LOS). Hierarchical Poisson regression model with random effects was used to analyse the relation between LOS and patient, treatment and setting characteristics. To more effectively analyse the impact of the EFAP implementation on HIV/AIDS hospitalizations, yearly variables, as well as a variable measuring hospitals' financial situation (current ratio) was included. RESULTS: For the 5% level, having HIV/AIDS as the principal diagnosis, the number of secondary diagnoses, the number of procedures, and having tuberculosis have a positive impact in HIV/AIDS LOS; while being female, urgent admission, in-hospital mortality, pneumocystis pneumonia, hepatitis C, and hospital's current ratio contribute to the decrease of LOS. Additionally, LOS between 2010 and 2014 was significantly shorter in comparison to 2009. Differences in LOS across hospitals are significant after controlling for these variables. CONCLUSION: Following the EFAP, a number of cost-containment measures in the health sector were implemented. Results from our analysis suggest that the implementation of these measures contributed to a significant decrease is LOS among HIV/AIDS patients in Portuguese hospitals