Fatores determinantes da política de distribuição de dividendos: Evidência empírica para as empresas não financeiras da Euronext Lisbon

Dividends and their distribution decisions, being a component of the compensation of investors are a constant financial worry within companies, thus revealing one of the themes highlighted in the context of the financial literature. Study will address the factors determining the dividend policy practiced by companies listed in the Portuguese stock market. The latter will be 47 non-financial companies listed on the Euronext Lisbon during 2009 until 2011. The two samples that have been investigated include the representative of the majority of non-financial companies listed on Euronext Lisbon and the other financial companies members of the PSI 20. The methodology adopted is one of the ordinary least squares regression and the amount of dividends per share distributed was used in determining the dependent variable. In relation to the independent variables, six explanatory factors were chosen. These include profitability, stability of dividend policy, size, growth, risk and investment opportunities. The conclusion suggests that the most important factors to explain the amount of dividends distributed are profitability and stability of dividend policy. There after, growth and risk factors, as well as factors that explain the amount of dividends distributed are also relevant. The remaining variables obtained were insufficient evidence pointing to a significant effect in explaining the dividend policy of Portuguese companies in the sample. The conclusion also states that differences exist in the importance of the explanatory factors to the amount of dividends distributed between the study samples, given the differentiation of dividend policies, followed by companies from each group analyzed.

Determinantes da politica de dividendos: evidência empírica para as empresas não financeiras cotadas na Euronext Lisbon

The problematic of dividends paid out by firms has deserved the attention of several studies, theoretical and empirical, on corporate finance. This article intends to contribute to the theme by determining the factors that influence a firm’s dividends` policy. In this sense, it investigates the effect of a set of factors on the dividends paid out by issuing non financial firms belonging to Euronext Lisbon. Results suggest the existence of firm specific characteristics influencing its dividends policy. A firm’s Cash-flow and its stocks` market price seem to have a positive impact on the dividends paid out to stockholders. In issuing non financial firms that belong to the PSI 20 Index results additionally show the existence of a negative effect of net profits on dividend’s payment.

Factores determinantes da politica de distribuição de dividendos: Evidencia empírica para as empresas não financeiras cotadas na Euronext Lisbon

Sendo os dividendos uma componente da remuneração dos investidores e as decisões de distribuição, uma constante preocupação financeira no seio das empresas, revela-se a importância do tema em continuo destaque no contexto da literatura financeira. Na presente dissertação estudam-se quais os factores determinantes da politica de dividendos praticados pelas empresas cotadas no mercado de capitais português. Em particular procurou.-se averiguar qual o efeito que um conjunto de factores económicos-financeiros específicos á empresa exerce sobre o montante de distribuição de dividendos das empresas não financeiras emitentes que integram a Euronext Lisbon. Incidindo sobre 47 empresas não financeiras cotadas na Euronext Lisbon durante o período temporal de 2009 a 2011, definiu-se duas amostras, uma representativa de generalidade das empresas não financeiras cotadas na Euronext Lisbon e outra apenas sobre as empresas não financeiras integrantes do PSI 290. De acordo com as premissas do estudo adotou-se a metodologia de regressão dos mínimos quadrados ordinários e escolheu-se as variáveis de inclusão no modelo. Em relação á variável dependente utilizou-se o montante de dividendos por acção distribuídos. Em relação ás variáveis independentes escolheram-se seis factores explicativos:rendibilidade, estabilidade da politica de dividendos, dimensão, crescimento, risco e oportunidades de investimento. As conclusões obtidas sugerem que os factores ais importantes á explicação do montante de dividendos distribuídos são a rendibilidade e a estabilidade da politica de dividendos. Logo a seguir aparecem os factores crescimento e risco, como factores também explicativos do montante de dividendos distribuídos. Quanto ás restantes variáveis não se obteve evidencias suficientes que apontem para um efeito significativo na exposição da politica de dividendos das empresas portuguesas incluídas na amostra. Conclui-se ainda existirem divergências na importância dos factores explicativos no montante de dividendos distribuídos entre as amostras do estudo, da da a diferenciação das politicas de dividendos, seguidas pelas empresas de cada grupo analisado.

