Financing social ventures by crowdfunding: The inflluence of entrepreneurs’ personality traits

Purpose – This research aims to understand the role played by social entrepreneurs’ personality traits on the choice between the traditional donation model and social crowdfunding (CF) to finance social projects. Design/methodology/approach – Social CF is examined as an instrument to capture funds for social projects, and the particular case of the Portuguese Social Stock Exchange (PSSE) is presented. The approach is quantitative in nature and the data were collected through a questionnaire that was emailed to non-governmental organizations in Portugal and founders of the projects listed on PSSE. Logistic regression was employed to predict the probability that a social entrepreneur would use PSSE rather than traditional financing. The predictor variables were based on the big five personality traits. Findings – Our investigation reveals that the agreeableness and neuroticism factors were not even considered in the results of the factorial analysis, which indicates the minor importance of these personality traits in the funding decisions of the Portuguese social entrepreneurs. The same applies to the factors of openness to new experiences and extraversion, which, although considered in the logistic analysis, showed no statistical significance. Finally, the conscientiousness personality trait seems to be the only factor that might explain the use of the PSSE platform.Originality/value – Studies on the profile of the social entrepreneurs that use CF for financing social projects are relatively rare, specifically in the context of Social Stock Exchange platforms. Additionally, there is a need to carry out more empirical evidence about the effect of social entrepreneurs’ personality traits on the decision to finance social projects through social CF platforms vis-a-vis the traditional donation model.

Application of mathematical models to mycotoxins children risk assessment: a case study of Portuguese children exposure to co-occurring mycotoxins in processed cereal-based foods

People, animals and the environment can be exposed to multiple chemicals at once from a variety of sources, but current risk assessment is usually carried out based on one chemical substance at a time. In human health risk assessment, ingestion of food is considered a major route of exposure to many contaminants, namely mycotoxins, a wide group of fungal secondary metabolites that are known to potentially cause toxicity and carcinogenic outcomes. Mycotoxins are commonly found in a variety of foods including those intended for consumption by infants and young children and have been found in processed cereal-based foods available in the Portuguese market. The use of mathematical models, including probabilistic approaches using Monte Carlo simulations, constitutes a prominent issue in human health risk assessment in general and in mycotoxins exposure assessment in particular. The present study aims to characterize, for the first time, the risk associated with the exposure of Portuguese children to single and multiple mycotoxins present in processed cereal-based foods (CBF). Portuguese children (0-3 years old) food consumption data (n=103) were collected using a 3 days food diary. Contamination data concerned the quantification of 12 mycotoxins (aflatoxins, ochratoxin A, fumonisins and trichothecenes) were evaluated in 20 CBF samples marketed in 2014 and 2015 in Lisbon; samples were analyzed by HPLC-FLD, LC-MS/MS and GC-MS. Daily exposure of children to mycotoxins was performed using deterministic and probabilistic approaches. Different strategies were used to treat the left censored data. For aflatoxins, as carcinogenic compounds, the margin of exposure (MoE) was calculated as a ratio of BMDL (benchmark dose lower confidence limit) to the aflatoxin exposure. The magnitude of the MoE gives an indication of the risk level. For the remaining mycotoxins, the output of exposure was compared to the dose reference values (TDI) in order to calculate the hazard quotients (ratio between exposure and a reference dose, HQ). For the cumulative risk assessment of multiple mycotoxins, the concentration addition (CA) concept was used. The combined margin of exposure (MoET) and the hazard index (HI) were calculated for aflatoxins and the remaining mycotoxins, respectively. 71% of CBF analyzed samples were contaminated with mycotoxins (with values below the legal limits) and approximately 56% of the studied children consumed CBF at least once in these 3 days. Preliminary results showed that children exposure to single mycotoxins present in CBF were below the TDI. Aflatoxins MoE and MoET revealed a reduced potential risk by exposure through consumption of CBF (with values around 10000 or more). HQ and HI values for the remaining mycotoxins were below 1. Children are a particularly vulnerable population group to food contaminants and the present results point out an urgent need to establish legal limits and control strategies regarding the presence of multiple mycotoxins in children foods in order to protect their health. The development of packaging materials with antifungal properties is a possible solution to control the growth of moulds and consequently to reduce mycotoxin production, contributing to guarantee the quality and safety of foods intended for children consumption.

