What Is a Firm’s Life Expectancy? Empirical Evidence in the Context of Portuguese Companies

It is a fact that the uncertainty about a firm’s future has to be measured and incorporated into a company’s valuation throughout the explicit analysis period – in the continuing or terminal value within valuation models. One of the concerns that can influence the continuing value of enterprises, which is not explicitly considered in traditional valuation models, is a firm’s average life expectancy. Although the literature has studied the life cycle of a firm, there is still a considerable lack of references on this topic. If we ignore the period during which a company has the ability to produce future cash flows, the valuations can fall into irreversible errors, leading to results markedly different from market values. This paper aims to provide a contribution in this area. Its main objective is to construct a mortality table for non-listed Portuguese enterprises, showing that the use of a terminal value through a mathematical expression of perpetuity of free cash flows is not adequate. We provide the use of an appropriate coefficient to perceive the number of years in which the company will continue to operate until its theoretical extinction. If well addressed regarding valuation models, this issue can be used to reduce or even to eliminate one of the main problems that cause distortions in contemporary enterprise valuation models: the premise of an enterprise’s unlimited existence in time. Besides studying the companies involved in it, from their existence to their demise, our study intends to push knowledge forward by providing a consistent life and mortality expectancy table for each age of the company, presenting models with an explicitly and different survival rate for each year. Moreover, we show that, after reaching a certain age, firms can reinvent their business, acquiring maturity and consequently postponing their mortality through an additional life period.

The user participation on facebook pages of the three Portuguese tv news channels – RTP3, SIC NOTÍCIAS, AND TVI24

In recent decades, the national and international media contexts, in particular television media, significantly changed. The role that social networks, in particular Facebook, have taken as a content diffusion platform is unquestionable. Nowadays, traditional media (radio, newspaper, television) use the Web’s potential to distribute news content (Canelas, 2011). Currently, all TV news channels in Portugal have a website or a page on social networks. TV stations have increased communication channels with the public on digital platforms and study strategies that promote the participation and interaction with the news content (Cazajeira, 2015). The TV / Internet convergence will not only reach the content, but also the consumer, who becomes an interactive and participative audience. This reality imposes on journalism a continuous and updated news production system, dependent on a user being permanently connected to the Internet (Cazajeira, 2015). In fact, a report launched by an autonomous institution that has the function of supervising and regulating the media Portugal (ERC, 2015), confirms the relevance that social media has assumed in the publication and consumption of news. Social networks are recognised as one of the most important means for news media consultation, right after television, and the practice of sharing news is very common among consumers of online news in Portugal. Furthermore, when compared to other countries analysed by Reuters Institute (Newman, Levy, & Nielsen, 2015), Portuguese consumers are those who make the most comments to online news, preferring social networks to news sites. Considering the importance of new online platforms for journalism, this study aims to present a quantitative analysis of user participation on the Facebook pages of the three Portuguese TV news channels, specifically RTP3, SIC Notícias and TVI24, between 8 and 14 February 2016. To track this participation, the following parameters were used: the "like" button as a way to study the demonstration of publication interest; "sharing" of a particular element, be it a photo, a video or a text, on the user Timeline, the Timeline of a friend or by private message. This monitoring is important to understand the dissemination of news content; and the comments area. The number of comments will help understand the dynamics and the discussion that the publication has on the public. The results of 1063 posts indicate that of the analysed parameters - "Like", "Comment", and "Share" – the one with the greatest power of participation among the users of the pages of the three Portuguese TV news channels is the "Like" system, followed by "Share" and then "Comment". The theme that generates the most user participation with "Likes" and “Comments” parameters are "Science and Technology", “Education” and “Humorous/Satirical/Unusual”. Finally, the publications available end of the night (10pm-1am) has better participation rates.

The presence of three Portuguese TV news channels (RTP3, SIC NOTÍCIAS, and TVI24) on facebook

