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This paper aims to analyse the causes and impact of the significant mean price discounts (25 per cent for financial and 29 per cent for non-financial firms) in rights issues in the UK using a sample of 268 observations for the period of 1994 to 2012. It is observed that for non-financial companies, the issue terms announcement returns are negatively affected by the discount size, while firm size, growth prospects and good previous stock performance have a positive impact. It is also investigated which factors seem to influence managers to engage in deeper discounts when these are so disliked by investors. Evidence is provided that firms with more leverage, larger bid-ask spreads or suffering losses tend to choose deeper discounts. The authors conclude that managers balance the expected negative reaction of the market to a price discount with the risks of a costly issue failure, with these being higher when the firm experiences losses, has a higher volatility and also when the stock market climate is more adverse.

The analysis is divided in two stages. In a first step (thereafter pre-announcement), the authors evaluate the firm’s and market conditions that determine the price discount. In a second stage (post-announcement), the authors measure the market reaction to the rights issues announcement by calculating the abnormal announcement returns by cumulating the difference between daily returns (R) and expected market returns (ER) for the period of −2 to 2 relative to the announcement day.

The authors document that price discounts in right issues for non-financial and financial firms are determined by a set of firm-characteristics and market sentiment. They also bring evidence that price discounts are not arbitrarily determined by firm managers.

The results are consistent with the idea that despite the negative signal to investors conveyed by a significant price discount in the new shares, managers of non-financial companies still engage in substantially price-cutting.

The main aim of the current study is to investigate the effect of Anti-Crack HP 67/36 glass fibre on the mechanical performance of mortars made of cement, with a focus on post-cracking evaluations using the digital image correlation (DIC) technique.

Experimental tests were carried out on 36-mm long fibres at 0.8% by volume and added to the normal strength (NSM), high strength (HSM) and high strength mortar with fly ash (HSMFA) mortars. CEM I 52.5 CP2 NF, CEM II/A-L 42.5 NF and CEM III/C 32.5 N-SR PM were used for each series of mortar to assess the performance of the glass fibres with the types of cement. F-class fly (FA) ash was used to reduce global CO₂ emissions.

The mortar’s strength decreased as the cement types changed from CEM I to CEM II and III. However, due to changes in the portlandite content of the cement, water porosity increased for both types of mortar, without and with fibre. It was also found that using glass fibre increased flexural strength more than compressive strength, regardless of the type of cement used. For all the strength classes, it was found that the mortar mixes with CEM I had the highest critical crack opening (w_c) and fracture energy (G_F), followed by CEM II and III. No significant effects were observed in the mortar’s property by replacing fly ash (12%).

Only mortars were formulated in this study, but the results must be verified at the concrete scale.

Validation of the DIC technique to characterize the post-cracking behaviour of cement-based material. Use of glass fibres to improve the material’s resistance to cracking.

Use of CEM II and CEM III cements with low CO₂ footprint instead of CEMI without altering the mechanical performance of the material.

The work is a further contribution to studying the cracking behaviour of several series of variable mortars depending on the resistance class and the type of cement used.

This paper aims to determine, from key actors’ perspective, how sustainability has been integrated into the policies and strategies of higher education institutions (HEIs), particularly Portuguese public universities, within the framework of the United Nations Decade of Education for Sustainable Development (UN DESD) 2005-2014.

Semi-structured exploratory interviews were conducted after gathering a sample of 15 key actors in decision-making processes who designed and implemented Portuguese education for sustainable development (ESD). Seven interviews with the key actors were undertaken and analyzed, leading to other plans, policies and programs that were not publicly accessible.

The main findings are the lack of commitment from governmental institutions to implementing ESD at the university level and how few documents are partially linked to sustainable development, according to the key actors’ opinions. Nevertheless, Portuguese universities’ autonomy and their social responsibility have lead them to develop several initiatives and policies toward ESD.

Convenience sample does not allow results to be generalized to all Portuguese HEIs. Future investigation will be undertaken, including the analysis of plans, policies and strategies at university level, and a questionnaire survey will be applied to those responsible for implementing sustainability in Portuguese universities.

This study provides findings, conclusions and recommendations that ultimately motivate HEIs to achieve sustainable development and to be more effective in integrating sustainability into their policies and strategies.

The paper contributes to the literature by reflecting the lack of integration of policies and strategies in HEIs in a southern European country (Portugal), within the framework and goals of the UN DESD 2005-2014, and by explaining similar patterns probably existing in other countries.

