The impact of the financial crisis on the financial constraints of portuguese small and medium enterprises

Dissertação de mestrado em FinançasWith the Portuguese financial crisis, companies had to struggle to be able to overcome the difficulties. Some were able to manage those difficulties, but others did not have the possibility to maintain their activity and had to close the doors. But how were their financial constraints affected? What was the impact that the crisis had on small and medium enterprises (SMEs)? To answer these questions, this study analyses the impact of the recent financial crisis and the sovereign credit rating downgrade of 2011 on the financial constraints of Portuguese SMEs, in a way to understand the difficulties that they faced (or still face) after the crisis. In this dissertation is used the Erel, Jang and Weisbach (2015) approach since their analysis also focus only private firms. According to their methodology, three hypotheses should be tested based on the cash flow sensitivity of cash, the cash flow sensitivity of investment and cash holdings. If a firm is financially constrained, these factors should increase. In this case, the results obtained are not the expected because the three hypothesis purposed are all rejected, indicating that private firms and, more specifically, SMEs were not financially constrained after the financial crisis and the Portuguese sovereign credit rating downgrade in 2011. However, this may not mean that companies were well, but instead that they were even worse than expected, since they did not have the possibility to save cash to finance future investments, nor to retain the cash obtained from the cash inflows or even were not able to use their cash flows to invest.Com a crise financeira Portuguesa, as empresas tiveram de batalhar para ultrapassar as dificuldades. Algumas foram capazes de lidar com essas dificuldades, mas outras não tiveram a possibilidade de manter a sua atividade e tiveram de fechar as portas. Mas como é que foram afectadas as suas restrições financeiras? Qual o impacto que a crise teve nas pequenas e medias empresas (PMEs)? Para responder a estas questões, este estudo analisa o impacto da recente crise financeira e da descida do rating soberano em 2011 nas restrições financeiras das PMEs Portuguesas, de forma a perceber as dificuldades que estas enfrentaram (ou que ainda enfrentam) depois da crise. Nesta dissertação é utilizada a abordagem de Erel, Jang and Weisbach (2015), uma vez que estes autores também focam o seu estudo em empresas privadas. De acordo com a sua metodologia, três hipóteses devem ser testadas com base na sensibilidade de caixa ao cash flow, sensibilidade do investimento ao cash flow e acumulação de liquidez. Se uma empresa está financeiramente restringida, estes fatores devem aumentar. Neste caso, os resultados obtidos não são os esperados, pois as três hipóteses propostas são todas rejeitadas indicando que as empresas privadas e, mais especificamente, as PMEs não estavam restringidas financeiramente depois da crise financeira e da descida do rating soberano Português em 2011. Contudo, isto pode não significar que as empresas estavam bem, mas sim que elas estavam ainda piores do que se esperava, uma vez que não tinham possibilidade de poupar dinheiro para financiar futuros investimentos, nem para reter dinheiro proveniente dos cash inflows ou nem foram capazes de utilizar os cash flows para investir

¿Es útil diferenciar a los interlocks de acuerdo con el tipo de consejero (ejecutivo o no ejecutivo) que los posee? Su influencia sobre el rendimiento de la empresa

Taking the assumptions of the resource dependency theory as our starting point, the main objective of this investigation is to gain an understanding of how and in what way board members who serve on multiple boards (interlocks) can affect a firm’s profitability, and whether it is useful to consider the derivation of these interlocks according to the type of board member (executive or non-executive) who possesses them. Using dynamic panel data analysis (GMM) and a sample of 88 firms quoted on the Spanish Continuous Market for the period 2005–2008, our results confirm the existence of a curvilinear (inverted-U) relation between interlocks and firm performance. The results demonstrate that this relation is only significant if we include the total number of external ties rather than just the number of links generated by non-executive directors. We can also confirm that the degree of familiarity and shared knowledge between board members (measured by average board tenure) affects this relationship.Partiendo de los supuestos de la teoría de dependencia de recursos, el principal objetivo de esta investigación pasa por conocer cómo y de qué forma la pertenencia de los consejeros a múltiples consejos (interlocks) podría afectar a la rentabilidad de la empresa y si es importante considerar en esta relación la procedencia de los interlocks según la tipología del consejero que lo ostente (consejeros ejecutivos y no ejecutivos). Mediante un análisis de datos de panel dinámico (GMM), y a través de una muestra de 88 empresas cotizadas en el Mercado Continuo espa˜nol para el periodo 2005–2008, los resultados obtenidos confirman que existe una relación curvilínea (en forma de U invertida) entre los interlocks y el rendimiento de la empresa, y que esta relación es sólo significativa si tenemos en cuenta el número total de vínculos externos, y no sólo cuando tomamos en número de vínculos generados por los consejeros no-ejecutivos. Asimismo, podemos afirman que el grado de familiaridad y conocimiento mutuo entre los miembros del consejo (medido por la permanencia media del consejo) influye sobre esta relación