The growing popularity of social networks, and their impact on the daily lives of consumers, contributed to news organizations marking their presence on different online platforms. In the case of Facebook, a social network that began as a personal space, it has gradually transformed into a content-sharing space (Oeldorf-Hirsch & Sundar, 2015). Nowadays, Facebook is the second most viewed website in Portugal (Alexa, 2016), and therefore, it has become crucial for Portuguese news agencies to be present on this social network. Although television continues to be the main information source in Portugal, social networks, and specifically Facebook, are increasingly important in news consumption by users (ERC, 2015). This new way of news dissemination, as well as the proliferation that these contents reach in social networks, led to news agencies exploiting these new channels, both to attract new audiences, and to redirect users to their own websites (Castillo, El-Haddad, Pfeffer, & Stempeck, 2014). Thus, it is important to understand how, and what kind of content these agencies put on their Facebook channels, as well as the strategies they use to share these same contents. This study aims to understand how the main news channels of Portuguese TV (RTP3, SIC Notícias, and TVI24) manage and use the social network Facebook to share news contents. To this end, the authors collected quantitative data of all posts placed on Facebook between February 8 and February 14 2016. Approximately 1063 posts were collected and analysed from the three Facebook pages. The results indicate that two of the three channels extensively used their Facebook pages to share and target content to their official websites. Regarding the news sources and type of media used, the three Portuguese TV news channels use similar strategies. However, in what concerns the main themes and quantity of messages per day, as well as the level of redundancy of information, the three channels manage their pages differently.

The presence of three portuguese TV news channels (RTP3, SIC Notícias, and TVI24) on Facebook

The growing popularity of social networks, and their impact on the daily lives of consumers, contributed to news organizations marking their presence on different online platforms. In the case of Facebook, a social network that began as a personal space, it has gradually transformed into a content-sharing space (Oeldorf-Hirsch & Sundar, 2015). Nowadays, Facebook is the second most viewed website in Portugal (Alexa, 2016), and therefore, it has become crucial for Portuguese news agencies to be present on this social network. Although television continues to be the main information source in Portugal, social networks, and specifically Facebook, are increasingly important in news consumption by users (ERC, 2015). This new way of news dissemination, as well as the proliferation that these contents reach in social networks, led to news agencies exploiting these new channels, both to attract new audiences, and to redirect users to their own websites (Castillo, El-Haddad, Pfeffer, & Stempeck, 2014). Thus, it is important to understand how, and what kind of content these agencies put on their Facebook channels, as well as the strategies they use to share these same contents. This study aims to understand how the main news channels of Portuguese TV (RTP3, SIC Notícias, and TVI24) manage and use the social network Facebook to share news contents. To this end, the authors collected quantitative data of all posts placed on Facebook between February 8 and February 14 2016. Approximately 1063 posts were collected and analysed from the three Facebook pages. The results indicate that two of the three channels extensively used their Facebook pages to share and target content to their official websites. Regarding the news sources and type of media used, the three Portuguese TV news channels use similar strategies. However, in what concerns the main thematic and quantity of messages per day, as well as the level of redundancy of information, the three channels operate their pages differently.

The presence of three Portuguese TV news channels (RTP3, SIC NOTÍCIAS, and TVI24) on facebook

In recent decades, the national and international media contexts, in particular television, media significantly changed. Although they were not created for the purpose, the role that social networks, in particular Facebook, have taken as a content diffusion platform is unquestionable. Nowadays, traditional media (radio, newspaper, television) use the Web’s potential to distribute news content (Canelas, 2011). Currently, all TV news channels in Portugal have a website or a page on social networks. TV stations have increased communication channels with the public on digital platforms and study strategies that promote the participation and interaction with the news content (Cazajeira, 2015). The TV / Internet convergence will not only reach the content, but also the consumer, who becomes an interactive and participative audience. This reality imposes on journalism a continuous and updated news production system, dependent on a user being permanently connected to the Internet (Cazajeira, 2015). In fact, an ERC report (2015) confirms the relevance that social media has assumed in the publication and consumption of news. Social networks are recognised as one of the most important means for news media consultation, right after television, and the practice of sharing news is very common among consumers of online news in Portugal. Furthermore, when compared to other countries analysed by Reuters Institute (Newman, Levy, & Nielsen, 2015), Portuguese consumers are those who make the most comments to online news, preferring social networks to news sites. Considering the importance of new online platforms for journalism, this study aims to present a quantitative analysis of user participation on the Facebook pages of the three Portuguese TV news channels, specifically RTP3, SIC Notícias and TVI24, between 8 and 14 February 2016. To track this participation, the following parameters were used: the "like" button as a way to study the demonstration of publication interest; "sharing" of a particular element, be it a photo, a video or a text, on their own Timeline, the Timeline of a friend or by private message. This monitoring is important to understand the dissemination of news content; and the comments area. The number of comments will help understand the dynamics and the discussion that the publication has on the public. The results of 1063 posts indicate that of the analysed parameters - "Like", "Comment", and "Share" – the one with the greatest power of participation among the users of the pages of the three Portuguese TV news channels is the "Like" system, followed by "Share" and then "Comment". Analysing the thematic that create the most user participation with "Likes" and “Comments” parameters are "Science and Technology". “Education” and “Humorous/Satirical/Unusual Finally, the publications available end of the night (10pm-1am) has better participation rates.

