Crowdfunding

Crowdfunding, as we know it today, is a very recent activity that was born almost accidentally in the end of the 90’s decade. Due to the advent of the internet and the social networks, entrepreneurs are now able to promote their projects to a very large community. Whether it is composed by family, friends, acquaintances or simply people that are interested in the same topic or share the passion, the community is able to fund new ventures by individually investing modest amounts of money. In return, the entrepreneur can offer symbolic rewards, shares or other financial returns. New crowdfunding platforms are born almost every day all over the world, offering a new way of raising capital for their projects or a new way to invest their money in innovative ventures. Although crowdfunding is still finding its place in the financial services, successful cases such as Kickstarter demonstrate the power of the crowd in boosting creativity and productivity, financing thousands of projects by raising millions of dollars from thousands of investors. Due to regulatory restrictions, the most prominent model for now is reward-based crowdfunding, where the investors are prized with symbolic returns or privileged access to the products or services offered by the entrepreneurs. Other models such as peer-to-peer lending are also surging, allowing borrowers access to capital at a lower cost compared to so-called traditional financial institutions, and offering lenders a higher rate of return. But when it comes to offering shares to investors, i.e. using equity-based crowdfunding, entrepreneurs face regulatory obstacles in almost every country, where legislation was passed decades ago with the objective of promoting financially-capable ventures and protecting investors. Access to capital has become more difficult after the global economic recession of 2008, and for most countries it will not get easier in the near future, leaving start-ups and small enterprises with few options to start or expand their operations. In this study we attempt to answer the following research questions: how has equity-based crowdfunding evolved since its creation? Where and how has equity-based crowdfunding been implemented so far? What are the constraints and opportunities for implementing equity-crowdfunding in the world, and more particularly in Portugal? Finally, we will discuss the risks of crowdfunding and reflect on the future of this industry.

Bibliotecas públicas, responsabilidade social e cidadania

Este trabalho de investigação visa estudar e compreender a responsabilidade social de três bibliotecas públicas da margem sul do Tejo, analisando de que forma estas contribuem para o desenvolvimento de cidadãos civicamente mais ativos. Neste sentido, determina-se que modelo de responsabilidade social aplicam, que meios utilizam para incentivar o envolvimento cívico e que parcerias estabelecem. O método de recolha de dados utilizado foi a entrevista, tendo esta sido realizada aos responsáveis de cada bibliotecas em análise. Os resultados evidenciam que não existe uma política formal de responsabilidade social, mas sim ações que se assemelham a modelos práticos de RS que se classificam nas Teorias Integrativas. Relativamente às iniciativas desenvolvidas pelas bibliotecas públicas para a promoção da cidadania, estas vão de encontro ao Manifesto da IFLA/UNESCO para as Bibliotecas Públicas, podendo dizer-se que as suas ações se encontram confinadas à responsabilidade legal da organização. As bibliotecas identificam os seus stakeholders, mas é necessário que estes possuam um papel mais ativo no desenvolvimento de iniciativas que respondam às suas expetativas e necessidades. Efetuam-se cinco recomendações para melhorar o desempenho das bibliotecas públicas no domínio da responsabilidade social e da cidadania: implementar políticas de responsabilidade social; respeitar os interesses dos stakeholders; apostar na formação em responsabilidade social; investir na aprendizagem ao longo da vida; e inovar, no sentido de desenvolver atividades que vão além do cumprimento do Manifesto da IFLA/UNESCO para as Bibliotecas Públicas.

Does the existing Corporate Governance structure and strict Legal Framework, affect the strategic decisionmaking of CEOs?

This thesis is a case study on Corporate Governance and Business Ethics, using the Portuguese Corporate Law as a general setting. The thesis was conducted in Portugal with illustrations on past cases under the Business Judgment Rule of the State of Delaware, U.SA along with illustrations on current cases in Portugal under the Portuguese Judicial setting, along with a comparative analysis between both. A debate is being considered among scholars and executives; a debate on best practices within corporate governance and corporate law, associated with recent discoveries of unlawful investments that lead to the bankruptcy of leading institutions and an aggravation of the crisis in Portugal. The study aimed at learning possible reasons and causes for the current situation of the country’s corporations along with attempts to discover the best way to move forward. From the interviews and analysis conducted, this paper concluded that the corporate governance structure and legal frameworks in Portugal were not the sole influencers behind the actions and decisions of Corporate Executives, nor were they the main triggers for the recent corporate mishaps. But it is rather a combination of different factors that played a significant role, such as cultural and ethical aspects, individual personalities, and others all of which created gray areas beyond the legal structure, which in turn accelerated and aggravated the corporate governance crisis in the country.