CSG - Artigos em Revistas Internacionais /Articles in International Journals
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- Aglomeración industrial y desarrollo regional. Los sistemas productivos locales en PortugalPublication . Parejo, Francisco; Rangel, José-Francisco; Branco, AméliaEn este trabajo identificamos y localizamos los sistemas productivos locales (SPL) que existen en la actualidad en Portugal. Para ello utilizamos la metodología propuesta por Lainé (2000), ajustada y revisada con las aportaciones posteriores que realizaron Giner, Santa María y Fuster (2006) para el análisis del caso valenciano y con la incorporación de nuevos criterios de detección de aglomeraciones industriales que han sido utilizados en otros trabajos. Se adopta como unidad territorial de análisis para la localización de SPL el concelho, y como clasificación estadística para el análisis cuantitativo, la Clasificación Portuguesa de Actividades Económicas, Revisión 3 (CAE Rev. 3), específicamente información relativa a 2012. Se concluye en la detección de 25 SPL en Portugal, dos de ellos poliespecializados, concentrados mayoritariamente en la mitad norte del país y próximos a la costa atlántica. Estos representarían, aproximadamente, el 15% de la industria portuguesa en términos de empleo generado y número de establecimientos.
- An ecosystem for social entrepreneurship and innovation : How the state integrates actors for developing impact investing in PortugalPublication . Christopoulos, Tania Pereira; Matos, Pedro Verga; Borges, Rafael DrumondIn this article, we explore how an important state intervention in cooperation with many civil society actors led to impact investing field emergence, intending to create favourable conditions for social entrepreneurship and social innovation. Twenty in-depth interviews were conducted in Portugal, with the main players in the field, including private sector, government, NGOs, and EU authorities. The ecosystem formed by these actors is analysed under the institutional theory lens and through an inductive method, leading to a process-based model. The results of our case study show a state struggling to involve private sector in providing resources to the field. On demand side, new entrepreneurs are finding difficulties in meeting legal requirements and answering suppliers’ selection criteria. Intermediaries contribute to reducing complexities, but are fighting to encounter their place in the field. Our evidences further suggest that social entrepreneurship and social innovation could be implemented as socially embedded actions, in response to local demands.
- Binary interest rate sensitivities of emerging market corporate bondsPublication . Gubareva, Mariya; Borges, Maria RosaWe develop a framework to assess interest rate sensitivities of emerging market corporate debt. Our analysis, based on yield indexes, is applied to investment grade and high yield portfolios. We reach beyond correlation-based analyses of interest rate sensitivity and keep our scope centered at capital gains of emerging market corporates and U.S. government bonds portfolios. Our empirical analysis spans over the period 2002–2015. We address interest rate sensitivity of assets during the ignition, apogee, and the aftermath of the global financial crisis. Based on historical data series, we evidence that the emerging market corporate bonds exhibit two different regimes of sensitivity to interest rate changes. We observe switching from a positive sensitivity under the normal market conditions to a negative one during distressed phases of business cycles and provide economical explanations of such phenomena. We show that emerging market corporate bonds, which on average could appear rather insensitive to the interest rate risk, in fact, present binary interest rate sensitivities. This research sheds light on how financial institutions may approach interest rate risk management including the downside risk hedge. Our findings allow banks and financial institutions to optimize economic capital under Basel III regulatory capital rules.
- Binary interest rate sensitivities of emerging market corporate bondsPublication . Gubareva, Mariya; Borges, Maria RosaWe develop a framework to assess interest rate sensitivities of emerging market corpo rate debt. Our analysis, based on yield indexes, is applied to investment grade and high yield portfolios. We reach beyond correlation-based analyses of interest rate sensitivity and keep our scope centered at capital gains of emerging market corporates and U.S. government bonds portfolios. Our empirical analysis spans over the period 2002–2015. We address interest rate sensitivity of assets during the ignition, apogee, and the after math of the global financial crisis. Based on historical data series, we evidence that the emerging market corporate bonds exhibit two different regimes of sensitivity to inter est rate changes. We observe switching from a positive sensitivity under the normal market conditions to a negative one during distressed phases of business cycles and provide economical explanations of such phenomena. We show that emerging mar ket corporate bonds, which on average could appear rather insensitive to the interest rate risk, in fact, present binary interest rate sensitivities. This research sheds light on how financial institutions may approach interest rate risk management including the downside risk hedge. Our findings allow banks and financial institutions to optimize economic capital under Basel III regulatory capital rules
- Brazilian gold and the Lisbon Mint House (1720-1807)Publication . Sousa, Rita Martins deThe purpose of this article is to present the official registers of the arrival of Brazilian gold in Portugal, the Livros dos Manifestos do 1% do ouro do Brasil, which are part of a documentary database that exists at the Lisbon Mint House. Discussion of this source and the data provided by it can contribute towards a better historiographic understanding of the issues related to precious metals. The intention here is also to make a comparative analysis between the statistical series already available about the flow of gold across the Atlantic to Portugal and the data available about Spain, facilitating comparisons between the production of the official sources for gold and silver in the two countries. Contrary to what happened in the case of the Casa de la Contratación, which lost control over cargoes after 1668, the Portuguese legislation always afforded the Lisbon Mint House a relatively centralizing role in the receipt of gold remittances. The first section of this article describes the institutional framework behind the source of the Livros dos Manifestos, making a comparison with Spain, which did not lose its relative homogeneity in spite of the changes introduced through legislative procedures. In the second section, a comparison is made between this official source and the results provided by other statistical series describing gold flows at that time. The period under scrutiny is that between 1720 and 1807. The beginning of this time scale is explained by the centralization policy introduced in 1720 when a 1% tax first began to be levied on the value of the gold shipped to Lisbon. The Livros dos Manifestos ended in 1807, when gold ceased to be a source of tax revenue for the budgets of the Portuguese state
- Cambios en la localización de la industria corchera mundial. Una perspectiva históricaPublication . Branco, AméliaEste trabajo aborda, de una forma descriptiva, los cambios de localización de la industria corchera desde mediados del siglo XVIII hasta la actualidad, proponiéndose los factores que, en nuestro criterio, están detrás de ellos. Lejos de procurar un análisis cuantitativo de las distintas facetas del negocio o de plantear una metodología novedosa, el artículo se presenta como un ensayo de historia económica que, a partir del conocimiento ya existente sobre la evolución del negocio en el último siglo, puede servir para entender mejor los cambios que se están produciendo en la actualidad en el mismo, y de esta forma ser útil para percibir mejor los factores de localización que pueden estar detrás de ellos.
