O papel da auditoria interna nas insituições públicas de ensino superior em Portugal continental - universidade e politécnicos

Mestrado em Auditoria

Empirical studies on share issuance and repurchase decisions

Financial constraints influence corporate policies of firms, including both investment decisions and external financing policies. The relevance of this phenomenon has become more pronounced during and after the recent financial crisis in 2007/2008. In addition to raising costs of external financing, the effects of financial crisis limited the availability of external financing which had implications for employment, investment, sale of assets, and tech spending. This thesis provides a comprehensive analysis of the effects of financial constraints on share issuance and repurchases decisions. Financial constraints comprise both internal constraints reflecting the demand for external financing and external financial constraints that relate to the supply of external financing. The study also examines both operating performance and stock market reactions associated with equity issuance methods. The first empirical chapter explores the simultaneous effects of financial constraints and market timing on share issuance decisions. Internal financing constraints limit firms’ ability to issue overvalued equity. On the other hand, financial crisis and low market liquidity (external financial constraints) restrict availability of equity financing and consequently increase the costs of external financing. Therefore, the study explores the extent to which internal and external financing constraints limit market timing of equity issues. This study finds that financial constraints play a significant role in whether firms time their equity issues when the shares are overvalued. The conclusion is that financially constrained firms issue overvalued equity when the external equity market or the general economic conditions are favourable. During recessionary periods, costs of external finance increase such that financially constrained firms are less likely to issue overvalued equity. Only unconstrained firms are more likely to issue overvalued equity even during crisis. Similarly, small firms that need cash flows to finance growth projects are less likely to access external equity financing during period of significant economic recessions. Moreover, constrained firms have low average stock returns compared to unconstrained firms, especially when they issue overvalued equity. The second chapter examines the operating performance and stock returns associated with equity issuance methods. Firms in the UK can issue equity through rights issues, open offers, and private placement. This study argues that alternative equity issuance methods are associated with a different level of operating performance and long-term stock returns. Firms using private placement are associated with poor operating performance. However, rights issues are found empirically to be associated with higher operating performance and less negative long-term stock returns after issuance in comparison to counterpart firms that issue private placements and open offers. Thus, rights issuing firms perform better than open offers and private placement because the favourable operating performance at the time of issuance generates subsequent positive long-run stock price response. Right issuing firms are of better quality and outperform firms that adopt open offers and private placement. In the third empirical chapter, the study explores the levered share repurchase of internally financially unconstrained firms. Unconstrained firms are expected to repurchase their shares using internal funds rather than through external borrowings. However, evidence shows that levered share repurchases are common among unconstrained firms. These firms display this repurchase behaviour when they have bond ratings or investment grade ratings that allow them to obtain cheap external debt financing. It is found that internally financially unconstrained firms borrow to finance their share repurchase when they invest more. Levered repurchase firms are associated with less positive abnormal returns than unlevered repurchase firms. For the levered repurchase sample, high investing firms are associated with more positive long-run abnormal stock returns than low investing firms. It appears the market underreact to the levered repurchase in the short-run regardless of the level of investments. These findings indicate that market reactions reflect both undervaluation and signaling hypotheses of positive information associated with share repurchase. As the firms undertake capital investments, they generate future cash flows, limit the effects of leverage on financial distress and ultimately reduce the risk of the equity capital.

External school evaluation : teachers’ perspectives : two case studies from Northern Portugal