O papel da auditoria no relato financeiro de matérias ambientais: estudo comparativo entre empresas cotadas na Euronext Lisbon e na NYSE Euronext

O objectivo principal da presente dissertação, é determinar o grau de cumprimento e controlo do relato financeiro, em termos de divulgação de matérias ambientais, das empresas cotadas Euronext Lisbon e na Nyse Euronext. Em termos de metodologia, efectuámos uma análise de conteúdo à informação contabilística, publicada pelas empresas-alvo no ano de 2007, utilizando as técnicas univariada, bivariada e multivariada. Por fim, construímos um índice baseado na análise das componentes principais. Depois de analisar quais os factores que mais influenciam o relato financeiro em termos de divulgação de matérias ambientais, chegámos à conclusão que o “Capital Próprio” está negativamente correlacionado com a certificação externa, quer para as empresas cotadas na Euronext Lisbon, quer para as empresas cotadas na Nyse Euronext. Já o factor “Resultado Líquido” está negativamente correlacionado, para as empresas cotadas na Euronext Lisbon, com as divulgações ambientais presentes no relatório de gestão, e positivamente correlacionado, para as empresas cotadas na Nyse Euronext, com a existência de um relatório de sustentabilidade. No que diz respeito ao factor “Volume de Negócios”, este encontra-se directamente relacionado, para as empresas cotadas na Euronext Lisbon, com as divulgações contabilísticas de matérias ambientais. Por seu lado, para as empresas cotadas na Nyse Euronext, as divulgações contabilísticas de matérias ambientais estão directamente relacionadas com o factor “Sector de Actividade”. Em termos de análise multivariada, agrupámos um conjunto de factores, relacionados com o cumprimento e controlo do relato financeiro de matérias ambientais, em quatro dimensões (“Melhoria da Divulgação e Certificação”, “Melhoria da Medição”, Melhoria da Qualidade”, e “Melhoria do Controlo”), com o intuito de compreender qual é considerada como mais importante aquando da construção deste tipo de informações, para cada um dos grupos estudados. Aqui, chegámos à conclusão que, para ambos os grupos, a atenção é mais focada para a “Melhoria da Divulgação e Certificação”. Relativamente ao índice global, construído a partir da análise multivariada efectuada, é unânime para ambos os grupos de empresas que a dimensão “Melhoria do Controlo” é a que se revela menos significante na divulgação de matérias ambientais. Na construção deste índice global, é notório que as empresas cotadas na Nyse Euronext, ainda que não possuam um normativo sobre o relato financeiro de matérias ambientais, obtém uma classificação mais elevada (0,33 versus 0,25), no que diz respeito ao seu controlo e cumprimento do relato financeiro de matérias ambientais, quando comparadas com as empresas cotadas Euronext Lisbon. Com os resultados obtidos, concluímos que as empresas cotadas na Euronext Lisbon têm um menor grau de controlo e cumprimento relativamente às empresas cotadas na Nyse Euronext, no que diz respeito à divulgação de matérias ambientais.

Identification of tsunami-induced deposits using numerical modeling and rock magnetism techniques: A study case of the 1755 Lisbon tsunami in Algarve, Portugal

Storm- and tsunami-deposits are generated by similar depositional mechanisms making their discrimination hard to establish using classic sedimentologic methods. Here we propose an original approach to identify tsunami-induced deposits by combining numerical simulation and rock magnetism. To test our method, we investigate the tsunami deposit of the Boca do Rio estuary generated by the 1755 earthquake in Lisbon which is well described in the literature. We first test the 1755 tsunami scenario using a numerical inundation model to provide physical parameters for the tsunami wave. Then we use concentration (MS. SIRM) and grain size (chi(ARM), ARM, B1/2, ARM/SIRM) sensitive magnetic proxies coupled with SEM microscopy to unravel the magnetic mineralogy of the tsunami-induced deposit and its associated depositional mechanisms. In order to study the connection between the tsunami deposit and the different sedimentologic units present in the estuary, magnetic data were processed by multivariate statistical analyses. Our numerical simulation show a large inundation of the estuary with flow depths varying from 0.5 to 6 m and run up of similar to 7 m. Magnetic data show a dominance of paramagnetic minerals (quartz) mixed with lesser amount of ferromagnetic minerals, namely titanomagnetite and titanohematite both of a detrital origin and reworked from the underlying units. Multivariate statistical analyses indicate a better connection between the tsunami-induced deposit and a mixture of Units C and D. All these results point to a scenario where the energy released by the tsunami wave was strong enough to overtop and erode important amount of sand from the littoral dune and mixed it with reworked materials from underlying layers at least 1 m in depth. The method tested here represents an original and promising tool to identify tsunami-induced deposits in similar embayed beach environments.

