Benchmarking de desempenho e melhores prácticas ambientais no sector cimenteiro. Caso de estudo: fábrica da Secil-Outão

O cimento é um produto essencial para a elaboração de infraestruturas e uma necessidade para o desenvolvimento económico. A sua produção implica elevados gastos energéticos que com o aumento do consumo, associado ao desenvolvimento da economia mundial, têm vindo a tornar os seus impactes cada vez mais significativos, incluindo outros aspectos ambientais como emissões e impactes na biodiversidade. A globalização fez com que cada vez mais organizações se esforçassem para superar a concorrência e adoptassem novas técnicas e tecnologias mais sustentáveis com recurso a indicadores de desempenho ambiental. A ausência de um documento sectorial de referência para o sector cimenteiro que defina critérios e indicadores de desempenho específicos do sector dificulta assim a tarefa de benchmarking de desempenho ambiental entre empresas do mesmo sector de actividade. A presente dissertação visa utilizar o benchmarking como ferramenta de gestão para avaliar o desempenho ambiental no sector cimenteiro. A avaliação é feita através de indicadores de desempenho elaborados com base nos dados disponíveis nas declarações ambientais das várias fábricas de cimento registadas no Sistema Comunitário de Eco-Gestão e Auditoria (EMAS) e procura estabelecer relações entre um elevado desempenho e as melhores prácticas, para identificação de melhoria potencial dos vários domínios relevantes da actividade das empresas do sector. Foi recolhida uma amostra composta por 23 fábricas de cimento na base de dados do EMAS, tendo sido efectuado um benchmarking entre 16 fábricas espanholas e portuguesas que constituem uma representatividade de 70 % do universo de organizações registadas. A fábrica que se apresentou mais vezes no top 3 de desempenho de cada indicador foi a fábrica da Secil-Outão, situação que se verificou em 6 dos 14 indicadores analisados. A fábrica da Lloseta e a de Cibra-Pataias estão presentes no top 3 de desempenho em 5 e 4 indicadores, respectivamente. De um modo geral, foram verificadas MTD’s implementadas e os níveis de desempenho nos vários indicadores são superiores aos valores definidos no Documento de Referência das Melhores Técnicas Disponíveis (BREF) de 2013, confirmando o empenho e compromisso das fábricas de cimento registadas no EMAS. Por fim, a metodologia desenvolvida foi aplicada no caso de estudo da Secil-Outão, tendo sido avaliado o desempenho da empresa nos diferentes indicadores e apresentando-se ainda uma análise das boas prácticas implementadas.

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.

Indicadores de desempenho ambiental do sector eléctrico em Portugal

O sector da energia, e em particular, da energia eléctrica representa um papel na sociedade que dificilmente se equipara a qualquer outro. O crescimento populacional e o aumento da procura energética em prol da evolução tecnológica levaram à expansão dos sistemas de fornecimento de energia eléctrica, com graves consequências ambientais. A presente dissertação tem como principal objectivo a análise do desempenho ambiental do Sector Eléctrico em Portugal. Neste trabalho foram comparadas as seis principais tecnologias (carvão, gás natural, gasóleo, hídrica, eólica e fotovoltaica) que constituem o mix de produção nacional segundo uma abordagem de análise de ciclo de vida e foram avaliados os impactes ambientais segundo os seis indicadores do método Ecoblok (extracção de água (WA), extracção de recursos (RE), uso do solo (LU), emissão de gases com efeito de estufa (GHG), poluição do ar (PA) e poluição da água e solo (PWL)). Os resultados obtidos foram divididos segundo a produção de uma unidade funcional (kWh, MWh ou GWh) e segundo uma perspectiva nacional. Em termos globais e como era esperado, a tecnologia térmica-carvão revelou os maiores impactes na maioria dos indicadores, nomeadamente nos indicadores RE, WA, GHG e PWL. No indicador WA, o consumo de água da componente térmica deve-se ao arrefecimento dos grupos de geradores da central, enquanto que na componente hídrica é referente à evaporação que foi considerada como consumo. Dada a área que ocupam, os aproveitamentos hidroeléctricos registaram impactes muito significativos ao nível do indicador LU, nomeadamente a barragem do Alqueva. Surpreendentemente, na emissão de poluentes para o ar, foi concluído que a energia eólica, devido às emissões nos processos de produção e processamento metalúrgico dos vários materiais, regista os valores mais elevados. Os resultados obtidos revelam a utilidade e importância de uma abordagem de ciclo de vida na análise a sistemas energéticos.