The external evaluation of non-higher education schools in Portugal has been developed by the General Inspectorate of Education since 2006. A first cycle of evaluation was completed, covering all educational units in continental Portugal up to 2011. The model of evaluation has since been subject to alterations, and a second cycle of evaluation is now coming to an end. The current model of evaluation is based on documental analysis, analysis of students’ results, and panel interviews with a variety of representatives of the school community, and addresses three domains: results, provision of educational service and management. This paper is part of an ongoing research project, developed by 6 universities and supported by the Portuguese Foundation for Science and Technology (PTDC/CPE-CED/116674/2010) which intends to analyse the impacts and effects this process of external evaluation has had on Portuguese schools. This project includes a variety of perspectives and methodologies. In particular, we will focus on two case studies undertaken in two schools from the northern region of Portugal, and more specifically on the perspectives expressed by the teachers of those schools. These particular schools were chosen because they have been evaluated twice and represent different educational levels (basic and secondary), contexts and results. These case studies included the analysis of documental data, interviews to key informants and a questionnaire directed to teachers (n = 141) – the latter will be the main focus of this paper. Teachers are essential elements of the school community when considering the impacts of external evaluation, as any changes directed at teaching practices, student evaluation, among others are only possible through their direct action and implication. Therefore, their perceptions on the process and its impacts are crucial to the understanding of what does and does not change in schools as a consequence of external evaluation. Although teachers’ opinions are not homogenous and each school reveals a number of differences when it comes to teachers’ perceptions of School Evaluation, it was possible to stress some areas as the most and as the least consensual. Teachers in both schools agree External School Evaluation (ESE) is useful for the identification of the schools’ strengths and weaknesses, values students’ external evaluation results, imposes a model for schools internal evaluation (and in fact contributes to the very existence of internal evaluation practices), and contributes to schools improvement. However teachers in both schools do not believe ESE contributes to teachers’ autonomy produces changes in how curriculum is managed, or leads to innovative teaching practices. These results point to a greater emphasis on change at the levels of school management, self-evaluation and particularly internal evaluation, but little impact on the teaching practices. We believe the classroom is at the core of school practices and teaching processes are essential to any measure of school quality and to their impacts on student learning.

Polymer microspheres: synthesis, characterisation and post-functionalisation by olefin metathesis

Porous polymer particles are used in an extraordinarily wide range of advanced and everyday applications, from combinatorial chemistry, solid-phase organic synthesis and polymer-supported reagents, to environmental analyses and the purification of drinking water. The installation and exploitation of functional chemical handles on the particles is often a prerequisite for their successful exploitation, irrespective of the application and the porous nature of the particles. New methodology for the chemical modification of macroreticular polymers is the primary focus of the work presented in this thesis. Porous polymer microspheres decorated with a diverse range of functional groups were synthesised by the post-polymerisation chemical modification of beaded polymers via olefin cross metathesis. The polymer microspheres were prepared by the precipitation polymerisation of divinylbenzene in porogenic (pore-forming) solvents; the olefin cross-metathesis (CM) functionalisation reactions exploited the pendent (polymer-bound) vinyl groups that were not consumed by polymerisation. Olefin CM reactions involving the pendent vinyl groups were performed in dichloromethane using second-generation Grubbs catalyst (Grubbs II), and a wide range of coupling partners used. The results obtained indicate that high quality, porous polymer microspheres synthesised by precipitation polymerisation in near-θ solvents can be functionalised by olefin CM under very mild conditions to install a diverse range of chemical functionalities into a common polydivinylbenzene precursor. Gel-type polymer microspheres were prepared by the precipitation copolymerisation reaction of divinylbenzene and allyl methacrylate in neat acetonitrile. The unreacted pendent vinyl groups that were not consumed by polymerisation were subjected to internal and external olefin metathesis-based hypercrosslinking reactions. Internal hypercrosslinking was carried out by using ring-closing metathesis (RCM) reactions in toluene using Grubbs II catalyst. Under these conditions, hypercrosslinked (HXL) polymers with specific surface areas around 500 m2g-1 were synthesised. External hypercrosslinking was attempted by using CM/RCM in the presence of a multivinyl coupling partner in toluene using second-generation Hoveyda-Grubbs catalyst. The results obtained indicate that no HXL polymers were obtained. However, during the development of this methodology, a new type of polymerisation was discovered with tetraallylorthosilicate as monomer.

Atuação dos conselhos de políticas públicas do fundo de manutenção e desenvolvimento da educação básica e de valorização dos profissionais da educação no combate à corrupção

Dissertação (mestrado)—Universidade de Brasília, Faculdade de Economia, Administração e Contabilidade, Programa de Pós-Graduação em Administração, Mestrado Profissional em Administração, 2015.

