ADVANCE/CSG - Artigos em Revistas Internacionais / Articles in International Journals
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- The effect of IFRS adoption on the business climate: A country perspectivePublication . Penela, Daniela; Estevão, João; Morais, AnaAbstract: Based on the ten areas that are measured by the ease of doing business (EDB) and based on the getting credit (GC) indicator, this study seeks to analyze factors that lead to a more favor able business climate in different countries. The methodology of fuzzy set qualitative comparative analysis (fsQCA) was used to determine the paths taken by configurations or conditions in which variables affect an outcome. The results showed that high EDB and GC scores may be obtained un der specified levels of IFRS (International Financial Reporting Standards) adoption degree and user experience requirements. Therefore, the adoption of IFRS could result in a better business climate in a nation since it would increase the comparability of financial statements, which will lower costs for investors, draw in foreign investors, and boost trust. Finally, the findings indicated that, depending on the presence of specific levels of GDP per capita, entrepreneurship, income group, and foreign direct investment (FDI) inflows, low or high values of IFRS adoption and high experience in applying IFRS are necessary to achieve high GC scores.
- Goodwill impairment and key audit mattersPublication . Gonçalves, Inês; Morais, Ana; Pinto, InêsAbstract: The main goal of this paper is to analyze the factors that influence the auditor’s decision to disclose goodwill impairment as a key audit matter (KAM). For this analysis, we use a logit model to determine the factors that influence auditors’ disclosure of a goodwill impairment as a KAM. Our sample comprises 92 companies listed in the stock market indices of Germany (DAX 30), Belgium (BEL 20), Spain (IBEX 35), France (CAC 40), the Netherlands (AEX), and Portugal (PSI 20) as of the 2017 fiscal year-end. The results show that in highly profitable companies or in those with strong corporate governance, the auditor is less likely to disclose good will impairment as a KAM. Findings also show that the economic significance of goodwill holds significant influence over the auditor’s decision-making even in companies with strong governance structures. The contribution of this paper is the provision of direct evidence on what motivates auditors to disclose goodwill impairment as a KAM. Findings show a direct relationship between profitability, corporate governance, and the disclosure of goodwill impairment as a KAM.
- Actuarial gains and losses: the choice of the accounting methodPublication . Morais, AnaABSTRACT IAS 19: Employee Benefits (2004) enables a choice between three accounting methods of recognising actuarial gains and losses: profit or loss, equity and corridor methods. The objective of this paper is to identify the accounting method of actuarial gains and losses followed by companies after the mandatory adoption of International Accounting Standards Board (IASB) standards. Information was collected about that accounting method adopted by 523 European companies, in the first year of mandatory IASB standards adoption. It was found that most of European companies included in the sample adopted the corridor method or the equity recognition method. The results also show that the equity recognition method is more used in the United Kingdom (UK) and Ireland and the corridor method is more used by financial companies.
- Audit Committee’s characteristics and the cost of debtPublication . Santos, Inês Borges; Pinto, Inês; Morais, AnaAbstract - Objective: This paper examines the association between audit committee characteristics and the cost of debt, with the aim of gaining new insights on how this corporate governance mechanism contributes to the reduction of debt costs. Methodology: Using a sample of FTSE 100 companies listed in 2018 and 2019, our study investigates how audit composition and characteristics, such as financial and industry expertise, gender, tenure and diligence affect audit committees’ oversight role, and therefore the impact on the companies’ level of risk and the cost of debt. Findings: The results show that overall audit committee’s characteristics do not impact the corporate cost of debt, except for the gender of the audit committee’s chair. Companies with audit committees managed by a chairwoman experience a lower cost of debt. The results also confirm that external auditors influence the cost of debt. As additional test, we conducted a principal component analysis to construct a corporate governance index of audit committee´s characteristics, and we obtained similar results. Overall, the study results seem to suggest that the cost of debt is more significantly influenced by external auditors than by the characteristics of the audit committee. Value Added: This paper contributes to the literature on corporate governance by showing how audit committees characteristics affect the cost of debt. Recommendations: This study improves the understanding of the way debtholders may assess audit committee’s characteristics and auditors when assessing companies’ financial risk and the corporate cost of debt.
- Analysis of the effects of task environment and firm’s market power on competitive position of Brazilian firmsPublication . Dias, Alexandre Teixeira; Camargos, Marcos Antônio de; Falcão, Nidelson Teixeira; Matos, Pedro VergaPurpose: The study aims to analyze the effects that task environment and firm’s market power exerts on Brazilian firm’s competitive position, during the period of 2012 to 2017, which encompasses the effects of the 2008 crisis. Design/methodology/approach: We used Partial Least Squares path modeling when estimating the effects of competitive environment and market power on a firm’s competitive position, considering the effects of time. The size of firm was used as a weighting factor. The sample is comprised by manufacturing industry Brazilian publicly traded firms, active in the period 2012 to 2017. Findings: The capacity of firms to achieve and sustain a favorable competitive position is directly dependent on the degree of market power they own. Under a reactive managerial point of view, managers should make strategic choices that allow the firm to stay close to consumers, to maintain and reinforce market power, avoiding reductions in market share. Under a proactive managerial point of view, managers should take advantage of market power by building barriers that would make it difficult for competitors to have access to consumers. Originality/value: This research brings two original contributions. The first one is the identification of the determining factors of the competitive position of Brazilian firms, during the period after the 2008 financial crisis. The second one is the proposition and test of a structural equations model to estimate the effects of market power and task environment on firm’s competitive position.
