Equestrian tourism: an opportunity for portuguese

Portugal provides a large number of factors that boost the development of the national equestrian tourism. It represents an opportunity for the qualification and differentiation of the national tourism, to stimulate rural economies, to combat seasonality and asymmetries.This study want to understand the importance, for the equestrian tourist, of the critical success factors such as the Lusitano horse, the national equestrian culture, the landscape diversity, among others. Also, how they can contribute to the differentiation of the national equestrian tourism for international destinations that are already deployed in the market.For this study is crucial to know the perspective of those involved in the various equestrian tourism activities. In this sense, a group of companies were selected and exploratory interviews were conducted that contributed to important outputs in the construction of the questionnaire.The research was attended by 110 individuals, with different profiles, motivations and types of involvement. From the analysis, it is concluded that the critical success factors are significant in motivating equestrian tourists, namely the quality of equestrian infrastructures, the Lusitano horse, the hospitality, among others. It is also possible to analyze that the equestrian tourist demonstrates a strong commitment: they are knowledgeable, read a lot about riding and belong to equestrian clubs.Finally, the factor analysis highlight the agreement between participants and a significant number of statements made in the questionnaire related to motivation and involvement. It is possible to conclude that equestrian tourists look for relaxing moments and opportunities to expand their equestrian knowledge.

What Is a Firm’s Life Expectancy? Empirical Evidence in the Context of Portuguese Companies

It is a fact that the uncertainty about a firm’s future has to be measured and incorporated into a company’s valuation throughout the explicit analysis period – in the continuing or terminal value within valuation models. One of the concerns that can influence the continuing value of enterprises, which is not explicitly considered in traditional valuation models, is a firm’s average life expectancy. Although the literature has studied the life cycle of a firm, there is still a considerable lack of references on this topic. If we ignore the period during which a company has the ability to produce future cash flows, the valuations can fall into irreversible errors, leading to results markedly different from market values. This paper aims to provide a contribution in this area. Its main objective is to construct a mortality table for non-listed Portuguese enterprises, showing that the use of a terminal value through a mathematical expression of perpetuity of free cash flows is not adequate. We provide the use of an appropriate coefficient to perceive the number of years in which the company will continue to operate until its theoretical extinction. If well addressed regarding valuation models, this issue can be used to reduce or even to eliminate one of the main problems that cause distortions in contemporary enterprise valuation models: the premise of an enterprise’s unlimited existence in time. Besides studying the companies involved in it, from their existence to their demise, our study intends to push knowledge forward by providing a consistent life and mortality expectancy table for each age of the company, presenting models with an explicitly and different survival rate for each year. Moreover, we show that, after reaching a certain age, firms can reinvent their business, acquiring maturity and consequently postponing their mortality through an additional life period.