Gender and size diversity in top management team: evidence from Portugal

In recent years the Top Management Team (TMT) in the companies has been extensively studied and discussed by many researchers (Campbell & Mínguez-Vera, 2008; Erhardt et al, 2003; Haleblian & Finkelstein, 1993; Amason & Spienza, 1997). Thus, this theme has undergone a major evolution as well as it has been diversified progressively. Combined with the Upper Echelons Theory, it was established a new dimension of diversity of the Top Management Team that addresses, for example, the diversity of gender and the size of the team. There are several countries that have established laws and regulatory requirements in order to increase the presence of women in the business environment such as Norway, Spain, France, Holland and Italy. However, the female gender is far from equal in terms of representativeness (Torchia et al., 2011), but there are noteworthy developments yearly. It is also noticeable that the size of Top Management Teams has also increased, which can provide advantages for the company (Heleblian & Finkelstein, 1993). In the course of this dissertation it was studied the female gender ratio and the size of the Top Management Team with the profitability (ROA – Return On Assets) of 41 Portuguese companies listed on the Euronext Lisbon between 2011 - 2015. Initially, the Spearman test was applied in order to verify the correlations between the variables in study. It was created a linear regression that relates the number of women (independent variable) and ROA (dependent variable). The Mann-Whitney test was used to verify the ROA behaviour between companies with no women in TMT and companies with women in TMT. After analysis, the results demonstrated that there was a positive relationship between the number of women with ROA. Also companies that have women in TMT have better performance compared to companies with no women in the Top Management Team. As far as the size of the team is concerned, it positively influences the economic profitability, in a meaningful way.

Portuguese banks and the economic adjustment programme: balance sheet adjustments and impact on profitability

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 a Masters Degree in Finance from Louvain School of Management

Trade unions and the economic performance of brazilian establishments

Este artigo analisa, pela primeira vez na literatura, o impacto dos sindicatos de trabalhadores em vários indicadores de desempenho econômico de firmas industriais brasileiras. Realizou-se uma pesquisa retrospectiva sobre a densidade sindical de 1000 estabelecimentos industriais brasileiros e seus resultados foram combinados aos indicadores de desempenho econômico da Pesquisa Industrial Anual (PIA) de 1990 a 2000. Os resultados indicam que a relação entre a densidade sindical na firma e seus salários, emprego e produtividade, é não-linear, ou seja, um aumento no grau de sindicalização leva a um melhor desempenho, porém a taxas decrescentes. Observou-se, também, uma relação negativa entre sindicalização e rentabilidade. Finalmente, estabelecimentos que introduziram mecanismos de 'participação nos lucros' aumentaram sua produtividade e rentabilidade no período e pagaram maiores salários nas firmas onde o grau de sindicalização era maior.

State Banks and Economic Development in China

State-owned banks remain dominant in China's financial sector despite over two decades of gradual financial liberalization. Their performance is typically evaluated using commercial banking criteria. The standard view is that because state banks have experienced declining profitability and capital adequacy, they have been a drain on past economic development and endanger future growth prospects. However, we argue that state banks have strong development bank characteristics and hence warrant different performance criteria. The analysis in this paper suggests that while thier commercial performance may have been poor, the overall impact of state banks on China's economic development appears to have been both positive and sustainable. Copyright © 2001 John Wiley & Sons, Ltd.

Capacity utilisation and profitability: A decomposition of short-run profit efficiency

The principal aim of this paper is to measure the amount by which the profit of a multi-input, multi-output firm deviates from maximum short-run profit, and then to decompose this profit gap into components that are of practical use to managers. In particular, our interest is in the measurement of the contribution of unused capacity, along with measures of technical inefficiency, and allocative inefficiency, in this profit gap. We survey existing definitions of capacity and, after discussing their shortcomings, we propose a new ray economic capacity measure that involves short-run profit maximisation, with the output mix held constant. We go on to describe how the gap between observed profit and maximum profit can be calculated and decomposed using linear programming methods. The paper concludes with an empirical illustration, involving data on 28 international airline companies. The empirical results indicate that these airline companies achieve profit levels which are on average US$815m below potential levels, and that 70% of the gap may be attributed to unused capacity. (C) 2002 Elsevier Science B.V. All rights reserved.

Influence of nitrogen fertilization and green manure on the economic feasibility of no-tilled wheat in the Cerrado

The search for higher profitability in wheat crop with cost reduction technologies that may promote sustainability is an important matter in Brazilian agriculture. This study evaluated the profitability of no-tilled wheat, reducing nitrogen topdressing doses with the cultivation of green manure before the wheat crop. The experiment was carried out in Selvíria (MS), Brazil, in 2009/10. The experiment was arranged in a randomized block design with 36 treatments in splitplots and four replicates. The plots were formed by six types of green manure: Cajanus cajan L. BRS Mandarin, Crotalaria juncea L., Pennisetum americanum L. BRS 1501, fallow area and mixed cropping of Pennisetum americanum L. + Cajanus cajan L. and Pennisetum americanum L. + crotalaria which provided straw for no-tilled wheat in the winter, following the rice crop in the summer. The subplots were formed by six levels of topdressing nitrogen (0, 25, 50, 75, 100 and 125 kg N ha-1) using urea as a nitrogen source. The wheat grown after green manure in the previous winter crop, with no nitrogen topdressing and a rate of 25 kg ha-1 N, had more frequently production costs above the gross income. Wheat production cost after the mixed cropping Pennisetum americanum L. + Cajanus cajan L. and Pennisetum americanum L. + Crotalaria juncea L. from the previous winter crop, combined with nitrogen rates of 50 and 75 kg N ha-1, provided better profitability compared with the other green manures evaluated.

