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Based on theoretical principles of Semantics, Pragmatics and Discourse Analysis/Discourse Studies, the present work analysed a corpus of opinion articles, published in Portuguese newspapers and news magazines from December 2011 to March 2013, in order to foreground the dominant social representations of ‘Troika’, ‘The Portuguese Government’ and ‘The Portuguese’ in these discourses.

A systematic analysis of discourse structures in the corpus was developed in order to examine their potential in the expression of ideological content. Concepts such as Semantic/Thematic Roles, Force Dynamics and Symmetry were combined with analytic models from Discourse Studies to illustrate the Ideological Discourse Representations and the Positions in the Discourse Space (DS) of Social Actors. The linguistic hypotheses and generalisations were generated bottom up, departing from the regular patterns observable in the empirical data and extracting conclusions from them. The interpretative practice was, therefore, made in adherence to corpus evidence.

This integrated analysis has shown that the reconstruction of ‘Portugal’ and ‘the Portuguese’ vis-a-vis ‘Europe’, represented by ‘Troika’, corresponds to opponent positioning that polarise these entities, foregrounding the distance and the conflict between them and contributing to a vision of a disintegrated Europe. In fact, the reality depicted in the opinion articles analysed was a polarised reality, in the sense that these articles repeatedly used linguistic constructions that placed (through several rhetoric devices that will be analysed) Europe and Troika on one ‘pole’ and ‘The Portuguese’ on the other ‘pole’, expressing, thus, the movement of the actors to polar opposites.

On the theoretical level, this chapter proposes an integrated approach towards opinion discourse in the press, combining Critical Discourse analytic and DS Theory perspectives with the insights from Socio-Cognitive approach by Van Dijk and aspects of Cognitive Linguistics by Talmy.

This paper aims to examine whether the release of news about policy interventions by the troika [European Union (EU)/the European Central Bank (ECB)/International Monetary Fund (IMF)] in the crisis-affected EU countries (Cyprus, Greece, Ireland, Italy, Portugal and Spain) and whether the policy responses of these countries’ governments had impacts on the return and risk of stocks in the financial and real-economy sectors of these countries.

The paper uses a broad set of news announcements concerning the troika authorities’ policy interventions and the policy responses of the affected Eurozone states’ governments. To test for the risk and return effects of these announcements during the crisis period, a set of regression equations is estimated under a difference-in-difference approach using intercept and slope dummy variables for news releases from troika authorities and from the national governments of the six EU countries. This enables unraveling the effects of the crisis (first difference) and the effects of news announcements (second difference).

The results indicate that the involvement of the troika managed to reverse some of the unfavourable market effects of the crisis. Moreover, the policy response of national governments was found to have stronger favourable effects in the markets of the affected countries implying that investors likely waited for the response of the national governments before they reacted to the policy actions of the troika. The simultaneous release of news from the troika and from national governments had adverse effects on the returns and risk of the firms in the real economy sectors, suggesting that cross-news announcements conveyed negative information in the markets.

The paper provides evidence on the effects of policy-related news announcements on the development of the recent sovereign debt crisis in Europe. This issue is highly important, as it can reveal the effectiveness of the IMF’s and EU authorities’ policy interventions in affected Eurozone member states during the first major crisis in Europe since the monetary union.

The purpose of this paper is to examine the impact of the Eurozone financial crisis by discussing the experiences of Greece, Ireland and Spain. It particularly examines the influence and actions of the Troika in the management of the sovereign debt crisis in the Eurozone.

The primary source of information for this study has been the documents of the Greek, Irish and Spanish Governments (often only available in their native language) and the reports of EU bodies and the IMF, supplemented by media coverage, as deemed appropriate. This has been analysed on a comparative basis to contrast the experiences of these three countries.

This study reveals how the Eurozone crisis has impacted on financially weak countries in this currency union. The fiscal conservatism of the Troika (the IMF, the EU and the European Central Bank) has had profound consequences for these economies, which have experienced dramatic cuts in public services.

This study has focused on the experiences of three countries in the Eurozone. There is a case for extending this analysis to other Eurozone countries.

There are two approaches to recession – governments can stimulate demand by infrastructure spending or take the financial conservatism route of reducing public expenditure and public sector borrowing. However, the severity of the crisis undermines the first approach and there are uncertain outcomes with the second approach. This paper shows the effects of adopting financial conservatism as a strategy in this crisis.

