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The main objective of this work is to show that the traditional specific characteristics of companies as well as cultural and religious dimensions can influence the leverage of companies in different macro-environmental systems.

To achieve this aim, the authors have used data from 1.568 firms from 7 European countries between 2010 and 2016, and the models were estimated by using panel data methodology, specifically the generalized method of moments (GMM) estimation method by Arellano and Bover (1995) and Blundell and Bond (1998).

Overall, the empirical results point out that the cultural moderating factors are essential in determining companies' capital structure, regardless of the country's legal origin. The study results also show that traditional variables, intrinsic to management, macroeconomic environment and religion, have a central role in capital structure, namely for the civilian countries.

As far as the authors know, this is the first work that uses, in addition to the traditional specific characteristics of companies, cultural dimensions and religion, as determinants of debt levels, in different legal systems for Europe.

The purpose of this paper is to analyse the determinants of Portuguese firms’ performance.

To achieve this aim, the authors used data from 37 non-financial firms in the period between 2010 and 2015. Three dependent variables were tested and the estimation of the model using the Generalised Method of Moments shows that internal, external and institutional factors are important to explain the performance of firms listed in Euronext Lisbon.

The determinants of firm performance vary depending on the variable used to measure the performance. Specifically, the results show that when the authors use a market variable of performance, the firm-specific variables are not so important to explain performance. The macroeconomic factors, including the investor’s sentiment and insider ownership, more effectively explain the firm’s performance. The evidence suggests that the determinants of firm performance change according to the way in which different stakeholders appreciate firm performance.

The main contribution of such approach is to show that internal and external factors influence performance measures in distinct ways, thus helping managers who are expected to make decisions according to the investors’ expectations. It provides initial guidelines for policy makers to understand how to improve the performance of their firms using firm-specific factors. Additionally, this work also demonstrates that the firm’s characteristics, macroeconomics and governance factors could affect the Portuguese firms’ performance, conveying a valuable contribution for investors.

This paper aims to study the influence of some company-specific characteristics, corporate governance factors and macroeconomic factors on the Portuguese companies’ performance.

To achieve this aim, the authors have used data from 39 Euronext Lisbon companies for the period between 2014 and 2019. The authors used panel data methodology, specifically the generalized method of moments estimation method by Arellano and Bover (1995) and Blundell and Bond (1998).

The results point out that the sign and significance of the determinants of corporate performance change depending on the variable used to measure performance. The Tobin’s Q variable, as a market variable and variable of interest to potential investors, is explained by some corporate governance variables and company-specific factors. Specifically, potential investors are confident in the leadership power of the chief executive office (CEO) and the members of the Board of Directors, which contributes positively to corporate performance. However, the firms’ age has a negative impact on Tobin’s Q. Considering an accounting variable managed internally by the organizations, the results show that return on assets is negatively influenced by leverage, and positively affected by CEO duality, which the manager believes is decisive to maintain performance levels.

To the best of the authors’ knowledge, this study is the first to analyze specific characteristics of companies and corporate governance factors, in a specific macroeconomic environment of high dependence on banking, considering the nonlinear effect of company age on company performance.

This paper aims to examine the relationship between board of directors’ characteristics and performance in family businesses. It offers evidence to the question of whether a family firm (FF) differs from a non-family firm and looks at the possibility of asymmetrical effects between periods of stability and economic adversity.

A panel data approach was applied to a sample of Portuguese firms listed the on Euronext Lisbon exchange between 2002 and 2013.

The results show that FFs are likely to have a lower proportion of independent members and higher gender diversity on their boards than non-family firms. FF performance is positively related to ownership concentration and gender diversity. There are performance premiums for family businesses, which have more gender diversity than their counterparts. These effects also depend on whether the economy is in recession. The evidence suggests that the presence of women on the board and the leverage and size of the FFs have a more significant impact on the performance in periods of economic adversity.

One limitation of this study is the small size of the sample as it was drawn from the Euronext Lisbon exchange, a small stock exchange market.

