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Article
Publication date: 5 April 2022

Maria Elisabete Neves, Daniela Almeida and Elisabete S. Vieira

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…

Abstract

Purpose

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.

Design/methodology/approach

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).

Findings

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.

Originality/value

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.

Details

Cross Cultural & Strategic Management, vol. 29 no. 3
Type: Research Article
ISSN: 2059-5794

Keywords

Article
Publication date: 18 June 2019

Elisabete Simões Vieira, Maria Elisabete Neves and António Gomes Dias

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

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Abstract

Purpose

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

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

International Journal of Productivity and Performance Management, vol. 68 no. 7
Type: Research Article
ISSN: 1741-0401

Keywords

Article
Publication date: 30 September 2022

Maria Elisabete Neves, Beatriz Lopes Cancela and Vítor Manuel de Sousa Gabriel

This study aims to understand which factors determine the corporate performance of Portuguese and Spanish listed companies between 2011 and 2018, also considering the sub-period…

Abstract

Purpose

This study aims to understand which factors determine the corporate performance of Portuguese and Spanish listed companies between 2011 and 2018, also considering the sub-period marked by the presence of the Troika in Portugal, between 2011 and 2014.

Design/methodology/approach

To achieve this aim, panel data methodology was used, specifically the generalized method of moments (GMM) estimation method proposed by Arellano and Bond (1991), Arellano and Bover (1995) and Blundell and Bond (1998) for 110 non-financial companies from the Iberian Peninsula.

Findings

The results point out different signs and significance of the variables in the companies of the two countries. Regarding the sub-period, our results suggest that the intervention of the Troika in Portugal acted in a very different way from the neighboring country.

Originality/value

This research shows the importance of studying countries individually, even with small dimensions, to reinforce the path that is still necessary for more sustainable companies. Furthermore, when companies have strong governance structures, the harmful contagion from one neighboring country to another may not happen.

Details

International Journal of Accounting & Information Management, vol. 31 no. 1
Type: Research Article
ISSN: 1834-7649

Keywords

Article
Publication date: 3 August 2021

Maria Elisabete Duarte Neves, Luís Baptista, António Gomes Dias and Inês Lisboa

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

Abstract

Purpose

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

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

International Journal of Productivity and Performance Management, vol. 72 no. 3
Type: Research Article
ISSN: 1741-0401

Keywords

Article
Publication date: 4 July 2023

Maria Elisabete Duarte Neves, Maria do Castelo Gouveia, Adriana Martins and Joaquim Carlos da Costa Pinho

The main goal of this paper is better understand the risk/return trade-off of investing in socially responsible investment funds (SRIF) and green investment funds (GIF).

Abstract

Purpose

The main goal of this paper is better understand the risk/return trade-off of investing in socially responsible investment funds (SRIF) and green investment funds (GIF).

Design/methodology/approach

To achieve our aim a green investment fund portfolio, a socially responsible investment portfolio and a conventional fund (CF) portfolio from the United States of America (USA) were selected to compare the efficiency of these three different portfolios, by using Value-Based Data Envelopment Analysis (DEA) methodology.

Findings

The results point out that SRIF and GIF are more efficient than CF. For five years, the CFs have not outperformed the GIF.

Originality/value

The results suggest that there is a growing awareness on the part of investors that sustainable companies are the companies that will allow a better quality of life and a more sustainable environment. It seems that somehow managers and investors are aware that the market will compensate them for thinking about a cleaner and more equitable world.

Details

Journal of Economic Studies, vol. 51 no. 2
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 8 August 2023

Maria Elisabete Duarte Neves, Sofia Reis, Pedro Reis and António Gomes Dias

This paper aims to analyze the impact of the adoption of ISO 14001 and ISO 9001 on the performance of Portuguese companies. The sample includes the companies listed on Euronext…

Abstract

Purpose

This paper aims to analyze the impact of the adoption of ISO 14001 and ISO 9001 on the performance of Portuguese companies. The sample includes the companies listed on Euronext Lisbon, with economic, financial and specific information – the specific being environmental information and quality information – for the period between 2015 and 2019, which corresponds to the post-Troika period when some economic growth started to be witnessed. The specific information of each area is translated into the environmental certification by the ISO 14001 standard, the quality certification by the ISO 9001 standard, and sustainability reports.

Design/methodology/approach

To achieve this aim, four variables were used as a measure of the companies' performance, Return on Assets (ROA), Return on Equity (ROE); Tobin's Q and EBITDA Margin. With this data, different panel models were tested to validate if ISO 9001 and ISO 14001 certifications impact Portuguese listed companies performance. Specifically, the authors have used the Generalized Method of Moments, GMM-System, an estimation method proposed by Arellano and Bover (1995) and Blundell and Bond (1998).

Findings

The results show that, in general, the environment and quality variables fail to explain the dependent variables, that is, ISO certifications do not provide positive or negative variations in the performance of companies, suggesting that they are not yet as much for civil society, as well as for current or potential shareholders. When used as an independent variable, certification according to the ISO 14001 or 9001 standards, negative and significant oscillations were verified in the dependent variable, MgEBITDA, suggesting that only for managers this variable is determinant, but with a negative impact, given the high costs, it entails without pressure from other stakeholders.

Originality/value

This study is the first to analyze the impact of the adoption of ISO 14001 and ISO 9001 on Portuguese companies' performance. This empirical study aims to show all investors, managers, regulators and civil society itself the long path that still needs to be taken toward sustainability.