Forming the link between strategic performance and operational success: The development of a balanced scorecard at Lisbon Consulting Group

Directed internship

Small and medium enterprise competitiveness: Internationalization strategy

Field lab: SME competitiveness

EXPERIMENTAL DEMONSTRATION OF LIGHT TRAPPING AND INTERNAL LIGHT SCATTERING IN SOLAR CELLS

Renewable energy technologies have long-term economic and environmental advantages over fossil fuels, and solar power is the most abundant renewable resource, supplying 120 PW over earth’s surface. In recent years the cost of photovoltaic modules has reached grid parity in many areas of the world, including much of the USA. A combination of economic and environmental factors has encouraged the adoption of solar technology and led to an annual growth rate in photovoltaic capacity of 76% in the US between 2010 and 2014. Despite the enormous growth of the solar energy industry, commercial unit efficiencies are still far below their theoretical limits. A push for thinner cells may reduce device cost and could potentially increase device performance. Fabricating thinner cells reduces bulk recombination, but at the cost of absorbing less light. This tradeoff generally benefits thinner devices due to reduced recombination. The effect continues up to a maximum efficiency where the benefit of reduced recombination is overwhelmed by the suppressed absorption. Light trapping allows the solar cell to circumvent this limitation and realize further performance gains (as well as continue cost reduction) from decreasing the device thickness. This thesis presents several advances in experimental characterization, theoretical modeling, and device applications for light trapping in thin-film solar cells. We begin by introducing light trapping strategies and discuss theoretical limits of light trapping in solar cells. This is followed by an overview of the equipment developed for light trapping characterization. Next we discuss our recent work measuring internal light scattering and a new model of scattering to predict the effects of dielectric nanoparticle back scatterers on thin-film device absorption. The new model is extended and generalized to arbitrary stacks of stratified media containing scattering structures. Finally, we investigate an application of these techniques using polymer dispersed liquid crystals to produce switchable solar windows. We show that these devices have the potential for self-powering.

Long-term Success of Family Firms: Investigating Specific Aspects of Firm-level Entrepreneurship and Individual-level Antecedents

Long-term success of family firms is of utmost social and economic importance. Three of its determinants are in the center of this Dissertation: firmlevel entrepreneurial orientation (EO), managers' entrepreneurial behavior, and value-creating attitudes of non-family employees. Each determinant and respective research gaps are addressed by one paper of this cumulative dissertation. Referring to firm-level EO, scholars claim that EO is a main antecedent to firms' both short- and long-term success. However, family firms seem to be successful across generations despite rather low levels of EO. The first paper addresses this paradox by investigating EO patterns of long-lived family firms in three Swiss case studies. The main finding is that the key to success is not to be as entrepreneurially as possible all the time, but to continuously adapt the EO profile depending on internal and external factors. Moreover, the paper suggest new subcategories to different EO dimensions. With regard to entrepreneurial behavior of managers, there is a lack of knowledge how individual-level and organizational level factors affect its evolvement. The second paper addresses this gap by investigating a sample of 403 middle-level managers from both family and non-family firms. It introduces psychological ownership of managers as individual-level antecedent and investigates the interaction with organizational factors. As a central insight, management support is found to strengthen the psychological ownership-entrepreneurial behavior relationship. The third paper is based on the fact that employees' justice perceptions are established antecedents of value-creating employee attitudes such as affective commitment and job satisfaction. Even though family firms are susceptible to nonfamily employees´ perceptions of injustice, corresponding research is scarce. Moreover, the mechanism connecting justice perceptions and positive outcomes is still unclear. Addressing these gaps, the analysis of a sample of 310 non-family employees reveals that psychological ownership is a mediator in the relationships between distributive justice perceptions and both affective commitment and job satisfaction. Altogether, the three papers offer valuable contributions to family business literature with respect to EO, entrepreneurial behavior, and value-creating employee attitudes. Thus, they increase current understanding about important determinants of family firms' long-term success, while opening up numerous ways of future research.

