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- Corporate Governance and Company Performance: A Comparative Analysis Across Sectors in PortugalPublication . Santos, Eleonora; Moreira, Jacinta; Ribeiro, NeuzaThe assessment of the implementation of the corporate governance practices is important because it contributes to the efficient use of resources and, thus, increases corporate performance. However, the practice of CG in Portugal is below European standards due to several issues related to weak legal protection, concentrated ownership structures, and limited information transparency. Using a panel data of 17 firms listed on PSI20, this chapter investigates the impact of the internal CG mechanisms on corporate performance, in 2014-2018. Results show that the size of the audit committee impacts positively on firm performance. However, the number of independent members of audit committee decreases corporate performance in firms operating in services, and ownership of related parties increases corporate performance. Also, fewer leveraged firms are likely to exhibit better performances. This research provides understanding of the relationships between internal mechanisms of CG and corporate performance by comparing results across groups of sectors.
- The Productivity Puzzle in Cultural Tourism at Regional LevelPublication . Santos, Eleonora; Lisboa, Inês; Moreira, Jacinta; Ribeiro, NeuzaThe distribution of labour productivity of tourism firms across regions has not received considerable attention until now. To address this concern, an empirical analysis at firm level is used to calculate the labour productivity across seven Portuguese NUTS II regions. Using data from 2,866 firms’ financial reports obtained from SABI database, over four years, this paper analyses the regional inequalities and its consequences in terms of economic and tourism development. The findings show that, at the national level, the mean labour productivity has increased around 1.9% on average, from 2015 to 2017 and dropped 3.9% in 2018. At the regional level, the results suggest that firm performance regarding productivity is not related to the dynamics observed in neighbouring regions but to the resources and conditions available in each region separately. Such results confirm the assumption of spatial inequality in the distribution of labour productivity among cultural tourism firms. The results presented in the article can be of significant use to further understand the productivity dimension of tourism production at regional level. Finally, by identifying the areas where tourism management need to be improved, this paper provides suggestions on measures to increase regional productivity, and thus, regional competitiveness.
- Regional Competitiveness and the Productivity Performance of Gazelles in Cultural TourismPublication . Santos, Eleonora; Lisboa, Inês; Moreira, Jacinta; Ribeiro, NeuzaThe extant literature reports evidence that the economic performance of regions is driven not by the stagnant majority but by a minority of high-growth firms (HGFs), the so-called gazelles. Regional competitiveness depends on firms’ long-term competitiveness, which depends on labor productivity. Cultural tourism plays a crucial role in national and regional policies because it allows to engage local communities in its activities and provides them a source of income. This paper identifies HGFs operating in cultural tourism in 2014–2018 and analyses their labor productivity across Portuguese regions, relating them with the regional competitiveness. The regional distribution of gazelles in Portugal is uneven, with the Lisbon region concentrating 48%; the Northern region is the location of 26%; while the Centre and Alentejo regions capture 13% of gazelles. Results on Pearson correlations between labor productivity and changes on the Regional Competitiveness Index uncover significant negative links between HGFs average labor productivity and changes in regional competitiveness. However, the results suggest that gazelles have significantly contributed to regional competitiveness through productivity, in 2014–2015. Finally, some suggestions on strategies for promoting cultural tourism are presented.
- Drivers of Productivity in the Portuguese Nature Tourism IndustryPublication . Santos, Eleonora; Lisboa, Inês; Moreira, Jacinta; Ribeiro, NeuzaConsidering the importance of tourism to the world economy, productivity measurement has been raising increasing interest in academia and recognized as critically important for the understanding of the strengths and weaknesses of the tourism sector. Thus, this paper analyses the determinants of firm-level labor productivity of Portuguese nature tourism firms. A fixed effects model was used to analyze the impact of physical capital, human capital, firm size, innovation, competition and agglomeration economies on labor productivity of Portuguese nature tourism firms, for 2014–2017. The sample comprises 369 firms, representing 55% of firms operating in nature tourism in the mainland. Results show that labor productivity is driven by physical capital, suggesting that human resources in nature tourism are more productive when helped by machinery and equipment, for example information technology. By contrast, the negative impact of the number of employees on labor productivity may be triggered by inefficiencies, due to dysfunctions in tourism services with excess of personnel. Also, and in the case of Algarve, the presence of agglomeration economies may hinder labor productivity. Indeed, the existence of many tourism firms in the region and, therefore, several employment opportunities, might dampen the incentive to increase productivity on the part of employees in nature tourism firms. These results can be of significant use to further understand the various dimensions of tourism management.
- Attitudes toward Ethical Consumption in Clothing: Comparing Peruvian and Portuguese ConsumersPublication . Bairrada, Cristela Maia; Coelho, Arnaldo Fernandes de Matos; Moreira, Jacinta Raquel MiguelThe aim of this study is to examine the personal factors that influence attitudes toward ethical consumption and its effects on life satisfaction, attitudes toward ecological clothing, and buying intentions, using a comparison of two different contexts: Portugal and Peru. A total of 520 valid questionnaires were collected. Structural equation modeling was employed to test the hypotheses. The findings indicate that idealism and pro-environmental beliefs have a positive effect on attitudes toward ethical consumption. Additionally, attitudes toward ethical consumption are positively associated with life satisfaction and attitudes toward ecological clothing, which can predict buying intentions. This research provides further insight into the attitude-intention gap, by highlighting the dual role of attitudes - combining ethical attitudes with attitudes toward ecological clothing - in two understudied contexts It is noteworthy that this study offers a novel approach to understanding consumer motivation toward ethical consumption and its impact on life satisfaction.
