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The effects of ownership concentration on firm performance usually considers two conflicting perspectives: monitoring and expropriation hypotheses. Past studies have produced mix findings. This study aims to shed light on this relationship by focusing on a specific measure of firm performance, firm growth. The moderating effect of industry growth in the aforementioned relationship is also considered, which advances knowledge on the role of moderators.

This study resorts to data from a sample of 21,476 Portuguese firms, which is examined using hierarchical linear modelling. This approach is adequate because the data has a hierarchical structure: the firms are nested within industries.

The results show that equity ownership concentration has a positive effect on firms’ growth and that industry growth amplifies this relationship. Ownership concentration can spur effective monitoring, thereby alleviating principal–agent conflicts of interest and speeding up decision-making, enabling timely competitive actions that promote growth.

The research conceives ownership structure in two groups. However, equity ownership concentration often acquires more complex shapes. In addition, the data used is from a single country.

The results show that firms pursuing growing strategies and operating in growing industries benefit from equity concentration.

Different from past studies, this study focuses on firm growth performance and considers the moderating effect of industry growth.

This work uses survey data from the Portuguese Securities Market Commission (Comissão de Mercado de Valores Mobiliários – CMVM) to examine financial literacy and literacy bias. The main objective of this study is to shed light on this issue by identifying the individual characteristics that are associated with financial literacy, namely overconfidence and underconfidence, which in turn might help explain individuals' financial decisions. The study distinguishes two groups, i.e. students and nonstudents, and considers several characteristics that are usually employed in this stream of research.

The data are based on a survey conducted by a partnership between the CMVM and a consortium of Portuguese universities. This paper has a three-fold aim. First, it studies the main individual features associated with objective financial literacy. Second, it analyzes the relationship between those variables and the bias between self-perceived and objective literacy, distinguishing overconfidence and underconfidence. Third, and most originally, this framework was also used to examine the differences between students and nonstudents. Those aims are pursued using cross-sectional ordinary least squares (OLS) regressions, except for the study of the literacy bias, for which the authors use an ordered probit.

Literacy is higher in individuals of the male gender who are older, have higher incomes, live in metropolitan areas, are highly educated, have a field of study related to finance and have high self-perceived literacy. Younger people are more overconfident. Unconditionally, women are less overconfident than men, but conditionally, they overestimate their knowledge. People holding securities and with a field of study related to finance are more overconfident. The gender effect is mainly driven by students, and the impact of a field of study and of holding securities on overconfidence decreases and increases, respectively, for students. The results highlight the importance of financial education.

Due to the way that the questionnaire was made available, there is no guarantee that the sample is representative of the Portuguese general population, or, for that matter, representative of the typical Portuguese retail investors or households. Also, there is no guarantee that the same individual did not answer the questionnaire more than once, although this is highly improbable. The link to the online questionnaire was only transmitted within e-mail databases owned by the CMVM and Portuguese universities, so the authors cannot guarantee its unbiasedness.

The authors' results may help the National Plan for Financial Education (the acronym in Portuguese is PNFF) fine-tune the required actions towards different target groups and, most importantly, highlight that different groups may require different approaches aiming to narrow the gap between objective and perceived literacy. The first step should be creating procedures to provide feedback on the objective and perceived literacy of those who enroll in financial formation programs.

The study distinguishes two groups, students and nonstudents, providing additional insights that might guide policymakers on how to structure financial education to enhance individual financial behavior. This is especially important in a country such as Portugal which has the lowest objective financial literacy in the Eurozone.

This study contributes to the financial literacy literature, in particular to the stream of research that focuses on psychological biases, by shedding light on the factors associated with both individual overconfidence and underconfidence. Differentiating between students and nonstudents provides additional insights, which might guide policymakers on how to structure financial education to enhance individual financial behavior.

This research aims to investigate the influence of country culture on the next generation's intention to become managerial leaders of the family business, focussing on institutional and in-group collectivism practices. The authors investigate not only the direct effect of these collectivism practices on next-generation engagement, but also the extent to which institutional and/or in-group collectivism moderate the relationship between parental support and next-generation engagement and the extent to which institutional and/or in-group collectivism moderate the relationship between self-efficacy and next-generation engagement.