Sustainability and economic evaluation of microalgae grown in brewery wastewater

This article evaluates the sustainability and economic potential of microalgae grown in brewery wastewater for biodiesel and biomass production. Three sustainability and two economic indicators were considered in the evaluation within a life cycle perspective. For the production system the most efficient process units were selected. Results show that harvesting and oil separation are the main process bottlenecks. Microalgae with higher lipid content and productivity are desirable for biodiesel production, although comparable to other biofuel’s feedstock concerning sustainability. However, improvements are still needed to reach the performance level of fossil diesel. Profitability reaches a limit for larger cultivation areas, being higher when extracted biomass is sold together with microalgae oil, in which case the influence of lipid content and areal productivity is smaller. The values of oil and/or biomass prices calculated to ensure that the process is economically sound are still very high compared with other fuel options, especially biodiesel.

Entities delaying payments in times of crisis and its impact on profitability

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

How does banking industry influence economic growth in Latin American countries?

Mestrado em Finanças

Economic effects of road accessibility in the Pyrenees: user perspective

At present, Spain faces one of the key moments in planning the future design of the infrastructure network. As a consequence of the critical role played by haulage in intra-European trade, the most important investments are those that guarantee that road haulage traffic can move freely at the borders. That is why it is necessary to make serious evaluations of the economic and social profitability of these investments. Normally the most significant social benefit of investment projects in transport infrastructure is time saving, which in turn changes traffic intensity. In this article we analyse the changes in the user excess caused by public investment in transport infrastructure planned by the Spanish government and which will be located on the border between Spain and France. In particular, we study the increase in network user surplus for HGV traffic in the Spanish and French border zones in the Pyrenees.

Impact of quality and environmental investment on business competitiveness and profitability: The case of travel agencies

Few studies have examined the combined effect of implementing quality and environmental management within the service sector. This void is more evident if we focus on segments in which small businesses predominate and even more so if we look for highly competitive sectors that are very variable and that have high business mortality. After analysing 198 surveys of Spanish travel agency managers using structural equations, it can be concluded that practices of quality management have a significant direct impact on business competitiveness but not on this business's financial results, at least directly. However, there is a significant relationship between environmental management practices and economic benefits. This article suggests that commitment to quality and the environment can allow small businesses in the service sector to have a competitive advantage that will separate surviving and ceased operations, particularly in sectors that are rapidly evolving and highly competitive.

Production costs and fruit yield profitability in the initial harvest of custard apple trees

The aim of this study was to estimate the production cost and economic indicators associated with the production and sales of fruits from 20 custard apple progenies during the initial five harvests, in order to identify the harvest season from which custard apple exploitation becomes profitable, as well as the most promising progenies from an economic point of view. The fruit yield data upon which the present work was based were obtained during the period from 2001 to 2005, in an experiment that evaluated 20 custard apple half-sibling progenies, under sprinkler irrigation. The progenies were evaluated in a random block design with five replicates and plots consisting of four plants each. The exploitation of custard apple progenies only showed to be a profitable agribusiness after the fourth year. Before that, only A3 and A4 progenies in the second year, and P3 and P11 in the third year provided profitable incomes. Considering the methodological assumptions imposed concerning the time period analysis and the prices as of July 2007, the most important profitability indicators (operating profit, return index and equilibrium price) evidenced that the A4 progeny is the most recommended, although other progenies are also highlighted, such as FJ1 and FJ2. As already discussed, the progenies showing the highest average yields of five harvests are not always the most economically recommendable ones.

Technical and economic analysis of irrigation of asparagus bean in protected environment

This experiment was conducted in Lavras - state of Minas Gerais (MG), Brazil, in a protected environment, and aims to estimate the irrigation depths that maximize productivity and economic returns in the cultivation of asparagus bean and analyze the economic viability of irrigation management. The experimental delineation was randomized blocks with five treatments and four replications. The treatments consisted of five drip irrigation depths: 40, 70, 100, 130 and 160% of water replacement depth up to field capacity. The depths of water that maximize productivity and economic returns were obtained from the regression model adjusted to productivity data, cost of product relations and water cost. The economic viability was achieved on the benefit/cost ratio basis. The depth with the maximum economic return was estimated in 434.4mm, with a productivity of 35,160.6kg ha-1, which is economically viable for the cultivation of asparagus bean, with a expected profitability of R$ 1.70 for every real invested.