A indústria hoteleira do Algarve: uma análise de dados em painel da estrutura de capital

Dissertação de Mestrado, Finanças Empresariais, Faculdade de Economia, Universidade do Algarve, 2015

Factores determinantes das exportações portuguesas para Espanha : uma análise ao nível da empresa

Este estudo analisa a evolução das exportações portuguesas para Espanha e os seus factores determinantes no período 2004-2008, tendo por base uma amostra das 97 maiores empresas exportadoras para Espanha. O estudo utiliza vários indicadores económico-financeiros para caracterizar estas empresas e é feita a comparação entre as 5 maiores empresas e 5 pequenas e médias empresas (PMEs) da amostra. A análise evidencia a concentração geográfica destas empresas nos distritos de Porto e Aveiro e o melhor desempenho das grandes empresas em termos de produtividade, rendibilidade dos capitais próprios e salário médio quando comparadas com as PMEs. Quanto ao estudo econométrico, que utiliza dados em painel, consideraram-se como variáveis explicativas teoricamente relevantes, o valor acrescentado bruto, os resultados líquidos, os capitais próprios, a dimensão da empresa, a remuneração e as despesas em investigação e desenvolvimento (I&D). Os resultados do modelo estimado confirmam a influência positiva destas variáveis sobre a variação das exportações, embora as despesas em I&D e as remunerações se tenham revelado estatisticamente não significativas.

Corporate governance : value creation and performance in credit unions

In this study, we examine the relationship between good corporate governance practices and the creation of value/performance of credit unions from 2010 to 2012. The objective was to create and validate a corporate governance index for credit unions, and to then analyse the relationship between good governance practices and the creation of value/performance. The problem question is: do good corporate governance practices provide value creation for credit unions? The research started by creating indices from factor analysis to identify latent dependent variables related to value creation and performance; next indices were created from the principal component analysis for the creation of independent latent variables related to corporate governance. Finally, based on panel data from regression models, the influence of the variables and indices related to corporate governance on the indices of value creation and performance was verified. Based on the research, it became evident that the Corporate Governance Index (IGC) is mainly impacted by Executive Management, with 40.31% of the IGC value, followed by the Representation and Participation dimension, with 34.07% of the IGC value. The contribution for academics was the creation of the Corporate Governance Index (IGC) applied for credit unions. As for the contribution to the system of credit unions, the highlight was the effectiveness of the mechanisms for economic-financial and asset management adopted by BACEN, credit unions and OCEMG.

Determinantes del spread financiero del sector cooperativo de ahorro y crédito ecuatoriano

Esta investigación analiza los determinantes del spread financiero del sector cooperativo de ahorro y crédito ecuatoriano. La base teórica corresponde al modelo expuesto por Ho y Saunders (1981). Se construyeron variables micro y macroeconómicas para recoger los efectos que estas tienen sobre el margen de intermediación financiera. Se empleó un panel de datos mensuales para el periodo 2007-2014. Las estimaciones fueron realizadas mediante la metodología de errores estándar corregidos para datos de panel. Los resultados explican que el spread financiero del sector cooperativo depende particularmente de los niveles de morosidad, la eficiencia en sus gastos operacionales y el grado de endeudamiento público externo de la economía. Además, la concentración de mercado, los niveles de liquidez y la incertidumbre en los mercados internacionales inciden levemente en la determinación del spread.

Regional Diversification and Performance: Conceptualization and Competing Strategic Objectives

This dissertation comprised of three essays provides justification for the need to pursue research on multinationality and performance with a more fine-grained approach. Essay one is a conceptual response to an article written by Jean-Francois Hennart in 2011 which questions the need and approach toward future research in this domain. I argue that internalization theory does not render multinationality and performance research meaningless and identify key areas where methodological enhancements can be made to strengthen our research findings with regard to Hennart’s call for more content validity. Essay two responds to the need for more-fine grained research on the consequences of multinationality by introducing non-traditional measures of performance such as social and environmental performance and adopting a more theoretically relevant construct of regionalization to capture international diversification levels of the firm. Using data from the world’s largest 600 firms (based on sales) derived from Bloomberg and the Directory of Corporate Affiliates; I employ general estimating equation analysis to account for the auto-correlated nature of the panel data alongside multivariate regression techniques. Results indicate that regionalization has a positive relationship with economic performance while it has a negative relationship with environmental and social performance outcomes, often referred to as the “Triple Bottom-Line” performance. Essay three builds upon the work in the previous essays by linking the aforementioned performance variables and sample to corporate reputation which has been shown to be a beneficial strategic asset. Using Structural Equation Modeling I explore economic, environmental and social signals as mediators on relationship between regionalization and firm reputation. Results indicate that these variables partially mediate a positive relationship between regionalization and firm reputation. While regionalization positively affects the reputation building signal of economic performance, it aids in reputation building by reducing environmental and social disclosure effects which interestingly impact reputation negatively. In conclusion, the dissertation submits opportunities for future research and contributes to research by demonstrating that regionalization affects performance, but the effect varies in accordance with the performance criterion and context. In some cases, regional diversification may produce competing or conflicting outcomes among the potential strategic objectives of the firm.