Using cross-national data from the Global University Entrepreneurial Spirit Students' Survey (GUESSS) and the Global Leadership and Organisational Behaviour Effectiveness (GLOBE), hierarchical linear modelling (HLM) is employed to test the hypotheses using a sample of 33,390 observations collected in 20 countries.

The main findings show that both institutional and in-group collectivism practices may increase next-generation engagement levels. Furthermore, these cultural practices can amplify the relationship between family business self-efficacy and next-generation engagement. However, institutional collectivism can slightly reduce the positive effect of parental support on family offspring's intention to become leaders of the family business. The results also reveal that parental support has a stronger direct effect on next-generation engagement than family business self-efficacy.

This study examines the influence of cultural practices on next-generation engagement, focussing on collectivism practices. The study distinguishes between institutional collectivism and in-group collectivism. Unlike past research, a direct effect of parental support on next-generation engagement is considered. The study also uses a particular type of self-efficacy: family business self-efficacy. In addition, a multi-level method is employed, which is rarely used in this context.

The paper aims to present a literary itinerary inspired in Julio Dinis’ novel An English Family (Uma Família Inglesa) through a comparative analysis of the places identified in the novel and the touristic attraction proposed by Visit Porto website. This novel is representative of the cultural identity and society of Porto city in the 19th century. Developing an itinerary based on this novel can facilitate the reading and understanding of the historical and cultural development of Porto.

This case study is based on the reading of the Julio Dinis’ novel An English Family (Uma Família Inglesa), whose storyline takes place in Porto city, Portugal in the 19th century. It used QGIS v. 3.12 software, a geographical information system to identify the places, to produce the maps and to create the itinerary.

The comparison between the places identified in the novel and the tourist attraction in Visit Porto website revealed that only 6 points in the novel are referenced on Visit Porto website. These points correspond to the ones in the historical city centre of Porto. However, the creation of an itinerary that brings together all the points mentioned by Julio Dinis in his novel, will allow the development of a new touristic itinerary, alternative to existing itineraries in the city and that can be seen as a distinguish offer that allows a different view of the urban space of Porto.

There are some limitations to this study that can be highlighted. First, it was difficult to find the correct location of some points identified in the novel, due to difficulty of finding historical maps with quality of the data. At the same time, as tourist information is dispersed by several sources, and most of those data is not georeferenced, it was time consuming the integration of all the information in the same geodatabase. The choice of the shortest path can also be considered as a limitation, rather than the route followed by the author in the novel, but geographic information systems operates on spatial and temporal scale, which can present a limitation in tourism analysis. In the case of this project, we have chosen the shortest path, assuming that tourist would prefer that.

This research allowed to address two areas of knowledge that are emerging in the study of urban centres as tourist areas: the use of GIS and literary tourism. Despite the fact that there are already articles on this subject, the originality focuses on the approach made around one of the greatest writers of Portugal in the 19th century, allowing to present a tourist itinerary about one of his literary works, and the comparison made between the places identified in the novel and the tourist points identified on the Visit Porto website.

This article aims to report on the development and validation of a bribery measurement index for the business sector, which, based on institutional theory, seeks to overcome the limitations of traditional measurements, recognizing the dynamics that originate the phenomenon and identifying process components.

To construct the index, correlational and principal component analysis techniques were used, as well as rigorous statistical tests, validating the instrument in a sample of 2,963 companies in Latin America, including Argentina, Colombia, Chile, Ecuador, Guatemala, Mexico and Peru.

The result was an instrument composed of two dimensions: (1) anti-bribery game rules, composed of regulations knowledge and anti-bribery efforts, and (2) bribery as a perceived habit, allowing an objective representation of reality due to its internal consistency, concurrent and discriminant validity.

This instrument is one of the few that focuses on measuring bribery in the business sector in terms of corrupt practices, applicable for both public and private institutions to promote game rules against bribery. Additionally, the proposed theoretical model can be used to measure other phenomena with similar characteristics.

This article empirically highlights different variables that make bribery possible. The results can be helpful in the design of strategies to prevent this type of behavior. It also highlights the importance of designing mechanisms to record information related to bribery and the different expressions of corruption in order to explain its different nuances.

Este artículo informa sobre el desarrollo y validación de un índice de medición de soborno para el sector empresarial, que, basado en la teoría institucional, busca superar las limitaciones de las mediciones tradicionales, reconociendo las dinámicas que originan el fenómeno e identificando los componentes del proceso.