Details

International Journal of Productivity and Performance Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1741-0401

Keywords

Article
Publication date: 2 November 2018

António Dias, Lúcia Lima Rodrigues, Russell Craig and Maria Elisabete Neves

Corporate Social Responsibility (CSR) literature has focused mainly on larger firms. Only recently has discussion of the engagement of small and medium-sized enterprises (SMEs) in…

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Abstract

Purpose

Corporate Social Responsibility (CSR) literature has focused mainly on larger firms. Only recently has discussion of the engagement of small and medium-sized enterprises (SMEs) in CSR emerged in research studies. Here we contribute to that growing discussion of CSR in SMEs by analyzing the disclosure practices of 57 Portuguese companies of different sizes (small, medium, large).

Design/methodology/approach

We use stakeholder theory to identify the stakeholders that SMEs and large firms prioritize. By means of thematic content analysis and an index of disclosure (calculated according to company type and stakeholder type) we analyze whether business characteristics influence CSR disclose strategies.

Findings

Companies give priority to CSR activities that are directly related to maintaining business and achieving economic results. CSR disclosure practices of SMEs and large companies do not differ significantly. However, larger companies disclose more information on Environment and Society. Companies who are closer to consumers disclose more information on Customers, Community and Society. The act of assuring a CSR report drives system improvements and extended CSR disclosure.

Research limitations/implications

We recognize that it is difficult to compare CSR in Small and large enterprises. For this reason, we have developed a methodology based on the most basic aspects of the CSRD, and therefore applicable without distinction to large and small companies.

Practical implications

A framework to evaluate the CSRD of SMEs was developed. We identify CSR indicators divided in five dimensions (customers, employees, environment, community and society) that are applicable to firms of all sizes.

Originality/value

This study extends knowledge of CSR by comparing the disclosure practices of SMEs and large (listed and un-listed) Portuguese companies. This study takes account of the particularities of SMEs and other fundamental business characteristics using a replicable assessment framework.

Details

Social Responsibility Journal, vol. 15 no. 2
Type: Research Article
ISSN: 1747-1117

Keywords

Article
Publication date: 21 November 2022

Maria Elisabete Neves, Catarina Proença and Beatriz Cancela

This paper aims to analyze the corporate governance and corporate social responsibility (CSR) determinants of the Portuguese listed companies’ performance, considering a different…

Abstract

Purpose

This paper aims to analyze the corporate governance and corporate social responsibility (CSR) determinants of the Portuguese listed companies’ performance, considering a different point of view by managers, shareholders and other external stakeholders and investors.

Design/methodology/approach

To achieve this aim, the authors have used a sample of 34 nonfinancial listed companies in Euronext Lisbon between 2015 and 2020. The authors use the panel data methodology to test the hypotheses formulated according to the literature review, specifically the generalized method of moments (GMM) system estimation model proposed by Arellano and Bond (1991).

Findings

The main results point out that the determinants of the corporate performance vary depending on the dependent variable considered. From the managers’ perspective, the existence of an audit committee and expenses with the environment increase costs and reduce results, negatively influencing corporate performance, but the company’s maturity adds synergies in resource management and positively influences performance. Shareholders consider that gender diversity and board independence positively influence performance, whereas, for external stakeholders and long-term investors, gender diversity and the social responsibility committee harm the performance of Portuguese companies. However, environmental and social expenditures have a positive effect, showing that the market’s perception is that, in the long run, it is essential to eradicate poverty and protect the environment.

Originality/value

To the best of the authors’ knowledge, this study is the first one to analyze corporate governance and CSR determinants on the performance of listed Portuguese companies. This study shows that in a small banking-oriented country, there is still a long way to go in terms of increasing social responsibility and governance among different stakeholders. It is essential to promote actions that lead to effective governance and awareness of social responsibility.

Details

International Journal of Accounting & Information Management, vol. 31 no. 1
Type: Research Article
ISSN: 1834-7649

Keywords

Article
Publication date: 29 March 2022

Maria Elisabete Neves, Elisabete Vieira and Zélia Serrasqueiro

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

Abstract

Purpose

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

Design/methodology/approach

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).

Findings

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.

Originality/value

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.

Details

International Journal of Accounting & Information Management, vol. 30 no. 3
Type: Research Article
ISSN: 1834-7649

Keywords

Article
Publication date: 15 November 2022

Maria Elisabete Neves, Paulo Castanheira, António Dias, Rui Silva and Beatriz Cancela

The main goal of this paper is to study the specific characteristics of the performance of companies in the metallurgical sector, in the northern region of Portugal.

Abstract

Purpose

The main goal of this paper is to study the specific characteristics of the performance of companies in the metallurgical sector, in the northern region of Portugal.

Design/methodology/approach

To achieve this aim, the authors have used data from 325 companies manufacturing metal products, except machinery and equipment (CAE Rev.3 25) and 27 companies that manufacture machinery and equipment (CAE Rev. 3 28). The models were estimated by using the panel data methodology for the period between 2011 and 2019. Specifically, the estimation method of the generalized method of moments system (GMM system) proposed by Arellano and Bover (1995) and Blundell and Bond (1998) was used.

Findings

The results show that the main decisions on the performance of metallurgical companies in Northern Portugal depend on the dimensions of sales in the domestic market (SDM), sales in the community market (SCM), and sales in the foreign market (SFM) and also highlight that the signal and significance of the specific variables depends on how the different stakeholders understand performance.

Originality/value

As far as the authors know, this is the first study to comparatively analyze the two metallurgical databases in Portugal. Despite the huge difference in the size of the sample, this study’s results show that in an era of paradigm shift about what business objectives should be, stakeholders are still not environmentally aware and the social dimension is only considered by shareholders, but not yet by the manager and the general community.

Details

EuroMed Journal of Business, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1450-2194

Keywords

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