2016, Volume 21, nº 1
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- Are state-owned firms less profitable than non-state-owned firms? European evidencePublication . Gaio, Cristina; Pinto, Inês; Rodrigues, LuísPrior research suggests that state-owned enterprises (SOE) have lower performance levels than non-state-owned enterprises (NSOE). The main goal of this study is to analyse the impact of State ownership on profitability, using two major measures of performance: Return on Equity and Return on Assets, and a broader sample of about 11,000 firms, from 37 countries, between 2003 and 2011. Our main results suggest that SOE are less profitable than NSOE for both performance measures. This finding remains equal in the crisis periods and for Western and Eastern Europe countries. We also find a negative relationship between State control and SOE´s profitability levels. Additional results indicate that, in general, SOE from Western Europe are more profitable than SOE from Eastern Europe.
- A pedagogy for ethical decision makingPublication . Ryan, Michael; Ryan, SandraWe examine a pedagogy for ethical decision-making that bridges the academic and theoretical with a dynamic and practical approach. We consider how two perspectives of mindfulness contribute to a sustainable practice. First, students explore their inner selves to build and strengthen their self-awareness. Building self-awareness and examining values and beliefs aligns with mindfulness meditation as presented by Lampe and Engleman-Lampe (2012). Second, a cognitive approach is used to examine ethics in depth using theory. This perspective aligns with the construct proposed by Langer and Moldoveanu (2000). We build on these approaches by engaging the individual’s belief and values system with theoretical foundations. We encourage the students to employ academic rigor and self-awareness as a practical approach to business ethics. The method is an ongoing and dynamic process. Sustainability depends on maintaining an informed state through the pursuit of a mindful and vigilant approach to the cognitive and self-awareness perspectives.
- Short-termism in Euronext Lisbon : an empirical analysisPublication . Matos, Pedro Verga; Coelho, MiguelFor several years, there has been an ongoing debate about one inefficiency of markets, namely, stock market myopic behavior or stock market short-termism. This inefficiency is described as being a situation where investors overvalue short-term earnings and undervalue long-term earnings. This study examines whether the Portuguese stock market exhibits such preference for short-term earnings for the period between 2000 and 2008, using the Abarbanell and Bernard (2000) accounting-based valuation model, which generates predictions about how prices should relate to book value, as well as expected short-term and long-term earnings. Empirical analysis is not conclusive. In fact the evidence collected for this period based on Abarbanell and Bernard’s (2000) cross-section analysis favours market efficiency and therefore we reject the claim of market myopia. According to this result, the Portuguese stock market assigns the same weight for all the value components of listed companies. Based on an innovative panel data analysis, we collected evidence on which market assumes a particular form of short-termism, as investors value efficiently book value and short-term earnings, but undervalue long-term earnings. This paper contributes with quantitative evidence for the rising public policy debate regarding the scale of short-termism in capital markets.