- Corporate Performance and Employment in High-Growth HotelsPublication . Santos, Eleonora; Moreira, Jacinta RaquelThe importance of tourism, the criticality of the hospitality industry to employment and economic growth and the relationship between High-Growth Hotels (HGHs) and regional development provide the rationale for this study. This paper analyzes the financial sustainability of HGHs in 2016–2019 and their contribution to employment by NUTs II regions of the Iberian Peninsula. Overall results indicate better performances among HGHs located in the Southwest regions of the Iberian Peninsula, in the capital cities and in the Northeast of Spain. Also, the correlation between the regional incidence of HGHs and the average number of employees appear to confirm the results of previous studies that gazelles are major employers.
- Outward investment of Portuguese small and medium enterprises in the Central and Eastern European countries: motivations and challengesPublication . Santos, Eleonora; Moreira, JacintaBackground: This paper identifies the determinant factors of Portuguese investment in Poland, Hungary, and the Czech Republic. We assume that investment abroad is motivated by business opportunities, and the quality-price ratio of the workforce. Methods: To this end, we used a qualitative methodology composed of 6 case studies, based on interviews and surveys with the managers of the Portuguese firms investing in those three economies. Results: Despite the business opportunities, Portuguese investment directed towards these economies is negligible, due, in part, to the geographic and cultural distance. However, the economic and political stability, combined with market size and growth potential are undeniable attraction factors for Portuguese investors. Small and medium enterprises (SMEs), due to their flexible conditions that allow changes in the activity, and the strong trend towards outsourcing, to the detriment of the manufacturing industry, are the primary focus of international investment. This trend, although common to several sectors, has shown greater dynamism in the banking and financial sector. Conclusions: The results suggest market-oriented investments aiming at growth and expansion. The vast Polish market is the one that most attracted Portuguese investors. The hybrid feature of some strategies can align with the cautious attitude towards the investment translated into cooperation agreements with financial institutions for funding, the market learning process, and the training of the personnel. The anticipation of the installation over potential competitors, the experience in production and international markets, the price-quality ratio, the capacity of product adaptation and the design were considered important sources of competitive advantage that motivated the investment. The greatest difficulties during this process were language and the complexity of legislation.
- Estratégia de desenvolvimento local : GAL Terras de Sicó 2020 : uma parceria, um compromissoPublication . Lopes, Ana Sofia; Sargento, Ana; Moreira, Jacinta Raquel; Fernandes, Maria Eduarda; Lavrador, Eduardo Luís LealO presente documento tem como objetivo a proposta de uma Estratégia de Desenvolvimento Local (EDL) para a região de Sicó para o período 2014-2020, e posterior candidatura à 1ª fase de pré-qualificação do Desenvolvimento Local de Base Comunitária (DLBC), na vertente de DLBC rural, conforme o aviso nº 02/2014 de 16-11-2014 do Portugal 2020, tendo como promotor a Terras de Sicó, Associação de Desenvolvimento, cuja abrangência territorial envolve seis concelhos: Alvaiázere, Ansião, Condeixa-a-Nova, Penela, Pombal e Soure (...)
- Price Elasticity of Overnight Stays: Testing Veblen’s Conjecture Across Portuguese RegionsPublication . Santos, Eleonora; Moreira, Jacinta Raquelhis paper complements the scarce empirical literature on contingent consumption by testing Veblen’s conjecture on overnight stays in Portugal. The price elasticities for overnight stays are calculated over 2013–2019 and across NUTS II regions. The results confirm the existence of conspicuous consumption in overnight stays in most Portuguese regions, especially in the Centro, Alentejo and Madeira regions in peak seasons in 2019. Also, in average terms over 2013–2019, the region of Algarve shows evidence of conspicuous consumption of overnight stays. Yet, since the peak seasons are of short duration, the conclusions about the magnitude of elasticities must be handled with caution. These results are relevant not only for tourism management but also to tourism planning at regional level. Indeed, by exploring whether the differences in overnight stays can be explained by a status-seeking behavior, the results carry important implications for spending on future travels, especially in periods of economic downturns.
- Evaluating economic sustainability of nautical tourism through brand equity and corporate performancePublication . Santos, Eleonora; Lisboa, Inês; Crespo, Cátia; Moreira, Jacinta Raquel; Eugénio, TeresaPrevious literature has validated the effect of brand equity on firm’s value through the impact of measures of perceived quality and brand loyalty on customer value and willingness to buy. Simultaneously, understanding how sustainable tourism can be developed is important for destinations, to identify regional policies, and to potentiate its attractiveness to tourists that are increasingly looking for nautical activities in close contact with nature. Thus, this paper compares the performance of nautical tourism firms in the Centro Region of Portugal, to assess the economic sustainability of those firms. Bearing this in mind, the sample of 51 firms is split into those with a brand and the brandless firms to evaluate the impact of brand equity on corporate performance. The analysis is drawn on the concept of firms’ economic and financial performance, which is measured by a set of indicators of profitability, financial structure, and leverage, constructed from companies’ financial reports from SABI database for 2015–2019. Data on touristic firms operating in the Centro Region are collected from the National Tourism Registry. Results show that brand impacts positively on corporate performance and, thus, increases the economic sustainability of these firms.