Consumer perception of CSR in Portugal: The aftermath of the financial crisis

Corporate social responsibility (CSR) literature has largely neglected consumers’ perceptions in the debate regarding the role of CSR in the aftermath of the financial crisis. In that context, this study aims to test the possibility that consumers’ perceptions of CSR level, firm reputation and brand trust, might depend on the type of industry sector of a firm, the level of fit of an initiative or both. By conducting a survey on Portuguese consumers and running a two-way analysis of variance, it suggests that solely the type of industry sector has an effect on consumer perception and that consumers are less tolerable of controversial industries.

How bank business models relate with risk?: The case of Portugal in times of financial crisis

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Exploring profitability diversity through financial statement analysis

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Three essays in financial markets

A PhD Dissertation, presented as part of the requirements for the Degree of Doctor of Philosophy from the NOVA - School of Business and Economics

Macroeconomic impacts of politics and policy: Applications to financial and real markets

A PhD Dissertation, presented as part of the requirements for the Degree of Doctor of Philosophy from the NOVA - School of Business and Economics

Noise traders, rational traders, and the rest: A new approach to efficient financial markets

A PhD Dissertation, presented as part of the requirements for the Degree of Doctor of Philosophy from the NOVA - School of Business and Economics

Caraterização da tomada de decisão em organizações hospitalares : impacto do estatuto jurídico

RESUMO - O decisor hospitalar tem como função decidir os recursos de uma organização de saúde, sejam estes financeiros, materiais ou humanos, sendo decisivo o conhecimento e informação que o apoiem na aplicabilidade nas tomadas de decisão e na solução dos problemas. As tomadas de decisão suportam-se em modelos reproduzidos pelos decisores, em processos, modelos, e em princípios, que podem ou não assumir intuição, objetividade, racionalidade e ética, bem como de técnicas várias que podem ser limitativas ou condicionadas, por força de fatores vários, como: a falta de informação inerente de uma multidisciplinaridade do processo; de condicionalismos organizacionais, internos ou externos, associados à envolvente e cultura organizacional e influências políticas e macroeconómicas; ao fator tempo; a tecnologia; a estrutura e desenho organizacional; a autoridade/poder e a autonomia para decidir; a liderança, e do estatuto jurídico que o hospital possui. Este último ponto será esmiuçado, mais profundamente, neste estudo. Iremos, através do estudo, compreender se os elementos componentes das decisões tomadas nos hospitais, são ou não adaptadas em consonância com diferentes políticas de governação hospitalar, em contextos e dinâmicas organizacionais diferenciadas, por diferentes Estatutos Jurídicos Hospitalares - EPE, SPA, PPP e Privados. Foi realizado um estudo de caráter exploratório, descritivo-correlacional e transversal, baseou-se num questionário aplicado a decisores hospitalares, incidindo nos dois vetores centrais do estudo, na tomada de decisão e no estatuto jurídico hospitalar. A decisão é então, um valiosíssimo veículo na persecução das estratégias e planos formulados pelo hospital, esperando-se destes produzir consequentes resultados eficientes, eficazes e efetivos na sua aplicação.

The impact of the European sovereign debt crisis on the recovering from the financial crisis: Equity returns of the banking sector

This paper analyses, through a dynamic panel data model, the impact of the Financial and the European Debt crisis on the equity returns of the banking system. The model is also extended to specifically investigate the impact on countries who received rescue packages. The sample under analysis considers eleven countries from January 2006 to June 2013. The main conclusion is that there was in fact a structural change in banks’ excess returns due to the outbreak of the European Debt Crisis, when stock markets were still recovering from the Financial Crisis of 2008.

Enhancement of an implemented rating model and impact on existing risk management processes: A hands-on approach from financial supplier risk management within the automotive industry

The purpose of this paper is to conduct a methodical drawback analysis of a financial supplier risk management approach which is currently implemented in the automotive industry. Based on identified methodical flaws, the risk assessment model is further developed by introducing a malus system which incorporates hidden risks into the model and by revising the derivation of the most central risk measure in the current model. Both methodical changes lead to significant enhancements in terms of risk assessment accuracy, supplier identification and workload efficiency.