- China’s approach to economic diplomacy and human rightsPublication . Silva, Joaquim Ramos; Galito, Maria SousaAt the beginning of the 21st century’s second decade, China became not only a major emerging economy, one of the BRICS, but also assumed an increasingly pivotal role in the world economy. As long since demonstrated by Hirschman (1945), wealth and economic strength also mean power and the capacity to influence the behaviour of other nations. In this paper, we examine the rise of China from the perspective of economic diplomacy in conjunction with its relationship with human rights issues. In this setting, understanding its geopolitical priorities alongside the main instruments and goals of its economic diplomacy is essential to properly concluding whether or not its model is coercive by nature or simply pragmatic. Is China effectively playing the global game fairly or should concerns be raised? This paper attempts to answer this and other questions including what rapport exists between China’s foreign policy and human rights related issues.
- Chronic conditions and school participation of first-year university students — HOUSE ULisbon studyPublication . Cerqueira, Ana; Guedes, Fábio Botelho; Marques-Pinto, Alexandra; Branco, Amélia; Galvão, Cecília; Sousa, Joana; Goulão, Luis F.; Bronze, Maria Rosário; Viegas, Wanda; Gaspar, TaniaStudents with chronic conditions (CC) tend to experience several barriers in terms of their school participation and performance. Therefore, the present study aims to explore the factors related to the time of diagnosis of CC (recent/non-recent), the barriers to participation and academic success (health condition, people’s attitude towards CC and school physical environment), the physical and mental health (physical/psychological symptoms and concerns) and school-related variables (relationship with teachers and peers), regarding the school participation of first-year students with CC. This work is part of the HOUSE-Colégio F3 Project, University of Lisbon, which includes 1143 first-year university students from 17 Faculties and Institutes of the University of Lisbon. In this specific study, only the subsample of 207 students with CC was considered, 72.4% of which were female, aged between 18 and 54 years (M = 20.00; SD = 4.83). The results showed that students with a recent diagnosis of CC and students with school participation affected by the CC were those who presented more negative indicators regarding barriers to school participation, physical and mental health, and school-related variables. A greater impact of CC in terms of school participation was associated with having a recent diagnosis, with people’s attitude towards CC and with the health condition as barriers, with more psychological symptoms and worse relationships with teachers and peers. This is a relevant message for the organization of health services for students with CC at the beginning of their university studies, especially since they are often displaced from home and managing their health conditions alone (in many cases, for the first time).
- Cluster and business performance: Historical evidence from the Portuguese cork industryPublication . Branco, Amélia; Lopes, João CarlosThis paper analyses the relative performance of clustered and non-clustered companies during the different phases of the cluster life cycle. It starts by explaining the location of most of the Portuguese cork manufacturing companies in Santa Maria da Feira, a small county in the north of the country, whereas the bulk of cork is produced in the South. The historical roots of the Feira cluster are examined, as well as the identification of its life cycle phases. The performance of clustered and non-clustered companies is compared using labour productivity data over a long time span of several decades. This exercise illustrates the crucial importance of history for the understanding of cluster dynamics, as well as many other (evolutionary) economic phenomena.
- Competitive intelligence: a research model tested on Portuguese firmsPublication . Franco, Mário; Magrinho, André; Silva, Joaquim RamosAbstract: Purpose . - The purpose of this paper is to analyse the environmental scanning practices and information sources used by large companies as well as by small and medium-sized enterprises (SMEs), the latter being relatively absent from scientific scrutiny. In doing so, it endeavours to contribute to a better understanding of the scanning and information-gathering behaviour of SMEs, in order to develop measures to overcome their potential disadvantages in this respect. Design/methodology/approach – Data were obtained from 165 Portuguese firms. Respondents were required to evaluate their use of 11 different environmental scanning practices and 12 information sources. For data analysis, the variables were classified using principal component analysis. Subsequently, the retained components and variables underwent a one-way variance analysis. Findings – Results indicate that smaller firms do not scan as broadly and as frequently as their larger counterparts. Although external information sources are used equally by larger and smaller enterprises, in general there is also a positive relationship between the exploitation of information sources and firm size. Research limitations/implications – Findings are taken from the Portuguese context, with its own idiosyncratic economic structure and climate. Generalisations should therefore be made with caution. Practical implications – As the “size effect” influences the propensity for environmental scanning, SMEs are urged to adopt inter-firm strategies in order to achieve a critical mass. The importance of building scanning and information networks among SMEs must be highlighted. Originality/value – Research on environmental scanning in SMEs and comparative studies of the firm size effect have been relatively scarce. The findings reveal that firm size matters, insofar as the use of different scanning practices and information sources mostly augments with increasing firm size.