A Case Against Fancy Decorated Drinks: Multi-Organ Failure After Drinking a Mojito Cocktail

We present the first case of gastro-intestinal perforation caused by a mint twig decorating a cocktail drink. A 76-year-old man was enjoying his Mojito cocktail on a cruise ship near Mexico when he accidently swallowed a mint twig, resulting in ileum perforation. This led to a cascade of events, eventually resulting in life-threatening multi-organ failure. Given this rare but potentially severe complication and the increasing popularity of decorated drinks, a less ‘fancy’ presentation for cocktails and similar drinks may be warranted.

An analysis of the effects of preferential trade policies through the estimation of quantitative models: the case of Portugal.

Doutoramento em Economia.

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.

Depth distribution of the velvet belly, Etmopterus spinax, in relation to growth and reproductive cycle: The case study of a deep-water lantern shark with a wide-ranging critical habitat

The velvet belly lantern shark, Etmopterus spinax (Squaliformes: Etmopteridae), is a small-sized squalid shark commonly found in deep waters off the Portuguese coast, mainly on soft bottoms. In this study, 67 research cruise bottom trawl tows (with 1-hour duration) were carried out at depths that ranged from 84 to 786 m. A total of 396 specimens (192 males and 204 females) were caught, with total lengths and ages ranging, respectively, from 10.2 to 32.9 cm and 0 to 7 years for males and from 9.8 to 41.1 cm and 0 to 10 years for females. Size, age, sex and maturity stages were found to be correlated with depth, with the larger, older and mostly mature specimens occurring predominantly at greater depths. There seems to be a depth-related migration, where the pregnant females migrate from deeper mating grounds to shallower nursery grounds. The sex ratios were relatively similar in the shallower strata, but females dominated at more than 600 m and were exclusive at more than 700 m. Fishing-related mortality may have complex and significant repercussions on this species, given that commercial fisheries are impacting different segments of this population differently.

Coastal lagoons and their watersheds as GWDE: a case study in the southwest coast of Portugal

The study of groundwater dependent ecosystems opened the opportunity to involve specialists of different areas of knowledge in order to obtain answers for complex interrelations between groundwater and the associated ecosystems. The actual study, carried out in two coastal lagoons of the Portuguese SW coast, showed the high dependency of the marine life and vegetation of the lagoons and associated streams discharging in the lagoons on the fresh water supply of these two lagoons and the high contribution they receive from groundwater in the dry period, which corresponds to more than half of each hydrologic year. Every year, the lagoons are artificially opened to the ocean for a few days to a few weeks, which dramatically changes the inside salinity. The sensitivity of these ecological niches is demonstrated by the strong dependence that some species that are more sensitive to high salinity waters show in relation to the entrance of freshwater resultant from the discharge of the phreatic aquifer of Sines sedimentary Basin. The great biodiversity of these lagoons and its precarious balance is only possible to preserve if the aquifer continue to act as a regulatory factor of the lagoon’s salinity. The equilibrium can be changed in the event of overexploitation of the phreatic aquifer, which is not at risk in the near future. In a scenario of climate change the lagoons will benefit from a slow increase in groundwater contribution, due to the rise of sea level, which will be accompanied by a rise in groundwater levels in the aquifer near the sea.