Para la construcción del índice se utilizaron técnicas de análisis correlacional y de componentes principales, así como rigurosas pruebas estadísticas, validando el instrumento en una muestra de 2.963 empresas de América Latina, entre ellas Argentina, Colombia, Chile, Ecuador, Guatemala, México y Perú.

El resultado fue un instrumento compuesto por dos dimensiones: (1) reglas de juego antisoborno, compuestas por conocimiento normativo y esfuerzo antisoborno (2) soborno como hábito percibido, permitiendo una representación objetiva de la realidad debido a su consistencia interna, validez concurrente y discriminante.

Este artículo pone en evidencia empírica diferentes variables que hacen posible el soborno. Los resultados pueden ser útiles en el diseño de estrategias para prevenir este tipo comportamiento, también destaca la importancia de diseñar mecanismos para registrar la información relacionada con la lucha contra el soborno.

Este instrumento es uno de los pocos que se enfoca en medir el soborno en el sector empresarial en términos de prácticas de corrupción, útil para instituciones tanto públicas como privadas para promover mejores reglas de juego en contra del soborno. Adicionalmente el modelo teórico propuesto puede ser utilizado para medir otros fenómenos con características similares.

Competitive pressures force companies to seek solutions to eliminate wastes while improving product quality. Lean Six Sigma (LSS) has been considered one of the most effective approaches for business transformation. This article aims to present an empirical case study where LSS and Define, Measure–Analyze–Improve–Control (DMAIC) methodologies are applied to reduce defects in a car parts manufacturer.

The study follows the DMAIC methodology. Design of experiments and hypothesis testing were applied in a single case study.

The main defects and the main factors that cause defective parts were indicated for die-casting and machining processes. Solutions implemented reduced the defect incidence from a chronically high level to an acceptable one. The sigma level rose from 3.4 s to 4 s sustainably.

The study is limited to a single case study, without intention of generalizing the results to other types of industries.

This paper can be a useful guide of how to use DMAIC Six Sigma approach to defect reduction and can be applied in many sectors.

This study offers the knowledge on how to apply the Six Sigma DMAIC methodology, reducing the dependence on specialization courses.

This study describes in detail the process used in a structured improvement exercise including sigma-level calculation, factorial experiments and hypothesis tests – a set of techniques still poorly combined in the literature.

In Brazil, the city of Pelotas experienced an economic apex between the end of the nineteenth century and the beginning of the twentieth century, reflecting in the construction of several buildings. The aim of this article is to evaluate the state of degradation of the facades of the Old School of Agronomy Eliseu Maciel, using qualitative and quantitative indicators.

The study was divided into visual and photographic survey, damage map and subsequent application of the Degradation Measurement Method (MMD) and the Element Performance Index (Ip). Taking into consideration the evaluation of the building: through historical research and survey of damages. Finally, the building was framed at a level of degradation.

By calculating the average damage between the methods – damage map, MMD and Ip – a more faithful representation of the damage was obtained, since the values become balanced. The results show the potential of the use of the methods in the analysis of pathological manifestations in facades.

The originality of this article refers to the use of methods for evaluation of historical buildings. The authors believe that the methods described applied jointly provide the results about the state of degradation through nondestructive and low-cost analyses. The methods of surveying damage to Brazilian heritage are a little researched area. This work will hopefully be engaged by academics and professionals to help establish and promote broad government interest and investments.

This research explores why tourists are dissatisfied in places considered “wonders of the world”. The authors ask if the place does not match visitors' expectations or if other factors spoil the experience.

The authors analysed the lowest-rated reviews of these wonders on TripAdvisor. The authors identified the main causes of complaints and the problems tourists faced. The authors grouped the complaints into categories and used CoDa.

The results indicate that dissatisfaction does not stem from unmet expectations regarding the monument itself, but rather from other factors related to the quality of the tourist service.

The findings of this research can be implemented in those tourist spots that, despite their global popularity, have considerable proportions of unhappy visitors, not due to the attraction itself, but to shortcomings in its administration.

This study provides a deeper insight into the causes of complaints about some of the most renowned monuments, regarded as extraordinary places, where high satisfaction levels would be anticipated. It also contributes theoretically to the literature on customer complaints in tourist places.