Rethinking the Portuguese banking sector in a post-crisis context

As the financial crisis hit the Portuguese banks, the profitability of the whole sector squeezed to historical minimums. Reinventing the banking business model in the post-crisis context is an overriding issue to achieve sustainable profits and a low cost-to-income ratio. We propose banks to adopt a true multichannel approach, proceeding to a branch network reformatting and a relocation of services to online channels; adopt a true customer-centric approach and reduce the product and services portfolio complexity; finally, industrialize operations and rationalize the structure. With these measures in place, Portuguese banks will become leaner and more efficient, aspiring to a cost-to-income ratio below 45%.

Pricing strategies of the supermarket sector

The food retail industry is a very competitive market. Supermarkets use a combination of price, quality of products and service to lure consumers and increase their profit. This work project draws upon both empirical and theoretical literatures to understand the different pricing strategies that the supermarket sector uses. Everyday Low Price, Promotional, Zone Pricing and Loyalty Programs are the most common pricing strategies in this industry. By using data from the Portuguese supermarket leader – Pingo Doce - , this work project conclude that Pingo Doce uses a combination of Loyalty Program and Promotion to attain the desired outcomes

Use of multi-sensory marketing techniques and its influence on brand experience in retail and HORECA sector

Double degree. 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 and Warsaw School of Economics

Rebalancing frequency and the welfare cost of inflation

Cash-in-advance models usually require agents to reallocate money and bonds in fixed periods. Every month or quarter, for example. I show that fixed periods underestimate the welfare cost of inflation. I use a model in which agents choose how often they exchange bonds for money. In the benchmark specification, the welfare cost of 10 percent instead of 0 inflation increases from 0.1 percent of income with fixed periods to 1 percent with optimal periods. The results are robust to different references, to different compositions of income in bonds or money, and to the introduction of capital and labor.

Evaluation of the welfare impact of regulating mobile termination rates in Portugal

Following the European Commission’s 2009 Recommendation on the Regulatory Treatment of Fixed and Mobile Termination Rates in the EU, the Portuguese regulatory authority (ANACOM) decided to reduce termination prices in mobile networks to their long-run incremental cost (LRIC). Nevertheless, no serious quantitative assessment of the potential effects of this decision was carried out. In this paper, we adapt and calibrate the Harbord and Hoernig (2014) model of the UK mobile telephony market to the Portuguese reality, and simulate the likely impact on consumer surplus, profits and welfare of four different regulatory approaches: pure LRIC, reciprocal termination charges with fixed networks, “bill & keep”, and asymmetric termination rates. Our results show that reducing MTRs does increase social welfare, profits and consumer surplus in the fixed market, but mobile subscribers are seriously harmed by this decision.

How to monitor and improve Unilever JM Supply Chain processes to become the best of Portugal’s sector in 2015?

Unilever Jerónimo Martins is a Portuguese joint-venture leading firm in what concerns the supply chain industry of fast-moving consumer goods in Portugal. The scope of analysis of this Work Project is focusing on Unilever-JM operations and services in the Portuguese market regarding quality, efficiency and effectiveness over B2B customers. It will be analysed the possibility of development and implementation of a performance measurement system, Tableau de Bord, which will be crucial for the identification of potential opportunities of improvement with impact in the supply chain processes. This will be completed through the establishment of KPI’s to monitor and manage periodically logistics, planning and customer service processes’ performance, which are the ones where the bottlenecks are impacting more in the supply chain. In this work project the nexus causality for the problems will also be discussed and some recommendations will be prepared to tackle the inefficiencies found through the monitoring of the previous core processes, in order to improve efficacy and quality service of the supply chain.