This study provides input into the academic discussion on corporate governance and FF, an area which is in need of research. In addition, the authors examine this issue in conjunction with generalised economic adversity, focusing on the possible asymmetrical effects that the nature of the board of directors may have on performance in periods of stability and those of economic adversity. The role of board of directors is crucial to the understanding of corporate behaviour and the setting of the policy that regulates corporate activities.

The investigation of the relationship between gender diversity and corporate risk-taking is a recent stream of research. In this study, the authors propose an answer to the following main question: What do the authors know about gender effects in corporate risk-taking and how should we proceed?

In order to ensure the quality and the objectiveness of the literature review, the authors selected articles published in journals that are simultaneously ranked by the Chartered Association of Business Schools (ABS, 2018) and by the Journal Citation Reports (JCR, 2018), focused on the Board of Directors (BoD) and Top Management Teams (TMT).

The literature review reveals that women's presence on the BoD and TMT impacts corporate risk-taking in different ways. Based on the analysis, it is possible to organize the extant findings in two major categories, according to gender measures, firm type and country of origin: (1) universal effects – women decrease firms' litigation risk, failure risk and operational risk while they have no significant effect on insolvency risk and; (2) contingent effects – women have contingent effects on financial risk, manipulation risk, total risk, idiosyncratic risk and systematic risk.

Covering several different research fields, this study provides a comprehensive review concerning what the authors know regarding the effects of the BoD and TMT gender diversity in corporate risk-taking. The authors present a model summarizing empirical findings and propose a number of avenues for future research.

The purpose of this paper is to analyse the relationship between debt policy and performance among family firms (FF), providing evidence on whether FF differ from non-family firms (NFF). It also focusses on the possibility of asymmetrical debt policy impact on performance between periods of stability and economic adversity.

The paper employs panel data regression, considering a sample of Portuguese listed firms for the period between 1999 and 2014.

Overall, the author find evidence that debt contributes negatively to firms’ performance, which is consistent with the pecking order prediction, and that the relationship between debt and performance do not differ significantly between FF and NFF. After addressing the endogeneity issue, the author conclude that firms’ performance is negatively influenced by both short- and long-term debt. Considering the total debt, the negative relationship between the two variables differs from family and non-family companies. The results show that age and size influences positively, and the independence of the board directors influences negatively the firms’ performance. The empirical findings suggest that under economic adversity, the firms’ performance is negatively affected. Finally, the author conclude that return on assets appear to fit better than return on equity or MB when you want to relate debt and firm performance.

A limitation of this study is the small size of the Euronext Lisbon that results in a small sample.

This paper offers some insights on the relationship between debt policy and firm performance from a country with weak protection of minority shareholders, concentrated ownership and a significant family control. It also gives the opportunity to analyse whether firm performance differs according to market conditions.

This paper aims to analyze the performance determinants of listed companies in the Iberian Peninsula, focusing on the analysis of the effect of gender diversity and the structure of the board of directors.

To achieve this aim, the authors analyzed 97 listed companies, of which 23 are Portuguese and 74 are Spanish, between 2015 and 2019. The authors use Arellano and Bond’s (1991) generalized method of moments system model to test the hypotheses.

The results show an important impact of corporate governance variables on corporate performance. Specifically, board size, average director age and board academic qualifications are crucial to explaining profitability and market value. Moreover, the authors identified a nonlinear relationship between gender diversity and profitability and market value levels due to critical mass theory and quotas that enhance more social justice. The authors concluded that the corporate performance determinants differ depending on the performance measures.

To the best of the authors’ knowledge, this study is the first to analyze the nonlinear effect of gender diversity and board structure (size, educational qualifications and average director age) on the performance of Iberian listed companies as a single market.

The purpose of this work is to study the connections generated between stock market indices, representing firms whose practices focus on fighting climate change and several global risk factors in accordance with the sustainability objectives defined in the 2030 Agenda. An endogenous perspective is adopted, considering the spillovers generated within the low carbon stock market sector, as well as the latter’s exposure to exogenous shocks of an economic and financial nature.

This work uses a multivariate model of dynamic correlation (GARCH-corrected dynamic conditional correlation [cDCC]), which can accompany the correlations generated over time.