Les consultants face aux défis d’implantation de la Réforme du Secteur de la Sécurité (RSS)

Travail dirigé présenté à la Faculté des études supérieures et postdoctorales en vue de l’obtention du grade de Maître ès sciences (M. SC.) en Criminologie, option Sécurité Intérieure

Work, class and conflict: a comparative study of three Cork factories, incorporating oral testimony

This dissertation presents a comparative study of three factories in Cork Harbour area, Sunbeam Wolsey (1927-90), Irish Steel (1939-2001) and the Ford Marina Plant (1917-84). All three factories were significant industrial employers in both a domestic (Irish) and a local (Cork) context and are broadly representative of the Irish manufacturing industry that was developed under the policies of tariff protection introduced in the 1930s and gradually phased out between the late 1950s and the mid-1980s. Sunbeam Wolsey was a textile and clothing concern located on the north side of Cork City that possessed a borderline monopoly within its economic sector and was among the largest private employers of female labour in twentieth century Ireland. Irish Steel was the country’s only steel mill, located on Haulbowline island, a brief ferry-ride from the seaside town of Cobh, and was unusual in being one of the few manufacturing concerns operated as a nationalised industry under the auspices of the state. The Ford Marina plant predated the introduction of protectionism by more than a decade and began as the centre of the Ford empire’s tractor manufacturing business, before switching to the production of private motor vehicles for the Irish market in 1932. All three industries were closed or sold off when the state withdrew support, either in the form of tariff protection (Ford, Sunbeam) or direct funding (Irish Steel). While devoting much attention to the three firms, the central concern of this dissertation is not the companies themselves (though the economic history portion of the dissertation is substantial), but the workers they employed, examining the lives of these individuals both as members of the Irish working class, and, more specifically, as employees of the three factories under consideration. The project can be best described as a comparative factory study, comparing and contrasting the three workforces, focusing primarily on industrial relation and the experience of work. This dissertation utilises both documentary evidence and a significant quantity of oral testimony, breaking new ground by making the workplace the central focus of its investigation. The principal aims of the study are: 1. To document the lives of those who worked in these factories, capturing through oral testimony their subjective experiences of social class and factory life, as well as differences among narrators in terms of gender and status. In achieving this aim, the study will provide a broader social context for its detailed analysis of work and industrial relations in each firm. 2. To analyse the three workplaces and determine how and why each developed such distinct systems of industrial relations at the factory level, as well as to compare and contrast these systems. 3. To examine the nature of work in each factory and to determine how work and industrial relations in each firm developed over time, relating these changes both to internal and external factors. Additionally, the project will provide a comparative analysis of these changes.

Ownership Structure, Board Composition and Entrepreneurship : Evidence from Family Firms and Venture-Capital Backed Firms

The purpose of this article is to investigate how ownership structure, especially family and/or venture-capital involvement, as well as entrepreneurial activities, defined as strategic change and renewal, help explain the involvement of independent members on boards of directors. The CEOs of 2,455 small and medium-sized, private enterprises from practically all industries were contacted in a telephone survey, resulting in an exceptionally high response rate. The findings reveal that family firms are more reluctant to involve independent directors on their boards than non-family firms that presence of venture capitalists increases the frequency of independent board members and that ownership has an impact on board roles. The results do not support the hypothesised relationship that independent directors enhance entrepreneurial activities. One implication of our study is that the often-argued-for strategic contribution of outsiders to the boards in family firms may be overemphasised. Another implication is that family firms that choose to acquire additional capital should be aware that this could result in a change in the board composition and the loss of control of the business. However, new and external owners’ inclusion on the board seems to be negotiable since there are also venture capitalists that do not insist on board representation.

The European Union and its Northern Frontier : EUropean Geopolitics and its Arctic Context