Essays on employment / education, investment in education and student achievement

Méthodologie: Modèle de régression quantile de variable instrumentale pour données de Panel utilisant la fonction de production partielle

Essays on firm behaviour in the euro area

This thesis examines firms' real decisions using a large panel of unquoted euro area firms over the period 2003-2011. To this end, this thesis is composed of five chapters in which three are the main empirical chapters. They assess the dimensions of firm behaviour across different specifications. Each of these chapters provide a detailed discussion on the contribution, theoretical and empirical background as well as the panel data techniques which are implemented. Chapter 1 describes the introduction and outline of the thesis. Chapter 2 presents an empirical analysis on the link between financial pressure and firms' employment level. In this set-up, it is explored the strength of financial pressure during the financial crisis. It is also tested whether this effect has a different impact for financially constrained and unconstrained firms in the periphery and non-periphery regions. The results of this chapter denote that financial pressure exerts a negative impact on firms' employment decisions and that this effect is stronger during the crisis for financially constrained firms in the periphery. Chapter 3 analyses the cash policies of private and public firms. Controlling for firm size and other standard variables in the literature of cash holdings, empirical findings suggest that private firms hold higher cash reserves than their public counterparts indicating a greater precautionary demand for cash by the former. The relative difference between these two type of firms decreases (increases) the higher (lower) is the the level of financial pressure. The findings are robust to various model specifications and over different sub-samples. Overall, this chapter shows the relevance of firms' size. Taken together, the findings of Chapter 3 are in line with the early literature on cash holdings and contradict the recent studies, which find that the precautionary motive to hold cash is less pronounced for private firms than for public ones. Chapter 4 undertakes an investigation on the relation between firms' stocks of inventories and trade credit (i.e. extended and taken) whilst controlling for the firms' size, the characteristics of the goods transacted, the recent financial crisis and the development of the banking system. The main findings provide evidence of a trade-off between trade credit extended and firms' stock of inventories. In other words, firms' prefer to extend credit in the form of stocks to their financially constrained customers to avoid holdings costly inventories and to increase their sales levels. The provision of trade credit by the firms also depends on the characteristics of the goods transacted. This impact is stronger during the crisis. Larger and liquid banking systems reduce the trade-off between the volume of stocks of inventories and the amount sold on credit. Trade credit taken is not affected by firms' stock of inventories. Chapter 5 presents the conclusions of the thesis. It provides the main contributions, implications and future research of each empirical chapter.

BM: Tributación y concentración en el sistema financiero Colombiano 1989 - 2003

El presente documento analiza los determinantes del margen de intermediación para el sistema financiero colombiano entre 1989 y 2003. Bajo una estimación dinámica de los efectos generados por variables específicas de actividad, impuestos y estructura de mercado, se presenta un seguimiento del margen de intermediación financiero, para un período que presenta elementos de liberalización y crisis.

Estudio de empresas de sectores hegemónicos en Colombia para los años 2013 y 2014

Este documento evidencia las posiciones hegemónicas que han llegado a ocupar las empresas más poderosas del país, basándose en el estudio de datos cuantitativos del conteo de las cien empresas con mejores ventas para los años 2013 y 2014, según la revista Gerente. Se usan cinco variables: ventas totales, activos, pasivos, patrimonio y utilidades netas. En la primera sección, se hace una revisión bibliográfica que conecta el origen de la hegemonía en un panorama económico con la influencia del neoliberalismo y la globalización en el actual tejido industrial colombiano. Posteriormente, se realiza una explicación sobre la metodología aplicada para el estudio de la base de datos; la cual es seguida por una exposición de los resultados obtenidos a partir de herramientas estadísticas como el análisis de correlación lineal, quintiles y variaciones porcentuales. Finalmente, se aborda el Programa de Transformación Productiva, esto con el objetivo de mostrar los puntos focales que necesitan especial atención para lograr catalizar el desarrollo económico de Colombia.

Civil conflict and voting behavior : evidence from Colombia

¿Cuáles son los efectos de la guerra sobre el comportamiento político? Colombia es un caso interesante en el que el conflicto y las elecciones coexisten y los grupos armados ilegales intencionalmente afectan los resultados electorales. Sin embargo, los grupos usan diferentes estrategias para alterar estos resultados. Este artículo argumenta que los efectos diferenciales de la violencia sobre los resultados electorales son el resultado de estrategias deliberadas de los grupos ilegales, que a su turno, son consecuencia de las condiciones militares que difieren entre ellos. Usando datos panel de las elecciones al Senado de 1994 a 2006 y una aproximación por variables instrumentales para resolver posibles problemas de endogenidad, este artículo muestra que la violencia guerrillera disminuye la participación electoral, mientras que la violencia paramilitar no tiene ningún efecto sobre la participación pero reduce la competencia electoral y beneficia a nuevos partidos no-tradicionales. Esto es consistente con la hipótesis de que la estrategia de la guerrilla es sabotear las elecciones, mientras que los paramiltares establecen alianzas con ciertos candidatos.