The aim of the paper is to assist hospitality business, operating in a sharing economy model and responding to coronavirus disease-2019 (COVID-19) crisis. It is argued that the creation of a strategy to face COVID-19 crisis should be focussed on what the guests valued most. The paper focusses on the Airbnb service, which is the leading platform in accommodation inside the sharing economy, to explore the consumer profile and analyse its motivations to use hospitality service, based on socio-demographic characteristics and user experience.

The research uses a questionnaire survey targeting tourists who have experience using the Airbnb service. A total of 380 valid responses were analysed with statistical package programme for the social sciences (SPSS), performing a multivariate variance analyses (MANOVA) and univariate analysis (UNIANOVA), which corresponds to five of the main motivations regarding Airbnb booking.

The results show a motivation increase towards the sharing economy and benefits of the sharing economy for customers between 41 and 60 years of age. It was also observed that consumers with a monthly income below the average salary level are less keen to prefer the sharing economy philosophy. Controversially, the results also show that more than 80% of the guests do not want to share the room with people they are not related to.

The paper contributes to the understanding of consumers' behaviour by discussing the potential of the accommodation sharing model for the post-COVID recovery of the hospitality sector.

This study aims to expand knowledge and provide further insights on how education for sustainable development (ESD) has been integrated into programmes at higher education institutions (HEIs) in Portugal.

A questionnaire survey was given to key actors in charge of sustainability implementation at each Portuguese public university. Semi-structured interviews were also conducted with 13 of the survey respondents and the data were analysed.

Results showed that Portuguese public universities have their own strategies and policies on ESD, leading them to introduce initiatives arising from their proactiveness rather than governmental edicts. Some universities implemented ESD planning and beneficial “green” practices such as waste separation and recycling and ways to reduce energy consumption that can be a result of the improvement after the United Nations Decade 2005-2014. However, these actions seem to have been taken in isolation and not holistically integrated. Universities face many barriers including lack of funding, not properly trained people and inept government policies. They also must overcome challenges in implementing ESD.

This research into the implementation of ESD has a national scope; the findings should be interpreted only in a Portuguese university context despite the high number of interviewees.

The study has increased knowledge, provided further insights on how ESD has been integrated at HEIs and provided examples of integrated practices at Portuguese universities. A Sustainability4U platform was proposed for enhancing awareness of the need for increasing sustainable development.

This study contributes to defining a country’s profile and how to implement sustainability in HEIs. The importance of obtaining information from key actors in sustainability at Portuguese public universities was highlighted.

This study aims to explore the alignment between strategic plans of the Portuguese public higher education institutions (HEIs) and their perception of the integration of sustainability in education and curricula.

The strategic plans from 15 institutions were selected for content analysis; data about the integration of sustainability in education and curricula, from these HEI, were collected with an online questionnaire (self-report survey). Qualitative and quantitative analyses were performed.

Strategic plans of the Portuguese public HEIs seem to not be sufficiently aligned with self-assessment integration of sustainability in education and curricula.

The classifications used in the content analysis were constructed and revised by the authors to reduce coder interpretation issues and subsequent bias in the results. However, some subjectivity could remain. The analysis of strategic plans and self-report surveys answered by top management, or a technician, does not assess the practices and sustainability implementation in education and curricula.

This study allows the self-report of already-implemented practices to be compared to the planned strategy of HEI governance in Portugal as stated in their strategic plans.

An analysis and respective insights on the lack of connection between strategic planning and self-report practices about sustainability implementation, using Portugal as a case study.

Building on the resource-based view and the configuration theory, the purpose of this study uses a systemic and multidimensional competitiveness index (CI) i.e. that incorporates system constraints among the 10 competitive pillars that form the index to assess the competitiveness level and the connection between competitiveness and economic performance [return on assets (ROA)] in family businesses (FBs).

For the empirical application, the use a unique primary data set drawn from the global competitiveness project (www.gcp.org) that includes information for 77 Colombian FBs for 2017. Cluster analysis is used to evaluate the potential relationship between competitiveness, the configuration of competitive pillars and economic performance (ROA).

The results for the CI show that the main competitive strengths of the analysed firms are related to the introduction of product innovations and networks (suppliers and customers), while the limited use of technologies in their operations and the low online presence are the main competitive weaknesses of these firms. Additionally, the findings of the cluster analysis reveal that different configurations of competitiveness pillars are associated with different performance levels. Therefore, the results contribute to identifying how specific strategies aimed at improving different resources or capabilities contribute to enhance business competitiveness, and ultimately, performance.