The present study explores EUropean geopolitical agency in a distinct spatio-temporal context: the Arctic region of the early 21st century. Thus, it provides an in-depth analysis of the European Union’s process to construct EUropean legitimacy and credibility in its ‘Northern Neighbourhood’ between 2008 and 2014. Embedded in a conceptual and methodological framework using critical geopolitics, this study assesses the strategic policy reasoning of the EU and the implicit geopolitical discourses that guide and determine a particular line of argumentation so as to claim a ‘legitimate’ role in the Arctic and accordingly construct a distinct ‘EUropean Arctic space’. In doing so, it establishes a clearer picture on the (narrated) regional interests of the EU and the related developed policy and concrete steps taken in order to get hold of these interests. Eventually, the analysis gets to the conceptual bottom of what exactly fashioned the EU with geopolitical agency in the circumpolar North. As a complementary explanation, this study provides a thick description of the area under scrutiny – the Arctic region – in order to explicate the systemic context that conditioned the EU’s regional demeanour and action. Elucidated along the lines of Arctic history and identity, rights, interests and responsibility, it delineates the emergence of the Arctic as a region of and for geopolitics. The findings indicate that the sui generis character of the Arctic as EUropean neighbourhood essentially determined the EU’s regional performance. It explicates that the Union’s ‘traditional’ geopolitical models of civilian or normative power got entangled in a fluid state of Arctic affairs: a distinct regional system, characterised by few strong state actors with pronounced national Arctic interests and identities, and an indefinite local context of environmental changes, economic uncertainties and social challenges. This study applies critical geopolitics in a Political Science context and essentially contributes to a broader understanding of EU foreign policy construction and behaviour. Ultimately, it offers an interdisciplinary approach on how to analyse EU external action by explicitly taking into account the internal and external social processes that ultimately condition a certain EUropean foreign policy performance.

Les consultants face aux défis d’implantation de la Réforme du Secteur de la Sécurité (RSS)

Travail dirigé présenté à la Faculté des études supérieures et postdoctorales en vue de l’obtention du grade de Maître ès sciences (M. SC.) en Criminologie, option Sécurité Intérieure

Auditoria e controlo interno no exército: Relatório de estágio

O Sector Público em Portugal atravessa um momento de viragem. O antigo modelo de gestão, burocrático e autoritário vai, aos poucos, dando lugar a um novo modelo assente no princípio dos três "E(s)"1, economia, eficiência, eficácia, ao qual se pode juntar a sustentabilidade e o respeito pelo ambiente, procura tomar os serviços públicos amigos dos cidadãos e das boas práticas. Esta metamorfose exige, contudo, uma acção concertada não só ao nível das práticas, mas também das mentalidades num trabalho conjunto de governantes gestores e auditores. É hoje indiscutível a importância que a auditoria interna tem no seio das organizações. O sector público começa agora a dar os primeiros passos nesta área procurando através da auditoria, não só evitar fraudes e detectar erros mas também apoiar a gestão através de uma actuação directa e eficaz sobre o que está a acontecer, garantindo que os recursos que são de todos, estão a ser gastos de forma adequada. No Exército já existe uma cultura de auditoria na sua vertente tradicional, ou seja, verificação do passado, efeito persuasor, verificação da legalidade detecção de erros e fraudes. A instituição só pode ganhar se nesta área for pioneira alargando o âmbito, da sua intervenção ao nível da verificação da eficácia e da eficiência melhorando e criando uma cultura de rigor e boas práticas na sua gestão. /ABSTRACT: The public sector in Portugal is at a turning point. The old management, bureaucratic and authoritarian model is gradually giving way to a new model based on the principle of the three "E (s)2”, economy, efficiency, effectiveness and, to which we can join sustainability and environmental respect. It aims at making the public service friendly for citizens and promoting better practices. This metamorphosis, however, requires a harmonized action not only at the practice level but also in the attitudes within a joint effort of governing managers and auditors. It is nowadays· indisputable the importance that internal audit has within organizations. The public sector is beginning to take the first steps in this area, seeking in the audit not only to prevent fraud and detect errors but also to support the management by working directly and effectively on what is happening, ensuring that the resources belong to everyone, and are all being spent properly. ln the Army there is already an audit culture in its traditional area, i.e., verification of the past, persuasive effect, verification of the legality, detecting errors and fraud. The institution can only win if it is pioneer in this area by expanding the scope of its intervention at the level of verification, effectiveness and efficiency, improving and creating a culture of rigor and better practices in its management. (1-Vectores chaves para o aumento da produtividade e da riqueza suporte do chamado Value for Money (VFM) - 2-Key vectors that increase the support productivity and wealth of the so called Value for Money (VFM) )