Assessment of fungal contamination in a group of Lisbon's gymnasiums with a swimming pool

The study’s main purpose was the assessment of the environmental fungal contamination, the exploration of possible associations between related environmental variables and the study of the relationship between fungal contamination of air and surfaces. A descriptive study was developed based upon air and surfaces monitoring for fungal contamination in ten indoor gymnasiums with a swimming pool located in Lisbon’s urban area. Fifty 200 litres air samples and 120 surface swabs were collected. Surfaces samples were collected before and after cleaning and disinfection and temperature and relative humidity values were registered during the collection period. Twenty five different species of fungi were identified in the air samples, being the three most commonly isolated genera the following: Cladosporium (36.6%), Penicillium (19.0%) and Aspergillus (10.2%). Thirty-seven different species of fungi were identified in the surface samples. Fusarium sp. was the most frequent genera before (19.1%) and after (17.2%) cleaning and disinfection. There was a significant association between the numbers of visitors and the fungal contamination determined in the surface samples (p<0.05). There was no significant association (p>0.05) between the contamination encountered in the air samples and the one registered in the surface samples and between the fungal contamination and the temperature or relative humidity measured on location. The data obtained enabled the assessment of the establishment’s fungal contamination and led the authors to conclude, consequently, that physical activity, which generally promotes health, can in fact be challenged by this factor.

Air fungal contamination in two elementary schools in Lisbon, Portugal

A descriptive study was developed to monitor air fungal contamination in two elementary schools in Lisbon, Portugal. Eight air samples of 250 litres through impaction method were collected in canteen, library, classrooms and also, outside premises as reference place. Simultaneously, were also monitored environmental parameters, including temperature, and humidity through the equipment Babouc, LSI Sistems and according to the International Standard ISO 7726 - 1998. Considering both schools, sixteen different species of fungi in air were identified, being the 2 most commonly isolated Cladosporium sp. (51,1%) and Penicillium sp. (27,5%). Besides these genera Trichoderma, Aspergillus, Alternaria, Chrysonilia, Botritys, Ulocladium, Athrium, Aureobasidium, Phoma, Scedosporium e Geotrichum were also isolated. Regarding yeasts, Candida sp., Cryptococcus sp. and Rhodotorula sp. were isolated. The youngest school, as well canteens in each school, presented the worst results concerning the air fungal contamination, maybe due to the higher number of occupants. There was no significant relationship (p>0,05) between fungal contamination and temperature and humidity.

Air pollution at an urban traffic tunnel in Lisbon, Portugal

In this study, the results of chemical concentrations inside and outside of a Lisbon (Portugal) traffic tunnel were compared, during one week. They were obtained by Instrumental Neutron Activation Analysis (INAA). The tunnel values largely exceed the Air Ambient legislated values and the Pearson Correlations Coefficients point out to soil re-suspension/dispersed road dust (As, Ce, Eu, Hf, Fe, Mo, Sc, Zn), traffic-markers (Ba, Cr), tire wear (Cr, Zn), break wear (Fe, Zn, Ba, Cu, Sb), exhaust and motor oil (Zn) and sea-spray (Br, Na). On all days these elements inside the tunnel were more enriched than outside; significant statistical differences were found for Co (p=0.005), Br (p=0.008), Zn (p=0.01) and Sb (p=0.005), while enrichment factors of As and Sc are statistically identical. The highest values were found for As, Br, Zn and Sb, for both inside and outside the tunnel.