Systolic Blood Pressure and Its Determinants: Study in a Population Attending Pharmacies in a Portuguese Coastal City

Hypertension is a common condition causing cardio and cerebrovascular complications. Portugal has one of the highest mortality rates from stroke and a high prevalence of hypertension. Systolic Blood Pressure (SBP) is an important risk factor for cardiovascular events (myocardial infarction and stroke) and premature mortality, particularly in the elderly population. The present study aims to estimate the prevalence of hypertension in a Portuguese population living in a coastal city and to identify some of its determinants (namely gender, age, the body mass index and physical activity frequency). A total of 91 adults who attended three pharmacies of a coastal city in the center of Portugal, between May and August of 2013 were evaluated. Attendants who reported to have diabetes or taking antihypertensive drugs in the 2 previous weeks were excluded from the study. Sociodemographic factors, BMI, habits of exercise and BP were assessed. Hypertension was defined as blood pressure ≥140/90 mmHg. The majority of the studied population was constituted by women (75.8%), with a mean age of 54.2±1.6 years old, married or living in civil union and that had completed secondary school or had higher education (40%). They presented a mean BMI of 26.2±4.76 Kg/m2., and were sedentary. The mean BP was 127.0±17.77mmHg- 74.69 ± 9.53. In this population we found 4.3% of people with hypertension and 16.1% with normal high blood pressure. Men exhibit a tendency to present higher systolic blood pressure values than women. Of all the factors considered, SBP values also tended to be higher with age and higher BMI values. Despite the fact that the mean values of SBP did not present values higher than 140 mmHg we must be concerned because the studied population is undiagnosed for hypertension. Although this is a preliminary study, it might be a prelude to the upcoming research about the underlying factors responsible for the occurrence of SBP.

Moral reasoning in sport: validation of the Portuguese version of the RSBH value-judgement inventory in adolescents

The purpose of this study was to examine the validity and reliability of the Portuguese version of the Rudd Stoll Beller Hahm Value-judgement Inventory (RSBHVI) in a sample of adolescents. The RSBHVI, which measures moral and social reasoning, was translated using a back translation method. A sample of 238 10th to 12th grade high school students (age mean value 16.93 years, s = 1.34) completed the Portuguese versions of RSBH, and the Task and Ego-orientation Questionnaire. Partial support for the original structure of the moral reasoning scale, but not the social reasoning scale, was found. Females, and non-athletes and individual sport athletes scored significantly higher than males and team sport athletes in moral reasoning, respectively. Moral reasoning was negatively correlated with ego-orientation (r = −30; p <. 001) and uncorrelated with task-orientation (r = .10, p > .05). Participants who were low-ego scored higher in moral reasoning than those who were high-ego. It is suggested that decreasing levels of ego-orientation may be necessary to improve athletes’ moral reasoning.

Determinants of the Design and Use of PMS in Portuguese Government Agencies: A Complementary Theoretical Approach

Performance measurement is seen as a main pillar of public management reforms. However, prior research did not mitigate the level of ambiguity on PMS development and use and many questions left unanswered. Our findings provide knowledge on the design and use of PMS in the public sector answer- ing to calls for a complementary approach among institutional and contingency factors. The authors find that the design of PMS and the use of performance information for external purposes are increased to legitimate the organizational’ work and to obtain external support. Moreover, structural variables such as type of agency and management autonomy are also determinants on the organizational responses. Finally, the authors find some coupling between the design of PMS and outcomes. So, both contingent and institutional approaches play an important role on the empirical model.

Determinants of environmental accounting and reporting practices in portuguese local entities

Purpose – The purpose of this paper is to develop environmental accounting and reporting practices (EARPs) by Portuguese local entities and their determining factors. Design/methodology/approach – Data were obtained through a postal survey. In order to measure the degree of development of environmental accounting and reporting practices index was developed, which reflects the extent to which a set of eight EARPs have been implemented by the 69 Portuguese local entities included in the sample. Three variables are considered in this study as possible factors that drive the development of environmental management practices (EMPs) by local entities, namely, size of entity, accounting framework, degree of development of EMPs. Findings – Results indicate the degree of development of EARPs in Portuguese local entities is low. Additionally, accounting regulation and the degree of development of EMPs are explaining factors of the degree of development of environmental accounting practices in Portuguese local entities. Originality/value – This study adds to the international research on environmental accounting in public sector by providing empirical data from a country, Portugal, where empirical evidence is still relatively limited.