A (in)segurança privada em Portugal

Along with the food and the comfort, safety has always been one of the human priorities. In pursuit of this objective, man developed self-preservation mechanisms, went to live in society and created rules to control the community life. In the West and in the late eighteenth century, with the creation of states as we know them today, the monopoly of security, among other powers, has been preserved untouched until the last quarter of this century. With the bankruptcy of the welfare state and the rise of the regulatory state, many of the essential tasks for the community have also been carried out by private companies or institutions, including education, health care and security. Although not easy, education and health care have been more opened to be managed by the private sector. Instead, the privatization of the security sector has seen much more resistance. Still, especially in the West, the states have delegated some of the security competences to private companies. Portugal is no exception to the rule and, after a few years of unregulated activity, in 1982 was published the first law regulating the private security. After the initial stages of development (evolution and maturation), which lasted until the early years of the 2000‘s, the private security now seems to have reached maturity. Today, now with a new legal system, composed by Law no. 34/2013, of 16 may, its regulations and complementary legislation, now private security encompasses other activities and competences - becoming, an increasingly complement to public safety. It has also increased the pre-requisites and control mechanisms for private security companies, and strengthened the rules that limit their scope of activity.

Construction sector: Need for strategic reorientation

The construction sector in Portugal declined sharply over the past 10 years. The current crisis can wiped out the entire industry. Can the industry survive? What lessons can we learn? What can be done to revive the sector? These are questions this study intends to answer. By analyzing the best practices of the industry and of the largest construction companies in Portugal, as well as the difficulties and constrains that they all faced, I found that retrenchment (operational costs and selling assets) are the main measures companies resort to, and that strategic reorientation is essential to turnaround. I found that internationalization is a key driver on strategic reorientation and diversification and concentration are complementary strategies that can enforce and strengthen the main one.

Post-merger innovative performance in the renewable energy sector

Due to global warming and shrinking fossil fuel resources, politics as well as society urge for a reduction of green house gas (GHG) emissions. This leads to a re-orientation towards a renewable energy sector. In this context, innovation and new technologies are key success factors. Moreover, the renewable energy sector has entered a consolidation stage, where corporate investors and mergers and acquisitions (M&A) gain in importance. Although both M&A and innovation in the renewable energy sector are important corporate strategies, the link between those two aspects has not been examined before. The present thesis examines the research question how M&A influence the acquirer’s post-merger innovative performance in the renewable energy sector. Based on a framework of relevant literature, three hypotheses are defined. First, the relation between non-technology oriented M&A and post-merger innovative performance is discussed. Second, the impact of absolute acquired knowledge on postmerger innovativeness is examined. Third, the target-acquirer relatedness is discussed. A panel data set of 117 firms collected over a period of six years has been analyzed via a random effects negative binomial regression model and a time lag of one year. The results support a non-significant, negative impact of non-technology M&A on postmerger innovative performance. The applied model did not support a positive and significant impact of absolute acquired knowledge on post-merger innovative performance. Lastly, the results suggest a reverse relation than postulated by Hypothesis 3. Targets from the same industry significantly and negatively influence the acquirers’ innovativeness.

Reporting Income Taxes in the Banking Sector In Angola - Accounting, Tax Regulation and Financial Reporting Evidences

This research provides an insight into income taxes reporting in Angola, based on hand collected data from the annual reports of banks. Empirical studies on Angolan companies are scarce, in part due to the limited access to data. The results show that income taxes’ reporting has improved over the years 2010-2013, becoming more reliable and understandable. The Angolan Government is boosting the economic growth through tax benefits in the investment in public debt, which cause a reduction in the banks’ effective tax rate. The new income tax law will reduce the statutory tax rate from 2015 onwards and change the taxable income, resulting in shifting the focus to promoting private investment.

How to bring equity investors to the social sector? A quasi-equity approach through the case study of SPEAK

As nonprofits do not have access to the same capital markets as for-profit enterprises, organizations usually scramble for funding to keep up with their mission. This scenario can be changed through the use of the right financial engineering. This Work Project aims at studying an innovative financing mechanism based on the concept of quasi-equity for organizations devoted to social ends to cope with their capital needs. A quasi-equity investment model is built for the Portuguese social business SPEAK, and an in-depth assessment of its current financial, organizational and impact situations is conducted. This is a pioneer case study in Portugal.