Impact of Information Technology Investments on Firm Productivity in Peripherals Countries: The Case of Portugal

IS/IT investments are seen has having an enormous potential impact on the competitive position of the firm, on its performance, and demand an active and motivated participation of several stakeholder groups. The shortfall of evidence concerning the productivity of IT became known as the ‘productivity paradox’. As Robert Solow, the Nobel laureate economist stated “we see computers everywhere except in the productivity statistics”. An important stream of research conducted all over the world has tried to understand these phenomena, called in the literature as «IS business value» field. However, there is a gap in the literature, addressing the Portuguese situation. No empirical work has been done to date in order to understand the impact of Information Technology adoption on the productivity of those firms. Using data from two surveys conducted by the Portuguese National Institute of Statistics (INE), Inquiry to the use of IT by Portuguese companies (IUTIC) and the Inquiry Harmonized to (Portuguese) companies (accounting data), this study relates (using regression analysis) the amounts spent on IT with the financial performance indicator Returns on Equity, as a proxy of firm productivity, of Portuguese companies with more than 250 employees. The aim of this paper is to shed light on the Portuguese situation concerning the impact of IS/IT on the productivity of Portuguese top companies. Empirically, we test the impact of IT expenditure on firm productivity of a sample of Portuguese large companies. Our results, based on firm-level data on Information Technology expenditure and firm productivity as measured by return on equity (1186 observations) for the years of 2003 and 2004, exhibit a negative impact of IT expenditure on firm productivity, in line with “productivity paradox” claimants.

Transferability of environmental favourability models in geographic space: The case of the Iberian desman (Galemys pyrenaicus) in Portugal and Spain

Transferring distribution models between different geographical areas may be problematic, as the performance of models outside their original scope is hard to predict. A modelling procedure is needed that gets the gist of the environmental descriptors of a distribution area, without either overfitting to the training data or overestimating the species’ distribution potential.We tested the transferability power of the favourability function, a generalized linear model, on the distribution of the Iberian desman (Galemys pyrenaicus) in the Iberian territories of Portugal and Spain.We also tested the effects of two of the main potential constraints on model transferability: the analysed ranges of the predictor variables, and the completeness of the species distribution data. We modelled 10 km×10km presence/absence data from Portugal and Spain separately, extrapolated each model to the other country, and compared predictions with observations. The Spanish model, despite arguably containing more false absences, showed good predictive ability in Portugal. The Portuguese model, whose predictors ranged between only a subset of the values observed in Spain, overestimated desman distribution when transferred.We discuss possible reasons for this differential model behaviour, and highlight the importance of this kind of models for prediction and conservation applications

Knightly Masculinity, Court Games and Material Culture in Late Medieval Portugal: The case of Constable Afonso (c. 1480–1504)

This article explores the ways in which gender was used in order to transform an exiled and uneducated illegitimate child into a prince. Our study revolves around a member of the royal family, Afonso (c.1480–1504), who was brought up in hiding by peasants and who later, as a teenager, was reincorporated into the court. We argue that the keys to this process of rehabilitation were, on one hand, family politics centred around different configurations and on the other, his introduction into a court environment marked by the ideals of chivalry. Within this dynamic, material culture played a key role, because it gave the prince all the visual attributes of his new status, as well as allowing him the means to create a new self. We shall briefly introduce Afonso and his family context in order to give an insight into his life within changing political and dynastic contexts. Then, we will analyse the expression of manhood in the Portuguese court, using the spectacles at the court as a basis for observation, thus relating gender to material culture in a courtly environment.

Castilian and Portuguese merchants in collaboration (1580-1590). Has the Hispanic Monarchy favored Iberian commercial partnerships?

The Iberian Union allowed the existence of formal mechanisms of government authority in Portugal. In what concerns the Iberian trade dynamics, including the colonial circuits, the Habsburgs legislated according to those that would be the most politically convenient circumstances, making an impact on Iberian affairs. Over the last decade, historical literature has highlighted the transnational nature of Early Modern business partnerships. On the other hand, Iberian scholars have put forward many case studies that show formal or informal Portuguese participations in the Spanish Indies affairs. However, the inverse situation as not been considered yet. What was the role played by Castilian merchants in the Portuguese colonial trade? This paper aims to present data about the collaboration between Portuguese and Castilian merchants within the European and the overseas trade dynamics, approaching the Iberian Union as an event that favored these business partnerships. It also debates the formal or informal nature of these relationships. Were they promoted by the State’s policies or, alternatively, were they devised as a means to bypass the Crown’s monopolistic policies? For this propose, we will analyze Portuguese notarial records from the period between 1580 and 1590.