Development of a responsive fisheries management system for the Portuguese crustacean bottom trawl fishery: Lessons learnt

A prototype for a Responsive Fisheries Management System (RFMS) was developed in the context of the European FP7 project EcoFishMan and tested on the Portuguese crustacean trawl fishery. Building on Results Based Management principles, RFMS involves the definition of specific and measurable objectives for a fishery by the relevant authorities but allows resource users the freedom to find ways to achieve the objectives and to provide adequate documentation. Taking into account the main goals of the new Common Fisheries Policy, such as sustainable utilization of the resources, end of discards and unwanted catches, a management plan for the Portuguese crustacean trawl fishery was developed in cooperation with the fishing industry, following the process and design laid out in the RFMS concept. The plan considers biological, social and economic goals and assigns a responsibility for increased data collection to the resource users. The performance of the plan with regard to selected indicators was evaluated through simulations. In this paper the process towards a RFMS is described and the lessons learnt from the interaction with stakeholders in the development of an alternative management plan are discussed. (C) 2014 Elsevier Ltd. All rights reserved.

Ecological quality assessment of transitional waters based on fish assemblages in Portuguese estuaries: The Estuarine Fish Assessment Index (EFAI)

The assessment of water quality has changed markedly worldwide over the last years, especially in Europe due to the implementation of the Water Framework Directive. Fish was considered a key-element in this context and several fish-based multi-metric indices have been proposed. In this study, we propose a multi-metric index, the Estuarine Fish Assessment Index (EFAI), developed for Portuguese estuaries, designed for the overall assessment of transitional waters, which could also be applied at the water body level within an estuary. The EFAI integrates seven metrics: species richness, percentage of marine migrants, number of species and abundance of estuarine resident species, number of species and abundance of piscivorous species, status of diadromous species, status of introduced species and status of disturbance sensitive species. Fish sampling surveys were conducted in 2006, 2009 and 2010, using beam trawl, in 13 estuarine systems along the Portuguese coast. Most of the metrics presented a high variability among the transitional systems surveyed. According to the EFAI values, Portuguese estuaries presented a "Good" water quality status (except the Douro in a particular year). The assessments in different years were generally concordant, with a few exceptions. The relationship between the EFAI and the Anthropogenic Pressure Index (API) was not significant, but a negative and significant correlation was registered between the EFAI and the expert judgement pressure index, at both estuary and water body level. The ordination analysis performed to evaluate similarities among North-East Atlantic Geographical Intercalibration Group (NEAGIG) fish-based indices put in evidence four main groups: the French index, since it is substantially different from all the other indices (uses only four metrics based on densities); indices from Ireland, United Kingdom and Spain (Asturias and Cantabria); the Dutch and German indices; and the indices of Belgium. Portugal and Spain (Basque country). The need for detailed studies, including comparative approaches, on several aspects of these assessment tools, especially in what regards their response to anthropogenic pressures was stressed. (C) 2011 Elsevier Ltd. All rights reserved.

From a traditionally open access fishery to modern restrictions: Portuguese anglers' perceptions about newly implemented recreational fishing regulations

Saltwater recreational fishing (SRF) in Portugal was for a long time an open-access activity, without restrictions of any kind. Restrictions to control the recreational harvest were first implemented in 2006 and were highly criticized by the angler community, for being highly restrictive and lacking scientific support. The present study aimed to obtain socio-economic data on the recreational shore anglers and gauge their perceptions about recreational fishing regulations and the newly implemented restrictions in Portugal. Roving creel surveys were conducted along the south and south-west coasts of Portugal, during pre and post regulation periods (2006-2007). A total of 1298 valid face-to-face interviews were conducted. Logit models were fitted to identify which characteristics influence anglers' perceptions about recreational fishing regulations. The majority of the interviewed anglers was aware and agreed with the existence of recreational fishing regulations. However, most were against the recreational fishing regulations currently in place. The logit models estimates revealed that Portuguese anglers with a higher level of formal education and income are more likely to agree with the existence of recreational fishing regulations. In contrast, anglers who perceive that more limitations and a better enforcement of commercial fishing would improve fishing in the area are less likely to agree with the existence of SRF regulations. The findings from this study will contribute to inform decision-makers about anglers' potential behaviour towards the new and future regulations. Although the existence of fishing regulations is a good starting point for effective management, the lack of acceptance and detailed knowledge of the regulations in place by fishers may result in lack of compliance, and ultimately hinder the success of recreational fishing regulations in Portugal. (C) 2013 Elsevier Ltd. All rights reserved.