Changing attitudes to gender roles: A longitudinal analysis of ordinal response data from the British household panel study

This article examines changes in attitudes to gender roles in contemporary Britain by using a first-order Markov process in which cumulative transition probabilities are logistic functions of a set of personal and socioeconomic characteristics of respondents. The data are taken from the British Household Panel Study (BHPS). The attitudinal responses examined take the form of ordinal responses concerning gender roles in 1991 and 2003. The likelihood function is partitioned to make possible the use of existing software for estimating model parameters. For the BHPS data, it was found that, depending on the value of the response in 1991, a variety of factors were important determinants of attitudes to gender roles by 2003.

Large panel-survey data demonstrated country-level and ethnic minority variation in consent for health record linkage

Objectives
To investigate individual, household and country variation in consent to health record linkage.

Study Design and Setting
Data from 50,994 individuals aged 16-74 years recruited to wave 1 of a large UK general purpose household survey (January 2009 – December 2010) were analysed using multi-level logistic regression models.

Results
Overall, 70.7% of respondents consented to record linkage. Younger age, marriage, tenure, car ownership and education were all significantly associated with consent, though there was little deviation from 70% in subgroups defined by these variables. There were small increases in consent rates in individuals with poor health when defined by self-reported long term limiting illness (adjusted OR 1.11; 95%CIs 1.06, 1.16), less so when defined by General Health Questionnaire score (adjusted OR=1.05; 95%CIs 1.00, 1.10), but the range in absolute consent rates between categories was generally less than 10%. Larger differences were observed for those of non-white ethnicity who were 38% less likely to consent (adjusted OR 0.62; 95%CIs 0.59, 0.66). Consent was higher in Scotland than England (adjusted OR 1.17; 95%CIs 1.06, 1.29) but lower in Northern Ireland (adjusted OR 0.56; 95%CIs 0.50, 0.63).

Conclusion
The modest overall level of systematic bias in consent to record linkage provides reassurance for record linkage potential in general purpose household surveys. However, the low consent rates amongst non-white ethnic minority survey respondents will further compound their low survey participation rates. The reason for the country-level variation requires further study.

The effects of gender segregation at the establishment level: an empirical analysis using a panel of matched employer-employee data

This paper studies the relationship between segregation of women across establish- ments and the wages of males and females. To investigate this issue empirically we use a panel of matched employer-employee data from Brazil. Various longitudinal models are used to assess the wage impact of establishment gender segregation. Overall, the results indicate that the e ect of establishment female proportion on the wages of males and females is negative. We also compare these longitudinal results with cross-section estimates, which are the usual ones obtained in the related literature. This com- parison suggests that unmeasured, time-invariant worker- and establishment-speci c e ects are correlated with the establishment female composition.

Analyzing Panel Count Data with Informative Observation Times

In this paper, we study panel count data with informative observation times. We assume nonparametric and semiparametric proportional rate models for the underlying recurrent event process, where the form of the baseline rate function is left unspecified and a subject-specific frailty variable inflates or deflates the rate function multiplicatively. The proposed models allow the recurrent event processes and observation times to be correlated through their connections with the unobserved frailty; moreover, the distributions of both the frailty variable and observation times are considered as nuisance parameters. The baseline rate function and the regression parameters are estimated by maximizing a conditional likelihood function of observed event counts and solving estimation equations. Large sample properties of the proposed estimators are studied. Numerical studies demonstrate that the proposed estimation procedures perform well for moderate sample sizes. An application to a bladder tumor study is presented to illustrate the use of the proposed methods.

Cervical soft tissue imaging using a mobile CBCT scanner with a flat panel detector in comparison with corresponding CT and MRI data sets

OBJECTIVE: The aim of this study was to evaluate soft tissue image quality of a mobile cone-beam computed tomography (CBCT) scanner with an integrated flat-panel detector. STUDY DESIGN: Eight fresh human cadavers were used in this study. For evaluation of soft tissue visualization, CBCT data sets and corresponding computed tomography (CT) and magnetic resonance imaging (MRI) data sets were acquired. Evaluation was performed with the help of 10 defined cervical anatomical structures. RESULTS: The statistical analysis of the scoring results of 3 examiners revealed the CBCT images to be of inferior quality regarding the visualization of most of the predefined structures. Visualization without a significant difference was found regarding the demarcation of the vertebral bodies and the pyramidal cartilages, the arteriosclerosis of the carotids (compared with CT), and the laryngeal skeleton (compared with MRI). Regarding arteriosclerosis of the carotids compared with MRI, CBCT proved to be superior. CONCLUSIONS: The integration of a flat-panel detector improves soft tissue visualization using a mobile CBCT scanner.