The 5th International Congress of CiiEM : Reducing inequalities in Health and Society

Proceedings of the 5th International Congress of CiiEM - Reducing inequalities in Health and Society, held at Egas Moniz’ University Campus in Monte de Caparica, Almada, from June 16th to 18th, 2021.The 5th International Congress of CiiEM (IC CiiEM) took place on 16–18 June 2021, as a multidisciplinary scientific online forum focused on Reducing Inequalities in Health and Society. The congress brought together experts from several fields to present their latest findings, experiences and proposals. It included topics such as Personalized Health Intervention, Infectious Diseases and Improving Global Health, Decoding the Role of the Environment and Digital Transformation in Health. Over the course of the three exciting days, 36 invited keynote speakers presented their work, along with several free communications. During the last afternoon, six thematic sessions ran simultaneously, where more than 30 specialists discussed various topics related to specific areas of knowledge. It was a fruitful scientific event, and a model towards a more comprehensive approach to the current and future challenges in Health and Society.info:eu-repo/semantics/publishedVersio

Development of Head Space Sorptive Extraction Method for the Determination of Volatile Compounds in Beer and Comparison with Stir Bar Sorptive Extraction

A headspace sorptive extraction method coupled with gas chromatography-mass spectrometry (HSSE-GC-MS) was developed for the determination of 37 volatile compounds in beer. After optimization of the extraction conditions, the best conditions for the analysis were stirring at 1000 rpm for 180 min, using an 8-mL sample with 25% NaCl. The analytical method provided excellent linearity values (R-2 > 0.99) for the calibration of all the compounds studied, with the detection and quantification limits obtained being low enough for the determination of the compounds in the beers studied. When studying the repeatability of the method, it proved to be quite accurate, since RSD% values lower than 20% were obtained for all the compounds. On the other hand, the recovery study was successfully concluded, resulting in acceptable values for most of the compounds (80-120%). The optimised method was successfully applied to real beer samples of different types (ale, lager, stout and wheat). Finally, an analytical comparison of the optimised HSSE method, with a previously developed and validated stir bar sorptive extraction (SBSE) method was performed, obtaining similar concentration values by both methods for most compounds

Influence of oxygen supply on the susceptibility of cv. Palomino fino must to browning

Experiments have been conducted on the oxidation of must (cv. Palomino fine). At the initial decanting process prior to fermentation, wines produced from hyperoxidized must had a reduced content of oxidable polyphenolic compounds and a reduced tendency to browning; they maintained these characteristics after bottling. Intermediate doses and the combined use of oxygen and sulphur dioxide were not fully effective in resolving the problem of browning for must of this grape variety, The larger the dose of oxygen (30 mg.l-1), the less the content of hydroxycinnamic esters and the lower the oxidizability, This dose was appropriate for producing a "fino" sherry wine with a low tendency to browning, retaining the sensory characteristics of this particular type of wine