Considering five low carbon indices, representing various parts of the world, and four global macro-economic and financial variables, over a period of approximately eight years, it was possible to understand that the variables studied transmit between each other a statistically significant spillover. The period of the pandemic crisis shows a sharp increase in the information transmission process. It was also possible to conclude that some global variables are risk factors, performing the role of transmission channels for the spillover effects to low carbon indices, increasing the risk of contagion and reducing the possibilities of diversifying the investment portfolio.

Firstly, this work analyses the connection and spillover effects between low carbon indices. Secondly, considers an extended sample covering different market phases, particularly that of the pandemic crisis and the Ukrainian War, creating conditions to compare connection patterns between those indices. Thirdly, it studies the variable influence over time of global risk factors in the transmission of spillover between low carbon indices.

This paper aims to analyze the determinants of Portuguese energy companies' performance.

To achieve our objective, we have used data from 457 Portuguese energy companies, in the period between 2011 and 2018. Three dependent variables were tested using panel data, through the generalized method of moments (GMM) estimation method.

The results point out that the determinants of companies' performance change according to how different stakeholders appreciate corporate performance. In general, shareholders are concerned with maintaining their levels of profitability over time as well as with the company's market image. Managers are centered on maintaining solid margins on EBITDA through good management of cash flow, leverage and current assets. For the rest of the stakeholders, including global society, debt and investments in tangible fixed assets reduce profitability while investments in immaterial assets help to create value and performance for energy companies.

As far as the authors are aware, this is the first time that a study has been carried out in the Portuguese energy sector using the GMM-system model for three different stakeholders' views of corporate performance determinants.

The purpose of this paper is to examine the effect of investor sentiment on share returns, exploring whether this effect is different for public family and non-family firms.

The author uses the European Economic Sentiment Indicator data, from Directorate General for Economic and Financial Affairs as a proxy for investor sentiment and focused on the share returns of family and non-family firms, using panel data methodology.

Using data from listed family and non-family firms for the period between 1999 and 2011, in accordance with behavioural finance theory, the results indicate that there is a negative relationship between sentiment and share returns. In addition, the author found no difference between family and non-family firms in what concerns the effect of sentiment on share returns. The evidence also suggests that young, large and medium growth firms are most affected by sentiment. Finally, the results suggest that the evidence concerning the relationship between sentiment and returns is sensitive to the proxy used to measure the sentiment.

A limitation of this study is the small size of the sample, which is due to the small size of the Portuguese stock market, the Euronext Lisbon.

This paper offers some insights into the effect of investor sentiment on the share returns in the context of public family firms, a strand of finance that is scarcely developed. It also contributes to the analysis of a small European country, with a high concentration of equity ownership.

El propósito de este trabajo es examinar el efecto de la confianza de los inversores en las acciones devoluciones, explorando si este efecto es diferente para las empresas familiares públicas y no familiares.

Utilizamos los datos de los indicadores de sentimiento económico de Europa, de la Dirección General de Asuntos Económicos y Financieros (DG ECFIN) como sustituto de la confianza de los inversores y se centran en la cuota de los retornos de las empresas familiares y no familiares, utilizando datos de panel metodología.

El uso de los datos de las empresas que figuran familiares y no familiares para el período entre 1999 y 2011, los resultados indican que no existe una relación entre el sentimiento y la cuota de retorno, que está de acuerdo con la teoría financiera estándar, que predice que los precios de las acciones reflejan el descuento valor de los flujos de caja esperados y que la irracionalidad de los inversores se eliminan por árbitros. Además, no encontramos ninguna diferencia entre las empresas familiares y no familiares en lo que se refiere al efecto de la confianza en las acciones devoluciones. Por último, la evidencia sugiere que las grandes empresas y las empresas que pagan dividendos son los más afectados por el sentimiento.

Una limitación de este estudio es el pequeño tamaño de la muestra, que se deriva del pequeño tamaño del mercado de valores portugués, la Euronext Lisbon.

Este artículo ofrece algunas ideas sobre el efecto de la confianza de los inversores en la cuota de rentabilidad en el contexto de las empresas familiares públicos, un mechón de financiación que apenas se desarrolla, y contribuye al análisis de un pequeño país europeo, con alta concentración de participación en el capital.