The austerity programmes pursued by the governments in this study have led to unemployment, migration of skilled workers, collapse in property markets, failing banks and social unrest.

This study takes an accounting perspective on the Eurozone crisis. This offers a distinctive interpretation of events. This study examines the merits of widely used theories in studies of public sector change namely legitimation and resource dependency theory intertwined with power and offers insights into how meaningful they are in explaining the dramatic influence of austerity programmes in the Eurozone.

The purpose of this paper is to explore the role of the Troika’s advent played in the progress of the budgeting and the financial reporting systems reform at the Greek central government level.

The approach of an extreme country case study is adopted. The data used in the paper have been identified through document analysis performed on the relevant documents produced by the Troika, the Greek Ministry of Finance, and other relevant sources. The reform process is seen through the lens of the neo-institutional theory and the resource dependency theory.

Although both reforms targeted the introduction of best international practices – particularly useful in periods of financial distress and scarce resources – the advent of the Troika affected their progress and changed the priorities. As a result, the reform was redirected toward strengthening the cash budgeting system.

The study is subject to the limitations of an extreme case study research.

This is a case where resource dependency changes political priorities and directions and affects the evolvement of state budget and accounting reforms under way.

The role of external fund providers in public sector financial management reform priority-setting, in the case of a developed Eurozone country, is analyzed. The study contributes to the research agenda on accounting practices in times of austerity.

In order to provide executives with a better understanding of the nature and purpose of strategy, the author defines and discusses strategy‐related terms, concepts, and principles and shows how they are applied in practice. Strategy is one element in a troika that also includes policy and resources. The author explains the causal relationship between the elements of the troika and the plurality of inputs, options, and outcomes that characterize effective strategy. Case examples from GE and other firms are included.

This paper aims to analyse the Portuguese companies’ determinants of capital structure. To reach this objective, the authors used data from 37 non-financial Portuguese large enterprises and from 4,233 non-financial small and medium enterprises for the period 2010-2016. Additionally, the authors selected a sub-period from 2010 to 2014 for a deeper understanding of the impact of the sovereign debt crisis and the Economic Adjustment Programme of Troika on the capital structure of those companies.

Three dependent variables were tested according to debt maturity, and a dynamic panel data model, namely, the generalised method of moments system estimator, was used to test the formulated research hypotheses following Arellano and Bover (1995) and Blundell and Bond (1998) to capture the dynamic nature of the firm’s capital structure decisions.

In general, the results point out that the capital structure decisions depend on a set of firm-specific factors, and that the effects of the determinants of the debt maturity ratios differ according to the type of firm, i.e. large/small firms, and the economic cycle.

To the best of the authors’ knowledge, this is the first study that has been carried out in Portugal by using two samples of large and small companies for analysing the effects of the Economic Adjustment Programme of Troika on the capital structure of companies. The authors seek to understand which type of companies suffered more because of the effects of the Economic Adjustment Programme of Troika during this period, and which are the capital structure determinants that present greater change. Contrary to what might be expected, large companies are the firms that suffer most from the Economic Adjustment Programme. Probably, because these companies are the most immediate, most scrutinised and those that must show abroad that the bank did not fund them in the long term, because of the imposition and limits to grant credit faced by the banks themselves.

Greece had to undertake several reforms under intense policy conditionality pressures – stemming from the three financial support programs agreed between the Greek Government and the Troika – and political instability. Within this context, this study aims to analyze the role of politicians and technical assistance staff in the administrative reform of the Greek state budget.

The study adopts the approach of an extreme country-case study which is analyzed through a theoretical framework with insights from the resource dependency theory and the concept of policy conditionality. The theoretical framework is supported by documents of the International Monetary Fund and the European Commission, including the technical Memoranda of Understanding (MoUs) and their progress reports and is informed by the outcome of interviews with General Accounting Office executives.

While the budget reform eventually met the MoU requirements, the frequent changes at the government level, the constant renegotiations with the Troika that initiated changes to the plan and the instability of the technical assistance teams formed to support the reform contributed to important implementation delays.

The study contributes to the research agenda on accounting reforms during periods of financial crises by providing evidence on the role of politicians’ level of ownership and technical assistance staff contribution.