Responsabilidade social em saúde pública

RESUMO - A Responsabilidade Social é actuar de modo justo, digno e responsável com todos os stakeholders. Por outro lado a Saúde Pública tem como principal objectivo promover a saúde dos indivíduos, comunidades e sociedades como um todo, incidindo nos determinantes de saúde. As empresas têm adoptado inúmeras acções e politicas socialmente responsáveis que contribuem para o aumento da concretização dos objectivos a longo prazo. As empresas criam códigos de ética e de conduta, redigem relatórios sociais, aderem a normas e certificações internacionais, promovem auditorias internas e externas, desenvolvem políticas laborais para evitar problemas e escândalos que afectem a reputação da empresa, apoiam cada vez mais causas sociais, preocupamse com o bem-estar e as condições de trabalho dos colaboradores e com o ambiente. Todos os esforços e investimentos parecem ser poucos quando se observa a possibilidade de maior reconhecimento e retorno financeiro. Existem diversas concepções para o que é ser-se socialmente responsável e de como a empresa deve agir enquanto cidadã. Ao mesmo tempo, são muitas as actividades que podem ser desenvolvidas no que diz respeito à responsabilidade social das empresas na área da promoção da saúde pública. Este estudo pretende criar uma ligação entre o conceito de Responsabilidade Social das Empresas e de Saúde Pública e, nesse sentido, procurar associar os objectivos das acções desenvolvidas pelas empresas estudadas com os objectivos prosseguidos pela Saúde Pública.

Fiscal policy under financial stress: A threshold VAR approach

The purpose of the project is to measure the impact of fiscal policy on the Portuguese GDP and how it may vary according to the state of the financial market. A Threshold VAR model is presented in which the two regimes are found using a financial stress index that divides the economy into a situation of financial stress and financial stability.

The role of deposit insurance and bank’s asset size in the 2008 financial crisis

In this paper we analyze the role of deposit insurance in providing the market with liquidity in times of financial turmoil. To do so, we look at the variation in insured and uninsured deposits between 2005Q3 and 2011Q3, controlling for liquidity, solvency and capital adequacy indicators, and find evidence that deposit insurance does provide some confidence in keeping funds in banks in times of turmoil. Additionally we follow an event study methodology to assess the impact of deposit insurance oriented policies on bank holding companies stock market returns, and find a TBTF effect.

Mota-Engil new prospects of growth: Overcoming the financial crisis

The 2008 global financial crisis caused the collapse of business key sectors, declines in consumer wealth and a fall in economic activity resulting in a global recession. In some European countries, the 2008 crisis contributed to a sovereign-debt crisis which had a strong impact in Southern European countries. The construction sector was particularly affected, with budget cuts disturbing public investment and no financing available for private constructors. This report intends to explain how Mota-Engil, faced this situation of low growth, and which strategies were adopted by the management to overcome the difficult economic conjecture, mainly in its domestic market: Portugal. The report is organized as a case-study. The first part, the case narrative, is subdivided into 6 parts, and the second part is the teaching note. The teaching note is constituted by the four questions and their respective responses.

Donations of non-financial resources: The motivation and consequences of measuring and accounting for it

This thesis focus on the measurement and accounting of contributions received by nonprofit organizations, as they are a significant component of revenues nowadays. A survey was developed and forward to 38 different NPOs, with the goal of understanding their motivations and what advantages and disadvantages they believe would result if they start to measure and account for all kinds of contributions. They presented many advantages from this practice; however, some are not doing it due to the difficulties in valuing contributions with no market value which would require a higher workload, waste of resources and time to be taken from other important activities.

Shiva's dance: Crisis, local institutions and private firms

The uneven spatial distribution of start-ups and their respective survival may reflect comparative advantages resulting from the local institutional background. For the first time, we explore this idea using Data Envelopment Analysis (DEA) to assess the relative efficiency of Portuguese municipalities in this specific context. We depart from the related literature where expenditure is perceived as a desirable input by choosing a measure of fiscal responsibility and infrastructural variables in the first stage. Comparing results for 2006 and 2010, we find that mean performance decreased substantially 1) with the effects of the Global Financial Crisis, 2) as municipal population increases and 3) as financial independence decreases. A second stage is then performed employing a double-bootstrap procedure to evaluate how the regional context outside the control of local authorities (e.g. demographic characteristics and political preferences) impacts on efficiency.