- Beta-convergence and sigma-convergence in corporate governance in EuropePublication . Matos, Pedro Verga; Faustino, Horácio C.This paper tests for beta-convergence and sigma-convergence in the corporate governance models, using a sample of corporate governance ratings for 198 European corporations listed on the FTSE Eurofirst 300 index. A piecewise linear regression is deployed to select a model and the Poisson pseudo-maximum likelihood estimator is also applied to estimate an exponential model. It concludes that there is statistical evidence of beta- and sigma-convergence within countries and the results suggest that institutional differences between countries are statistically relevant.
- The impact of copycat packaging strategies on the adoption of private labelsPublication . Vale, Rita Coelho do; Matos, Pedro VergaPurpose – This paper aims to analyze the impact of copycat packaging strategies on consumers’ product choices, assessing to what extent the adoption of this type of packaging increases the likelihood of purchase of private labels (PLs). Design/methodology/approach– Data were collected in a preliminary field study (1,032 observations), followed by two experimental studies. Study 1 analyzed to what extent PLs’ packaging similarity influences consumers perceptions regarding product quality and production origin across six product categories. Study 2 analyzed, in a simulated real retail setting, to what extent copycat packaging strategies influence consumers’ choice across 22 product categories. Findings– Results indicate that the higher the level of package similarity between PLs and national brands (NBs) (copycat strategy), the higher the likelihood that PLs’ products are perceived as being produced by one of the NBs’ manufacturers, leading to enhanced perceptions of quality of the PL products, and that the higher the level of package similarity, the higher the likelihood of consumption of PLs, especially when consumers are choosing products of utilitarian versus hedonic nature. Research limitations/implications– Data were collected in a south-western European country, which will aid the development of further studies in different retail settings. Originality/value– This paper analyzes the impact of copycat packaging adoption by retailers on consumers’ perceptions and preferences about PLs. To the authors’ knowledge, this study is the first to assess, across multiple product categories and use market copycats, the potential effects of PLs packaging strategies on consumers’ purchase behavior.
- Exports, productivity and innovation : new firm level empirical evidencePublication . Faustino, Horácio C.; Matos, Pedro VergaThis article examines the determinants of Portuguese exports, applying data from 277 manufacturing firms for the period 2006–2010. In 2010, these firms accounted for about 47% of total Portugal’s exports. Both the static and dynamic results of the estimated models confirm the positive influence of productivity on variations in exports. The dynamic estima-tions also suggest that exports in the previous period hold a positive effecton contemporaneous exports, confirming the Roberts and Tybout (1997) sunk cost hypothesis for exports. In the dynamic analysis, the labour costs and the size of the firm do not have a statistically significant effect on Portuguese exports with the findings also pointing to increased expendi-ture on research and development (R&D) generating no statistically sig-nificant effect on exports. The lagged R&D expenditure was also insignificant in explaining the change of Portuguese exports. Thus, these results suggest that applying a product or process innovation measure returns better results than indirect measures such as R&D expenditure.
- Supporting multicriteria group decisions with Macbeth tools: selection of sustainable brownfield redevelopment actionsPublication . Mateus, Ricardo J. G; Costa, João C. Bana e; Matos, Pedro VergaDecisions on sustainable development issues usually involve multiple stakeholders with multiple and often conflicting perspectives. Participatory processes along with sound multicriteria analysis tools and models for cooperative group decision-making can support stakeholders to select the best actions. This article presents a real-world application of the MACBETH socio-technical approach for the sustainable redevelopment of a brownfield. The project is aimed at presenting a visible and high-profile participation process that could trigger a domino effect for other mine brownfield redevelopment projects to follow in Portugal. A group of key stakeholders was chosen to represent the main evaluation perspectives of the decision context. Structuring the problem was carried out during a decision conference. As it was not possible to apply a full decision conferencing procedure, we conducted at distance a novel participatory process supported by several decision support tools (M-MACBETH, MACBETH Voting, and Web-MACBETH) to evaluate and select the actions under a weak sustainability assumption. Two alternative multicriteria aggregation schemes were applied in order to assist the group in evaluating the added value and doability of the proposed actions. New measures and methods to analyze the dominance relationships between the actions were proposed, further assisting the group in the priority selection of the most effective and doable sustainable actions. Ex-post evaluations of the proposed approach identified its associated benefits and shortcomings. By-products of the research include case study evidences suggesting that decision conferencing yields more aligned evaluations than a nominal group process, and that each brownfield redevelopment action is typically assessed as having consequences across multiple sustainability criteria.
- Influence of green creativity on organizations : A case study from the perspectives of leaders and subordinatesPublication . Henriques, Paulo Lopes; Jerónimo, Helena Mateus; Laranjeira, JéssicaThe sustainability framework has a strong influence on the policies, practices and procedures of companies. Green creativity plays a pivotal role in the development of initiatives and innovations for the environmental pillar of sustainability. Based on a survey applied to a Portuguese company with an accredited environmental management system (N = 146), the findings reveal that green creativity is influenced in different ways when analysed from distinct perspectives. The leader's green creativity is positively influenced by the subordinate's green self-efficacy and personal identification with the leader, whereas the subordinate's green creativity is positively influenced by their green passion and green self-efficacy, and the leaders' green creativity. This study shows that green creativity develops differentially according to distinct job positions and expectations that in practice must be complementary and synergistic for its effective development.