By using an index number that takes into account the multiple interactions between resources and capabilities, the proposed analysis not only sheds light on the drivers of competitiveness i.e. resources and capabilities, and its connection to performance but also contributes to understanding the boundaries of the businesses’ competitiveness system, as well as the strategies that can potentially enhance competitiveness, and subsequently, business performance.

The purpose of this study is to analyze the entrepreneurial intentions of higher education students in a private higher education institution (HEI), enrolled in the following courses: Business Management, Hospitality Management, Tourism and Business Relations.

A quantitative methodology was used through the application of a questionnaire in a private HEI located in the northern region of Portugal and 228 valid responses were collected.

We have found out that (1) the elder the students are, the higher is the probability that they will consider entrepreneurship as the first option to enter the job market; (2) the courses of Business Management and Hotel Management are those that influence the entrepreneurial intentions most positively; (3) the more prepared a student feels in order to start a business, the more likely he will become an entrepreneur; (4) to consider entrepreneurship as the first option to enter the job market is positively influenced by the dimensions of the Attitude Toward Enterprise (ATE), namely, leadership, creativity, achievement and personal control; (5) to have a business idea could be motivated by the course in which the students are enrolled in, if they feel they are prepared to start a business, and by the dimensions of ATE.

HEIs and/or regional governments may have an entrepreneurship support office, where students can get assistance in the process of creating their companies and develop innovative entrepreneurial models adapted to older students. The creation of “senior entrepreneurial ecosystems” can be an interesting path to be explored. HEIs can make extracurricular activities available to students. Policymakers must introduce entrepreneurship to primary and secondary education.

This study increases the understanding of the individual characteristics of the students in a private HEI, as well as the courses that positively influence entrepreneurial intentions.

The purpose of this study is to shed light on the association between stakeholders’ materiality and the sustainable development goals (SDGs), highlighting how higher education institutions (HEIs) can pursue sustainable development and provide a holistic perspective by mapping material issues. This paper provides a clear understanding of the universities’ role, specifically a state university in a developing country in fostering sustainable development. Particularly, this study identifies where the service industry and Yildiz Technical University (YTU) can contribute to the SDGs.

This methodology contains three stages. In the first stage, the Sustainability Accounting Standards Board categories have been mapped to the SDGs, in the second stage mapping of the service sector and its industries has been carried out. Additionally, the methodology was based on an exploratory case study.

This paper provides empirical results on the significance of the service sector, education and YTU in contributing to the SDGs. Moreover, this paper provides a framework by mapping the material issues on how the education sector can make contributions to the SDGs.

Exhibiting how HEIs’ implement integrated thinking and voluntarily implemented International Integrated Reporting Council guidelines can assist policymakers to make regulations based on the voluntary reporting framework.

This paper contributes to increasing academics’ awareness of sustainability practices. The research process and findings of this study can assist policymakers to make regulations based on the HEIs’ voluntary reporting framework.

This study is the first to identify specifically where the service industry and specifically a state university in a developing country can contribute to the SDGs and one of a few in the emerging academic studies. Additionally, how integrated reporting can contribute to value creation by establishing and proactively achieving the SDGs.

This paper aims to assess the state of the art of quality of education, research and governance to incorporate sustainable development goal 4 (SDG 4) in Nepalese higher education institutions (HEIs). In particular, it raises questions to initiate a discourse on HEIs to achieve SDG 4.

The idea of undertaking this research is heavily borrowed from scientific literature and policy documents. It is an exploratory study that assesses the current status of quality of education, research and governance and suggests policy measures to inculcate SDGs culture in Nepalese HEIs. This study follows a qualitative approach. The analysis is based on the opinions of 113 HEIs stakeholders and high-ranked university officials. Discussions among stakeholders have been organized using online facilities such as Zoom and Team.

Nepalese universities had not incorporated SDGs in their policy, planning, budget and curriculum. The research finds that even after the government’s commitment to SDGs, HEIs are not honestly involved in academic discourse on these goals. From the conversation with university officials, it appears that Universities have understood it as a government policy for development, rather than incorporating it as their sectoral responsibility to ensure the quality of education for future generations.

This paper prescribes policies to inculcate SDGs culture practically throughout the university structure and operations and opens the floor to discourse on the sectoral role to reach SDG 4. Second, this research suggests activities and policies integrated toward the common good agenda.

The paper is the first of its type in the context of a least developed country, Nepal, to raise the issue of HEIs for SDGs. This paper also represents the situation of HEIs for SDGs of similar countries.