The role of market learning in customer value creation

Dentro del campo de la estrategia, en general, y de la perspectiva de los Recursos y Capacidades (RYC), en particular, una de las mayores críticas planteadas es la escasa atención prestada a la cuestión sobre cómo los recursos generan valor para el cliente. Este trabajo se desarrolla dentro de la reciente línea de investigación que apunta la necesidad de analizar la perspectiva de la demanda, es decir, cómo los recursos de la empresa se utilizan para crear valor para el cliente. En concreto, se analiza el papel que juega la capacidad para percibir el mercado en la generación de un valor superior para el cliente y, en la consecución de unos resultados superiores. Para alcanzar dicho objetivo se desarrolla, en primer lugar, una revisión del marco teórico de la investigación. En segundo lugar, se expone la investigación empírica desarrollada en el ámbito de las entidades aseguradoras.One of the main criticisms in the strategy field, in general, and the resource-based view (RBV) in particular, is the poor attention paid to the question about customer value creation through organizational resources. This paper takes place in the new research line that points out the need to analyse the customer view, that is, how business resources are used to create value for the customer. Specifically, the role that market-sensing capability plays in superior customer value generation and its effects on superior performance are analysed. To reach this objective, first we develop a theoretical revision. Second, empirical research developed in the Spanish Insurance sector is put forward

La importancia de los costes de cambio en el comportamiento del cliente

Debido a la intensa competencia existente en el sector servicios, conseguir la lealtad de los clientes y evitar su pérdida, constituye la principal fuente de ventaja competitiva. Es por ello, que para estas empresas, además de analizar las razones que llevan a un cliente a permanecer fiel a su proveedor habitual, es vital determinar las causas que motivan el abandono y posterior cambio de proveedor. Sin embargo, la decisión de cambio no siempre se traduce en comportamiento, debido a la existencia de. barreras físicas, económicas y emocionales que dificultan tal decisión. Entendemos como costes de cambio el conjunto de estas barreras u obstáculos que impiden la finalización de la relación actual y el cambio a un proveedor alternativo. De este modo, el objeto del presente estudio se centra en delimitar el concepto y naturaleza de dichos costes, así como una posible clasificación y escala de los mismos, con el fin de determinar su dimensionalidad. Por último, analizaremos la relación de esta variable con la lealtad y el grado de atractivo de las alternativas disponibles

Nivel de servicio y retención de clientes: el caso de la banca en España

En este artículo se plantea el estudio de la influencia que el nivel de servicio tiene sobre la retención de clientes. Por "nivel de servicio" entendemos la cantidad de recursos invertidos por la organización para alcanzar un desarrollo adecuado del servicio y, a través de ést, lograr un buen nivel de interacción con el cliente. Asimismo, y mediante un modelo estructura, se analiza el impacto final de la relación anterior sobre la rentabilidad de la firma. El sector elegido para la investigación empírica es la banca minorista española

Desarrollo del marketing relacional en España

El objetivo de este artículo es el de analizar el grado de desarrollo y aceptación del enfoque de marketing relacional como paradigma emergente en el ámbito de la Universidad española. En este sentido, nos ocuparemos, enprimer lugar, de describir los diferentes Indicadores que se han utilizado para medir el nivel de desarrollo paradigmático de un área o campo científico y, a continuación, aplicaremos esas medidas en el área de conocimiento de Comercialización e Investigación de Mercados.The objective of this paper ¡s to analyze to what extend is relationship marketing being accepted and developed as emerging paradigm in the scope of Spanish universities. In this sense, we will firstly describe several indicators that have been used to measure paradigmatic development levéis of one scientific área, and afterwards, we will apply those measures to specific scientific área of Marketing and Marketing Research

The board of directors and international decision-making

This paper develops a view of how specific elements of the directors' human and social capital can enhance a company's international performance. We have taken the view that the board is an active participant in the firm’s management, and we have therefore set out and tested a number of arguments related to the board’s role in the adoption of international decisions. Specifically, our results point to the need to incorporate board members with high levels of education and international background with ability to learn and process information and to help international decision-making. As shown by our results, a high level of external connectivity of directors could have negative repercussions for internationalization since they limit the time spent on the board and therefore reduces the cohesion and trust inside the board. The implications of this research, therefore, are important for both executives and academics, as it helps to know what attributes contribute to the board’s effectiveness in such a way as to positively affect the internationalization of the firm