Seasonal variation of total particulate matter and children respiratory diseases at Lisbon primary schools using passive methods

In this work, 14 primary schools of Lisbon city, Portugal, followed a questionnaire of the ISAAC - International Study of Asthma and Allergies in Childhood Program, in 2009/2010. The questionnaire contained questions to identify children with respiratory diseases (wheeze, asthma and rhinitis). Total particulate matter (TPM) was passively collected inside two classrooms of each of 14 primary schools. Two types of filter matrices were used to collect TPM: Millipore (IsoporeTM) polycarbonate and quartz. Three campaigns were selected for the measurement of TPM: Spring, Autumn and Winter. The highest difference between the two types of filters is that the mass of collected particles was higher in quartz filters than in polycarbonate filters, even if their correlation is excellent. The highest TPM depositions occurred between October 2009 and March 2010, when related with rhinitis proportion. Rhinitis was found to be related to TPM when the data were grouped seasonally and averaged for all the schools. For the data of 2006/2007, the seasonal variation was found to be related to outdoor particle deposition (below 10 μm).

Fungi, bacteria and pollens seasonally quantified at 3 basic schools in Lisbon: evaluation of ventilation need

Nowadays, most individuals spend about 80% of their time indoor and, consequently, the exposure to the indoor environment becomes more relevant than to the outdoor one. Children spend most of their time at home and at school and evaluations of their indoor environment are important for the time-weighted exposure. Due to their airways still in development, children are a sensitive group with higher risk than adults. Larger impact in health and educational performance of children demand indoor air quality studies of schools. The aim of this study was to assess the children exposure to bioaerosols. A methodology based upon passive sampling was applied to evaluate fungi, bacteria and pollens; its procedures and applicability was optimized. An indoor air study by passive sampling represents an easier and cheaper method when comparing with the use of automatic active samplers. Furthermore, it is possible to achieve important quality information without interfering in the classroom activities. The study was conducted in three schools, representative of different environments in the Lisbon urban area, at three different periods of the year to obtain a seasonal variation, to estimate the variability through the city and to understand the underneath causes. Fungi and bacteria were collected indoor and outdoor of the classrooms to determine the indoor/outdoor ratios and to assess the level of outdoor contamination upon the indoor environment. The children's exposure to pollen grains inside the classrooms was also assessed.

Air fungal contamination in ten hospitals’ food units from Lisbon

A descriptive study was developed to monitor air fungal contamination in ten food units from hospitals. Fifty air samples of 250 litres were collected through impaction method. Samples were collected in food storage facilities, kitchen, food plating, canteen and also, outside premises, since this is the place regarded as reference. Simultaneously, environmental parameters were also monitored, including temperature and relative humidity through the equipment Babouc, LSI Sistems and according to the International Standard ISO 7726.

Identification of tsunami-induced deposits using numerical modeling and rock magnetism techniques: A study case of the 1755 Lisbon tsunami in Algarve, Portugal

Storm- and tsunami-deposits are generated by similar depositional mechanisms making their discrimination hard to establish using classic sedimentologic methods. Here we propose an original approach to identify tsunami-induced deposits by combining numerical simulation and rock magnetism. To test our method, we investigate the tsunami deposit of the Boca do Rio estuary generated by the 1755 earthquake in Lisbon which is well described in the literature. We first test the 1755 tsunami scenario using a numerical inundation model to provide physical parameters for the tsunami wave. Then we use concentration (MS. SIRM) and grain size (chi(ARM), ARM, B1/2, ARM/SIRM) sensitive magnetic proxies coupled with SEM microscopy to unravel the magnetic mineralogy of the tsunami-induced deposit and its associated depositional mechanisms. In order to study the connection between the tsunami deposit and the different sedimentologic units present in the estuary, magnetic data were processed by multivariate statistical analyses. Our numerical simulation show a large inundation of the estuary with flow depths varying from 0.5 to 6 m and run up of similar to 7 m. Magnetic data show a dominance of paramagnetic minerals (quartz) mixed with lesser amount of ferromagnetic minerals, namely titanomagnetite and titanohematite both of a detrital origin and reworked from the underlying units. Multivariate statistical analyses indicate a better connection between the tsunami-induced deposit and a mixture of Units C and D. All these results point to a scenario where the energy released by the tsunami wave was strong enough to overtop and erode important amount of sand from the littoral dune and mixed it with reworked materials from underlying layers at least 1 m in depth. The method tested here represents an original and promising tool to identify tsunami-induced deposits in similar embayed beach environments.

