Labour productivity in state-owned enterprises

In the aftermath of the Global and Financial Crisis (GFC), between 2013 and 2015, the Portuguese government revoked four holidays for both public sector and private employees. We test whether the revocation had an effect on labour productivity in State-Owned Enterprises (SOEs) in Portugal. Moreover, we also study whether such effects are different taking into account the SOEs managed by the Central Government or the Local and Regional Governments. Our results show that revocation of holidays did not impact labour productivity for either central or local and regional government managed SOEs. Though revocation of holidays espoused to improve productivity, the policy seems to have served a ceremonial purpose, but not an economic oneinfo:eu-repo/semantics/publishedVersio

Research and Development, Cash Flow, Agency and Governance: UK large companies

This paper investigates the determinants of R&D expenditure using a sample of UK listed companies with the highest spend from 2000 to 2005. We investigate the effect of corporate governance and ownership on R&D, using panel data. The results provide some evidence that more governance tends to depress R&D activity, a finding that is robust to whether a composite or disaggregated index of governance is used. One innovation of the paper is that we treat agency and finance effects interactively. The ownership stake of the CEO appears to be supportive for R&D

EU Finance Ministers, capital markets and fiscal outcomes

We investigate the relevance of the characteristics of Ministers of Finance as an influence on the development of stock returns, sovereign yields and fiscal outcomes, which result from the implementation of their fiscal policies. For a panel of 27 EU countries, covering the period of 1980-2012, we find that academic background, tenure and gender, play a role in determining stock and bond market returns, as well as the general fiscal position of governments.UECE is supported by the Fundacão para a Ciência e a Tecnologia (Portuguese Foundation for Science and Technology) through the PEst-OE/EGE/UI0436/2011 project. Advance is supported by the FCT

Consulting project for the definition of feels like home’s growth strategy for the next 5 years analysis of the property management industry and recent disruptions

Feels Like Home is a property management firm and the leader in the Portuguese market. With new competitors entering the markets, FLH has to develop new strategies to main ta in its position. For that ,it was performed a deep market analysis and an internal analysis to the company, based on exper interviews, surveys, research finding setc. It was concluded that FLH has a lo to froom for improvements inside its own departments and organization. There fore, recommendations were made in order toover comes ome challenges that FLH could face in the future

Top managers' characteristics as causal explanations for self-reported performance

We use a fuzzy-set qualitative comparative analysis to examine how four characteristics of top managers (narcissism, sense of control, tenure, and workload) explain their high or low self-reported performance. Our survey sample comprises 784 top managers (572 males and 212 females) from non-listed firms in all industries in Portugal. While the results show that none of the characteristics is either a necessary or sufficient condition, they do show that three different paths exist that are conducive to high self-reported performance. The results indicate that the self-images of the managers and the control they exert over others influence their judgements about their performance and the reality of the firm. This finding highlights the important effect that top managers' characteristics have on performance, and stakeholders should consider this effect when analyzing a firm.info:eu-repo/semantics/publishedVersio

Labour productivity in state‑owned enterprises

In the aftermath of the Global and Financial Crisis, between 2013 and 2015, the Portuguese government revoked four holidays for both public sector and private employees. We test whether the revocation had an effect on labour productivity in state-owned enterprises (SOEs) in Portugal. Moreover, we also study whether such effects are different taking into account the SOEs managed by the Central Government or the Local and Regional Governments. Our results show that revocation of holidays did not impact labour productivity for either central or local and regional government managed SOEs. Though revocation of holidays espoused to improve productivity, the policy seems to have served a ceremonial purpose, but not an economic one.info:eu-repo/semantics/publishedVersio

The enemy within: deszincificação e corrosão cíclica numa escultura equestre em latão patinado