Early Modern Trading Networks in Europe. Cooperation and the case of Simon Ruiz.

In the early modern period, trade became a truly global phenomenon. The logistics, financial and organizational complexity associated with it increased in order to connect distant geographies and merchants from different backgrounds. How did these merchants prevent their partners from dishonesty in a time where formal institutions and legislation did not traverse these different worlds? This book studies the mechanisms and criteria of cooperation in early modern trading networks. It uses an interdisciplinary approach, through the case study of a Castilian long-distance merchant of the sixteenth century, Simon Ruiz, who traded within the limits of the Portuguese and Spanish overseas empires. Early Modern Trading Networks in Europe discusses the importance of reciprocity mechanisms, trust and reputation in the context of early modern business relations, using network analysis methodology, combining quantitative data with qualitative information. It considers how cooperation and prevention could simultaneously create a business relationship, and describes the mechanisms of control, policing and punishment used to avoid opportunism and deception among a group of business partners. Using bills of exchange and correspondence from Simon Ruiz’s private archive, it charts the evolution of this business network through time, debating which criteria should be included or excluded from business networks, as well as the emergence of standards. This book intends to put forward a new approach to early modern trade which focuses on individuals interacting in self-organized structures, rather than on states or empires. It shows how indirect reciprocity was much more frequent than direct reciprocity among early modern merchants and how informal norms, like ostracism or signaling, helped to prevent defection and deception in an effective way.

The Evolution of Norms in Trade and Financial Networks in the First Global Age: the case of Simon Ruiz's network

In the 16th century, merchants and bankers gained a social influence and political relevance, due to their capacity of ‘faire travailler l’argent des autres’ (Benassar 1972:50). For the success of their activity, they built evolving networks with cooperative partners. These networks were much more than the sum of all partners. In the case study of the Castilian merchant Simon Ruiz, the network functioned in an unique way and independent from any formal institutional control. Its functioning varied in how different partners were associated and the particular characteristics and contents of these social ties. Being a self-organized network, since the formal institutions of trade regulation and the Crown control didn’t influence the network functioning, the Simon Ruiz network was deeply embedded in the economic and financial performance of the Hispanic Empires, in two different ways. The first, purely commercial. The monopolistic regime which was applied by the two crowns in the trade of certain colonial goods was insufficient to the costs of imperial maintenance. In such manner, particulars tried to rent a contract of exploration of trade, paying an annual sum to the crown, as in the Portuguese trade. Some of these agents also moved along Simon Ruiz’s network. But others were involved in relations with the imperial crowns on a second way, the finance. Maintaining Empires implied a lot of human, technical but also financial means, and most of the times Kings were forced to recur to these merchants, as we will demonstrate. What were the implications of these collaborative relations in both parts? The main goal of this paper is to comprehend the evolution of informal norms within Simon Ruiz’s network and how they influenced cooperative behavior of the agents, particularly analyzing mechanisms of sanctioning, control, punishment and reward, as well as their consequences in different dimensions: future interactions, social repercussions and in agent’s economic health and activity. The research is based in the bills of exchange and commercial correspondence of the private archive of Simon Ruiz, located in the Provincial Archive of Valladollid, Spain.

Description of the larva and pupal case of Ommatius orenoquensis Bigot (Diptera, Asilidae, Ommatiinae)

Description of the larva and pupal case of Ommatius orenoquensis Bigot (Diptera, Asilidae, Ommatiinae). The last instar larva and the pupal case of Ommatius orenoquensis Bigot, 1896 from a Cerrado (Brazilian Savanna) area in São Paulo, southeastern Brazil, are for the first time described and illustrated.