Insights into population structure of Diplodus vulgaris along the SW Portuguese coast from otolith elemental signatures

The common two-banded sea bream (Diplodus vulgaris) is an important fish in the marine ecosystems of the NW Atlantic and Mediterranean. In southern Portugal it is a major fishery resource being targeted mainly by the artisanal fleets. Although there is some knowledge of the age, growth and reproductive biology of the species, information about its population structure is scarce and somewhat limited to the Mediterranean Sea. In this study the otolith elemental signatures of 90 specimens of D. vulgaris of the same age group (2+ years) and cohort collected from the important fishery regions of SW Portugal (Sesimbra, Sagres and Faro) have been analysed by inductively coupled plasma mass spectrometry (ICP-MS). Two different methodologies have been applied: solution based analysis of the whole otoliths; representative of the entire life-history prior to capture, and laser ablation analysis of otolith cores; representative of the larval and early post-settlement phase. Whole otolith comparisons utilised Sr/Ca, Ba/Ca, Mn/Ca, Li/Ca and Ni/Ca to demonstrate regional population structure. Classification accuracy rates from linear discriminant function analyses (LDFA) of whole otolith chemistry data were high for each region; Faro - 93%, Sagres - 90% and Sesimbra - 80%. Comparison of the otolith core chemistry utilised Sr/Ca, Ba/Ca, Mn/Ca and Mg/Ca and Zn/Ca. LDFA for the otolith core chemistry also achieved accurate classification for samples from Sesimbra (73%), but there was high overlap of otolith chemistry between samples from Faro and Sagres (47 and 43% classification accuracy respectively). The whole otolith results suggest that D. vulgaris are resident in the regional fishing areas during the juvenile phase. Both the core and whole otolith chemistry data supported separation of the Sesimbra fishery region from the more southern and closely associated Faro and Sagres regions for management purposes. However, while the whole otolith data indicated that the populations at Faro and Sagres likely remained separated in the juvenile stage, the otolith core chemistry data was inconclusive as to whether recruitment to these two areas was derived, or not, from different spawning areas.

Population structure of the black seabream Spondyliosoma cantharus along the south-west Portuguese coast inferred from otolith chemistry

The chemistry of black seabream Spondyliosoma cantharus otoliths from three main fishery grounds (Olhao, Sagres and Sesimbra) located along c. 400 km of the Portuguese south and west coasts was examined. Element:Ca ratios were determined in whole otoliths and otolith cores of young adult specimens of 23 years of age. Using the data from whole otoliths, it was possible to discriminate among S. cantharus from the three fishing grounds with an average accuracy of 91%. Differences among fishing grounds were significant for all element:Ca ratios, and otoliths from Sagres had significantly higher levels of all ratios compared to the other fishing grounds. In contrast, the chemical composition of the otolith core, representative of the larval stage, showed limited variation among the fishing grounds, with an average discrimination accuracy of only 44%, although the Mg:Ca ratio of the otolith cores was also significantly higher for the Sagres samples. The data suggest that larval stages experienced a homogenous environment consistent with an offshore oceanic spawning. Juveniles appeared to display local residency on the inshore fishing grounds, areas probably characterized by greater environmental heterogeneity. Spondyliosoma cantharus population structure is consistent with distinct local population units that share a spawning ground providing recruits to different coastal fishery areas.

Size selectivity of diamond and square mesh cod ends for four by-catch species in the crustacean fishery off the Portuguese south coast

The effects of an increase in cod end mesh size from 55 to 60 and 70 mm and a change of mesh configuration from 55 mm diamond to 55 turn square mesh on the size selectivity of four by-catch species (the red shrimp Aristeus antennatus, the European hake Merluccius merluccius, the horse mackerel Trachurus trachurus and the blue whiting Micromesistius poutassou) commonly captured in the crustacean fishery off the Portuguese south coast, were evaluated. Selectivity parameters for blue whiting, the most abundant species in the catches, were estimated taking into account between-haul variation, while for the remaining species, captured in much lower quantities, the selectivity estimates were based on pooled data by length class for all hauls within the same cod end. Length at 50% retention, L-50, was found to increase with mesh size and with the change in mesh configuration for all the studied species. For blue whiting trawling depth and cod end catch were found to play a role in between-haul variation by increasing L-50 as well. The results suggest that an increase in the current minimum mesh size of 55-70 mm would be advisable to be compatible with the minimum landing sizes (MLSs) of 29 mm carapace length and 27 cm total length for red shrimp and hake, respectively, while it would greatly reduce the amount of discards, particularly those for blue whiting, that accounted for approximately 50% of the total catch weight. Horse mackerel was the only species for which the use of a larger mesh size would result in a significant escapement of individuals above the MLS of 15 cm. (C) 2002 Elsevier Science B.V. All rights reserved.