Potential inundation of Lisbon downtown by a 1755-like tsunami

In this study, we present 10 m resolution tsunami flooding maps for Lisbon downtown and the Tagus estuary. To compute these maps we use the present bathymetry and topographic maps and a reasonable estimate for the maximum credible tsunami scenario. Tsunami modeling was made with a non-linear shallow water model using four levels of nested grids. The tsunami flood is discussed in terms of flow depth, run-up height and maximum inundation area. The results show that, even today, in spite of the significant morphologic changes in the city river front after the 1755 earthquake, a similar event would cause tsunami flow depths larger than one meter in a large area along the Tagus estuary and Lisbon downtown. Other areas along the estuary with a high population density would also be strongly affected. The impact of the tide on the extent of tsunami inundation is discussed, due to the large amplitude range of the tide in Lisbon, and compared with the historical descriptions of the 1755 event. The results presented here can be used to identify the potential tsunami inundation areas in Lisbon; this identification comprises a key element of the Portuguese tsunami emergency management system.

Environmental sustainability in superior education: case study of Lisbon College of Health Technology

Over the centuries there has been a growing trend of societies and it is possible to verify their economic growth. This growth has provided an increased pressure on natural resources, often over-reaching the boundaries of each country, which has called into question the level of environmental sustainability in different countries. Sustainability is understood as a complex concept involving ecological, social, economic dimensions and temporal urban processes. Therefore, Firmino (2009) suggests that the ecological footprint (EF) allows people to establish dependency relations between human activities and the natural resources required for such activities and for the absorption of waste generated. According to Bergh & Verbruggen (1999) the EF is an objective, impartial and one-dimensional indicator that enables people to assess the sustainability. The Superior Schools have a crucial role in building the vision of a sustainable future as a reality, because in transmitting values and environmental principles to his students, are providing that they, in exercising his professional activity, make decisions weighing the environmental values. This ensures improved quality of life. The present study aims to determine the level of environmental sustainability of the Academic Community of Lisbon College of Health Technology (ESTeSL), by calculating the EF, and describe whether a relation between Footprint and various socio-demographic characteristics of the subjects.

Assessment of exposure to airborne ultrafine particles in the urban environment of Lisbon, Portugal

The aim of this study was the assessment of exposure to ultrafine in the urban environment of Lisbon, Portugal, due to automobile traffic, and consisted of the determination of deposited alveolar surface area in an avenue leading to the town center during late spring. This study revealed differentiated patterns for weekdays and weekends, which could be related with the fluxes of automobile traffic. During a typical week, ultrafine particles alveolar deposited surface area varied between 35.0 and 89.2 μm2/cm3, which is comparable with levels reported for other towns such in Germany and the United States. These measurements were also complemented by measuring the electrical mobility diameter (varying from 18.3 to 128.3 nm) and number of particles that showed higher values than those previously reported for Madrid and Brisbane. Also, electron microscopy showed that the collected particles were composed of carbonaceous agglomerates, typical of particles emitted by the exhaustion of diesel vehicles. Implications: The approach of this study considers the measurement of surface deposited alveolar area of particles in the outdoor urban environment of Lisbon, Portugal. This type of measurements has not been done so far. Only particulate matter with aerodynamic diameters <2.5 (PM2.5) and >10 (PM10) μm have been measured in outdoor environments and the levels found cannot be found responsible for all the observed health effects. Therefore, the exposure to nano- and ultrafine particles has not been assessed systematically, and several authors consider this as a real knowledge gap and claim for data such as these that will allow for deriving better and more comprehensive epidemiologic studies. Nanoparticle surface area monitor (NSAM) equipments are recent ones and their use has been limited to indoor atmospheres. However, as this study shows, NSAM is a very powerful tool for outdoor environments also. As most lung diseases are, in fact, related to deposition of the alveolar region of the lung, the metric used in this study is the ideal one.