A presente dissertação tem como objetivo a caracterização, avaliação do estado e a elaboração de uma estratégia para a conservação de uma escultura equestre em latão, que apresenta um mau estado de preservação, devido à presença de corrosão cíclica localizada. Considerando a falta de informação relativamente à proveniência, data de produção deste objeto e à sua história procedeu-se à elaboração de uma contextualização com base estilística e à revisão de literatura sobre o processo de deszincificação em meios com cloro. Para a elaboração de uma proposta adequada às necessidades de conservação do objeto recorreu-se a métodos de análise física e química, que forneceram informações essenciais relativamente à sua constituição e composição, aos problemas de corrosão e dano, e respetivas causas. O exame de superfície foi realizado por observação por microscopia ótica com lupa estereoscópica; as análises estrutural e microestrutural foram realizadas, respetivamente, por radiografia digital e por metalografia; os estudos composicionais foram realizados por EDXRF, SEM-EDS e DRX. A escultura, em latão Cu62.2 - Zn36.5 - Sn1.3, foi fundida pela técnica de fundição em areia em partes distintas e posteriormente unido por brasagem e patinado de castanho. Com base no estudo do material, foi possível concluir que a presença de cloretos provenientes do interior do objeto é a principal responsável pela reincidência do processo de deszincificação e corrosão autocatalítica, desenvolvendo-se um processo de acentuada corrosão ativa. A progressão deste mecanismo poderá levar à sua instabilidade estrutural, e poderá pôr em causa o manuseamento e apreciação do objeto. Foi necessário otimizar uma metodologia de limpeza — mecânica e química — investigativa da superfície e pré-estabilização, que obedeceu aos critérios de intervenção mínima, por forma a não comprometer a decoração da superfície, e a promover a estabilização das camadas de corrosão com um inibidor de corrosão. Elaborou-se ainda uma proposta metodológica de dessalinização interna controlada, de modo a se atingir uma estabilidade química segura e que não afetasse a decoração. Foi ainda assegurado o bom acondicionamento do objeto.This dissertation aims to characterize, assess the condition and develop a strategy for the conservation of an equestrian sculpture in brass, which is in a poor preservation state, due to the presence of localized cyclic corrosion. Considering the lack of information regarding the origin, date of production of this object and its history, a stylistic-based contextualization was carried out, as well as a literature review on the dezincification process in chlorine-containing media. To prepare a proposal suited to the conservation needs of the object, methods of physical and chemical analysis were used, which provided essential information regarding its constitution and composition, corrosion and damage problems, and their respective causes. The surface examination was performed by optical microscopy observation with a stereoscopic magnifying glass; structural and microstructural analyzes were carried out, respectively, by digital radiography and metallography; compositional studies were performed by EDXRF, SEM-EDS and DRX. The sculpture, in brass Cu62.2 - Zn36.5 - Sn1.3, was cast using the sand-casting technique in different parts and later joined by brazing and patinated in brown. Based on the study of the material, it can be concluded that the presence of chloride inside the object is the main responsible for the development of a dezincification and autocatalytic corrosion process, thus being under aggravated active corrosion process. The progression of this mechanism could lead to structural instability and could jeopardize the handling and appreciation of the object. It was necessary to optimize a methodology of investigative cleaning — mechanical and chemical — of the surface and pre-stabilization protocol, which followed the criteria of minimum intervention, so as not to compromise the surface decoration, and to promote the stabilization of the corrosion layers with a corrosion inhibitor. A methodological proposal for controlled internal desalination was also elaborated to achieve chemical stability without affecting the decoration. The good packaging of the object was also ensured

Pesquisa de esteróis e ácidos gordos em solos de uma mina de urânio

Mestrado em Biologia Molecular e CelularÉ facto conhecido que os microrganismos são sensíveis ao stress e à degradação ambiental. Impactos significativos, nas comunidades microbianas, podem ocorrer após uma perturbação reflectindo-se tanto na biomassa total, como na diversidade das espécies presentes. Assim, incluída na fase 3 da avaliação de risco, que está a ser efectuada numa mina de urânio abandonada (Cunha Baixa, Mangualde, Centro de Portugal), procedeu-se à análise de ácidos gordos e de esteróis que foram usados como biomarcadores para avaliar o impacto da contaminação dos solos com metais e radionuclídeos na estrutura da comunidade microbiana, em sete locais de amostragem situados a diferentes distâncias (A-D-E-F-G-H-I) da mina. Amostras de solo superficial foram recolhidas, em diferentes estações do ano (Novembro, Fevereiro, Maio e Agosto). Após extracção e metilação, os ácidos gordos foram quantificados por cromatografia gasosa acoplada a um espectrómetro de massa (GC-MS); Esteróis foram também quantificados por GC-MS, após extracção e derivatização. A análise de componentes principais (PCA) foi efectuada a ambos biomarcadores. De seguida, os resultados da PCA obtidos para ambas componentes, foram usados para testar o efeito dos locais e das estações do ano, via ANOVA bi-factorial, na variabilidade das amostras de solo recolhidas na mina de urânio. Através da análise de PCA, dois grupos foram separados segundo as duas principais componentes (PC1 e PC2). Um grupo incluiu os locais situados a uma maior distância da mina (E, H e I) correlacionando-se com maiores percentagens de iC15:0 e iC17:0, ambos indicadores de bactérias Gram-positivas, bem como dos três esteróis detectados. O segundo grupo, por sua vez, constituiu-se pelos locais de amostragem que estiveram mais sujeitos à exploração do minério nomeadamente à lixiviação in situ do minério pobre e à dispersão de lamas da lagoa de tratamento dos efluentes (A, D, F e G). Estes locais correlacionaram-se com maiores níveis de iC16:0 (indicador de bactérias Gram-positivas), cyC17:0 (comum nas bactérias Gram-negativas) e iC18:0 e iC17:0, biomarcadores de bactérias não específicas. O perfil dos ácidos gordos obtidos nos locais de amostragem revelou uma predominância variável nos grupo de bactérias, indicando uma diferença clara nas comunidades bacterianas do solo, que por sua vez estão directamente relacionadas com as condições ambientais que prevalecem na área da mina de urânio.It is well known that soil microorganisms are sensitive to environmental stresses and degradation and severe impacts on microbial community can occur following disturbance, both in terms of total biomass and species composition. Thus, included in the tier 3 of a site specific risk assessment that is being carried out in an abandoned uranium mine (Cunha Baixa, Mangualde, Central Portugal), fatty acids biomarkers and sterols were analyzed to assess the impact of soil contamination with metals and radionuclides in the structure of the microbial community of seven sampling sites at different distances (A-D-E-F-G-H-I) from the mine. Surface soil samples were collected in those sampling sites in the four different seasons of the year (November, February, May and August). After extraction and methylation, fatty acids were quantified by gas-chromatography coupled to a mass spectrometry (GC-MS); sterols were also quantified by GC-MS after extraction and derivatization procedures. Principal component analysis (PCA) was performed on fatty acid biomarkers and sterol data. Subsequently PCA scores obtained for both components were used to test the effect of sites and seasons, on soil samples collected in Cunha Baixa uranium mine, through bi-factorial ANOVAS. Through PCA analysis, two distinct groups were set apart along the first two components. One group included sites at a great distance from the mine (E, H, and I) which were correlated with higher contents of iC15:0 and iC17:0, both indicators of Gram-positive bacteria, as well as with the three sterols detected. The second group, in turn, was composed of the sampling sites most impacted by ore exploration, in situ leaching of poor ore, and spread of sludge from the effluent treatment pond (A, D, F and G). These sites were correlated with higher levels of iC16:0 (Gram-positive bacteria indicator), cyC17:0 (generally common in gram negative bacteria) and C18:0 and C17:0 biomarkers of non-specific bacteria. The profile of fatty acids obtained in the sampling sites revealed variable predominance of groups of bacteria which are a clear indication of differences in the soil microbial communities that are directly related to the environmental conditions prevailing in the uranium mine area

O impacto do comércio electrónico nas PME's

Mestrado em Gestão/MBAO presente trabalho pretende dar a conhecer os " Impactos" que o comércio electrónico poderá ter nas PME ' s portuguesas. Este estudo baseou-se nas respostas a um questionário específico dirigido às 500 maiores PME ' s ( segundo o Jornal Expresso), de diversos sectores económicos do nosso país. Através deste estudo pretendeu-se aferir o grau de envolvimento e empenhamento dos dirigentes para com as soluções baseadas em comércio electrónico, o desenvolvimento que este está a ter como novo canal de oferta de produtos e a nova dinâmica competitiva que está a surgir decorrente dos novos desafios da Nova Economia Digital.The present paper intents to show the impacts that the Electronic Commerce can have on the portuguese SME's. This study was based on the answers given to a specific questionnaire, directed to the biggest 500 SME's ( according to the Expresso newspaper) of several economical sectors in our country. Through this study, it was intended to acknowledge the degree of involvement and commitment of the managers towards the electronic commerce-based solutions, the development it is having as a new channel to get products on the market, and the new competitivity that arises from the new challenges of the New Digital Economy.info:eu-repo/semantics/publishedVersio

Profitability and size of newly established firms

Does size matter for new firms and do they need to be large to be profitable? From small to large firms, a wide range of arguments have explored the possible strengths and liabilities associated with size. Despite the long interest in the relation between size and profitability, the empirical evidence is mixed and inconclusive. To date, studies focus mainly on established firms. In order to advance the knowledge on the relation, we examine the effects of size on the profitability of newly established firms in their first years of business. Overall, the results show that size has a positive impact on the profitability of new firms. In particular, increases in the number of employees have a positive effect on the return on assets that indicates that being small is a liability for new firms. Further, this finding indicates the need for a certain critical mass of employees when firms start out. By starting out with a higher number of employees, new firms may invest in the development of their performance by stimulating learning and motivation and, in this way, increase their profitability and their chances of survival. In addition to the liability of smallness, we also investigate the moderator effect of age. Our conclusions support the liabilities of obsolescence and senescence arguments that state that as firms age, they have difficulties in adapting to the external environment and face internal inertia.info:eu-repo/semantics/publishedVersio